TCR_Public/110901.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

           Thursday, September 1, 2011, Vol. 15, No. 242

                            Headlines

1ST MARINER: Stock Will Begin Trading on Over Bulletin Board
35 NORTH PROPERTY: Dealership Has $10.4 Million Secured Debt
4331 RICHARDSON: Voluntary Chapter 11 Case Summary
552 WEST 24TH: Chelsea Lot Owner Re-Files for Chapter 11
ALABAMA AIRCRAFT: Boeing Objects to $30.5MM Sale to Kaiser

ALL YOU: Court to Confirm Chapter 11 Plan
ALLIED IRISH: ADSs Delisted from New York Stock Exchange
AMARU INC: Articles Amended for Hike to 400MM Authorized Shares
AMELIA ISLAND: Omni Hotels' $67.1-Mil. Wins Auction
AMTRUST FINANCIAL: Ch. 11 Plan Too Opaque, HoldCo Advisors Says

AVISTAR COMMUNICATIONS: Inks 5th Amendment to JPMorgan Note Pact
BEAZER HOMES: Inks Employment Pacts with CEO, et al.
BELTWAY 8: Taps C.B. Richard as Valuation Expert for Plan
BELTWAY 8: Amends Plan to Modify Priority Tax Claims Treatment
BERNARD L. MADOFF: District Ruling on $9BB Suit vs. HSBC Appealed

BERNARD L. MADOFF: Trustee Seeks to Add 23 Defendants in Kohn Suit
BORDERS GROUP: Judge Transfers 14 Leases to Books-A-Million
BOSTON GENERATING: Wins Approval of Final Liquidation Plan
C&H ARIZONA: Wins Dismissal of Chapter 11 Case
CALVARY BAPTIST: Judge Dalis Approves Plan to Emerge From Debt

CHORION: On Brink of Collapse, May Face Administration
CHRISTIAN BROTHERS: To Tap Omni as Claims & Administrative Agent
CHRISTIAN BROTHERS: Taps McInnes Cooper as Special Counsel
CITIZENS REPUBLIC: Fine Capital Discloses 5.4% Equity Stake
COMMUNICATION INTELLIGENCE: Posts $1.1-Mil. 2nd Quarter Net Loss

CONGRESSIONAL HOTEL: Has Potential Buyer for Legacy Hotel
CORDIA COMMUNICATIONS: Can Access Cash Collateral Thru Sept. 23
CRESCENT RESOURCES: Palm Coast Residents May Bid for Golf Courses
DEVITA INC: Moody's Assigns 'Ba2' Rating to $200-Mil. Term Loan
DMR PROPERTIES: Case Summary & Largest Unsecured Creditor

DRYSHIPS INC: Holds 50.5% of OceanFreight Outstanding Shares
DSI HOLDINGS: Auction Canceled Due to Absence of Competing Bids
EASTWOOD DAIRY: Still Operational While in Chapter 11
EDGEN MURRAY: Inks Severance Agreement and Release with M. Craig
EDWARDS LIVING: Voluntary Chapter 11 Case Summary

ENCINO CORPORATE: Exclusive Plan Filing Period Extended to Nov. 16
ENEA SQUARE: Can Use NUCP Cash to Pay August Invoices and Salaries
ENEA SQUARE: Unsecured Creditors to Be Paid Over 7-Year Period
ESTATE FINANCIAL: Bryan Cave Appeals Bid to Withdraw Fee Claim
EVERGREEN SOLAR: U.S. Trustee Appoints 7-Member Creditors Panel

EXPRESS LLC: Moody's Hikes Corporate to 'B1'; Outlook Positive
EXTERRA ENERGY: Delays Filing of Annual Report on Form 10-K
FAMILY TRUST: Case Summary & 6 Largest Unsecured Creditors
FIDDLER'S CREEK: Wins Confirmation of Reorganization Plan
FREDERICK'S OF HOLLYWOOD: Linda LoRe Resigns as President

GBB1 INC: Case Summary & 7 Largest Unsecured Creditors
GLOBAL HOTELS: Files for Chapter 11 Bankruptcy Protection
GLOBAL HOTELS: Case Summary & 20 Largest Unsecured Creditors
GLOBAL INVESTOR: Inks Pact to Terminate Investment Agreements
GOLDEN CHAIN: Court Dismisses Chapter 11 Bankruptcy Case

GRAHAM PACKAGING: Units Issue $20.4-Mil. Senior Notes to Reynolds
GREAT CHINA INT'L: Posts $228,700 Net Loss in 2nd Quarter
GREYSTONE LOGISTICS: Delays Filing of Annual Report on Form 10-K
GSC GROUP: Trustee Files Plan; Oct. 5 Disclosure Hearing Set
GUIDED THERAPEUTICS: Awarded $517,000 Funding for LuViva Scan

HARBOUR EAST: Seeks to Use Cash Collateral to Obtain Bond
HARBOUR EAST: NBV to be Paid from Sales of Condominium Units
HCA INC: Fitch Lifts Rating on Sr. Unsecured Notes to 'B+/RR4'
INFINITY ENERGY: Posts $248,000 Net Loss in 2nd Quarter
INNKEEPERS USA: Fights for Control Following Sale Failure

JACOBS FINANCIAL: Delays Filing of Annual Report on Form 10-K
JEMAB FAMILY: Voluntary Chapter 11 Case Summary
JOENAZ PROPERTIES: Case Summary & 5 Largest Unsecured Creditors
KAPWEST CORP.: Case Summary & Largest Unsecured Creditor
KOREA TECHNOLOGY: Seoul Oil Firm Unit Files for Bankruptcy

LEVELLAND/HOCKLEY: Court Approves XRoads as Panel's Fin'l Advisor
LOCAL INSIGHT: Court OKs Expansion of PWC's Employments Scope
LOCAL INSIGHT: U.S. Trustee Objects to Disclosure Statement
LOST LAKE: Petitioning Creditors' Plan Strips Receiver of Control
LOUISVILLE ORCHESTRA: Musicians Put Symphony on "Unfair List"

MACCO PROPERTIES: Chapter 11 Trustee Seeks to Employ Realtors
MARCO POLO: Says Bankruptcy Loan is Key to Preserving Business
MARONDA HOMES: Wants Combined Hearing on Plan and Disclosures
MEADWESTVACO CORP: Moody's Affirms Ba1 CFR; Outlook to Positive
MEDICAL ALARM: Incurs $79,700 Net Loss in March 31 Quarter

MERCED FALLS: Hiring Walter & Wilhelm as Bankruptcy Counsel
MERCED FALLS: Taps Atherton & Associates as Accountants
MERCED FALLS: Sec. 341 Creditors' Meeting Set for Sept. 20
MERCED FALLS: Chapter 11 Status Conference Set for Sept. 27
MFJT LLC: Can Hire Sanford Kahn as Counsel for Eviction Issues

MFJT LLC: Can Hire SS&M as Real Estate Assessment Special Counsel
MICHAEL VICK: $100-Mil. Contract Pays Creditors Early
MIRABILIS VENTURES: $200MM Malpractice Claim vs. Firms Defeated
MORGANS HOTEL: Ronald Burkle Discloses 32.2% Equity Stake
NAVISTAR INTERNATIONAL: To Release Fiscal Q3 Results on Sept. 7

NEBRASKA BOOK: Taps Deloitte & Touche as Independent Auditors
NEBRASKA BOOK: Court OKs Rothschild as Investment Banker
NET TALK.COM: Reports $2.1 Million Net Income in June 30 Quarter
NEW ERA HOSPITALITY: To Hire The Milledge Law Firm as Counsel
NEW ORLEANS SEWERAGE: Moody's Affirms Ba2 on $35MM Revenue Bonds

NEW SALEM: Files for Chapter 7 Liquidation
NORD RESOURCES: Incurs $3.1 Million Net Loss in Second Quarter
NORTEL NETWORKS: LT Disability Committee Retains Elliott Greenleaf
NXT NUTRITIONALS: Delays Filing of Quarterly Report on Form 10-Q
O&G LEASING: Disclosure Statement Hearing Moved to Sept. 20

OLD CORKSCREW: Wants Access to M&I Marsall's Cash Collateral
OLIVER'S LOGISTICS: Case Summary & 20 Largest Unsecured Creditors
OPTI CANADA: Common Shares Trades on TSXV Under "OPC" Symbol
ORDWAY RESEARCH: Court Converts Case to Chapter 7 Liquidation
OTTILIO PROPERTIES: Sec. 341 Creditors' Meeting Set for Sept. 21

OTTILIO PROPERTIES: Taps LoFaro and Reiser as Counsel
OVERLAND STORAGE: Inks $8MM Credit Facility with Silicon Valley
PARK GREEN: Voluntary Chapter 11 Case Summary
PATIENT SAFETY: Incurs $169,000 Net Loss in Second Quarter
PAUL BRENNEKE: Seeks to Employ Muir & Troutman as Counsel

PETTERS COMPANY: Trustee Taps Battles to Review Benefit Plans
PITTSBURGH NATIONAL: Colin Dunwoody to Manage Golf Club
PREMIER TRAILER: Combined Plan Hearing Set for Oct. 3
PREMIER TRAILER: Has Green Light to Borrow $1.5MM DIP Loan
PREMIER TRAILER: Seeks Extension of Schedules Filing Deadline

PRIUM LAKEWOOD: Court Enters Final Decree Closing Case
PUBLIC SAVINGS BANK: Closed; Capital Bank NA Assumes All Deposits
QIMONDA RICHMOND: Settles GE Unit's Lease Claim for $15 Million
QSGI INC: Emerges From Chapter 11 Bankruptcy
QUALIA CLINICAL: Can Avoid Inova Lien, 8th Circuit Rules

QUALTEQ INC: U.S. Trustee Appoints 5-Member Creditors Committee
QUEPASA CORP: Files Form 10-Q, Incurs $2.3-Mil. Q2 Net Loss
QUINCY MEDICAL: Can Employ Casner & Edwards as Lead Counsel
QUINCY MEDICAL: Committee Can Retain Deloitte FAS as Fin'l Advisor
QUINCY MEDICAL: Committee Can Retain Duane Morris as Co-Counsel

QUINCY MEDICAL: Ombudsman Taps SAK Mgmt. as Medical Oper. Advisor
RADIENT PHARMACEUTICALS: Court OKs Final Pact with Alpha, et al.
RADIENT PHARMACEUTICALS: Incurs $29.9-Mil. 2nd Quarter Net Loss
RANCHER ENERGY: Posts $243,600 Net Loss in June 30 Quarter
RASER TECHNOLOGIES: Judges Approves Chapter 11 Plan

RCC NORTH: Hearing Vacated as U.S. Bank Takes Control of Assets
RCC NORTH: Wants Confirmation of US Bank's Chapter 11 Plan Denied
REITTER CORP: Term Loan Tranche Maturity Date Expires Today
RITZ INTERACTIVE: Must Obtain Court Approval to Meet Payroll
RIVERHEAD PARK: Court Terminates Chapter 11 Case

RIVER EAST: Amends Plan to Revise Lender's Lien Treatment
RIVER EAST: Receiver Can Access Cash Collateral Until Sept. 30
ROTHSTEIN ROSENFELDT: Trustee Sues Hedge Fund Heads for $40 Mil.
RM HOTELS: Wins Dismissal of Chapter 11 Case
ROUND TABLE: Adds 2 Members to Creditors Committee

ROYAL BANCSHARES: Posts $3.9 Million in Q2 Ended June 30
RQB RESORT: Owner May Drop Marriott Brand Post-Bankruptcy
RUSS COMPANIES: New JV Will Liquidate $52MM in Inventory
S & Y ENTERPRISES: CAB Bedford Files Chapter 11 Plan
SAKS INC: S&P Raises Corp. Credit Rating to 'BB'; Outlook Stable

SARGENT RANCH: Court Converts Case to Chapter 7 Case
SAVANNAH OUTLET: Lender OKs Cash Collateral Use Through Oct. 31
SECUREALERT INC: Incurs $2.4 Million Net Loss in June 30 Quarter
SHENGDATECH INC: Seeks Protections for CRO, Special Committee
SIGNAL ELECTRIC: Owes $1,600 for Work to Dan Koolstra

SIGNATURE STYLES: Court Approves Wickwire as Canadian Counsel
SIGNATURE STYLES: To Seek Court OK of Sale to Artemiss on Sept. 7
SIMON WORLDWIDE: Incurs $411,000 Net Loss in Second Quarter
SOCKET MOBILE: Posts $392,200 Net Loss in Q2 Ended June 30
SOLYNDRA LLC: To File for Chapter 11 to Mull Options

SONJA TREMONT-MORGAN: Files Ch. 11 Plan to Fund $7MM Judgment
SOUTH EDGE: Prepetition Creditors and Settling Builders File Plan
SOUTH EDGE: BNY Mellon Seeks Bondholders' Vote
SOUTH EDGE: Trustee Can Employ PBTK to Provide Tax Return Services
SOUTHERN GIRL: Files for Bankruptcy, Seeks to Use Cash Collateral

SPECTRAWATT INC: Proposes Sept. 28 Auction for All Assets
SPECTRAWATT INC: Wants to Use Noteholders' Cash Collateral
SPECTRAWATT INC: Sec. 341 Creditors' Meeting Set for Oct. 26
SPECTRAWATT INC: Court Sets Status Conference for Sept. 6
SRHS BANKRUPTCY: Plan of Liquidation Obtains Court Approval

ST. VINCENT CATHOLIC: Sells St. Elizabeth Ann's on Staten Island
SUMMER VIEW SHERMAN: Status Conference Set for Sept. 28
SUNNYVALE BUSINESS: Proposed Counsel Received $61T Pre-bankruptcy
SUNNYVALE BUSINESS: Lender Objects to Cash Collateral Use
SUNRISE REAL: Incurs U$845,000 Second Quarter Net Loss

SUN-TIMES MEDIA: Court Confirms Modified Plan of Liquidation
T3 MOTION: Incurs $668,000 Second Quarter Net Loss
TELETOUCH COMMUNICATIONS: Stratford Discloses 5.4% Equity Stake
TELETOUCH COMMUNICATIONS: Incurs $2.5MM Net Loss in Fiscal 2011
TELETOUCH COMMUNICATIONS: R. McMurrey Holds 62.8% Equity Stake

TELTRONICS INC: Hires Triton to Find Buyer for Business
TEXAS DEPARTMENT: S&P Hikes Rating on Revenue Bonds From 'B-'
THINK3 INC: Court OKs Bonelli Erede for Italian Proceeding
THINKFILM INC: Bergstein Sues Former Lawyer for Sharing Info
TIGER X: Reports Net Income of $11.4 Million in Q2 Ended June 30

TOPS HOLDING: Reports $293,000 Net Income in July 16 Quarter
TOWNSENDS INC: Seeks Conversion to Chapter 7
TRADE UNION: Can Hire Special Counsel, Consultant, and Accountant
TRADE UNION: Committee Seeks to Tap Winthrop Couchot as Counsel
TRANS ENERGY: Delays Filing of Quarterly Report on Form 10-Q

TRANS-LUX CORPORATION: Incurs $1.6-Mil. Second Quarter Net Loss
TRANSFIRST HOLDINGS: Moody's Affirms B3 CFR on Solveras Purchase
TRIBUNE COMPANY: Agreement Reached to Settle ERISA Claims
TRIUS THERAPEUTICS: Files Form 10-Q; Incurs $9.9MM Q2 Net Loss
TUBO DE PASTEJE: Court Confirms Chapter 11 Plan

TURKPOWER CORPORATION: Incurs $5.8-Mil. Net Loss in Fiscal 2011
TX BLACKHORSE: U.S. Trustee Asks Court to Dismiss or Convert Case
TXU CORP: Bank Debt Trades at 28% Off in Secondary Market
TXU CORP: Bank Debt Trades at 25% Off in Secondary Market
UNI-PIXEL INC: Seven Directors Elected at Annual Meeting

UNITED STATES OIL: Annual Meeting Moved to Sept. 23
UNIVERSAL BIOENERGY: Delays Filing of Quarterly Report
URS CORP: S&P Raises CCR From BB+ on Good Operating Performance
USEC INC: Standstill Agreement Extended to Sept. 30
US POSTAL: Asks Congress to Remove CBA Restrictions

UTSTARCOM INC: Jin Jiang Appointed as New Chief Financial Officer
VALENCE TECHNOLOGY: Berg & Berg Buys 1.8MM Common Shares for $2MM
WASTE2ENERGY HOLDINGS: October Trial on Request for Trustee
WHITTON CORP: Stipulates with Bank of Las Vegas to Reduce Debt
WILLIAM LYON: Incurs $11 Million Consolidated Net Loss in Q2

WOODS CANYON: Seeks to Employ Levene Neale Bender as Counsel
WOODS CANYON: Seeks to Hire Levene Neale, U.S. Trustee Objects
WORLDGATE COMMUNICATIONS: Reports $946,000 Q2 Net Income
WORLDGATE COMMUNICATIONS: Allan Buhler Appointed CAO
WYANDANCH UNION: Moody's Assigns Initial 'Ba1' Underlying Rating

XODTEC LED: Cancels $2.54 Million CEO and Director Debts
YELLOWSTONE CLUB: Credit Suisse Opposes Founder's Bid to Join Suit
YOU ON DEMAND: Posts $5.8 Million Net Loss in Q2 Ended June 30
YRC WORLDWIDE: Incurs $42.5 Million Net Loss in Second Quarter
Z TRIM HOLDINGS: Reports $589,000 Second Quarter Net Profit

ZAIS INVESTMENT: Fends Off Attempt to Dismiss Chapter 11 Case
ZOEY ESTATES: Can Employ McGuire Craddock as Counsel

* Wholly Unsecured Mortgage May Be Stripped, BAP Rules
* Letter of Credit Properly Applied to Pre-Filing Rent
* Revolt Weakens Jones' Control of Fifth Circuit Law

* Judge Jones Makes Circuit Conflict on Recharacterization
* Discrimination Case May Affect Bankruptcy Fee Awards
* Bankruptcy Appeals Panels Muddy Ch. 11 Landscape

* Chapter 11 Cases with Assets & Liabilities Below $1,000,000


                            *********


1ST MARINER: Stock Will Begin Trading on Over Bulletin Board
------------------------------------------------------------
1st Mariner Bancorp, parent company of 1st Mariner Bank, announced
that it received notice from the NASDAQ Stock Market that its
request for continued listing on NASDAQ was denied.  NASDAQ's
determination followed an appeal by the Company of NASDAQ's
initial delisting determination to a NASDAQ Listing Qualifications
Panel on August 25, 2011.  NASDAQ's determination was based on the
Company's failure to comply with: (1) NASDAQ Listing Rule 5450(b),
which requires maintenance of a minimum of $2.5 million in
shareholders' equity; and (2) NASDAQ Listing Rule 5450(a)(1),
which requires maintenance of a minimum bid price of $1.00 per
share.

The delisting from NASDAQ in no way affects the daily operations
of 1st Mariner Bank or any of its branches.

Effective September 1, 2011, 1st Mariner Bancorp's stock will
begin trading on the Over The Counter Bulletin Board.  Quotations
for the Company's stock can be found under the symbol FMAR.OB.

Shareholders may contact Paul Susie, the Company's Chief Financial
Officer, with any questions regarding the move to the OTC.


35 NORTH PROPERTY: Dealership Has $10.4 Million Secured Debt
------------------------------------------------------------
35 North Property Ltd., filed a Chapter 11 petition (Bankr. W.D.
Tex. Case No. 11-52600) in San Antonio, Texas, on July 28, 2011,
estimating under $50,000 in assets and liabilities.

But on Aug. 19, the Debtor filed its schedules, disclosing
$7 million in assets and $10.39 million in liabilities as of the
Petition Date.

The Debtor disclosed that its property at 11910 IH 35 North, San
Antonio, TX (which houses a dealership) is worth $7 million.  The
property serves as collateral for $10.36 million of claims.  Aside
from the secured claim, the Debtor has unsecured debt of $30,000.

The secured creditors are CorePoint Loan Holdings LLC, owed
$9.9 million for mortgages; Bexar County Tax Assessor-Collector,
owed $291,869 for real and personal property taxes at the
dealership; and Tax Ease Funding LP of Dallas, which is owed
$172,122 for ad valorem taxes.

The schedules filing was earlier reported by Vicki Vaughan at My
San Antonio.

The My San Antonio report says that 35 North is controlled by
Edward DeVane II, whose Mission Chrysler dealership abruptly
closed about a week before the bankruptcy was filed.

The report says, before the dealership closed, scores of customers
filed complaints with the Texas Department of Motor Vehicles,
saying Mission had not paid off vehicles they traded in, while
others said they'd not received their metal plates for cars they
bought.  Court files hold a letter dated Aug. 16 from a couple in
Pipe Creek asking to be put on the creditors' list.  They said
Mission Chrysler never paid off their trade-in after they
purchased a Dodge Caliber from the dealership June 25.

A copy of the Chapter 11 petition is available for free at:

   http://bankrupt.com/misc/txwb11-52600.pdf

A copy of the Schedules of Assets and Liabilities is available at:

   http://bankrupt.com/misc/txwb11-52600_SAL.pdf

The Debtor is represented by:

         William R. Davis, Jr.
         LANGLEY & BANACK, INC
         745 E Mulberry Ave, Suite 900
         San Antonio, TX 78212
         Tel: (210) 736-6600
         Fax: (210) 735-6889
         E-mail: wrdavis@langleybanack.com


4331 RICHARDSON: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: 4331 Richardson Realty Corp.
        4224 White Plains Road
        Bronx, NY 10466

Bankruptcy Case No.: 11-14079

Chapter 11 Petition Date: August 29, 2011

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

Judge: Robert E. Gerber

Debtor's Counsel: Kathleen Bradshaw, Esq.
                  3114 East Tremont Avenue
                  Bronx, NY 10461
                  Tel: (718) 931-4400

Scheduled Assets: $1,801,500

Scheduled Debts: $1,640,000

The list of unsecured creditors filed together with its petition
does not contain any entry.

The petition was signed by Simon Curanaj, president.


552 WEST 24TH: Chelsea Lot Owner Re-Files for Chapter 11
--------------------------------------------------------
552 West 24th LLC filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 11-47104) on Aug. 17, 2011.  The Company filed
the case without a lawyer, according to the docket.

According to the docket, a prior bankruptcy filing by 552 West
(Case No. 11-43231) was dismissed by the bankruptcy judge on
July 13, 2011.

Amanda Fung at Crain's New York Business reports that the Debtor
owns a well-situated vacant lot in Chelsea that is a stone's throw
from the High Line and adjacent to the glassy new condo tower 200
Eleventh Ave., the 16-unit luxury condo designed by star architect
Annabelle Selldorf.  The owner of the vacant lot had grand plans
for the property before defaulting on its $9.5 million loan,
according to the report.

The 5,000-square-foot lot, located at 552 W. 24th St., was
supposed to be home to "Sky Galouse," a new glassy condo
development and gallery space, Crain's relates, citing real estate
blog Curbed.  DeArch Architects has a rendering of the 12-story,
10-unit condo on its Web site.

In a sign of the still-troubled times, however, the lot failed to
attract a single bidder at a foreclosure auction, Crain's added,
citing court-appointed referee, attorney Eric Goldberg.  Paradigm
Credit Corp., the lender on the project, will take control of the
property when the deed is transferred, Mr. Goldberg said.  But a
day after the foreclosure auction, 552 W. 24th St. again sought
bankruptcy protection.

The Debtor has a total of $9.7 million in liabilities, according
to a court filing.

The Debtor previously filed for bankruptcy to prevent the
foreclosure, but a judge dismissed its motion and granted Paradigm
the right to go through with the foreclosure sale, according to
Crain's.

An 11 U.S.C. Sec. 341(a) meeting of creditors is scheduled for
Sept. 19, 2011, at 01:00 p.m. at 271 Cadman Plaza East, Room 4529,
Brooklyn, New York.


ALABAMA AIRCRAFT: Boeing Objects to $30.5MM Sale to Kaiser
----------------------------------------------------------
Boeing Co. is asking the bankruptcy court to deny debtor Alabama
Aircraft Industries Inc.'s plan to sell its assets to a rival
military maintenance company for up to $30.5 million.

Aviation giant Boeing accused the buyer of crafting the deal to
shield the Company's former executives from lawsuits, according to
Dow Jones' DBR Small Cap, citing court filings.

Boeing claims that the plan to sell the assets -- for $500,000 and
up to $30 million in proceeds from potential litigation -- to
Kaiser Aircraft Industries Inc. is fundamentally unfair because it
would protect Alabama Aircraft's officers and directors, while
putting the Company's customers and vendors in the crosshairs of
the buyer, according to reporting by Ian Thoms at Bankruptcy
Law360.

If the sale is approved, the buyer would also be given the right
to pursue some lawsuits through a litigation trust.

According to Bloomberg News, Boeing, which subcontracted scheduled
maintenance on military tanker aircraft to AAI, contends it isn't
proper to transfer lawsuits to a litigation trust absent
confirmation of a Chapter 11 plan.  Boeing also contends that some
contemplated suits can't be transferred.  Boeing says in its
papers that AAI said all along it intends to sue the Chicago-based
aircraft manufacturer.  If the judge approves the sale and the
litigation trust, the trust would be funded by Kaiser, who would
have two of three appointments to the advisory board. AAI would
receive 10 percent of recoveries.

                      About Alabama Aircraft

Birmingham, Alabama-based Alabama Aircraft Industries Inc. --
http://www.alabamaaircraft.com/-- provides aircraft maintenance
and modification services for the U.S. government and military
customers.  Its 190-acre facility, including its corporate
offices, is located at the Birmingham International Airport.  The
Company currently has 92 salaried employees and 234 hourly
employees.  About 251 hourly employees were furloughed since
Jan. 1, 2010.

Alabama Aircraft filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 11-10452) on Feb. 15, 2011.  Two
subsidiaries also filed -- Alabama Aircraft Industries, Inc.-
Birmingham (Case No. 11-10453) and Pemco Aircraft Engineering
Services, Inc. (Case No. 11-10454).

The Company said the primary goal of the Chapter 11 filing is
to address long-term indebtedness and, in particular, long-term
pension obligations under the terms of its pension plan.  The
Company said it would likely cease operations absent the
elimination of its obligations under the pension plan.  The
Company owes $68.5 million to the Pension Benefit Guaranty Corp.

Joel A. Waite, Esq., and Kenneth J. Enos, Esq., at Young, Conaway,
Stargatt & Taylor, in Wilmington, Delaware, serve as counsel to
the Debtors.

Alabama Aircraft estimated assets and debts of $1 million to
$10 million as of the Chapter 11 filing.

Hoping for a sale of the business, AAI canceled an auction for
lack of an acceptable bid.  AAI sought a buyer after being
unable to locate an equity investor.


ALL YOU: Court to Confirm Chapter 11 Plan
-----------------------------------------
The U.S. Bankruptcy Court for the Western District of Arkansas
ruled that the objection of party-in-interest Arkansas Department
of Finance & Administration to the confirmation of ALL YOU, LLC's
Chapter 11 Plan is sustained.

According to the Court order, the Debtor will modify accordingly
any Plan it has confirmed in the order it submits to the Court
confirming same.

ADF&A, in its objection, stated that, among other things,

   1. The Debtor has not complied with the provisions of the
   Arkansas Code, nor has it filed with the ADF&A any tax return
   due during its period of operation, making it impossible to
   operate legally or for the ADF&A to determine whether any taxes
   are due it.  Until these omissions become commissions any plan
   proposed is objectionable, and not confirmable.

   2. With regards to default remedies on page 3 of the Plan,
   under "Class 3. Claims of Taxing Entities," ADF&A suggested
   that these language is included:

   "Notwithstanding anything in the confirmed plan, or any
    modification thereto, the Bankruptcy Court will not retain
    jurisdiction with respect to secured, priority or
    administrative expenses tax claims except for (1) resolving
    the amount of such claims, or (2) enforcing the discharge
    provisions of the confirmed plan.

   "The Reorganized Debtor will submit all Plan payments for
    administrative expenses, secured, priority, and general
    unsecured tax claims and all post-confirmation tax reports and
    payments due the ADF&A to the following address: Arkansas
    DF&A, Bankruptcy Section, P.O. Box 1272, Room 2380, Little
    Rock, AR 72203.

   "Notwithstanding any provision to the contrary in the confirmed
    plan or any modification thereto, the failure to the
    Reorganized Debtor to submit full and timely Plan Payments
    and full and timely post-confirmation tax reports and payments
    will be events of default under the Plan.

   "Any such default, if not cured within 10 days from the due
    date for performance, will cause the full, unpaid balance of
    Plan payments and/or all delinquent post-confirmation tax
    payments, including interest and penalty, to become due and
    payable.  It will also entitle the ADF&A to exercise any and
    all collection remedies available to it under state and
    federal law against the Reorganized Debtors with no further
    notice or hearing.

   "Notwithstanding any provision in the confirmed plan or any
    modification thereto, nothing will impair the ADF&A's rights
    of set-off and/or recoupment against the Reorganized Debtor."

ADF&A is represented by:

        David B. Kaufman, Esq.
        P.O. Box 1272, Room 2380
        Little Rock, AR 72203
        Tel: (501) 682-7030
        Fax: (501) 682-7599
        E-mail: David.kaufman@rev.state.ar.us

Secured creditor First Security Bank also objected to the
confirmation of the Debtor's proposed Chapter 11 Plan dated May
20, 2011.

First Security is represented by:

        Gary D. Jiles, Esq.
        MILLAR JILES CULLIPHER, LLP
        The Frauenthal Building
        904 Front Street
        Conway, AR 72032
        Tel: (501) 329-1133
        E-mail: gjiles@mjcfirm.com

The Debtor filed the original version of its plan on March 10, and
First Security filed its own plan on March 11.  For reasons stated
in oral ruling, the Bankruptcy Court denied confirmation of both
competing plans without prejudice.  The Court also overruled First
Security's objection to the Debtor's Plan as moot.

The Debtor filed a revised plan and disclosure statement dated
May 20.  First Security filed its own revised plan and disclosure
statement dated May 25.

The Debtor's previous Chapter 11 Plan proposed to sell (or, if it
was unable to sell, surrender to First Security) certain of its
real properties other than the Tontitown Property and the property
located at 2325 N. College, Fayetteville, Arkansas, and to use the
amounts realized from the properties to reduce its debt to First
Security.  The Debtor's plan then proposed to pay extra rentals to
First Security over a two-year period, and then emerge from
bankruptcy and retain the Tontitown Property and College Avenue
Property free and clear of its creditors' liens.

First Security's previous plan -- and its current proposed plan --
proposes to liquidate the Debtor's real estate assets.  First
Security continues to contend that because it is fully secured,
the Debtor may not cram down its debt to First Security and cannot
retain the Tontitown Property and College Avenue Property, free
and clear of First Security's lien unless it is able to pay its
entire Debt to First Security through the bankruptcy plan.  First
Security's plans to contend that the Debtor's goal of retaining
the Tontitown Property cannot be accomplished mathematically based
on (i) the sheer amount of First Security's lien, and (ii) the
relatively small amount of the monthly rental payments it can
receive from the Tontitown Property and other properties.

                      About All You, LLC

Fayetteville, Arkansas-based All You, LLC, owner of several
investment properties, filed for Chapter 11 bankruptcy protection
(Bankr. W.D. Ark. Case No. 10-74049) on Aug. 2, 2010.  Don Brady,
Esq., at Blair, Brady & Henson represents the Debtor in its
restructuring effort.  The Debtor disclosed $10.98 million in
assets and $5.51 million in liabilities as of the Petition Date.
The U.S. Trustee for Region 16 was unable to form an official
committee of unsecured creditors for the Chapter 11 case.

Both the Debtor; and First Security Bank, the largest creditor of
Debtor and holder of a mortgage lien on all of the Debtor's real
properties, have filed competing Chapter 11 plans in the
bankruptcy case.  The Court rejected both plans at a hearing on
April 20, 2011.

First Security Bank has asked the bankruptcy court to enter an
order converting the case to Chapter 7 liquidation.  A hearing on
the request is scheduled for June 29.


ALLIED IRISH: ADSs Delisted from New York Stock Exchange
--------------------------------------------------------
Allied Irish Banks, p.l.c., announced that its American Depositary
Shares have now been deemed to be delisted and have ceased to be
traded on the New York Stock Exchange.

Following delisting, AIB intends to terminate the ADS facility by
terminating the ADS deposit agreement between AIB and the Bank of
New York Mellon as depositary.  The Depositary will contact ADS
holders in due course with further information, including with
regard to any further action to be taken.  Following delisting and
prior to termination of the Deposit Agreement, AIB's ADS will
trade over the counter in the United States.

In due course, AIB also intends to deregister its securities and
terminate its obligations under the US Securities Exchange Act of
1934 by filing a Form 15F.

AIB's ordinary shares will continue to trade on the Enterprise
Securities Market of the Irish Stock Exchange.

                  About Allied Irish Banks, p.l.c.

Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland.  It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin.  AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).

Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.

As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares.  On
April 8, 2011, the NPRFC converted the total outstanding amount of
CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.

In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.

As reported by the TCR on May 31, 2011, KPMG, in Dublin, Ireland,
noted that there are a number of material economic, political and
market risks and uncertainties that impact the Irish banking
system, including the Company's continued ability to access
funding from the Eurosystem and the Irish Central Bank to meet its
liquidity requirements, that raise substantial doubt about the
Company's ability to continue as a going concern.

The Company reported a net loss of EUR10.16 billion on
EUR1.84 billion of interest income for 2010, compared with a net
loss of EUR2.33 billion on $2.87 billion of interest income for
2009.


AMARU INC: Articles Amended for Hike to 400MM Authorized Shares
---------------------------------------------------------------
Amaru, Inc., filed an amendment to the Company's Articles
Incorporation with the Secretary of State of the state of Nevada,
amending Article IV, Capital Stock of the Company to increase the
Company's authorized number of shares of common stock to 400
million shares and the Company's authorized number of shares of
preferred stock to 25 million shares.  The amendment to the
Company's Articles of Incorporation was approved by the majority
shareholders of the Company (86.37%) at the special meeting of the
Company's shareholders held on July 25, 2011.

                          About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

The Company's balance sheet at June 30, 2011, showed $2.99 million
in total assets, $3.48 million in total liabilities, and a
$487,000 total stockholders' deficit.

As reported in the TCR on April 26, 2011, Mendoza Berger &
Company, LLP, in Irvine, California, expressed substantial doubt
about Amaru, Inc.'s ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company has sustained accumulated losses from
operations totaling $38.5 million at Dec. 31, 2010.


AMELIA ISLAND: Omni Hotels' $67.1-Mil. Wins Auction
---------------------------------------------------
Mark Basch at the Florida Times-Union reports that TRT Holdings
Inc., owner of Omni Hotels & Resorts, made a winning bid of
$67.1 million for the Amelia Island Plantation resort, beating
private equity firm Starwood Capital Group.

According to Mr. Basch, TRT's winning bid was probably a good
thing for the property, because it gave the resort now known as
the Omni Amelia Island Plantation a deep-pocketed owner ready to
invest and grow the facility.

                  About Amelia Island Plantation

Amelia Island Plantation owns a 1,350-acre resort on Amelia Island
in Florida.  The resort has 249 rooms and three golf courses.  The
property owes $28.4 million on a first mortgage held by an
affiliate of Prudential Retirement Insurance & Annuity Co.  The
collateral is said by the resort to be worth $46 million.

Amelia Island filed for Chapter 11 (Bankr. M.D. Fla. Case No. 09-
09601) on Nov. 13, 2009.  The Debtor estimated assets and debts in
excess of $50 million in its Chapter 11 petition.

Richard R. Thames, Esq., and Eric N. McKay, Esq., at Stutsman
Thames & Markey, P.A., in Jacksonville, Florida, have been tapped
as bankruptcy counsel to the Debtor.  Gardner F. Davis, Esq., and
Emerson M. Lotzia, Esq., at Foley & Lardner LLP, in Jacksonville,
Florida, serve as special counsel to the Debtor.


AMTRUST FINANCIAL: Ch. 11 Plan Too Opaque, HoldCo Advisors Says
---------------------------------------------------------------
Samuel Howard at Bankruptcy Law360 reports that the manager of a
trust holding $5 million of AmFin Financial Corp. securities on
Monday said AmFin needs to give creditors more details about its
Chapter 11 plan before an Ohio bankruptcy court and say whether
company insiders misled investors.

HoldCo Advisors LP objected to ambiguities in AmFin's latest
disclosure statement, contending that junior creditors need to
know how the plan treats their claims, whether it preserves
AmFin's net operating losses and if insurance policies cover
potential investor claims over subsidiary AmTrust Bank's subprime
lending practices, according to Law360.

The Aug. 23 and Aug. 31 editions of the TCR reported on disclosure
statement objections by Wilmington Trust Company, as indenture
trustee for AmTrust Financial's 9.50% Junior Subordinated
Deferrable Interest Debentures due 2027; and the Bancorp Bank, an
online bank holding $2.3 million in AmFin Financial Corp.
securities.

                        The Chapter 11 Plan

In July, AmTrust, filed with the U.S. Bankruptcy Court an Amended
Joint Chapter 11 Plan of Reorganization and related Disclosure
Statement.  The AmFin Plan incorporates a proposed compromise and
settlement regarding the holders of the Senior Notes Claims.

The Disclosure Statement relates that holders of the Senior Notes
Claims have agreed (a) that each holder will be treated as the
holder of a single Unsecured Claims against the consolidated
Debtors, (b) to have any liens, security interests, mortgages or
guaranties granted pursuant to the Senior Notes Agreement be
disregarded for all purposes under the AmFin Plan, (c) to the
substantive consolidation of the Debtors' estates pursuant to the
AmFin Plan, and (d) to the designation of directors of Reorganized
AFC in the manner set forth in the AmFin Plan.

In addition, the holders of Senior Notes Claims have also agreed
that the Noteholder Settlement Amount of $2.0 million will not be
distributed to holders of Senior Notes Claims but will be instead
be distributed to or reserved for other holders of Class 6 and
Class 8 Claims (other than the Subordinated Notes Claims) on a pro
rata basis.  In consideration for such agreements by the holders
of the Senior Notes Claims, the Debtors have agreed that the
Senior Notes shall have Allowed Unsecured Claims in an agreed
aggregate amount of $100,763,415 and that the Subordinated Notes
shall have an Allowed Unsecured Claims in an agreed aggregate
amount of $53,628,210.

In addition, the Debtors have agreed (a) that any claim for
recovery of the approximately $11.8 million paid by the Debtors to
holders of Senior Notes Claims in October 2009 will be settled in
full by the redistribution of the Noteholder Settlement Amount,
(b) not to object to any claims filed by the holders of the Senior
Notes, or their professionals or by the Bank of New York Mellon,
as collateral agent for the Senior Notes, or its professionals,
for substantial contribution under section 503(b) of the
Bankruptcy Code up to an aggregate amount of $950,000, (c) to the
designation of the Board of Directors of Reorganized AFC as set
forth in the AmFin Plan, and (f) to the releases of the holders of
Senior Notes Claims and their respective present or former
directors, officers, employees, attorneys, accountants,
underwriters, investment bankers, financial advisors,
representatives and agents, as set forth in the AmFin Plan.

A hearing to consider the adequacy of the disclosure statement in
explaining the terms of the AmFin Plan is scheduled for Sept. 8,
2011, at 10:30 a.m. Eastern time.

                      About AmTrust Financial

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

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

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

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

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


AVISTAR COMMUNICATIONS: Inks 5th Amendment to JPMorgan Note Pact
----------------------------------------------------------------
Avistar Communications Corporation, as borrower, entered into a
fifth amendment to the second amended and restated revolving
credit promissory note agreement with JP Morgan Chase Bank, N.A.,
as lender, on Aug. 24, 2011.  The second amended and restated
revolving credit promissory note agreement provided a maximum line
of credit facility amount of $8.0 million through the maturity
date on Dec. 22, 2011.

The primary purpose of the Fifth Amendment was to modify the
maximum line of credit facility amount for the entire period from
Aug. 24, 2011, through the maturity date to $9.0 million.  As of
Aug. 24, 2011, the total principal amount borrowed by Avistar
under the Credit Facility was $8.0 million.

                   About Avistar Communications

Headquartered in San Mateo, California, Avistar Communications
Corporation (Nasdaq: AVSR) -- http://www.avistar.com/-- holds a
portfolio of 80 patents for inventions in video and network
technology and licenses IP to videoconferencing, rich-media
services, public networking and related industries.  Current
licensees include Sony Corporation, Sony Computer Entertainment
Inc. (SCEI), Polycom Inc., Tandberg ASA, Radvision Ltd. and
Emblaze-VCON.

The Company reported net income of $4.45 million on $19.65 million
of total revenue for the year ended Dec. 31, 2010, compared with a
net loss of $3.98 million on $8.82 million of total revenue during
the prior year.

The Company's balance sheet at June 30, 2011, showed $2.31 million
in total assets, $14.03 million in total liabilities, and a
$11.71 million total stockholders' deficit.


BEAZER HOMES: Inks Employment Pacts with CEO, et al.
----------------------------------------------------
Beazer Homes USA, Inc., on Aug. 25, 2011, entered into employment
agreements with Allan P. Merrill, Robert L. Salomon, and, in
connection with assuming additional responsibilities in June 2011,
Kenneth F. Khoury, executive vice president, general counsel and
chief administrative officer.

Mr. Merrill was elected as President and Chief Executive Officer
of the Company and Mr. Salomon was elected Executive Vice
President and Chief Financial Officer of the Company, both
effective as of June 13, 2011, according to a Form 8-K previously
filed with the Securities and Exchange Commission.

Mr. Merrill's agreement provides for a base salary of $900,000, a
target annual performance bonus opportunity of 150% of base salary
and an equity award target of 250% of base salary.  The agreements
for Messrs. Salomon and Khoury each provide for a base salary of
$450,000, a target performance bonus opportunity of 135% of base
salary and an equity award target of 175% of base salary.
Performance metrics and actual target opportunities for any given
year remain within the discretion of the Compensation Committee of
the Board of Directors.

Although not part of the Agreements, the Compensation Committee
voted to make a contribution to the Company's Deferred
Compensation Plan for the benefit of each executive as follows:
Mr. Merrill, $100,000 and Messrs. Salomon and Khoury, $50,000
each.  These contributions will be made in equal monthly
installments over a one year period effective Oct. 1, 2011, and
are subject to several restrictions and limitations including the
Committee's right to decline to make any such contribution in the
future.

The Agreements provide for a lump sum severance payment in the
event of a Change of Control of the Company followed by a
termination of the executive without Cause or a resignation for
Good Reason.  In such event the severance payment for Mr. Merrill
would be $3,000,000 and for Messrs. Salomon and Khoury $1,500,000
each.  Where there is no Change of Control, in the event of a
termination without Cause or a resignation for Good Reason, each
executive will receive severance payments, payable in equal
installments over 12 months.  The severance payment for Mr.
Merrill in this situation would be $2,000,000 and for Messrs.
Salomon and Khoury $1,000,000 each.  The Agreements, each of which
have four year terms, do not automatically renew at expiration of
the term and no severance will be payable in the event any of the
Agreements expire by its terms or the executive resigns without
Good Reason.  The Agreements do not entitle the executives to any
extension or continuation of employee benefits.

Full-text copies of the Employment Agreements are available at:

                        http://is.gd/44ckto
                        http://is.gd/fsNg43
                        http://is.gd/Lubyvm

                        About Beazer Homes

Beazer Homes USA, Inc. (NYSE: BZH) -- http://www.beazer.com/--
headquartered in Atlanta, is one of the country's 10 largest
single-family homebuilders with continuing operations in Arizona,
California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada,
New Jersey, New Mexico, North Carolina, Pennsylvania, South
Carolina, Tennessee, Texas, and Virginia.  Beazer Homes is listed
on the New York Stock Exchange under the ticker symbol "BZH."

The Company's balance sheet at June 30, 2011, showed $2 billion in
total assets, $1.76 billion in total liabilities and $241 million
in total stockholders' equity.

                           *     *     *

Beazer carries (i) a 'B-' issuer credit rating, with "stable"
outlook, from Standard & Poor's, (ii) 'Caa1' probability of
default and long term corporate family ratings from Moody's, and
(iii) 'B-' issuer default rating, with stable outlook, from Fitch
Ratings.

Fitch said in November 2010 that the ratings and Outlook for
Beazer reflect the company's healthy liquidity position, improved
capital structure as well as the challenges still facing the
housing market.  Fitch expects existing home sales will decline
7.5% in 2010 and increase 6% in 2011.

S&P said that although Beazer's business and liquidity profiles
have improved, S&P doesn't anticipate raising its ratings on the
company over the next 12 months because S&P expects costs
associated with the company's heavy debt load will weigh on
profitability.

The 'Caa1' corporate family rating, Moody's said in November 2010,
reflects its expectation that Beazer has reduced costs
sufficiently that it will continue to reduce losses in fiscal
2011.  The impairments and other charges are likely to be less
material going forward, given the company's improving gross margin
performance, stabilizing pricing environment, and increasing
absorptions.  However, Moody's expectation is that Beazer's cash
flow performance will weaken in 2011, as the benefits of inventory
liquidation have largely played out.  The ratings also reflect the
company's extended debt maturity profile, improved Moody's-
adjusted debt leverage, and increased net worth position.


BELTWAY 8: Taps C.B. Richard as Valuation Expert for Plan
---------------------------------------------------------
Beltway 8 Associates, LP, dba Watermarke Apartments, seeks
permission from the U.S. Bankruptcy Court for the Middle District
of Louisiana to retain C.B. Richard Ellis Valuation and Advisory
Services Group by counsel for the debtor to serve as experts in
the upcoming trial of the hearing on confirmation of the Debtor's
Chapter 11 Plan and a related stay relief motion pursuant to 11
U.S.C. Sec. 327(e) and F.R.C.P. Rule 2014(a).

CBRE will be requested to estimate the market value of the
Debtor's real property, to provide a rate study, and to provide a
property condition report and, as necessary, to give expert
testimony with respect to those issues in connection with
confirmation of the Debtor's Chapter 11 Plan.

CBRE will bill the Debtor at the hourly rate of $450.00, plus
expenses, for court appearances and preparation.  That rate is
consistent with rates customarily charged by CBRE for
representation in similar matters.   In addition, should court
appearance appear to be necessary, CBRE will request an additional
retainer to cover the estimated time and travel expenses of making
such an appearance.

To the best of the Debtor's knowledge, information and belief,
other than in connection with this Chapter 11 case, CBRE and its
employees do not have any connection with the Debtor, the Debtor's
creditors, or any other party-in-interest in the Debtor's
bankruptcy case, or their respective attorneys or other
professionals, or any employee of the Office of the United States
Trustee, except as set forth in the Affidavit.  The Debtor's
knowledge, information and belief regarding the matters set forth
herein are based, and made in reliance upon, the Affidavit.

                         About Beltway 8

Baton Rouge, Louisiana-based Beltway 8 Associates, LP, dba
Watermarke Apartments, owns and operates Watermarke Apartments, a
280 unit residential apartment complex located on approximately
15.6 acres in Houston, Texas.  It filed for Chapter 11 bankruptcy
protection (Bankr. M.D. La. Case No. 11-10001) on Jan. 3, 2011.

Patrick S. Garrity, Esq., and William E. Steffes, Esq., at
Steffes, Vingiello & McKenzie, LLC, in Baton Rouge, La., serve as
the Debtor's bankruptcy counsel.  Judge Douglas D. Dodd presides
over the Chapter 11 case.  The Debtor disclosed $25.3 million in
assets and $25.4 million in liabilities as of the Chapter 11
filing.

Judge Douglas D. Dodd scheduled a hearing on Sept. 30, 2011, at
10:00 a.m., to consider confirmation of the Debtor's Plan.


BELTWAY 8: Amends Plan to Modify Priority Tax Claims Treatment
--------------------------------------------------------------
Beltway 8 Associates, Limited Partnership, d/b/a Watermarke
Apartments, filed with the U.S. Bankruptcy Court for the Middle
District of Louisiana a second amendment to its Chapter 11 Plan of
Reorganization.

The amendment, filed Aug. 24, was in response to the request of
the Office of the Texas Attorney General to amend provisions
relating to Priority Tax Claims.  Accordingly, Article 2.2 of the
Plan is amended to read:

   "2.2. Priority Tax Claims. Except to the extent that the
   Reorganized Debtor and a Holder of an Allowed Priority Tax
   Claim against the Debtor agree to a different treatment, each
   Holder of an Allowed Priority Tax Claim against the Debtor
   shall receive, at the sole option of the Reorganized Debtor,
   (a) on the Effective Date, Cash in an amount equal to the
   unpaid portion of such Allowed Priority Tax Claim, or (b)
   commencing 45 days after the occurrence of the Effective Date
   and continuing over a period not exceeding five (5) years from
   and after the Order For Relief Date, equal quarterly Cash
   payments in an aggregate amount equal to the unpaid portion of
   such Allowed Priority Tax Claim, together with interest at the
   applicable rate under non-bankruptcy law, subject to the sole
   option of the Reorganized Debtor, as applicable, to prepay the
   entire amount of the unpaid portion of Allowed Priority Tax
   Claim and in a manner not less favorable than the most favored
   non-priority unsecured Claim provided for by the Plan. All
   Allowed Priority Tax Claims that are not due and payable on or
   before the Effective Date shall be paid in the ordinary course
   of business as such obligations become due. Any Priority Tax
   Claim secured by a lien shall retain such lien to secure its
   claim until paid in full. Nothing in this Plan or the
   Confirmation Order shall alter or impair any rights of setoff
   of the State of Texas."

In all other respects, the Debtor re-adopts and reasserts the
provisions of its Chapter 11 Plan filed on April 4, 2011,
according to court papers.

Judge Douglas D. Dodd scheduled a hearing on Sept. 30, 2011, at
10:00 a.m., to consider confirmation of the Debtor's Plan.

                        About Beltway 8

Baton Rouge, Louisiana-based Beltway 8 Associates, LP, dba
Watermarke Apartments, owns and operates Watermarke Apartments, a
280 unit residential apartment complex located on approximately
15.6 acres in Houston, Texas.  It filed for Chapter 11 bankruptcy
protection (Bankr. M.D. La. Case No. 11-10001) on Jan. 3, 2011.

Patrick S. Garrity, Esq., and William E. Steffes, Esq., at
Steffes, Vingiello & McKenzie, LLC, in Baton Rouge, La., serve as
the Debtor's bankruptcy counsel.  Judge Douglas D. Dodd presides
over the Chapter 11 case.  The Debtor disclosed $25.3 million in
assets and $25.4 million in liabilities as of the Chapter 11
filing.


BERNARD L. MADOFF: District Ruling on $9BB Suit vs. HSBC Appealed
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Irving Picard, the trustee liquidating Bernard L.
Madoff Investment Securities Inc., filed papers in U.S. District
Court on Aug. 26 to protect his right to appeal the July ruling in
which U.S. District Judge Jed Rakoff dismissed the larger part of
Mr. Picard's $9 billion suit against HSBC Holdings Plc.

Mr. Rochelle notes that in a footnote in the notice of appeal,
Mr. Picard said it was unclear whether the dismissal was what
lawyers call a final order or an interlocutory order.

According to the report, in federal court, only final orders can
be appealed to the U.S. Circuit Court of Appeals without
permission from the court.  An interlocutory order isn't
ordinarily appealable and doesn't resolve all claims in a lawsuit.
The Madoff trustee said in the footnote that he was filing the
appeal in case the dismissal is later found to be a final order as
to some or all of the defendants.  If the July ruling is
interlocutory and therefore not automatically appealable, the
Madoff trustee said he does not intend to appeal at this time.

                    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 Seeks to Add 23 Defendants in Kohn Suit
------------------------------------------------------------------
Evan Weinberger at Bankruptcy Law360 reports that the trustee
overseeing the liquidation of Bernard L. Madoff's investment
company on Monday aimed to add more than 20 new defendants and
several new factual claims to his $58.8 billion lawsuit against
financier Sonja Kohn.

In a proposed amended complaint against Kohn's financial firm Bank
Medici AG, filed in New York federal court, Irving H. Picard seeks
to add 23 new defendants, including members of Kohn's family and
sham entities in Canada, Liechtenstein, Switzerland and the
Caribbean, 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.


BORDERS GROUP: Judge Transfers 14 Leases to Books-A-Million
-----------------------------------------------------------
Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan approved
the transfer of 14 Borders leases to Books-A-Million after Borders
Group settled some disagreements with landlords prior to a
hearing.

Dunstan Prial at Fox Business reports that Books-A-Million has
been negotiating with Borders to take over a handful of the
bankrupt retail chain's locations, including some of Borders'
superstores.  Birmingham, Ala.,-based Books-A-Million's shares
rose 8 cents or 3.2% to $2.58 in morning trading.

CantonRep.com notes, on Aug. 25, 2011, the Books-a-Million chain
offered to acquire the leases for $934,259.  Books-A-Million plans
to take over the leases by Sept. 20, 2011.

                       About Borders Group

Borders Group operates book, music and movie superstores and mall-
based bookstores.  At Jan. 29, 2011, the Debtors operated 642
stores, under the Borders, Waldenbooks, Borders Express and
Borders Outlet names, as well as Borders-branded airport stores in
the United States, of which 639 stores are located in the United
States and 3 in Puerto Rico.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online
e-commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner, Esq., Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

Lowenstein Sandler represents the official unsecured creditors
committee for Borders Group.  Bruce S. Nathan and Bruce Buechler,
members of Lowenstein Sandlers' Bankruptcy, Financial
Reorganization & Creditors' Rights Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group is closing 399 stores.  Borders selected proposals
by Hilco and Gordon Brothers to conduct going out of business
sales for all stores after no going concern offers of higher value
were submitted by the deadline.


BOSTON GENERATING: Wins Approval of Final Liquidation Plan
----------------------------------------------------------
Eric Hornbeck at Bankruptcy Law360 reports that U.S Bankruptcy
Judge Shelley Chapman approved Boston Generating LLC's liquidation
plan Tuesday, tying up the final loose end after the $1.1 billion
sale of most of the U.S. Power Generating Co. affiliate's assets
to Constellation Energy Group Inc.

"It's been a great pleasure to watch this case unfold, and I'm
pleased to confirm this plan," U.S Bankruptcy Judge Shelley
Chapman said, adding that the final signed approval order could
still see some technical modifications.

Boston Generating completed the sale of its five Boston-area power
plants in January to Constellation Energy Group Inc.

Bloomberg News reported that according to the disclosure
statement, after completion of the sale, first-lien secured
lenders with $1.142 billion in claims will have received a 98.4%
recovery.  The eventual recovery by unsecured creditors is
"unknown," according to the disclosure statement.

Bloomberg noted that unsecured creditors have the right to
participate in a lawsuit initiated by the official committee
contending that a refinancing in late 2006 was a fraudulent
transfer that can be voided in bankruptcy.  Unsecured creditors
have the right to opt out and
pursue the claims on their own.

In addition to the first-lien debt, where an affiliate of Credit
Suisse Group AG is agent, Boston Generating's debt includes $350
million on a second lien, a $423 million mezzanine debt liability,
and less than $10 million owing to trade suppliers.

                      About Boston Generating

New York-based Boston Generating, LLC, owns nearly 3,000 megawatts
of mostly modern natural gas-fired power plants in the Boston
area.  Privately held Boston Generating is an indirect subsidiary
of US Power Generating Co., and considers itself as the third-
largest fleet of plants in New England.

Boston Generating filed for Chapter 11 protection (Bankr. S.D.N.Y.
Case No. 10-14419) on Aug. 18, 2010.  Boston Generating estimated
its assets and debts at more than $1 billion as of the Petition
Date.

EBG Holdings LLC; Fore River Development, LLC; Mystic, LLC; Mystic
Development, LLC; BG New England Power Services, Inc.; and BG
Boston Services, LLC, filed separate Chapter 11 petitions.

D. J. Baker, Esq., at Latham & Watkins LLP, serves as bankruptcy
counsel for the Debtors.  JPMorgan Securities is the Debtors'
investment banker.  Perella Weinberg Partners, LP, is the Debtors'
financial advisor.  Brown Rudnick LLP is the Debtors' regulatory
counsel.  FTI Consulting, Inc., is the Debtors' restructuring
consultant.  Anderson Kill & Olick, P.C., is the Debtors'
conflicts counsel.  The Garden City Group, Inc., is the Debtors'
claims agent.

The Official Committee of Unsecured Creditors has tapped the law
firm of Jager Smith P.C. as its counsel.


C&H ARIZONA: Wins Dismissal of Chapter 11 Case
----------------------------------------------
The Honorable Randolph J. Haines has granted the dismissal of the
Chapter 11 case of C&H Arizona-Stucky, LLC.

The only party that objected to the Motion to Dismiss was secured
creditor MSDW 2000-Life 1 Stucky Store, LLC.  The issues raised in
the objection have been resolved.

The Debtor will pay MSDW $1,027,589, which the Debtor represents
is the net cash collateral accumulated by MSDW during the pendency
of the Chapter 11 case.  MSDW will file a notice with the Court
immediately upon receipt of the payment from the Debtor.

The Chapter 11 case is dismissed, effective upon MSDW's filing of
the notice of receipt of payment.

As reported in the Aug. 5, 2011 edition of the TCR, the Debtor
asked the U.S. Bankruptcy Court for the District of Arizona to
dismiss its Chapter 11 case because its property in Arizona "no
longer produces income" and that it is unable to present a
confirmable plan of reorganization.  The Debtor informed the Court
that it is in negotiations with a third party that, if a final
deal is reached, will enable the Debtor to retain the property and
pay the secured debt (less default interest and late fees).

                   About C&H Arizona-Stucky, LLC

Walnut Creek, California-based C&H Arizona-Stucky, LLC, is the
owner and current operator of a 113,071 square feet retail
shopping center located at 15440 North Scottsdale Road,
Scottsdale, Arizona.  As of the Petition Date, the entirety of the
real property was leased to Robb & Stucky, LTD ("R&S") as a free
standing furniture store.  R&S filed chapter 11 on Feb. 18, 2011,
and rejected the R&S lease with the Debtor effective June 30,
2011.  The property is now vacant and produces no income.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Ariz. Case No. 10-21165) on July 7, 2010.  Edwin B. Stanley, Esq.,
at Simbro & Stanley, PLC, in Scottsdale, Ariz., represents the
Debtor as counsel.  The Company disclosed $18,064,966 in assets
and $9,167,574 in liabilities as of the Petition Date.


CALVARY BAPTIST: Judge Dalis Approves Plan to Emerge From Debt
--------------------------------------------------------------
Jan Skutch at the Savannah Morning News reports that U.S.
Bankruptcy Judge John S. Dalis approved Calvary Baptist Temple's
plan to emerge from debt reorganization.

According to the report, the Debtor's lawyer, attorney C. James
McCallar Jr., said the bankruptcy emergence "leave(s) us with a
solid church and school."  Following the bankruptcy, Calvary, he
says, has "no desire to ever get involved in the development of
property."

The Morning News recounts that Calvary filed for bankruptcy to
half foreclosure on the 214-acre tract on Red Gates Farm property
along Chatham and Veterans parkways which the church bought for
$12.4 million.  That 214-acre tract secured all bonds sold in the
venture.

A group of about 100 investors, many of them church members,
bought general mortgage bonds totaling about $3 million in October
2007.  That group of "series II bondholders" had a second lien on
the 16-acre property on Veterans Parkway.

As part of the re-organization effort, Calvary returned the 16-
acre tract involving the bonds to Reliance Trust Co. to wipe out
$7 million of its debt.

The Series II bondholder group is continuing its effort to buy the
16-acre tract from Reliance Trust and develop it to recoup its
investment.

The group overwhelmingly approved the plan, with only six voting
against it, Judge Dalis said.  One of those six urged Judge Dalis
to reject the re-organization plan and convert it to a Chapter 7,
or liquidation, plan.

Should that group be able to secure and develop the tract, that
would excuse the church of any further obligation to them,
Mr. McCallar said.

Failing that, Calvary will make a "good faith effort" after about
three years to repay those creditors at full value, Mr. McCallar
said.

Savannah Morning News reports that church members continue their
search for a senior pastor to replace the Rev. John S. Connell,
who left in August for a post with Shorter College in Rome.

                   About Calvary Baptist Temple

Headquartered in Savannah, Georgia, Calvary Baptist Temple owns
and operates a Baptist church on Waters Avenue in Savannah,
Chatham County, Georgia.  Calvary Baptist filed for Chapter 11
bankruptcy protection (Bankr. S.D. Ga. Case No. 10-40754) on
April 6, 2010.  C. James McCallar, Jr., Esq., and Tiffany E.
Caron, Esq., at McCallar Law Firm, in Savannah, Ga., represent the
Debtor as counsel.  In its schedules, the Debtor disclosed
$45,831,534 in assets and $19,894,823 in debts as of the Petition
Date.


CHORION: On Brink of Collapse, May Face Administration
------------------------------------------------------
Dow Jones' DBR Small Cap reports that Chorion is on the brink of
collapse and owner 3i Group PLC is expected to appoint Deloitte as
administrator shortly, a person familiar with the situation.
Chorion is a UK entertainment rights company.


CHRISTIAN BROTHERS: To Tap Omni as Claims & Administrative Agent
----------------------------------------------------------------
The Christian Brothers' Institute and The Christian Brothers of
Ireland, Inc., seek to employ Omni Management Group as their (i)
claims, noticing and balloting agent, and (ii) administrative
agent.

As claims agent, Omni Management Group will:

     * serve as the noticing agent to mail notices to the
       estate's creditors and parties-in-interest;

     * provide computerized claims and claim objection database
       services; and

     * provide assistance in claim processing and maintain the
       Bankruptcy Court's claims register with respect to the
       Debtors' bankruptcy cases, pursuant to the provisions of
       the engagement agreement.

The Debtors anticipate that, as administrative agent, Omni
Management will assist them with, inter alia:

     * the creation and maintenance of a publicly accessible
       website containing information regarding the Debtors'
       Chapter 11 cases;

     * the service of notices and other documents to parties
       entitled to receive notice under Bankruptcy Rule 2002; and

     * the development, implementation, and publication of a
       claims bar date, pursuant to the provisions of the
       engagement agreement.

According to the Debtors, the appointment of Omni Management Group
as administrative agent will expedite the administration of the
cases and the Debtors and their professionals will be relieved of
handling certain administrative burdens necessary for the
successful prosecution of the cases.

Omni will be paid as set forth on the pricing schedule in the
engagement agreement and reimbursed for out-of-pocket expenses
incurred after the Petition Date on account of the Services,
subject to Court approval.

The Debtors believe that Omni does not hold or represent an
interest materially adverse to the estates with respect to any
matter upon which the firm is to be engaged and that the firm is a
disinterested person as the term is defined in Section 101(14) of
the Bankruptcy Code.

The Christian Brothers' Institute and The Christian Brothers of
Ireland filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case Nos. 11-22820 and 11-22821) on April 28, 2011.
Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, serves
as the Debtors' bankruptcy counsel.  The Christian Brothers'
Institute disclosed assets of $63,418,267 and $8,484,853 in
liabilities.  CBOI estimated its assets at $500,000 to $1 million
and debts at $1 million to $10 million.


CHRISTIAN BROTHERS: Taps McInnes Cooper as Special Counsel
----------------------------------------------------------
The Christian Brothers' Institute and The Christian Brothers of
Ireland, Inc. sought and obtained the approval of the U.S.
Bankruptcy Court for the Southern District of New York to employ
McInnes Cooper as their special Canadian litigation counsel, nunc
pro tunc to Apr. 29, 2011.

McInnes Cooper has been retained as CBI's Canadian litigation
counsel since early 2000 in connection with 40 lawsuits pending
against the Debtor in the Canadian Courts in Newfoundland and
Labrador.  The plaintiffs of the Lawsuits assert various claims,
including physical and sexual abuse claims, the Debtors relate.

The Debtors submit that it is necessary to employ and retain
special Canadian litigation counsel pursuant to Sections 327(e)
and 328 of the Bankruptcy Code.

Before the Petition Date, Tarter Krinsky & Drogin LLP, the
Debtors' general bankruptcy counsel, supervised McInnes Cooper in
its defense of the Lawsuits, and will continue to do so during the
Debtors' Chapter 11 cases.  Tarter Krinsky cannot defend or
represent CBI in connection with the Lawsuits for a number of
reasons, including its lack of familiarity with the laws, rules
and regulations of courts in Canada governing the Lawsuits and the
fact that none of Tarter Krinsky's attorneys are admitted to
practice law in Canada.

The Debtors assure the Court that McInnes Cooper and Tarter
Krinsky will continue to coordinate their efforts and clearly
delineate their duties to prevent any duplication of effort.

McInnes Cooper will be paid its customary hourly rates, which are
subject to periodic increase in the normal course of its business,
and reimbursed for all out-of-pocket expenses incurred.

          Attorneys and Associates     CDN$175 - CDN$450
          David Eaton, Q.C.                      CDN$350
          Melissa Hill                           CDN$200
          Legal clerks/Paralegal       CDN$100 - CDN$125

McInnes Cooper disclosed that during the 90-day period before the
Petition Date, it received three payments from CBI, aggregating
CDN$51,763, and believes that these payments were made in the
ordinary course of business and are not subject to attack as
preferences under Section 547 of the Bankruptcy Code.  The firm,
however, has agreed to preserve the right of all parties in these
cases to review the payments and assert claims relating to those
payments as they deem appropriate.

The Debtors believe that McInnes Cooper does not represent and
does not hold any interest adverse to the Debtors' estates or
their creditors in the matters upon which the firm is to be
engaged.

The Christian Brothers' Institute and The Christian Brothers of
Ireland filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case Nos. 11-22820 and 11-22821) on April 28, 2011.
Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, serves
as the Debtors' bankruptcy counsel.  The Christian Brothers'
Institute disclosed assets of $63,418,267 and $8,484,853 in
liabilities.  CBOI estimated its assets at $500,000 to $1 million
and debts at $1 million to $10 million.


CITIZENS REPUBLIC: Fine Capital Discloses 5.4% Equity Stake
-----------------------------------------------------------
In a Schedule 13D filing with the U.S. Securities and Exchange
Commission, Fine Capital Partners, L.P., and its affiliates
disclosed that they beneficially own 2,170,787 shares of common
stock of Citizens Republic Bancorp., Inc., representing 5.4% of
the shares outstanding.  As of July 27, 2011, there were
40,246,080 shares outstanding.  A full-text copy of the filing is
available for free at http://is.gd/UJHb0s

                      About Citizens Republic

Flint, Michigan-based Citizens Republic Bancorp, Inc., is a
diversified banking and financial services company that is
registered as a bank holding company under the Bank Holding
Company Act of 1956, as amended.  Citizens provides a full range
of banking and financial services to individuals and businesses
through its banking subsidiary, Citizens Bank.

The Company reported a net loss of $292.9 million on
$329.1 million of net interest income for 2010, compared with a
net loss of $514.2 million on $310.4 million of net interest
income for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
$9.966 billion in total assets, $8.954 billion in total
liabilities, and stockholders' equity of $1.012 billion.

                          *     *     *

As reported in the TCR on Feb. 8, 2011, Fitch Ratings downgraded
the long-term and short-term Issuer Default Ratings for Citizens
Republic Bancorp, Inc., and its principal banking subsidiaries to
'CCC/C' from 'B-/B', respectively.


COMMUNICATION INTELLIGENCE: Posts $1.1-Mil. 2nd Quarter Net Loss
----------------------------------------------------------------
Communication Intelligence Corporation filed its quarterly report
on Form 10-Q, reporting a net loss of $1.1 million on $326,000 of
revenues for the three months ended June 30, 2011, compared with
a net loss of $1.6 million on $213,000 of revenues for the same
period last year.

The Company reported a net loss of $2.4 million on $604,000 of
revenues for the six months ended June 30, 2011, compared with
a net loss of $3.3 million on $419,000 of revenues for the same
period of 2010.

The Company's balance sheet at June 30, 2011, showed $3.4 million
in total assets, $2.2 million in total liabilities, and
stockholders' equity of $1.2 million.

As reported in the TCR on April 6, 2011, GHP Horwath, P.C., in
Denver, expressed substantial doubt about Communication
Intelligence's ability to continue as a going concern, following
the Company's 2010 results.  The independent auditors noted that
of the Company's significant recurring operating losses and
accumulated deficit.

A copy of the Form 10-Q is available at http://is.gd/d2qKmv

Based in Redwood Shores, California, Communication Intelligence
Corporation (OTC QB: CICI) -- http://www.cic.com/-- is a supplier
of electronic signature products and a  recognized leader in
biometric signature verification.


CONGRESSIONAL HOTEL: Has Potential Buyer for Legacy Hotel
---------------------------------------------------------
C. Benjamin Ford at The Gazette reports that Congressional Hotel,
a Rockville hotel group that last year lost a $5 million lawsuit
with a jewelry retailer, has filed for Chapter 11 bankruptcy
protection because it has a potential buyer for its hotel.

The report says Mervis Diamond last year won a five-year court
battle that began after it signed a 10-year lease with
Congressional Hotel, a division of Cohen Cos., for more than 3,000
square feet of retail space from the hotel.  The jewelry retailer
sued, claiming that promised construction work had not been
performed.  After two appeals, Mervis Diamond was awarded nearly
$5 million by the Maryland Court of Special Appeals in June 2010.

Congressional Hotel had previously filed for Chapter 11, but the
case was dismissed in May at the request of Mervis Diamond.  But a
resolution couldn't be confirmed with Mervis Diamond and other
creditors, prompting Congressional Hotel to seek Chapter 11
protection again.

If this week's filing is approved by a bankruptcy judge, liens
attached to the property could be removed so that it could be
sold, with creditors paid from the sale proceeds, counsel for the
Company said.  The case could be completed with 21 days of filing
and the hotel sale could be completed within 90 days, said James
M. Greenan, Esq., at McNamee Hosea, in Washington, D.C., counsel
for the Company.

Congressional Hotel Corp. operates the 162-room Legacy Hotel and
Meeting Centre at 1775 Rockville Pike, in Rockville, Maryland.
The hotel was previously known as Ramada Inn.

Congressional Hotel filed for Chapter 11 protection (Bankr. D. Md.
Case No. 11-26732) on Aug. 15, 2011, in Greenbelt, Maryland,
citing assets and liabilities each in the range of $10 million to
$50 million.


CORDIA COMMUNICATIONS: Can Access Cash Collateral Thru Sept. 23
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida has
authorized, on a fourth interim basis, Cordia Communications
Corp., et al., to use alleged cash collateral of Thermo Credit,
LLC, in accordance with a budget, through Sept. 23, 2011.

As reported in the May 20, 2011 edition of the Troubled Company
Reporter, the Debtors would use the cash collateral to operate its
business pending a sale of their assets as a going concern
conducted under Section 363 of the Bankruptcy Code.

The Debtors are authorized to utilize all proceeds of pre- and
post-petition receivables and customer payments received or
deposited into the Lockbox, Collections Accounts, and Contingency
Account.

The Lockbox, Collections Accounts and Contingency Account
controlled by Thermo contained $319,857 as of the Petition Date;
and as of April 29, the net amount advanced by Thermo under the
FSA was $1,975,583 (without application of $225,000 in the
Contingency Account).

Thermo and lockbox processor Klik Technologies Corp. are directed
to deliver to the Debtors, on a rolling basis, all customer
payments received or deposited into the Lockbox, Collections
Accounts or Contingency Accounts.

Thermo and Klik will provide the Debtors with daily reports
reflecting all transactions and activity occurring in the Lockbox,
Collections Accounts, or Contingency Account.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant Thermo a replacement lien on
and in cash collateral, receivables, and other property, including
but not limited to all amounts contained in or payments received
or deposited into the Lockbox, Collections Accounts or Contingency
Account, owned, acquired or generated postpetition by the Debtors'
continued operations.  Thermo will also be afforded the priority
in payment.

A further hearing on the Debtors' request for cash collateral use
will be held on Sept. 19, 2011, at 11:00 a.m.

A copy of the fourth interim cash collateral order and budget is
available at
http://bankrupt.com/misc/CORDIA_cashcoll_interimorder.pdf

                    About Cordia Communications

Cordia Corporation -- through its operating subsidiaries, Cordia
Communications Corp., CordiaIP Corp., My Tel Co, Inc., Northstar
Telecom, Inc., Cordia Prepaid Corp., and Cordia International
Corp. -- offers business, residential, and wholesale customers
local and long distance telecommunications services in more than
60 countries utilizing traditional wireline and Voice over
Internet Protocol -- VoIP -- technologies.  CCC holds licenses to
operate in 28 states throughout the contiguous United States, and
CCCVA is licensed in Virginia.

Winter Garden, Florida-based Cordia Communications Corp., along
with affiliates, filed for Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Lead Case No. 11-06493) on May 1, 2011.
The Debtor estimated its assets and debts at $10 million to
$50 million.  Scott L. Baena, Esq., at Bilzin Sumberg Baena Price
& Axelrod LLP, serves as the Debtors' bankruptcy counsel.  Source
Capital Group, Inc., serves as investment banker.  Development
Specialists, Inc., is providing restructuring and management
services, including Joseph J. Luzinski as chief restructuring
officer.  Bingham McCutchen LLP as special telecommunications
counsel.

Cordia Communications Inc. was authorized in July 2011 to sell the
business to Birch Communications Inc.  For Birch to take over a
contract with Verizon Communications Inc., Verizon must be paid
$4.4 million, according to the order approving the sale.


CRESCENT RESOURCES: Palm Coast Residents May Bid for Golf Courses
-----------------------------------------------------------------
Frank Fernandez at the Daytona Beach News-Journal reports that a
group of Palm Coast, Florida residents is taking a swing at buying
three golf courses in town, including the idle Matanzas Woods
course, which would be reopened.

According to the report, Palm Coast Mayor Jon Netts said he
recently talked to Craig Ranciato, who represented the Golf Group
of Palm Coast, LLC.  The group is considering whether to buy the
Matanzas course, the Pines course and the Cypress course in Palm
Coast.

Mayo Netts said he was told the group is "under contract" to buy
the courses and is undertaking its "due diligence."  "If
everything goes according to plan, they will probably close
sometime after the first of October," Mayor Netts said.  "But if
they are in the due diligence phase, this could fall apart at any
time."

The majority owner of all three courses is Crescent Resources LLC
in Charlotte, N.C., according to Susan Shannon, director of
administration for Hampton Golf, which manages the courses.  She
referred questions about any possible sale to M.G. Orender of
Hampton Golf, but he could not be reached.

                      About Crescent Resources

Crescent Resources, LLC -- http://www.crescent-resources.com/--
was a real estate development and management organization which
developed, owned, leased, managed, and sold real estate since
1969.  Crescent Resources and its debtor-affiliates filed for
Chapter 11 protection (Bankr. W.D. Tex. Lead Case No. 09-11507) on
June 10, 2009.  Judge Craig A. Gargotta presided over the case.
Eric J. Taube, Esq., at Hohmann, Taube & Summers, L.L.P., served
as the Debtors' bankruptcy counsel.  On Dec. 20, 2010, the Court
signed an order confirming the Debtors' Revised Second Amended
Joint Plan of Reorganization.


DEVITA INC: Moody's Assigns 'Ba2' Rating to $200-Mil. Term Loan
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to DaVita Inc's.
$200 million senior secured term loan A-2 facility due 2016. The
new term loan A-2 will have identical terms as the tranche B term
loan. In addition, Moody's has also affirmed DaVita's upsized $350
million senior secured revolving credit facility Ba2. Moody's
understands the proceeds will be used for general corporate
purposes. Concurrently, Moody's affirmed DaVita's Ba3 Corporate
Family and Probability of Default Ratings and the Speculative
Grade Liquidity Rating of SGL-1. The outlook for the ratings is
stable.

This is a summary of Moody's rating actions.

Ratings assigned:

$200 million senior secured term loan A-2 credit facility due 2016
at Ba2 (LGD2, 34%)

$350 million senior secured revolving credit facility expiring
2015, Ba2 (LGD2, 34%) from (LGD2, 28%)

Ratings unchanged/LGD assessments revised:

$1,000 million senior secured term loan A due 2015, Ba2 (LGD2,
34%) from (LGD2, 28%)

$1,750 million senior secured term loan B due 2016, Ba2 (LGD2,
34%) from (LGD2, 28%)

$1,550 million senior unsecured notes due 2018 and 2020, B2 (LGD5,
86%) from (LGD5, 83%)

Ratings affirmed:

Corporate Family Rating, Ba3

Probability of Default Rating, Ba3

Speculative Grade Liquidity Rating, SGL-1

DaVita's Ba3 Corporate Family Rating is supported by the company's
position as the second largest dialysis service provider in an
otherwise very fragmented segment. Additionally, DaVita benefits
from the recurring nature of the treatments and customers' high
loyalty to their clinic. This continues to be reflected in the
company's strong profitability and stable cash flow generation.
The rating also reflects the company's limited diversification of
revenue streams and continued uncertainty surrounding changes to
Medicare reimbursement that took effect on January 1, 2011, along
with any additional revenue cuts expected from the Congressional
committee charged with finding $1.2-$1.5 trillion in debt
reduction over the next decade.

The stable outlook reflects Moody's expectation that DaVita's
revenue will continue to grow at a steady pace driven by
increasing volumes and the opening of new centers. The rating
outlook also anticipates that the company should be able to adjust
to the changes in Medicare's reimbursement system, initiated on
January 1, 2011 without significant detriment to the credit
metrics. The outlook also reflects Moody's expectation that
leverage should improve below 4 times by the end of fiscal 2011,
based on EBITDA growth.

Moody's could consider upgrading the ratings if the company were
to repay debt or grow earnings such that leverage metrics were
expected to be sustained at around 3.0 times. For example, Moody's
would consider changing the outlook to positive or upgrading the
rating if cash flow from operations and free cash flow to adjusted
debt ratios were expected to be sustained in the high and mid-
teens level, respectively.

Downward pressure could develop if leverage continues to increase
following the transaction. For example, Moody's could consider
changing the outlook to negative or downgrading the ratings if the
Medicare bundled prospective payment system unfavorably impacts
DaVita's business model or if the company takes on additional debt
for acquisitions or shareholder initiatives in excess of Moody's
expectations.

The principal methodology used in rating DaVita was Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009. Other methodologies and
factors that may have been considered in the process of rating
this issuer can also be found on Moody's website.

DaVita, headquartered in Denver, CO, is an independent provider of
dialysis services primarily in the US for patients suffering from
end-stage renal disease (chronic kidney failure). DaVita's
services are predominantly provided in the company's outpatient
dialysis centers. However, the company also provides home dialysis
services, inpatient dialysis services through contractual
arrangements with hospitals, laboratory services and other
ancillary services. The company recognized approximately $6.6
billion of revenue for the twelve months ended June 30, 2010.


DMR PROPERTIES: Case Summary & Largest Unsecured Creditor
---------------------------------------------------------
Debtor: DMR Properties
        P.O. Box 1009
        East Orange, NJ 07019

Bankruptcy Case No.: 11-76125

Chapter 11 Petition Date: August 29, 2011

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

Judge: Robert E. Grossman

Debtor's Counsel: Joshua N. Bleichman, Esq.
                  BLEICHMAN & KLEIN
                  268 Route 59
                  Spring Valley, NY 10097
                  Tel: (845) 425-2510
                  Fax: (845) 425-7362
                  E-mail: bleichmanklein@yahoo.com

Estimated Assets: $0 to $50,000

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

The petition was signed by Jose Rosario, managing partner.

The list of unsecured creditors filed together with its petition
contains only one entry:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Mariners Bank                      75 North Walnut      $2,163,123
935 River Road                     Street
Edgewater, NJ 07020                East Orange, NJ 07017


DRYSHIPS INC: Holds 50.5% of OceanFreight Outstanding Shares
------------------------------------------------------------
In a Schedule 13D filing with the U.S. Securities and Exchange
Commission, Dryships Inc. disclosed that it beneficially owns
3,000,856 shares of common stock of OceanFreight Inc. representing
50.5% of the shares outstanding.  The calculation of this
percentage is based on the 5,946,182 shares of OceanFreight Common
Stock outstanding as of July 26, 2011.

On July 26, 2011, DryShips, Pelican Stockholdings Inc. or "Merger
Sub", a wholly-owned subsidiary of DryShips, and OceanFreight
entered into an agreement and plan of merger, pursuant to which,
subject to the terms and conditions of the Merger Agreement and in
accordance with the Marshall Islands Business Corporations Act,
Merger Sub will merge with and into OceanFreight.

Concurrently with the execution of the Merger Agreement, DryShips
entered into the Purchase Agreement with Basset Holdings Inc.,
Steel Wheel Investments Limited and Haywood Finance Limited and
OceanFreight, pursuant to which DryShips agreed to purchase from
the Sellers 3,000,856 shares of OceanFreight Common Stock subject
to certain conditions.  The closing of the purchase and sale of
the shares pursuant to the Purchase Agreement took place on
Aug. 24, 2011.

                        About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of Sept. 10,
2010, DryShips owns a fleet of 40 drybulk carriers (including
newbuildings), comprising 7 Capesize, 31 Panamax and 2 Supramax,
with a combined deadweight tonnage of over 3.6 million tons and
6 offshore oil deep water drilling units, comprising of 2 ultra
deep water semisubmersible drilling rigs and 4 ultra deep water
newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.

In its audit report on the Company's financial statements for the
year ended Dec. 31, 2010, Deloitte, Hadjipavlou Sofianos &
Cambanis S.A., noted that the Company's inability to comply with
financial covenants under its original loan agreements as of Dec.
31, 2009, its negative working capital position and other matters
raise substantial doubt about its ability to continue as a going
concern.

The Company's balance sheet at March 31, 2011, showed
US$6.99 billion in total assets and US$3.04 billion in total
liabilities.


DSI HOLDINGS: Auction Canceled Due to Absence of Competing Bids
---------------------------------------------------------------
Chapter11Cases.com reports that DSI Holdings, Inc., and its
affiliates notified the Delaware bankruptcy court Tuesday that
they were canceling the auction for substantially all of their
assets that they had scheduled for today, August 31st.  The
auction was canceled because the companies did not receive any
qualified competing bids for their assets by the court's deadline
of August 24th.

The report says that as a result, the debtors will seek bankruptcy
court approval of a sale of substantially all of their assets to
their stalking horse bidder, Abelco Finance LLC.  Abelco is the
administrative and collateral agent for the holders of DSI
Holdings' first lien debt (and also holds the largest amount of
the debt).  Pursuant to the proposed asset purchase agreement,
Abelco committed to, among other things, credit bidding
$75 million of the debtors' first lien debt to acquire the
companies' assets.  Abelco also provided the companies with
debtor-in-possession financing following their bankruptcy filings.

DSI Holdings and its affiliates own and operate the Deb Shops
chain of 318 retail stores focused on the junior "fast fashion"
market.  The companies employ over 3,000 people and generated
nearly $300 million in revenues for the year ended April 30, 2011.
During the same period, they generated EBITDA (earnings before
interest, taxes, depreciation, and amortization) of $12.4 million,
which represented a 28.8% increase over the year-earlier period.
As of April 30, 2011, the companies reported assets of
$124.4 million and liabilities of $270.1 million.

                       About Deb Shops

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

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

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

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

Roberta A. Deangelis, U.S. Trustee for Region 3, appointed five
unsecured creditors to serve on the Official Committee of
Unsecured Creditors.  Otterbourg Steindler Houston & Rosen serves
as lead counsel to the Committee.


EASTWOOD DAIRY: Still Operational While in Chapter 11
-----------------------------------------------------
Everdeen Mason at Springfield News-Sun reports that Eastwood Dairy
LLC, a large dairy farm in South Charleston, Ohio, filed for
Chapter 11 bankruptcy after struggling for more than two years
with volatile milk and feed prices and increasing debt.

According to the report, under Chapter 11 bankruptcy, the 68-acre
farm -- one of many struggling farms developed by Vreba Hoff Dairy
Development in the last decade -- is still operational, but is
beholden to the banks and the courts.  "An order was entered which
allows us to use cash for an interim period under the bankruptcy
code," said Daniel Swetnam, a Columbus-based attorney representing
Eastwood Dairy.

The report says Dirk Winkel, owner of the 1,230-cow dairy, said he
must provide a budget to the bank on a regular basis because the
bank has control over revenues and finances.  "The plan is to
focus and recapitalize," Mr. Winkel said.  "We had big losses in
2009 that lead to problems."

The report says Eastwood Dairy owes about $6.8 million to at least
20 creditors, the biggest of which is AgStar Financial Services,
which is owed more than half the debt.  In 2009 milk prices
declined while feed prices were increasing.  By the time prices
stabilized in 2010 and 2011, the dairy was in debt.  Mr. Winkel
said filing for bankruptcy was the only way to get time to
reorganize their debt.

Eastwood Dairy, LLC, and an affiliate, sought Chapter 11
protection (Bankr. S.D. Ohio Case Nos. 11-34392 and 11-34394) on
Aug. 10, 2011.  Daniel R. Swetnam, Esq., at Schottenstein, Zox &
Dunn Co. LPA, in Columbus, Ohio, serves as counsel.  Eastwood
Dairy estimated $1 million to $10 million in assets and debts.


EDGEN MURRAY: Inks Severance Agreement and Release with M. Craig
----------------------------------------------------------------
Edgen Murray II, L.P., entered into a Severance Agreement and
Release with Mr. Michael F.A. Craig, executive vice-president-
managing director, Eastern Hemisphere, in connection with
Mr. Craig's termination of employment with the Company which is
effective on Sept. 12, 2011.

Under the Agreement, the Company will make 12 monthly payments to
Mr. Craig totaling GBP183,750, which amount is equal to 12 months'
base salary for Mr. Craig.  Under the Agreement, the Company will
also extend certain of Mr. Craig's employment benefits for a
period of up to 12 months following the effective date of his
termination, including, but not limited to, health insurance,
housing allowance, home leave, and school expenses for his
children.  The Company will also pay certain repatriation expenses
if Mr. Craig chooses to repatriate.  The Agreement contains a
general release of claims and a noncompetition covenant of Mr.
Craig in favor of the Company.

                         About Edgen Murray

Edgen Murray II L.P., headquartered in Baton Rouge, Louisiana, is
a distributor of carbon steel and alloy products for use primarily
in specialized applications in the energy and niche industrial
segments.  The company operates on a global basis, with
approximately one-third of its sales generated outside of the
Americas, and has distribution centers in five countries to
facilitate timely deliveries to companies and contractors engaged
in the development of new energy infrastructure projects and the
maintenance of existing facilities.  In 2010, Edgen Murray had
sales of $628 million.  The company is primarily owned by
Jefferies Capital Partners, certain co-investors and members of
senior management.

The Company's balance sheet at June 30, 2011, showed
$500.92 million in total assets, $642.78 million in total
liabilities, and a $141.86 million total partners' deficit.

                           *     *     *

As reported by the TCR on April 11, 2011, Moody's Investors
Service lowered Edgen Murray II, L.P.'s probability of default
rating (PDR) to Caa2 from Caa1, its corporate family rating (CFR)
to Caa3 from Caa1 and the company's 12.25% senior secured notes to
Caa3 from Caa2.  The downgrade was prompted by Edgen Murray's
continuing weak performance even as many of its peers began to
benefit in 2010 from higher oil prices, a higher rig count for oil
drilling, and increased drilling in and production from
alternative shale plays.

In September 2010, Standard & Poor's Ratings Services said that it
lowered its corporate credit rating on Edgen Murray II L.P. to 'B-
' from 'B'.  The rating outlook is stable.

"The downgrade reflects S&P's expectation that 2010 EBITDA will
likely be around $30 million, materially lower than its previous
expectation of about $55 million, due to ongoing weakness in the
company's Western Hemisphere segment as a result of lower capital
spending on projects in the region," said Standard & Poor's credit
analyst Sherwin Brandford.


EDWARDS LIVING: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: The Edwards Living Trust
        3235 Lone Hill Lane
        Encinitas, CA 92024
        Tel: (858) 952-0856

Bankruptcy Case No.: 11-14291

Chapter 11 Petition Date: August 26, 2011

Court: U.S. Bankruptcy Court
       Southern District of California (San Diego)

Judge: Laura S. Taylor

Debtor's Counsel: Odeha Warren, Esq.
                  LAW OFFICE OF ODEHA WARREN
                  41914 Carleton Way
                  Temecula, CA 92591
                  Tel: (951) 216-5577
                  E-mail: odeha.warren@gmail.com

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

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

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

The petition was signed by Roger Meyers, trustee.


ENCINO CORPORATE: Exclusive Plan Filing Period Extended to Nov. 16
------------------------------------------------------------------
Encino Corporate Plaza, L.P., asked the U.S. Bankruptcy Court for
the Central District of California to extend its exclusive periods
to file and solicit a plan of reorganization for 90 days, from
Aug. 18, 2011, and Oct. 17, 2011, respectively, through and
including Nov. 16, 2011, and Jan. 15, 2012, respectively.

In this first request to extend its plan exclusivity periods, the
Debtor says it continues to be engaged in discussions with its
primary secured creditor, Wells Fargo Bank, N.A., as trustee for
the certificate holders of the ML-CFC Commercial Mortgage Trust
2006-3, Commercial Mortgage Pass-Through Certificates Series
2006-3, in an effort to formulate the terms of a consensual plan
of reorganization.  The debtor also continues to make postpetition
interest payments to the Lender.

The Lender asserts that it is currently owed in excess of $33
million under the loan, secured by the Property, the fixtures and
personal property located at or on the Property, as well as the
Debtor's cash, which is derived primarily, if not entirely, from
rent received by the Debtor from its tenants.  The Debtor disputes
the claim amount asserted by the Lender.

                      About Encino Corporate

Encino Corporate Plaza, L.P., owns the real property commonly
known as Encino Corporate Plaza, located at 16661 Ventura
Boulevard, Encino, California.  The Property is a ten-story
building containing approximately 135,000 square feet of rentable
space.  The Company filed a Chapter 11 petition (Bankr. C.D.
Calif. Case No. 11-14917) on April 20, 2011.  David L. Neale,
Esq., Juliet L. Oh, Esq., and Gwendolen D. Long, Esq., at Levene
Neale Bender, Yoo & Brill L.L.P., in Los Angeles, California,
serve as the Debtor's counsel.  The Debtor disclosed $34,268,167
in assets and $33,413,759 in liabilities as of the Chapter 11
filing.


ENEA SQUARE: Can Use NUCP Cash to Pay August Invoices and Salaries
------------------------------------------------------------------
On Aug. 15, 2011, the U.S. Bankruptcy Court for the Northern
District of California entered its order approving the stipulation
of secured creditor NUCP Fund I, LLC, and Debtor Enea Square
Partners LP, authorizing the Debtor to use cash collateral: (a) to
pay certain accounts payable totaling $57,012 for the month of
August 2011, and (b) to pay salaries/wages totaling $22,800 for
the following persons during August 2011:

     Joan Enea-Lopez and Judy Ewing (Total)     $12,500
     David Enea                                  $4,500
     Mimi Enea                                   $3,560
     Molly Enea                                  $2,240

The Debtor is also authorized to pay up to and only up to a total
of $7,704 for August 2011 insurance premiums for the following
insurance providers: Anthem Blue Cross, Blue Shield of California,
Small Business Benefit Plan Trust, and Kaiser Permanente.

Debtor is directed immediately to deposit (a) $14,500 in Union
Bank Account No. 2180066627 representing sequestration of funds
for payment of 2011-2012 Tax Year Property Taxes (August 2011),
(b) $7,400 in Union Bank Account No. 2180066627 representing
sequestration of funds for past due real property taxes (August
2011), (c) $1,000 in Union Bank Account No. 2180066619
representing sequestration of funds for tenant deposits (August
2011), (D) 3,000 in Union Bank Account No. 2180066635 representing
sequestration of funds for tenant improvements / Broker
Commissions (August 2011).

In addition, on account of "adequate protection" for the month of
August 2011, Debtor is authorized and directed immediately to
disburse $32,500 to NUCP.

This order relates to the Debtor's real property and improvements
located at 1450 Enea Circle, 1465D Enea Circle, 1465E Enea Circle,
1485 Enea Court, and 1470 Enea Circle, in Concord, California,
which are encumbered in favor of NUCP, as successor-in-interest of
Comerica Bank.  The revenues generated by these properties
constitute cash collateral of NUCP

As reported in the TCR on May 24, 2011, NUCP asserts a claim
amounting to $19,500,000.

                     About Enea Square Partners

Enea Square Partners, LP, is the owner of commercial property
including five parcels located in Concord, California.  Enea
Square filed for Chapter 11 protection (Bankr. N.D. Calif. Case
No. 11-44888) on May 4, 2011.  Bankruptcy Judge Roger L. Efremsky
presides over the case.  Chris D. Kuhner, Esq., at Kornfield,
Nyberg, Bendes & Kuhner, in Oakland, Calif., represents the Debtor
in its restructuring effort.  The Debtor estimated assets and
debts at $10 million to $50 million.


ENEA SQUARE: Unsecured Creditors to Be Paid Over 7-Year Period
--------------------------------------------------------------
Enea Square Partners, L.P., has filed a proposed Plan of
Reorganization and explanatory Disclosure Statement.

According to the documents filed with the U.S. Bankruptcy Court
for the Northern District of California, distributions under the
Plan will be funded through the rental income from the Debtor's
real property as well as a one-time loan to the reorganized
Debtor.

The Plan divides claims and interests into 4 classes:

Class 1: Secured Claim of NUCP Fund, I              Unimpaired
Class 2: Secured Claim of Contra Costa County       Impaired
Class 3: Claims of General Unsecured Creditors      Impaired
Class 4: Partnership Interests                      Unimpaired

The secured debt to NUCP in the amount of $19,500,000 (the precise
amount is subject to dispute) will be reamortized into a new note
in the same priority secured by the existing deeds of trust,
bearing interest at 2% which is greater than specified in the
Note.  Interest only will be payable monthly and the entire
balance of these notes will be due in full in four years.  This
Class is unimpaired and not entitled to vote on the Plan.  In the
event NUCP elects to treat its claim as both secured and unsecured
under the Plan, it will be impaired based on its claim and
entitled to vote for the Plan.

Contra Costa County, holder of a secured claim for back, unpaid
real estate taxes secured by the Debtor's real property, will be
repaid with interest as required by Bankruptcy Code Section 511 in
monthly installments paid over five years, commencing upon
confirmation of the Plan.

Unsecured creditors will be paid in full with interest at the
federal judgment interest rate (.42% per annum) in 28 quarterly
installments commencing 90 days from the Effective Date of the
Plan through a cash flow from the Debtor's rental income property.

The holders of the partnership interests in the Debtor will retain
their interests.  No dividend, distribution, or other payment or
transfer will be made to the interest holders until all classified
and unclassified creditors are paid in full.

A copy of the Disclosure Statement is available at:

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

                    About Enea Square Partners

Enea Square Partners, LP, is the owner of commercial property
including five parcels located in Concord, California.  Enea
Square filed for Chapter 11 protection (Bankr. N.D. Calif. Case
No. 11-44888) on May 4, 2011.  Bankruptcy Judge Roger L. Efremsky
presides over the case.  Chris D. Kuhner, Esq., at Kornfield,
Nyberg, Bendes & Kuhner, in Oakland, Calif., represents the Debtor
in its restructuring effort.  The Debtor estimated assets and
debts at $10 million to $50 million.


ESTATE FINANCIAL: Bryan Cave Appeals Bid to Withdraw Fee Claim
--------------------------------------------------------------
Sara Randazzo, writing for The American Laywer, reports that law
firm Bryan Cave appealed to a U.S. district court judge in
California on Friday to overturn a U.S. bankruptcy court judge's
refusal to allow an unusual motion -- to withdraw a request to be
paid nearly $282,000 in fees by a former client.  More unusual
yet, according to AmLaw, Bryan Cave is opposed by the debtor, the
estate of its former client Estate Financial Incorporated.

Bryan Cave represented EFI before it filed for bankruptcy in 2008.

AmLaw relates that lawyers for the EFI estate assert Bryan Cave
wants to remove the claim to conceal court evidence that it
represented both EFI and its affiliate Estate Financial Mortgage
Fund, an apparent conflict of interest.  AmLaw also reports that
attorneys with Ezra Brutzkus Gubner, in Woodland Hills,
California, serving as special counsel to EFI trustee Thomas
Jeremiassen, also  say in court filings that withdrawal of the
claim may "potentially prejudice" a $100 million malpractice suit
the estate filed in April against Bryan Cave alleging negligence
in its representation of EFI and Estate Financial Mortgage Fund.

AmLaw reports that lawyers from Gibson, Dunn & Crutcher,
representing Bryan Cave, contend in court filings that the desire
to withdraw the $282,000 claim does not have an ulterior motive
and that Bryan Cave should have the right to remove the claim even
in the face of the malpractice suit.

AmLaw relates the malpractice suit claims that Bryan Cave's
attorneys, including Los Angeles restructuring counsel Katherine
Windler, looked the other way while EFI fraudulently sold
mortgage-backed securities to investors.  According to AmLaw,
Bryan Cave is currently trying to move the malpractice suit out of
the bankruptcy court's authority.  A motion on that issue is
pending before U.S. district court Judge James Otero.

                       About Estate Financial

Estate Financial, Inc. -- http://www.estatefinancial.com/-- was a
license real estate brokerage firm since the later 1980's.  EFI
solicited funding for, and arranged and made, loans secured by
various real property.  EFI also was the sole manager of Estate
Financial Mortgage Fund LLC, which was organized for the purpose
of investing in and funding loans originated by EFI which were
secured by first deeds of trust encumbering commercial and real
estate located primarily in California and has been funding such
mortgage loans since 2002.

Five creditors of EFI filed an involuntary Chapter 11 petition
against the real estate broker on June 25, 2008 (Bankr. C.D.
Calif. Case Number 08-11457).  Estate Financial Inc. consented to
the bankruptcy filing on July 16, 2008.

Robert B. Orgel, Esq., at Pachulski Stang Ziehl & Jones LLP, and
William C. Beall, Esq., at Beall and Burkhardt, represented the
Debtor as counsel.  A Chapter 11 trustee, Thomas P. Jeremiassen,
was appointed by the Court on July 23, 2008.  Robyn B. Sokol,
Esq., and Steven T. Gubner, Esq., at Ezra Brutzkus & Gubner,
represent the official committee of unsecured creditors as
counsel.  In its schedules, Estate Financial disclosed total
assets of $27,428,550, and total debts of $7,316,755.


EVERGREEN SOLAR: U.S. Trustee Appoints 7-Member Creditors Panel
---------------------------------------------------------------
Chapter11Cases.com notes that the United States Trustee announced
the appointment of an Official Committee of Unsecured Creditors in
the chapter 11 bankruptcy case of Evergreen Solar, Inc.

According to the report, Evergreen Solar, the common stock of
which was formerly traded under the symbol ESLR (now ESLRQ.PK),
has stated that it intends to use the bankruptcy case to complete
a consensual sale of its assets to ES Purchaser, LLC, which is an
entity created by holders of more than 70% of the outstanding
principal amount of the company's 13% Convertible Senior Secured
Notes to submit a stalking horse credit bid for the assets.

The members of the Creditors' Committee are:

    -- Wells Fargo Bank, N.A.,

    -- Computershare Trust Company, NA,

    -- Trishield Capital Management,

    -- Palo Alto Investors, LLC,

    -- Capital Ventures International c/o Susquehanna
       International Group LLP,

    -- Praxair, Inc., and

    -- Global Telecom & Technology.

                       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.


EXPRESS LLC: Moody's Hikes Corporate to 'B1'; Outlook Positive
--------------------------------------------------------------
Moody's Investors Service upgraded Express LLC's Corporate Family
Rating and Probability of Default Rating to B1 from B2.
Concurrently, Moody's upgraded the rating on Express' $120 million
term loan to Ba3, and affirmed the B3 rating on the company's $200
million senior unsecured notes. In addition, a first-time
speculative grade liquidity rating of SGL-1 was assigned to the
company. The rating outlook is positive.

RATINGS RATIONALE

The upgrade to B1 acknowledges Express' strong credit metrics,
positive momentum in earnings growth, and very good liquidity
position. "Credit metric improvement has been driven by mid-single
digit comparable sales growth, significant operating margin
improvement, and debt reduction" stated Moody's analyst Mariko
Semetko. The company utilized excess cash flow to repurchase
nearly $50 million of notes in the first half of 2011, improving
financial leverage (debt to EBITDA) and interest coverage (EBITA
to interest) to approximately 3.5 times and 3.2 times,
respectively, for the latest twelve month period ended July 30,
2011 from 4.4 times and 1.8 times, respectively, for the same
period in 2010 (ratios reflective of Moody's standard
adjustments).

Operating margin improvement has primarily been supported by the
company's "go-to-market" strategy, which involves significant
product testing before making a material inventory committment.
The result has been a near 400 basis point improvement in gross
margin since 2009, as the strategy drives higher full priced
selling and reduced markdowns.

The positive outlook reflects Moody's view that Express will
continue to grow operating earnings through cost leveraging and
viable organic growth opportunities such as international
expansion, e-commerce, and new store development. Express' ability
to selectively raise prices on key items with limited unit
attrition provides further upside to margin growth, particularly
as company-specific macroeconomic factors such as higher commodity
costs and youth unemployment normalize.

The speculative grade liquidity rating of SGL-1 denotes very good
liquidity, and is supported by Express' existing cash balances and
revolver availability, as well as Moody's expectation for material
positive free cash flow generation over the next twelve months.
The SGL-1 further acknowledges Moody's view that Express will
maintain balanced financial policies over the next twelve months.

Ratings could be upgraded if Express maintains or improves current
performance levels in the face of significant cost inflation and
macroeconomic uncertainty, particularly as the company enters its
key holiday selling season. Quantitatively, a ratings upgrade
could be driven by adjusted debt/EBITDA sustained at 3.5 times.

A ratings downgrade is unlikely in the near term given the
company's strong business fundamentals and Moody's expectation for
solid year over year operating growth. The outlook could move to
stable if earnings were to soften from weaker comparable sales or
an inability to maintain operating margins in the wake of higher
input costs. The outlook could also move to stable if financial
policies were to shift in a way that materially weakened the
company's liquidity position.

Ratings Upgraded:

Issuer: Express, LLC

-- Corporate Family Rating to B1 from B2

-- Probability of Default Rating to B1 from B2

-- $120 million senior secured term loan to Ba3 (LGD3, 36%) from
   B1 (LGD 3, 34%)

Ratings Assigned:

--Speculative Grade Liquidity Rating of SGL-1

Ratings Affirmed (LGD assessment changed):

-- $200 million Senior Unsecured Notes due 2018 at B3 (LGD 5, 76%)
   from B3 (LGD 5, 75%)

The principal methodology used in rating Express LLC was the
Global Retail Industry Methodology published in June 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Express LLC is the sixth largest specialty apparel retailer in the
United States, targeting men and women between 20 and 30 years
old. The company operates approximately 591 stores in the United
States, several locations in Canada, and franchises stores in the
Middle East. Revenues for the latest twelve month period ended
July 31, 2011 approached $2 billion.


EXTERRA ENERGY: Delays Filing of Annual Report on Form 10-K
-----------------------------------------------------------
Exterra Energy, Inc., has been unable to complete its Form 10-K
for the quarter ended May 30, 2011, within the prescribed time
because of delays in completing the preparation of its financial
statements and its management discussion and analysis.  Those
delays are primarily due to Company's management's dedication of
such management's time to business matters.  This has taken a
significant amount of management's time away from the preparation
of the Form 10-K and delayed the preparation of the unaudited
financial statements for the year ended May 30, 2011.

                       About Exterra Energy

Amarillo, Tex.-based Exterra Energy, Inc., is an independent oil
and gas exploration and development company focused on building
and revitalizing a diversified portfolio of oil and gas assets
located in the State of Texas.  In addition to exploration, the
Company seeks to acquire existing production, as well as
underperforming oil and gas assets that it believes it can
revitalize in a short period of time.

The Company's balance sheet at Feb. 28, 2011 showed $5.14 million
in total assets, $6.95 million in total liabilities and a
$1.81 million total stockholders' deficit.

                           Going Concern

The Company has not yet established an ongoing source of revenues
sufficient to cover its operating costs and has defaulted on
certain outstanding notes payable, which raises 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 obtaining adequate capital to fund operating losses until
it becomes profitable and to settle or restructure its outstanding
past due notes payable.  If the Company is unable to obtain
adequate capital or restructure defaulted notes payable, it could
be forced to cease operations.

In order to continue as a going concern, the Company will need,
among other things, additional capital resources.  Management's
plans to obtain those resources for the Company include obtaining
additional investment capital from management and significant
shareholders sufficient to meet its minimal operating expenses.
However, management cannot provide any assurances that the Company
will be successful in accomplishing any of its plans.

The ability of the Company to continue as a going concern is
dependent upon its ability to successfully accomplish the plans
and eventually secure other sources of financing and attain
profitable operations.  The accompanying financial statements do
not include any adjustments that might be necessary if the Company
is unable to continue as a going concern.


FAMILY TRUST: Case Summary & 6 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Family Trust Investments
        P.O. Box 58832
        Seattle, WA 98188

Bankruptcy Case No.: 11-20228

Chapter 11 Petition Date: August 29, 2011

Court: U.S. Bankruptcy Court
       Western District of Washington (Seattle)

Judge: Timothy W. Dore

Debtor's Counsel: Larry B. Feinstein, Esq.
                  VORTMAN & FEINSTEIN
                  500 Union Street, Suite 500
                  Seattle, WA 98101
                  Tel: (206) 223-9595
                  E-mail: feinstein2010@gmail.com

Scheduled Assets: $4,814,900

Scheduled Debts: $2,948,792

A list of the Company's six largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/wawb11-20228.pdf

The petition was signed by William Lipscomb, trust manager.


FIDDLER'S CREEK: Wins Confirmation of Reorganization Plan
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Fiddler's Creek LLC was given formal approval for the
Chapter 11 plan when the bankruptcy judge in Fort Myers,
Florida, signed a confirmation order this week.  Originally
scheduled to be a two-day confirmation hearing beginning in May,
the proceedings ended up consuming eight days.  The judge heard
testimony from a dozen witnesses.  The confirmed plan included
changes the judge required.

According to the report, the Plan incorporates agreements with the
official creditors' committee, an ad hoc group of homeowners, and
two lenders, Regions Bank NA and Fifth Third Bank.

                     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.


FREDERICK'S OF HOLLYWOOD: Linda LoRe Resigns as President
---------------------------------------------------------
Deborah Belgum, senior editor at ApparelNews.net reports that,
after taking lingerie retailer Frederick's of Hollywood out of
bankruptcy and in a new direction, Linda LoRe is stepping down as
the company's president and as a board member.

According to the report, Ms. LoRe, who joined Frederick's in 1999,
will stay with the Company until Jan. 20, 2012, to help with the
transition.  Her resignation as president is effective Sept. 2.

The announcement about Ms. LoRe's departure was made Aug. 24
following a staff meeting with Chief Executive Thomas Lynch.  "On
behalf of the company, I would like to thank Linda for her strong
leadership and tireless service to the company for more than 12
years.  We wish her the best of luck and success in her future
endeavors," he said in a statement.

In a separation agreement, Mr. LoRe will receive a $207,692
portion of her $400,000 annual salary, as well as a $250,000
payment.  In addition, her 613,362 stock options, with exercise
prices ranging from $1.05 to $3.10 a share, will be valid for
three months.  Her 112,000 shares of restricted stock granted will
remain fully vested.  The Company's stock was recently trading on
the American Stock Exchange at 63 cents.

Since 1946, Frederick's of Hollywood has been the leading
innovator in the lingerie industry, creating many of today's top
lingerie styles such as the push-up bra and thong panty.
Customers can shop for Frederick's of Hollywood merchandise at
its 167 stores, via catalog and online at www.fredericks.com .

Frederick's of Hollywood sought bankruptcy in July 10, 2000.  On
Dec. 18, 2002, the court approved the company's plan of
reorganization, which became effective on Jan. 7, 2003, with the
closing of the Wells Fargo Retail Finance emergence financing
facility.


GBB1 INC: Case Summary & 7 Largest Unsecured Creditors
------------------------------------------------------
Debtor: GBB1 Inc.
        14925 Encendido
        San Diego, CA 92127

Bankruptcy Case No.: 11-14420

Chapter 11 Petition Date: August 29, 2011

Court: U.S. Bankruptcy Court
       Southern District of California (San Diego)

Judge: Margaret M. Mann

Debtor's Counsel: Vance F. Van Kolken, Esq.
                  LAW OFFICE OF VANCE F. VAN KOLKEN
                  23905 Clinton Keith Road, #114-288
                  Wildomar, CA 92595
                  Tel: (951) 315-6355
                  Fax: (951) 286-1787

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

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

A list of the Company's seven largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/casb11-14420.pdf

The petition was signed by Barry Blythe, president.


GLOBAL HOTELS: Files for Chapter 11 Bankruptcy Protection
---------------------------------------------------------
Jason Garcia at the Orlando Sentinel reports that Global Hotels
Group LLC, owner of a pair of Holiday Inn Express hotels in
Central Florida, have filed for Chapter 11 protection, squeezed by
the economic downturn and the collapse of a debt-restructuring
deal.

Global Hotels owns a Holiday Inn Express on north International
Drive in Orlando, and AMBE Hotels LLC, which owns a Holiday Inn
Express on Interstate 4 in Orange City, are both seeking to
reorganize under Chapter 11 and continue to operate.

The report says the two companies, owned by the same partners,
together owe $18.7 million to General Electric Capital Corp.,
their primary lender.  The companies have asked for bankruptcy-
court protection while they pursue a claim against a financial
adviser who they say failed to complete a promised debt
restructuring.


GLOBAL HOTELS: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Global Hotels Group, LLC
          dba Holiday Inn Express & Suites
          fdba Global Hotels Group I, LLC
        7276 International Drive
        Orlando, FL 32819

Bankruptcy Case No.: 11-12999

Chapter 11 Petition Date: August 26, 2011

Court: U.S. Bankruptcy Court
       Middle District of Florida (Orlando)

Debtor's Counsel: R. Scott Shuker, Esq.
                  LATHAM SHUKER EDEN & BEAUDINE LLP
                  P.O. Box 3353
                  Orlando, FL 32802
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  E-mail: bankruptcynotice@lseblaw.com

                         - and -

                  Jason H. Klein, Esq.
                  LATHAM SHUKER EDEN & BEAUDINE LLP
                  P.O. Box 3353
                  Orlando, FL 32802-3353
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  E-mail: bknotice@lseblaw.com

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/flmb11-12999.pdf

The petition was signed by Jagdish Singh, manager/member.

Debtor-affiliate filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
AMBE Hotels, LLC                      11-13002          8/26/2011


GLOBAL INVESTOR: Inks Pact to Terminate Investment Agreements
-------------------------------------------------------------
Global Investor Services Inc. entered into Investment Agreements
with several accredited investors whereby the Investors provided
the Company with funding in consideration for a percentage of net
revenue generated as a result of the Company's marketing efforts.

On Aug. 24, 2011, the Company entered into an Agreement with each
of the Investors whereby the Investment Agreements were
terminated, the Investors released the Company from any and all
claims, the Company paid the Investors an aggregate of $50,000 and
the Company issued an aggregate of 37,999,999 shares of common
stock to the Investors.

In addition, the Company issued HFP Capital Markets LLC 2,000,000
shares of common stock for assisting in the above transaction.

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

                        http://is.gd/rKrKZT

                       About Global Investors

Orem, Utah-based Global Investor Service, Inc., was incorporated
in the state of Nevada on Aug. 1, 2005.  Effective Sept. 18, 2006,
the Company changed its name to TheRetirementSolution.com, Inc.,
and on Oct. 1, 2008, the Company changed its name to Global
Investor Services, Inc.  The Company was initially formed to
market portfolios of stocks via subscription.  In 2007, a new
chief executive officer was installed and a strategy was developed
to create and market a diverse portfolio of products and services
for the financial education and financial information industry.
This strategy included strategic acquisitions, such as the
acquisitions of Razor Data, LLC, and Investment Tools and
Training, LLC, which have provided the Company with an integrated
platform in which it can market and deliver investor education
products and investor services.  The stock symbol is GISV.

RBSM LLP, in New York, expressed substantial doubt about Global
Investor Service's ability to continue as a going concern.  The
independent auditors noted that the Company has suffered recurring
losses from operations and has a net accumulated deficiency as of
March 31, 2011.

The Company reported a net loss of $9.97 million on $2.01 million
of revenues for fiscal 2011, compared with a net loss of
$7.10 million on $1.14 million of revenues for fiscal 2010.

The Company's balance sheet at March 31, 2011, showed
$1.54 million in total assets, $6.18 million in total liabilities,
and stockholders' deficit of $4.64 million.


GOLDEN CHAIN: Court Dismisses Chapter 11 Bankruptcy Case
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of California dismissed
the Chapter 11 case of Golden Chain Inc. because the Debtor has no
present valid purpose to remain in Chapter 11 or any other Chapter
under the Bankruptcy Code.

According to the report, the only asset remaining owned by the
Debtor that is not embroiled in litigation is the $100,000
purchase deposit that will be refunded back to the prospective
buyer Alan Levin.  Consequently, there is no purpose for the
Debtor's bankruptcy case to remain in any chapter under the
Bankruptcy Code.

All of the Debtor's U.S. Trustees fees will be paid in full, along
with all of the Debtor's outstanding administrative fees to its
Court approved professionals.

San Jacinto, California-based Golden Chain, Inc., filed for
Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 11-
10793) on Jan. 10, 2011.  Thomas J. Polis, Esq., at Polis &
Associates, APLC, serves as the Debtor's bankruptcy counsel.
Stephen T. Cummings serves as special litigation counsel for the
Debtor.  The Company disclosed $10,539,890 in assets and $412,048
in liabilities as of the Chapter 11 filing.


GRAHAM PACKAGING: Units Issue $20.4-Mil. Senior Notes to Reynolds
-----------------------------------------------------------------
The wholly-owned subsidiaries of Graham Packaging Company Inc.,
Graham Packaging Company, L.P., and GPC Capital Corp. I, issued
$20,455,000 aggregate principal amount of 9.875% senior
subordinated notes due 2016 to Reynolds Group Holdings Inc.  The
Note will mature on Dec. 31, 2016, or, if the transactions
contemplated by the Agreement and Plan of Merger dated as of
June 17, 2011, between Reynolds Group Holdings Limited, Bucephalas
Acquisition Corp. and Graham Packaging are consummated, on
Oct. 15, 2014.  The proceeds of the issuance were used to fund the
purchase of the $20,455,000 aggregate principal amount of the
Company's 9.875% Senior Subordinated Notes due 2014 tendered in
the previously announced tender offer of those notes.

Interest on the Note will be payable in cash on April 15 and
October 15 of each year, commencing on Oct. 15, 2011.

                       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.

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.

                           *     *     *

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 CHINA INT'L: Posts $228,700 Net Loss in 2nd Quarter
---------------------------------------------------------
Great China International Holdings, Inc., filed its quarterly
report on Form 10-Q, reporting a net loss of $228,764 on
$1.9 million of revenues for the three months ended June 30,
2011, compared with a net loss of $372,011 on $2.0 million of
revenues for the same period last year.

The Company reported a net loss of $745,988 on $3.6 million of
revenues for the three months ended June 30, 2011, compared with a
net loss of $1.1 million on $3.8 million of revenues for the same
period of 2010.

The Company's balance sheet at June 30, 2011, showed $60.1 million
in total assets, $38.1 million in total liabilities, and
stockholders' equity of $22.0 million.

The Company has a working capital deficit of $30.4 million and
$27.8 million as of June 30, 2011, and Dec. 31, 2010,
respectively.

Kabani & Company, Inc., in Los Angeles, California, expressed
substantial doubt about Great China International's ability to
continue as a going concern, following the Company's 2010 results.
The independent auditors noted that the Company has a working
capital deficit of $27.8 million as of Dec. 31, 2010, and in
addition, has negative cash flow from operations and net loss for
the year ended Dec. 31, 2010, of $299,799 and $3.2 million,
respectively.

A copy of the Form 10-Q is available at http://is.gd/G1Cufl

Headquartered in Shenyang, PRC, Great China International
Holdings, Inc., through its various subsidiaries, is or has been
engaged in commercial and residential real estate leasing,
management, consulting, investment, development and sales.

The Company was incorporated in the State of Nevada on Dec. 4,
1987, under the name of Quantus Capital, Inc., and in 1992, it
changed its name to Red Horse Entertainment Corporation.

On Sept. 15, 2005, the Company changed its name to Great China
International Holdings, Inc., from Red Horse Entertainment
Corporation.


GREYSTONE LOGISTICS: Delays Filing of Annual Report on Form 10-K
----------------------------------------------------------------
Greystone Logistics, Inc., informed the U.S. Securities and
Exchange Commission that its limited personnel and resources have
impaired its ability to prepare and timely file its Annual Report
on Form 10-K for the period ended May 31, 2011.

                     About Greystone Logistics

Tulsa, Okla.-based Greystone Logistics, Inc. (OTC BB: GLGI.OB -
News) -- http://www.greystonelogistics.com/-- manufactures and
sells plastic pallets through its wholly owned subsidiary,
Greystone Manufacturing, LLC.  Greystone sells its pallets through
direct sales and a network of independent contractor distributors.
Greystone also sells its pallets and pallet leasing services to
certain large customers direct through its President, Senior Vice
President of Sales and Marketing and other employees.

As reported in the Troubled Company Reporter on Sept. 17, 2010,
HoganTaylor LLP, in Tulsa, Okla., expressed substantial
doubt about the Company's ability to continue as a going concern,
following the Company's results for the fiscal year ended May 31,
2010.  The independent auditors noted that at May 31, 2010, the
Company has a stockholders' deficit of $7.7 million and a working
capital deficit of $12.6 million.

The Company's balance sheet at Feb. 28, 2011 showed $10.42 million
in total assets, $19.22 million in total liabilities and a $8.80
million total deficit.


GSC GROUP: Trustee Files Plan; Oct. 5 Disclosure Hearing Set
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Chapter 11 trustee for GSC Group Inc. completed
the sale of business on July 26 and filed a liquidating Chapter 11
plan and explanatory disclosure statement last week.  There will
be an Oct. 5 hearing for approval of disclosure and voting
materials.

According to the report, the confirmation hearing for approval of
the plan is tentatively set for Nov. 18.  The disclosure statement
says that unsecured creditors with claims aggregating between
$12 million and $15 million should recover about 84%.

The report relates that the bankruptcy court authorized the
trustee to sell the business to Black Diamond Capital Finance LLC,
as agent for the secured lenders.  The sale took care of secured
claims.  A minority group of secured lenders filed an appeal from
the order allowing the sale.  The appeal remains outstanding, the
disclosure statement said.  Through a suit in state court, the
minority lenders failed to halt Black Diamond from completing the
sale, the disclosure materials say.

U.S. Bankruptcy Judge Arthur Gonzalez, according to the report,
previously said that the trustee's plan was the "only plausible
exit strategy."  The price paid by the lenders' agent was designed
for full payment on $256.8 million in secured claims, with
$18.6 million cash left over.  Black Diamond as agent bought most
assets with a $224 million credit bid, a $6.7 million note,
$5 million cash, and debt assumption.

                          About GSC Group

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

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

Since Jan. 7, 2011, the Debtors have been operated by James L.
Garrity Jr., as Chapter 11 trustee for the Debtors.  No committee
of unsecured creditors has been appointed in the Chapter 11 Cases.


GUIDED THERAPEUTICS: Awarded $517,000 Funding for LuViva Scan
-------------------------------------------------------------
Guided Therapeutics, Inc., announced that it was awarded $517,000
to fund the third year of a $2.5 million three-year grant from the
National Cancer Institute.

The grant provides additional resources to help commercialize and
bring to market the LuViva Advanced Cervical Scan and Cervical
Guide single-patient-use disposable.  LuViva is currently under
pre-market approval (PMA) review by the U.S. Food and Drug
Administration.

"We view the continuation of the grant as further third-party
validation of our technology and it provides additional non-
dilutive resources to complete the regulatory process and begin
manufacturing," said Mark L. Faupel, Ph.D., President and CEO of
Guided Therapeutics.

Guided Therapeutics has been awarded more than $6 million in six
consecutive grants from the NCI to develop the new, pain-free test
for detecting cervical disease since 2001.

LuViva scans the cervix with light to identify cancer and pre-
cancer painlessly and non-invasively.  Guided Therapeutics'
patented biophotonic technology is able to distinguish between
normal and diseased tissue by detecting biochemical and
morphological changes at the cellular level.  Unlike Pap or HPV
tests, LuViva does not require laboratory analysis or a tissue
sample, is designed to provide results immediately and eliminate
costly and painful unnecessary testing.

                     About Guided Therapeutics

Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP)
-- http://www.guidedinc.com/-- is developing a rapid and painless
test for the early detection of disease that leads to cervical
cancer.  The technology is designed to provide an objective result
at the point of care, thereby improving the management of cervical
disease.  Unlike Pap and HPV tests, the device does not require a
painful tissue sample and results are known immediately.  GT has
also entered into a partnership with Konica Minolta Opto to
develop a non-invasive test for Barrett's Esophagus using the
LightTouch technology platform.

The Company's balance sheet at June 30, 2011, showed $3.31 million
in total assets, $2.91 million in total liabilities, and $410,000
in stockholders' equity.

The Company reported a net loss of $2.84 million on $3.36 million
of contract and grant revenue for the year ended Dec. 31, 2010,
compared with a net loss of $6.21 million on $1.55 million of
contract and grant revenue during the prior year.

As reported by the TCR on April 4, 2011, UHY LLP, in Atlanta,
Georgia, noted that the Company's recurring losses from
operations, accumulated deficit and lack of working capital raise
substantial doubt about its ability to continue as a going
concern.


HARBOUR EAST: Seeks to Use Cash Collateral to Obtain Bond
---------------------------------------------------------
Harbour East Development, Ltd., has filed a supplemental motion
seeking the U.S. Bankruptcy Court for the Southern District of
Florida's authorization to use cash collateral of 7935 NBV LLC in
order to obtain a supersedeas bond pursuant to the Bankruptcy
Court's order entered on July 21, 2011, granting the Debtor's
Emergency Motion for Stay Pending Appeal in the Cuellar & Milana
v. Harbour East Development, Ltd., Adv. No. 10-03667.

The July 21, 2011 order requires the Debtor to post a bond in the
amount of 9% of James Milana's escrowed funds of $73,500, or
$6,615.

The Debtor contends that the use of cash collateral may be
authorized under Section 363(c)(2) and 506(c), because obtaining
the bond will increase the amount of the underlying collateral,
and because the amount of the bond is a reasonable, necessary cost
and expense of preserving the property securing allowed claims,
and such expenses are otherwise recoverable from the property.

On July 22, 2011, the Debtor filed its third Motion for order (1)
authorizing the use of cash collateral, and (2) authorizing the
recovery of maintenance and preservation expenses from property
securing allowed claims pursuant to 11 U.S.C. Section 506(c).
[D.E. #421] (the "Third Cash Collateral Motion").  The hearing on
the Third Cash Collateral Motion is on Aug. 19, 2011.

As reported in the TCR on July 27, 2011, the Debtor seeks
authority to use cash collateral, rental income and defaulted
purchase agreement deposits-both to the extent that the Court
determines that such assets constitute cash collateral-to pay
operating, sales, and marketing expenses and to fund capital
improvements to the Property, primarily to make Condominium Units
ready for occupancy as rentals.

A full-text copy of the Third Cash Collateral Motion is available
for free at http://ResearchArchives.com/t/s?768f

NBV objects to the Third Cash Collateral Motion and the
Supplemental Motion, citing that this 16-month old bankruptcy case
"has not resulted in the post-petition sale of a single unit, the
proposal of a confirmable plan, or any other progress toward
reorganization."

NBV argues that the case has run its course and the continued use
of its cash collateral cannot be authorized by the Court to fund
rental programs, supersede as bonds, or for any purpose other than
bare-bones expenses to keep the lights on and fund the property
tax escrow.

NBV avers that except for such minimal expenses such as utilities
directly aimed at protecting NBV, the Court must deny further use
of cash collateral and grant NBV stay relief to conduct a
foreclosure sale and take possession of the property.

                  About Harbour East Development

Harbour East Development, Ltd., is the developer and owner of the
luxury residential condominium development known as CIELO on the
Bay located at 7935 East Drive, North Bay Village.  CIELO contains
35 residential condominium units.

Harbour East filed for Chapter 11 bankruptcy (Bankr. S.D. Fla.
Case No. 10-20733) on April 22, 2010.  Michael L. Schuster, Esq.,
who has an office in Miami, Florida, represents the Debtor.  The
Company estimated assets and debts at $10 million to $50 million,
as of the Chapter 11 filing.

Judge Cristol denied the request of 7935 NBV LLC's request to
dismiss the case.

No creditors' committee has been appointed in the case.  In
addition, no request for the appointment of a trustee or examiner
has been made.


HARBOUR EAST: NBV to be Paid from Sales of Condominium Units
------------------------------------------------------------
Harbour East Development, Ltd., filed on Aug. 18, 2011, a
disclosure statement describing its Third Amended Plan of
Reorganization with the U.S. Bankruptcy Court for the Southern
District of Florida.

The Plan will be funded by the Debtor forfeited Purchaser Escrow
Deposits, income from rental of Condominium Units, net proceeds
from sales of Condominium Units, and the conversion of the Egozi
unsecured claim into equity interests in the Reorganized Debtor.

The Third Amended Plan designates 14 Classes of Claims and
Interests.  Holders of of Real Estate Tax Secured Claims (Class
2), Northern Trust/NBV Secured Construction Loan Claims (Class 3),
Egozi Secured Subrogation Claim (Class 4), Whirlpool Secured Claim
(Class 5), [Intentionally Deleted] (Class 6), Purchaser Deposit
Secured Claims (Class 7), Association Secured Claim (Class 8),
Purchaser Contract Litigation Attorney Secured Claim (Class 9),
Northern Trust/NBV Unsecured Claim (Class 10), General Unsecured
Claims (Class 11), and Egozi Unsecured Claim (Class 12 ) are
entitled to vote on the Plan.

Priority Non-Tax Claims (Class 1) are not impaired.  Class 1
Claims will be paid in full in Cash under the Plan.

Holders of Old Limited Partnership Equity Interests (Class 13) Old
General Partnership Equity Interests (Class 14) are deemed to
reject the Plan and are not entitled to vote.

Northern Trust/NBV Secured Construction Loan Claims (Class 3) will
receive quarterly payments equal to the interest that would
otherwise be payable on the actual secured amount of its claim at
the Secured Claim Cram Down Rate and will receive payments of 60%
of the net proceeds of each sale of a Condominium Unit during
the first year of the Plan and 90% of the net proceeds of each
sale of Condominium Units until its Allowed Class 3 Claim is paid
in full, approximately $8 million.

Northern Trust/NBV Unsecured Claim (Class 10), will be treated for
all purposes as a Class 11 General Unsecured Claim, to the extent
that the Class 10 Claim is determined by Final Order to hold an
Allowed Unsecured Claim.

General Unsecured Claims (Class 11) will receive up to !00% of the
principal amount and accrued interest at the Unsecured Cram Down
Rate from the General Unsecured Distribution Reserve.

Old Limited Partnership Equity Interests (Class 13) and Old
General Partnesrhip Interests (Class 14) will be canceled and
Holders thereof will receive no distribution under the Plan.

A copy of the Disclosure Statement is available at:

    http://bankrupt.com/misc/harboureast.DS3rdamendedplan.pdf

                  About Harbour East Development

Harbour East Development, Ltd., is the developer and owner of the
luxury residential condominium development known as CIELO on the
Bay located at 7935 East Drive, North Bay Village.  CIELO contains
35 residential condominium units.

Harbour East filed for Chapter 11 bankruptcy (Bankr. S.D. Fla.
Case No. 10-20733) on April 22, 2010.  Michael L. Schuster, Esq.,
who has an office in Miami, Florida, represents the Debtor.  The
Company estimated assets and debts at $10 million to $50 million,
as of the Chapter 11 filing.

Judge Cristol denied the request of 7935 NBV LLC's request to
dismiss the case.

No creditors' committee has been appointed in the case.  In
addition, no request for the appointment of a trustee or examiner
has been made.


HCA INC: Fitch Lifts Rating on Sr. Unsecured Notes to 'B+/RR4'
--------------------------------------------------------------
Fitch has upgraded the rating on HCA Inc's senior unsecured notes
to 'B+/RR4' from 'B/RR5'.  The Rating Outlook is Stable.  The
ratings apply to approximately $25.3 billion of debt outstanding
at June 30, 2011.

The ratings reflect the following credit factors:

  -- Recent balance sheet improvement through extension of 2012-
     2013 bank debt maturity wall and paydown of high-coupon
     second lien secured debt.

  -- Further deleveraging is expected to be nominal and
     acquisitions are expected to be the top priority for cash
     deployment.

  -- Fitch anticipates continued robust cash generation for HCA
     despite recent weakness in organic operating trends in the
     for-profit hospital sector.

  -- The upgrade of the unsecured notes is the result of improved
     recovery prospects stemming from capital structure changes as
     a result of refinancing of second lien notes.

Recent Balance Sheet Improvement: HCA improved its balance sheet
flexibility by extending its 2012-2013 bank debt maturity wall and
paying down high-coupon debt with IPO proceeds, redeeming about
$1.1 billion in second lien secured notes in June 2011.  More
recently, the company issued $3 billion in 6.5% secured and $2
billion in 7.5% unsecured notes and used the proceeds to redeem a
good portion of the remaining amount of second lien debt.  There
are still some sizeable near-term maturities in the capital
structure, including $1.9 billion of unsecured notes and about
$2.7 billion of bank maturities in 2011-2013.

Expect Nominal Further Deleveraging: HCA's June 30, 2011 4.4 times
(x) total debt leverage level was reduced from 4.7x one year
prior, due to a $1.5 billion reduction in total debt outstanding
and 2% year-over-year growth in latest 12-month (LTM) EBITDA.
HCA's debt levels are consistent with its publicly traded peers.
While free cash flow (FCF) generation could support further debt
paydown, Fitch does not believe that there is compelling financial
incentive for the company to reduce leverage much further.

Dividends Impact Cash Generation: HCA's FCF was significantly
negative in 2010 due to the payment of $4.3 billion in dividends
to the company's private equity owners.  Fitch's 2011-2013
operating outlook for HCA, which contemplates low single-digit
organic top-line growth, and slight contraction of the EBITDA
margin leading to slightly positive EBITDA growth, results in FCF
generation of about $1.2 billion annually.  There is upside
potential to this forecast from acquisitions and government high
tech incentive payments.

Acquisitions Cash Deployment Priority: The entire for-profit
hospital industry is currently in active acquisition mode to
offset weak organic operating trends and attractive asset
valuations.  Fitch expects that HCA will likely prioritize use of
cash for hospital acquisitions and recognizes that there may be
the increased potential for event risk related to acquisitions now
that the company has successfully executed on its IPO strategy.

Economy, Healthcare Reform are Headwinds: Organic top-line trends
in the for-profit hospital sector have recently been weak and
Fitch does not see a near-term catalyst for improvement.  The most
important drivers of the trend are persistent high unemployment
and government pricing pressure exacerbated by the implementation
of reimbursement reforms.  Management cost cutting efforts and low
inflation in labor and supplies costs are supporting the
industry's profitability.

Fitch has taken the following actions on HCA's debt issue ratings
with a Stable Rating Outlook:

HCA, Inc.

  -- Issuer Default Rating (IDR) affirmed at 'B+';
  -- Senior Secured credit facilities (cash flow and asset backed)
     affirmed at 'BB+/RR1' (100% estimated recovery);
  -- Senior Secured First lien notes affirmed at 'BB+/RR1' (100%
     estimated recovery);
  -- Senior Secured Second lien notes affirmed at 'BB+/RR1' (100%
     estimated recovery);
  -- Senior Unsecured notes upgraded to 'B+/RR4' from 'B/RR5'
     (31%-50% estimated recovery).

HCA Holdings Inc.

  -- IDR affirmed at 'B+';
  -- Senior Unsecured Notes affirmed at 'B-/RR6' (0% estimated
     recovery).

The debt issue ratings are based on a distressed recovery scenario
which assumes that value for HCA's creditors will be maximized as
a going concern (rather than a liquidation scenario).  Based on
LTM June 30, 2011 EBITDA of $5.85 billion and using assumptions of
a 40% EBITDA discount and 7.0x multiple, Fitch estimates a
distressed enterprise value (EV) of $24.6 billion for HCA.

The upgrade of the HCA Inc. unsecured notes is the result of the
capital structure changes caused by the refinancing of the second
lien notes.  Since the March 2011 IPO, HCA has worked to eliminate
its relatively high cost second lien secured debt from the capital
structure.  In June 2011 the company used IPO proceeds to redeem
approximately $1.1 billion of the second lien notes including $1
billion of the 9.125% notes due 2014 and $108.5 million of the
$310 million 9.875% notes due 2017.

In August 2011 the company issued $3 billion of 6.5% first lien
secured notes due 2020 and $2 billion of 7.5% HCA Inc. unsecured
notes due 2022 and used the proceeds to pay down substantially all
of the remaining second lien debt.  This included the entire
amount of the $1.578 billion 9.625%/10.375% toggle notes due 2016
and the $3.2 billion 9.25% cash-pay notes due 2016.  After these
redemptions only about $202 million of the 9.875% second lien
notes due 2017 remain outstanding.

The refinancing transactions resulted in $3 billion in new first
lien secured notes and $2 billion of new HCA Inc. unsecured notes.
Total first lien debt (bank debt and first lien notes) increased
by $3 billion.  Total secured debt including the second lien notes
decreased by $2 billion net of the approximately $5 billion of
second lien debt redemption.

Fitch is affirming the 'BB+/RR1' rating on all the secured debt,
since the first lien debt remains 100% recovered even with a $3
billion increase in debt at this level.  Fitch does note, however,
that the refinancing transactions increased total leverage on the
first lien, to 2.7x from 2.2x.  So although recovery for the first
lien holders remains robust, the residual distressed EV remaining
after these claims is diminished by $3 billion.

The refinancing of the second lien debt also resulted in the
redistribution of $2 billion of previously secured debt to the
unsecured portion of the capital structure.  Despite the increase
in debt at the HCA Inc. unsecured level, Fitch is upgrading this
debt to 'B+/RR4'.  Although the refinancing transactions increased
debt at this level, the HCA Inc. unsecured notes recovery estimate
benefits from $2 billion in residual distressed EV that was
previously recovered by the second lien holders now flowing to the
HCA Inc. unsecured holders.  Therefore, the overall estimated
recovery on the HCA Inc. unsecured notes increases to within the
RR4 band of 31%-50%.


INFINITY ENERGY: Posts $248,000 Net Loss in 2nd Quarter
-------------------------------------------------------
Infinity Energy Resources, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $248,044 for the three months
ended June 30, 2011, compared with a net loss of $1.2 million for
the same period of 2010.

The Company reported a net loss of $2.1 million for the six months
ended June 30, 2011, compared with a net loss of $2.2 million for
the corresponding period of 2010.

The Company had no revenues in the three and six months ending
June 30, 2011, and June 30, 2010.  The Company focused solely on
the exploration, development and financing of the Nicaraguan
Concessions.

The Company's balance sheet at June 30, 2011, showed $3.6 million
in total assets, $29.0 million in total liabilities, and a
stockholders' deficit of $25.4 million.

Thhe Company has had a history of losses.  In addition, the
Company has a significant working capital deficit and is currently
experiencing substantial liquidity issues.

In February 2011, the Company entered into the Fifth Forbearance
Agreement under the Revolving Credit Facility as a result of its
failure to meet substantially all financial and certain other
covenants during 2007, 2008, 2009 and 2010.

Under this Agreement, Amegy Bank, N.A., agreed to forebear from
exercising any remedies under the Revolving Credit Facility, the
revolving note and the related loan documents and to temporarily
waive the covered events of default through Dec. 31, 2011.  The
Company is required to repay the borrowing base deficiency by
Dec. 31, 2011, through the sale of assets, refinancing of the loan
or some other means of raising capital.

"The funds advanced under the Fifth Forbearance Agreement will not
be sufficient to cover our expected operations for the ensuing 12
months or exploration costs for the Nicaraguan Concessions," the
Company said in the filing.

"Due to the uncertainties related to these matters, there exists
substantial doubt about the Company's ability to continue as a
going concern."

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

Overland Park, Kansas-based Infinity Energy Resources, Inc., and
its subsidiaries, are engaged in the acquisition and exploration
of oil and gas properties offshore Nicaragua in the Caribbean Sea.


INNKEEPERS USA: Fights for Control Following Sale Failure
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Innkeepers USA Trust, whose confirmed reorganization
plan is on the cusp of failure, had a status conference Aug. 31
with the bankruptcy judge to discuss "recent events."  The
conference will also consider "scheduling matters" regarding the
lawsuit where Innkeepers is attempting to force Cerberus Capital
Management LP and Chatham Lodging Trust to complete a $1.12
billion acquisition of 64 hotels.

According to the report, on Aug. 31, Innkeepers filed a motion
asking the bankruptcy judge to make changes in the confirmed plan
so the liquidating trust for creditors, including Lehman Ali Inc.
and Midland Loan Services Inc., won't take control of the
disposition of the 64 hotels that Cerberus and Chatham didn't buy.
Innkeepers' motion is also asking the bankruptcy judge to modify
the plan so only the company, Lehman Ali, and Midland have the
power to prevent the confirmed Chapter 11 plan from exploding.

Mr. Rochelle notes that as currently written, the plan documents
say that the June 29 confirmation order will be revoked
automatically if the plan isn't implemented by the Sept. 14
deadline.  Currently, the documents require consent from Cerberus
and Chatham to prevent automatic plan revocation. Thus, the
purchasers who allegedly breached their obligation to buy the 64
hotels on their own could cause the confirmed plan to crater.

Notably, Innkeepers' motion to modify the plan doesn't say whether
Lehman Ali and Midland consent.  Innkeepers contends that the
judge by herself can modify the plan because the changes are
immaterial and don't require a new vote by creditors.

The motion in addition seeks an extension until Jan. 19 of
Innkeepers' exclusive right to propose a plan.

If the motion isn't granted, the motion says that the trustee for
the liquidating trust conceivably could take over responsibility
for disposing of the 64 hotels, assuming the purchase by Cerberus
and Chatham isn't completed.

                      Cerberus Sale Collapses

In June 2011, the Bankruptcy Court confirmed Innkeepers' chapter
11 plan of reorganization.  The Plan is premised on the sale of
the Company's hotel portfolio.

A joint venture between the private-equity firm Cerberus Capital
Management, L.P. and the real estate investment trust Chatham
Lodging agreed to purchase for roughly $1.12 billion the equity in
entities that own and operate 65 of the Company's hotels.
Cerberus and Chatham agreed to pay $400.5 million cash and assume
about $723.8 million mortgage debt for the hotels.  Chatham
Lodging also agreed to purchase for $195 million, five of the
Company's hotels that serve as collateral for loan trusts serviced
by LNR Partners LLC.  The deal for the five hotels closed in July
2011.

Cerberus and Chatham on Aug. 19 terminated a deal to acquire a
portfolio of Innkeepers USA Trust's hotels.  In a statement,
Cerberus and Chatham said they had abandoned the deal "as a result
of the occurrence of a condition, change or development that could
reasonably be expected to have a material adverse effect" on
Innkeepers' business, operations or financial condition, among
other things.

The deal had a Sept. 15, 2011 deadline to close.  Cerberus and
Chatham are required to pay a $20 million termination fee under
the bankruptcy court-approved asset purchase agreement.

Innkeepers insists that no changes have occurred to the hotel
owner's business that would trigger the "material adverse effect"
clause in the buyout's contract.

The Debtors have filed a complaint against Cerberus, Chatham
Lodging Trust and other related defendants for breach of contract
and other claims for reneging on their commitment to acquire 64
hotels from Innkeepers.  The lawsuit is Innkeepers USA Trust v.
Cerberus Four Holdings LLC (In re Innkeepers USA Trust), 11-02557,
U.S. Bankruptcy Court, Southern District New York (Manhattan).

                      About Innkeepers USA Trust

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

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

Apollo Investment Corporation acquired Innkeepers in June 2007.

Innkeepers USA Trust and 91 affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 10-13800) on July 19, 2010.
The Company's consolidated assets for 2009 totaled approximately
$1.5 billion.  As of July 19, 2010, the Company and its affiliates
have incurred $1.29 billion of secured debt.

Paul M. Basta, Esq., at Kirkland & Ellis LLP, in New York; Anup
Sathy, P.C., Esq., Marc J. Carmel, Esq., at Kirkland & Ellis in
Chicago; and Daniel T. Donovan, Esq., at Kirkland & Ellis in
Washington, D.C., serve as counsel to the Debtors.  AlixPartners
is the restructuring advisor and Marc A. Beilinson is the chief
restructuring officer.  Moelis & Company is the financial advisor.
Omni Management Group, LLC, is the claims and notice agent.
Attorneys at Morrison & Foerster, LLP, represent the Official
Committee of Unsecured Creditors.


JACOBS FINANCIAL: Delays Filing of Annual Report on Form 10-K
-------------------------------------------------------------
Jacobs Financial Group, Inc., was unable without unreasonable
effort and expense to prepare its accounting records and schedules
in sufficient time to allow its accountants to complete their
review of the Company's financial statements for the period
ended May 31, 2011, before the required filing date for the
subject Annual Report on Form 10-K.  The Company intends to file
the subject Annual Report on Form 10-K on or before the fifteenth
calendar day following the prescribed due date.

                       About Jacobs Financial

Jacobs Financial Group, Inc. (OTC Bulletin Board: JFGI) is a
Charleston, West Virginia-based holding company for First Surety
Corporation, a West Virginia domiciled surety, Triangle Surety
Agency, an insurance agency that specializes in coal reclamation
surety bonds, and Jacobs & Company, a registered investment
advisor.

As reported in the Troubled Company Reporter on Sept. 17, 2010,
Malin, Bergquist & Company, LLP, in Pittsburgh, Pa., expressed
substantial doubt about Jacobs Financial's ability to continue as
a going concern, following the Company's results for the fiscal
year ended May 31, 2010.  The independent auditors noted of the
Company's significant net working capital deficit and operating
losses.

The Company reported a net loss attributable to common
stockholders of $2.7 million on $1.4 million of revenue for fiscal
2010, compared to a net loss attributable to common stockholders
of $3.1 million on $1.2 million of revenue for fiscal 2009.

The Company's balance sheet at Feb. 28, 2011 showed $8.25 million
in total assets, $12.95 million in total liabilities, $3.11
million in total mandatorily redeemable preferred stock and a
$7.81 million total stockholders' deficit.


JEMAB FAMILY: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: JEMAB Family Limited Partnership
        170 E. 92nd Street, Apartment 1B
        New York, NY 10028

Bankruptcy Case No.: 11-14059

Chapter 11 Petition Date: August 26, 2011

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

Judge: Allan L. Gropper

Debtor's Counsel: Richard Tanenbaum, Esq.
                  44 Court Street, Suite 917
                  Brooklyn, NY 11201
                  Tel: (347) 291-1776
                  Fax: (866) 413-9205
                  E-mail: nybankruptcy@gmail.com

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

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

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

The petition was signed by Eileen Myers, partner.

Debtor-affiliate filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Eileen Myers                          11-14034            08/25/11


JOENAZ PROPERTIES: Case Summary & 5 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Joenaz Properties, LLC
        11852 Santa Monica Boulevard, Suite 4
        Los Angeles, CA 90025

Bankruptcy Case No.: 11-46395

Chapter 11 Petition Date: August 26, 2011

Court: U.S. Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Vincent P. Zurzolo

Debtor's Counsel: Raymond H. Aver, Esq.
                  LAW OFFICES OF RAYMOND H. AVER APC
                  1950 Sawtelle Boulevard, Suite 120
                  Los Angeles, CA 90025
                  Fax: (310) 473-3512
                  E-mail: ray@averlaw.com

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

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

A list of the Company's five largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/cacb11-46395.pdf

The petition was signed by Joseph Amin, manager.

Debtor-affiliate filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
LAX, LLC                              11-12878            03/08/11


KAPWEST CORP.: Case Summary & Largest Unsecured Creditor
--------------------------------------------------------
Debtor: Kapwest Corp.
        981 Father Capodanno Boulevard
        Staten Island, NY 10306

Bankruptcy Case No.: 11-47414

Chapter 11 Petition Date: August 29, 2011

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

Judge: Jerome Feller

Debtor's Counsel: Marc Scott Kallman, Esq.
                  MARC SCOTT KALLMAN PC
                  1101 Stewart Avenue, Suite 303
                  Garden City, NY 11530
                  Tel: (516) 222-2006
                  Fax: (516) 222-1080

Scheduled Assets: $600,000

Scheduled Debts: $1,900,000

The petition was signed by Steven Kaplan, president.

The list of unsecured creditors filed together with its petition
contains only one entry:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
745 Special Assets LLC             Mortgage Loan        $1,300,000
25520 Commerce Centre Drive
Lake Forest, CA 92630


KOREA TECHNOLOGY: Seoul Oil Firm Unit Files for Bankruptcy
----------------------------------------------------------
Dow Jones' DBR Small Cap reports that a subsidiary of Seoul-based
Korea Technology Industry Co. that tried to squeeze crude oil from
Utah's sandy ridges filed for bankruptcy protection.

Korea Technology Industry America, Inc., also known as KTIA, filed
a Chapter 11 bankruptcy petition (Bankr. D. Utah Case No. 11-
32259) on Aug. 22, 2011.  Steven J. McCardell, Esq., at Durham
Jones & Pinegar, in Salt Lake City, serves as counsel.  The Debtor
estimated assets and debts of $10 million to $50 million.


LEVELLAND/HOCKLEY: Court Approves XRoads as Panel's Fin'l Advisor
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized the Official Committee of Unsecured Creditors in the
Chapter 11 cases of Levelland/Hockley County Ethanol LLC to retain
XRoads Solutions Group, LLC as financial advisor.

According to the Troubled Company Reporter on July 27, 2011,
XRoads will:

   a. review and analyze operating results and uses of cash by the
   Debtor;

   b. review and analyze the proposed tolling agreement with
   Tenaska Biofuels, LLC;

   c. review and analyze any proposed asset sales and
   divestitures; and

   d. advise the Committee and the Committee's counsel regarding
   any proposed business plan, and any negotiations relating
   thereto.

Subject to Court approval, compensation will be payable to XRoads
on an hourly basis, capped at a maximum of $50,000 for services
rendered during the retention period, plus reimbursement of
actual, necessary expenses incurred by XRoads.  The hourly rates
for principals at XRoads are $550 to $655, and for directors, $395
to $485.

Notwithstanding XRoads' standard hourly rates, XRoads agreed to
accept the reduced rates and capped its total fees earned during
the retention period at $50,000, as an accommodation to the
Committee and parties-in-interest in the case.  The primary
advisors who represented the Committee, and their reduced hourly
rates were:

         Pete Ball, Principal            $350
         Adam Meislik, Principal         $350
         Joe Rosen, Director             $315

XRoads stated that the reduced rates and proposed cap are not
applicable to other engagements or bankruptcy cases.

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

                     About Levelland Ethanol

Levelland/Hockley County Ethanol LLC is a Texas limited liability
company that owns and operates a 40 million gallon per annum
Ethanol production plant located in Levelland, Hockley county,
Texas.  The LLC has over 100 members many of whom are local
farmers, business people and civic leaders.  A recent appraisal
Of its facility values its assets, with the Plant under full
operation, at over $51.5 million.

Levelland Ethanol filed for Chapter 11 bankruptcy (Bankr. N.D.
Tex. Case No. 11-50162) on April 27, 2011.  The Debtor is
represented by I. Richard Levy at Block & Garden, LLP, in Dallas.
The Debtor disclosed total assets of $60,451,124 and total
liabilities of $47,557,432 in its schedules.

On May 9, 2011, William T. Neary, U.S. Trustee for Region 6,
appointed unsecured creditors to the Official Committee of
Unsecured Creditors in the Debtor's cases.  Haynes and Boone, LLP,
represents the Committee.


LOCAL INSIGHT: Court OKs Expansion of PWC's Employments Scope
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
approved Local Insight Media Holdings, Inc.'s application to
expand the scope of employment and retention of
PricewaterhouseCoopers LLP.

The firm, will among other things:

   a) prepare and sign as preparer the U.S. Corporation Income
      Tax Return, Form 1120 and the U.S. Return of Partnership
      Income, Form 1065, for LIM for the tax year ended Dec. 31,
      20101,

   b) prepare and sign the required state corporate income tax
      returns for the period above, as requested by LIM

The fee preparation of 2010 federal state returns will be
$160,000.  The fee is based on 1,100 hours of PWC staff at an
average hourly rate of $145 per hour.

                     About Local Insight Media

Local Insight Media Holdings, Inc., through its subsidiary The
Berry Company LLC, is a leading provider of local search
solutions, generating leads for its advertising clients and
enabling consumers to efficiently find the products and services
they need.  The Berry Company serves approximately 225,000
advertising clients in 41 states, publishing approximately 850
print Yellow Pages directories on behalf of approximately 115
telco and other customers.  As an authorized reseller of
YP.com(TM) in all of its markets, The Berry Company provides its
clients with online listings and video advertising through this
leading national Internet Yellow Pages site.  The Berry Company
also provides small and medium-sized businesses with website
development and search engine marketing services, and is a
Google(TM) Qualified Company.


LOCAL INSIGHT: U.S. Trustee Objects to Disclosure Statement
-----------------------------------------------------------
BankruptcyData.com reports that the U.S. Trustee assigned to the
Local Insight Media Holdings case filed with the U.S. Bankruptcy
Court an objection to the Debtors' Disclosure Statement for its
Chapter 11 Plan of Reorganization.

According to the Trustee, "A disclosure statement should not be
approved if the plan it describes is unconfirmable on its face,
since approving such a disclosure statement and proceeding to a
confirmation hearing would be a fruitless exercise." The Trustee
continues, "In this case, the Plan provides for certain releases,
exculpations and injunctions against claims and interests that,
absent a proper and appropriate factual scenario or basis, may not
be implemented or applied as to certain parties under the
circumstances of this case."

                      About Local Insight

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

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

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

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

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


LOST LAKE: Petitioning Creditors' Plan Strips Receiver of Control
-----------------------------------------------------------------
Creditors of Lost Lake Resort LLC have filed, together with their
involuntary Chapter 11 petition, a plan of reorganization and
accompanying disclosure statement that proposes to pay the allowed
claims of the Debtors' creditors in full.  Moreover, the Plan and
the bankruptcy filing aim to fix infrastructure problems at the
resort, remove control of the Debtor by a state court-appointed
receiver, and return control to Jeffrey A. Graham, the Debtor's
manager.

Since 2003, the Debtor has been in the business of developing and
selling RV lots.  Mr. Graham was replaced by John Rader, the
receiver, by the Thurston County Superior Court in March 2010.

According to the Plan outline, Mr. Graham paid $400,000 to the
State Court-appointed Receiver.  This money was to complete many
improvements within the resort.  However, the repairs were never
completed and Mr. Rader's billings to the estate are over
$400,000.  The petitioning creditors said the Debtor is in need of
the removal of the Receiver and protection from its creditors,
which would allow it to obtain a priming lien or DIP financing to
perform the repairs immediately.

The Plan proposes that Mr. Graham will manage the Debtor while in
bankruptcy and post-confirmation of the Plan.

The petitioning creditors propose that the Court determine whether
to approve the Disclosure Statement and confirm the Plan at a
hearing on Sept. 27, 2011, at 10:00 a.m. in Tacoma.

The Plan groups claims against and interests in the Debtor in four
classes.  Class 1 Priority Claims consist of claims by the
Internal Revenue Service and the Washington State Department of
Revenue.  Each holder of a Class 1 Priority Claim will be paid in
full, in cash, upon the approval of sale of the Debtor's property
or financing from another source.

Class 2 consists of the Secured Claim of the Lost Lake Resort
Homeowners Association, Sterling Savings Bank, Thurston County
Treasurer, Holroyd Company and Northwest Cascade, Inc.  Sterling
will get 70% payment from sale of property starting October 2012
until February 2013 then it will receive 75% of net sales until
December 2014 at which time it will receive 100% of balance
owed at that time.

Lost Lake Resort HOA will receive 100% payment on its claim upon
disbursement of priming lien.  The Thurston County Treasurer will
receive 7.50% from net sales until February 2012 then increase
to 10% until paid 100%.  Northwest Cascade will receive 100%
payment upon disbursement of priming lien.

General Unsecured Creditors in Class 3 will receive 10% payment
upon sale of property until paid 100%, estimated start date is
March 2013.

The Plan sets aside Class 4 for Equity Security Holders.  The
Plan, however, notes there are no holders of a Class 4 Equity
Security claim.

The petitioning creditors have touted a proposed short term bridge
financing from The Legacy Group intended to complete the repairs.
Lost Lake Resort and Lost Lake Development are the proposed
borrowers under the financing.  Each will seek to obtain $700,000.
The loans expire 12 months from closing.  The loans may be
extended for six months provided no adverse material changes in
the Borrower's or the market has occurred.  The loans will carry a
12% fixed rate.  Interest due monthly, all due at maturity.

The Plan outline also states that the Debtor estimates that up to
$400,000 may be realized from the recovery of fraudulent,
preferential or other avoidable transfers.

The petitioning creditors also noted in the Plan outline that
there exists no reasonable basis to believe that the Lost Lake
Resort property can be sold to one person for over $3,000,000,
therefore, it's unlikely that any money could go to any unsecured
creditors.  The Plan outline says the Lost Lake Development
property currently has no lots platted and the only access
to the property is through a campground so even if developer
wanted to purchase the property it would be difficult to use this
property for anything but an RV type property.

Lost Lake Resort has been summoned to appear before the Bankruptcy
Court to answer bankruptcy allegations.

On Aug. 17, 2011, four creditors filed an involuntary Chapter 11
petition (Bankr. W.D. Wash. Case No. 11-46596) against Lost Lake
Resort LLC, dba Lost Lake RV Resort and Lost Lake RV Sales,
alleging they're owed $141,000 in the aggregate.  The petitioning
creditors are Danny E. Lazares, Randy Bishop, WCEM Inc., and
Michael Stewart.  They are represented by John S. Mills, Esq.,
Attorney at Law.  The Involuntary Petition includes a schedule of
the Debtor, listing assets of $10,420,950 and debts of $4,005,614.
The case has been reassigned to Judge Brian D. Lynch from Judge
Paul B. Snyder.

Lost Lake Resort LLC, acting pro se, filed a Chapter 11 bankruptcy
petition (Bankr. W.D. Wash. Case No. 11-44135) on May 20, 2011.

Lost Lake Development LLC, acting pro se, commenced Chapter 11
proceedings (Bankr. W.D. Wash. Case No. 10-49544) on Nov. 19,
2010.


LOUISVILLE ORCHESTRA: Musicians Put Symphony on "Unfair List"
-------------------------------------------------------------
Elizabeth Kramer at the Courier-Journal reports that the American
Federation of Musicians has placed the Louisville Orchestra on its
"unfair list" -- meaning that any union member who plays for it
without a contract could be fined.

According to the report, the move comes a week after the orchestra
emerged from Chapter 11 bankruptcy without a collective bargaining
agreement with its musicians -- all of whom are members of the New
York-based union -- and just weeks before the scheduled season-
opening performance on Sept. 10.

The report says the federation said Monday it was acting in
response to the orchestra's chief executive, Robert Birman, saying
during an Aug. 15 U.S. Bankruptcy Court hearing that, while the
orchestra would continue working toward a contract with its
musicians, it could also pursue agreements with nonunion musicians
or sidestep the union to make agreements with member musicians.

Mr. Birman and other organization leaders have said that the city
can only afford an orchestra with an operating budget of about $5
million, which they say would require a reduction in what has been
a 71-member orchestra.

                    About Louisville Orchestra

Based in Louisville, Kentucky, Louisville Orchestra, Inc. filed
for Chapter 11 bankruptcy protection (Bankr. W.D. Ky. Case No. 10-
36321) on Dec. 3, 2010.  Judge David T. Stosberg presides over the
case.  Daniel T. Albers, Jr., Esq., Mark A. Robinson, Esq., and
Robert Wagner, Esq., at Valenti Hanley & Robinson PLLC, represent
the Debtor.  In its schedules, Louisville Orchestra disclosed it
had $412,000 in assets and $1.4 million in liabilities.

The Louisville Symphony Orchestra won confirmation of its Chapter
11 plan on Aug. 17, 2011.  The reorganization plan resulted from
negotiations with JPMorgan Chase Bank NA and Fifth Third Bank, the
two principal secured lenders.  The non-profit symphony was
founded in 1937 and filed for Chapter 11 relief last December in
its hometown.

In August, the Debtor announced the cancellation of concerts
scheduled for September and October 2011.  The symphony said that
the musicians' union threatened to fine members who worked so long
as there is no new contract.  The symphony said it was offering
musicians $925 a week plus benefits, the same as last season's
wages.


MACCO PROPERTIES: Chapter 11 Trustee Seeks to Employ Realtors
-------------------------------------------------------------
Michael E. Deeba, Chapter 11 trustee for Macco Properties, Inc.,
seeks to employ (i) Bonnie Bauer of Dave Perry-Miller & Associates
as his realtor in the Chapter 11 case in order to a certain real
property located at 3510 Turtle Creek Blvd., Condo 18D, in Dallas,
Texas; and (ii) Prince Edwards & Company as the exclusive listing
broker/realtor to market and sell certain properties.

Bonnie Bauer will receive a commission of 6% of the gross sale
price of the real property, plus the costs and expenses of the
sale.  The Chapter 11 Trustee believes that the Realtor represents
no interest adverse to him.

The Chapter 11 Trustee intends for Prince Edwards to become the
Listing Broker/Realtor on Winslow Glen Apartments, 4750 NW 50th
Street and 3405 NW 40th Street, in Oklahoma City, Oklahoma.
Prince Edwards' services include the marketing, obtaining of a
purchase contract, and the closing of the contract and related
matters.  Prince Edwards will also evaluate the property as well
as instruct and advise the Chapter 11 Trustee as to a marketing
plan for and the eventual sale of the property.

The Chapter 11 Trustee disclosed that David Dirkschneider, who is
presently an employee of Prince Edwards, was previously employed
at Income Property Services, LLC, which was owned or controlled by
Lew McGinnis, the president of the Debtor.  The Chapter 11 Trustee
assured the Court that there is no connection between the Debtor's
estate and Prince Edwards.

                      About Macco Properties

Oklahoma City, Oklahoma-based Macco Properties, Inc., is a real
estate holding and management company which is the sole member of
numerous limited liability companies.  The limited liability
companies own 27 real estate properties, consisting primarily of
apartment complexes, and commercial office space situated in
Oklahoma and Kansas.

The Company filed for Chapter 11 bankruptcy protection (Bankr.
W.D. Okla. Case No. 10-16682) on Nov. 2, 2010.  Bobbie G. Bayless,
Esq., at Bayless & Stokes, in Houston, and Michael Paul Kirschner,
Esq., at Robertson & Williams, in Oklahoma City, Okla., serve as
the counsel to the Debtors.  The Debtor disclosed $50,823,581 in
total assets, and $4,323,034 in total liabilities.

The Official Unsecured Creditors' Committee is represented by
Ruston C. Welch, at Welch Law Firm, P.C., in Oklahoma City,
Oklahoma.

As reported in the TCR on June 17, 2011, the Bankruptcy Court
approved the appointment of Michael E. Deeba as the Chapter 11
trustee in the case of Macco Properties, Inc.  Richard A. Weiland,
the U.S. Trustee for Region 20, selected Mr. Deeba pursuant to the
order directing the appointment of a Chapter 11 trustee dated May
31, 2011.  Janice Loyd, Esq., represents the Chapter 11 Trustee.


MARCO POLO: Says Bankruptcy Loan is Key to Preserving Business
--------------------------------------------------------------
Dow Jones' DBR Small Cap reports that Dutch ship owner Marco Polo
Seatrade BV wants to tap a $4.8 million bankruptcy financing
package, warning that its current lack of access to cash is
causing trouble for the business.

                         About Marco Polo

Marco Polo Seatrade B.V. operates an international commercial
vessel management company that specializes in providing commercial
and technical vessel management services to third parties.
Founded in 2005, the Company mainly operates under the name of
Seaarland Shipping Management and maintains corporate headquarters
in Amsterdam, the Netherlands.  The primary assets consist of six
tankers that are regularly employed in international trade, and
call upon ports worldwide.

Marco Polo and three affiliated entities filed for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) in
New York, on July 29, 2011.  The other affiliates are Seaarland
Shipping Management B.V.; Magellano Marine C.V.; and Cargoship
Maritime B.V.

Marco Polo is the sole owner of Seaarland, which in turn is the
sole owner of Cargoship, and also holds a 5% stake in Magellano.
The remaining 95% stake in Magellano is owned by Amsterdam-based
Poule B.V., while another Amsterdam company, Falm International
Holding B.V. is the sole owner of Marco Polo.  Falm and Poule
didn't file bankruptcy petitions.

The filings were prompted after lender Credit Agricole Corporate &
Investment Bank seized one ship on July 21, 2011, and was on the
cusp of seizing two more on July 29.  The arrest of the vessel was
authorized by the U.K. Admiralty Court.  Credit Agricole also
attached a bank account with almost US$1.8 million on July 29.
The Chapter 11 filing precluded the seizure of the two other
vessels.

Evan D. Flaschen, Esq., Robert G. Burns, Esq., and Andrew J.
Schoulder, Esq., at Bracewell & Giuliani LLP, serve as bankruptcy
counsel.  The cases are before Judge James M. Peck.

The petition said assets and debt are both more than
US$100 million and less than US$500 million.


MARONDA HOMES: Wants Combined Hearing on Plan and Disclosures
-------------------------------------------------------------
Maronda Homes, Inc., et al., ask the U.S. Bankruptcy Court for the
Western District of Pennsylvania to conditionally approve the
disclosure statement accompanying their Joint Chapter 11 Plan of
Reorganization dated Aug. 12, 2011, and to combine the hearing on
the disclosure statement with the hearing on confirmation of their
Joint Plan.

Pursuant to the Plan, Debtors will continue in business with a
revised credit agreement in place with most or all of its lenders.

Under the Plan, all undisputed claims of creditors other than the
Debtors' Secured Lenders and Equity are paid in full in accordance
with their terms or as otherwise agreed between the creditor and
Debtors.

All Allowed General Unsecured Claims will be paid in full under
the Plan.  A large number (in excess of 90%) of the unsecured
claims as of the Petition Date have already been paid.

With respect to the Secured Lenders, owed of $89,770,348.51 as of
the Petition Date, the Plan proposes to pay the allowed pre-
petition claims of Lenders in full through the Petition Date
subject to an offset to such amounts of $12 million (the "Offset
Amount").  The allowed claims of the Secured Lenders, net of the
Offset Amount, are paid in full under the Plan but the claims of
the Lenders are impaired because the time for payment is extended
from the maturity date of March 12, 2012, under the pre-petition
Credit Agreement to Sept. 30, 2014.

Under the Plan, the Lenders are also given the option to
participate or not in the exit financing (in an amount sufficient
to make all payments required under the Plan and to operate the
Debtors' businesses following consummation of the Plan) provided
that a majority in number and at least 75% in amount due agree to
participate in the exit financing.  The maturity date of the exit
financing is the earlier of 3 years from the Effective Date or
Sept. 30, 2014.

Lenders electing to participate in the exit financing must agree
that their pro rata participation in and share of the commitment
under the exit financing will be adjusted upward to encompass the
pro rata share of any Lender that does not elect to participate in
the exit financing.

As consideration for the agreement, for participating in the exit
financing and for otherwise incurring the risks and obligations
relating to the restructuring of the Credit Agreement, the pro
rata portion of the Offset Amount for each Lender electing to
participate in the exit financing is reduced to zero.

Secured Lenders that elect not to participate in exit financing
retain their pro rata share of indebtedness outstanding as of the
Petition Date (subject to the Offset Amount) and are paid interest
monthly at the non-default rates under the Pre-Petition Credit
Agreement, and all unpaid principal and accrued but unpaid
interest is payable at maturity on Sept. 30, 2014.

The Secured Lenders Class is the only class of creditors under the
Plan that will be voting, and all other classes (other than
Equity) are unimpaired.

A copy of the Disclosure Statement is available at:

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

                       About Maronda Homes

Maronda Homes, Inc., based in Clinton, Pennsylvania, near
Pittsburgh, builds homes in Florida, Pennsylvania, Georgia and
Kentucky.  It filed for Chapter 11 bankruptcy protection (Bankr.
W.D. Pa. Case No. 11-22418) on April 18, 2011.  Joseph F.
McDonough, Esq., and James G. McLean, Esq., at Manion Mcdonough &
Lucas, P.C., serve as the Debtor's bankruptcy counsel.  In its
schedule, Maronda Homes, Inc., disclosed $83,784,549 in assets and
$91,773,703 in liabilities.

Affiliates Maronda Homes, Inc. of Ohio (Bankr. W.D. Pa. Case No.
11-22422) and Maronda Homes of Cincinnati, LLC (Bankr. W.D. Pa.
Case No. 11-22424) simultaneously filed separate Chapter 11
petitions on April 18, 2011.


MEADWESTVACO CORP: Moody's Affirms Ba1 CFR; Outlook to Positive
---------------------------------------------------------------
Moody's Investors Service affirmed MeadWestvaco Corporation's Ba1
corporate family rating (CFR) while revising the outlook to
positive from stable. MWV's liquidity rating was affirmed at SGL-1
as well. The change of MWV's outlook to positive primarily
recognizes the company's improved credit protection metrics and
reflects expectations of continuing strong operating performance.
In particular, over the past 2 years MWV has been able to generate
profitable growth through significantly improved EBITDA margins.
This has been achieved in the face of challenging industry and
general economic conditions, through a stronger focus on higher
margin business, improved operational efficiencies and by
continually rationalizing the company's cost structure. Although
higher capital expenditures forecasted over the next 12-18 months
in Virginia and Brazil will prevent MWV from generating free cash
flow during the short term, Moody's believes that the company's
modernization and expansion plans ultimately will improve the
company's credit profile.

Outlook Actions:

   Issuer: Mead Corporation (The)

   -- Outlook, Changed To Positive From Stable

   Issuer: MeadWestvaco Corporation

   -- Outlook, Changed To Positive From Stable

   Issuer: Westvaco Corporation

   -- Outlook, Changed To Positive From Stable

MWV's Ba1 corporate family rating reflects the company's
significant position in the consumer packaging markets and the
company's improving operating margins. The rating derives support
from the company's product line and geographic diversification.
The rating also considers the company's strong committed liquidity
arrangements and the company's timberland position which provides
some backward integration to fiber while also providing an
additional source of liquidity should the need arise. Offsetting
these strengths is the impact of a highly competitive market which
makes market share and margin expansion challenging. In addition,
free cash flow generation over the rating horizon is expected to
be negative given the company's significant capital expenditure
plans and large ongoing dividend.

MWV's SGL-1 rating reflects the company's excellent liquidity
position. The company's liquidity is primarily comprised of a
substantial cash balance of $668 million (as at 30 June 2011),
which can fund negative free cash flow of approximately $200
million over the next 12 months, in Moody's opinion, and $220
million of maturing debt, augmented by full availability under its
undrawn $600 million committed credit facility (maturing October
2012). Moody's believes covenant compliance should be easily
managed. The liquidity rating is also supported by the company's
significant timberland holdings that can be sold to augment
liquidity and the company's significantly over-funded pension plan
which will not require any cash contributions for the foreseeable
future.

A rating upgrade would depend on strong execution on the company's
two major capital projects, coupled with sustained operating
performance at recent levels, while maintaining good liquidity.
Quantitatively, this could result if normalized EBITDA margins,
RCF/TD and (RCF-Capex)/TD measures approximate 16%, 20% and 12%,
respectively, on a sustainable basis. In addition, Moody's would
need to believe the company will generate positive free cash flow
in 2013, after the major capital projects are completed, as is
currently Moody's expectation. A negative rating action is
unlikely in 2011 or 2012. Longer term, negative pressure may
result if demand or prices fall materially causing Moody's
expectations of EBITDA margin to approach 10% and (RCF-CapEx)/TD
to drop below 5% for an extended period of time.

The principal methodology used in rating MWV was the Global Paper
and Forest Products Industry Methodology, published September
2009.

Headquartered in Richmond, Virginia, MWV is a global packaging
company focused on the food and beverage, media and entertainment,
personal care, home and garden, tobacco, and commercial print
industries. The packaging resources segment (40% of 2010 sales)
produces bleached and coated unbleached paperboard at three mills
located in the US. In Brazil, the company produces containerboard
at 2 mills and converts these boards to boxes using its own box
plants. The consumer solutions segment (32% of sales) designs and
produces packaging primarily for the global beverage take-home
market and the global tobacco market. In addition, this segment
offers converting and consumer packaging solutions including
printed packaging, injected molded products, dispensing and
sprayer systems. The company also operates a consumer and office
products business (13% of sales), a specialty chemicals business
(12% of sales) and a land management business (3% of sales).
Operations are located in more than 30 countries with consolidated
2010 sales of over $5.6 billion.


MEDICAL ALARM: Incurs $79,700 Net Loss in March 31 Quarter
----------------------------------------------------------
Medical Alarm Concepts Holdings, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q, reporting a net loss of $79,656 on $217,443 of revenue for
the three months ended March 31, 2011, compared with net income of
$16.12 million on $228,428 of revenue for the same period a year
ago.

The Company also reported a net loss of $639,869 on $418,776 of
revenue for the nine months ended March 31, 2011, compared with a
net loss of $3.74 million on $561,257 of revenue for the same
period during the prior year.

The Company's balance sheet at March 31, 2011, showed $1.40
million in total assets, $3.41 million in total liabilities and a
$2 million total stockholders' deficit.

Li & Company, PC, in Skillman, N.J., expressed substantial doubt
about Medical Alarm Concepts Holding, Inc.'s 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 had an accumulated deficit at June 30, 2010, and had net
loss and net cash used in operating activities for the fiscal year
then ended, respectively.

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

                       http://is.gd/taLXou

                       About Medical Alarm

Plymouth Meeting, Pa.-based Medical Alarm Concepts Holding, Inc.,
utilizes new technology in the medical alarm industry to provide
24-hour personal response monitoring services and related products
to subscribers with medical or age-related conditions.


MERCED FALLS: Hiring Walter & Wilhelm as Bankruptcy Counsel
-----------------------------------------------------------
Merced Falls Ranch LLC seeks Bankruptcy Court authority to employ
Walter & Wilhelm Law Group as its Chapter 11 counsel.

The firm's attorney billing rates range from $200 to $420 per
hour.  Rates for paralegals and law clerks range from $125 to $150
per hour.

Prior to the petition date, the Debtor paid the firm a $60,000
retainer.  The firm drew down on the retainer, leaving $49,321.

Riley C. Walter, Esq., a member of the firm, attests that Walter &
Wilhelm holds no interest adverse to the Debtor's estate and is a
"disinterested person" within the meaning of 11 U.S.C. Sec.
101(14).

Merced Falls Ranch LLC filed a Chapter 11 petition (Bankr. E.D.
Calif. Case No. 11-19212) on Aug. 16, 2011, in Fresno, California.
The Debtor disclosed assets of $100 million to $500 million and
debts of $10 million to $50 million.  The Debtor's counsel may be
reached at:

          Riley C. Walter, Esq.
          WALTER & WILHELM LAW GROUP PC
          205 East River Park Circle, Ste. 410
          Fresno, CA 93720
          Tel: 559-435-9800
          Fax: 559-435-9868
          E-mail: rileywalter@W2LG.com

Judge W. Richard Lee presides over the case.  The petition was
signed by Stephen W. Sloan, the Debtor's member.


MERCED FALLS: Taps Atherton & Associates as Accountants
-------------------------------------------------------
Merced Falls Ranch LLC seeks Bankruptcy Court authority to employ
as its accountants:

          ATHERTON & ASSOCIATES
          1140 Scenic Drive
          Modesto, CA 95350
          Tel: 209-577-4800
          Fax: 209-577-1323

Scott Kerr at Atherton attests that his firm is a "disinterested
person" within the meaning of 11 U.S.C. Sec. 101(14) and does not
hold or represent an interest adverse to the Debtor's estate.

Merced Falls Ranch LLC filed a Chapter 11 petition (Bankr. E.D.
Calif. Case No. 11-19212) on Aug. 16, 2011, in Fresno, California.
The Debtor disclosed assets of $100 million to $500 million and
debts of $10 million to $50 million.  Judge W. Richard Lee
presides over the case.  Walter & Wilhelm Law Group serves as the
Debtor's bankruptcy counsel.  The petition was signed by Stephen
W. Sloan, the Debtor's member.


MERCED FALLS: Sec. 341 Creditors' Meeting Set for Sept. 20
----------------------------------------------------------
The U.S. Trustee for the Eastern District of California will hold
a Meeting of Creditors in the bankruptcy case of Merced Falls
Ranch LLC pursuant to 11 U.S.C. Sec. 341(a) on Sept. 20, 2011, at
9:30 a.m. at Fresno Meeting Room 1452.

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.

The last day to oppose discharge is Nov. 21, 2011.  Proofs of
claim are due Dec. 19, 2011.

Merced Falls Ranch LLC filed a Chapter 11 petition (Bankr. E.D.
Calif. Case No. 11-19212) on Aug. 16, 2011, in Fresno, California.
The Debtor disclosed assets of $100 million to $500 million and
debts of $10 million to $50 million.  Judge W. Richard Lee
presides over the case.  Walter & Wilhelm Law Group serves as the
Debtor's bankruptcy counsel.  The petition was signed by Stephen
W. Sloan, the Debtor's member.


MERCED FALLS: Chapter 11 Status Conference Set for Sept. 27
-----------------------------------------------------------
The Bankruptcy Court will hold a Chapter 11 Status Conference in
the Chapter 11 case of Merced Falls Ranch LLC on Sept. 27, 2011,
at 9:00 a.m. at Fresno Courtroom 12, Department B.

Merced Falls Ranch LLC filed a Chapter 11 petition (Bankr. E.D.
Calif. Case No. 11-19212) on Aug. 16, 2011, in Fresno, California.
The Debtor disclosed assets of $100 million to $500 million and
debts of $10 million to $50 million.  Judge W. Richard Lee
presides over the case.  Walter & Wilhelm Law Group serves as the
Debtor's bankruptcy counsel.  The petition was signed by Stephen
W. Sloan, the Debtor's member.


MFJT LLC: Can Hire Sanford Kahn as Counsel for Eviction Issues
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
has authorized MFJT, LLC, to employ Sanford Kahn, Esq., and the
law firm of Sanford Kanh, Ltd., as its special counsel with
respect to eviction issues.  The Debtor is authorized to pre-pay
reasonable expenses to Sanford Kahn, Ltd., with compensation
subject to further order of the Court.

Mr. Kahn assured the Court that he and the firm do not represent
an interest adverse to the Debtor's estate or its creditors.

                          About MFJT, LLC

Alsip, Illinois-based MFJT, LLC -- dba Somerset Park Apartments
and Somerset II - is the owner and operator of two separate
residential projects in Alsip and Merrinette Park, Illinois,
commonly known as Somerset Park Apartments and Somerset II.  The
Company filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Ill. Case No. 11-11819) on March 22, 2011.  Arthur G. Simon, Esq.,
David K. Welch, Esq., and Jeffrey C. Dan, Esq., at Crane Heyman
Simon Welch & Clar, in Chicago, serve as the Debtor's bankruptcy
counsel.  The Debtor proposes to employ Tailwind Services, LLC as
its financial advisor.  The Debtor disclosed $16,137,365 in assets
and $17,952,853 in liabilities as of the Chapter 11 filing.


MFJT LLC: Can Hire SS&M as Real Estate Assessment Special Counsel
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
has authorized MFJT, LLC, to employ Theodore J. Schmidt and the
law firm of Schmidt Salzman & Moran, Ltd., as its special counsel
for real estate assessment purposes.  SS&M's fees will be based
upon a contingency of 11% of the tax savings, calculated by the
assessment reduction multiplied by the most recent state equalizer
and tax rates.

Theodore J. Schmidt, Esq., assured the Court that he and SS&M do
not represent an interest adverse to the Debtor's estate or its
creditors.

                          About MFJT, LLC

Alsip, Illinois-based MFJT, LLC -- dba Somerset Park Apartments
and Somerset II - is the owner and operator of two separate
residential projects in Alsip and Merrinette Park, Illinois,
commonly known as Somerset Park Apartments and Somerset II.  The
Company filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Ill. Case No. 11-11819) on March 22, 2011.  Arthur G. Simon, Esq.,
David K. Welch, Esq., and Jeffrey C. Dan, Esq., at Crane Heyman
Simon Welch & Clar, in Chicago, serve as the Debtor's bankruptcy
counsel.  The Debtor proposes to employ Tailwind Services, LLC as
its financial advisor.  The Debtor disclosed $16,137,365 in assets
and $17,952,853 in liabilities as of the Chapter 11 filing.


MICHAEL VICK: $100-Mil. Contract Pays Creditors Early
-----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Michael D. Vick will be able to pay off his creditors
by 2014 as the result of his new $100 million contract with the
Philadelphia Eagles.  Mr. Vick will earn $16 million a season,
with creditors receiving $5.2 million a year under the Chapter 11
plan confirmed in October 2009 by the U.S. Bankruptcy Court in
Newport News, Virginia.  Mr. Vick's contract has a $40 million
guarantee. To emerge from bankruptcy, Mr. Vick agreed to give up
part of his future income over six years.  Creditors are owed
about $20 million, his trustee said.

                        About Michael Vick

Michael Dwayne Vick is a professional American football
quarterback for the Philadelphia Eagles of the National Football
League.  He previously played for the Atlanta Falcons for six
seasons before serving 18 months of a 23-month sentence in prison
for his involvement in an illegal dog fighting ring.

In April 2007, Mr. Vick was implicated in an extensive and
unlawful interstate dogfighting ring that operated over a period
of five years.  He pleaded guilty and was sentenced to 23 months
in federal prison.

With loss of his NFL salary and product endorsement deals,
combined with previous financial mismanagement, Mr. Vick filed for
Chapter 11 bankruptcy in July 2008.  Mr. Vick filed a Chapter 11
petition on July 7, 2008 (Bankr. E.D. Va. Case No. 08-50775).
Dennis T. Lewandowski, Esq., and Paul K. Campsen, Esq., at Kaufman
& Canoles, P.C., represent the Debtor in his restructuring
efforts.  Mr. Vick listed assets of $10 million to $50 million.

Mr. Vick was released from prison to home confinement on May 20,
2009.  On July 27 2009, NFL Commissioner Roger Goodell
conditionally reinstated Mr. Vick.

Mr. Vick in August 2008 won confirmation of a proposed Chapter 11
plan that proposes to give up a portion of his future income over
six years.  The plan assumed that he's reinstated by the National
Football League and signs a new contract in order to repay
unsecured creditors owed in excess of $19 million.


MIRABILIS VENTURES: $200MM Malpractice Claim vs. Firms Defeated
---------------------------------------------------------------
Tew Cardenas LLP partners Thomas Tew and Joseph A. DeMaria have
defeated a $200 million accounting malpractice claim that had been
filed against the South Florida accounting firm Rachlin Cohen &
Holtz, LLP and Senior Partner Laurie S. Holtz.

Judge Gregory A. Presnell of the U.S. District Court, Middle
District of Florida in Orlando entered an order on August 22,
2011, dismissing the case that was filed by bankruptcy liquidator
R.W. Cuthill on behalf of a defunct Orlando company known as
Mirabilis Ventures, Inc.

Mirabilis was one of several entities involved in a massive tax
fraud controlled by Frank Amodeo involving misappropriated payroll
taxes from professional employer organizations (PEOs). Rather than
turning the taxes collected by the PEOs over to the IRS, Amodeo
and his co-conspirators used the funds to purchase real estate, a
Learjet, automobiles, and other property. Amodeo pled guilty and
was sentenced to 22 1/2 years in prison and ordered to pay
restitution to the IRS of approximately $180 million for his role
in the scheme. Mirabilis was also convicted for conspiring with
Amodeo and was ordered to pay $200 million as restitution and
forfeiture based on its criminal conviction.

Cuthill filed suits against two law firms and two accounting
firms, including the former Rachlin Cohen & Holtz firm. The
complaints blamed the professionals for Mirabilis's criminal
conduct and sought $200 million in damages.

Following a June 24th evidentiary hearing, Judge Presnell entered
two orders that excluded Plaintiff's liability expert and then
excluded Mirabilis's $200 million damages claim. Shortly after the
orders were entered, Cuthill obtained permission to request that
the case be dismissed.

Plaintiff had hired a nationally recognized accounting expert to
support Mirabilis's accounting malpractice claim. During a Daubert
hearing, Thomas Tew cross-examined the Plaintiff's expert to show
that there was no basis to support his opinion. He successfully
argued that Rachlin was not Mirabilis's auditor nor did it violate
its duties to the company. On July 14, 2011, Judge Presnell
entered the order barring Plaintiff's expert from testifying at
trial. See 2011 WL 2784105.

The second part of the hearing addressed the defendant's challenge
to Mirabilis's $200 million damages claim. Joseph DeMaria cross-
examined Cuthill to establish that the damages claim was
unsupportable. On July 28, the Court excluded the damages claim
and held that: "Mirabilis relied on a bogus calculation on the
$200 million allowed claim and failed to produce any evidence
supporting it." See 2011 WL 3236027.

The Tew Cardenas partners stated that the combination of the
willingness of the defendants and their insurers to fight to prove
the truth, and the Court's willingness to take the time before
trial to consider these defenses, led to this positive result.

                     ABOUT Tew Cardenas LLP

Tew Cardenas LLP is a Miami-based law firm that represents,
advises and counsels for a full array of clients, including
individuals, domestic and international companies and federal,
state and local governments. The firm handles matters in state and
federal courts as well as domestic and international arbitration
matters. The Tew Cardenas team possesses vast experience across
industries including advocacy and government affairs, business
litigation, construction law, corporate and financial services,
environmental, land use and local government law, immigrations and
customs, insurance, international asset recovery, international
litigation and arbitration, labor and employment, professional
malpractice, real estate, regulatory and administrative law,
securities litigation and enforcement proceedings, and white-
collar criminal defense. For more information, visit
www.tewlaw.com or call (305) 536-1112.

                     About Mirabilis Ventures

Orlando, Florida-based Mirabilis Ventures Inc. is a private equity
company, which acquired companies companies that has a strategic
fit into its unique business model.  Mirabilis and its related
entity, Hoth Holdings, LLC, filed voluntary Chapter 11 petitions
(Bankr. M.D. Fla. Case Nos. 08-04327 and 08-04328) on May 27,
2008.  Another related entity, AEM, Inc., filed its Chapter 11
bankruptcy petition (Bankr. M.D. Fla. Case No. 08-04681) June 5,
2008.  Elizabeth A. Green, Esq., and Jimmy D. Parish, Esq., at
Latham Shuker Eden & Beaudine LLP, served as the Debtors' counsel.
When the Debtors filed for protection from their creditors, they
listed between $50 million and $100 million each in assets and
debts.

The Bankruptcy Court in October 2009 confirmed the joint amended
plan of liquidation submitted by Mirabilis, Hoth and AEM.  R.
William Cuthill was named as president of Mirabilis to oversee the
Debtors' liquidation.  A full-text copy of the amended joint
disclosure statement explaining the Debtors' plan of liquidation
is available for free at http://bankrupt.com/misc/mirabilis.ds.pdf


MORGANS HOTEL: Ronald Burkle Discloses 32.2% Equity Stake
---------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Ronald W. Burkle and his affiliates disclosed
that they beneficially own 13,850,145 shares of common stock of
Morgans Hotel Group Co. representing 32.2% of the share
outstanding.  As reported by the TCR on March 28, 2011, Mr. Burkle
disclosed beneficial ownership of 12,500,000 shares of common
stock of the Company representing 29.2%.  A full-text copy of the
filing is available for free at http://is.gd/H9X4fw

                    About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

The Company reported a net loss of $83.64 million on
$236.37 million of total revenues for the year ended Dec. 31,
2010, compared with a net loss of $101.60 million on $225.05
million of total revenues during the prior year.

The Company's balance sheet at June 30, 2011, showed $604.36
million in total assets, $655.66 million in total liabilities and
a $51.29 million total deficit.


NAVISTAR INTERNATIONAL: To Release Fiscal Q3 Results on Sept. 7
---------------------------------------------------------------
Navistar International Corporation will present via live web cast
its fiscal 2011 third quarter financial results on Wednesday,
September 7th.  A live web cast is scheduled at approximately
10:00 AM ET.  Speakers on the web cast will include Daniel C.
Ustian, chairman, president and chief executive officer; A. J.
Cederoth, executive vice president and chief financial officer,
and other company leaders.

The Web cast can be accessed through a link on the investor
relations page of Navistar's Web site at
http://ir.navistar.com/events.cfm

Investors are advised to log on to the Web site at least 15
minutes prior to the start of the web cast to allow sufficient
time for downloading any necessary software.  The web cast will be
available for replay at the same address approximately three hours
following its conclusion, and will remain available for a period
of 10 days.

                    About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.Navistar.com/-- is a holding company whose
subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

The Company's balance sheet at April 30, 2011, showed $9.96
billion in total assets, $10.64 billion in total liabilities, $5
million in redeemable equity securities, $84 million in
convertible debt and a $769 million total stockholders' deficit.

Navistar has a 'BB-/Stable/--' corporate credit rating from
Standard & Poor's and a 'B1' Corporate Family Rating and
Probability of Default Rating from Moody's Investors Service.

Moody's said in October 2010 that Navistar's B1 rating could
improve if the North American truck market remains on track for a
sustained recovery into 2011, and Navistar's operational
initiatives to moderate its vulnerability to the truck cycle show
evidence of taking hold.


NEBRASKA BOOK: Taps Deloitte & Touche as Independent Auditors
-------------------------------------------------------------
Nebraska Book Company, Inc., and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for permission
to employ Deloitte & Touche LLP as their independent auditors
effective nunc pro tunc to the Petition Date.

Deloitte & Touche will perform a financial statement audit,
including preparing a report, as described in PCAOB Statements
on Auditing section 623.19.21 (a "Negative Assurance Report") as
specified in the Engagement Letter, for the year ending March 31,
2011.  In addition, the independent auditors will perform reviews
of the Debtors' condensed interim financial information for
each of the quarters in the year ending March 31, 2012.

The Debtors have agreed to pay Deloitte & Touche fees currently
estimated to be $222,500, plus expenses.

The hourly rates charged by Deloitte & Touche's professionals are:

   Partner, Principal, or Director      $255
   Senior Manager                       $210
   Manager                              $190
   Senior                               $140
   Staff                                $115
   Tax Specialists                      $200
   Valuation Specialists                $200

Deloitte & Touche provided prepetition services to the Debtors.
The Debtors paid Deloitte & Touche approximately $104,500 in the
90 days prior to the Petition Date.  The Debtors owed Deloitte &
Touche approximately $75,000 as of the Petition Date, which amount
Deloitte & Touche agrees to waive subject to and contingent upon
the Court's approval of this application.  An affiliate of
Deloitte & Touche, Deloitte Tax LLP, has also provided prepetition
tax services to the Debtors for which it is owed approximately
$41,512.

To the best of the Debtors' knowledge: (a) Deloitte & Touche is a
"disinterested person" within the meaning of section 101(14) of
the Bankruptcy Code,and does not hold or represent an interest
adverse to the Debtors' estates; and (b) Deloitte & Touche has no
connection to the Debtors, their creditors, or other significant
parties as were identified by the Debtors and provided to Deloitte
& Touche.

                   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.

The Official Committee of Unsecured Creditors selected Lowenstein
Sandler LLP and Stevens & Lee, P.C., as lawyers and Mesirow
Financial Inc. as financial advisers.

Nebraska Book has prepared a pre-packaged Chapter 11 plan that
would swap some of the existing debt for new debt, cash and the
new stock.


NEBRASKA BOOK: Court OKs Rothschild as Investment Banker
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
approved Nebraska Book Company, Inc.'s application for
authorization to employ:

          Todd R. Snyder
          ROTHSCHILD INC.
          1251 Avenue of the Americas
          New York, NY 10020
          Phone: (212) 403-5246
          Fax: (212) 403-5454
          E-mail: todd.snyder@rothschild.com

as their investment banker and financial advisor nunc pro tunc to
the Petition Date.

The Debtors says Rothschild has extensive experience in, and an
excellent reputation for, providing high-quality investment
banking and financial advisory services to debtors in bankruptcy
reorganizations and other restructurings.

The parties have entered into the Engagement Letter, which governs
the relationship between Rothschild and the Debtors.  Rothschild
will provide a broad range of necessary financial advisory and
investment banking services in order to advise the Debtors in the
course of the Chapter 11 cases, including:

   a. identify and/or initiate potential Transactions;

   b. review and analyze the Debtors' assets and the operating and
      financial strategies of the Debtors;

   c. evaluate the Debtors' debt capacity in light of its
      projected cash flows and assist in the determination of an
      appropriate capital structure for the Debtors;

   d. assist the Debtors and their professionals in reviewing the
      terms of any proposed Transaction, in responding thereto
      and, if directed, in evaluating alternative proposals for a
      Transaction;

   e. determine a range of values for the Debtors and any
      securities that the Debtors offer or propose to offer in
      connection with a Transaction;

   f. advise the Debtors on risks and benefits of considering a
      Transaction with respect to the Debtors' immediate and long-
      term business prospects and strategic alternatives to
      maximize the Debtors' business enterprise value;

   g. review and analyze any proposals the Debtors receive from
      third parties in connection with a Transaction, including,
      without limitation, any proposals from debtor-in-possession
      financing, as appropriate;

   h. assist or participate in negotiations with the parties in
      interest, including, without limitation, any current or
      prospective creditors of, holders of equity in, or claimants
      against the Debtors and/or their respective representatives
      in connection with a Transaction;

   i. advise the Debtors with respect to, and attend, meetings of
      the Debtors' board of directors and its committees, creditor
      groups, official constituencies and other interested
      parties, as necessary;

   j. participate in hearings before the Bankruptcy Court and
      provide relevant testimony with respect to the matters and
      issues arising in connection with any proposed plan of
      reorganization; and

   k. render other financial advisory and investment banking
      services as may be agreed upon by Rothschild and the
      Debtors.

Subject to the Court's approval, the Engagement Letter provides
for the following compensation to Rothschild in consideration for
services to be performed in these chapter 11 cases:

     a. Monthly Advisory Fee of $175,000;

     b. Completion Fee of $3,750,000, payable upon the earlier of
        the confirmation and effectiveness of a plan of
        reorganization and the closing of another Transaction;

     c. New Capital Fee equal to:

           i. 1.0 percent of the face amount of any senior secured
              debt raised including any debtor-in-possession
              financing raised;

          ii. 2.5 percent of the face amount of any junior secured
              debt raised;

         iii. 3.5 percent of the face amount of any unsecured debt
              raised;

          iv. 5.0 percent of any equity raised; and

           v. for any hybrid capital raised, an amount to be
              determined in good faith consistent with the fee
              scale and based upon the debt and/or equity
              components of such hybrid capital;

      d. In addition to the fees, and regardless of whether any
         Transaction or Financing occurs, the Debtors will
         promptly reimburse Rothschild on a monthly basis for
         travel and other reasonable out-of-pocket expenses
         incurred in connection with Rothschild's activities under
         the Engagement Letter, including all fees, disbursements
         and other charges of counsel and other consultants and
         advisors to be retained by Rothschild.

To the best of the Debtors' knowledge, Rothschild is a
"disinterested person" within the meaning of section 101(14) of
the Bankruptcy Code, as required by section 327(a) of the
Bankruptcy Code.

The Official Committee of Unsecured Creditors filed an objection,
saying the application should not be approved unless the terms of
Rothschild's engagement are modified.

                   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.

The Official Committee of Unsecured Creditors selected Lowenstein
Sandler LLP and Stevens & Lee, P.C., as lawyers and Mesirow
Financial Inc. as financial advisers.

Nebraska Book has prepared a pre-packaged Chapter 11 plan that
would swap some of the existing debt for new debt, cash and the
new stock.


NET TALK.COM: Reports $2.1 Million Net Income in June 30 Quarter
----------------------------------------------------------------
Net Talk.com, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting net income
of $2.10 million on $589,257 of revenue for the three months ended
June 30, 2011, compared with net income of $6.54 million on
$167,820 of revenue for the same period a year ago.

The Company also reported a net loss of $23.35 million on
$1.67 million of revenue for the nine months ended June 30, 2011,
compared with a net loss of $4.89 million on $597,649 of revenue
for the same period during the prior year.

Net Talk.com reported a net loss of $6.31 million on $737,498 of
revenues for the fiscal year ended Sept. 30, 2010, compared with a
net loss of $2.74 million on $115,571 of revenues in fiscal 2009.

The Company's balance sheet at June 30, 2011, showed $5.69 million
in total assets, $4.24 million in total liabilities, $13.24
million in redeemable preferred stock, and a $11.80 million total
stockholders' deficit.

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

                        http://is.gd/JL4QAW

                         About Net Talk.com

Based in Miami, Fla., Net Talk.com, Inc., is a telephone company,
who provides, sells and supplies commercial and residential
telecommunication services, including services utilizing voice
over internet protocol ("VoIP") technology, session initiation
protocol ("SIP") technology, wireless fidelity technology,
wireless maximum technology, marine satellite services technology
and other similar type technologies.


NEW ERA HOSPITALITY: To Hire The Milledge Law Firm as Counsel
-------------------------------------------------------------
New Era Hospitality Inc. seeks permission from the U.S. Bankruptcy
Court for the Southern District of Texas to appoint and retain
Milledge Law Firm as counsel.

Upon retention, the firm, will among other things:

   a) provide the Debtor legal advice with respect to its powers
      and duties as a Debtor-in-possession in the continued
      operations of its business, and management of its property;

   b) prepare all pleadings on behalf of the Debtor, as Debtor-in-
      possession, which may be necessary herein;

   c) negotiate and submit a potential plan of arrangement
      satisfactory to the Debtor, its estate, and the creditors at
      large

To the best of Debtor's knowledge, information and belief, The
Milledge Law Firm has no connection of any kind or nature with
creditors, the U.S. Trustee or any person employed in the office
of the U.S. Trustee, any parties-in-interest, or their respective
attorneys and accountants in this case.

The firm's rates are:

   Personnel                                   Rates
   ---------                                   -----
   Samule L. Milledge, Attorney-in-Charge      $250/hour
   Other Partners/Shareholders                 $250/hour
   Associates                                  $125 to $175/hour
   Law Clerk & Legal Assistants                $60 to $75/hour

Houston, Texas-based New Era Hospitality Inc. filed for Chapter 11
bankruptcy protection (Bankr. S.D. Tex. Case No. 11-36492) on
July 30, 2011, to avoid foreclosure of its hotel property at 801
St. Joseph Parkway.  Money woes stalled its hotel construction
plans.  Judge Karen K. Brown presides over the case.  Samuel L.
Milledge, Esq., Milledge Law Firm, P.C., represents the Debtor.
The Debtor disclosed $14,000,000 in assets, and $4,213,828 in
debts.


NEW ORLEANS SEWERAGE: Moody's Affirms Ba2 on $35MM Revenue Bonds
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 rating and stable
outlook of the New Orleans Sewerage and Water Board's $35 million
in outstanding Water System Revenue Bonds.

RATING RATIONALE

Following growth in system consumption and five consecutive annual
rate increases, system financial operations have improved somewhat
restoring positive debt service coverage levels, albeit inclusive
of significant FEMA reimbursement for reconstruction. The system's
balance sheet remains challenged and is reliant upon substantial
inter-fund borrowing net of which unrestricted cash would be
markedly negative. The rating also reflects the gross revenue
pledge with monthly deposits to the Board of Liquidation for the
benefit of bondholders, a standard three-prong debt service
reserve fund and 1.30x rate covenant and ABT.

STRENGTHS

* Monopolistic enterprise with service area in excess of 340,000

* Board of Liquidation oversight

* Absence of significant rate payer concentration

CHALLENGES

* Weak rate payer demographics

* Weak balance sheet and continued reliance of federal funding
  sources

* Need to significantly augment rates to facilitate absorption of
  expected additional borrowing and other medium term liabilities

* Board of Liquidation and City Council must approve any rate
  increase

DETAILED CREDIT DISCUSSION

FISCAL 2010 CONSUMPTION REMAINS 34% BELOW PRE-KATRINA LEVELS

Six years post Katrina the water system's customer count is down
15% while consumption remains 34% off pre-storm levels, with a
portion of this disconnect reflecting the greater efficiency of
new fixtures and appliances installed in rebuilt structures (80%
of the structures in the city were significantly damaged or
destroyed). Annual rate increases effective each July 2007-2011
(21% in 2007 and 17% in 2008 falling to 4-5% in 2009-2011) have
been critical in offsetting revenue declines driven by the rate
structure largely dependent on volumetric charges. All system rate
increases require approval of the Sewerage and Water Board, Board
of Liquidation and City Council. Post Katrina the system has
incurred a number of liabilities, including Gulf Coast Tax Credit
Bonds ($6.8 million) currently set to begin repayment in 2012,
FEMA Community Disaster Loans (all but $25 million forgiven to
date), advances under a revolving credit line from the Louisiana
Public Facilities Authority (LPFA, $19 million) and amounts due to
New Orleans for capital expenditures by the department of Public
Works ($4.7 million). Aside from the New Orleans liability, the
extent to which these amounts will be forgiven remains
undetermined. These potential liabilities as well as significant
system borrowing needs are key credit considerations going
forward.

DEBT SERVICE COVERAGE REMAINS WEAK; NEGATIVE NET WORKING CAPITAL

Debt Service coverage as defined in the System's Resolution
reflects cash basis revenues to subsequent year debt service.
Moody's coverage calculation reflects accrual basis net revenues
as compared to current year debt service. On both basis of
calculation, the system failed to meet its rate covenant in fiscal
years 2007 and 2008 by a dramatic margin. Fiscal 2009 and 2010
resolution basis coverage was 4.7x and 6.3x respectively, with
2010 coverage including $19.9 million of CDL forgiveness (which
represent the recognition of cash actually received in 2006).
Accrual basis coverage was a still strong 4.8 and 2.3x
respectively in 2009 and 2010. Moody's notes however, that these
coverage levels include FEMA reimbursement for system maintenance
infrastructure work undertaken to restore storm-related damage,
net of which coverage was less than 1x in both years.

The systems' stressed financial position is evident in its balance
sheet. While unrestricted cash at fiscal year end 2010 was 28% of
O&M, net working capital was -108% of O&M reflecting $57 million
in cash advanced from the Board's sewer and drainage funds,
increasing accounts payable and $19M due to LPFA. While FEMA funds
are expected to result in significant system re-capitalization
without a local match (aside from potential for disallowed costs
as noted above), a moderate $77 million has been received by the
system to date. Management reports funding requests for an
additional $120 million have been made to date on behalf of the
water system's capital needs. Further stressing system cash is the
need to advance construction funds prior to FEMA reimbursement,
necessitating a revolving line of credit entered with LPFA (as
noted above), against which the system had drawn $19 million,
which has not yet been reimbursed by FEMA, as of December 31,
2010. Moody's notes the likelihood that the system will be
obligated to repay some portion of the credit line used to advance
fund FEMA projects due to ultimate denial of some limited share of
the system's claim.

RATE STUDY AND MULTI-YEAR PLANNING RESULTS EXPECTED TO BE MADE
PUBLIC IN OCTOBER, WITH RELATED VOTES IN EARLY 2012

The Board hired an outside firm to conduct a rate study and engage
in multi-year forecasting of system capital and operating needs.
Management reports the results of this study and a resultant
proforma will be released within 60 days-well beyond the original
December 2010 date. Future rating action will reflect
consideration of this proforma as well as rate increases enacted
to facilitate absorption of the increased costs expected to be
included in this proforma. Additional credit considerations going
forward will include the system's ability to restore full funding
of its pension ARC payments (86% 2010 funded ratio but only 83% of
ARC funded), the structure of any additional borrowing, and
political will to augment rates to ensure balance sheet
improvement and stabilization in financial margins.

WHAT COULD MAKE THE RATING GO UP

* Balance sheet augmentation

* Restoration of structural balance

* Trend of achieving rate covenant absent one-time revenues

WHAT COULD MAKE THE RATING GO DOWN

* Further weakening of balance sheet

* Additional leverage (including failure to obtain forgiveness for
  liabilities resulting in their amortization) absent significant
  augmentation of recurring revenues

KEY STATISTICS:

2010 Customer Count: 124,233 (-15% vs. 2004)

2010 Resolution Basis Coverage: 6.3x (inclusive of $20M in CDL
forgiveness)

2010 Accrual Basis Coverage: (2.3x)

New Orleans Median Family Income as % of U.S.: 65%

New Orleans Unemployment: 9.7% in June 2011 vs. 8.1% and 9.3% for
state and nation respectively

The principal methodology used in this rating was Analytical
Framework For Water And Sewer System Ratings published in August
1999. Please see the Credit Policy page on www.moodys.com for a
copy of this methodology.


NEW SALEM: Files for Chapter 7 Liquidation
------------------------------------------
The Times Union reports that Fred Carl's New Salem Garage Inc. has
filed for Chapter 7 liquidation in Albany, New York, disclosing
$1.63 million in liabilities and $254,000 in assets.

The Colonie Saab dealership closed Aug. 12 after more than a half-
century in business, the report notes.

According to the report, the filing came as Saab faces its own
financial problems.  The Company sold just 3,820 cars nationwide
during the first half of the year, according to the American
International Automobile Dealers Association.

The decline in sales is reflected in New Salem Garage's own
financial performance, The Times Union notes.  The Company's sales
fell from $6.2 million in 2009 to $2.7 million last year and just
$1 million through early August of this year.

Fred Carl's New Salem Garage, Inc., dba New Salem Saab, is an
Albany-based Saab dealership.


NORD RESOURCES: Incurs $3.1 Million Net Loss in Second Quarter
--------------------------------------------------------------
Nord Resources Corporation reported a net loss of $3.07 million on
$3.38 million of net sales for the three months ended June 30,
2011, compared with a net loss of $7.16 million on $8.70 million
of net sales for the same period a year ago.

The Company also reported a net loss of $5.35 million on
$8.14 million of net sales for the six months ended June 30, 2011,
compared with a net loss of $6.15 million on $14.71 million of net
sales for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed
$59.24 million in total assets, $62.30 million in total
liabilities, and a $3.05 million total stockholders' deficit.

"At the beginning of July 2010, we suspended the mining of new ore
to cut costs and maximize cash flow while we worked on obtaining
additional working capital and restructuring our debt," said Wayne
Morrison, chief executive and chief financial officer.  "Since
then, Nord has continued to produce copper through leaching the
recoverable copper previously placed on our three pads and
processing it through the Johnson Camp Mine's SX-EW plant."

A full-text copy of the press release announcing the financial
results is available for free at http://is.gd/hpMEjt

                       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.

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.


NORTEL NETWORKS: LT Disability Committee Retains Elliott Greenleaf
------------------------------------------------------------------
Nortel Networks' the Official Committee of Long-Term Disability
Participants seeks permission from the U.S. Bankruptcy Court for
the District of Delaware to employ and retain of Elliott
Greenleaf as Counsel to the Official Committee of Long-Term
Disability Participants Nunc Pro Tunc June 22, 2011.

Upon retention, the firm, will among other things:

   (a) render legal advice with respect to the powers and duties
       of the LTD Committee and the other participants in the
       Debtors' cases;

   (b) assist the LTD Committee in its investigation of the acts,
       conduct, assets, liabilities and financial condition of the
       Debtors, the operation of the Debtors' business and any
       other matter relevant to the Bankruptcy Cases, as and to
       the extent such matters may affect the LTD Plan
       Participants; and

   (c) participate in negotiations with parties-in-interest with
       respect to any disposition of the Debtors' assets, plan of
       reorganization and disclosure statement in connection
       with such plan, and otherwise protect and promote the
       interests of the LTD Plan Participants.

EG intends to apply to the Court for payment of compensation and
reimbursement of expenses in accordance with the applicable
provisions of the Bankruptcy Code, the Bankruptcy Rules, and the
Local Rules of the Court, the Administrative Order Establishing
Procedures for Interim Compensation of Fees and Reimbursement of
Expenses of Professionals and Official Committee Members pursuant
to the 11 U.S.C. Sec. 331.

The LTD Committee proposes to pay EG its customary hourly rates in
effect from time to time for services rendered.

To the best of the LTD Committee's knowledge, EG has not
represented the Committee, the Debtors, their creditors, equity
security holders, or any other parties-in-interest, or their
respective attorneys, in any matter relating to the Debtors or
their estates and does not represent any entity having an adverse
interest in connection with the Debtors' cases within the meaning
of Section 1103 of the Bankruptcy Code.

                       About Nortel Networks

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

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

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

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

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

Nortel Networks divested off key assets while in Chapter 11.
In March 2009, the U.S. Bankruptcy Court entered an order
approving the sale of the Layer 4-7 assets to Radware Ltd. as the
successful bidder at auction.  In July 2009, Nortel sold its CDMA
and LTE-related assets to Telefonaktiebolaget LM Ericsson (Publ).
In September 2009, the Court Nortel sold its Enterprise Solutions
business to Avaya Inc.  In October 2009, the Court approved the
sale of assets associated with Nortel's Next Generation Packet
Core network components to Hitachi, Ltd.  On Dec. 2, 2009, the
Court approved the sale of assets associated with Nortel's
GSM/GSM-R business to Telefonaktiebolaget LM Ericsson (Publ) and
Kapsch Carriercom AG.  In December 2009, the Debtors sold their
Metro Ethernet Networks business to Ciena Corporation.  In March
2010, Nortel sold its Carrier Voice Over IP and Application
Solutions business to GENBAND Inc.  In September 2010, Nortel sold
its Multi-Service Switch business to Ericsson.  In August 2011,
Nortel won court approval to sell its intellectual property
portfolio to a group that includes Apple Inc. and Microsoft Corp.
for $4.5 billion.

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


NXT NUTRITIONALS: Delays Filing of Quarterly Report on Form 10-Q
----------------------------------------------------------------
NXT Nutritionals Holdings, 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.  According
to the Company, the compilation, dissemination and review of the
information required to be presented in the Form 10-Q for the
relevant period has imposed time constraints that have rendered
timely filing of the Form 10-Q impracticable without undue
hardship and expense to the registrant.  The Company undertakes
the responsibility to file such report no later than five days
after its original prescribed due date.

                       About NXT Nutritionals

Springfield, Mass.-based NXT Nutritionals Holdings, Inc. (OTC BB:
NXTH) -- http://www.nxtnutritionals.com/-- through its wholly
owned subsidiary NXT Nutritionals, Inc., is a developer and
marketer of a proprietary, patent-pending, all-natural, healthy
sweetener sold under the brand name SUSTA(TM) and other food and
beverage products.

The Company reported a net loss of $17.40 million on $187,516 of
sales for the fiscal year ended Dec. 31, 2010, compared with a net
loss of $23.95 million on $905,728 of sales during the prior
fiscal year.

The Company's balance sheet at Dec. 31, 2010, showed $2.24 million
in total assets, $14.79 million in total liabilities, and a
$12.55 million total stockholders' deficit.

Berman & Company, P.A, in Boca Raton, Fla., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company had a net loss of
$17,402,736 and net cash used in operations of $3,035,079 for the
year ended Dec. 31, 2010; and a working capital deficit and
stockholders' deficit of $11,076,205 and $12,547,616,
respectively, at Dec. 31, 2010,


O&G LEASING: Disclosure Statement Hearing Moved to Sept. 20
-----------------------------------------------------------
American Bankruptcy Institute reports that a disclosure statement
hearing for O&G Leasing LLC has been moved to Sept. 20 as a
hearing on Aug. 23 was continued because of other matters docketed
for earlier consideration.

                        The Chapter 11 Plan

O&G Leasing, LLC, et al., submitted to the U.S. Bankruptcy Court
for the Southern District of Mississippi a plan of reorganization
and disclosure statement dated July 1, 2011.

The Plan contemplates the substantive consolidation of the
Debtors, solely purposes related to the Plan.

The Plan provides for payment in full of all administrative
claims, tax claims and priority claims, and for payment Secured
and unsecured claims from cash on hand and revenues generated from
operations.  The interest in O&G will be cancelled.

                                                        Estimated
Class/Claim          Treatment                          Recovery
-----------          ---------                         ---------
Unclassified Claims  Paid in full

1 WSB Secured Claim  New 5-year secured term loan     $4,504,177

2 Senior Debentures  If allowed, will be issued          Up to
   Secured Claim      New Debentures in face          $25,955,000
                      amount of $25,955,000

3 Other Secured      Paid in full, arrearage             $59,440
   Claims             paid in extended installment
                      payments

4 General            Repaid in full over              $1,016,497
   Unsecured Claims   24 months

5 Unsecured          Alternate treatment              $7,610,000
   Debenture Claims                                to $33,565,000

6 Octane Claims      Receive new membership                   $0
                      Interests in O&G

7 Unsecured          If Class 2 claims are                    $0
   Deficiency Claims  allowed, Class 7 Claims
                      will be discharged

8 Interests          Cancelled and extinguished               $0

A copy of the Disclosure Statement is available for free at:

          http://bankrupt.com/misc/OGLEASING_DSJul1.pdf

                         About O&G Leasing

Jackson, Mississippi-based O&G Leasing, LLC, filed for Chapter 11
bankruptcy protection on May 21, 2010 (Bankr. S.D. Miss. Case No.
10-01851).  Douglas C. Noble, Esq., at McCraney Montagnet & Quin,
PLLC, assists the Company in its restructuring effort.  The
Company estimated $10 million to $50 million in assets and
$50 million to $100 million in liabilities.


OLD CORKSCREW: Wants Access to M&I Marsall's Cash Collateral
------------------------------------------------------------
Old Corkscrew Plantation, LLC, et al., ask the U.S. Bankruptcy
Court for the Middle District Of Florida for authorization to use
the cash collateral of M&I Marsall & Ilsley Bank.

The Debtors are indebted to M&I Bank under three promissory notes,
namely:

   a) Amended and Restated Term Note dated Aug. 1, 2006, in the
   original principal amount of $40,000,000 in favor of M&I Bank
   amended by the First Modification to Promissory Note dated as
   of Dec. 31, 2009;

   b) Term Note dated Aug. 1, 2006, in the original principal
   amount of $20,000,000 in favor of M&I Bank amended by the First
   Modification to Promissory Note dated Jan. 25, 2008, and the
   Second Modification to Promissory Note dated as of Dec. 31,
   2009;

   c) Amended and Restated Promissory Note dated Oct. 28, 2008, in
   the original principal amount of $5,000,000 in favor of M&I
   Bank amended by the First Modification to Promissory Note dated
   Dec. 31, 2009.

As of May 26, 2011, the unpaid balance on the 40MM Note was
$33,434,354; the unpaid balance on the 40MM Note was $16,000,000;
and the unpaid balance on the 5MM Note was $5,000,000.

As of the Petition Date, the lender asserts that the Debtors were
indebted to the lender in the amount of approximately $54,434,354,
plus interest, costs, and attorneys' fees the lender asserts
first priority liens on, and security interests in, substantially
all of the Debtors' assets.

The Debtor will use the cash collateral to fund its business
operation.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant the lender, in addition to the
substantial equity cushion that the lender has, replacement liens
subject and subordinate only to the carve out on certain expenses.

                About Old Corkscrew Plantation LLC

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.


OLIVER'S LOGISTICS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Oliver's Logistics, LLC
        P.O. Box 301
        Suffolk, VA 23439

Bankruptcy Case No.: 11-73953

Chapter 11 Petition Date: August 29, 2011

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

Judge: Stephen C. St. John

Debtor's Counsel: Todd D. Rothlisberger, Esq.
                  HARRY JERNIGAN CPA ATTORNEY, P.C.
                  258 N. Witchduck Road, Suite C
                  Virginia Beach, VA 23462
                  Tel: (757) 490-2200
                  E-mail: tr@hjlaw.com

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at:
http://bankrupt.com/misc/vaeb11-73953.pdf

The petition was signed by Todd L. Oliver, member.


OPTI CANADA: Common Shares Trades on TSXV Under "OPC" Symbol
------------------------------------------------------------
OPTI Canada Inc.'s listing application for the TSX Venture
Exchange has been approved.  The common shares of OPTI commenced
trading on the TSXV (symbol: OPC) on Aug. 29, 2011.

The Company's listing on the TSXV followed OPTI's delisting from
the Toronto Stock Exchange effective at the close of market on
Aug. 26, 2011, for failure to meet the continued listing
requirements of the TSX as a result of OPTI's proceedings under
the Companies' Creditors Arrangement Act announced on July 13,
2011.

OPTI's listing on the TSXV will not affect the payment equal to
US$0.12 per common share as outlined in the Company's transaction
announcement on July 20, 2011.  The transfer of shares from the
TSX to the TSXV will occur automatically for existing common
shareholders.

                            About OPTI

OPTI Canada Inc. is a Calgary, Alberta-based company focused on
developing major oil sands projects in Canada.  Its first project,
the Long Lake Project, has a design capacity for 72,000 barrels
per day (bbl/d), on a 100 percent basis, of SAGD (steam assisted
gravity drainage) oil production integrated with an upgrading
facility.  The Upgrader uses the Company's proprietary OrCrude(TM)
process, combined with commercially available hydrocracking and
gasification.  OPTI's common shares trade on the Toronto Stock
Exchange under the symbol OPC.

OPTI on July 13, 2011, reached agreement with a committee of
Secured Notes holders to restructure the Company's balance sheet
under the Companies' Creditors Arrangement Act.  At June 30, 2011,
OPTI had roughly C$189 million in cash and cash equivalents.  In
addition, it holds restricted cash of US$73 million in an interest
reserve account associated with its US$300 million First Lien
Notes.


ORDWAY RESEARCH: Court Converts Case to Chapter 7 Liquidation
-------------------------------------------------------------
Larry Rulison at the Times Union reports that the federal
bankruptcy case of the Ordway Research Institute in Albany, New
York, has been converted from a Chapter 11 case to a Chapter 7
liquidation.  According to the report, although the case was filed
as a Chapter 11 reorganization back in April, it became
increasingly clear that Ordway, which did research on cancer, bio-
agents and other deadly diseases, would likely have to close its
doors and sell its assets in order to pay its creditors.  Gregory
Harris of Albany was appointed as a trustee to the case.

                       About Ordway Research

Albany, New York-based Ordway Research Institute, Inc., was formed
in 2002 to facilitate inter-institutional and interdisciplinary
collaborations in basic and translational biomedical research in
New York's Capital District.  Ordway's research is focused on drug
development in cancer, emerging infections and signal
transduction/endocrinology.

Ordway filed for Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 11-11322) on April 28, 2011.  Bankruptcy Judge Robert E.
Littlefield, Jr., presides over the case.  Gregory J. Mascitti,
Esq., at LeClairRyan, A Professional Corporation, represents the
Debtor in its restructuring effort.  As of April 26, 2011, Ordway
had roughly $12,158,202 in assets and $17,108,847 in liabilities.
In its schedules, the Debtor disclosed $6,615,279 in assets and
$18,703,061 in liabilities.


OTTILIO PROPERTIES: Sec. 341 Creditors' Meeting Set for Sept. 21
----------------------------------------------------------------
The United States Trustee for Region 3 will hold a meeting of
creditors pursuant to 11 U.S.C. Sec. 341 in the bankruptcy case of
Ottilio Properties, LLC, on Sept. 21, 2011, at 9:00 a.m. at the
Office of the U.S. Trustee at Suite 1401, One Newark Center, in
Newark, New Jersey.

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 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.

Proofs of claim for all creditors are due Dec. 20, 2011.

                    About Ottilio Properties

Totowa, New Jersey-based Ottilio Properties, LLC, filed a Chapter
11 petition (Bankr. D. N.J. Case No. 11-34641) on Aug. 18, 2011,
in Newark, New Jersey.  Glenn R. Reiser, Esq., at LoFaro and
Reiser, LLP, in Hackensack, New Jersey, serves as counsel to the
Debtor.  Ottilio Properties estimated as much as $50 million in
assets and $10 million in liabilities as of the Chapter 11 filing.


OTTILIO PROPERTIES: Taps LoFaro and Reiser as Counsel
-----------------------------------------------------
Ottilio Properties, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of New Jersey to employ LoFaro and Reiser,
LLP, as its attorney, nunc pro tunc to the Petition Date.

As counsel, LoFaro and Reiser will consult and counsel the Debtor
regarding the administration of its bankruptcy estate, aid the
Debtor in negotiating and formulating a plan of reorganization,
and perform other services in the interest of the estate.

The firm will be paid based on its hourly rates ranging from $315
to $425.  The Debtor has paid the Firm a $24,039 retainer.

LoFaro and Reiser represents that it is a "disinterested person,"
as that term is defined in Section 101(14) of the Bankruptcy Code.

                    About Ottilio Properties

Totowa, New Jersey-based Ottilio Properties, LLC, filed a Chapter
11 petition (Bankr. D.N.J. Case No. 11-34641) on August 18, 2011,
in Newark, New Jersey.  Glenn R. Reiser, Esq., at LoFaro and
Reiser, LLP, in Hackensack, New Jersey, serves as counsel to the
Debtor.

Ottilio Properties estimated as much as $50 million in assets and
$10 million in liabilities as of the Chapter 11 filing.


OVERLAND STORAGE: Inks $8MM Credit Facility with Silicon Valley
---------------------------------------------------------------
Overland Storage, Inc., on Aug. 9, 2011, entered into a Loan and
Security Agreement with Silicon Valley Bank.  The Credit Facility
provides for an $8.0 million secured revolving loan.  The proceeds
of the Credit Facility may be used to fund the Company's working
capital and to fund its general business requirements.  The Credit
Facility is scheduled to mature Aug. 8, 2013.

The obligations under the Credit Facility are secured by all
assets of the Company.

As of Aug. 15, 2011, the Company has no borrowings outstanding
under the Credit Facility.  Borrowings under the Credit Facility
will bear interest at the Prime Rate plus a margin of either 1.00%
or 1.25%, depending on the Company's liquidity coverage ratio.
The Company is also obligated to pay other customary facility fees
and arrangement fees for a credit facility of this size and type.

The Credit Facility requires the Company to comply with a
liquidity coverage ratio and contains customary covenants,
including covenants that limit or restrict the Company's and its
subsidiaries' ability to incur liens and indebtedness, make
certain types of payments, merge or consolidate and make
dispositions of assets.  The Credit Facility specifies customary
events of default, including, among other things, non-payment
defaults, covenant defaults, cross-defaults to other material
indebtedness, bankruptcy and insolvency defaults and material
judgment defaults.  Upon the occurrence of an event of default
under the Credit Facility, the lender may cease making loans,
terminate the Credit Facility and declare all amounts outstanding
to be immediately due and payable.

                      About Overland Storage

San Diego, Calif.-based Overland Storage, Inc. (Nasdaq: OVRL) --
http://www.overlandstorage.com/-- is a global provider of unified
data management and data protection solutions designed to enable
small and medium enterprises (SMEs), corporate departments and
small and medium businesses (SMBs) to anticipate and respond to
change.

As reported in the Troubled Company Reporter on Sept. 28, 2010,
Moss Adams LLP, in San Diego, Calif., expressed substantial
doubt about Overland Storage's ability to continue as a going
concern, following the Company's results for the fiscal year ended
June 30, 2010.  The independent auditors noted of the Company's
recurring losses and negative operating cash flows.

The Company's balance sheet at March 31, 2011, showed $48.50
million in total assets, $35.89 million in total liabilities and
$12.61 million in total shareholders' equity.


PARK GREEN: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Park Green LLC
        2570 East Walnut Street
        Pasadena, CA 91107

Bankruptcy Case No.: 11-46580

Chapter 11 Petition Date: August 26, 2011

Court: U.S. Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Peter Carroll

Debtor's Counsel: Ralph S. Greer, Esq.
                  LAW OFFICE OF RALPH S. GREER
                  2493 E. Colorado Boulevard
                  Pasadena, CA 91107
                  Fax: (626) 405-9152
                  E-mail: rsgreer@pacbell.net

Scheduled Assets: $4,464,937

Scheduled Debts: $3,642,968

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

The petition was signed by Steven C. Schultz, manager.


PATIENT SAFETY: Incurs $169,000 Net Loss in Second Quarter
----------------------------------------------------------
Patient Safety Technologies, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q,
reporting a net loss of $169,468 on $2.56 million of revenue for
the three months ended June 30, 2011, compared with a net loss of
$50,124 on $3.76 million of revenue for the same period during the
prior year.

The Company also reported a net loss of $798,010 on $4.54 million
of revenue for the six months ended June 30, 2011, compared with
net income of $343,422 on $6.13 million of revenue for the same
period a year ago.

The Company's balance sheet at June 30, 2011, showed $13.29
million in total assets, $3.23 million in total liabilities, all
current, and $10.05 million in total stockholders' equity.

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

                        http://is.gd/nR4OjJ

                 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.

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: Seeks to Employ Muir & Troutman as Counsel
---------------------------------------------------------
Paul Brenneke Qualified Personal Residence Trust UDT seeks
authority from the U.S. Bankruptcy Court for the District of
Oregon to employ Ted A. Troutman of The Law Firm of Muir &
Troutman as its attorney.

According to the engagement agreement between Elene Dunavan,
trustee of the Debtor, and Muir & Troutman, the firm will be paid
its customary hourly rate in effect when the services were
performed.  The firm will also be reimbursed for all out-of-pocket
costs incurred in relation to the services.  The firm's current
hourly rates are:

               Ted A. Troutman               $360
               Phillip R. Muir               $360
               Attorneys                     $360
               Paralegals                    $180

The Trustee notes that the firm's average fee for one day of trial
is $2,880 and the same amount for one day of trial preparation.

In addition, the Debtor had agreed to pay the firm a retainer of
$10,000 before the filing of a petition for relief.  Any unearned
portion of the retainer will be returned at the end of the case.

Based on the verified statement of Ted A. Troutman, the firm has
not interest materially adverse to the interest of the estate or
of any class of creditors or equity security holders.

The firm can be reached at:

          Ted A. Troutman, Esq.
          MUIR & TROUTMAN
          16100 NW Cornell Rd., Ste 200
          Beaverton, Oregon 97006
          Tel. No.: 503-292-6788
          Fax No. : 503-292-5799

     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.


PETTERS COMPANY: Trustee Taps Battles to Review Benefit Plans
-------------------------------------------------------------
Douglas A. Kelley, the trustee for Petters Company, Inc., et al.,
seeks to employ Anthony Ross Battles and Kelly, Hannaford &
Battles, P.A. as special counsel.

Battles is experienced in ERISA and related matters presenting
similar legal issues.  As special ERISA counsel, Battles will
advise, represent, or assist the Chapter 11 Trustee in carrying
out his duties, which include:

     * Review and analysis of the Petters Group
       Worldwide/Polaroid 401(k) plan;

     * Review and analysis of all other plans, retirement
       accounts, or medical benefit plans;

     * Review of information, data, and financial records
       maintained by Fidelity Investments, the third-party plan
       administrator and any other plan administrator;

     * Coordination of any required audits, distribution to
       participants, termination of all plans, filing of all
       necessary Form 5500s; and

     * Other related matters as may be necessary for the
       administration of the estate.

Special Counsel will be paid based on its hourly rates and will be
reimbursed of actual, necessary expenses.  The current hourly rate
of Anthony Ross Battles, who is currently expected to provide
services to the Chapter 11 Trustee is $295.

Special Counsel disclosed certain relationships that do not
constitute conflicts, but may be "connections" within the meaning
of Rule 2014 of the Federal Rules of Bankruptcy Procedure.  The
Chapter 11 Trustee believes that Special Counsel remains
disinterested in these cases.

                       About Petters Group

Based in Minnetonka, Minn., Petters Group Worldwide LLC is a
collection of some 20 companies, most of which make and market
consumer products.  It also works with existing brands through
licensing agreements to further extend those brands into new
product lines and markets.  Holdings include Fingerhut (consumer
products via its catalog and Web site), SoniqCast (maker of
portable, WiFi MP3 devices), leading instant film and camera
company Polaroid (purchased for $426 million in 2005), Sun Country
Airlines (acquired in 2006), and Enable Holdings (online
marketplace and auction for consumers and manufacturers' overstock
inventory).  Founder and chairman Tom Petters formed the company
in 1988.

Petters Company, Inc., is the financing and capital-raising unit
of Petters Group Worldwide.

Thomas Petters, the founder and former CEO of Petters Group, has
been indicted and a criminal proceeding against him is proceeding
in the U.S. District Court for the District of Minnesota.

Petters Company, Petters Group Worldwide and eight other
affiliates filed separate petitions for Chapter 11 protection
(Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008.  In its
petition, Petters Company estimated its debts at $500 million and
$1 billion.  Parent Petters Group Worldwide estimated its debts at
not more than $50,000.

Fruth, Jamison & Elsass, PLLC, represents Douglas Kelley, the duly
appointed Chapter 11 Trustee of Petters Company, Inc., et al.

Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed separate petitions for Chapter 11 bankruptcy
protection (Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and
08-35198) on Oct. 6, 2008.  Petters Aviation is a wholly owned
unit of Thomas Petters Inc. and owner of MN Airline Holdings, Sun
Country's parent company.


PITTSBURGH NATIONAL: Colin Dunwoody to Manage Golf Club
-------------------------------------------------------
U.S. Bankruptcy Court for the Western District of Pennsylvania,
appointed Edinburgh Golf, L.P. as the manager of Pittsburgh
National Golf Club, effective immediately.  Edinburgh Golf's
principal is industry veteran Colin Dunwoody, who owns and
operates St. Jude Golf Club in Chicora, Butler County,
consistently ranked as one of the 20 most challenging courses in
Western Pennsylvania.

It is anticipated that Pittsburgh National will emerge from
bankruptcy by the end of 2011, at which time Dunwoody will also
become majority owner of the golf club.  With more than 30 years
of experience in the golf industry, including many years as a
consultant specializing in agronomics, renovation, course
construction and golf club operations, as well as being a course
superintendent/course manager in Europe earlier in his career,
Dunwoody brings a wealth of acumen and the financial resources to
help the club overcome challenges it has faced over the last few
years.

"Pittsburgh National is a fantastic property with a great golf
course that needs a bit of T-L-C and some financial investment to
address the issues they've experienced," said Dunwoody.  "While
there have been some problems, I believe it offers tremendous
upside potential to share and leverage resources with St. Jude and
provides some economies of scale.  We've already begun to
implement a number of short-term improvements and are planning for
how best to achieve our longer term goals to bring the property
back to its former glory.  Our intention, in fact, is to make it
even more exceptional than it was before."

Immediate improvements being made include:

-- Replacement and upgrade of golf carts which have experienced
   mechanical issues this season

-- Restoration of the practice area, including the driving range,
   which is one of the only public grass ranges in the Greater
   Pittsburgh area

-- Implementation of an aerification program for the fairways

-- Reconditioning of the greens

-- Immediately updating the restaurant menu, with a re-launch as a
   full service restaurant and banquet facility at a later date

-- Adding more staff positions to provide a higher level of
   customer service

"It's been a tough summer and many courses around the area are
struggling," said Mark Bucci, Pittsburgh National's golf course
superintendent.  "We've made great strides in just the last few
weeks and the greens are really coming back.  With Colin's course
management knowledge and an infusion of capital, we'll be able to
accelerate the speed of our improvements; I'm very excited by the
possibilities for the club now and in the future."

Moving forward, according to Dunwoody, they will evaluate the
benefits of making Pittsburgh National a semi-private club and
will determine what type of memberships will best suit the needs
of area golfers.  They may also add a new set of tees for senior
players, and plan to establish an enhanced practice facility with
clinics, a robust juniors program and an expanded schedule of
private lessons, which are already currently available by
appointment.

Jim Villani, a highly regarded, long-time PGA golf professional
and a resident of The Links at Deer Run, the housing community
adjacent to the Pittsburgh National property, says homeowners are
encouraged by the announcement.  "Many of our residents moved here
to be close to the course, so we're very pleased by the high
priority being given to their short-term goals, as well as to the
long-term improvements they're planning.  We believe not only will
the changes add value to our properties, but will enhance
everyone's enjoyment of the club, as well."

                      About Pittsburgh National

Pittsburgh National Golf Club, located in Gibsonia, Pa. (West Deer
Township), is a public golf course on 189 rolling and wooded
acres.   It features an 18-hole, par 72, 6,933-yard championship
golf course with bentgrass greens, tees and fairways, complemented
by an appealing layout with no blind shots.  It has a large
practice facility featuring a 250-yard long, 70-yard wide grass
driving range with open, heated hitting stalls available for year-
round use.  A large putting green and chipping area with sand
bunkers completes the professionally groomed practice facility.

The championship course has played host to several professional
and amateur events since opening in 1994 and is open to the public
seven days a week.  The restaurant, bar and banquet facility are
currently being updated with a new menu and some cosmetic
appointments, with additional changes planned for early 2012.  The
club is easily accessible from Pittsburgh, Butler and surrounding
areas via Routes 8 and 910.


PREMIER TRAILER: Combined Plan Hearing Set for Oct. 3
-----------------------------------------------------
The Bankruptcy Court will hold a combined hearing on Oct. 3, 2011,
at 10:00 a.m. to consider confirmation of Premier Trailer Leasing
Inc. and its affiliates' plan of reorganization and approval of
the accompanying disclosure statement explaining the Plan.

Objections to the disclosure statement, confirmation of the Plan,
or objections to the proposed assumption of executory contracts
and expired leases are due Sept. 23, 2011.

The Debtors originally requested that the Court hold the Combined
Hearing on Sept. 15.  Second lien lender Fifth Street Mezzanine
Partners III, L.P., objected to the proposed timeline, calling it
"onerous and unwarranted."  Fifth Street said the Debtors --
undoubtedly at the behest of the first lien lenders -- have
determined to prosecute the Chapter 11 cases at hyper-speed in a
transparent effort to marginalize Fifth Street and general
unsecured creditors and torpedo the ability of Fifth Street to
recovery anything on account of its claim.

Fifth Street said scheduling the confirmation hearing three weeks
from the bankruptcy filing is prejudicial and unfairly burdensome
to Fifth Street and the Court.  Fifth Street believes that at
least 10 weeks are needed to retain a valuation expert and permit
the expert to evaluate the Debtors' books and records and
formulate a report; take discovery; and depose any witnesses that
the Debtors will provide in support of their valuation estimate.

The Plan is a "prepackaged" plan of reorganization.  The primary
purpose of the Plan is to implement the restructuring of the
Debtors' capital structure based on the Debtors' present and
future operating prospects and to provide the Debtors with greater
liquidity.  Based on current projections, the funds available from
the Debtors' operations and other sources will not be sufficient
to meet the Debtors' debt service requirements or other
obligations unless the restructuring is consummated.  The Debtors
believe that their restructuring will provide them with an
appropriate capital structure in light of their projected
opportunities and prospects.

To finance Premier's trailer fleet and provide for ongoing working
capital needs, at their inception in 2005 the Debtors, with
Premier as borrower and PTL Holdings LLC as guarantor, entered
into a senior secured credit revolving facility dated June 3,
2005, with Bank of America, N.A., The CIT Group/Business Credit
Inc., and Textron Financial Corporation.  The First Lien Credit
Agreement is an asset based revolver and letter of credit
facility.  As of the Petition Date, the total amount outstanding
under the First Lien Credit Agreement was $84 million.

In October 2007, the Debtors, with Premier as borrower and
Holdings as guarantor, entered into a junior term loan agreement
with Fifth Street, as lender, for borrowings of $17.5 million.
The Second Lien Credit Agreement is secured by substantially all
of the Debtors' assets, junior only to the First Lien Credit
Facility.  Fifth Street has a second lien on substantially the
same collateral package provided to the Agent under the First Lien
Credit Agreement. The outstanding obligations under the Second
Lien Credit Agreement, inclusive of PIK Interest and unpaid
interest, was $27.1 million as of the Petition Date.

In early 2010, the Debtors retained Carl Marks Advisory Group to
analyze their business and assist in brokering a workable
restructuring.  In February 2010, the Debtors also retained Lazard
Middle Market LLC to assist in evaluating and marketing the
Debtors' business and assets for a potential sale to a third
party.  As a result of their efforts, Lazard entered into non-
disclosure agreements with 38 potential buyers, which resulted in
the Debtors receiving 10 bids for their business.  However, the
Lenders and the Company found that the consideration proposed in
the bids was not sufficient, and formal efforts to sell the
Debtors' business were terminated in June 2010.  Subsequently, in
September 2010, the Company received an unsolicited bid from a
sponsor-backed strategic buyer; however, the purchase price
offered was below the range of other bids received.  The price was
deemed unacceptable by the Lenders, and the Company did not accept
the bid.

Following the conclusion of the sale process, the Debtors'
negotiated with their Lenders for a potential Lender-led
restructuring transaction.  The Debtors proposed for the Lenders
to provide an infusion of additional liquidity to grow the
business and to repay the Lenders either through growth of the
Debtors' business or a sale of the business in a more favorable
economic climate. The Lenders were unwilling to provide a capital
infusion in an amount the Debtors believed necessary to accomplish
the Lenders' goals, the Debtors proposed alternative structures
involving third party financing.  A meeting was held and term
sheet delivered by the Debtors to the Lenders in early September
2010 proposing a transaction designed to allow the Lenders to
recover a significant portion of their debt and the Debtors to
receive needed liquidity through a third party.  The Lenders and
the Debtors exchanged term sheets, and several negotiation
sessions were held during the fall of 2010. However, these
negotiations were ultimately unsuccessful.

Commencing in January 2011, the Lenders, which consisted of BofA,
Garrison Investment Group, and Burdale Financial Limited, retained
advisors to analyze the Debtors' operations and to prepare for an
orderly wind-down of the Debtors' business.  In mid-April 2011,
while negotiations concerning the wind-down of the Debtors'
business were ongoing, BofA sold its position in the First Lien
Credit Agreement to certain affiliates of Garrison and also
resigned in its capacity as agent under the First Lien Credit
Agreement.  Following BofA's resignation as agent and Garrison's
acquisition of a controlling interest in the First Lien Credit
Agreement, the Debtors and the Lenders -- who at the time
consisted of Garrison and Burdale -- entered into negotiations for
a restructuring of the Debtors' indebtedness that would allow the
Debtors to continue as a going concern.

The Debtors, together with their advisors, worked diligently with
the Lenders to arrive at a structure that would maximize recovery
for the Lenders and the other creditors and constituencies.
Ultimately, the Lenders were unable to agree on a workable
solution to either restructure the Debtors' obligations and keep
operations going forward or wind-down the Debtors' obligations and
liquidate Premier's assets.  Garrison purchased Burdale's interest
in the First Lien Credit Agreement in June 2011 thereby leaving
Garrison as the sole Lender under the First Lien Credit Agreement.
Garrison has extended the maturity date on the First Lien Credit
Agreement -- which date, is currently Aug. 31, 2011 -- while
Garrison and the Debtors negotiated the Debtors' reorganization
prospects.

The Plan, which was filed together with the Debtors' petition,
gives Garrison 100% of the equity of reorganized Premier in
exchange for the discharge of obligations owed under the First
Lien Credit Agreement.  The claim, worth $84,000,000, is
classified under Class 3.

The Plan also provides for a payment to Garrison from the
borrowings under Reorganized Premier's senior secured asset based
lending exit financing facility such that Reorganized Premier will
have availability of $20 million under such facility -- First Lien
Credit Agreement's Cash Payment -- or, alternatively, the issuance
of a 6-month note to Garrison in the amount of the First Lien
Credit Agreement Lenders' Cash Payment, with a junior secured
claim on Reorganized Premier's assets.

Class 3 is the only class entitled to vote on the Plan, and
Garrison has voted for the Plan.

Class 1 Priority Non-Tax Claims, worth $200,00, is to recover 100%
of the claim.  Other Secured Claims in Class 2 will also recover
100%.  The Debtors do not believe any Class 2 Claims exist but
have created this class solely out of an abundance of caution.

Meanwhile, holders of Second Lien Credit Agreement Claims, worth
$27,100,000, in Class 4 and holders of general unsecured claims,
worth $550,000, in Class 5 will not receive any distributions.
Intercompany claims in Class 6 also get nothing.  The existing
membership interest in Holdings and the existing equity interests
in Premier -- both in Class 7 -- will be cancelled under the Plan
and the holders will not receive any distributions on account of
the interests.

In connection with developing the Plan, the Debtors reviewed their
current business operations and compared their prospects as an
ongoing business enterprise with the estimated recoveries in
various liquidation scenarios.  As a result, the Debtors concluded
that the Debtors' enterprise value would be maximized by
continuing to operate as a going concern.

The Debtors believed that their businesses and assets have value
that would not be realized in a liquidation, either in whole or in
substantial part.  Consistent with the liquidation analysis, the
value of the Debtors' assets would be greater if the Debtors
operate as a going concern instead of liquidating.

Moreover, the Debtors believe that any alternative to confirmation
of the Plan, such as an out-of-court restructuring, liquidation,
or attempts by another part in interest to file a plan of
reorganization, would result in significant delays, litigation,
and additional costs, and ultimately would lower the Debtors'
value.

                   About Premier Trailer Leasing

Founded in 2005, PTL Holdings LLC and Premier Trailer Leasing,
Inc., provide semi-trailer rentals, specializing in road-ready
semi-vans and flatbeds for the mid-market segment of the
transportation industry.  Headquartered in Grapevine, Texas, they
operate their business out of 19 branches in 15 different states
in the United States.

PTL Holdings and Premier sought bankruptcy protection (Bankr. D.
Del. Lead Case No. 11-12676) on Aug. 23, 2011.  Brendan Linehan
Shannon presides over the case.  Pachulski Stang Ziehl & Jones LLP
serves as the Debtors' bankruptcy counsel.  Kurtzman Carson
Consultants, LLC, serves as claims and noticing agent.  PTL
Holdings estimated $100 million to $500 million in assets and
debts.  The petitions were signed by Scott J. Nelson, chief
executive officer.

Garrison Loan Agency Services LLC, the administrative agent under
the First Lien Credit Agreement, is represented by:

          Peter J. Antoszyk, Esq.
          PROSKAUER ROSE LLP
          One International Place
          Boston, MA 02110-2600
          Tel: 617-526-9749
          Fax: 617-526.9899
          E-mail: pantoszyk@proskauer.com

               - and -

          Jeffrey W. Levitan, Esq.
          PROSKAUER ROSE LLP
          Eleven Times Square
          New York, NY 10036-8299
          Tel: 212-969-3239
          Fax: 212-969-2900
          E-mail: jlevitan@proskauer.com

Second lien lender Fifth Street Mezzanine Partners III, L.P., is
represented by:

          M. Blake Cleary, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR LLP
          The Brandywine Building
          1000 West Street, 17th Floor
          Wilmington, DE 19801
          Tel: 302-571-6600
          Fax: 302-571-1253
          E-mail: mbcleary@ycst.com

               - and -

          Robert T. Schmidt, Esq.
          Stephen D. Zide, Esq.
          KRAMER LEVIN NAFTALIS & FRANKEL LLP
          1177 Avenue of the Americas
          New York, NY 10036
          Tel: 212-715-9100
          Fax: 212-715-8000
          E-mail: rschmidt@kramerlevin.com
                  szide@kramerlevin.com


PREMIER TRAILER: Has Green Light to Borrow $1.5MM DIP Loan
----------------------------------------------------------
PTL Holdings LLC and Premier Trailer Leasing Inc. won interim
authority to (a) incur post-petition, priming secured financing in
the principal amount of up to $1,500,000 from Garrison Loan Agency
Services LLC, as administrative agent, as an extension of the
Debtors' existing working capital secured financing, without any
roll-up of prepetition debt, (b) use cash collateral in which the
Debtors' prepetition lenders may have an interest, and (c) provide
adequate protection to the lenders.

The DIP Loan proceeds may be used to (a) pay interest, costs, and
expenses incurred with respect to the DIP Obligations, and (b)
finance ongoing general working capital needs of the Debtors,
including, but not limited to chapter 11 professional fees and
expenses.

The interest rate for the DIP Obligations will be the existing
variable rate for Base Rate Loans under the First Lien Credit
Agreement, which is currently 5.75% per annum.

The DIP Loan matures (i) Oct. 7, 2011, (ii) on the failure of the
Debtors to obtain a Final Order on or before the date which is 30
days after the Petition Date, (iii) the effective date of a plan
of reorganization, or (iv) the occurrence of an event of default
under the First Lien Credit Agreement.

The DIP Obligations will secured by first priority priming liens
against all assets of the Debtors and their estates pursuant to
sections 364(c)(2), 364(c)(3) and 364(d)(1) of the Bankruptcy
Code, subject to the carve-out and excluding avoidance actions and
related proceeds.  The DIP Obligations also shall be treated as
superpriority administrative expense claims pursuant to section
364(c)(1) of the Bankruptcy Code.  The carve-out consists of (a)
quarterly fees required to be paid pursuant to 28 U.S.C. Sec.
1930(a)(6), together with interest payable thereon pursuant to
applicable law and any fees payable to the Clerk of the Bankruptcy
Court; (b) allowed fees and expenses of attorneys, accountants,
financial advisors, consultants and other professionals employed
by the Debtors and any official committees of creditors pursuant
to Sections 327 and 1103 of the Bankruptcy Code accrued through
the DIP Commitment Termination Date, and up to the amount of
$25,000 accrued thereafter.

As of the Petition Date, the Debtors had $110 million of
outstanding indebtedness on a consolidated basis, consisting of
(a) $83 million under a senior secured, revolving credit facility,
and (b) $27 million under a second lien term loan.

The First Lien Agent, on behalf of the First Lien Lenders, has
consented to the Debtors' use of Cash Collateral.  The First Lien
Lenders are affiliates of the First Lien Agent, GOF II NON RE LO
LLC, GOF II NON RE LO Series B LLC, GOF Class A and B LLC, GOF
Class C LLC, Fairchild Offshore Master Fund L.P., and Fairchild
Offshore Master Fund II L.P.

The Debtors' ability to use Cash Collateral will end on the DIP
Commitment Termination Date.

The parties with an interest in the Cash Collateral are: (i) the
First Lien Agent, for the benefit of the First Lien Lenders, and
(ii) Fifth Street Mezzanine Partners III, L.P., as agent to the
Second Lien Lenders.

The Debtors believe that the value of their property that is
secured by the lien of the First Lien Agent is less than the
amount of the aggregate obligations owed to the First Lien Lenders
and, accordingly, the Second Lien Lenders have only an unsecured
claim against the Debtors' estates. The Debtors propose, however,
to provide the same adequate protection to the Second Lien Lenders
that is being provided to the First Lien Lenders on account of
their prepetition obligations, junior in all respects to the
rights, protections and claims of the First Lien Lenders,
including the DIP Obligations, and without prejudice to the
Debtors' rights to seek to modify the adequate protection granted
to the Second Lien Lenders.

A final hearing on the Debtor's DIP Financing Motion is set for
Oct. 3.

                   About Premier Trailer Leasing

Founded in 2005, PTL Holdings LLC and Premier Trailer Leasing,
Inc., provide semi-trailer rentals, specializing in road-ready
semi-vans and flatbeds for the mid-market segment of the
transportation industry.  Headquartered in Grapevine, Texas, they
operate their business out of 19 branches in 15 different states
in the United States.

PTL Holdings and Premier sought bankruptcy protection (Bankr. D.
Del. Lead Case No. 11-12676) on Aug. 23, 2011.  Brendan Linehan
Shannon presides over the case.  Pachulski Stang Ziehl & Jones LLP
serves as the Debtors' bankruptcy counsel.  Kurtzman Carson
Consultants, LLC, serves as claims and noticing agent.  PTL
Holdings estimated $100 million to $500 million in assets and
debts.  The petitions were signed by Scott J. Nelson, chief
executive officer.

Garrison Loan Agency Services LLC, the administrative agent under
the First Lien Credit Agreement, is represented by Proskauer Rose
LLP.  Second lien lender Fifth Street Mezzanine Partners III,
L.P., is represented by Young Conaway Stargatt & Taylor LLP and
Kramer Levin Naftalis & Frankel LLP.

On the Petition Date, the Debtors filed a Prepackaged Plan.  The
primary purpose of the Plan is to effectuate the restructuring and
substantial de-leveraging of the Debtors' capital structure in
order to bring it into alignment with the Debtors' present and
future operating prospects and to provide the Debtors with greater
liquidity.  The Plan gives the First Lien Lenders, owed $84
million, 100% of the equity of reorganized Premier in exchange for
the discharge of obligations owed under the First Lien Credit
Agreement.  Holders of Second Lien Credit Agreement Claims, worth
$27,100,000, and holders of general unsecured claims, worth
$550,000, will get nothing.


PREMIER TRAILER: Seeks Extension of Schedules Filing Deadline
-------------------------------------------------------------
PTL Holdings LLC and Premier Trailer Leasing LLC ask the
Bankruptcy Court to:

     -- grant them an additional 30 days to file their schedules
        of assets and liabilities and statements of financial
        affairs beyond the automatic 30-day extension granted
        under Rule 1007-1(b) of the Local Rules of Bankruptcy
        Practice and Procedure of the U.S. Bankruptcy Court for
        the District of Delaware, without prejudice to the
        Debtors' right to seek a further extension for cause
        shown,

     -- waive the requirement to file the Schedules and Statements
        if the Debtors confirm their Prepackaged Joint Chapter 11
        Plan of Reorganization and the Plan becomes effective
        prior to the expiration of the extension; and

     -- direct the Office of the United States Trustee not to
        convene a meeting of creditors or equity security holders
        in the Debtor's chapter 11 cases.

An extension would give the Debtors a total of 60 days from the
Petition Date to file their Schedules and Statements.  Inasmuch as
the Debtors anticipate that the chapter 11 cases will be of a
short duration, the Debtors seek to have the deadline to file
their Schedules and Statements extended.  The Debtors do not
intend to file a motion to establish a claims bar date because
their proposed restructuring does not provide for the payment of
any amounts to holders of general unsecured claims.

                   About Premier Trailer Leasing

Founded in 2005, PTL Holdings LLC and Premier Trailer Leasing,
Inc., provide semi-trailer rentals, specializing in road-ready
semi-vans and flatbeds for the mid-market segment of the
transportation industry.  Headquartered in Grapevine, Texas, they
operate their business out of 19 branches in 15 different states
in the United States.

PTL Holdings and Premier sought bankruptcy protection (Bankr. D.
Del. Lead Case No. 11-12676) on Aug. 23, 2011.  Brendan Linehan
Shannon presides over the case.  Pachulski Stang Ziehl & Jones LLP
serves as the Debtors' bankruptcy counsel.  Kurtzman Carson
Consultants, LLC, serves as claims and noticing agent.  PTL
Holdings estimated $100 million to $500 million in assets and
debts.  The petitions were signed by Scott J. Nelson, chief
executive officer.

Garrison Loan Agency Services LLC, the administrative agent under
the First Lien Credit Agreement, is represented by Proskauer Rose
LLP.  Second lien lender Fifth Street Mezzanine Partners III,
L.P., is represented by Young Conaway Stargatt & Taylor LLP and
Kramer Levin Naftalis & Frankel LLP.

On the Petition Date, the Debtors filed a Prepackaged Plan.  The
primary purpose of the Plan is to effectuate the restructuring and
substantial de-leveraging of the Debtors' capital structure in
order to bring it into alignment with the Debtors' present and
future operating prospects and to provide the Debtors with greater
liquidity.  The Plan gives the First Lien Lenders, owed $84
million, 100% of the equity of reorganized Premier in exchange for
the discharge of obligations owed under the First Lien Credit
Agreement.  Holders of Second Lien Credit Agreement Claims, worth
$27,100,000, and holders of general unsecured claims, worth
$550,000, will get nothing.


PRIUM LAKEWOOD: Court Enters Final Decree Closing Case
------------------------------------------------------
On Aug. 11, 2011, the U.S. Bankruptcy Court for the Western
District of Washington at Tacoma entered a final decree closing
the Chapter 11 case of Prium Lakewood Buildings LLC.

As reported in the TCR on June 9, 2011, Judge Paul B. Snyder
confirmed on May 2, 2011, the Debtor's amended plan of
reorganization.

                       About Prium Lakewood

Tacoma, Washington-based Prium Lakewood Buildings LLC owns several
parcels of commercial real property.  The properties comprise
Lakewood Colonial Center, an income-producing retail and office
center.  Prium Lakewood is owned by Prium Companies LLC.

Prium Lakewood filed for Chapter 11 bankruptcy protection on
Oct. 19, 2010 (Bankr. W.D. Wash. Case No. 10-48621).  Kevin A.
Bay, Esq., at Ryan Swanson & Cleveland PLLC, in Seattle, Wash.,
assists Prium Lakewood in its restructuring effort.  Prium
Lakewood estimated its assets and debts at $10 million to
$50 million as of the Petition Date.

Affiliates Chelsea Heights LLC (Bankr. W.D. Wash. Case No.
10-44959), Prium Kent Retail LLC (Bankr. W.D. Wash. Case No.
10-45715), Prium Meeker Mall LLC (Bankr. W.D. Wash. Case No.
10-45713), and Prium Tumwater Buildings LLC (Bankr. W.D. Wash.
Case No. 10-44962) filed separate Chapter 11 petitions.

Judge Paul B. Snyder confirmed on May 2, 2011, the amended plan
of reorganization.

The Plan centers on the restructuring of the Debtor's obligations
to the First Independent Bank, leasing the remaining vacant space
at the Lakewood Colonial Center (approximately 10%) and a sale or
refinance of the Center in 2013.


PUBLIC SAVINGS BANK: Closed; Capital Bank NA Assumes All Deposits
-----------------------------------------------------------------
Public Savings Bank of Huntingdon Valley, Pa., was closed
Thursday, Aug. 18, 2011, by the Pennsylvania Department of
Banking, which appointed the Federal Deposit Insurance Corporation
as receiver.  To protect the depositors, the FDIC entered into a
purchase and assumption agreement with Capital Bank, National
Association, of Rockville, Md., to assume all of the deposits of
Public Savings Bank.

The sole branch of Public Savings Bank will reopen during normal
banking hours as a branch of Capital Bank, National Association.
Depositors of Public Savings Bank will automatically become
depositors of Capital Bank, National Association.  Deposits will
continue to be insured by the FDIC, so there is no need for
customers to change their banking relationship in order to retain
their deposit insurance coverage up to applicable limits.
Customers of Public Savings Bank should continue to use their
existing branch until they receive notice from Capital Bank,
National Association, that it has completed systems changes to
allow other Capital Bank, National Association, branches to
process their accounts as well.

As of June 30, 2011, Public Savings Bank had around $46.8 million
in total assets and $45.8 million in total deposits.  In addition
to assuming all of the deposits of the failed bank, Capital Bank,
National Association, agreed to purchase essentially all of the
assets.

Customers with questions about the transaction should call the
FDIC toll-free at 1-800-523-8089.  Interested parties also can
visit the FDIC's Web site at

http://www.fdic.gov/bank/individual/failed/publicsvgs.html.

The FDIC estimates that the cost to the Deposit Insurance Fund
will be $11.0 million.  Compared to other alternatives, Capital
Bank, National Association's acquisition was the least costly
resolution for the FDIC's DIF.  Public Savings Bank is the 65th
FDIC-insured institution to fail in the nation this year, and the
first in Pennsylvania.  The last FDIC-insured institution closed
in the state was Earthstar Bank, Southampton, on December 10,
2010.


QIMONDA RICHMOND: Settles GE Unit's Lease Claim for $15 Million
---------------------------------------------------------------
Ian Thoms at Bankruptcy Law360 reports that Qimonda Richmond LLC
agreed on Thursday to pay $15.3 million to settle a claim brought
in Delaware bankruptcy court by General Electric Capital Corp.,
which leased semiconductor manufacturing equipment to the defunct
chip-maker.

According to Law360, GECC had filed a bankruptcy claim for $94
million, saying Qimonda owed it for unpaid rent and damage done to
the manufacturing equipment. Under terms of the settlement, GECC
will also get the proceeds from the planned sale of the equipment.

                          About Qimonda AG

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in
Richmond, Va.

Qimonda AG commenced insolvency proceedings in a local court in
Munich, Germany, on Jan. 23, 2009.  On June 15, 2009, QAG filed
a petition (Bankr. E.D. Va. Case No. 09-14766) for relief under
Chapter 15 of the U.S. Bankruptcy Code.

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR sought Chapter 11 protection (Bankr.
D. Del. Case No. 09-10589) on Feb. 20, 2009.  Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Lee E. Kaufman, Esq., at
Richards Layton & Finger PA, in Wilmington Delaware; and Mark
Thompson, Esq., Morris J. Massel, Esq., and Terry Sanders, Esq.,
at Simpson Thacher & Bartlett LLP, in New York City, represent the
Debtors as counsel.  Roberta A. DeAngelis, the United States
Trustee for Region 3, appointed seven creditors to serve on an
official committee of unsecured creditors.  Jones Day and Ashby &
Geddes represent the Committee.  In its bankruptcy petition,
Qimonda Richmond, LLC, estimated more than US$1 billion in assets
and debts.  The information, the Debtors said, was based on
Qimonda Richmond's financial records which are maintained on a
consolidated basis with Qimonda North America Corp.


QSGI INC: Emerges From Chapter 11 Bankruptcy
--------------------------------------------
QSGI INC. was notified that the Honorable Erik P. Kimball, United
States Bankruptcy Judge, Southern District of Florida, entered a
final decree to close the Chapter 11 case.  The signing of this
order signifies that QSGI, Inc. has emerged from bankruptcy.

Marc Sherman, Chairman/CEO of QSGI, Inc., explained, "We are very
pleased to exit Chapter 11, and to focus our attention on the
business of generating value for our shareholders.  We have
emerged a much stronger company with a solid balance sheet,
sustainable profitability, as well as a clear and achievable
growth strategy.  We still have some documents to file to bring
our status current with the SEC, and we expect to have that done
on or before November 1st.  In the meantime, we plan to keep our
investors regularly updated on our business."

                          About QSGI Inc.

Palm Beach, Florida-based QSGI, Inc., et al., operated as a
technology services provider, offering a full suite life-cycle for
their corporate and government clients' entire information
technology platform.  The Debtors serviced three separate business
segments: Data Center Maintenance Services; Data Security and
Compliance; and Network Infrastructure Design and Support.  The
Debtors filed for Chapter 11 protection on July 2, 2009 (Bankr.
S.D. Fla. Lead Case No. 09-23658).  Michael A Kaufman, Esq., at
Michael A. Kaufman, P.A., in West Palm Beach, Fla., represents the
Debtors as counsel.

In its schedules, QSGI, Inc., disclosed $8,511,894 in assets and
$11,110,417 in liabilities.

On Sept. 24, 2009, the Bankruptcy Court approved the sale of
substantially all of the assets of the DSC division of QSGI to
Victory Park Capital, and the sale of substantially all assets of
the DCM division of Qualtech Services Group, Inc., to SMS
Maintenance, LLC.  Following the closing of the DSC Sale and the
DCM Sale, the Debtors ceased substantially all business
operations.

As reported in the TCR on March 29, 2011, the Bankruptcy Court
confirmed on March 21, 2011, the Debtors' Third Amended Plan of
Reorganization filed by QSGI, Inc., QSGI-CCSI, Inc., and Qualtech
Services Group, Inc., dated Feb. 1, 2011.  The confirmation order
was entered by the Judge on May 4, 2011.


QUALIA CLINICAL: Can Avoid Inova Lien, 8th Circuit Rules
--------------------------------------------------------
Samuel Howard at Bankruptcy Law360 reports that the Eighth Circuit
ruled Tuesday that Inova Capital Funding LLC's lien on the
accounts receivable of defunct drug tester Qualia Clinical
Services Inc. was avoidable as a preference payment because the
creditor had perfected the security interest in the run-up to
Qualia's bankruptcy filing.

According to Law360, the appeals court concluded that Inova had
improved its position as a creditor with a $1 million claim when
it filed a UCC-1 financing statement - perfecting its security
interest - a month before Qualia filed for bankruptcy in
March 2009.

                    About Qualia Clinical

Qualia Clinical Services Inc. is a full-service Contract Research
Organization with facilities in North America and Europe. Qualia
serves the pharmaceutical, biotechnology and generic industries
with Early and Late Phase clinical research, clinical
pharmacology, bioequivalence, PK/PD analysis, data management and
statistical services.

Qualia filed for Chapter 11 bankruptcy (Bankr. District of
Nebraska Case No. 09-80629) on March 18, 2009.  Robert F. Craig,
Esq. -- robert@craiglaw.org -- Robert F. Craig, P.C., in Omaha,
Nebraska, serves as the Debtor's counsel.  In its petition, the
Debtor estimated $1 million to $10 million in assets and
liabilities.


QUALTEQ INC: U.S. Trustee Appoints 5-Member Creditors Committee
---------------------------------------------------------------
Chapter11Cases.com reports that last week, the United States
Trustee announced the appointment of a five-member Official
Committee of Unsecured Creditors in the chapter 11 cases of
Qualteq Inc. and a host of affiliated companies.

The members of the Creditors' Committee are:

    * Plami S.A. De. C.V.
    * Quad/Graphics Inc.
    * XPEDX
    * Bradner Smith & Company (a wholly owned subsidiary of
      Bradner Center Company)
    * JDSU Uniphase Corporation

According to a notice of appearance filed with the bankruptcy
court yesterday, the Creditors' Committee has selected the law
firms of Lowenstein Sandler PC and Womble Carlyle Sandridge & Rice
PLLC as its counsel in the Qualteq bankruptcy cases.

The bankruptcy court has also entered orders addressing many of
the "first day" motions that Qualteq filed.  These motions sought
the ability to use cash collateral of secured creditors, pay
employees and pay certain vendors, among other things.

                       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.


QUEPASA CORP: Files Form 10-Q, Incurs $2.3-Mil. Q2 Net Loss
-----------------------------------------------------------
Quepasa Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $2.30 million on $1.84 million of revenue for the three months
ended June 30, 2011, compared with a net loss of $1.88 million on
$1.15 million of revenue for the same period a year ago.

The Company also reported a net loss of $3.79 million on $4.08
million of revenue for the six months ended June 30, 2011,
compared with a net loss of $4.54 million on $1.47 million of
revenue for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $20.64
million in total assets, $8.03 million in total liabilities and
$12.61 million in total stockholders' equity.

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

                       http://is.gd/hlXdKL

                     About Quepasa Corporation

West Palm Beach, Fla.-based Quepasa Corporation (OTC BB: QPSA)
through its Web site -- http://www.Quepasa.com/-- operates as an
online social community for young Hispanics.

Quepasa reported a consolidated net loss of $6.65 million on
$6.05 million of revenue for the fiscal year ended Dec. 31, 2010,
compared with a net loss of $10.58 million on $536,000 of revenue
during the prior year.

Salberg & Company, P.A., in Boca Raton, Florida, independent
report following the 2010 results did not contain a going concern
qualification for Quepasa Corp.

As reported in the Troubled Company Reporter on March 9, 2010,
Salberg & Company, P.A. expressed substantial doubt about the
Company's ability to continue as a going concern following the
2009 results.  The independent auditors noted of the Company's
net loss and net cash used in operating activities in 2009 of
$10.58 million and $3.88 million, respectively, and a
stockholders' deficit and an accumulated deficit of $3.90 million
and $159.33 million, respectively, at Dec. 31, 2009.


QUINCY MEDICAL: Can Employ Casner & Edwards as Lead Counsel
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts
granted Quincy Medical Center Inc., et al., permission to employ
Casner & Edwards, LLP, as the Debtors' lead counsel, effective as
of July 1, 2011.

As reported in the TCR on July 14, 2011, the hourly rates of
Casner & Edwards LLP's professionals are:

   Partners and of counsel     $295 to $425
   Associates                  $200 to $300
   Paralegals                   $95 to $150

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

                   About Quincy Medical Center

Quincy Medical Center is a 196-bed, nonprofit hospital in Quincy,
Massachusetts.

Quincy Medical Center, Inc. together with two affiliates, sought
Chapter 11 protection (Bankr. D. Mass. Lead Case No. 11-16394) on
July 1, 2011.

John T. Morrier, Esq., at Casner & Edwards, LLP, in Boston, serves
as counsel to the Debtors.  Navigant Capital Advisor LLC and
Navigant Consulting Inc. serve as financial advisors.  Epiq
Bankruptcy Solutions LLC is the claims, noticing, and balloting
agent.

Quincy disclosed assets of $73 million and liabilities of
$79.4 million.  Debt includes $56.4 million owing on secured bonds
issued through a state health-care finance agency.  There is
another $2.5 million secured obligation owing to Boston Medical
Center Corp.  Accrued liabilities are $18.2 million.  As reported
in the Troubled Company Reporter on Aug. 9, 2011, Quincy disclosed
$71,214,530 in assets and $81,319,414 in liabilities.

On July 12, 2011, the U.S. Trustee for the District of
Massachusetts appointed the Official Committee of Unsecured
Creditors.


QUINCY MEDICAL: Committee Can Retain Deloitte FAS as Fin'l Advisor
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts has
granted the Official Committee of Unsecured Creditors of Quincy
Medical Center, Inc., et al., permission to retain Deloitte
Financial Advisory Services LLP as its financial advisor.

As reported in the TCR on Aug. 10, 2010, Deloitte FAS will, among
other things:

   -- assist and advise the Committee in connection with the
   identification, development, and implementation of strategies
   related to the Debtors' business plan and other matters, as
   agreed, relating to the restructuring of the Debtors' business
   operations;

   -- assist the Committee in understanding the business and
   financial impact of various operational, financial, and
   strategic restructuring alternatives on the Debtors; and

   -- advise the Committee in connection with its negotiations and
   due diligence efforts with other parties relating to the sale
   of the business.

The hourly rates of Deloitte FAS' personnel are:

         Partner/Principal/Director                $810 - $875
         Senior Manager                                $770
         Manager                                       $675
         Senior Associate                              $520
         Associate and Junior Staff                $310 - $420
         Administrative                                $125

Notwithstanding the foregoing, Deloitte FAS will agree to take a
voluntary reduction in its fees so that the blended rate for the
services does not exceed $425 per hour.

Sheila T. Smith, a principal of Deloitte FAS, assured the Court
that Deloitte FAS is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

                   About Quincy Medical Center

Quincy Medical Center is a 196-bed, nonprofit hospital in Quincy,
Massachusetts.

Quincy Medical Center, Inc. together with two affiliates, sought
Chapter 11 protection (Bankr. D. Mass. Lead Case No. 11-16394) on
July 1, 2011.

John T. Morrier, Esq., at Casner & Edwards, LLP, in Boston, serves
as counsel to the Debtors.  Navigant Capital Advisor LLC and
Navigant Consulting Inc. serve as financial advisors.  Epiq
Bankruptcy Solutions LLC is the claims, noticing, and balloting
agent.

Quincy disclosed assets of $73 million and liabilities of
$79.4 million.  Debt includes $56.4 million owing on secured bonds
issued through a state health-care finance agency.  There is
another $2.5 million secured obligation owing to Boston Medical
Center Corp.  Accrued liabilities are $18.2 million.

On July 12, 2011, the U.S. Trustee for the District of
Massachusetts appointed the Official Committee of Unsecured
Creditors.


QUINCY MEDICAL: Committee Can Retain Duane Morris as Co-Counsel
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts has
granted the Official Committee of Unsecured Creditors of Quincy
Medical Center, Inc., et al., permission to retain Duane Morris
LLP as its counsel, nunc pro tunc to July 12, 2011.

As reported in the TCR on Aug. 10, 2011, Duane Morris will, among
other things:

   -- assist and advise the Committee as to its communications to
  the general creditor body regarding significant matters in the
  chapter 11 cases;

   -- represent the Committee at all hearings and other
   proceedings before the Court; and

   -- review and analyze motions, applications, orders,
   statements, operating reports and schedules filed with this
   Court and advise the Committee as to their propriety, and to
   the extent deemed appropriate by the Committee support, join or
   object thereto, as applicable.

The hourly rates of Duane Morris' personnel are:

         Partners                    $375 - $935
         Special Counsel and Counsel $300 - $915
         Associates                  $225 - $510
         Paraprofessionals           $125 - $335

Duane Morris attorneys expected to have primary responsibility for
providing services to the Committee are:

         Paul D. Moore, partner          $695
         Jeffrey D. Sternklar, partner   $675
         Wendell M.N. Harp, associate    $350

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

                   About Quincy Medical Center

Quincy Medical Center is a 196-bed, nonprofit hospital in Quincy,
Massachusetts.

Quincy Medical Center, Inc. together with two affiliates, sought
Chapter 11 protection (Bankr. D. Mass. Lead Case No. 11-16394) on
July 1, 2011.

John T. Morrier, Esq., at Casner & Edwards, LLP, in Boston, serves
as counsel to the Debtors.  Navigant Capital Advisor LLC and
Navigant Consulting Inc. serve as financial advisors.  Epiq
Bankruptcy Solutions LLC is the claims, noticing, and balloting
agent.

Quincy disclosed assets of $73 million and liabilities of
$79.4 million.  Debt includes $56.4 million owing on secured bonds
issued through a state health-care finance agency.  There is
another $2.5 million secured obligation owing to Boston Medical
Center Corp.  Accrued liabilities are $18.2 million.

On July 12, 2011, the U.S. Trustee for the District of
Massachusetts appointed the Official Committee of Unsecured
Creditors.


QUINCY MEDICAL: Ombudsman Taps SAK Mgmt. as Medical Oper. Advisor
-----------------------------------------------------------------
Suzanne Koenig, solely in her capacity as patient care ombudsman
appointed in Quincy Medical Center, Inc., and its debtor
affiliates' Chapter 11 cases, asks the U.S. Bankruptcy Court for
the District of Massachusetts for authorization to employ SAK
Management Services, LLC, as medical operations advisor for the
Ombudsman, nunc pro tunc as of Aug. 10, 2011.

On Aug. 10, 2011, the Office of the United States Trustee
appointed Suzanne Koenig as Ombudsman.

The Ombudsman is the President of SAK, which specializes in the
distressed management of health care businesses.

SAK will render these services:

  -- Review license and government permits;

  -- Review patient, family, staff or employee complaints;

  -- Review litigation relating to the Debtor;

  -- Review various financial information, including, without
     limitation, current financial statements, cash projections,
     accounts receivable reports and accounts payable reports; and

  -- Assist the Ombudsman with other services as may be required.

To the best of the Ombudsman's knowledge, SAK (a) does not hold or
represent any interest adverse to the Debtors or their respective
Chapter 11 estates, their creditors, or any other party in
interest and (b) is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

The current hourly rates of SAK's principal professionals are:

     Suzanne Koenig                     $400
     Joyce Ciyou                        $350
     Elizabeth Allee                    $350
     Steve Gazdick                      $350
     Jamie Kahn                         $300

                   About Quincy Medical Center

Quincy Medical Center is a 196-bed, nonprofit hospital in Quincy,
Massachusetts.

Quincy Medical Center, Inc. together with two affiliates, sought
Chapter 11 protection (Bankr. D. Mass. Lead Case No. 11-16394) on
July 1, 2011.

John T. Morrier, Esq., at Casner & Edwards, LLP, in Boston, serves
as counsel to the Debtors.  Navigant Capital Advisor LLC and
Navigant Consulting Inc. serve as financial advisors.  Epiq
Bankruptcy Solutions LLC is the claims, noticing, and balloting
agent.

Quincy disclosed assets of $73 million and liabilities of
$79.4 million.  Debt includes $56.4 million owing on secured bonds
issued through a state health-care finance agency.  There is
another $2.5 million secured obligation owing to Boston Medical
Center Corp.  Accrued liabilities are $18.2 million.

On July 12, 2011, the U.S. Trustee for the District of
Massachusetts appointed the Official Committee of Unsecured
Creditors.


RADIENT PHARMACEUTICALS: Court OKs Final Pact with Alpha, et al.
----------------------------------------------------------------
Radient Pharmaceuticals Corporation, on Aug. 25, 2011, entered
into new settlement agreement with Alpha Capital Anstalt and
Whalehaven Capital Fund Ltd that amended and restated the Original
Settlement Agreement, which was approved by the Court on Aug. 26,
2011.

Alpha Capital and Whalehaven Capital filed a complaint against the
Company regarding the number of warrants they received in a
registered direct offering the Company completed in November 2009
and the shareholder vote the Company obtained at the Company's
Dec. 3, 2010, annual shareholder meeting.

On May 10, 2011, the Company entered into a Settlement Agreement
with the Plaintiffs pursuant to which the Company agreed to issue
that number of shares of its common stock equal in value to
$10,912,055 at the time of issuance, which shares were evidenced
in part by convertible promissory notes issued to the Plaintiffs.
That Settlement Agreement, as amended on May 23, 2011, was
approved by the United States District Court for the Southern
District of New York which issued an order providing that the
common stock issuable under the notes were exempt securities under
Section 3(a)(10) of the Securities Act of 1933, as amended.

On July 19, 2011, the Plaintiffs wrote a letter to the Court that
the Company failed to perform its obligations under the Original
Settlement Agreement, which allegations the Company had disputed.

The Final Settlement Agreement was consented to by Iroquois Master
Fund Limited, Cranshire Capital, LP, Bristol Investment Fund Ltd.,
Kingsbrook Opportunities Master Fund LP and Freestone Advantage
Partners LP.

Under the terms of the Final Settlement Agreement, the Company
issued its 8% convertible promissory notes in the principal amount
of $4,559,842 to Alpha Capital and $3,496,415 to Whalehaven.  The
Company is obligated retire the Notes in monthly installments,
commencing Jan. 31, 2012, by the payment in cash or by delivery
shares of the Company's common stock in an amount equal to 6.25%
of the principal amount of each Note, plus accrued interest.  In
the event the Company elects to make installment payments in
common stock, the Company will be obligated to make monthly
delivery of shares of common stock that are not subject to any
restrictions on resale under Rule 144 under the Securities Act
valued at 80% of the three lowest volume weighted average closing
prices of the Company's common stock over the 20 trading days
immediately prior to each installment payment date.  It is the
Company's present intention to amortize the Notes with its common
stock, although the Company may elect to pay one or more such
installments in cash.

The Company agreed to reserve an aggregate of 175.0 million shares
of authorized and previously unissued Common Stock for potential
issuance to the Plaintiffs for issuance upon their conversion of
the Notes.  The Company further agreed to keep a sufficient number
of shares of Common Stock for purposes of enabling issuing all of
the Settlement Shares pursuant to the Final Settlement Agreement
and the Notes.

Pursuant to the Final Settlement Agreement the Company was
released from all liability and claims from the Plaintiffs arising
under the Original Settlement Agreement.

A full-text copy of the Final Settlement Agreement is available
for free at http://is.gd/9EthLh

                   About Radient Pharmaceuticals

Headquartered in Tustin, Calif., Radient Pharmaceuticals
Corporation -- http://www.Radient-Pharma.com/-- is engaged in the
research, development, manufacturing, sale and marketing of its
ONKO-SURE(TM) a proprietary IVD Cancer Test in the United States,
Canada, China, Chile, Europe, India, Korea, Taiwan, Vietnam and
other markets throughout the world.

Radient said in October 2010 it incurred a trigger event on the
12% Convertible Notes issued in first and second quarter of 2010
due to its failure to have the related registration statement
declared effective by June 1, 2010.  The Company filed on Sept. 7,
2010, an Event of Default under those same notes occurred since it
did not hold the related shareholder meeting by Aug. 31, 2010.

The Company reported a net loss of $85.71 million on $231,662 of
net revenues for the year ended Dec. 31, 2010, compared with a net
loss of $16.62 million on $8.62 million of net revenues during the
prior year.

The Company's balance sheet at March 31, 2011, showed $5.56
million in total assets, $19.04 million in total liabilities, all
current, and a $13.48 million total stockholders' deficit.

RPC's Form 10-K for the fiscal year ended Dec. 31, 2010, included
an audit opinion with a "going concern" explanatory paragraph.  As
reported by the TCR on May 31, 2011, KMJ Corbin & Company LLP,
in Costa Mesa, California, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company has incurred significant operating
losses, had negative cash flows from operations in 2010 and 2009,
and has a working capital deficit of approximately $53 million at
Dec. 31, 2010.


RADIENT PHARMACEUTICALS: Incurs $29.9-Mil. 2nd Quarter Net Loss
---------------------------------------------------------------
Radient Pharmaceuticals Corporation filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
reporting a net loss of $29.93 million on $124,716 of net revenues
for the three months ended June 30, 2011, compared with a net loss
of $23.87 million on $45,552 of net revenues for the same period
during the prior year.

The Company also reported a net loss of $41.36 million on $155.371
of net revenues for the six months ended June 30, 2011, compared
with a net loss of $26.47 million on $82,394 of net revenues for
the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $2.02 million
in total assets, $38.37 million in total liabilities, all current,
and a $36.35 million total stockholders' deficit.

Radient said in October 2010 it incurred a trigger event on the
12% Convertible Notes issued in first and second quarter of 2010
due to its failure to have the related registration statement
declared effective by June 1, 2010.  The Company filed on Sept. 7,
2010, an Event of Default under those same notes occurred since it
did not hold the related shareholder meeting by Aug. 31, 2010.

The Company reported a net loss of $85.71 million on $231,662 of
net revenues for the year ended Dec. 31, 2010, compared with a net
loss of $16.62 million on $8.62 million of net revenues during the
prior year.

RPC's Form 10-K for the fiscal year ended Dec. 31, 2010, included
an audit opinion with a "going concern" explanatory paragraph.  As
reported by the TCR on May 31, 2011, KMJ Corbin & Company LLP,
in Costa Mesa, California, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company has incurred significant operating
losses, had negative cash flows from operations in 2010 and 2009,
and has a working capital deficit of approximately $53 million at
Dec. 31, 2010.

Radient Chairman and CEO Mr. Douglas MacLellan stated, "Subject to
the availability of sufficient working capital, we intend to focus
on building distribution networks, coupled with increased
marketing activities to raise awareness of our cancer test with
prescribing doctors.  We anticipate that sales will continue to
increase in 2011 in the domestic as well as international markets
as a result of these efforts.  "While our potential for revenue
growth based upon our currently approved indications in various
markets across the world remains significant, we intend, subject
to working capital availability, to continue to make strategic
investments in research and development supporting regulatory
clearances for new cancer indications."

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

                       http://is.gd/ACkTqs

                    About Radient Pharmaceuticals

Headquartered in Tustin, Calif., Radient Pharmaceuticals
Corporation -- http://www.Radient-Pharma.com/-- is engaged in the
research, development, manufacturing, sale and marketing of its
ONKO-SURE(TM) a proprietary IVD Cancer Test in the United States,
Canada, China, Chile, Europe, India, Korea, Taiwan, Vietnam and
other markets throughout the world.


RANCHER ENERGY: Posts $243,600 Net Loss in June 30 Quarter
----------------------------------------------------------
Rancher Energy Corp. filed its quarterly report on Form 10-Q,
reporting a net loss of $243,670 for the three months ended
June 30, 2011, compared with a net loss of $960,291 for the same
period ended June 30, 2010.  The Company had no revenues from
continuing operations in both periods.

Professional and legal fees included in reorganization items were
$97,596 for the fiscal quarter ended June 30, 2011, compared to
$140,475 for the corresponding fiscal quarter of 2010.

The Company recorded a net loss from discontinued operations of
$6,323 in the most recent fiscal quarter, compared to a net loss
of $416,589 for the corresponding three months of 2010.

The Company's balance sheet at June 30, 2011, showed $5.1 million
in total assets, $1.8 million in total liabilities, and
stockholders' equity of $3.3 million.

A copy of the Form 10-Q is available at http://is.gd/PD30gB

                      About Rancher Energy

Denver, Colorado-based Rancher Energy Corp. (OTC BB: RNCHQ)
-- http://www.rancherenergy.com/-- is an independent energy
company that explores for and develops produces, and markets oil
and gas in North America.  Through March 2011, the Company
operated four oil fields in the Powder River Basin, Wyoming.

Effective March 1, 2011, the Company sold all of its oil and gas
properties, which has allowed it to eliminate the majority of its
debt and also provide financial resources during its continuing
reorganization.

The Company was formerly known as Metalex Resources, Inc., and
changed its name to Rancher Energy Corp. in 2006.  Rancher Energy
Corp. was incorporated in the State of Nevada on Feb. 4, 2004.

Rancher Energy filed for Chapter 11 bankruptcy protection on
Oct. 28, 2009 (Bankr. D. Colo. Case No. 09-32943).  Herbert A.
Delap, Esq., who has an office in Denver, Colorado, assists the
Debtor in its restructuring effort.  In its petition, the Company
estimated assets and debts of between $10 million and $50 million
each.

As reported in the TCR on March 25, 2011, the Company delivered to
the Bankruptcy Court a first amended Chapter 11 plan of
reorganization, and first amended disclosure statement explaining
that plan.


RASER TECHNOLOGIES: Judges Approves Chapter 11 Plan
---------------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that U.S. Bankruptcy
Judge Kevin J. Carey on Tuesday cleared Raser Technologies Inc. to
implement its reorganization plan, after the geothermal energy
company trimmed down and clarified release provisions that drew
fire from creditors and several government entities.

According to Law360, Judge Carey signed off on the plan, saying
the amended release provisions - which grant protection from
lawsuits - are justified under the unique circumstances of the
case.

Raser's plan would sell the business to a group including Linden
Advisors LP and Tenor Capital Management LP in exchange for debt
they hold and $2.5 million cash.  Unsecured creditors would
receive interests in a litigation trust.  Linden and Tenor are
providing financing for the Chapter 11 case.  They already own
about half of the $57.2 million owing on 8% convertible senior
unsecured notes, a court filing said.

                      About Raser Technologies

Raser Technologies Inc. (NYSE: RZ) is a renewable energy company
focusing on geothermal power development.  The Company has one
operating plant in Utah and another eight early and development
stage projects in Utah, New Mexico, Nevada and Oregon.  The
Company invested $120 million in Thermo No. 1, its sole operating
plant, which is near Beaver, Utah, and has a power generation
capacity of 10 megawatts.  The City of Anaheim, California, agreed
in 2008 to buy the generated electricity for 20 years.

Provo, Utah-based Raser Technologies, Inc., also known as Wasatch
Web Advisors, Inc., filed for Chapter 11 protection (Bankr. D.
Del. Case No. 11-11315) on April 29, 2011.

Other Debtor affiliates filed for separate Chapter 11 protection
on April 29, 2011,  (Bankr. Case Nos. 11-11319 - 11-11350).
Peter S. Partee, Sr., Esq., and Richard P. Norton, Esq., at Hunton
& Williams LLP represent the Debtors in their restructuring
efforts.  The Debtors' local counsel is Bayard, P.A.  Sichenzia
Ross Friedman Ference LLP serves as the Debtors' corporate
counsel.  The Debtors' financial advisor is Canaccord Genuity.

A three-member official committee of unsecured creditors has been
formed in the Chapter 11 case.  Foley & Lardner LLP represents the
Committee.  The Committee also tapped Womble Carlyle Sandridge &
Rice, PLLC, as co-counsel, BDO Consulting, a division of BDO USA,
LLP, as its financial advisor and accountant; and BDO Capital
Advisors, LLC its investment banker.

The Company reported a net loss of $101.80 million on
$4.25 million of revenue for the fiscal year ended Dec. 31, 2010,
compared with a net loss of $20.90 million on $2.19 million of
revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed
$41.84 million in total assets, $107.78 million in total
liabilities, $5.00 million of Series A-1 cumulative convertible
preferred stock, and a stockholders' deficit of $70.94 million.


RCC NORTH: Hearing Vacated as U.S. Bank Takes Control of Assets
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona vacated the
hearing scheduled for Aug. 11, 2011, in response to RCC North,
LLC's notice of withdrawal of motion to reinstate automatic stay.

The Debtor related that on Aug. 10, secured lender U.S. Bank,
foreclosed on the Debtor's property rendering the motion to
reinstate moot.

Previously, the Debtor requested that the Court (i) vacate its
order granting motion for relief from the automatic stay entered
on July 1, 2011, allowing US Bank N.A., as Trustee for the
Registered Holders of Merrill Lynch Mortgage Trust 2006-C1,
Commercial Mortgage Pass-Through Certificates, Series 2006-C1 to
exercise its remedies with respect to the Debtor's property; and
(b) reinstate the automatic stay to prevent US Bank's exercise of
its remedies against the Debtor's property.

                       About RCC North LLC

Scottsdale, Arizona-based RCC North LLC owns and operates two
Class A office buildings and the related corporate campuses known
as Phase I and Phase II of the Raintree Corporate Center located
north of the northeast corner of Loop 101 (Pima Freeway) and
Raintree Drive, at 15333 North Pima Road and 15111 North Pima
Road, respectively, in Scottsdale, Arizona.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Ariz. Case No. 10-11078) on Apr. 15, 2010.  John J. Hebert, Esq.,
Mark W. Roth, Esq., and Philip R. Rudd, Esq. at Polsinelli
Shughart PC represent the Debtor in its restructuring effort.  The
Company estimated its assets and debts at $50 million to
$100 million in its Chapter 11 petition.


RCC NORTH: Wants Confirmation of US Bank's Chapter 11 Plan Denied
-----------------------------------------------------------------
RCC North, LLC, asks the U.S. Bankruptcy Court for the District of
Arizona to deny confirmation of the US Bank Plan of Reorganization
dated March 10, 2010.

The Plan was filed by U.S. Bank, N.A., as trustee for the
Registered Holders of Merrill Lynch Mortgage Trust 2006-C1,
Commercial Mortgage Pass-Through Certificates, Series 2006-C1.

According to the Debtor, the US Bank Plan must not be confirmed
because, among other things, the US Bank Plan fails to satisfy the
requirements of:

   1. 11 U.S.C. Sec. 1129(a)(2) because US Bank failed to comply
   with the disclosure and solicitation requirements of Sec. 1125
   and 1126;

   2. 11 U.S.C. Sec. 1129(a)(5) because it fails (i) to disclose
   the identity and affiliations of any individuals proposed to
   serve as "successor to the debtor" under the US Bank Plan and
   (ii) to demonstrate that the appointment of any such successor
   is consistent with the interests of creditors and equity
   security holders and with public policy;

   3. 11 U.S.C. Sec. 1129(a)(8) because US Bank did not solicit,
   nor obtain, acceptances of the US Bank Plan from impaired
   classes of creditors, and the impaired classes of creditors
   have not accepted the Plan;

   4. 11 U.S.C. Sec. 1129(a)(9)(A) because tenants holding a claim
   for tenant security deposits will not "receive on account of
   such claim cash equal to the allowed amount of such claim" on
   the effective date of the plan and, upon information and
   belief, such tenants have not agreed to a different treatment.

   5. 11 U.S.C. Sec. 1129(a)(12) because the US Bank Plan does not
   provide for US Bank's payment of post-confirmation quarterly
   fees to the U.S. Trustee, and does not provide any means for
   the Debtor to pay such fees.

At the July 27 confirmation hearing for US Bank's competing plan,
US Bank informed the Court that (a) it did not intend to withdraw
its competing plan; (b) it was not prepared to seek confirmation
of its competing plan, (c) it was going to amend its competing
plan to address the objections of the Debtor and other objecting
parties; and (d) it needed a 30 day continuance of the hearing, as
a status hearing, to address the objections to its competing plan.

The Court set a continued status hearing regarding US Bank's
competing plan for Aug. 31, 2011 at 11:30 a.m.

As previously reported by the Troubled Company Reporter, U.S. Bank
proposed a Chapter 11 plan of reorganization for the Debtor on
March 10, 2011, a copy of which is available for free at
http://bankrupt.com/misc/RCCNorth_USBankDS.pdf
The Plan proposes, among other things, to transfer to U.S. Bank
title to any personal property collateral for its loan including
cash collateral.  The bank will be required to pay allowed
unsecured claims in full from its cash collateral after the plan
takes effect.

U.S. Bank, as trustee for the Registered Holders of Merrill Lynch
Mortgage Trust 2006-C1, Commercial Mortgage Pass-Through
Certificates, Series 2006-C1, is the Debtor's primary secured
lender.

Creditors eligible to vote may send in their ballots for the Plan
no later than five business days before the Confirmation Hearing
Date.

                       About RCC North LLC

Scottsdale, Arizona-based RCC North LLC owns and operates two
Class A office buildings and the related corporate campuses known
as Phase I and Phase II of the Raintree Corporate Center located
north of the northeast corner of Loop 101 (Pima Freeway) and
Raintree Drive, at 15333 North Pima Road and 15111 North Pima
Road, respectively, in Scottsdale, Arizona.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Ariz. Case No. 10-11078) on Apr. 15, 2010.  John J. Hebert, Esq.,
Mark W. Roth, Esq., and Philip R. Rudd, Esq. at Polsinelli
Shughart PC represent the Debtor in its restructuring effort.  The
Company estimated its assets and debts at $50 million to
$100 million in its Chapter 11 petition.


REITTER CORP: Term Loan Tranche Maturity Date Expires Today
-----------------------------------------------------------
The termination date of certain tranches of term loans from Banco
Popular de Puerto Rico to Reitter Corporation expires today,
unless otherwise extended by the court or parties.

The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico previously approved a stipulation
between the parties extending until Sept. 1, 2011, the termination
date of certain tranches of term loans.

Banco Popular has a secured claim for $10,182,258.

The Debtor's proposed Chapter 11 plan provides that Banco Popular
will be paid in full at a 25 year amortization rate accruing a per
annum interest rate of 5% with a balloon payment of the
outstanding balance on April 30, 2014.  The bank will retain
unaltered its first mortgage on Reitter's realty and its lien over
almost all of Reitter's assets.

                    About Reitter Corporation

San Juan, Puerto Rico-based Reitter Corporation dba Hospital San
Gerardo filed for Chapter 11 protection (Bankr. D. P.R. Case No.
10-07152) on Aug. 6, 2010.  In its schedules, the Debtor disclosed
$20,440,765 in total assets and $17,250,033 in total debts.
Alexis Fuentes-Hernandez, Esq., in San Juan, P.R., represents the
Debtor as counsel.


RITZ INTERACTIVE: Must Obtain Court Approval to Meet Payroll
------------------------------------------------------------
Mark Brohan at Internet Retailer, citing papers filed with the
Court, reports that Ritz Interactive Inc. said emergency motions
are needed by Sept. 2, 2011, to meet payroll and pay for some
inventory.  If the motions aren't approved, the Company said it
may be forced to temporarily cease operating.

Based in Irvine, California, Ritz Interactive Inc. filed for
Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 11-
21690) on Aug. 19, 2011.  Judge Erithe A. Smith presides over the
case.  Scott F. Gautier, Esq., at Peitzman weg & Lempinsky LLP,
represents the Debtor.  The Debtor listed assets of $809,192, and
debts of $7,212,463.


RIVERHEAD PARK: Court Terminates Chapter 11 Case
------------------------------------------------
As reported in the TCR on May 4, 2011, the U.S. Bankruptcy Court
for the Eastern District of New York confirmed the Third Amended
Plan of Reorganization filed by Riverhead Park Corp. on Feb. 2,
2011, according to the minutes of the hearing.  On July 28, 2011,
United States Bankruptcy Judge Robert E. Grossman entered a final
decree closing the Debtor's Chapter 11 case.

Riverhead, New York-based Riverhead Park Corp. operates a real
estate business.  The Company filed for Chapter 11 (Bankr.
E.D.N.Y. Case No. 09-78152) on Oct. 27, 2009.  Harold M. Somer,
Esq., assists the Debtor in its restructuring effort.  According
to the Debtor's schedules, it has assets of $10,020,000, and total
debts of $5,995,696.


RIVER EAST: Amends Plan to Revise Lender's Lien Treatment
---------------------------------------------------------
River East Plaza, LLC, Geneva Leasing Associates, Inc., and Geneva
Investment Management Services, Inc., filed with the U.S.
Bankruptcy Court for the Northern District of Illinois, Eastern
Division, a third amended joint Chapter 11 Plan of Reorganization
on August 23, 2011.

According to papers filed in court, the Third Amended Plan is
required only because the Lender, LNV Corporation, on June 14,
2011, made its election pursuant to Section 1111(b)(2) of the
Bankruptcy Code, thereby electing to have all of its Claims
treated as though they were Secured Claims as permitted under
Section 1111(b)(2).

Specifically, unlike the Second Amended Plan, the current Plan
provides that the Lender will retain its lien on the real property
commonly known as River East Plaza located at 401-465 East
Illinois Street, in Chicago, Illinois, until its Agreed Secured
Claim is paid in full under the terms of the Plan.

The Third Amended Plan, the Plan Proponents said, does not alter
or revise the treatment of any Creditors other than the Lender as
compared to the prior plan.

A full-text copy of the Third Amended Plan is available for free
at http://ResearchArchives.com/t/s?76c6

                    About River East Plaza, LLC

Chicago, Illinois-based River East Plaza, LLC, filed for Chapter
11 bankruptcy protection (Bankr. N.D. Ill. Case No. 11-05141) on
Feb. 10, 2011.  Michael E. Gosman, Esq., at Whyte Hirschboeck
Dudek S.C., serves as the Debtor's bankruptcy counsel.  Cindy
O'Drobinak was appointed as receiver for the Debtor.  The Receiver
is represented by Adam A. Hachikian, Esq., and Ryan T. Schultz,
Esq., at Fox, Hefter, Swibel, Levin & Carroll, LLP, in Chicago,
Illinois.  The Debtor disclosed $19,410,255 in assets and
$45,268,651 in liabilities as of the Chapter 11 filing.


RIVER EAST: Receiver Can Access Cash Collateral Until Sept. 30
--------------------------------------------------------------
Judge Eugene R. Wedoff of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized Cindy O'Drobinak,
receiver for River East Plaza, LLC, to use LNV Corporation's cash
collateral and up to an additional $250,000 in DIP financing
provided by LNV through Sept. 30, 2011.

The cash collateral and DIP loan amount will be used to fund
ordinary course of business expenses, including brokers'
commissions, tenant improvements and construction coordination
fees associated with the court-approved lease with T Terry
Consulting LLC.

The T Terry lease provides that T Terry would lease Suite 330 of
the River East Plaza for a term of five years at $14.82 net
effective/sf/yr.  As necessary component of any lease agreement,
the Receiver has paid broker commissions and provided a tenant
improvement allowance to T Terry, totaling in excess of $65,000.

LNV, according to the Receiver, has agreed to allow her to use its
cash collateral generated by operations of the building to fund
the lease agreement.

                    About River East Plaza, LLC

Chicago, Illinois-based River East Plaza, LLC, filed for Chapter
11 bankruptcy protection (Bankr. N.D. Ill. Case No. 11-05141) on
Feb. 10, 2011.  Michael E. Gosman, Esq., at Whyte Hirschboeck
Dudek S.C., serves as the Debtor's bankruptcy counsel.  Cindy
O'Drobinak was appointed as receiver for the Debtor.  The Receiver
is represented by Adam A. Hachikian, Esq., and Ryan T. Schultz,
Esq., at Fox, Hefter, Swibel, Levin & Carroll, LLP, in Chicago,
Illinois.  The Debtor disclosed $19,410,255 in assets and
$45,268,651 in liabilities as of the Chapter 11 filing.


ROTHSTEIN ROSENFELDT: Trustee Sues Hedge Fund Heads for $40 Mil.
----------------------------------------------------------------
Lisa Uhlman at Bankruptcy Law360 reports that the Chapter 11
trustee overseeing Rothstein Rosenfeldt Adler PA's liquidation
filed a new, $40 million adversary suit Monday, targeting three
hedge fund managers, their wives and related companies for
capitalizing on Scott Rothstein's $1.2 billion Ponzi scheme.

Law360 relates that the suit -- which names Regent Capital
Partners LLC; Murray and Laura Huberfeld; the Bodner Family
Foundations and David and Naomi Bodner; husband and wife Mark
Nordlicht and Dahlia Kalter; and SFS Capital Funding LLC -- seeks
to recover fraudulent transfers the defendants allegedly received
from the law firm.

                    About Rothstein Rosenfeldt

Scott Rothstein, co-founder of law firm Rothstein Rosenfeldt Adler
PA -- http://www.rra-law.com/-- has been suspected of running a
$1.2 billion Ponzi scheme.  U.S. authorities claimed in a civil
forfeiture lawsuit filed Nov. 9, 2009, that Mr. Rothstein, the
firm's former chief executive officer, sold investments in non-
existent legal settlements.  Mr. Rothstein pleaded guilty to five
counts of conspiracy and wire fraud on Jan. 27, 2010.

Creditors of Rothstein Rosenfeldt Adler signed a petition sending
the Florida law firm to bankruptcy (Bankr. S.D. Fla. Case No.
09-34791).  The petitioners include Bonnie Barnett, who says she
lost $500,000 in legal settlement investments; Aran Development,
Inc., which said it lost $345,000 in investments; and trade
creditor Universal Legal, identified as a recruitment firm, which
said it is owed $7,800.  The creditors alleged being owed money
invested in lawsuit settlements.

Herbert M. Stettin, the state-court appointed receiver for
Rothstein Rosenfeldt, was officially carried over as the
Chapter 11 trustee in the involuntary bankruptcy case.

On June 10, 2010, Mr. Rothstein was sentenced to 50 years in
prison.


RM HOTELS: Wins Dismissal of Chapter 11 Case
--------------------------------------------
On Aug. 8, 2011, the U.S. Bankruptcy Court for the Northern
District of Georgia dismissed the Chapter 11 case of RM Hotels,
Inc.

As reported in the TCR on July 27, 2011, the Debtor asked the
Bankruptcy Court to dismiss its Chapter 11 case, saying that it
has worked out a satisfactory arrangement with its principal
secured creditor and all of its smaller undisputed unsecured
creditors have been paid.

According to the Debtor, its principal R.C. Patel, and secured
creditor RL BB Financial Inc. have engaged in negotiations and
have arrived at an engagement on July 8, 2011, which resolved
disputes with the secured party, provides for forbearance and
requires dismissal of the pending Chapter 11 case.

Atlanta, Georgia-based RM Hotels, Inc., filed for Chapter 11
bankruptcy protection (Bankr. N.D. Ga. Case No. 10-74708) on
May 18, 2010.  The Debtor is represented by Frank B. Wilensky,
Esq., at Macey, Wilensky, Kessler & Hennings, LLC, in Atlanta.
The Debtor scheduled total assets of $18,723,400 and total
liabilities of $11,631,559 as of the Petition Date.

The Office of the U.S. Trustee for Region 21 notified the U.S.
Bankruptcy Court for the Northern District of Georgia that it was
unable to appoint an official committee of unsecured creditors in
the Chapter 11 case of RM Hotels, Inc.


ROUND TABLE: Adds 2 Members to Creditors Committee
--------------------------------------------------
Pursuant to 11 U.S.C. Sec. 1102, the Acting United States
Trustee, has announced that Round Table Pizza, Inc.'s Committee of
Creditors holding unsecured claims now has five members.

N & A Ventures, Inc., and Harlan Family Trust are the new members
of the Committee.

The Creditors Committee now comprises:

      1. William Foley
         212 Elder Court
         San Ramon, CA 94582
         Tel: (925) 640-9777
         E-mail: billfoley5@comcast.net

      2. BDC 5 Mile Plaza, LP
         c/o Browman Development Company, Inc.
         1556 Parkside Drive
         Walnut Creek, CA 94596
         ATTN:  Mario Albert, General Counsel
         Tel: (925) 588-2229
         Fax: (925) 588-2230
         E-mail: malbert@browmandevelopment.com

      3. Leone Advertising
         2024 Santa Cruz Avenue
         Menlo Park, CA 94025
         Tel: (650) 854-5895 ext. 535
         Fax: (650) 854-7576
         E-mail: Laurel@leonead.com

      4. N & A Ventures, Inc.
         30231 Marbella Vista
         San Juan Capistrano, CA 92625
         Tel: (949) 388-0820
         E-mail: nghassemkhani@yahoo.com

      5. Harlan Family Trust
         Michael F. Harlan
         36 Red Hawk Lane
         Chico, CA 94528
         Tel: (530) 896-1171
         E-mail: meharld@hotmail.com

                      About Round Table Pizza

Based in Concord, California, Round Table Pizza, Inc. --
http://www.roundtablepizza.com/-- is a private, 100% employee-
owned company with corporate offices based in Concord, California.
Round Table is largely owned by an Employee Stock Ownership Plan,
with 3,190 participants.  The ESOP is designed and intended to
provide a source of retirement income to Round Table's loyal,
long-term employees.

Round Table filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Calif. Case No. 11-41431) on Feb. 9, 2011.  Judge Roger L.
Efremsky presides over the case.  Scott H. McNutt, Esq., at McNutt
Law Group serves as the Debtor's bankruptcy counsel.  The Debtors
also tapped Frank, Rimerman & Co. as an auditor and accountant.
Round Table disclosed $1,066,524 in assets and $35,625,649 in
liabilities as of the Chapter 11 filing.

The case is jointly administered with affiliates -- The Round
Table Franchise Corporation, Round Table Development Company, and
Round Table Pizza Nevada LLC.

The official committee of unsecured creditors has tapped
Brownstein Hyatt Farber Schreck, LLP as counsel.  The Debtor also
tapped First Bankers Trust Services, Inc. as discretionary,
independent, and institutional ESOP Trustee, and Johanson Berenson
LLP as an ESOP counsel.

First Bankers Trust Services, Inc., was appointed as institutional
trustee of the Round Table Restated Employee Stock Ownership Plan
and Trust (ESOP).  Johanson Berenson LLP serves as an ESOP
counsel.


ROYAL BANCSHARES: Posts $3.9 Million in Q2 Ended June 30
--------------------------------------------------------
Royal Bancshares of Pennsylvania, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of $3.9 million on net interest
income (before provision for loan and lease losses) of
$6.2 million for the three months ended June 30, 2011, compared
with a net loss of $4.3 million on net interest income (before
provision for loan and lease losses) of $8.3 million for the same
period of 2010.

The Company reported a net loss of $5.0 million on net interest
income (before provision for loan and lease losses) of
$12.7 million for the six month ended June 30, 2011, compared with
a net loss of $4.9 million on net interest income (before
provision for loan and lease losses) of $16.4 million for the same
period of 2010.

The Company's balance sheet at June 30, 2011, showed
$909.7 million in total assets, $830.5 million in total
liabilities, and stockholders' equity of $79.1 million.

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

                           FDIC Orders

On July 15, 2009, Royal Bank America agreed to enter into a
Stipulation and Consent to the Issuance of an Order to Cease and
Desist with each of the Federal Deposit Insurance Corporation
("FDIC") and the Commonwealth of Pennsylvania Department of
Banking ("Department").

The Orders require Royal Bank, among others, to maintain, after
establishing an adequate allowance for loan and lease losses, a
ratio of Tier 1 capital to total assets ("leverage ratio") equal
to or greater than 8% and a ratio of qualifying total capital to
risk-weighted assets (total risk-based capital ratio) equal to or
greater than 12%.

The Orders will remain in effect until modified or terminated by
the FDIC and the Department.

                    Federal Reserve Agreement

On March 17, 2010, the Company agreed to enter into a Written
Agreement (the "Federal Reserve Agreement") with the Federal
Reserve Bank of Philadelphia (the "Reserve Bank").

The material terms of the Federal Reserve Agreement provide, among
others, that the Company's board of directors will take
appropriate steps to fully utilize the Company's financial and
managerial resources to serve as a source of strength to its
subsidiary banks, including taking steps to ensure that Royal Bank
complies with the Orders previously entered into with the FDIC and
the Department on July 15, 2009.

The Federal Reserve Agreement will remain in effect and
enforceable until stayed, modified, terminated or suspended by the
Reserve Bank.

At June 30, 2011, based on capital levels calculated under
regulatory accounting principles, Royal Bank's total risk-based
capital and Tier 1 leverage ratios were 14.23% and 8.34%,
respectively.  As of June 30, 2011, each of the Company and Royal
Bank met all capital adequacy requirements to which it is subject.

                         Continued Losses

Over the past 14 quarters, the Company has recorded significant
losses totaling $101.1 million which were primarily related to
charge-offs on the loan and lease portfolio, impairment charges on
investment securities, and the establishment of a deferred tax
valuation allowance.

                      About Royal Bancshares

Headquartered in Narberth, Pennsylvania, Royal Bancshares of
Pennsylvania, Inc. -- http://www.royalbankamerica.com/-- is the
parent company of Royal Bank America, which engages in general
banking business principally in Montgomery, Chester, Bucks,
Philadelphia and Berks counties in Pennsylvania, southern New
Jersey, and Delaware.


RQB RESORT: Owner May Drop Marriott Brand Post-Bankruptcy
---------------------------------------------------------
Dow Jones' DBR Small Cap reports that owner of the Sawgrass
Marriott Resort & Cabana Club in Florida is proposing to drop its
Marriott affiliation upon its exit from Chapter 11 bankruptcy
protection.

RQB Resort LP and RQB Development LP own Florida's Sawgrass
Marriott Resort, the site of the U.S. PGA Tour's Tournament
Players Championship.

Ponte Vedra Beach, Florida-based RQB Resort, LP, aka Sawgrass
Marriott Resort & Cabana Club, filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Fla. Case No. 10-01596) on March 1, 2010.
The Company's affiliate -- RQB Development, LP, aka Sawgrass
Marriott Golf Villas & Spa -- filed a separate Chapter 11
petition.  The Company estimated its assets and debts at
$100 million to $500 million in its Chapter 11 petition.


RUSS COMPANIES: New JV Will Liquidate $52MM in Inventory
--------------------------------------------------------
SB Capital Group, LLC, Worldwide Merchandise Resources Corporation
and Just Inventory Solutions, LLC disclosed the formation of a
joint venture to dispose of all remaining inventory of iconic gift
maker The Russ Companies, Inc.  The joint venture was the
successful bidder of the inventory sold as a result of Chapter 7
proceedings in the United States Bankruptcy Court.

Inventory valued at more than $52 million at suggested retail will
be liquidated to the last piece.  In this historic event, buyers
will be able to capitalize on one of the most widely recognized
brands.  Sold worldwide, Russ has made quality gift products from
teddy bears and other plush toys, to gifts that preserve memories
of life's milestones and seasonal gifts that mark every festive
occasion.  Over the last few decades, gifts from Russ Berrie have
touched almost every household across America, with licensed
product including Barbie Pets, Curious George(R), Raggedy Ann &
Andy(R), Scooby Doo(TM), Corduroy(TM) and The Simpsons(R).

The joint venture released a statement saying "During its almost
50 years in business, The Russ Companies, Inc., has been a major
force in the gift business.  With its widespread availability and
its unsurpassed reputation for quality, the Russ Berrie brand has
set the industry standard.  An event of this nature is historic,
especially with a brand linked so inextricably with special
occasions and good memories."

The Russ Companies, Inc., has grown in scope, size and reputation
since its founding by the late Russell Berrie in 1963.  The Russ
trademark, synonymous with quality gifts, has been on products
available through the finest specialty and department stores, big
box retailers, national and regional drug and grocery chains,
local and national card and gift stores, book stores and other
fine retailers of every type.


S & Y ENTERPRISES: CAB Bedford Files Chapter 11 Plan
----------------------------------------------------
On Aug. 10, 2011, creditor CAB Bedford LLC filed a Chapter 11 Plan
of Reorganization of S & Y Enterprises, LLC, and an accompanying
Disclosure Statement with the U.S. Bankruptcy Court for the
Eastern District of New York.  The Debtor's exclusive right to
file a Chapter 11 Plan expired on May 9, 2011.

The CAB Plan is premised on a prompt sale of the Debtors' real
property to CAB Bedford for an amount at least sufficient to pay
all Allowed Claims against the Debtors in full in cash.

On May 11, 2011, the Debtors filed with the Bankruptcy Court the
Second Amended Chapter 11 Plan and Second Amended Disclosure
Statement of Sky Lofts dated May 11, 2011, and the Second Amended
Chapter 11 Plan and Second Amended Disclosure Statement for S & Y,
dated May 11, 2011.  The New Plan Documents were based upon a new
agreement dated May 8, 2011, to sell the Property to a new buyer
named Bedford JV LLC for $21 million, plus certain undisclosed
consideration provided to the Debtors' principals.

On May 23, 2011, CAB Bedford filed its objection to the Debtors'
Second Amended Plans of Reorganization and Second Amended
Disclosure Statements.

As set forth in the CAB Plan Objection, CAB Bedford believes that
the sale of the Property to the New Purchaser would give rise to
substantial damages in favor of CAB Bedford, thus increasing total
non-insider claims to an amount well in excess of the $21 million
cash purchase price under the New Sale Agreement.  As a
consequence, creditors would be impaired upon rejection of the
Original Sale Agreement (with CAB Bedford), and the Debtors cannot
confirm the New Plans without solicitation as required by the
Bankruptcy Code.

On May 24, 2011, the Bankruptcy Court determined that the Debtors
could no longer proceed with the approval of the New Disclosure
Statements or confirmation of the New Plans on the assumption that
unsecured creditors were unimpaired.

                          CAB's Proposal

CAB will (i) pay $21,969,118 to the Debtors' estates at closing,
with any excess sale proceeds remaining in the Disputed Non-
Insider Claims Reserve after all non-Insider Claims are resolved
to be paid too the Debtors' estates, and any excess sale proceeds
remaining in the Disputed Insider Claims Reserve after all Insider
Claims are resolved to be paid to CB Bedford or its designee, (ii)
waive all claims arising from the Debtors' rejection of the
Original Sale Agreement, and (iii) close within 14 days after
entry of an order confirming the CAB Plan.

Thus, all creditors will be paid in full, in cash, and therefore,
will be unimpaired under the CAB Plan, with any excess sale
proceeds remaining in the Disputed Claims Reserve to be retained
by the Debtors for the benefit of its members.

CAB's Plan designates 7 Classes of Claims and Interests:

Class I   - Capital One Secured Claim     Unimpaired. Paid in
                                          Full.

Class II  - CAB Bedford Secured Claim     Unimpaired. Paid in
                                          Full.

Class III - Galster Funding Secured       Unimpaired. Paid in
            Claim                         Full.

Class IV  - Priority Unsecured Claims     Unimpaired. Paid in
                                          Full.

Class V   - Non-Insider General           Unimpaired. Class V
            Unsecured Claim               Claims, to the extent
                                          Allowed, will be paid in
                                          full in cash.

Class VI  - Insider General Unsecured     Unimpaired. Class VI
            Claims                        Claims, to the extent
                                          Allowed, will be paid in
                                          full in cash.

Class VII - Equity Interest Holders       Unimpaired. Holders of
                                          Class VII Interests will
                                          retain their Interests
                                          in the Debtors' estates.

A copy of the Disclosure Statement for CAB Bedford LLC's Plan of
Reorganization of S & Y Enterprises, LLC, dated Aug. 10, 2011, is
available at:

    http://bankrupt.com/misc/S&Y.DSforCAB'sPlanfforDebtor.pdf

                   About S & Y Enterprises, LLC

Brooklyn, New York-based S & Y Enterprises, LLC, own and maintain
real estate.  The Company filed for Chapter 11 protection on
November 11, 2010 (Bankr. E.D.N.Y. Case No. 10-50623).  David
Carlebach, Esq., who has an office in New York, assists the Debtor
in its restructuring effort.  In its amended schedules, the
Company disclosed $20,200,095 in assets and $8,707,506 in
liabilities.


SAKS INC: S&P Raises Corp. Credit Rating to 'BB'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on New York City-based Saks Inc. to 'BB' from 'BB-'. The
outlook is stable.

"At the same time, we raised the issue-level rating on the
company's unsecured debt to 'BB' from 'BB-' and revised the
recovery rating to '3' from '4'. The '3' recovery rating indicates
our expectation of meaningful (50%-70%) recovery in the event of
payment default," S&P said.

"The upgrade and revision of the recovery rating reflect year-to-
date performance which has been above expectations," said Standard
& Poor's credit analyst David Kuntz, "and our view that the
company will continue to demonstrate moderate operational gains
over the near term." Credit metrics have improved and the
potential for further debt reduction during the second half of
2011 could likely strengthen them further.


SARGENT RANCH: Court Converts Case to Chapter 7 Case
----------------------------------------------------
The Honorable Peter W. Bowie converted the Chapter 11 case of
Sargent Ranch, LLC to one under Chapter 7 on Jul. 22, 2011, after
finding that despite the valiant efforts of the trustee and his
professionals, there does not appear to be a solution in the
bankruptcy arena for the Debtor's property.  The Debtor filed for
Chapter 11 protection on Jan. 4, 2010.

To recall, in response to the Court's order to show cause
regarding the conversion of the case to Chapter 7, the Chapter 11
Trustee set out that he had received an offer of $10,000,000 the
property, plus a 30% stake in the purchaser, which, if development
of the project was successful, might produce distributions up to
$77,000,000.

According to the Chapter 11 Trustee, the proposed sale would also
include an overbid auction, with the initial overbid of $900,000
and with a breakup fee of $500,000, plus actual expenses up to
$300,000.  However, the Trustee's proposal drew opposition from
investors/creditors holding fractional security interests in the
first, second, and third priority trustee deeds on the property.

It has been argued without controversion that the first tier
interest holders hold claims in excess of $100,000,000.  Thus,
even under the most optimistic view of the proposal, even the
first tier interest holders would not be paid in full, and the
second and third tier holders would be completely out of the
money, the Dismissal Order states.

The Court acknowledged that the Trustee and his professionals have
"done a most impressive job with little time and no resources."
However, the Court has already determined that the Debtor's case
is a single asset real estate case and it has been pending over
one and one-half years.  The case has been through Mr. Pierce as
manager, then the Watley Group, and then a Chapter 11 trustee.

                        About Sargent Ranch

La Jolla, California-based Sargent Ranch, LLC, filed for Chapter
11 bankruptcy (Bankr. S.D. Calif. Case No. 10-00046) on Jan. 4,
2010.  Douglas P. Wilson was appointed Chapter 11 Trustee on
Jan. 11, 2011.  John L. Smaha, Esq., at Smaha Law Group, APC,
assists the Company in its restructuring effort.  The Company
estimated its assets at $500 million to $1 billion and debts
$50 million to $100 million.  The U.S. Trustee has been unable to
form an official creditors committee in the case.

A plan of reorganization has been filed by the Debtor.  The Plan
provides that the secured creditors will be receiving substitute
collateral through a liquidating trust.  As of the effective date,
all liens and encumbrances on the Sargent Ranch property in
existence prior to the effective date will be eliminated and
replaced by the deed of trust held by the liquidating trust.
General and subordinated unsecured claims will be paid in full
without interest after the payment in full of all secured claims.
The payments will be paid pro rata semi-annually by the
distribution agent from the operating distribution fund.
The unsecured creditors can expect payments in full by year 2017.

Sargent Ranch's Plan did not prosper and Douglas P. Wilson was
appointed as Chapter 11 Trustee.  Mr. Wilson is represented by
lawyers at Higghs, Fletcher & Mack LLP.  Douglas P. Wilson
Companies provides accounting and real estate development related
services to the bankruptcy estate.


SAVANNAH OUTLET: Lender OKs Cash Collateral Use Through Oct. 31
---------------------------------------------------------------
Comm2006-C8 Gateway Boulevard Limited Partnership, as lender, and
Debtor Savannah Outlet Shoppes, LLC, asked the U.S. Bankruptcy
Court for the Southern District of Georgia, Savannah Division, to
approve a stipulation extending authorization for use of cash
collateral.

The Lender and Debtor agree that the authority for the continued
use of cash collateral should be extended from and including
August 1, 2011 until the earlier to occur of October 31, 2011 or
the occurrence of an Event of Default, as defined in the Final
Cash Collateral Order.

A full-text copy of the stipulation with the budget is available
for free at http://ResearchArchives.com/t/s?76c7

                   About Savannah Outlet Shoppes

Claremont, California-based Savannah Outlet Shoppes, LLC, owns and
operates a business related to the management and leasing of a
commercial shopping center located in Savannah, Georgia.

Savannah Outlet filed for Chapter 11 bankruptcy protection (Bankr.
S.D. Ga. Case No. 10-42135) on Oct. 4, 2010.  Karen F. White,
Esq., at Cohen Pollock Merlin & Small PC, represents the Debtor.
The Debtors' professionals include Bulovic Law Firm, LLC, as local
co-counsel, and Steven H. Spears as accountant.  The Debtor
estimated assets and debts at $10 million to
$50 million.


SECUREALERT INC: Incurs $2.4 Million Net Loss in June 30 Quarter
----------------------------------------------------------------
SecureAlert, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $2.38 million on $4.43 million of total revenues for the three
months ended June 30, 2011, compared with a net loss of $2.05
million on $3.08 million of total revenues for the same period a
year ago.

The Company also reported a net loss of $6.96 million on $11.99
million of total revenues for the nine months ended June 30, 2011,
compared with a net loss of $11.08 million on $9.28 million of
total revenues for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed $15.18
million in total assets, $10.48 million in total liabilities, and
$4.70 million in total equity.

The Company reported a net loss of $2.07 million on $3.68 million
of revenue for the three months ended Dec. 31, 2010, compared with
a net loss of $5.53 million on $3.20 million of total revenue for
the same period a year earlier.

The Company has incurred recurring net losses and negative cash
flows from operating activities.  These factors raise substantial
doubt about the Company's ability to continue as a going concern.

Management's plans with respect to this uncertainty include
expanding the market for its ReliAlert portfolio of products and
services, raising additional capital from the issuance of
preferred stock, entering into debt financing agreements.  There
can be no assurance that revenues will increase rapidly enough to
offset operating losses and repay debts.  If the Company is unable
to increase cash flows from operating activities or obtain
additional financing, it will be unable to continue the
development of its products and may have to cease operations.

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

                        http://is.gd/YkxFFv

                       About SecureAlert Inc.

Sandy, Utah-based SecureAlert, Inc. (OTC BB: SCRA)
-- http://www.securealert.com/-- is an international provider of
electronic monitoring systems, case management and services widely
utilized by more than 650 law enforcement agencies worldwide.


SHENGDATECH INC: Seeks Protections for CRO, Special Committee
-------------------------------------------------------------
Dow Jones' DBR Small Cap reports that locked in litigation with
its former chief executive and under investigation for financial
irregularities, ShengdaTech Inc. is seeking to protect its new
independent leader and a special investigative committee from any
potential liabilities.

                     About ShengdaTech, Inc.

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.  ShengdaTech
converts limestone into nano-precipitated calcium carbonate (NPCC)
using its proprietary and patent-protected technology.  NPCC
products are increasingly used in tires, paper, paints, building
materials, and other chemical products.  In addition to its broad
customer base in China, the Company currently exports to
Singapore, Thailand, South Korea, Malaysia, India, Latvia and
Italy.

ShengdaTech Inc. sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed $295.4 million in assets and $180.9 million
in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP. The Board of Directors Special Committee's
legal representative is Skadden, Arps, Slate, Meagher & Flom LLP.


SIGNAL ELECTRIC: Owes $1,600 for Work to Dan Koolstra
-----------------------------------------------------
According to NWCN.com, Dan Koolstra worked on the Photo Red system
around two months ago, and he is still waiting to get paid.  He
does not understand why the city has not settled a debt on such a
solid revenue making program.  "We've been trying to get paid for
about three weeks," Mr. Koolstra said.

The report says Mr. Koolstra was hired to stripe the stop bars at
several Spokane intersections.  The bars are key to the Photo Red
system because the camera needs a clear stop bar to issue a valid
ticket.

The problem is the company that hired Koolstra filed for Chapter
11 bankruptcy.  Signal Electric says that it cannot pay him the
nearly $1,600 bill for the work.

The report says, even though Koolstra is a sub contractor,
Mr. Koolstra thinks the city needs to settle the debt.

KREM 2's Katie Uthes spoke with the police department, which runs
the Photo Red system.  The department said the payment has been
approved, and since Signal Electric is filing for bankruptcy, the
police will pay Koolstra directly.

Based in Kent, Washington, Signal Electric Inc. filed for Chapter
11 bankruptcy protection (Bankr. W.D. Wash. Case No. 11-12105) on
Feb. 26, 2011.  Judge Marc Barreca presides over the case.  J Todd
Tracy, Esq., at Crocker Law Group PLLC, represents the Debtor.
The Debtor estimated both assets and debts of between $1 million
and $10 million.


SIGNATURE STYLES: Court Approves Wickwire as Canadian Counsel
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Signature Styles LLC and its debtor-affiliates to employ Wickwire
Holm as Canadian counsel to enable the Debtors to execute
faithfully their duties as debtors and debtor-in-possession in the
United States, while at the same time adhering to any insolvency
issues that may arise in Canada.

Carl A. Holm will charge $425 per hour for this engagement.

The Debtors 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: To Seek Court OK of Sale to Artemiss on Sept. 7
-----------------------------------------------------------------
Chapter11Cases.com reports that Signature Styles, LLC -- the
company which operates the Spiegel, Newport News and Shape Fx
brands -- filed a notice with the Delaware bankruptcy court Monday
afternoon announcing that it did not receive any qualified
competing bids to acquire the company's assets.  Pursuant to the
bankruptcy court's July 13th bidding procedures order, the
deadline for parties to submit competing bids was Aug. 25th.
Because no qualified competing bids were received, the
September 1st auction has been canceled.

According to the report, at a bankruptcy court hearing scheduled
for the morning of Sept. 7th, Signature Styles will seek court
approval to complete the asset sale contemplated in the stalking
horse asset purchase agreement between Signature Styles and
Artemiss, LLC.  Artemiss is an affiliate of private equity firm
Patriarch Partners, which owned and was the secured lender to
Signature Styles before it filed for bankruptcy in June of this
year.

In addition, Signature Styles filed its monthly operating report
for the month of July last Thursday.  The monthly operating report
disclosed that the company generated gross profits of almost
$1.8 million on net revenues of approximately $3 million (gross
revenues were almost $4.1 million).  The company purchased less
than $400,000 in new inventory during the month.

Chapter11Cases.com says that despite generating a gross profit,
Signature Styles incurred a net loss of over $1.5 million during
July.  The largest operating and other expenses were advertising
($1.2 million), salaries and commissions ($930,000), office
expenses ($295,000) and interest ($290,000).  Over the entirety of
the bankruptcy cases, Signature Styles has generated net revenues
of approximately $4.7 million, resulting in gross profits of
$2.6 million but net losses of $3.1 million.

                      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.


SIMON WORLDWIDE: Incurs $411,000 Net Loss in Second Quarter
-----------------------------------------------------------
Simon Worldwide, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $411,000 on $0 of revenue for the three months ended June 30,
2011, compared with a net loss of $540,000 on $0 of revenue for
the same period during the prior year.

The Company also reported a net loss of $901,000 on $0 of revenue
for the six months ended June 30, 2011, compared with a net loss
of $1.12 million on $0 of revenue for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $10.35
million in total assets, $156,000 in total liabilities, all
current, and $10.19 million in total stockholders' equity.

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

                        http://is.gd/tnCxPX

                       About Simon Worldwide

Based in Los Angeles, Simon Worldwide, Inc. (OTC: SWWI) no longer
has any operating business.  Prior to August 2001, the Company
operated as a multi-national full-service promotional marketing
company, specializing in the design and development of high-impact
promotional products and sales promotions.  At Dec. 31, 2009,
the Company held an investment in Yucaipa AEC Associates, LLC, a
limited liability company that is controlled by the Yucaipa
Companies, a Los Angeles, California based investment firm.
Yucaipa AEC in turn principally held an investment in the common
stock of Source Interlink Companies, a direct-to-retail magazine
distribution and fulfillment company in North America, and a
provider of magazine information and front-end management services
for retailers and a publisher of approximately 75 magazine titles.
Yucaipa AEC held this investment in Source until April 28, 2009,
when Source filed a pre-packaged plan of reorganization under
Chapter 11 of the U.S. Bankruptcy Code.

The Company reported a net loss of $2.33 million on $0 of revenue
for the year ended Dec. 31, 2010, compared with a net loss of
$2.11 million on $0 of revenue during the prior year.

As reported by the TCR on April 4, 2011, BDO USA, LLP, in Los
Angeles, Calif., expressed substantial doubt about the Company's
ability to continue as a going concern.  The independent auditor
noted that the Company has suffered significant losses from
operations, has a lack of any operating revenue and is subject to
potential liquidation in connection with a recapitalization
agreement.

On June 11, 2008, the Company entered into an Exchange and
Recapitalization Agreement with Overseas Toys, L.P., the then
holder of all the outstanding shares of preferred stock of the
Company, pursuant to which all the outstanding preferred stock
would be converted into shares of common stock representing 70% of
the shares of common stock outstanding immediately following the
conversion.  The Recapitalization Agreement was negotiated on the
Company's behalf by the Special Committee of disinterested
directors which, based in part upon the opinion of the Special
Committee's financial advisor, determined that the transaction was
fair to the holders of common stock from a financial point of
view.  At a special meeting held on Sept. 18, 2008, the
stockholders of the Company approved amendments to the Company's
certificate of incorporation proposed in order to effect a
recapitalization of the Company pursuant to the terms of the
Recapitalization Agreement.

Under the Recapitalization Agreement, the Company issued
37,940,756 shares of common stock with a fair value of $15.2
million in exchange for 34,717 shares of preferred stock
(representing all outstanding preferred shares) with a carrying
value of $34.7 million and related accrued dividends of
approximately $147,000.  The Company recorded $19.7 million to
retained earnings in September 2008 representing the excess of
carrying value of the preferred stock received over the fair
market value of the common shares issued as such difference
essentially represented a return to the Company.


SOCKET MOBILE: Posts $392,200 Net Loss in Q2 Ended June 30
----------------------------------------------------------
Socket Mobile, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $392,177 on $4.35 million of revenues for
the three months ended June 30, 2011, compared with a net loss of
$575,762 on $3.65 million of revenues for the same period
last year.

The Company reported a net loss of $1.32 million on $8.39 million
of revenues for the six months ended June 30, 2011, compared with
a net loss of $1.61 million on $7.46 million of revenues for the
same period last year.

The Company's balance sheet at June 30, 2011, showed
$8.97 million in total assets, $6.02 million in total liabilities,
and stockholders' equity of $2.95 million.

As reported in the TCR on March 23, 2011, Moss Adams LLP, in Santa
Clara, Calif., expressed substantial doubt about Socket Mobile's
ability to continue as a going concern, following the Company's
2010 results.  The independent auditors noted that during the
years ended Dec. 31, 2010, and 2009, the Company incurred
net losses of $3.98 million and $7.89 million, respectively.  In
addition, the independent auditors noted that the Company had an
accumulated deficit of $54.78 million and a working capital
deficit of $1.62 million as of Dec. 31, 2010.

A copy of the Form 10-Q is available at http://is.gd/qpH6xM

Newark, Calif. based Socket Mobile, Inc., is a producer of mobile
handheld computers and data collection products serving the
business mobility markets.


SOLYNDRA LLC: To File for Chapter 11 to Mull Options
----------------------------------------------------
Solyndra LLC, the American manufacturer of innovative cylindrical
solar systems for commercial rooftops, disclosed that global
economic and solar industry market conditions have forced the
Company to suspend its manufacturing operations.  Solyndra intends
to file a petition for relief under Chapter 11 of the U.S.
Bankruptcy Code while it evaluates options, including a sale of
the business and licensing of its advanced CIGS technology and
manufacturing expertise.  As a result of the suspension of
operations approximately 1,100 full-time and temporary employees
are being laid off effective immediately.

Despite strong growth in the first half of 2011 and traction in
North America with a number of orders for very large commercial
rooftops, Solyndra could not achieve full-scale operations rapidly
enough to compete in the near term with the resources of larger
foreign manufacturers.  This competitive challenge was exacerbated
by a global oversupply of solar panels and a severe compression of
prices that in part resulted from uncertainty in governmental
incentive programs in Europe and the decline in credit markets
that finance solar systems.

"We are incredibly proud of our employees, and we would like to
thank our investors, channel partners, customers and suppliers,
for the years of support that allowed us to bring our innovative
technology to market.  Distributed rooftop solar power makes
sense, and our customers clearly recognize the advantages of
Solyndra systems," said Solyndra's president and CEO, Brian
Harrison.  "Regulatory and policy uncertainties in recent months
created significant near-term excess supply and price erosion.
Raising incremental capital in this environment was not possible.
This was an unexpected outcome and is most unfortunate."

Customers who have implemented Solyndra solutions can be assured
that their systems will generate economical, clean, solar power
for decades.


                 Bankruptcy Filing Next Wednesday

Ehren Goossens, writing for Bloomberg News, reports that Solyndra
will likely file for bankruptcy in Delaware next Wednesday,
Spokesman David Miller said in an e-mail, while it evaluates
options including selling itself or licensing its technology.
About 1,100 full-time and temporary employees have been dismissed,
effective immediately.

According to Bloomberg, Adam Krop, an analyst at Ardour Capital
Partners in New York, said the company may have trouble finding a
buyer.  "I don't see anyone swooping in," he told Bloomberg in an
interview.  "I don't see this technology as very viable in the
long-term. I see someone maybe buying the facility."

Bloomberg also relates that Damien LaVera, press secretary of the
U.S. Department of Energy, said in an e-mail that Solyndra has
borrowed $527 million of the $535 million Energy Department loan
guarantee.  Solyndra plans to include the Energy Department loan
guarantee in its bankruptcy filing.

                           Third to Fall

Solyndra is the third U.S. solar manufacturer to fail in a month
as falling panel prices and weak global demand are driving a wave
of industry consolidation, Bloomberg notes.  SpectraWatt Inc., a
solar company backed by units of Intel Corp. and Goldman Sachs
Group Inc., filed for bankruptcy protection Aug. 19, and Evergreen
Solar Inc. filed on Aug. 15.

Bloomberg relates two Republican congressmen said Solyndra's
failure shows that the White House's renewable energy policies are
misguided.

"It is clear that Solyndra was a dubious investment,"
representatives Fred Upton, of Michigan, and Cliff Stearns, of
Florida, said in a joint statement, according to Bloomberg.  The
company "is just the latest casualty of the Obama administration's
failed stimulus."

Not every investment in start-up companies is expected to pay off,
Dan Leistikow, director of the Energy Department's Office of
Public Affairs, said in an article on the agency's Web site,
according to Bloomberg.  "The changing economics have affected a
number of solar manufacturers in recent months, including
unfortunately, Solyndra," he said. "We have always recognized that
not every one of the innovative companies supported by our loans
and loan guarantees would succeed."

Rep. Henry Waxman, a California Democrat, reiterated that.  Recent
bankruptcies of U.S. solar companies are a warning and "we should
be doing everything possible to ensure the United States does not
cede the renewable energy market to China and other countries," he
said in an e-mailed statement, according to Bloomberg.

Solyndra canceled in June 2010 plans to raise as much as $300
million in an initial public offering.  Solyndra's backers include
Argonaut Private Equity, GKFF Investment, CMEA Ventures, Redpoint
Ventures, Rockport Capital Partners LLC, US Venture Partners,
Virgin Green Fund, and Artis Capital Management LP, according to
the company's December 2009 IPO filing.

Yuliya Chernova, writing for The Wall Street Journal's Venture
Capital Dispatch, reports that CMEA Capital has faced difficulty
raising a new fund amid the Solyndra blow-up.  VentureWire
reported in June that the San Francisco-based firm, which raised a
$400 million pool of capital in 2008 and was one of Solyndra's
original backers, told limited partners at its annual meeting that
it has no plans to raise an eighth fund.  CMEA said it needed to
come up with new investment tactics to generate better venture
returns.

The Journal relates that in an interview with CMEA Capital
Principal Rachel Sheinbein after her firm made a follow-on
investment in wind turbine component maker Danotek, she said her
firm would continue examining new investments "very selectively.
We have a large portfolio to manage at this point."

Asked whether the Solyndra experience affected CMEA's strategy,
Ms. Sheinbein said: "In the venture world you have to be looking
forward. It's not that one particular investment changes your
philosophy. It's a constant learning from companies we are in."


SONJA TREMONT-MORGAN: Files Ch. 11 Plan to Fund $7MM Judgment
-------------------------------------------------------------
Samuel Howard at Bankruptcy Law360 reports that Sonja Tremont-
Morgan, a bankrupt "Real Housewives of New York City" star, filed
a Chapter 11 plan on Friday in New York to protect her Manhattan
townhouse from a $7 million judgment awarded to a production
company over a failed movie project.

Embattled reality television star Sonja Tremont-Morgan submitted a
blueprint for the liquidation of her assets, including homes in
Colorado and France, that would satisfy her crippling debt to
Hannibal Pictures Inc. without resorting to the sale of her
$6 million Manhattan residence, according to Law360.

New York City-based Sonja Tremont-Morgan filed for Chapter 11
protection on Nov. 17, 2010 (Bankr. S.D.N.Y Case No. 10-16132).
The Debtor disclosed $13,458,749 in assets and $19,839,501 in
liabilities as of the Chapter 11 filing.


SOUTH EDGE: Prepetition Creditors and Settling Builders File Plan
-----------------------------------------------------------------
Plan proponents JPMorgan Chase Bank, N.A., as administrative agent
under the Prepetition Credit Agreement and the Settling Builders,
ask the U.S. Bankruptcy Court for the District of Nevada to
approve the Disclosure Statement for their proposed Joint Plan Of
Reorganization for South Edge, LLC.

The Settling Builders consist of four of the Debtor's eight
Members and their parent affiliates, homebuilders KB Home, Toll
Brothers, Inc., Weyerhaeuser Real Estate Company, and Beazer Homes
Holdings Corp.

The Plan is supported by the chapter 11 trustee for the Debtor,
Cynthia Nelson, subject to certain terms and conditions on
June 8, 2011.

The Plan Proponents further ask the Court to approve their limited
use of the services of BMC Group, Inc., in connection with
solicitation of the Plan and to approve certain deadlines and
procedures relating to plan solicitation, tabulation of ballots,
and plan confirmation.  The fees and expenses of BMC, in its
capacity as Voting and Solicitation Agent, will be paid solely and
directly by the Plan Proponents.

                        Proposed Deadlines

The Plan Proponents request that Ballots to accept or reject the
Plan must be received by the Voting and Solicitation Agent by
Oct. 7, 2011, at 4:00 p.m. (PDT).

The Plan Proponents further request that objections to
confirmation of the Plan, including any objection by a non-debtor
party to an executory contract or an unexpired lease to be assumed
under the Plan, including to the amount of its Cure Amount under
the Plan, be filed and served on or before Oct. 7, 2011, at 4:00
p.m. (PDT).

The Plan Proponents further request that the deadline by which (i)
the Plan Proponents' memorandum and evidence in support of
confirmation of the Plan, together with the Plan Proponents'
omnibus reply to any objections to confirmation of the Plan be
filed and served by Oct. 11, 2011, (ii) objections to the Plan
proponents' declarations and exhibits in support of confirmation
will  be filed and served by Oct. 13, 2011, and (iii) the Ballot
Summary be submitted to the Bankruptcy Court and be filed and
served by Oct. 16, 2011.

The Plan Proponents further request that the Bankruptcy Court set
a time on Oct. 17, 2011, to commence the confirmation hearing on
the Plan.

                           Plan Summary

The Plan provides for the transfer of the ownership of the
remaining Inspirada Project to an entity to be owned directly or
indirectly by the Settling Builders.  This transfer will maximize
the value of the Estate, and the proceeds from this omnibus asset
purchase will then be distributed to the Debtor's creditors in a
manner consistent with the Bankruptcy Code.

The Plan provides for prompt and significant distributions to the
secured Prepetition Lenders.  The Plan also provides for
the prompt payment in full of all priority and administrative
claims, as well as a $1 million fund for general unsecured
creditors, notwithstanding the facts that (1) the Agent holds
liens on all of the Estate's assets, and (2) the Prepetition
Lenders will not be paid in full (and, in fact, will have a
deficiency claim of at least $42.5 million).

Allowed LID Claims of approximately $[74.4 million] (Class S2) are
Unimpaired under the Plan.  Pursuant to Bankruptcy Code Section
1124(1), the Plan leaves unaltered the legal, equitable, and
contractual rights to which the holders of the LID Claims are
entitled.

Allowed Prepetition Lenders' Secured Claim (Class S3) will receive
a net recovery of between $329.5 million and $339.5 million,
funded by (i) cash contributions by the Settling Builders, (ii)
the Resolved MI Amount, the Settling Builders' MI Makeup, or a
combination thereof, and (iii) LID reimbursements and other
recoveries that may be received by the Agent or the Prepetition
Lenders during the Chapter 11 Case.

Projected Recovery Range is between 89.9% and 92.6%.  This Class
is Impaired and Entitled to Vote.

Allowed Prepetition Lenders Deficiency Claim (Class U1) in the
approximate total amount of between $42.5 million and
$52.5 million, will have a projected recovery of 1.3% to 1.8%.

Holders of Allowed General Unsecured Claims (Class U2) in the
approximate total amount of $[850,000], which amount excludes
insider and affiliate Claims, will receive a Proportionate Share
of $1 million.

The actual amount received by each Holder of an Allowed General
Unsecured Claim, however, will depend upon the total amount of
Claims that are allowed in Class U2.  Certain Members And Member
Affiliates (who are classified in Class U3) may assert that they
are entitled to share in this fund and, if so, distributions to
Holders of Allowed Claims in Class U2 could be diminished
significantly.

Class U3 Member Claims (including Claims of Member Affiliates),
will receive no distribution.  Class E1 Equity Interests will
likewise receive no distribution under the Plan.

A copy of the Plan Proponents' Disclosure Statement is available
at http://bankrupt.com/misc/southedge.DE845.DS.pdf

Counsel for JPMorgan Chase Bank, N.A., as Administrative Agent, ma
be reached at:

     Robert M. Charles, Jr., Esq.
     LEWIS AND ROCA LLP
     3993 Howard Hughes Parkway, Suite 600
     Las Vegas, NV 89169-5996
     Tel: (702) 949-8320
     Fax: (702) 949-8321
     E-mail: rcharles@LRLaw.com

          - and -

     G. Larry Engel, Esq.
     MORRISON & FOERSTER LLP
     425 Market Street
     San Francisco, CA 94105-2482
     Tel: (415) 268-7000
     Fax: (415) 268-7522
     E-mail: lengel@mofo.com

          - and -

     Norman S. Rosenbaum, Esq.
     Jordan A. Wishnew, Esq.
     MORRISON & FOERSTER LLP
     1290 Avenue of the Americas
     New York, NY 10104
     Tel: (212) 468-8000
     Fax: (212) 468-7900
     E-mail: nrosenbaum@mofo.com
     E-mail: jwishnew@mofo.com

Counsel for the Settling Builders may be reached at:

     Richard McKnight, Esq.
     LAW OFFICES OF RICHARD McKNIGHT
     330 S. Third Street, Suite 900
     Las Vegas, NV 89101
     Tel: (702) 388-7185
     Fax: (702) 388-0108
     E-mail: rmcknight@lawlasvegas.com

          - and -

     K. John Shaffer, Esq.
     Robert A. Greenfield, Esq.
     Anthony Arnold, Esq.
     STUTMAN TREISTER & GLATT PC
     1901 Avenue of the Stars, 12th Floor
     Los Angeles, CA 90067
     Tel: (310) 228-5785
     Fax: (310) 228-5788
     E-mail: jshaffer@stutman.com
             rgreenfield@stutman.com
             aarnold@stutman.com

                        About South Edge

Las Vegas, Nevada-based South Edge LLC owns the Inspirada project,
an uncompleted 2,000-acre residential development in Henderson,
Nevada, about 16 miles (26 kilometers) southeast of Las Vegas.
The eight owners of the project include an affiliate of KB Home, a
49% owner.  Other owners are Coleman Toll LP with 10.5%, Pardee
Homes Nevada Inc. with 4.9%, Meritage Homes with 3.5%, and Beazer
Homes USA Inc. with 2.6%.

JPMorgan Chase Bank, N.A., Credit Agricole Corporate and
Investment Bank, and Wells Fargo Bank, N.A., filed an involuntary
chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 10-32968)
on Dec. 9, 2010, against South Edge, LLC.  The petitioning
creditors are part of a lender group that provided a $595 million
credit.  New York-based JPMorgan serves as lender and agent for
the group.  South Edge filed motions to dismiss the involuntary
petition.

The Court conducted a contested trial on Jan. 24 and 25, 2011, and
Feb. 2 and 3, 2011.  On Feb. 3, 2011, the Court entered an order
for relief under Chapter 11 of the Bankruptcy Code against the
Debtor and issued an order directing the appointment of a chapter
11 trustee.  The United States Trustee appointed Cynthia Nelson to
serve as Chapter 11 trustee on Feb. 20, 2011.  The Court approved
the appointment three days later.

The Chapter 11 trustee tapped Milbank, Tweed, Hadley & McCloy LLP
as counsel and Schwartzer & McPherson Law Firm as local counsel.

Petitioning creditors JPMorgan Chase Bank, N.A., and Wells Fargo
Bank, N.A., are represented by lawyers at Morrison and Foerster
LLP; and Lewis and Roca LLP.  Credit Agricole is represented by
lawyers at Haynes and Boone LLP, and Jolley Urga Wirth Woodbury &
Standish.


SOUTH EDGE: BNY Mellon Seeks Bondholders' Vote
----------------------------------------------
Evan Weinberger at Bankruptcy Law360 reports that the Bank of
New York Mellon Trust Co. NA objected to South Edge LLC's
reorganization plan Monday, saying holders of $97.7 million in
bonds issued by a Nevada city should be allowed to vote on the
plan because it only provides a $74.4 million recovery.

Law360 relates that BNY Mellon, the indenture trustee for holders
of the bonds issued by Henderson, Nev., was one of three groups to
file objections to South Edge's disclosure statement in Nevada
bankruptcy court.

                       About South Edge

Las Vegas, Nevada-based South Edge LLC owns the Inspirada project,
an uncompleted 2,000-acre residential development in Henderson,
Nevada, about 16 miles (26 kilometers) southeast of Las Vegas.
The eight owners of the project include an affiliate of KB Home, a
49% owner.  Other owners are Coleman Toll LP with 10.5%, Pardee
Homes Nevada Inc. with 4.9%, Meritage Homes with 3.5%, and Beazer
Homes USA Inc. with 2.6%.

JPMorgan Chase Bank, N.A., Credit Agricole Corporate and
Investment Bank, and Wells Fargo Bank, N.A., filed an involuntary
chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 10-32968)
on Dec. 9, 2010, against South Edge, LLC.  The petitioning
creditors are part of a lender group that provided a $595 million
credit.  New York-based JPMorgan serves as lender and agent for
the group.  South Edge filed motions to dismiss the involuntary
petition.

The Court conducted a contested trial on Jan. 24 and 25, 2011, and
Feb. 2 and 3, 2011.  On Feb. 3, 2011, the Court entered an order
for relief under Chapter 11 of the Bankruptcy Code against the
Debtor and issued an order directing the appointment of a chapter
11 trustee.  The United States Trustee appointed Cynthia Nelson to
serve as Chapter 11 trustee on Feb. 20, 2011.  The Court approved
the appointment three days later.

South Edge is represented by lawyers at Klee, Tuchin, Bogdanoff
and Stern LLP, and The Schwartz Law Firm, Inc., as legal counsel.
The Chapter 11 trustee also tapped Schwartzer & McPherson Law Firm
as local counsel.

Petitioning creditors JPMorgan Chase Bank, N.A., and Wells Fargo
Bank, N.A., are represented by lawyers at Morrison and Foerster
LLP; and Lewis and Roca LLP.  Credit Agricole is represented by
lawyers at Haynes and Boone LLP, and Jolley Urga Wirth Woodbury &
Standish.


SOUTH EDGE: Trustee Can Employ PBTK to Provide Tax Return Services
------------------------------------------------------------------
The U.S. Bankruptcy Court of the District of Nevada has granted
Cynthia Nelson, the Chapter 11 Trustee for the bankruptcy estate
of South Edge, LLC, permission to employ Piercy Bowler Taylor &
Kern to provide tax return preparation services, nunc pro
tunc to July 1, 2011.

As reported in the TCR on July 28, 2011, the firm's hourly billing
rates are:

            Principals           $300 to $410
            Managers             $205 to $235
            Senior Associates    $125 to $180
            Staff Associates     $100 to $125

The firm estimates that its fees for providing tax preparation
services and related advice will range from $1,400 to $8,000.

Michael Kern of PBT&K assured the Court that his firm and its
professionals do not hold or represent and have not previously
held or represented any interest adverse to the Debtor's estate.

                        About South Edge

Las Vegas, Nevada-based South Edge LLC owns the Inspirada project,
an uncompleted 2,000-acre residential development in Henderson,
Nevada, about 16 miles (26 kilometers) southeast of Las Vegas.
The eight owners of the project include an affiliate of KB Home, a
49% owner.  Other owners are Coleman Toll LP with 10.5%, Pardee
Homes Nevada Inc. with 4.9%, Meritage Homes with 3.5%, and Beazer
Homes USA Inc. with 2.6%.

JPMorgan Chase Bank, N.A., Credit Agricole Corporate and
Investment Bank, and Wells Fargo Bank, N.A., filed an involuntary
chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 10-32968)
on Dec. 9, 2010, against South Edge, LLC.  The petitioning
creditors are part of a lender group that provided a $595 million
credit.  New York-based JPMorgan serves as lender and agent for
the group.  South Edge filed motions to dismiss the involuntary
petition.

The Court conducted a contested trial on Jan. 24 and 25, 2011, and
Feb. 2 and 3, 2011.  On Feb. 3, 2011, the Court entered an order
for relief under Chapter 11 of the Bankruptcy Code against the
Debtor and issued an order directing the appointment of a chapter
11 trustee.  The United States Trustee appointed Cynthia Nelson to
serve as Chapter 11 trustee on Feb. 20, 2011.  The Court approved
the appointment three days later.

The Chapter 11 trustee tapped Milbank, Tweed, Hadley & McCloy LLP,
in Los Angeles, as counsel, and Schwartzer & McPherson Law Firm,
in Las Vegas, as local counsel.

Petitioning creditors JPMorgan Chase Bank, N.A., and Wells Fargo
Bank, N.A., are represented by lawyers at Morrison and Foerster
LLP; and Lewis and Roca LLP.  Credit Agricole is represented by
lawyers at Haynes and Boone LLP, and Jolley Urga Wirth Woodbury &
Standish.


SOUTHERN GIRL: Files for Bankruptcy, Seeks to Use Cash Collateral
-----------------------------------------------------------------
Rachel Feintzeig, writing for Dow Jones' Daily Bankruptcy Review,
reports that Southern Girl Inc., which does business as Delilah's
at the Terminal and Delilah's at 30th -- the restaurant's outpost
at downtown Philadelphia's 30th Street train station -- sought
bankruptcy protection on Friday, listing assets of up to $50,000
and debts of $500,000 to $1 million.

DBR relates that despite its steep debt-to-asset ratio and
inability to pay its debts as they come due, Delilah's, which is
led by President Delilah Winder, seems determined to see her
company emerge from Chapter 11 intact.  According to the report,
the company is seeking permission to tap the cash securing its
debt, saying the move could fund operations at both Delilah's
locations and help the company generate $55,000 in proceeds next
month.  With the cash collateral in hand and the ability to pay
its expenses, Southern Girl said it would be able to "facilitate
its reorganization and enhance the collateral and going concern of
its restaurants."

DBR also reports the company wants permission to continue paying
its nine employees.  A hearing on that request, made Tuesday, has
been set for Sept. 2.

DBR notes that Oprah Winfrey in 2003 bestowed her stamp of
approval on the macaroni and cheese served up by Delilah's at the
Terminal, a southern-style eatery located in Philadelphia's
Reading Terminal Market.  Oprah deemed it the best mac and cheese
in the country, and buzz followed.


SPECTRAWATT INC: Proposes Sept. 28 Auction for All Assets
---------------------------------------------------------
SpectraWatt, Inc., asks the U.S. Bankruptcy Court for the Southern
District of New York to (i) authorize and schedule for September
28, 2011, at the Debtor's New York facility, an auction to solicit
the highest or best bids for the sale of substantially all of the
Debtor's assets, (ii) approve the Debtors' proposed sale and
bidding process following an initial, emergency hearing, (iii)
approve the sale to the highest or best bidder, and (iv) approve
the assumption and assignment of any executory contracts and
unexpired leases that are included in any successful bids.

                    Reluctant Foreign Bidders

Mark W. Wege, Esq., at King & Spalding LLP, in Houston, Texas,
contends that a sale of the Debtors' business as a going-concern
would permit the Debtor to monetize the Assets for distribution to
creditors at the maximum attainable value.  He discloses that
given the nature of the Business and the current state of the
solar cell manufacturing market, the interested parties that
recently showed serious interest in acquiring the Assets have been
companies based outside of the United States of America.  The
potential foreign buyers, however, are either reluctant or
unwilling to serve as a stalking horse purchaser due to their
unfamiliarity, or lack of comfort, with the typical stalking horse
process used in sales under Section 363 of the Bankruptcy Code in
the U.S., he tells Judge Cecelia G. Morris.

The Debtor believes it is crucial to proceed with a sale process
now due to the serious financial distress that has been
experienced by other solar cell manufacturers.  The Debtor
believes that, within the next three to six months, there is a
high likelihood that a significant amount of used solar cell
manufacturing equipment and related assets will flood the market
and drive down the value of the Debtor's Assets.

                         Assets for Sale

Against this backdrop, the Debtor has concluded that it should
start the bankruptcy sale process now, rather than waiting for a
stalking horse purchaser to sign a definitive agreement.  Mr. Wege
asserts that the most prudent course of action under the
circumstances is to establish and announce a hard date for
conducting an auction.  At this Auction, the Debtor will offer the
Assets in a variety of lots:

   (1) Lot 1: Bulk "Going Concern" Bid.  Lot 1 will consist of
       all tangible and intangible Assets, other than the
       Excluded Assets, including all machinery, equipment,
       licenses, permits, approvals and certificates;

   (2) Lot 2: Bulk Tangible Property Bid.  Lot 2 will consist of
       all tangible Assets, other than the Excluded Assets,
       including machinery and equipment;

   (3) Lots 3 through 551: Individual Items.  Lots 3 through 551
       shall consist of "piecemeal" lots that include
       substantially all of the Debtor's tangible Assets on an
       item by item basis; and

   (4) Combinations.  Any combinations of Lots 3 through 551 may
       be designated by a bidder, provided that combination
       offers will only be permitted with the consent of the
       Debtor and Sales Agent.

The Excluded Assets include all cash and cash equivalents on hand,
work in process and finished goods, accounts receivable, utility
deposits, avoidance claims and intellectual property.

Parties interested in submitting bids for Lots 1 and 2 must
provide a good faith deposit equal to $250,000.  Following the
conclusion of the Auction, each successful bidder for Lots 3
through 551 (or any combination thereof) must provide a deposit
equal to no less than 25% of the amount of the bidder's successful
bid, excluding any buyer's premium.

All bidding for the Assets will occur at the Auction.  A Qualified
Bidder, however, will be permitted to submit a bid to the Sales
Agent prior to the Auction and designate the Sales Agent as its
proxy to make the bid on its behalf at the Auction.

                         As Is, Where Is

The Assets are being sold (i) "AS IS, WHERE IS, AND WITH ALL
FAULTS," and the Debtor expressly disclaims all warranties, and
(ii) "THERE IS NO WARRANTY RELATING TO QUIET ENJOYMENT, OR THE
LIKE IN THE DISPOSITION OF ANY OF THE ASSETS."  Mr. Wege also
notes that no warranty or repair program for the Assets is being
offered as part of the sale.

In the event a bid for Lot 1 equals or exceeds $9.25 million, a
limited warranty may be provided subject to the specific terms and
conditions as set forth in an agreement with the Debtor's primary
equipment supplier.

                        Buyer's Premium

The Sales Agent will not receive any commission or fee for its
services.  However, the Sales Agent will charge each Prevailing
Bidder a buyer's premium of 15% of the gross sale proceeds to be
paid by the Prevailing Bidder pursuant to its Prevailing Bids.
The Prevailing Bidder will be required to pay the Buyer's Premium
at or prior to the closing of the sale.  Pursuant to their Agency
Agreement, the Debtor and the Sales Agent have agreed to split the
Buyer's Premium as:

   Total Gross Sale Proceeds     Allocation of Buyer's Premium
   -------------------------     -----------------------------
   $0 - $5,000,000               100% of 15% Buyer's Premium to
                                 Sales Agent

   $5,000,001 - $8,000,000       12.5% to Sales Agent; 2.5% to
                                 the Debtor

   $8,000,001 and up             11.5% to Sales Agent; 3.5% to
                                 the Debtor

In addition to the Buyer's Premium, the Sales Agent will be
permitted to deduct from the gross proceeds an amount equal to the
expenses it actually incurred in connection with the Auction and
the Proposed Sale Process, like labor, advertising, travel and
lodging, provided that the amount will not exceed $50,000.

The Debtor asks that the Court to set the Sale Hearing for
September 30, 2011, provided that, if the Prevailing Bids
contemplate the assumption and assignment of any Assigned
Contracts, the Debtor asks that the Sale Hearing be conducted on
October 5, 2011.

The sales contemplated by the Prevailing Bids will be closed
within three business days after the Court enters the Sale Order
or as agreed by the parties.

Mr. Wege assures the Court that the Debtor's secured lenders --
the Series A-1 Noteholders -- have agreed to allow the sale of the
Purchased Assets upon the agreement of the Debtor to pay to their
agent the proceeds of the sale of the Purchased Assets, less
certain costs, expenses and holdbacks.

                        About SpectraWatt

Based in Hopewell Junction, New York, SpectraWatt Inc. was spun
off from Intel in June 2008 and raised $50 million through a sale
of preferred stock to its former parent and other investors
including Goldman Sachs Group Inc.'s Cogentrix Energy LLC, PCG
Clean Energy and Berlin-based solar panel maker Solon SE.  The
Company has also issued about $36.7 million in senior secured
convertible notes.

The Company has a manufacturing facility in Hopewell Junction
designed to generate over 200 megawatts of production per year.
The plant began operations in January 2010 with an initial
capacity of only 30 megawatts per year.

The Company began winding down its affairs late last year after
encountering setbacks and shut down the lone manufacturing
facility in March, and fired all its workers.

SpectraWatt filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No.
11-37366) on Aug. 19, 2011, in Poughkeepsie, New York.  Mark W.
Wege, Esq., at King & Spalding LLP, serves as counsel to the
Debtor.

SpectraWatt estimated as much as $50 million in both debt and
assets as of the Chapter 11 filing.


SPECTRAWATT INC: Wants to Use Noteholders' Cash Collateral
----------------------------------------------------------
SpectraWatt, Inc., seeks authority from the U.S. Bankruptcy Court
for the Southern District of New York, on an interim and final
basis, to use all of its cash that is asserted to be cash
collateral, to grant adequate protection to certain noteholders
and to schedule a final hearing to consider the Cash Collateral
Motion.

                   Debtor's Capital Structure

At the time of its 2008 spin-off from Intel Corporation, the
Debtor raised $50 million from the issuance of "Series A"
preferred stock to certain investors, including Solon AG, Intel
Corporation, Intel Capital Corporation and PCG Clean Energy &
Technology Fund LLC.  Pursuant to a Loan and Security Agreement
dated December 21, 2009, and related agreements, the Debtor has
issued senior secured convertible notes with a five-year maturity,
known as the Series A-1 Notes.  The holders of the Series A-1
Notes include certain of the original Investors or their
affiliates, Roth & Rau AG and Crystalox Ltd.  The Loan Agreement
provided for the Debtor to issue up to $41.4 million in Series A-1
Notes to the Series A-1 Noteholders.  As of the Petition Date, the
Debtor has issued approximately $36.7 million of Series A-1 Notes.

The Series A-1 Notes are secured by valid, enforceable, perfected
and unavoidable first liens on substantially all of the Debtor's
assets, but is subject to alleged purchase money security
interests on certain equipment.  In addition to the Series A-1
Notes, the Debtor's debt structure is comprised of certain debt
allegedly secured by a purchase money security interest related to
the purchase of capital equipment from Roth & Rau AG.  The Debtor
asserts that this alleged equipment lien does not extend to Cash
Collateral, and that the Series A-1 Noteholders are the only
entities that assert a lien on the Debtor's Cash Collateral.

                     Use of Cash Collateral

Mark W. Wege, Esq., at King & Spalding LLP, in Houston, Texas --
MWege@kslaw.com -- contends that the Debtor will use the Cash
Collateral to preserve the value of estate assets, to ensure that
adequate funds are available for normal and customary business
expenses and operating needs, and to take steps to effectuate a
sale of its assets.

The Series A-1 Noteholders have agreed to the Debtor's use of all
Cash Collateral for the purposes set forth in a budget, subject to
the Debtor providing them with adequate protection, Mr. Wege tells
Judge Cecelia G. Morris.  A full-text copy of the Budget is
available for free at:

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

All prepetition and postpetition liens held by the Series A-1
Noteholders, in addition to any of their super-priority claim,
will be subject in all respects to a Carve-Out, which will include
(i) all accrued and unpaid fees and costs of the Debtor's
professionals up to the budgeted amount, (ii) all amounts provided
for and paid pursuant to any order approving interim fee
procedures or authorizing payments to ordinary course
professionals, (iii) fees payable to the Court, (iv) fees payable
to the United States Trustee, and (v) $100,000.  The Carve-Out
will have effect nunc pro tunc to the Petition Date and will
continue through the duration of the case.

The Adequate Protection includes the maintenance of the
Prepetition Collateral, providing the Series A-1 Noteholder Agent
and the Series A-1 Noteholders a super priority administrative
expense claim, subject to the Carve-Out, and providing the Series
A-1 Noteholders with postpetition replacement liens.

                        Events of Default

Certain events constitute an event of default, including the
Debtor's failure to obtain (i) entry of a Final Order within 30
days of the entry of the Interim Order, (ii) entry of a bid
procedures order by September 30, 2011, and (iii) approval of an
asset sale under Section 363 of the Bankruptcy Code by
October 31, 2011, and the dismissal of the Debtor's Chapter 11
case or conversion of the case to Chapter 7 or appointment of
Chapter 11 Trustee.

Absent consent from the Series A-1 Noteholders, the Debtor's
authorization to use Cash Collateral, the Prepetition Collateral,
or the Postpetition Collateral will terminate upon the occurrence
of the Termination Date, which would occur upon: (i) expiration of
the period covered by the Budget, or (ii) the occurrence of an
Event of Default.

                        About SpectraWatt

Based in Hopewell Junction, New York, SpectraWatt Inc. was spun
off from Intel in June 2008 and raised $50 million through a sale
of preferred stock to its former parent and other investors
including Goldman Sachs Group Inc.'s Cogentrix Energy LLC, PCG
Clean Energy and Berlin-based solar panel maker Solon SE.  The
Company has also issued about $36.7 million in senior secured
convertible notes.

The Company has a manufacturing facility in Hopewell Junction
designed to generate over 200 megawatts of production per year.
The plant began operations in January 2010 with an initial
capacity of only 30 megawatts per year.

The Company began winding down its affairs late last year after
encountering setbacks and shut down the lone manufacturing
facility in March, and fired all its workers.

SpectraWatt filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No.
11-37366) on Aug. 19, 2011, in Poughkeepsie, New York.  Mark W.
Wege, Esq., at King & Spalding LLP, serves as counsel to the
Debtor.

SpectraWatt estimated as much as $50 million in both debt and
assets as of the Chapter 11 filing.


SPECTRAWATT INC: Sec. 341 Creditors' Meeting Set for Oct. 26
------------------------------------------------------------
The United States Trustee for Region 2 will hold a Meeting of
Creditors pursuant to 11 U.S.C. Sec. 341 in the bankruptcy case of
SpectraWatt, Inc., October 26 , 2011, at 1:00 p.m. at the Office
of the U.S. Trustee at 355 Main Street, in Poughkeepsie, New York
12601.

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

                        About SpectraWatt

Based in Hopewell Junction, New York, SpectraWatt Inc. was spun
off from Intel in June 2008 and raised $50 million through a sale
of preferred stock to its former parent and other investors
including Goldman Sachs Group Inc.'s Cogentrix Energy LLC, PCG
Clean Energy and Berlin-based solar panel maker Solon SE.  The
Company has also issued about $36.7 million in senior secured
convertible notes.

The Company has a manufacturing facility in Hopewell Junction
designed to generate over 200 megawatts of production per year.
The plant began operations in January 2010 with an initial
capacity of only 30 megawatts per year.

The Company began winding down its affairs late last year after
encountering setbacks and shut down the lone manufacturing
facility in March, and fired all its workers.

SpectraWatt filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No.
11-37366) on Aug. 19, 2011, in Poughkeepsie, New York.  Mark W.
Wege, Esq., at King & Spalding LLP, serves as counsel to the
Debtor.

SpectraWatt estimated as much as $50 million in both debt and
assets as of the Chapter 11 filing.


SPECTRAWATT INC: Court Sets Status Conference for Sept. 6
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has scheduled an initial conference in the bankruptcy case of
SpectraWatt, Inc., for September 6, 2011, at 9:30 a.m.

                        About SpectraWatt

Based in Hopewell Junction, New York, SpectraWatt Inc. was spun
off from Intel in June 2008 and raised $50 million through a sale
of preferred stock to its former parent and other investors
including Goldman Sachs Group Inc.'s Cogentrix Energy LLC, PCG
Clean Energy and Berlin-based solar panel maker Solon SE.  The
Company has also issued about $36.7 million in senior secured
convertible notes.

The Company has a manufacturing facility in Hopewell Junction
designed to generate over 200 megawatts of production per year.
The plant began operations in January 2010 with an initial
capacity of only 30 megawatts per year.

The Company began winding down its affairs late last year after
encountering setbacks and shut down the lone manufacturing
facility in March, and fired all its workers.

SpectraWatt filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No.
11-37366) on Aug. 19, 2011, in Poughkeepsie, New York.  Mark W.
Wege, Esq., at King & Spalding LLP, serves as counsel to the
Debtor.

SpectraWatt estimated as much as $50 million in both debt and
assets as of the Chapter 11 filing.


SRHS BANKRUPTCY: Plan of Liquidation Obtains Court Approval
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Tennessee
confirmed SRHS Bankruptcy, Inc. formerly known as Sumner Regional
Health Systems, Inc.' et al.'s Amended Plan of Liquidation dated
dated April 25, 2011.

According to the amended Disclosure Statement, the Debtors have
consummated the Court-approved sale of substantially all of their
assets to LifePoint Acquisition Corp.  The Plan provides for the
distribution to creditors of remaining cash generated from the
sale of the sale assets, collections of accounts receivable, and
the sale, liquidation or other disposition of the Debtors'
remaining assets.

Treatment of Claims and Interests includes, among other things:

Class 1 Bond Trustee Secured Claim.  Pursuant to the Settlement
   Agreement and the Settlement Order, the Bond Trustee received
   $120,963,615 at the closing in partial satisfaction of the Bond
   Trustee Secured Claim, and also has been deemed to have
   applied the Indenture Held Funds to further reduce the Bond
   Trustee Secured Claim.  On the Effective Date, the Bond Trustee
   will additionally receive, (i) distributions of (w) the Bond
   Holdback Distribution, (x) the Downstream LAC Proceeds, (y) the
   proceeds of any sale, liquidation or other disposition of the
   Remaining Assets subject to the Bond Trustee Liens and (z) the
   proceeds of any Avoidance Actions, which distributions will
   reduce the Participating Remaining Bond Claim on a dollar for
   dollar basis, (ii) pro rata distributions of available cash.

Class 2 Other Secured Claim Holders will receive one of these
   alternative treatments, at the option of the Debtors: (a)
   payment in full in cash; or (b) the return of the collateral
   securing such claim.

Each holder of Class 4 Unsecured Claims will receive a pro rata
   distributions of available cash until each holder receives 100%
   of its allowed claim.

Class 5 County Residual Claim Holders will receive any remaining
available cash.

Full-text copies of the Plan and Disclosure Statement is available
for free at:

          http://bankrupt.com/misc/SUMNER_amendedDS.pdf
         http://bankrupt.com/misc/SUMNER_amendedplan.pdf

                      About Sumner Regional

Gallatin, Tennessee-based Sumner Regional Health Systems, Inc.,
and various affiliates provided healthcare in approximately 11
counties across Tennessee and southern Kentucky, and had assets
and liabilities at book value of almost $200 million.

On April 30, 2010, the Company and six affiliates filed for
Chapter 11 bankruptcy (Bankr. M.D. Tenn. Lead Case No. 10-04766).
Jeffrey W. Levitan, Esq., and Adam T. Berkowitz, Esq., at
Proskauer Rose, LLP, in New York, represent the Debtors as lead
counsel.  Robert A. Guy, Esq., at Frost Brown Todd LLC, in
Nashville, Tenn., represents the Debtors as co-counsel.  The
Company estimated its assets and debts at $100 million to
$500 million at the time of the bankruptcy filing.

On May 11, 2010, the United States Trustee appointed an official
committee of unsecured creditors.  The Committee has employed
Alston & Bird LLP as its bankruptcy counsel, Puryear Law Group as
its local bankruptcy co-counsel, and Deloitte Financial Advisory
Services, LLC as its financial advisor.

In June 2010, the Court entered an order approving the sale of
Sumner Regional Health Systems' four acute-care hospitals for
$154.1 million to LifePoint Hospitals Inc.  The buyer already has
48 hospitals in 17 states.

Sumner Regional Health Systems changed its name to SRHS
Bankruptcy, Inc., following the sale.


ST. VINCENT CATHOLIC: Sells St. Elizabeth Ann's on Staten Island
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the St. Vincent Catholic Medical Centers was
authorized by the bankruptcy judge earlier this month to sell the
300-bed St. Elizabeth Ann's skilled nursing facility on Staten
Island, New York, for $34 million.  St. Vincent previously was
authorized to sell the main facilities for $260 million to the
Rudin family and North Shore-Long Island Jewish Health System.

                       About Saint Vincents

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

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

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

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

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


SUMMER VIEW SHERMAN: Status Conference Set for Sept. 28
-------------------------------------------------------
The Bankruptcy Court will convene a status conference in the
chapter 11 case of Summer View Sherman Oaks, LLC, on Sept. 28,
2011, at 10:00 a.m. at Courtroom 303, 21041 Burbank Blvd, in
Woodland Hills, California.

Summer View Sherman Oaks LLC, aka Summer View Sherman Oaks
Apartments LLC, a single-asset real estate company, filed for
bankruptcy under Chapter 11 (Bankr. C.D. Calif. Case No. 11-19800)
on Aug. 15, 2011.  The West Hollywood, California-based Company
estimated assets and liabilities of $10 million to $50 million.
Judge Alan M. Ahart presides over the case.  Terry D. Shaylin,
Esq., at Karasik Law Group, LLP, serves as the Debtor's bankruptcy
counsel.  The petition was signed by Sonia Sobol, member.


SUNNYVALE BUSINESS: Proposed Counsel Received $61T Pre-bankruptcy
-----------------------------------------------------------------
Altfeld & Battaile P.C.'s John F. Battaile, Esq., the proposed
counsel to Sunnyvale Business Square, LLC, disclosed that his firm
has received $51,039 from the Debtor, which was deposited in the
firm's trust account.  Mr. Battaile said $1,039.00 was used for
filing fees in the Chapter 11 proceeding.

The firm has also received an additional $10,000 from the Debtor,
which has been deposited in the firm's trust account to be used
for future payments upon court approval to First Dartmouth
Advisors, LLC, which is being hired by the Debtor as its financial
restructuring firm.  First Dartmouth is experienced with
commercial mortgage-backed financing.

Mr. Battaile also disclosed that his firm represented the Debtor
from Feb. 1, 2011, through March 14, 2011. The total compensation
paid by the Debtor was $5,000, of which less than $1,000 was in
contemplation of possible bankruptcy representation.

On Aug. 4, 2011, the Debtor requested that Mr. Battaile represent
it to file a Chapter 11 proceeding.  The pre-petition work
included work done between Aug. 4 until the petition was filed on
Aug. 11.  The Debtor has paid $6,525 for that work, drawn from
the retainer.

Mr. Battaile also said his firm has represented the Debtor's
principals -- spouses Richard and Jo Ann Orosel, who are the
managers and members of Orosel Enterprises LLC, a Nevada limited
liability company which is the manager of the Debtor.  The firm
represents the Orosels personally in Maricopa County Superior
Court action no. CV2011-009614, captioned CML-Cornerstone LLC v.
Richard and Jo Ann Orosel, in which the plaintiff seeks to impose
guaranty liability against the Orosels arising out of a real
estate loan to Cornerstone Crossing, LLC, the debtor in U.S.
Bankruptcy Court Case 11-bk-01934-JMM.

Mr. Battaile charges $375 per hour.

Mr. Battaile attests that his firm does not represent any interest
adverse to the Debtor.

                  About Sunnyvale Business Square

Las Vegas, Nevada-based Sunnyvale Business Square LLC, doing
business as Lakeview Village at Val Vista Lakes, filed for Chapter
11 bankruptcy (Bankr. D. Ariz. Case No. 11-23121) on Aug. 11,
2011.  Chief Judge James M. Marlar presides over the case.  First
Dartmouth Advisors serves as restructuring advisor.  Attorney for
Debtor is:

          John F. Battaile, Esq.
          ALTFELD & BATTAILE P.C.
          250 N. Meyer Avenue
          Tucson, Arizona 85701
          Tel: (520) 622-7733
          Fax: (520) 622-7967
          E-mail: JFBattaile@abazlaw.com

The Debtor estimated $10 million to $50 million in assets and
debts.  The petition was signed by Richard J. Orosel, manager of
Orosel Enterprises LLC, manager.

Secured Lender CCMS 2005-CD1 Baseline Road LLC is represented by
lawyers at Ballard Spahr LLP.


SUNNYVALE BUSINESS: Lender Objects to Cash Collateral Use
---------------------------------------------------------
CCMS 2005-CD1 Baseline Road LLC pre-empted any move by Sunnyvale
Business Square, LLC, to obtain funding in the Chapter 11 case by
informing the Bankruptcy Court that it objects to any use, sale,
or lease of its cash collateral.  The Lender also objects to the
Debtor's use of any proceeds of the collateral or the cash
collateral.  Any request by the Debtor to use the cash collateral
must be conditioned upon providing the Lender with adequate
protection, and must be approved by entry of an order by the
Court, according to the Lender.

The Lender also demands that the Debtor segregate and sequester
the Lender's cash collateral in an interest bearing account and
provide the accounting required by 11 U.S.C. Section 363(c)(4).

The Lender alleges that the Debtor owes it $13 million pursuant to
a Fixed Rate Note dated May 27, 2005.  The Lender acquired
interest in the Note from Citigroup Global Markets Realty Corp.
The Debtor used the proceeds of the loan reflected in the Note to
finance the real property known as Sunnyvale Business Square,
located at 3611-3821 East Baseline Road, in Gilbert, Arizona.  A
Deed of Trust encumbers the Real Property and the proceeds and
rents received from operating the Real Property.

                  About Sunnyvale Business Square

Las Vegas, Nevada-based Sunnyvale Business Square LLC, doing
business as Lakeview Village at Val Vista Lakes, filed for Chapter
11 bankruptcy (Bankr. D. Ariz. Case No. 11-23121) on Aug. 11,
2011.  Chief Judge James M. Marlar presides over the case.
Altfeld & Battaile P.C. serves as the Debtor's counsel.  First
Dartmouth Advisors serves as restructuring advisor.  The Debtor
estimated $10 million to $50 million in assets and debts.  The
petition was signed by Richard J. Orosel, manager of Orosel
Enterprises LLC, manager.

Secured Lender CCMS 2005-CD1 Baseline Road LLC is represented by:

          Ethan B. Minkin, Esq.
          Andrew A. Harnisch, Esq.
          Jaclyn D. Foutz, Esq.
          BALLARD SPAHR LLP
          1 East Washington Street, Suite 2300
          Phoenix, AZ 850004
          Tel: 602-798-5400
          Fax: 602-798-5595
          E-mail: minkine@ballardspahr.com
                  harnischa@ballardspahr.com
                  foutzj@ballardspahr.com


SUNRISE REAL: Incurs U$845,000 Second Quarter Net Loss
------------------------------------------------------
Sunrise Real Estate Group, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
reporting a net loss of US$844,881 on US$2.12 million of net
revenues for the three months ended June 30, 2011, compared with a
net loss of US$506,920 on US$2.94 million of net revenues for the
same period during the prior year.

The Company also reported a net loss of US$1.33 million on
US$4.72 million of net revenues for the six months ended June 30,
2011, compared with net income of US$517,197 on US$7.64 million of
net revenues for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed US$19.70
million in total assets, US$23.05 million in total liabilities,
US$1.41 million in noncontrolling interests of consolidated
subsidiaries, and a US$4.75 million total shareholders' deficit.

The Company reported a net loss of US$25,487 on US$12.82 million
of net revenues for the year ended Dec. 31, 2010, compared with
net income of US$3.27 million on US$13.11 million of net revenues
during the prior year.

                           Going Concern

The Company has accumulated losses of $10,563,169 for the year
ended June 30, 2011.  The Company's net working capital deficiency
and significant accumulated losses raise substantial doubt about
the Company's ability to continue as a going concern.

However, management believes that the Company is able to generate
sufficient cash flow to meet its obligations on a timely basis and
ultimately to attain successful operations in respect of the
agency sales and property management operations.

As reported by the TCR on April 21, 2011, Kenne Ruan, CPA, P.C.,
in Woodbridge, CT, USA, noted that the Company has  significant
accumulated losses from operations and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.

The Company was delayed in the filing of its 10-Q due to a delay
in the preparation of its financial statements.

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

                        http://is.gd/0aweEh

                         About Sunrise Real

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc.
On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc. filed Articles of Amendment with the Texas
Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.


SUN-TIMES MEDIA: Court Confirms Modified Plan of Liquidation
------------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court
confirmed Sun-Times Media Group's First Modified Plan of
Liquidation.

According to documents filed with the Court, "The Plan provides
for the liquidation and distribution of the Debtors' remaining
assets for the benefit of certain Holders of Allowed Claims.
Specifically, Holders of Administrative Claims and Priority Non-
Tax Claims will be paid in full in Cash. Holders of Priority Tax
Claims (namely, Holders of the Allowed IRS Claim and the Allowed
NY State Claim), comprising the only voting Class, will receive
all of the Debtors' residual net distributable value. All other
Classes of Claims and Interests will receive no distribution on
account of their respective Claims and Interests. The Plan
contemplates that, on the Effective Date, the Chapter 11 Cases and
the Debtors and their Estates will be deemed to be substantively
consolidated for all purposes of the Plan. The assets and
liabilities of the Debtors will be pooled and all Claims will be
satisfied from the assets of a single consolidated Estate. No
parties in interest, however, will be prejudiced by this
substantive consolidation because Holders of Priority Tax Claims
hold their Claims at each Debtor entity and are Impaired.
Accordingly, the distributions under the Plan are unaffected by
substantive consolidation."

                       About Sun-Times Media

Sun-Times Media Group, Inc. (Pink Sheets: SUTMQ) --
http://www.thesuntimesgroup.com/-- (Pink Sheets: SUTM) owns
media properties including the Chicago Sun-Times and Suntimes.com
and 58 suburban newspaper titles and corresponding Web sites.  The
Company and its affiliates conduct business as a single operating
segment which is concentrated in the publishing, printing, and
distribution of newspapers in greater Chicago, Illinois,
metropolitan area and the operation of various related Web sites.
The Company also has affiliates in Canada, the United Kingdom, and
Burma.

Sun-Times Media's balance sheet at Sept. 30, 2008, showed total
assets of $479.9 million, total liabilities of $801.7 million, and
a stockholders' deficit of $321.8 million.

The Company and its affiliates filed for Chapter 11 bankruptcy
protection on March 31, 2009 (Bankr. D. Del. Case No. 09-11092).
James H.M. Sprayregan, P.C., James A. Stempel, Esq., David A.
Agay, Esq., and Sarah H. Seewer, Esq., at Kirkland & Ellis LLP,
Serve as the Debtors' bankruptcy counsel.  Sun-Times Media's
investment banker is Rothschild Inc. and its restructuring advisor
is Huron Consulting Group.  Kurtzman Carson Consultants LLC is the
Debtors' claims agent.  The Debtors disclosed $479 million in
assets and $801 million in debts as of Nov. 7, 2008.

In October 2009, the bankruptcy judge approved the $25 million
sale of Sun-Times Media Group to STMG Holdings LLC, a private
investor group led by Chicago businessman and Mesirow Financial
Holdings Inc. CEO James C. Tyree.


T3 MOTION: Incurs $668,000 Second Quarter Net Loss
--------------------------------------------------
T3 Motion, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $668,381 on $1.33 million of net revenues for the three months
ended June 30, 2011, compared with a net loss of $1.44 million on
$1.42 million of net revenues for the same period during the prior
year.

The Company also reported a net loss of $1.31 million on $2.32
million of net revenues for the six months ended June 30, 2011,
compared with a net loss of $3.12 million on $2.57 million of net
revenues for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $9.22 million
in total assets, $3.20 million in total liabilities, and $6.01
million in total stockholders' equity.

The Company reported a net loss of $8.32 million on $4.68 million
of net revenues for the year ended Dec. 31, 2010, compared with a
net loss of $6.70 million on $4.64 million of net revenues during
the prior year.

The Company has incurred significant operating losses and has used
substantial amounts of working capital in its operations since its
inception.  The Company has an accumulated deficit of $50.7
million as of June 30, 2011, and has a net loss of $1.3 million
and used cash in operations of $3.9 million for the six months
ended June 30, 2011.  These factors raise substantial doubt about
the Company's ability to continue as a going concern.

"During the quarter and through July, prospects for our T3
personal mobility vehicle continued to be encouraging.  Orders
from existing customers remain solid, and we are excited by the
receipt of a high profile order to provide security vehicles for
the 2011 Formula One race in Singapore," said Ki Nam, chief
executive officer of the company.  "We also established a new
distribution relationship in Egypt, and introduced an automated
license plate recognition system that can be sold with new
vehicles as well as retrofitted onto the existing fleet in the
field."

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

                        http://is.gd/KzfdtE

                          About T3 Motion

Costa Mesa, Calif.-based T3 Motion, Inc., develops and
manufactures T3 Series vehicles, which are electric three-wheel
stand-up vehicles that are directly targeted to the public safety
and private security markets.


TELETOUCH COMMUNICATIONS: Stratford Discloses 5.4% Equity Stake
---------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Stratford Capital Partners, L.P., and its
affiliates disclosed that they beneficially own 2,610,000 shares
of common stock of Teletouch Communications, Inc., representing
5.4% of the shares outstanding.  A full-text copy of the
regulatory filing is available for free at http://is.gd/Y6UeJx

                          About Teletouch

Teletouch Communications, Inc., offers a comprehensive suite of
wireless telecommunications solutions, including cellular, two-way
radio, GPS-telemetry and wireless messaging.  Teletouch is an
authorized provider of AT&T (NYSE: T) products and services
(voice, data and entertainment) to consumers, businesses and
government agencies, as well as an operator of its own two-way
radio network in Texas.  Recently, Teletouch entered into national
agency and distribution agreements with Sprint (NYSE: S) and
Clearwire (NASDAQ: CLWR), providers of advanced 4G cellular
network services.  Teletouch operates a chain of 26 retail and
agent stores under the "Teletouch" and "Hawk Electronics" brands,
in conjunction with its direct sales force, customer care (call)
centers and various retail eCommerce Web sites including:
http://www.hawkelectronics.com/and http://www.hawkexpress.com/

Through its wholly-owned subsidiary, Progressive Concepts, Inc.,
Teletouch operates a national distribution business, PCI
Wholesale, primarily serving large cellular carrier agents and
rural carriers, as well as auto dealers and smaller consumer
electronics retailers, with product sales and support available
through http://www.pciwholesale.com/and
http://www.pcidropship.com/among other B2B oriented Web sites.

The Company reported a net loss of $1.87 million on $27.28 million
of total operating revenue for the nine months ended Feb. 28,
2011, compared with net income of $1.13 million on $41.89 million
of total operating revenue for the same period during the prior
year.


TELETOUCH COMMUNICATIONS: Incurs $2.5MM Net Loss in Fiscal 2011
---------------------------------------------------------------
Teletouch Communications, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss of $2.50 million on $40.42 million of total operating
revenues for the year ended May 31, 2011, compared with net income
of $1.60 million on $51.96 million of total operating revenues
during the prior year.

The Company's balance sheet at May 31, 2011, showed $16.41 million
in total assets, $27.17 million in total liabilities and a $10.76
million total shareholders' deficit.

BDO USA, LLP, in Houston, Texas, noted that the Company has
increasing working capital deficits, significant current debt
service obligations, a net capital deficiency along with current
and predicted net operating losses and negative cash flows which
raise substantial doubt about its ability to continue as a going
concern.

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

                        http://is.gd/brG1kr

                          About Teletouch

Teletouch Communications, Inc., offers a comprehensive suite of
wireless telecommunications solutions, including cellular, two-way
radio, GPS-telemetry and wireless messaging.  Teletouch is an
authorized provider of AT&T (NYSE: T) products and services
(voice, data and entertainment) to consumers, businesses and
government agencies, as well as an operator of its own two-way
radio network in Texas.  Recently, Teletouch entered into national
agency and distribution agreements with Sprint (NYSE: S) and
Clearwire (NASDAQ: CLWR), providers of advanced 4G cellular
network services.  Teletouch operates a chain of 26 retail and
agent stores under the "Teletouch" and "Hawk Electronics" brands,
in conjunction with its direct sales force, customer care (call)
centers and various retail eCommerce Web sites including:
http://www.hawkelectronics.com/and http://www.hawkexpress.com/

Through its wholly-owned subsidiary, Progressive Concepts, Inc.,
Teletouch operates a national distribution business, PCI
Wholesale, primarily serving large cellular carrier agents and
rural carriers, as well as auto dealers and smaller consumer
electronics retailers, with product sales and support available
through http://www.pciwholesale.com/and
http://www.pcidropship.com/among other B2B oriented Web sites.


TELETOUCH COMMUNICATIONS: R. McMurrey Holds 62.8% Equity Stake
--------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Robert M. McMurrey and his affiliates
disclosed that they beneficially own 31,769,493 shares of common
stock of Teletouch Communications, Inc., representing 62.8% of the
shares outstanding.  A full-text copy of the regulatory filing is
available at no charge at http://is.gd/ZWFWDt

                          About Teletouch

Teletouch Communications, Inc., offers a comprehensive suite of
wireless telecommunications solutions, including cellular, two-way
radio, GPS-telemetry and wireless messaging.  Teletouch is an
authorized provider of AT&T (NYSE: T) products and services
(voice, data and entertainment) to consumers, businesses and
government agencies, as well as an operator of its own two-way
radio network in Texas.  Recently, Teletouch entered into national
agency and distribution agreements with Sprint (NYSE: S) and
Clearwire (NASDAQ: CLWR), providers of advanced 4G cellular
network services.  Teletouch operates a chain of 26 retail and
agent stores under the "Teletouch" and "Hawk Electronics" brands,
in conjunction with its direct sales force, customer care (call)
centers and various retail eCommerce Web sites including:
http://www.hawkelectronics.com/and http://www.hawkexpress.com/

Through its wholly-owned subsidiary, Progressive Concepts, Inc.,
Teletouch operates a national distribution business, PCI
Wholesale, primarily serving large cellular carrier agents and
rural carriers, as well as auto dealers and smaller consumer
electronics retailers, with product sales and support available
through http://www.pciwholesale.com/and
http://www.pcidropship.com/among other B2B oriented Web sites.

The Company reported a net loss of $2.50 million on $40.42 million
of total operating revenues for the year ended May 31, 2011,
compared with net income of $1.60 million on $51.96 million of
total operating revenues during the prior year.

The Company's balance sheet at May 31, 2011, showed $16.41 million
in total assets, $27.17 million in total liabilities and a $10.76
million total shareholders' deficit.

BDO USA, LLP, in Houston, Texas, noted that the Company has
increasing working capital deficits, significant current debt
service obligations, a net capital deficiency along with current
and predicted net operating losses and negative cash flows which
raise substantial doubt about its ability to continue as a going
concern.


TELTRONICS INC: Hires Triton to Find Buyer for Business
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Teltronics Inc. filed for Chapter 11 protection
in late June in Tampa, Florida, and is seeking court permission to
hire Triton Capital Partners Ltd. as investment banker to find an
investor or buyer.

In a regulatory filing Aug. 30, the company said it "put itself up
for sale" as a means to exit Chapter 11.  Hiring a banker was a
condition to receiving financing from Wells Fargo Capital Finance
Inc.  If the bankruptcy court goes along, Triton will receive a
transaction fee of 4.5% of any capital placement or sale proceeds.
A $50,000 retainer would be applied against the transaction fee.

                      About Teltronics Inc.

Palmetto, Fla.-based Teltronics, Inc. (OTC BB: TELT)
-- http://ww.teltronics.com/-- designs, installs, develops,
manufactures and markets electronic hardware and application
software products, and engages in electronic manufacturing
services primarily in the telecommunication industry.  Teltronics
has three wholly owned subsidiaries, Teltronics Limited, 36371
Yukon Inc., and TTG Acquisition Corp.

Teltronics filed for Chapter 11 bankruptcy (Bankr. M.D. Fla. Case
No. 11-12150) on June 27, 2011.  Judge K. Rodney May presides over
the case.  Charles A. Postler, Esq., at Stichter, Riedel, Blain &
Prosser, serves as the Debtor's counsel.  The petition was signed
by Ewen R. Cameron, president.

The U.S. Trustee has appointed an official committee of unsecured
creditors in the case.

Wells Fargo Capital Finance Inc., as DIP Lender, is represented by
Donald Kirk, Esq., at Fowler White Boggs P.A., and Pamela Kohlman,
Esq., at Webster, Buchalter Nemer, P.C.


TEXAS DEPARTMENT: S&P Hikes Rating on Revenue Bonds From 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'AA+' from 'B-' its
rating on Texas Department of Housing & Community Affairs' series
2006 multifamily revenue bonds (Village Park Apartments Project).
The outlook is negative.

The rating reflects S&P's view of:

    Strong cash flows showing that all bond expenses are projected
    to be paid on a full and timely basis until the mandatory
    tender date of Dec. 1, 2026, assuming zero reinvestment
    income;

    The high credit quality of the Fannie Mae credit enhancement
    facility, which S&P considers to be 'AA+' eligible;

    Investments held in 'AAAm' rated market funds; and

    An asset-to-liability ratio of 101.15% as of Dec. 1, 2011.

The rating is tied to the 'AA+' rating on The United States of
America (AA+/Negative/A-1+).

"On May 12, 2010, we placed our ratings on certain housing issues,
including this issue, on CreditWatch with negative implications
due to revised criteria for certain federal government-enhanced
housing transactions. Our revised criteria affect government-
enhanced housing transactions that have funds invested in money
market funds and other investments with no guaranteed rate of
return," S&P related.

"In September 2010, Standard & Poor's analyzed updated financial
information based on our current stressed reinvestment rate
assumptions for all scenarios as set forth in the related criteria
articles. At that time, in our opinion, the bonds were unable to
meet all bond costs from transaction revenues until maturity,
assuming these reinvestment earnings," S&P said.

The borrower submitted updated financial information dated Aug.
10, 2011, which shows all bond expenses being paid until the
mandatory tender date, assuming zero reinvestment earnings. In
addition, sufficient funds are available to cover reinvestment
losses during the notice period should a mandatory redemption
occur. To make the cash flows work, in December 2010, the
borrower entered into an agreement to pay rebate fees directly and
also delivered a letter of credit in the amount of $6,000 to the
trustee to pay bond expenses. The trustee has drawn on the letter
of credit and the funds have become part of the cash balances.


THINK3 INC: Court OKs Bonelli Erede for Italian Proceeding
----------------------------------------------------------
The Hon. Christopher Mott at the U.S. Bankruptcy Court for the
Western District of Texas authorized Think3 Inc. to employ Bonelli
Erede Pappalardo Studio Legale as special counsel to represent the
Debtor in this chapter 11 case with respect to the Italian
proceeding and advise the Debtor regarding Italian legal issues
and recovering property from the Italian Trustee.

The firm's professionals will charge the Debtor's estates at these
rates:

   Founding Partner               EUR600
   Partner                        EUR450
   Senior Lawyer                  EUR350
   Managing Associate             EUR350
   Senior Associate               EUR275
   Junior Associate               EUR225
   Tranee                         EUR175

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

The firm can be reached at:

   BONELLI EREDE PAPPALARDO STUDIO LEGALE
   Attn: Vittorio Lupoli
   Via delle Casaccie 1
   16121 Genova, Italy
   Tel: 39 010 84621
   Fax: 39 010 813849
   E-mail: Vittorio.Lupoli@beplex.com

                           About think3

Think3 Inc. develops computer-aided design software.  Think3 has
been a debtor in corporate reorganization proceedings under the
laws of Italy pending before the Court of Bologna since March 14,
2011.  Dr. Andrea Ferri was appointed to act as trustee in the
Italian Proceedings

Think3 sought Chapter 11 protection (Bankr. W.D. Tex. Case No.
11-11252) on May 18, 2011, in Austin, its hometown, three months
after creditors filed an involuntary bankruptcy petition against
the company in a court in Bologna, Italy.  The company didn't
oppose the involuntary bankruptcy.  Rebecca Roof was appointed as
Chief Restructuring Officer.

The Italian trustee filed a Chapter 15 petition (Bankr. W.D. Tex.
Case No. 11-11925) for Think3 in bankruptcy court in Austin on
Aug. 1, claiming she has the right to control the company's
restructuring through the Italian court.

Since the Italian bankruptcy was filed, there have been
continuing disputes over the right to control the company's
assets.  ESW Capital LLC acquired Think3 in September.  The
primary debt is a US$23 million tax liability in Italy.

The Italian Trustee is represented by:

          Joel M. Walker, Esq.
          DUANE MORRIS LLP
          Suite 5010, 600 Grant Street
          Pittsburgh, PA 15219-2802
          E-mail: JMWalker@duanemorris.com

               - and -

          Wesley W. Yuan, Esq.
          DUANE MORRIS LLP
          1330 Post Oak Boulevard, Suite 800
          Houston, TX 77056
          Tel: (713) 402-3911
          Fax: (713) 513-5848
          E-mail: wwyuan@duanemorris.com

The Chapter 15 petition estimates Think3's assets and debts to be
between US$10 million to US$50 million.

Versata FZ-LLC, Versata Development Group, Inc., Versata
Software, Inc., ESW Capital, LLC, the parent of Think3, and
Gensym Cayman L.P., the DIP Lender, are represented by:

         Berry D. Spears, Esq.
         FULBRIGHT & JAWORSKI L.L.P.
         600 Congress Avenue, Suite 2400
         Austin, TX 78701-2878
         Telephone: (512) 536-5246
         Facsimile: (512) 536-4598
         E-mail: bspears@fulbright.com

              - and -

         Zack A. Clement, Esq.
         John D. Cornwell, Esq.
         Camisha L. Simmons, Esq.
         FULBRIGHT & JAWORSKI L.L.P.
         1301 McKinney Street, Suite 5100
         Houston, TX 77010-3095
         Telephone: (713) 651-5151
         Facsimile: (713) 651-5246
         E-mail: zclement@fulbright.com
                 jcornwell@fulbright.com

              - and -

         G. Larry Engel, Esq.
         Vincent J. Novak, Esq.
         Kristin Hiensch, Esq.
         MORRISON & FOERSTER LLP
         425 Market Street
         San Francisco, CA 94105-2482
         Telephone: (415) 268-7000
         Facsimile: (415) 268-7522
         E-mail: lengel@mofo.com
                 vnovak@mofo.com
                 khiensch@mofo.com


THINKFILM INC: Bergstein Sues Former Lawyer for Sharing Info
-------------------------------------------------------------
Melissa Lipman at Bankruptcy Law360 reports that movie financier
David Bergstein slapped his former attorney Teri Zimon with a $50
million Los Angeles suit Friday, accusing Mr. Zimon of violating
attorney-client privilege to help force the plaintiff's companies
into bankruptcy.

Law360 relates that Mr. Bergstein and his company Graybox LLC
maintain that after his relationship with his long-time attorney
Susan Tregub soured in mid-2009, Mr. Zimon schemed with Ms. Tregub
to convince the investor's creditors to lodge involuntary
bankruptcy proceedings.

                      About Thinkfilm, et al.

CapCo Group LLC and four other companies controlled by David
Bergstein are part of a wider network of entities that distribute
and finance films.  Among the approximately 1,300 films they have
the rights to are "Boondock Saints" and "The Wedding Planner."

Several creditors filed for involuntary Chapter 11 against the
companies on March 17, 2010 -- CT-1 Holdings LLC (Bankr. C.D.
Calif. Case No. 10-19927); CapCo Group, LLC (Bankr. C.D. Calif.
Case No. 10-19929); Capitol Films Development LLC (Bankr. C.D.
Calif. Case No. 10-19938); R2D2, LLC (Bankr. C.D. Calif. Case No.
10-19924); and ThinkFilm LLC (Bankr. C.D. Calif. Case No. 10-
19912).  Judge Barry Russell presides over the cases.  The
Petitioners are represented by David L. Neale, Esq., at Levene
Neale Bender Rankin & Brill LLP.

Federal bankruptcy judge Barry Russell formally declared David
Bergstein's ThinkFilm LLC and Capitol Films Development bankrupt
on October 5, 2010.

Mr. Bergstein is being sued for tens of millions of dollars by
nearly 30 creditors -- including advertisers, publicists and the
Writers Guild West.  Five Bergstein controlled companies have been
named in the suit.


TIGER X: Reports Net Income of $11.4 Million in Q2 Ended June 30
----------------------------------------------------------------
Tiger X Medical, Inc., formerly known as Cardo Medical, Inc.,
filed its quarterly report on Form 10-Q, reporting net income of
$11.40 million for the three months ended June 30, 2011, compared
with a net loss of $1.48 million for the same period last year.

The Company reported net income of $11.08 million for the six
months ended June 30, 2011, compared with a net loss of
$2.94 million for the corresponding period of 2010.

The Company had no revenue from continuing operations for the
three months ended June 30, 2011, and 2010.

The Company's balance sheet at June 30, 2011, showed
$14.65 million in total assets, $270,000 in total liabilities, and
stockholders' equity of $14.38 million.

"We had received a "going concern" opinion from its  independent
auditors for the years ended Dec. 31, 2010, and 2009," the Company
said in the filing.

"Pursuant to the sales of the Reconstructive and Spine Divisions
during the quarter ended June 30, 2011, we had cash of $12,692,000
as of June 30, 2011.  As a result, we have adequate cash on hand
to fund our operations and other activities for the next twelve
months and beyond.  Therefore, the factors which raised
substantial doubt about our ability to continue as a going concern
have been alleviated."

A copy of the Form 10-Q is available at http://is.gd/tFkwp7

Van Nuys, Calif.-based Tiger X Medical, Inc., formerly known as
Cardo Medical, Inc., previously operated as an orthopedic medical
device company specializing in designing, developing and marketing
high performance reconstructive joint devices and spinal surgical
devices.

The Company sold Reconstructive and Spine Divisions during the
quarter ended June 30, 2011.  The Company's future operations will
include the collection and management of its royalty income earned
in connection with the Asset Purchase Agreement with Arthrex, Inc.
The Company will also be evaluating future investment
opportunities and uses for its cash.

On June 10, 2011, the Company filed an amendment to its
Certificate of Incorporation with the Secretary of State of
Delaware for the purpose of changing its name to Tiger X Medical,
Inc.  The amendment was effective as of June 10, 2011.

                          *     *     *

This concludes the Troubled Company Reporter's coverage of Tiger
Medical, Inc., formerly known as Cardo Medical, Inc., until
facts and circumstances, if any, emerge that demonstrate financial
or operational strain or difficulty at a level sufficient to
warrant renewed coverage.


TOPS HOLDING: Reports $293,000 Net Income in July 16 Quarter
------------------------------------------------------------
Tops Holding Corporation filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting
net income of $293,000 on $559.51 million of net sales for the 12-
week period ended July 16, 2011, compared with a net loss of $8.91
million on $541.83 million of net sales for the 12-week period
ended July 17, 2010.

The Company also reported a net loss of $1.79 million on $1.27
billion of net sales for the 28-week period ended July 16, 2011,
compared with a net loss of $5.62 million on $1.20 billion of net
sales for the 28-week period ended July 17, 2010.

The Company reported a net loss of $26.95 million on $2.25 billion
of net sales for the fiscal year ended Jan. 1, 2011, compared with
a net loss of $25.69 million on $1.69 billion of net sales during
the prior year.

The Company's balance sheet at July 16, 2011, $663.59 million in
total assets, $730.28 million in total liabilities and a $66.69
million total shareholders' deficit.

Frank Curci, Tops' President and CEO, commented, "We had a strong
quarter, with sales growth and sharply higher profitability, in
spite of a difficult and volatile operating environment.  We
continue to grow in the markets we serve in Upstate New York and
Northern Pennsylvania by attracting new customers with our
merchandising, while actively taking steps to build loyalty and
basket size with our existing customers.  We have successfully
integrated the acquired Penn Traffic stores under the Tops banner
and are enjoying a continued rebound in traffic in those newly
renovated stores.  Lastly, we are pleased with the growth from the
new fuel stations added to our network."

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

                        http://is.gd/bi8xNk

                        About Tops Markets

Privately owned Tops Markets, LLC headquartered in Williamsville,
New York, operates a chain of 71 owned Tops supermarkets and 5
franchised stores ("legacy stores") in western New York state,
with approximately $1.7 billion of annual revenues.  In February
2010, Tops acquired 79 stores from the bankruptcy estate of Penn
Traffic.  Tops continues to operate 55 stores, of which 7 may sold
or closed as a result of a preliminary FTC order.  The remaining
48 stores are in the final process of being re-branded as Tops
stores.  Tops' primary markets have historically been the Buffalo
and Rochester metro areas, and will expand to the south and east
with the acquisition of the Syracuse-based Penn Traffic stores.
The company is 75% owned by Morgan Stanley Capital Partners, with
remaining ownership held largely by a unit of HSBC and company
management.

                           *     *     *

According to the Troubled Company Reporter on Nov. 10, 2010,
Moody's Investors Service downgraded the Corporate Family and
Probability of Default Ratings of Tops Holding Corp. to Caa1 from
B3, and downgraded the rating of its $350 million of secured bonds
to Caa1 from B3.  The rating outlook is stable.  This concluded
the review for possible downgrade started on August 10, 2010.


TOWNSENDS INC: Seeks Conversion to Chapter 7
--------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Townsends Inc. gave up hope of confirming even a
liquidating Chapter 11 plan.  The company filed papers last week
setting up a Sept. 14 hearing for conversion of the case to
liquidation in Chapter 7 where a trustee will take over
automatically.  The asset sale was completed in February for
$76.4 million.  The Company's court filing said the "very few
remaining assets" were not sufficient to warrant even at attempt
at confirming a liquidating Chapter 11 plan.  Previously, the
Company said it was "developing a strategy" for completing the
bankruptcy reorganization begun in December.

                       About Townsends Inc.

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

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

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee has tapped Lowenstein Sandler PC as its
counsel and J.H. Cohn LLP as its financial advisor.  No trustee or
examiner has been appointed in the Debtors' bankruptcy cases.

The Debtors sold virtually all of their assets in two Asset Sale
transactions which closed on Feb. 25, 2011.  The purchasers were
Omtron, Ltd., and Peco Foods, Inc.


TRADE UNION: Can Hire Special Counsel, Consultant, and Accountant
-----------------------------------------------------------------
The Honorable Deborah J. Saltzman, having found that the firms are
disinterested persons as defined by Section 101(14) of the
Bankruptcy Code, approved the applications of Trade Union
International, Inc. and Duck House, Inc. to employ (i) Kam Louie,
Attorney at Law as their special intellectual property counsel;
(ii) J. Lan CPA, Inc. as their accountant, effective as of May 4,
2011; (iii) Tatum, LLC as their reorganization consultant

The Debtors related that they need Kam Louie to assist them with
trademark matters, including the preparation and filing of
documents with the U.S. Patent and Trademark Office that are
necessary for securing, maintaining, and enforcing Trade Union's
trademark rights for its product lines, which include Topline,
Verde, Wheel Relicas & Design, V Rock & Design, and others.

There are eight pending applications, four of which will require
revival fees in addition to extension and Statement of Use-related
fees.  One of the pending applications is subject to an opposition
and will require litigation before the U.S. Patent and Trademark
Office, according to the Debtors.

The Debtors assured the Court that none of the services to be
performed by Kam Louie as Special Intellectual Property Counsel
will duplicate the services performed by the Debtors' other
professionals, including Shulman Hodges & Bastian LLP, Tatum, LLC,
and Lan Liu & Company.

It is anticipated that Kam Louie's total fees and costs for non-
litigation trademark matters will not exceed $10,000.  The fees
related to the trademark litigation matter, however, may exceed
the estimated $10,000 budget.

The Debtors may pay Kam Louie in the ordinary course without
further notice as long as the total fees and costs do not exceed
$10,000.  Any of the Firm's total fees and costs exceeding $10,000
will not be paid by the Debtors absent Court order.

With respect to J. Lan CPA, any payment to the Accountant will be
subject to and consistent with the Court orders regarding the use
of the cash collateral of Cathay Bank and China Trust Bank,
including (i) that certain Interim Order Authorizing Use of Cash
Collateral to Operate Debtors' Businesses and Setting Final
Hearing on Cash Collateral Issues, dated Feb. 10, 2011; (ii) that
certain Second Interim Order Authorizing Use of Cash Collateral to
Operate the Debtors' Businesses and Setting Final Hearing on Cash
Collateral, dated Mar. 3, 2011; and (iii) the Final Order
Authorizing Use of Cash Collateral to Operate Debtors' Business,
dated Jun. 20, 2011.

The Debtors are authorized to employ Tatum, LLC as their
reorganization consultant for certain consulting services,
effective as of Mar. 15, 2011 through Apr. 15, 2011, and for
certain financial planning services, effective as of Apr. 1 2011.
The Debtors are also authorized to pay the Firm's deposit of
$5,000.  In the event the Firm seeks compensation for more than 80
hours of Consulting Services, the Firm is required to file fee
applications.  The Debtors are authorized to pay the Firm for the
Financial Planning Services on a monthly basis, subject to Court
approval.

                        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.


TRADE UNION: Committee Seeks to Tap Winthrop Couchot as Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Trade Union
International, Inc. and Duck House, Inc. seeks to retain Winthrop
Couchot Professional Corporation as its general insolvency
counsel.

The Firm will render these services to the Creditors' Committee:

     * Provide legal advice with respect to the Committee's
       duties, responsibilities, and powers in the Debtors'
       bankruptcy cases;

     * Assist in investigating the acts, conduct, assets,
       liabilities, and financial condition of the Debtors and
       their insiders and affiliates;

     * Provide legal advice and representation with respect to
       the negotiation, confirmation, and implementation of a
       Chapter 11 plan;

     * Provide legal advice with respect to the administration of
       the Debtors' cases, the distribution of the Debtors'
       assets, the prosecution of claims against third parties,
       and any other matters relevant to the Debtors' cases;

     * Provide legal advice and representation, if appropriate,
       with respect to the appointment of a trustee or examiner;
       and

     * Provide legal advice and representation in any legal
       proceeding, whether adversary or otherwise, involving the
       interests represented by the Committee, and the
       performance of other legal services as may be required by
       the Committee in furtherance of the interests of general
       unsecured creditors in the Debtors' cases.

The Firm will be paid its regular hourly rates.  The Firm's
current hourly rates are:

               Attorneys:
               Marc J. Winthrop              $725
               Robert E. Opera               $725
               Sean A. O'Keefe, of counsel   $725
               Paul J. Couchot               $725
               Richard H. Golubow            $575
               Peter W. Lianides             $575
               Garrick A. Hollander          $575
               Kavita Gupta                  $495
               Payam Khodadadi               $395

               Legal Assistants:
               P.J. Marksbury                $250
               Legal Assistant Associates    $135

Based on the declaration of Robert E. Opera, a shareholder at
Winthrop Couchot, the Creditors' Committee believes that the Firm
is a disinterested person within the meaning of Section 101(14) of
the Bankruptcy Code and that the Firm does not have any interest
adverse to the Debtors' estates.

The Firm can be contacted at:

          Robert E. Opera
          Winthrop Couchot
          Professional Corporation
          660 Newport Center Drive, Suite 400
          Newport Beach, California 92660
          Tel. No.: 949-720-4100
          Fax No. : 949-720-4111
          E-mail  : ropera@winthropcouchot.com

                        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.


TRANS ENERGY: Delays Filing of Quarterly Report on Form 10-Q
------------------------------------------------------------
Trans Energy, 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's
certifying auditors have not yet completed their review of the
financial statements to be included in the Form 10-Q, nor has the
Company had the opportunity to complete its initial formatting for
the requisite XBRL.  Accordingly the Company is unable to complete
and file its Form 10-Q quarterly report by the due date, but
expects the review of financial statements and XBRL formatting
will be completed and the Form 10-Q finalized in order to file the
report within the prescribed extension period.

                         About Trans Energy

West Virginia-based Trans Energy, Inc. --
http://www.transenergyinc.com/-- is an independent exploration
and production company focused on exploring, developing and
producing oil and natural gas in the Appalachian Basin.  The
common shares of the Company are listed for trading on the Over
The Counter Bulletin Board under the symbol "TENG".

According to the Troubled Company Reporter on Nov. 9, 2010, Trans
Energy, Inc., and CIT Capital USA Inc. entered into a forbearance
letter agreement on Oct. 29, 2010, whereby CIT agreed to
forebear from exercising its rights and remedies against the
Company and its property until Dec. 31, 2010.  The forbearance
relates to a senior secured revolving credit facility.  The
October Forbearance Letter extends the terms and provisions of the
parties' earlier forbearance agreement entered into on July 9,
2010, that extended the forbearance period to Oct. 29, 2010.

As reported by the TCR on April 18, 2011, Maloney + Novotny, LLC,
in Cleveland, Ohio, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company has generated significant losses
from operations and has a working capital deficit of $19,699,824
at Dec. 31, 2010.


TRANS-LUX CORPORATION: Incurs $1.6-Mil. Second Quarter Net Loss
---------------------------------------------------------------
Trans-Lux Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $1.63 million on $5.09 million of total revenues for the three
months ended June 30, 2011, compared with a net loss of $2.60
million on $6.27 million of total revenues for the same period a
year ago.

The Company also reported a net loss of $3.30 million on $10
million of total revenues for the six months ended June 30, 2011,
compared with a net loss of $4.02 million on $11.66 million of
total revenues for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed $31.01
million in total assets, $34.15 million in total liabilities, and
a $3.13 million total stockholders' deficit.

The Company has incurred significant recurring losses from
continuing operations and has a significant working capital
deficiency.  The Company incurred a net loss from continuing
operations of $3.3 million for the six months ended June 30, 2011,
and has a working capital deficiency of $18.8 million as of
June 30, 2011.

Trans-Lux reported a net loss of $7.03 million on $24.30 million
of total revenues for the year ended Dec. 31, 2010, compared with
a net loss of $8.79 million on $28.54 million of total revenues
during the prior year.

As reported by the TCR on April 8, 2011, UHY LLP, in Hartford,
Connecticut, expressed substantial doubt about the Company's
ability to continue as a going concern.  The independent auditors
noted that the Company has incurred significant recurring losses
from continuing operations and has a significant working capital
deficiency.  In 2009, the Company had a loss from continuing
operations of $8.8 million and has a working capital deficiency of
$16.0 million as of Dec. 31, 2009.  Furthermore, the Company is in
default of the indenture agreements governing its outstanding 9
1/2% Subordinated debentures and its 8 1/4% Limited convertible
senior subordinated notes so that the trustees or holders of 25%
of the outstanding Debentures and Notes have the right to demand
payment immediately.

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

                        http://is.gd/WLz6ap

                    About Trans-Lux Corporation

Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a
designer and manufacturer of digital signage display solutions for
the financial, sports and entertainment, gaming and leasing
markets.


TRANSFIRST HOLDINGS: Moody's Affirms B3 CFR on Solveras Purchase
----------------------------------------------------------------
Moody's Investors Service affirmed TransFirst Holdings, Inc. B3
Corporate Family Rating (CFR) and the ratings for its existing
senior secured credit facilities following the Company's announced
plans to acquire Solveras, Inc. The Company intends to finance the
acquisition with cash, borrowings under the revolver and equity
contributions from its sponsor. The outlook for the ratings is
stable.

Moody's has affirmed these ratings:

   Issuer: TransFirst Holdings, Inc.

   -- Corporate Family Rating -- B3

   -- Probability of Default Rating -- B3

   -- Senior Secured Revolving Credit Facility, due 2013 -- B2,
      LGD3, 33%

   -- Senior Secured 1st Lien Term Loan, due 2014 -- B2, LGD3, 33%

   -- Senior Secured 2nd Lien Term Loan due 2015 -- Caa2, LGD
      assessments changed to LGD5, 84 % from LGD5, 85 %

Outlook: Stable

RATING RATIONALE

Moody's believes that the acquisition of Solveras will have a
modest impact on TransFirst's credit profile as the size of the
acquisition is small relative to TransFirst's revenues and
transaction volumes. At the same time, according to Moody's
Analyst Raj Joshi, "the largely cash-financed transaction will
erode the Company's liquidity in the short term and according to
Moody's estimates will reduce TransFirst's operating cushion under
its leverage covenant to very modest levels initially, partly as a
result of the step down in the covenant level at the end of the
current quarter." While good cash flow generation should
progressively improve TransFirst's liquidity over the next two to
three quarters, the ratings agency believes that the continuation
of an aggressive debt-financed expansion strategy will
periodically pressure the Company's liquidity in the intermediate
term, especially given the maximum leverage permitted under the
financial covenants.

The B3 rating reflects TransFirst's high leverage (approximately
6.3x, incorporating Moody's standard analytical adjustments and a
25% attribution to the preferred stock) and its modest free cash
flow generation (cash flow from operations less capital
expenditures, residual buyouts and merchant portfolio purchases).
The rating also considers TransFirst's small scale relative to a
number of transaction processors and the highly competitive nature
of the electronic payments processing industry. The B3 rating is
additionally constrained by the potential for periodic increases
in leverage resulting from debt-funded acquisitions or dividends
to financial sponsors and the Company's aggressive financial
leverage policies, including tolerance of tight headroom under its
financial leverage covenant.

The B3 CFR is supported by the expectations of declining leverage
and growing cash flows from operations resulting from good
business execution and a modestly growing economy. The rating
benefits from the predictability of TransFirst's operating cash
flows generated from recurring transactions and a highly diverse
customer base with low customer or industry concentration.

The stable outlook reflects Moody's expectations that TransFirst
will maintain adequate liquidity and its credit metrics should
continue to improve over the next 12 to 18 months.

Moody's could raise TransFirst's rating if the Company maintains
stable and good liquidity. Upward rating pressure could develop if
TransFirst generates organic EBITDA growth, Total Debt-to-EBITDA
declines to below 6.0x (including 25% debt attribution to
preferred stock) on a sustainable basis, and free cash flow to
total debt ratio remains in the high single digit percentages.

Conversely, the rating could be downgraded if liquidity
deteriorates, free cash flow turns negative or Debt-to-EBITDA
trends reverse and the Company is unable to sustain leverage below
7.0x range.

The principal methodology used in rating TransFirst Holdings, Inc.
was the Global Business & Consumer Service Industry Rating
Methodology published in October 2010. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

New York-based TransFirst Holdings, Inc. is an electronic payment
processor serving small and medium size merchants.


TRIBUNE COMPANY: Agreement Reached to Settle ERISA Claims
---------------------------------------------------------
Tribune Company disclosed a multi-party agreement to settle claims
alleging violations of the Employee Retirement Income Security Act
of 1974 (ERISA) in connection with Tribune's Employee Stock
Ownership Plan (ESOP).  The claims were initially brought in 2008
in a lawsuit against the ESOP Trustee, GreatBanc Trust, by former
Tribune employees.  The agreement also resolves claims asserted by
the United States Department of Labor (DOL) in connection with the
ESOP and the DOL's and GreatBanc's objections to Tribune's
proposed plan of reorganization.

Under the terms of the agreement, there has been no finding of
fault on the part of Tribune, nor any admission of wrongdoing or
liability by the company or its officers, directors or employees.

The proposed agreement resolves the lawsuit as a non-opt-out class
action settlement for a payment of $32 million for the benefit of
ESOP participants and to cover expenses.  The payment will be
funded by insurers in the amount of $26.4 million, Tribune in the
amount of $4.45 million, and GreatBanc Trust in the amount of $1
million.

The multi-party agreement must be approved by the United States
Bankruptcy Court for the District of Delaware and by the United
States District Court for the Northern District of Illinois.

"We are pleased to resolve the Department of Labor's objections to
the pending plans of reorganization for Tribune as part of
GreatBanc's settlement of the litigation," said Don Liebentritt,
Tribune chief restructuring officer.  "This is a good result for
all parties and ensures a smoother exit from bankruptcy once we
have a confirmed plan."

                      About Tribune Co.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection (Bankr. D. Del. Lead Case No. 08-13141) on Dec. 8,
2008.  The Debtors proposed Sidley Austin LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North America LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets
and $12,972,541,148 in total debts.  Chadbourne & Parke LLP and
Landis Rath LLP serve as co-counsel to the Official Committee of
Unsecured Creditors.  AlixPartners LLP is the Committee's
financial advisor.  Landis Rath Moelis & Company serves as the
Committee's investment banker.  Thomas G. Macauley, Esq., at
Zuckerman Spaeder LLP, in Wilmington, Delaware, represents the
Committee in connection with the lawsuit filed against former
officers and shareholders for the 2007 LBO of Tribune.

Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


TRIUS THERAPEUTICS: Files Form 10-Q; Incurs $9.9MM Q2 Net Loss
--------------------------------------------------------------
Trius Therapeutics, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting 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 a year ago.

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 during the prior year.

The Company's balance sheet at June30, 2011, showed $61.15 million
in total assets, $14.85 million in total liabilities and $46.29
million total stockholders' equity.

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

                        http://is.gd/XAsR51

                     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.


TUBO DE PASTEJE: Court Confirms Chapter 11 Plan
-----------------------------------------------
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware confirmed the plan of reorganization of Tubo de
Pasteje, S.A., de C.V., on August 25, 2011, after determining that
it complies with the confirmation requirements laid out under
Section 1129(a) of the Bankruptcy Code.

The Plan provides for restructuring transactions contemplating:

   (a) the cancellation of the Old 2016 Notes and the ESBDS I Loan
       and the Series B Eligible Debt; and

   (b) the issuance of new debt securities, which New Series A
       Notes will be guaranteed by Tubo and secured by the capital
       stock of CLH to the holders of the Old 2016 Notes and the
       ESBDS I Loan and new debt securities, which will be on
       substantially the same terms as the New Series A Notes but
       will not be secured by any assets of the Reorganized
       Debtors, to holders of the Copper Debt and holders of the
       Commercial Paper who elect to accept the New Series B Notes
       in exchange for their Series B Eligible Debt.

As reported in the Troubled Company Reporter-Latin America on
Aug. 29, 2011, Michael Bathon at Bloomberg News says holders of
US$200 million in 11.5% notes will get the new Series A notes in
the same amount plus interest, which will be secured by the stock
of Tubo's U.S. unit, Cambridge-Lee Holdings Inc.  Lenders that
extended about US$803,000 of credit will share in the Series A
notes.  Holders of more than US$145 million in so-called "copper
debt notes" and holders of US$24.5 million of commercial paper
will get unsecured Series B notes in exchange for their claims.
The company will reinstate about US$39.8 million in debt owed on a
Bank of America Corp. loan, as well as about US$62.3 million owed
on a General Electric Capital Corp. loan.

A full-text copy of the Confirmation Order is available for free
at http://ResearchArchives.com/t/s?76c5

                      About Tubo de Pasteje

Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc.
filed Chapter 11 petitions (Bankr. D. Del. Case No. 09-14353) on
Dec. 7, 2009, following a Nov. 15 payment default on US$200
million in 11.5% senior notes due 2016.  Tubo and its subsidiary
sought bankruptcy protection when the 30-day grace period was
nearing its end.

Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de
CV, a manufacturer of copper and electrical products.  The
U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania.
IUSA is the issuer of the notes which were secured by a pledge of
Cambridge-Lee stock.


TURKPOWER CORPORATION: Incurs $5.8-Mil. Net Loss in Fiscal 2011
---------------------------------------------------------------
TurkPower Corporation filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$5.86 million on $64,308 of revenue for the year ended May 31,
2011, compared with a net loss of $511,149 on $215,050 of revenue
during the prior year.

The Company's balance sheet at May 31, 2011, showed $1.69 million
in total assets, $2.79 million in total liabilities, all current,
and a $1.09 million total stockholders' deficit.

MaloneBailey LLP, in Houston, Texas, noted that the Company has
incurred losses from operations and has a working capital deficit
as of May 31, 2011, which raises substantial doubt about its
ability to continue as a going concern.

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

                        http://is.gd/5AYYPs

                     About TurkPower Corporation

New York-based TurkPower Corporation (formerly Global Ink Supply
Co.) was incorporated on Nov. 4, 2004, in Delaware.  On May 11,
2010, Global Ink Supply Co. changed its name to TurkPower
Corporation.

On Dec. 23, 2009, the Company entered into the consulting and
service operations business, offering domestic and international
clients consulting services.  The Company acts as a full-service
operator for wind, hydro, solar, and geothermal energy parks in
Turkey.  The Company also generates revenue by entering into
agreements with other entities to provide consulting services to
clients in the energy market.


TX BLACKHORSE: U.S. Trustee Asks Court to Dismiss or Convert Case
-----------------------------------------------------------------
Judy A. Robbins, United States Trustee asks the U.S. Bankruptcy
Court for the Southern District of Texas to dismiss, or in the
alternative, to convert TX Blackhorse L.L.P.'s Chapter 11 case to
Chapter 7, for failure to file an amended disclosure statement and
to file operating reports.

A disclosure statement and plan of reorganization were filed on
March 28, 2011.

However, at the hearing on the disclosure statement held on
May 10, 2011, the Debtor announced that it did not wish to proceed
and the disclosure statement was denied without prejudice.

The U.S. Trustee says the docket does not show that an amended
disclosure statement has been filed, nor does its show that the
Debtor is filing operating reports.

                        About TX Blackhorse

Tempe, Arizona-based TX Blackhorse L.L.P., a limited partnership,
is the owner of an undeveloped tract of land consisting of
approximately 630 acres in Texas City, Galveston County, Texas.
The Debtor's general partner is CW LT Management, L.L.C., of
Tempe, Arizona, which owns 1% of the Debtor.  John Cork, also of
Tempe, Arizona, the manager of the general partner, owns 88% of
the Debtor as limited partner.  Emilie Cork and Nathan Cork own 5%
limited partner interests respectively.

The Debtor filed for Chapter 11 bankruptcy protection on Dec. 29,
2010 (Bankr. S.D. Tex. Case No. 10-80760).  Thomas Baker Greene,
III, Esq., at the Law Office of Thomas B. Greene III, in Houston,
serves as the Debtor's bankruptcy counsel.  In its schedules, the
Debtor disclosed $19,100,280 in assets and $13,262,621 in
liabilities as of the petition date.


TXU CORP: Bank Debt Trades at 28% Off in Secondary Market
---------------------------------------------------------
Participations in a syndicated loan under which Energy Future
Holdings Corp., formerly known as TXU Corp., is a borrower traded
in the secondary market at 72.13 cents-on-the-dollar during the
week ended Friday, Aug. 19, 2011, an increase of 2.75 percentage
points from the previous week according to data compiled by Loan
Pricing Corp. and reported in The Wall Street Journal.  The
Company pays 450 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Oct. 10, 2017, and carries
Moody's B2 rating and Standard & Poor's CCC rating.  The loan is
one of the biggest gainers and losers among 64 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

                        About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a portfolio
of competitive and regulated energy businesses in Texas.  Oncor,
an 80%-owned entity within the EFH group, is the largest regulated
transmission and distribution utility in Texas.  The Company
delivers electricity to roughly three million delivery points in
and around Dallas-Fort Worth.

EFH Corp. was created in October 2007 in a $45 billion leveraged
buyout of Texas power company TXU in a deal led by private-equity
companies Kohlberg Kravis Roberts & Co. and TPG Inc.

The Company's consolidated balance sheets at Dec. 31, 2010, showed
$46.388 billion in total assets, $52.299 billion in total
liabilities, and a stockholders' deficit of $5.911 billion.

                           *     *     *

In April 2011, Moody's Investors Service affirmed the 'Caa2'
Corporate Family Rating, 'Caa3' Probability of Default Rating and
SGL-4 Speculative Grade Liquidity Ratings of EFH.  Outlook is
stable.  EFH's Caa2 CFR and Caa3 PDR reflect a financially
distressed company with limited financial flexibility; its capital
structure appears to be untenable, calling into question the
sustainability of the business model; and there is no expectation
for any meaningful debt reduction over the next few years, beyond
scheduled amortizations.

At the end of February 2011, Fitch Ratings it does not expect to
take any immediate rating action on EFH's Texas Competitive
Electric Holdings Company LLC or their affiliates based on recent
default allegations from lender Aurelius.  EFH carries a 'CCC'
corporate rating, with negative outlook, from Fitch.


TXU CORP: Bank Debt Trades at 25% Off in Secondary Market
---------------------------------------------------------
Participations in a syndicated loan under which Energy Future
Holdings Corp., formerly known as TXU Corp., is a borrower traded
in the secondary market at 75.46 cents-on-the-dollar during the
week ended Friday, Aug. 19, 2011, an increase of 2.09 percentage
points from the previous week according to data compiled by Loan
Pricing Corp. and reported in The Wall Street Journal.  The
Company pays 300 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Oct. 10, 2014.  The loan is
one of the biggest gainers and losers among 64 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.

                        About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a portfolio
of competitive and regulated energy businesses in Texas.  Oncor,
an 80%-owned entity within the EFH group, is the largest regulated
transmission and distribution utility in Texas.  The Company
delivers electricity to roughly three million delivery points in
and around Dallas-Fort Worth.

EFH Corp. was created in October 2007 in a $45 billion leveraged
buyout of Texas power company TXU in a deal led by private-equity
companies Kohlberg Kravis Roberts & Co. and TPG Inc.

The Company's consolidated balance sheets at Dec. 31, 2010, showed
$46.388 billion in total assets, $52.299 billion in total
liabilities, and a stockholders' deficit of $5.911 billion.

                          *     *     *

In April 2011, Moody's Investors Service affirmed the 'Caa2'
Corporate Family Rating, 'Caa3' Probability of Default Rating and
SGL-4 Speculative Grade Liquidity Ratings of EFH.  Outlook is
stable.  EFH's Caa2 CFR and Caa3 PDR reflect a financially
distressed company with limited financial flexibility; its capital
structure appears to be untenable, calling into question the
sustainability of the business model; and there is no expectation
for any meaningful debt reduction over the next few years, beyond
scheduled amortizations.

At the end of February 2011, Fitch Ratings it does not expect to
take any immediate rating action on EFH's Texas Competitive
Electric Holdings Company LLC or their affiliates based on recent
default allegations from lender Aurelius.  EFH carries a 'CCC'
corporate rating, with negative outlook, from Fitch.


UNI-PIXEL INC: Seven Directors Elected at Annual Meeting
--------------------------------------------------------
Uni-Pixel, Inc., held its 2011 Annual Meeting of Shareholders on
Aug. 16, 2011.  At the meeting, the shareholders voted on: (a) the
election of seven directors, namely: (1) Reed J. Killion, (2)
Bernard T. Marren, (3) Carl J. Yankowski, (4) Bruce I. Berkoff,
(5) Ross A. Young, (6) William Wayne Patterson and (7) Anthony J.
LeVecchio; (b) the ratification of the appointment of PMB Helin
Donovan as the Company's independent registered public accounting
firm for the year ending Dec. 31, 2011, and (3) the approval of
the 2011 Stock Incentive Plan.

                        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.

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.

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.


UNITED STATES OIL: Annual Meeting Moved to Sept. 23
---------------------------------------------------
United States Oil and Gas Corp has rescheduled the date of its
annual meeting, originally scheduled for Aug. 31, 2011, to
Sept. 23, 2011, in order to solicit additional proxies in support
of the proposals to come before its Annual Meeting of
Stockholders.  Valid proxies that have already been submitted will
continue to be valid for purposes of the rescheduled Annual
Meeting.  The original record date of July 27, 2011, for the
meeting has not been changed.  In addition, no change has been
made to the meeting's proposals to elect three directors and
approve amendments to the Company's Certificate of Incorporation
in order to effectuate a reverse split of the Company's stock.
The proposals may be found in the Proxy Statement filed with the
SEC and on the Company's Web site www.usaoilandgas.com

Prior to the meeting, registered shareholders are encouraged to
return their proxies via mail, or vote online at
www.transferonline.com/proxy by entering their Proxy ID and
Authorization Code as indicated on the materials they received in
the mail.  Beneficial shareholders may vote online by entering
their Control Number as provided by their broker/dealer at
www.proxyvote.com

                       About United States Oil

United States Oil and Gas Corp. OTC QB: USOG)
-- http://www.usaoilandgas.com/-- is an oil and gas products,
services and technology company headquartered in Austin, Texas.
Through its subsidiaries, the Company markets and distributes
refined oil and gas (diesel, gasoline, propane, high octane racing
fuels and lubricants) to wholesale and retail customers in the
United States.

As reported in the TCR on April 27, 2011, M&K CPAS, PLLC, in
Houston, Texas, expressed substantial doubt about United States
Oil and Gas Corp.'s ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company has accumulated losses resulting in an
accumulated deficit as of Dec. 31, 2010.

The Company's balance sheet at June 30, 2011, showed $7.44 million
in total assets, $7.34 million in total liabilities and $103,875
total stockholders' equity.

The Company reported a net loss of $1.3 million on $24.7 million
of revenue for 2010, compared with a net loss of $1.5 million on
$9.4 million of revenue for 2009.


UNIVERSAL BIOENERGY: Delays Filing of Quarterly Report
------------------------------------------------------
Universal Bioenergy, Inc., has been unable to complete its Form
10-Q for the quarter ended June 30, 2011, within the prescribed
time because of delays in completing the preparation of its
financial statements and its management discussion and analysis.
Those delays are primarily due to Company's management's
dedication of such management's time to business matters.  This
has taken a significant amount of management's time away from the
preparation of the Form 10-Q and delayed the preparation of the
unaudited financial statements for the quarter ended June 30,
2011.

                     About Universal Bioenergy

Universal Bioenergy Inc., is an alternative energy company
headquartered in Irvine, California.  The Company's new strategic
direction is to develop and market a diverse product line of
alternative and natural energy products including, natural gas,
solar, biofuels, wind, wave, tidal, and green technology products.

The Company reported a net loss of $2.00 million on $41.32 million
of revenue for the year ended Dec. 31, 2010, compared with a net
loss of $1.87 million on $0 of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed $13.26
million in total assets, $13.31 million in total liabilities and a
$49,427 total stockholders' deficit.

S.E.Clark & Company, P.C., in Tucson, Arizona, the Company's
independent auditors, noted that the accumulation of losses and
shortage of capital raise substantial doubt about the Company's
ability to continue as a going concern.


URS CORP: S&P Raises CCR From BB+ on Good Operating Performance
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating, on San Francisco-based provider of
engineering, construction, and technical services for public
agencies and private sector companies URS Corp. to 'BBB-' from
'BB+'. We are also withdrawing our '2' recovery ratings on the
company's credit facility, while keeping the 'BBB-' issue-level
ratings on this debt unchanged. The outlook is stable," S&P
stated.

"The upgrade reflects the company's good operating performance
through the current economic downturn," said Standard & Poor's
credit analyst Robyn Shapiro. "URS' good free cash flow and debt
reduction over time have boosted credit measures, which we believe
will continue to support a higher rating."

"We expect URS to finance any future acquisitions in a manner
commensurate with its intermediate financial risk profile,
including maintaining a ratio of funds from operations to total
adjusted debt of more than 30%."

The ratings on URS reflect the company's intermediate financial
risk profile, marked by its history of growth through large, debt-
financed acquisitions (although it has demonstrated the ability
and willingness to issue equity) and steadily reduce leverage. The
company has a satisfactory business risk profile, characterized by
leading positions in engineering and design, a significant scale
and scope of operations, and diversified end-market exposure.

The outlook is stable. "At the current rating, we expect URS to
continue to generate meaningful free operating cash flow over the
operating cycle -- about $400 million in 2011 -- and to maintain
an intermediate financial risk profile, including at least
adequate liquidity," Ms. Shapiro continued. "We could raise
the ratings if URS' pursues moderate financial policies (including
maintenance of at least adequate liquidity). We could lower the
ratings if its credit measures or liquidity decline significantly
due to acquisition spending, for example, if it appears likely
that FFO to total debt will fall below 30% and improvement does
not appear likely to us in the near term."


USEC INC: Standstill Agreement Extended to Sept. 30
---------------------------------------------------
USEC Inc., Toshiba America Nuclear Energy Corporation, a
subsidiary of Toshiba Corporation, and Babcock & Wilcox Investment
Company entered into an amendment to the standstill agreement
dated as of June 30, 2011, pursuant to which each of the parties
agreed not to exercise its right to terminate the Securities
Purchase Agreement dated as of May 25, 2010, for a limited period
of time.

The amendment extends the expiration of the Standstill Agreement
from Aug. 15, 2011, to Sept. 30, 2011.  In addition, the amendment
provides that thereafter, in the event that the Second Closing
fails to occur by Sept. 30, 2011, and TANE or B&W exercises its
right to terminate the Securities Purchase Agreement and such
investor elects to sell its shares pursuant to the terms of the
Certificate of Designation of Series B-1 12.75% Convertible
Preferred Stock, the Company agrees it will exercise its right to
redeem any shares of Series B-1 12.75% Preferred Stock held by
TANE or B&W that remain outstanding on Aug. 31, 2012.  Such
redemption would be for cash or SWU at the Company's election and
would be in advance of the mandatory redemption of such shares on
Dec. 31, 2012, which is otherwise required by the COD in such
circumstances.

Pursuant to the Securities Purchase Agreement, Toshiba and B&W
agreed to make a $200 million investment in USEC over three phases
upon the satisfaction at each phase of certain closing conditions.
On Sept. 2, 2010, the first closing of $75 million occurred.  The
second closing of the strategic investment by Toshiba and B&W of
$50 million is conditioned on the Company having entered into a
conditional commitment in an amount of not less than $2 billion
for the American Centrifuge project with the U.S. Department of
Energy.  The Securities Purchase Agreement provided that if the
second closing did not occur by June 30, 2011, the agreement may
be terminated by USEC or each of B&W or Toshiba.

A full-text copy of the First Amendment to Standstill Agreement is
available for free at http://is.gd/0Ynrew

                         About USEC Inc.

Headquartered in Bethesda, Maryland, USEC Inc. (NYSE: USU) --
http://www.usec.com/-- supplies enriched uranium fuel for
commercial nuclear power plants.

The Company's balance sheet at June 30, 2011, showed $4.12 billion
in total assets, $2.80 billion in total liabilities and $1.32
billion in stockholders' equity.

                          *     *     *

USEC Inc. carries 'Caa1' corporate and probability of default
ratings, with "developing" outlook, from Moody's, and 'CCC+' long
term foreign issuer credit rating and 'CCC-' long term local
issuer credit rating, with outlook "developing", from Standard &
Poor's.

In May 2010, S&P said that its rating and outlook on USEC Inc. are
not affected by the announcement that Toshiba Corp. and Babcock &
Wilcox Investment Co., an affiliate of The Babcock & Wilcox Co.,
have signed a definitive investment agreement for $200 million
with USEC.


US POSTAL: Asks Congress to Remove CBA Restrictions
---------------------------------------------------
Laurie Segall at CNNMoney reports that the United States Postal
Service is appealing to Congress to remove collective bargaining
restrictions in order to lay off 120,000 workers.  It also wants
congressional approval to replace existing government health care
and retirement plans.

The report notes, in its appeal to Congress, the USPS warns of an
increasingly difficult situation -- one that has the long standing
organization "facing the equivalent of Chapter 11 bankruptcy."  In
the document, the Postal Service warns it will be insolvent next
month.

According to the report, the post office claims it needs to
eliminate 220,000 positions, or more than 30 percent of its staff
by 2015, but only 100,000 of those positions can be made through
attrition.  The other 120,000 must come from lay offs, according
to the documents.  "To restore the Postal Service to financial
viability, it is imperative that we have the ability to reduce our
workforce rapidly," the USPS wrote.

The report says the USPS is also asking Congress to change
legislation that requires postal workers to get federal health
care and retirement benefits.  Instead, the Postal Service would
replace them with its own benefit plans.

The report relates that, currently, postal employees participate
in the Federal Employees Health Benefits program, the Civil
Service Retirement System and the Federal Employees Retirement
System.  If given congressional approval, the Post Office would
replace those with new plans that would save money, while offering
comparable benefits to employees, according to the documents.

In the documents, the USPS lays out the harsh reality of the
situation: mounting losses, declining mail volume due both to the
recession and the shift toward digital alternatives, and the need
for drastic measures to cut costs.

The report relates that it's no secret the USPS has been
struggling, but it's a move that's likely to put Postal Service
unions up in arms. USPS mail volume declined 20 percent in the
four year period through the Fiscal Year 2010 resulting in net
losses of over $20 billion.

Mr. Segallnotes, in fiscal year 2010, the Postal Service suffered
a $8.5 billion net loss, compared $3.8 billion the prior year.
Last quarter, the U.S. Postal Service posted a loss of $2.2
billion. Its fiscal year ends in September.  In July, the
Postmaster General Patrick Donahoe released a long-awaited "post
office study" of nearly 3,700 potential closings in all 50 states
and Washington, D.C., he adds.


UTSTARCOM INC: Jin Jiang Appointed as New Chief Financial Officer
-----------------------------------------------------------------
UTStarcom Holdings Corp. announced additional information on the
appointment of Jin Jiang as Chief Financial Officer of the
Company.  Ms. Jiang's appointment is effective as of Sept. 1,
2011, when she will replace Edmond Cheng, who has decided to leave
UTStarcom to pursue other opportunities.

Ms. Jiang brings with her over fifteen years of extensive
experience in finance and accounting roles including senior
positions at one of the big four accounting firms and other NASDAQ
listed companies.  Ms. Jiang joined UTStarcom in October 2009 as
the Corporate Controller and was then promoted to the position of
Vice President of Finance in March 2011.  Previously, Ms. Jiang
served as the Corporate Controller at NASDAQ listed Embarcadero
Technologies, Inc., and NASDAQ listed Red Envelope, Inc, both of
which were acquired in 2007 and 2008, respectively.  Prior to
joining Red Envelope, Inc, Ms. Jiang held senior management
positions in audit, business consulting and internal audit at
Ernst & Young in San Francisco and Beijing for eight years.  Ms.
Jiang has a Canadian Chartered Accountant designation and holds a
post graduate degree in chartered accountancy from McGill
University and a bachelor of accounting from the University of
British Columbia.

"I am pleased to congratulate Ms. Jiang on her promotion.  I am
confident that Ms. Jiang's wealth of financial and managerial
experience with multinational technology companies will continue
to provide UTStarcom with prudent financial management and
strategic insight," said Jack Lu, President and CEO of UTStarcom.
"On behalf of the board and management team, I would also like to
thank Edmond Cheng for his significant contribution to UTStarcom's
development over the past year.  We wish him the best in his
future endeavors."

Ms. Jiang commented, "I am excited about the opportunity to play a
more important role in the development of UTStarcom.  I look
forward to working closely with Mr. Lu, and the entire management
team of the Company, as we seek to improve our communication with
investors, reinforce our financial controls and deliver long-term
shareholder value in the years ahead."

                        About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

The Company reported a net loss of $65.29 million on $291.53
million of net sales for the year ended Dec. 31, 2010, compared
with a net loss of $225.70 million on $386.34 million of net sales
during the prior year.

The Company's balance sheet at June 30, 2011, showed $707.53
million in total assets, $456.97 million in total liabilities, and
$250.55 million in total equity.


VALENCE TECHNOLOGY: Berg & Berg Buys 1.8MM Common Shares for $2MM
-----------------------------------------------------------------
Berg & Berg Enterprises, LLC, on Aug. 15, 2011, purchased
1,832,653 shares of Valence Technology, Inc., common stock at a
price per share of $1.10, the closing bid price of the Company's
common stock on the purchase date.  The purchase price for the
shares was $2,015,917.  Payment of the purchase price consisted of
the surrender of the promissory note issued on May 25, 2011, to
Berg and Berg, under which $2,000,000 in principal and $15,917 in
accrued interest was outstanding.

The shares were issued in a private placement transaction exempt
from the registration requirements of the Securities Act of 1933,
as amended, pursuant to Section 4(2) thereof.  Under Rule 144 of
the Securities Act, these shares are restricted from being traded
by Berg & Berg for a period of six months from the date of
issuance, unless registered, and thereafter may be traded only in
compliance with the volume restrictions imposed by this rule and
other applicable restrictions.

On Oct. 26, 2010, the Company's Board of Directors authorized the
Company to engage in financing transactions with Berg & Berg, Carl
E. Berg, or their affiliates from time to time in an aggregate
amount of up to $10,000,000, if, and when needed by the Company,
and as may be mutually agreed.  The $2,000,000 promissory note was
made pursuant to this authorization and following such
transaction, $4,000,000 remains available under this
authorization.

The managing member of Berg & Berg is Carl E. Berg, who is the
Chairman of the Company's Board of Directors and the principal
stockholder of the Company.

                      About Valence Technology

Austin, Texas-based Valence Technology, Inc. (NASDAQ: VLNC) --
http://www.valence.com/-- is a global leader in the development
of safe, long-life lithium iron magnesium phosphate energy storage
solutions and provides the enabling technology behind some of the
world's most innovative and environmentally friendly applications.
Valence Technology has its Research & Development Center in
Nevada, its Europe/Asia Pacific Sales office in Northern Ireland
and global fulfillment centers in North America and Europe.

The Company reported a net loss of $12.68 million on $45.88
million of revenue for the year ended March 31, 2011, compared
with a net loss of $23.01 million on $16.08 million of revenue
during the prior year.

The Company's balance sheet at June 30, 2011, showed $44.74
million in total assets, $90.58 million in total liabilities,
$8.61 million in redeemable convertible preferred stock, and a
$54.45 million total stockholders' deficit.

As reported by the TCR on June 3, 2011, PMB Helin Donovan, LLP, in
Austin, Texas, noted that Company's recurring losses from
operations, negative cash flows from operations and net
stockholders' capital deficiency raise substantial doubt about its
ability to continue as a going concern.


WASTE2ENERGY HOLDINGS: October Trial on Request for Trustee
-----------------------------------------------------------
Chapter11Cases.com says that Delaware bankruptcy judge Kevin Carey
entered an order late last week regarding the motion filed by
alleged creditors of Waste2Energy Holdings, Inc., asking that the
company's management be removed and replaced by a trustee.  The
motion was filed in connection with an involuntary chapter 11

According to the report, Judge Carey's order sets a schedule for
consideration of the creditors' trustee motion.  Among the key
deadlines set by the court are:

    * August 31st: Deadline to serve discovery requests
    * September 12th: Deadline to respond to paper discovery
      requests
    * September 14th: Deadline for Waste2Energy or other parties
      to object or respond to the motion to remove management and
      appoint a trustee
    * September 27th: Deadline to complete depositions
    * October 11th: Bankruptcy court trial on the motion
      (beginning at 10:00 a.m.

As reported in the TCR on Aug. 11, 2011, the petitioning
creditors, allegedly holding $3.2 million of bonds of Waste2Energy
Holdings, Inc., are asking the Bankruptcy Court to appoint an
independent trustee to take over its operations.

                    About Waste2Energy Holdings

Greenville, South Carolina-based Waste2Energy Holdings, Inc. (Pink
Sheets: WTEZ) -- http://www.waste2energy.com/-- is a "cleantech"
technology company that designs, builds, installs and sells waste
to energy plants that generate "Renewable Green Power" converting
biomass or other solid waste streams traditionally destined for
landfills into clean renewable energy.

The Company's balance sheet at June 30, 2010, showed $3.4 million
in total assets, $11.7 million in total liabilities, and a
stockholders' deficit of $8.3 million.

On Oct. 30, 2010, $87,500 of principal amount of the Company's 12%
Senior Convertible Debentures became due.  On Nov. 2, 2010,
$40,000 of principal amount of the Debentures became due.  The
Company did not make the required payment on the maturity date or
by the cure period provided by the Debentures and as result an
Event of Default under the Debentures has occurred.

As reported in the Troubled Company Reporter on July 19, 2010,
Marcum LLP, in New York, expressed substantial doubt the Company's
ability to continue as a going concern, following its results for
the fiscal year ended March 31, 2010.  The independent auditors
noted that the Company has incurred a significant loss from
continuing operations of $11.7 million and used cash of
$5.2 million for continuing operations which resulted in an
accumulated deficit of $30.4 million and a working capital
deficiency of $6.6 million as of March 31, 2010.

On Aug. 8, 2011, four creditors filed an involuntary Chapter 11
petition against Waste2Energy Holdings (Bankr. D. Del. Case No.
11-12504).  Judge Kevin J. Carey presides over the case.  The
petitioning creditors, allegedly owed $3.2 million in the
aggregate, are represented by Frederick B. Rosner, Esq., at The
Rosner Law Group, LLC



WHITTON CORP: Stipulates with Bank of Las Vegas to Reduce Debt
---------------------------------------------------------------
Whitton Corporation has entered into a stipulation with secured
creditor Bank of Las Vegas lifting the automatic stay with respect
to real property at 1300 W. Pioneer Blvd., Mesquite, Nevada, Clark
County Assessor's Parcel No. 002-13-701-012, to allow the Bank to
enforce its rights on the Property, and ultimately reducing the
outstanding balance of the Debtor's debt to $700,000.

The Debtor is the product of the merger between South Tech-Rio,
LLC and South Tech Partners, LLC in December 3, 2010.  The Bank of
Las Vegas is the successor-in-interest of Black Mountain Community
Bank, the holder of a promissory note from South Tech-Rio in the
original principal sum of $2,000,000, executed and delivered in
2005.  In 2006, South Tech Partners executed a commercial guaranty
to perform the obligations of South Tech-Rio under the terms of
the Note.

On April 26, 2010, South Tech Partners executed and delivered a
revolving credit deed of trust, security agreement, and assignment
of rents in connection with the Property.  Pursuant to the Deed of
trust, South Tech Partners irrevocably granted to the Bank all of
its right, title and interest in the Property.  South Tech-Rio
failed to make certain payment due to the Bank in August 2010.

As of the Petition Date, December 5, 2010, the Debtor owed
$2,017,931.

As of June 8, 2011, the outstanding and delinquent principal
balance due under the terms of the Note is $1,975,000; accrued
interest total $101,820; and costs, fees and other charges total
$5,278.  Interest accrues at the rate of $329 per diem.

The Debtor acknowledges that the Bank has a valid first priority
lien on the Property, and both parties agree that the "as is" fair
market value of the 15.45-acre vacant lot Property as of June 24,
2011, is $1,275,000.  According to the Debtor, the Property is not
necessary to an effective reorganization of the Debtor.

The salient terms of the stipulation include:

     * Bank of Las Vegas will have relief from the automatic stay
       to allow it to enforce its rights in the Property.

     * In consideration of the Debtor's agreement for stay
       relief, the Bank will provide (i) a credit of $1,275,000
       to the outstanding principal balance due under the terms
       of the Note, to be applied at the earlier of the
       conclusion of a non-judicial foreclosure sale held in
       connection with the Deed of Trust and the Property or the
       commencement of the hearing to confirm the Debtor's
       proposed plan of reorganization, provided the plan
       includes provisions for the Debtor to transfer its rights,
       title, and interest in the Property, free and clear of
       liens to the Bank or its assignee; and (ii) a waiver of
       all unpaid penalties and accrued interest so that the
       outstanding balance due under the terms of the Note is
       $700,000.

The Bank of Las Vegas also filed a motion before the U.S.
Bankruptcy Court for the District of Nevada seeking the approval
of the Stipulation.

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).


WILLIAM LYON: Incurs $11 Million Consolidated Net Loss in Q2
------------------------------------------------------------
William Lyon Homes filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a
consolidated net loss of $11.09 million on $63.12 million of
operating revenue for the three months ended June 30, 2011,
compared with a consolidated net loss of $4.66 million on $86.69
million of operating revenue for the same period a year ago.

The Company also reported a consolidated net loss of $22.27
million on $101.92 million of operating revenue for the six months
ended June 30, 2011, compared with a consolidated net loss of
$13.11 million on $129.85 million of operating revenue for the
same period during the prior year.

The Company's balance sheet at June 30, 2011, showed $611.15
million in total assets, $610.25 million in total liabilities and
$896,000 in equity.

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

                        http://is.gd/srHoWO

                      About William Lyon Homes

Based in Newport Beach, California, William Lyon Homes and
subsidiaries -- http://www.lyonhomes.com/-- are primarily engaged
in designing, constructing and selling single family detached and
attached homes in California, Arizona and Nevada.

                         *     *     *

William Lyon carries 'CCC' issuer credit ratings from Standard &
Poor's, and 'Caa2' long term corporate family and probability of
default ratings from Moody's.

"S&P raised its rating on William Lyon Homes because S&P believes
that near-term liquidity pressure has eased somewhat following the
partial funding of a secured term loan and reduced maturing credit
facility debt," said credit analyst James Fielding in November
2009 when S&P raised the rating on William Lyon to 'CCC' from
'CCC-'.  He added, "However, this privately held homebuilder
remains very highly leveraged and may face challenges repaying or
refinancing intermediate-term debt maturities if its business
prospects don't improve in the interim."

Standard & Poor's Ratings Services raised its rating on William
Lyon Homes' 10.75% senior unsecured notes due 2013 to 'CC' from
'D' after the company repurchased $10.5 million of outstanding
principal for $9.0 million.  S&P lowered its rating on the notes
to 'D' because S&P considered the discounted repurchase to be
tantamount to default under its criteria for exchange offers and
similar restructurings.  In accordance with its criteria, S&P is
now raising its rating on these notes because the company
completed its repurchase, and S&P is not aware of additional
discounted repurchases at this time.


WOODS CANYON: Seeks to Employ Levene Neale Bender as Counsel
------------------------------------------------------------
Woods Canyon Associates L.P. seeks authority from the U.S.
Bankruptcy Court for the Central District of California to employ
Levene, Neale, Bender, Yoo & Brill L.L.P. as its counsel,
effective as of the Petition Date.

Levene Neale Bender will render these services:

     * Advise the Debtor with regard to the requirements of the
       Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, and
       the Office of the U.S. Trustee as they pertain to the
       Debtor;

     * Advise the Debtor with regard to certain rights and
       remedies of its bankruptcy estate and the rights, claims
       and interests of creditors;

     * Represent the Debtor in any proceeding or hearing in the
       Bankruptcy Court involving its estate unless the Debtor is
       represented b other special counsel;

     * Conduct examinations of witnesses, claimants or adverse
       parties, and represent the Debtor in any adversary
       proceeding except to the extent that the proceeding is in
       an area outside of the firm's expertise or which is beyond
       the firm's staffing capabilities, or is expressly carved
       out;

     * Prepare and assist the Debtor in the preparation of
       reports, applications, pleadings, and orders;

     * Represent the Debtor with regard to obtaining use of cash
       collateral;

     * Assist the Debtor in the negotiation, formulation,
       preparation, and confirmation of a plan of reorganization,
       and the preparation and approval of a disclosure statement
       in connection with the plan; and

     * Perform any other services, which may be appropriate in
       the firm's representation of the Debtor during its
       bankruptcy case.

Levene Neale Bender will be paid its standard hourly billing rates
and reimbursed of expenses.  The hourly rate charged by any of the
firm's attorney will be capped at $500 per hour.

The Debtor has paid a $26,039 retainer to Levene Neale Bender
before the Petition Date in connection with preparing for and
commencing the Chapter 11 bankruptcy case, and in contemplation of
and in connection of the case.  The unused portion of the Retainer
remaining at the time of the Debtor's bankruptcy filing is an
advanced fee payment retainer, which will be maintained by the
firm in a segregated account.

To assist Levene Neale Bender in its own cash flow needs, the
Debtor also seeks authority from the Court to draw down against
the remaining Retainer on a postpetition basis for all fees and
expenses incurred by the firm during the Chapter 11 case.

Levene Neale Bender disclosed certain representations.  The firm
does not believe that these concurrent representations, past
representations, and potential future representations of the
Debtor's affiliates and the Debtor create any conflict of interest
for Levene Neale Bender, or prevent it from representing the
Debtor in an unbiased and professional manner.

If any dispute arises between the Debtor and a party-in-interest,
Levene Neale Bender will not represent any of these parties in
connection with the dispute, or with regard to any other claims
between the parties.  The firm assures the Court that it will not
represent any party other than the Debtor in connection with the
Debtor's Chapter 11 case.

Levene Neale Bender also disclosed that Todd A. Frealy, a partner
of the firm, is a panel trustee for the Central District of
California, Riverside Division.  The Debtor does not anticipate
that Mr. Fealy will provide any services to it in this case.

Based on the declaration of Ron Bender, Esq., Levene Neale Bender
does not hold or represent any interest materially adverse to the
Debtor's estate or of any class of creditors or equity security
holders.  The firm is a disinterested person as the term is
defined in Section 101(14) of the Bankruptcy Code.

Woods Canyon Associates L.P., based in Temecula, California, filed
for Chapter 11 bankruptcy (Bankr. C.D. Calif. Case No. 11-32418)
on July 11, 2011.  Ron Bender, Esq., and Krikor J. Meshefejian,
Esq., at Levene, Neale, Bender, Yoo & Brill LLP, in Los Angeles,
serve as the Debtor's bankruptcy counsel.  In its petition, the
Debtor estimated assets of $10 million to $50 million, and debts
of $1 million to $10 million.

The petition was signed by Paul Garrett, president/sole
shareholder of Woods Canyon's general partner.

Three affiliates Diaz Road Properties, LLC (Bankr. C.D. Calif.
Case No. 11-28473); RCI Redbird, LLC (Bankr. C.D. Calif. Case No.
11-28479); and RCI Rio Nedo, LLC (Bankr. C.D. Calif. Case No.
11-28470) filed separate Chapter 11 petitions on June 6, 2011.
Affiliate RCI Regional Grove, LLC (Bankr. C.D. Calif. Case No.
11-22055) filed on April 12, 2011.

Judge Deborah J. Saltzman was originally assigned to Woods
Canyon's case, but was later replaced by Judge Scott C. Clarkson,
who handled the affiliates' cases.


WOODS CANYON: Seeks to Hire Levene Neale, U.S. Trustee Objects
--------------------------------------------------------------
Woods Canyon Associates L.P. seeks authority from the U.S.
Bankruptcy Court for the Central District of California to employ
Levene, Neale, Bender, Yoo & Brill L.L.P. as their bankruptcy
counsel.

As bankruptcy counsel, Levene Neale will render services to the
Debtor, including:

     * Advise with regard to the requirements of the Bankruptcy
       Court, Bankruptcy Code, Bankruptcy Rules, and the Office
       of the U.S. Trustee as they pertain to the Debtor;

     * Advise with regard to certain rights and remedies of its
       bankruptcy estate and the rights, claims and interests of
       creditors;

     * Represent the Debtor in any proceeding or hearing in the
       Bankruptcy Court involving its estate unless the Debtor is
       represented by other special counsel;

     * Conduct examinations of witnesses, claimants or adverse
       parties, and represent the Debtor in any adversary
       proceeding except to the extent that the adversary
       proceeding is in an area outside of the Firm's expertise
       or which is beyond the Firm's staffing capabilities, or is
       expressly carve out;

     * Prepare and assist the Debtor in the preparation of
       reports, applications, pleadings, and orders;

     * Represent with regard to obtaining use of cash collateral;

     * Assist in the negotiation, formulation, preparation, and
       confirmation of a plan of reorganization, and the
       preparation and approval of a disclosure statement in
       connection with the plan of reorganization; and

     * Perform any other services, which may be appropriate in
       the Firm's representation of the Debtor during its
       bankruptcy case.

Levene Neale will be paid in accordance with its standard hourly
rates, except that the Firm will cap the hourly rate charged by
any of its attorneys for this case at $500 per hour, and
reimbursed for expenses.  The Firm's current hourly rates for
attorneys range from $275 to $595.  Paraprofessionals have an
hourly rate of $195.

The Debtor has paid Levene Neale a total sum of $26,039 before the
Petition Date in connection with preparing for and commencing the
bankruptcy case, and in contemplation of and in connection with
the case.  The unused portion of the Retainer remaining at the
time of the Debtor's bankruptcy filing is an advanced fee payment
retainer, which will be maintained by the Firm in a segregated
trust account.  To assist the Levene Neale with its own cash flow
needs, the Debtor asks the Court to authorize the Firm to draw
down against the remaining Retainer on a postpetition basis for
all fees and expenses incurred during the case.

Levene Neale does not believe that its concurrent representations,
past representations, and potential future representations of the
Debtor's affiliates and the Debtor create any conflict of interest
for the Firm or prevent the Firm from representing the Debtor in
an unbiased and professional manner.  Levene Neale assures the
Court that it will not represent any party other than the Debtor
in connection with the Chapter 11 case.

As a matter of disclosure, the Debtor relates that Todd A. Frealy,
a partner of Levene Neale, is a panel trustee for the Central
District of California.  The Debtor does not anticipate that Mr.
Frealy will provide any services to the Debtor.

Based on the declaration of Rob Bender, the Debtor believes that
the Firm does not hold or represent any interest materially
adverse to the interest of the Debtor's estate or of any class of
creditors or equity security holders, and that the Firm is a
disinterested person as the term is defined in Section 101(14) of
the Bankruptcy Code.

Peter C. Anderson, the U.S. Trustee for Region 16, objects to the
compensation procedures-related request for Levene Neale to draw
down on its prepetition retainer without Court approval.  The U.S.
Trustee argues that these procedures "were established only for
rare and exceptional cases satisfying a specific factual and
evidentiary test."  He points out that Levene Neale makes no
showing that the test is met.

The Firm can be contacted at:

          Rob Bender
          Krikor J. Meshefejian
          Levene, Neale, Bender, Yoo & Brill L.L.P.
          10250 Constellation Boulevard, Suite 1700
          Los Angeles, California 90067
          Tel. No.: 310-229-1234
          Fax No. : 310-229-1244
          E-mail  : rb@lnbyb.com
                    kjm@lnbyb.com

Woods Canyon Associates L.P., based in Temecula, California, filed
for Chapter 11 bankruptcy (Bankr. C.D. Calif. Case No. 11-32418)
on July 11, 2011.  Ron Bender, Esq., and Krikor J. Meshefejian,
Esq., at Levene, Neale, Bender, Yoo & Brill LLP, in Los Angeles,
serve as the Debtor's bankruptcy counsel.  In its petition, the
Debtor estimated assets of $10 million to $50 million, and debts
of $1 million to $10 million.

The petition was signed by Paul Garrett, president/sole
shareholder of Woods Canyon's general partner.

Three affiliates Diaz Road Properties, LLC (Bankr. C.D. Calif.
Case No. 11-28473); RCI Redbird, LLC (Bankr. C.D. Calif. Case No.
11-28479); and RCI Rio Nedo, LLC (Bankr. C.D. Calif. Case No.
11-28470) filed separate Chapter 11 petitions on June 6, 2011.
Affiliate RCI Regional Grove, LLC (Bankr. C.D. Calif. Case No.
11-22055) filed on April 12, 2011.

Judge Deborah J. Saltzman was originally assigned to Woods
Canyon's case, but was later replaced by Judge Scott C. Clarkson,
who handled the affiliates' cases.


WORLDGATE COMMUNICATIONS: Reports $946,000 Q2 Net Income
--------------------------------------------------------
Worldgate Communications, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting
net income of $946,000 on $5.05 million of net revenues for the
three months ended June 30, 2011, compared with a net loss of
$2.96 million on $97,000 of net revenues for the same period a
year ago.

The Company also reported a net loss of $3.68 million on $10.31
million of net revenues for the six months ended June 30, 2011,
compared with a net loss of $5.80 million on $307,000 of net
revenues for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed $6.29 million
in total assets, $11.14 million in total liabilities and a $4.85
million total stockholders' deficiency.

As reported in the TCR on April 12, 2011, Marcum LLP, in New York,
expressed substantial doubt about WorldGate Communications'
ability to continue as a going concern, following the Company's
2010 results.  The independent auditors noted that of the
Company's recurring losses from operations, working capital
deficiencies and stockholders' deficit.

In view of the Company's current cash resources, nondiscretionary
expenses, debt and near term debt service obligations, the Company
intends to explore all strategic alternatives available to it,
including, but not limited to, a sale or merger of the Company or
certain of its assets, recapitalization, partnership, debt or
equity financing, financial reorganization, liquidation or ceasing
operations.  The Company may determine that it is in its best
interests to voluntarily seek relief under Chapter 11 of the U.S.
Bankruptcy Code.  Seeking relief under the U.S. Bankruptcy Code,
even if the Company is able to emerge quickly from Chapter 11
protection, could have a material adverse effect on the
relationships between the Company and its existing and potential
customers, employees, and others.  Furthermore, if the Company was
unable to implement a successful plan of reorganization, the
Company might be forced to liquidate under Chapter 7 of the U.S.
Bankruptcy Code.

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

                        http://is.gd/nH7ZgW

                   About Worldgate Communications

Trevose, PA, WorldGate Communications, Inc. (OTC BB: WGAT.OB)
designs and develops innovative digital video phones featuring
high quality, real-time, two-way video.


WORLDGATE COMMUNICATIONS: Allan Buhler Appointed CAO
----------------------------------------------------
Allan M. Van Buhler was appointed Chief Administrative Officer of
WorldGate Communications, Inc., in addition to his positions of
Senior Vice President, Sales, Marketing and Business Development,
and will perform the functions of principal executive officer of
the Company.

In a separate filing, the Company 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 it requires additional time to finalize its Quarterly
Report within the prescribed time period due to the previously
announced reduction in the Company's workforce resulting in the
need for additional time to prepare the financial statement
disclosure and to review the financial statement disclosure with
its independent public accounting firm.

                  About Worldgate Communications

Trevose, PA, WorldGate Communications, Inc. (OTC BB: WGAT.OB)
designs and develops innovative digital video phones featuring
high quality, real-time, two-way video.

The Company's balance sheet at March 31, 2011, showed $9.7 million
in total assets, $15.9 million in total liabilities, and a
stockholders' deficit of $6.2 million.

As reported in the TCR on April 12, 2011, Marcum LLP, in New York,
expressed substantial doubt about WorldGate Communications'
ability to continue as a going concern, following the Company's
2010 results.  The independent auditors noted that of the
Company's recurring losses from operations, working capital
deficiencies and stockholders' deficit.


WYANDANCH UNION: Moody's Assigns Initial 'Ba1' Underlying Rating
----------------------------------------------------------------
Moody's Investors Service has assigned an initial Ba1 underlying
rating and A2 with a stable outlook to Wyandanch Union Free School
District's (NY) $2 million School District (Serial) Bonds, 2011.
The bonds are secured by the district's unlimited ad valorem
property tax pledge and will redeem $761,000 Bond Anticipation
Notes and finance various capital improvement projects.

SUMMARY RATINGS RATIONALE

The Ba1 rating reflects the district's narrow reserve levels and
limited liquidity position, limited tax base characterized by weak
demographics, and a manageable debt position.

The A2 enhanced rating with a stable outlook is based upon the
additional security provisions offered by New York State's Section
99-B school intercept program, which authorizes the state to
withhold future allotments of state aid in order to make bond
payments in the event of default by the school district. While the
program does not ensure avoidance of a pending default or
guarantee immediate repayment, Moody's believes it does enhance
the potential for recovery upon default and that the cure period
is likely to be short. The Ba1 rating reflects the district's
pressured financial operations, modest tax base with below average
wealth levels and manageable debt burden.

Effective January 1, 2012, all local governments in New York State
will be subject to a property tax cap which limits levy increases
to 2% or the rate of inflation, whichever is lower. While school
district debt has been exempted from the cap, debt has not been
exempted for all other local governments. Moody's will continue to
treat all general obligation debt issued in New York as an
unlimited tax pledge through the end of the year. We continue to
research what the impact of the new property tax cap will be on
debt issued by nonschool districts after it goes into effect next
year. For more information regarding the property tax cap please
reference the Special Comment "New York State's Property Tax Cap
will Further Pressure Local Government Finances; School District's
Most Impacted" released July 5, 2011.

STRENGTHS

- Reversal of deficit fund balance

CHALLENGES

- Modest tax base with depressed socioeconomic wealth indicators

- Exposure to declining state aid

- Narrow liquidity position

DETAILED CREDIT DISCUSSION

FINANCIAL POSITION PRESSURED DRIVEN BY NARROW RESERVES AND
LIQUIDITY POSITION

Wyandanch Union Free School District's financial position is
expected to remain challenged in the near term given limited cash
position and narrow fund balance. The district ended two of the
last four fiscal yearswith negative fund balance levels. In fiscal
2008, operations ended with a $2.6 million operating deficit,
fully depleting $213,000 in reserves and generating a negative
$2.5 million fund balance. The deficit was mainly driven by $2.5
million reduction in state aid. The district was notified of the
impending shortfall, but did not make the comparable cuts in
expenditures to preserve programs. Favorably, fiscal 2009 ended
with a $1.1 operating surplus primarily due to one-time special
state aid ($1.4 million). The fund balance deficit was reduced to
a still challenged negative $1.76 million (-5.5% of revenues).
Fiscal 2010 ended with an $805, 000 operating surplus due to
conservative budgeting and implementation of cost controls. In
addition, there was a $1.4 million prior adjustment of a portion
of compensated absences, reclassified as long term liabilities
(eligible retirees that are still employed and will not retiree
within the year).

At recent fiscal 2011 (unaudited) close, management is projecting
a $440, 000 operating surplus, increasing fund balance to a total
of $1.1 million (2% of revenues). The surplus is driven by
continued monitoring of expenditures and reductions in
discretionary spending. Year-to-date, officials are not expecting
to issue RANs due to slightly improved cash position. The budget
was reduced by 3% and the tax levy increased by 4% to offset
expenditure pressures and reduction in state aid ($1.7 million).
The district will be challenged to end structurally balanced and
given narrow reserves, strong dependency on state aid in an
environment of cuts to local government. Future rating
considerations will strongly include the district's ability to
produced structurally balanced operations and augment reserves in
line with budgetary growth.

RESIDENTIAL TAX BASE WITH BELOW AVERAGE WEALTH LEVELS

Growth within the district's tax base is expected to remain stable
to slow over the intermediate term, given limited economic
development and as a result of the national and regional softening
of real estate markets and the continuation of a challenging
economic outlook. The total assessed value for the district has
declined at an average annual rate of -1.1% over the last five
years. Further, full valuation has decreased at an average rate of
1.2% over the same time frame. Full value per capita is a moderate
at $76,352, and wealth levels are well below state and national
medians.

DEBT BURDEN EXPECTED TO REMAIN MANAGEABLE

Moody's expects the district's direct debt burden (1.2% of full
value) to remain manageable, given above average amortization of
principal (100% in ten years) and limited additional borrowing
plans. The district's debt plans may include approximately $24.5 -
$50 million over five years for various capital improvement
projects. The district has no a variable rate debt obligation or
derivative agreements.

What could make the rating change - UP

- Structurally balanced financial operations and increased
  financial reserves in-line with budgetary growth

- Tax base growth and demographic profile at levels

- Reduction in cash flow borrowing

What could make the rating change - DOWN

- Protracted structural budget imbalance

- Depletion of General Fund balance

- Deterioration of the district's tax base and demographic profile

KEY STATISTICS:

2000 Population: 10,725

2010 Full valuation: $893 million

Full value per capita: $76,352

Direct Debt Burden: 1.2%

Overall Debt Burden (after state school building aid): 2.6% (2.0%)

Payout of Principal (10 years): 100%

Fiscal 2010 General Fund Balance: $ 659,000 (1.2% of General Fund
revenues)

Fiscal10 Unreserved Undesignated Fund Balance: $256,000 (0.5% of
General Fund revenues)

1999 Per Capita Income (as % of State and U.S.): $13,301 (156.9%
and 61.6%)

1999 Median Family Income (as % of State and U.S.): $43,229 (83.6%
and 86.4%)

Post-sale parity debt outstanding: $10.8 million

The principal methodology used in this rating was General
Obligation Bonds Issued by U.S. Local Governments published in
October 2009. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology .


XODTEC LED: Cancels $2.54 Million CEO and Director Debts
--------------------------------------------------------
Xodtec Led, Inc., on Aug. 5, 2011, entered into debt cancellation
agreements with Yao-Ting Su, the Company's chief executive and
financial officer and a director, and Hui-Yun Lo, a director,
pursuant to which the Company issued 34,159,120 shares of common
stock to Ms. Lo in consideration of her cancellation of the
Company's indebtedness to Ms. Lo in the amount of $1,707,956 and
16,447,160 shares of common stock to Mr. Su in consideration of
his cancellation of the Company's indebtedness to Mr. Su in the
amount of $833,358.  The shares that were issued were valued at
$0.05 per share, which was the last reported sales price of the
Company's common stock at the date of the agreements.

                         About Xodtec LED

Headquartered in Jhonghe City, Taiwan, Xodtec LED, Inc. is a
Nevada corporation incorporated on November 29, 2006, under the
name Sparking Events, Inc.  On June 28, 2009, the Company's
corporate name was changed to "Xodtec Group USA, Inc." and on
May 17, 2010, the Company's corporate name was changed to "Xodtec
LED, Inc."

The Company, through its subsidiaries, is engaged in the design,
marketing and selling of advanced lighting solutions which are
designed to use less energy and have a longer life than
traditional incandescent, halogen, fluorescent light sources.  The
Company's wholly-owned subsidiaries, Xodtec Technology Co., Ltd.;
Targetek Technology Co., Ltd.; UP Technology Co., Ltd., are
organized under the laws of the Republic of China (Taiwan).  The
Company also owns a 35% interest in Radiant Sun Development S.A.,
a company organized under the laws of the Independent State of
Samoa.

The Company reported a net loss of $1.59 million on $1.03 million
of revenue for the year ended Feb. 28, 2011, compared with a net
loss of $2.23 million on $991,645 of revenue during the prior
year.

The Company's balance sheet at May 31, 2011, showed $1.51 million
in total assets, $4.37 million in total liabilities and a $2.86
million total stockholders' deficit.

As reported by the TCR on June 20, 2011, Simon & Edward, LLP, in
City of Industry, California, expressed substantial doubt about
the Company's ability to continue as a going concern, following
the results for the year ended Feb. 28, 2011.  The independent
auditors noted that the Company has incurred significant operating
losses, has serious liquidity concerns and may require additional
financing in the foreseeable future.


YELLOWSTONE CLUB: Credit Suisse Opposes Founder's Bid to Join Suit
------------------------------------------------------------------
Dow Jones' DBR Small Cap reports that former Yellowstone Club
owner Timothy Blixseth's bid to join a lawsuit seeking damages for
the insolvencies of the club and others like it is "absurd,"
meritless and should be denied, say lawsuit defendants Credit
Suisse AG and Cushman & Wakefield Inc.

Located near Big Sky, Montana, Yellowstone Club --
http://www.theyellowstoneclub.com/-- is a private golf and ski
community with more than 350 members, including Bill Gates and Dan
Quayle.  The Company was founded in 1999.

Yellowstone Mountain Club LLC and its affiliates filed for Chapter
11 on Nov. 10, 2008 (Bankr. D. Mont. Case No. 08-61570).  The
Company's owner affiliate Edra D. Blixseth, filed for Chapter 11
on March 27, 2009 (Bankr. D. Mont. Case No. 09-60452).

In June 2009, the Bankruptcy Court entered an order confirming
Yellowstone's Chapter 11 Plan.  Pursuant to the Plan, CrossHarbor
Capital Partners, LLC, acquired equity ownership in the
reorganized club for $115 million.

Attorneys at Bullivant Houser Bailey PC and Bekkedahl & Green
PLLC, represented the Debtors.  The Debtors hired FTI Consulting
Inc. and Ronald Greenspan as CRO.  The official committee of
unsecured creditors were represented by Parsons, Behle and
Latimer, as counsel, and James H. Cossitt, Esq., at local counsel.
Credit Suisse, the prepetition first lien lender, was represented
by Skadden, Arps, Slate, Meagher & Flom.

The Court entered an order confirming The Yellowstone Club's
Chapter 11 Plan of Reorganization in June 2009.


YOU ON DEMAND: Posts $5.8 Million Net Loss in Q2 Ended June 30
--------------------------------------------------------------
YOU On Demand Holdings, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $5.8 million on $1.9 million of
revenue for the three months ended June 30, 2011, compared with a
net loss of $2.7 million on $1.8 million of revenue for the same
period last year.

The Company reported a net loss of $8.5 million on $3.6 million of
revenue for the six months ended June 30, 2011, compared with a
net loss of $3.8 million on $3.7 million of revenue for the
corresponding period in 2010.

The Company's balance sheet at June 30, 2011, showed $36.7 million
in total assets, $13.2 million in total liabilities, $5.2 million
of convertible redeemable preferred stock, and stockholders'
equity of $18.3 million.

UHY LLP, in Albany, New York, expressed substantial doubt about
YOU On Demand Holdings' ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company has incurred significant losses during 2010
and 2009 and has relied on debt and equity financings to fund
their operations.

A copy of the Form 10-Q is available at http://is.gd/ih4QyC

New York City-based YOU On Demand Holdings, Inc. (formerly China
Broadband, Inc.) operates in the China media segment, through its
Chinese subsidiaries and variable interest entities ("VIEs") (1) a
cable broadband business, Beijing China Broadband Network
Technology Co. Ltd ( "Jinan Broadband"), based in the Jinan region
of China, (2) a print based media and television programming guide
publication, Shandong Lushi Media Co., Ltd. ( "Shandong Media")
and (3) an integrated value-added service solutions business for
the delivery of pay-per-view ("PPV"), video on demand ("VOD"), and
enhanced premium content for cable providers, Sino Top Scope
Technology Co., Ltd. ("Sinotop").


YRC WORLDWIDE: Incurs $42.5 Million Net Loss in Second Quarter
--------------------------------------------------------------
YRC Worldwide Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on form 10-Q reporting a net loss
of $42.58 million on $1.25 billion of operating revenue for the
three months ended June 30, 2011, compared with a net loss of
$10.31 million on $1.12 billion of operating revenue for the same
period during the prior year.

The Company also reported a net loss of $144.85 million on $2.38
billion of operating revenue for the six months ended June 30,
2011, compared with a net loss of $284.45 million on $2.10 billion
of operating revenue for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $2.59 billion
in total assets, $2.91 billion in total liabilities and a $328.79
million in shareholders' deficit.

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

                        http://is.gd/wZfJdy

                        About YRC Worldwide

Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ:
YRCW) -- http://www.yrcw.com/-- is a holding company that through
wholly owned operating subsidiaries offers its customers a wide
range of transportation services.  These services include global,
national and regional transportation as well as logistics.

KPMG LLP's audit reports on the consolidated financial statements
of YRC Worldwide Inc. and subsidiaries for 2009 and 2010 each
contain an explanatory paragraph that states that the Company has
experienced significant declines in operations, cash flows and
liquidity and these conditions raise substantial doubt about the
Company's ability to continue as a going concern.

                           *     *     *

In January 2011, Standard & Poor's Ratings Services placed its
'CCC-' corporate credit rating on YRC Worldwide Inc. (YRCW) on
CreditWatch developing.  At the same time, S&P is withdrawing the
existing issue level ratings on Yellow Corp.'s senior unsecured
debt, given the negligible amounts outstanding.

"The ratings on Overland Park, Kan.-based YRCW reflect its near-
term liquidity challenges, meaningful off-balance-sheet contingent
obligations related to multiemployer pension plans, as well as its
participation in the competitive, capital-intensive, and cyclical
trucking industry," said Standard & Poor's credit analyst Anita
Ogbara.  "YRCW's substantial (albeit deteriorating) market
position in the less-than-truckload (LTL) sector, which has high
barriers to entry, partially offsets these characteristics.  We
characterize YRCW's business profile as weak, financial profile as
highly leveraged, and liquidity as weak."

In the Aug. 2, 2011, edition of the TCR, Moody's Investors Service
revised YRC Worldwide Inc.'s Probability of Default Rating ("PDR")
to Caa2\LD ("Limited Default") from Caa3 in recognition of the
agreed debt restructuring which will result in losses for certain
existing debt holders.  In a related action Moody's has raised
YRCW's Corporate Family Rating to Caa3 from Ca to reflect modest
but critical improvements in the company's credit profile that
should result from its recently-completed financial restructuring.
The positioning of YRCW's PDR at Caa2\LD reflects the completion
of an offer to exchange a substantial majority of the company's
outstanding credit facility debt for new senior secured credit
facilities, convertible unsecured notes, and preferred equity,
which was completed on July 22, 2011.

As reported by the TCR on May 5, 2011, Fitch Ratings downgraded
YRC's Issuer default rating to 'C' from 'CC'; Secured bank credit
facility rating downgraded to 'CCC/RR2' from 'B-/RR2'; and Senior
unsecured rating affirmed at 'C/RR6'.  In addition, Fitch has
removed YRCW's ratings from Rating Watch Negative.  Fitch said
that although it appears increasingly likely that the company will
successfully complete the restructuring, until the transactions
constituting the restructuring close, which is not anticipated
until late July 2011, there exists a potential for the transaction
to fail, in which case Fitch expects the company would be forced
to file for Chapter 11 bankruptcy protection.


Z TRIM HOLDINGS: Reports $589,000 Second Quarter Net Profit
-----------------------------------------------------------
Z Trim Holdings, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting net profit
of $589,279 on $207,560 of total revenues for the three months
ended June 30, 2011, compared with a net loss of $3.58 million on
$201,138 of total revenues for the same period during the prior
year.

The Company also reported a net loss of $5.68 million on $454,926
of total revenues for the six months ended June 30, 2011, compared
with a net loss of $4.33 million on $381,389 of total revenues for
the same period a year ago.

The Company's balance sheet at June 30, 2011, showed $6.50 million
in total assets, $16.09 million in total liabilities, $1.52
million in total commitment and contingencies, and a $11.11
million total stockholders' deficit.

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

                        http://is.gd/zeUpck

                           About Z Trim

Mundelein, Ill.-based Z Trim Holdings, Inc., is a functional food
ingredient company which provides custom product solutions that
help answer the food industry's problems.  Z Trim's revolutionary
technology provides value-added ingredients across virtually all
food industry categories.  Z Trim's all-natural products, among
other things, help to reduce fat and calories, add fiber, provide
shelf-stability, prevent oil migration, and add binding capacity
-- all without degrading the taste and texture of the final food
products.

The Company reported a net loss of $10.91 million on $903,780 in
total revenues for the year ended Dec. 31, 2010, compared with a
net loss of $12.21 million on $559,910 of revenue during the prior
year.

As reported in the Troubled Company Reporter on April 12, 2010,
M&K, CPAs, PLLC, in Houston, expressed substantial doubt about the
Company's ability to continue as a going concern, following its
2009 results.  The independent auditors noted that the Company has
suffered recurring losses from operations and requires additional
financing to continue in operation.

The Company said that for the year ended Dec. 31, 2009, it did not
have enough cash on hand to meet its current liabilities or to
fund on-going operations beyond one year.  As a result, the report
of independent registered public accounting firm included an
explanatory paragraph in respect to the substantial doubt of the
Company's ability to continue as a going concern.

The Company's cash on hand as of Dec. 31, 2010 is $2,327,013.
Since June 2010, the Company brought in $8,170,988 in funds
through the sale of Preferred Stock, and our investors converted
approximately $8,100,000 of convertible debt into common stock.
In addition to the fundraising efforts, the Company intends to
make capital expenditures necessary to increase its capacity and
to reduce its cost per pound.  Due to the expected increase in
production capacity, the Company anticipates its sales for fiscal
year ended Dec. 31, 2011 will approximately double those of fiscal
year ended Dec. 31, 2010.

Although the Company has recurring operating losses and negative
cash flows from operating activities, the Company has positive
working capital and believe it has enough cash on hand to satisfy
current obligations.  If the Company is unsuccessful in its plans
to increase revenue and capacity, the impact may have a material
impairment on its ability to continue as a going concern.


ZAIS INVESTMENT: Fends Off Attempt to Dismiss Chapter 11 Case
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the senior noteholders of Zais Investment Grade Ltd.
VII, a supposedly bankruptcy-remote special purpose company
created to own collateralized debt obligations, fought off an
effort by junior noteholders to dismiss the Chapter 11 case.  The
senior noteholders are now in a position to move ahead with their
proposed Chapter 11 plan.

According to the report, three funds advised by Anchorage Capital
Group LLC filed an involuntary Chapter 11 petition against Zais on
April 1.  There was no opposition, so the bankruptcy judge signed
an order for relief in late April putting the company officially
into Chapter 11 involuntarily.

The report relates that a group of junior noteholders led by
Hildene Capital Management filed a motion to dismiss the Chapter
11 case.  U.S. Bankruptcy Judge Raymond T. Lyons in Trenton, New
Jersey, wrote a 16-page opinion on Aug. 26 denying the motion to
dismiss.  Judge Lyons said Hildene could not challenge the right
of the senior noteholders to file the involuntary petition because
no opposition was lodged to the filing.  He also said that the
intent to manage assets outside of the strictures of the trust
indenture was a good faith reason for calling on Chapter 11.
Lyons said the filing wasn't in bad faith simply because the
company was structured to avoid bankruptcy.

Mr. Rochelle notes that although Zais is a letterbox company in
the Cayman Islands without employees or activities carried on its
own, Judge Lyons said it's eligible for bankruptcy in the U.S.
because assets are in the U.S.  The senior noteholders worked out
a plan where the assets will be liquidated for their benefit.
Although the junior noteholders may have grounds to oppose the
plan, Lyons said it's no reason to dismiss the case outright.

The petitioning creditors have filed a plan of reorganization and
disclosure statement. The plan was prepared prepetition and,
according to Anchorage, garnered approval by 95% in amount of the
Class A-1 noteholders before the case was filed.  Hildene
challenges the voting tabulation.  The plan calls for all of the
Collateral Securities to be transferred to Anchorage for
management and orderly liquidation with the proceeds distributed
to the Class A-1 noteholders.

A copy of Judge Lyon's opinion is available at http://is.gd/Vj0hQk
from Leagle.com.

                About Zais Investment Grade Limited

Zais Investment Grade Limited VII is a Cayman Islands-based
special purpose vehicle formed in 2005 by Zais Group LLC and an
affiliate of Citigroup, Inc.  ZING VII issued notes in the face
amount of $365.5 million on the Irish Stock Exchange and used the
proceeds to acquire securities.  ZING VII then pledged those
securities as collateral for its obligations to the noteholders.
The Bank of New York Mellon Trust Company, N.A. is Trustee under a
trust indenture for the benefit of the noteholders.  It holds ZING
VII's assets in trust in the United States.  ZING VII also issued
$40 million of so-called Income Notes that are not secured and are
junior to all the secured notes.  Under the indenture the Income
Notes are treated as equity.

In Wall Street jargon ZING VII is a CDO Squared.  "CDO" stands for
collateralized debt obligation; i.e., ZING VII issued notes and
pledged the securities as collateral.  In addition, the Collateral
Securities are made up primarily of CDOs issued by other entities
-- hence, CDO Squared.  At the bottom of this pyramid of debt are,
primarily, residential mortgages, but also commercial mortgages,
corporate loans, auto loans, credit cards, student loans and
others.  The noteholders are separated into classes (tranches) and
are entitled to distributions from the trust in descending order
of priority.

ZAIS Group is the Collateral Manager for ZING VII's securities.
ZAIS Group was permitted to sell securities and replace those with
other eligible securities.

Two individuals in the Cayman Islands serve as directors and
maintain the corporate existence.  ZING VII has no employees or
officers and takes no role in the management of its assets. It
merely exists.

On April 1, 2011, Anchorage Capital Master Offshore, Ltd., GRF
Master Fund, L.P., and Anchorage Illiquid Opportunities Offshore
Masters, L.P. filed an involuntary Chapter 11 petition (Bankr. D.
N.J. Case No. 11-20243) against ZING VII.  On April 26, 2011, the
U.S. Bankruptcy Court for the District of New Jersey entered an
order for relief under chapter 11 of the Bankruptcy Code.

The petitioning creditors hold Class A-1 notes, the first
priority.  Hildene Capital Management and related entities hold
Class A-2 notes -- second in line.  If all noteholders were
satisfied in full, the Collateral Manager stood to share any
excess proceeds with the Income Noteholders.  There is a nominal
shareholder of ZING VII but it has no right to any residual value
realized through ZING VII's business.  ZING VII has contracted
away any right to benefit from its assets.

The Debtor disclosed $365,771,549 in liabilities in its schedules.

Attorneys for Anchorage Capital Master Offshore, Ltd., GRF Master
Fund, L.P., Anchorage Illiquid Opportunities Master Offshore,
L.P., and Anchorage Capital Group, L.L.C., are:

          Dwight A. Healy, Esq.
          Gerard H. Uzzi, Esq.
          Thomas MacWright, Esq.
          WHITE & CASE
          1155 Avenue of the Americas
          New York, NY 10036-2787
          Tel: 212-819-8408
          Fax: 212-354-8113
          E-mail: dhealy@whitecase.com
                  guzzi@whitecase.com
                  tmacwright@whitecase.com

               - and -

          Richard M. Meth, Esq.
          Martha B. Chovanes, Esq.
          FOX ROTHSCHILD LLP
          75 Eisenhower Parkway, Suite 200
          Roseland, NJ 07068-1600
          Tel: 973-994-7515
          Fax: 973-992-9125
          E-mail: RMeth@foxrothschild.com
                  mchovanes@foxrothschild.com

Counsel to Hildene Capital Management, Hildene Opportunities
Master Fund, LTD and Babson Capital Management LLC are:

          Scott C. Shelley, Esq.
          Eric D. Winston, Esq.
          Jonathan Pickhardt, Esq.
          Curran Walker, Esq.
          QUINN EMANUEL URQUHART & SULLIVAN, LLP
          51 Madison Avenue, 22nd Floor
          New York, NY 10010
          Tel: 212-849-7000
          Fax: 212-849-7100
          E-mail: scottshelley@quinnemanuel.com
                  ericwinston@quinnemanuel.com
                  jonpickhardt@quinnemanuel.com
                  curranwalker@quinnemanuel.com

Attorneys for ZAIS Group, LLC, are:

          Stephen B. Selbst, Esq.
          HERRICK, FEINSTEIN LLP
          2 Park Avenue
          New York, NY 10016
          Tel: (212) 592-1405
          E-mail: sselbst@herrick.com

               - and -

          John M. August, Esq.
          HERRICK, FEINSTEIN LLP
          One Gateway Center
          Newark, NJ 07102
          Tel: (973) 274-2529
          E-mail: jaugust@herrick.com

Attorney for the Debtor is:

          James N. Lawlor, Esq.
          WOOLMUTH, MAHER & DEUTSCH LLP
          500 Fifth Avenue
          New York, NY 10110
          Tel: (212) 382-3300
          Fax: (212) 382-0050
          E-mail: jlawlor@wmd-law.com

Special Counsel for the Debtor is:

          Heather Lennox, Esq.
          JONES DAY
          222 East 41st Street
          New York, NY 10017-6702
          E-mail: hlennox@jonesday.com
          Tel: 212-326-3837
          Fax: 212-755-7306

Attorneys for The Bank of New York Mellon Trust Company, N.A.,
are:

          Tyler J. Kandel, Esq.
          Edward P. Zujkowski, Esq.
          EMMET, MARVIN & MARTIN, LLP
          120 Broadway, 32nd Floor
          New York, NY 10271
          Tel: 212-238-3103
          E-mail: tkandel@emmetmarvin.com
                  ezujkowski@emmetmarvin.com


ZOEY ESTATES: Can Employ McGuire Craddock as Counsel
----------------------------------------------------
The U.S. Bankruptcy Court has granted Zoey Estates LLC permission
to employ McGuire Craddock & Strother PC as the Debtor's counsel.

The Court is satisfied that the firm neither holds or represents
any interest adverse to the Debtor or its estate, and that it is
disinterested, and that its employment is in the best interest of
the estate.

As reported in the TCR on June 28, 2011, the firm's standard and
customary hourly rates:

  Professionals               Designation         Hourly Rates
  -------------               -----------         ------------
  J. Marck Chevallier, Esq.   Lead Counsel        $415
  Troy P. Majoue, Esq.        Primary Associate   $265

  Partners                                        $600-$340
  Associates                                      $280-$215

Chicago, Illinois-based Zoey Estates, LLC, c/o PRM Realty Group,
LLC, filed for Chapter 11 bankruptcy (Bankr. N.D. Tex. Case No.
11-33116) on May 5, 2011.  J. Mark Chevallier, Esq., and Troy P.
Majoue, Esq., at McGuire, Craddock & Strother, P.C., serve as
bankruptcy counsel.  The Debtor disclosed $2,400,000 in assets,
and $34,281,581 in debts.


* Wholly Unsecured Mortgage May Be Stripped, BAP Rules
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that when an individual's home isn't worth enough to cover
even the first mortgage, someone in Chapter 13 can convert second
and third mortgages into unsecured claims even though the person
is not eligible for a discharge, the U.S. Bankruptcy Appellate
Panel for the 8th Circuit in St. Louis ruled on Aug. 29.
Writing a 16-page opinion for the panel of three judges, U.S.
Bankruptcy Judge Barry Schermer came down on the side of four
circuit courts of appeal and two other appellate panels which
ruled that so-called lien stripping is permissible when the value
of the property isn't enough even to cover the first mortgage.
The case is Fisette v. Keller (In re Fisette), 11-6012, U.S. 8th
Circuit Bankruptcy Appellate Panel (St. Louis).


* Letter of Credit Properly Applied to Pre-Filing Rent
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that when a landlord held a letter of credit not
sufficient cover rent arrears arising before bankruptcy, the
bankruptcy judge didn't commit error by allowing the landlord to
apply the security first to pre-bankruptcy debt.  As a result,
U.S. District Judge Naomi Rice Buchwald ruled in Manhattan on
Aug. 26 that the bankruptcy judge was also correct in giving the
landlord a priority administrative claim for the rent due after
bankruptcy and before the premises were surrendered.  The case is
Pereira v. Rich-Taubman Associates (In re KP Fashion), 10-8429,
U.S. District Court, Southern District of New York (Manhattan).


* Revolt Weakens Jones' Control of Fifth Circuit Law
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that 16 judges on the U.S. Court of Appeals in New Orleans
heard reargument in a bankruptcy case and 13 voted to reverse the
original opinion handed down in September by Chief Judge Edith H.
Jones, who was writing for a three-judge panel.

According to the report, coupled with a ruling less than a week
before where Judge Jones had also written the original opinion,
the two cases together could imply that a majority of the appeals
court judges in the Fifth U.S. Circuit in New Orleans differ with
the chief judge on the direction she was giving to bankruptcy law.

Judge Jones, sitting on many three-judge panels involving key
bankruptcy appeals, was moving Fifth Circuit law on corporate
reorganizations and individual bankruptcies in directions that
diverge from other U.S. courts of appeal.

According to Mr. Rochelle, Reed v. City of Arlington, the case
reheard by all the circuit judges and decided on Aug. 11, involved
a fireman who filed for bankruptcy after he obtained judgment in
excess of $1 million against the city that had been his employer.
He repeatedly failed to disclose the judgment in his bankruptcy
papers and was found out only after the appeals court affirmed the
judgment.

The bankruptcy trustee sought to collect the judgment so the
proceeds could be used to pay creditors in full.  U.S. District
Judge Terry R. Means crafted a resolution that would have allowed
the trustee to collect enough to pay creditors fully while
preventing the bankrupt from getting anything.

When the case returned to the circuit court, Judge Jones oveturned
Judge Means, ruling that neither the trustee nor the bankrupt was
entitled to collect anything.  Judge Jones said it wasn't proper
to "distinguish the debtor's conduct from the trustee in applying"
a legal principle called judicial estoppel.  Without citing case-
law authority, Judge Jones broadly stated that the trustee
"succeeds to the debtor's claim with all its attributes,"
including the "potential for judicial estoppel."

The bankruptcy trustee sought and was granted rehearing by 16
active Fifth Circuit judges.  With 12 judges on her side, Circuit
Judge Carolyn Dineen King reversed Jones, in the process saying
that Means wrote a "very good opinion."  Judge King's opinion laid
down a "general rule that, absent unusual circumstances, an
innocent trustee can pursue for the benefit of creditors a
judgment or cause of action that the debtor fails to disclose."
Judge King noted that her opinion, unlike Jones', is consistent
with rulings by three other circuit courts discussing the issue.

The case is Reed v. City of Arlington, 08-11098, U.S. Court of
Appeals for the Fifth Circuit (New Orleans).


* Judge Jones Makes Circuit Conflict on Recharacterization
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that debt held by a third party can be recharacterized as
equity, Chief Judge Edith H. Jones ruled for the U.S. Court of
Appeals in New Orleans on Aug. 9.  Judge Jones said there is no
per se rule where only debt held by insiders may be
recharacterized as equity.  Judge Jones parted company with other
circuit courts of appeal that allow debt to be recharacterized as
equity using the equitable powers of a bankruptcy court under
Section 105 of the U.S. Bankruptcy Code.  She said the ability to
recharacterize only exists under state law.  The case is Grossman
v. Lothian Oil Inc. (In re Lothian Oil Inc.), 10-50683, U.S. Court
of Appeals for the Fifth Circuit (New Orleans).  The decision was
reported in the Aug. 11 edition of the Troubled Company Reporter.
A copy of the Fifth Circuit's decision is available at
http://is.gd/K1u1JMfrom Leagle.com.


* Discrimination Case May Affect Bankruptcy Fee Awards
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Chief Judge Edith H. Jones for the U.S. Court of
Appeals in New Orleans wrote an opinion this month on attorneys'
fees in employment discrimination cases that may eventually
influence fee awards in bankruptcy cases.

According to the report, the case involved allegations of racial
discrimination in employment where the district judge awarded the
plaintiff class $3.3 million in back pay.  The district judge also
awarded $7.7 million in counsel fees for the plaintiffs' lawyers.
The plaintiffs originally were represented by a three-lawyer Texas
firm. After the class was certified, there was no settlement, and
a trial seemed possible. The small Texas firm handling the case
alone then hired Goldstein Demchak Baller Borgen & Dardarian from
Oakland, California. The record in the district court showed that
no Texas firm experienced in similar cases would take the
assignment. Jones said the Goldstein firm has a "nationwide
reputation."

The report relates in her opinion for two of the three circuit
judges, Jones said it was error for the district court to limit
the Goldstein firm to the $400 an hour rate prevalent in Texas.
Jones said that the Goldstein firm's $650 rate was the proper
"starting point."  Judge Jones ruled that local rates are not
"always required" in fee-shifting discrimination cases. Out-of-
state lawyers, she said, can be hired in the "unusual case" where
non-local lawyers are "necessary."  The case is McClain v. Lufkin
Industries Inc., 10-40036, U.S. Court of Appeals for the Fifth
Circuit (New Orleans).


* Bankruptcy Appeals Panels Muddy Ch. 11 Landscape
--------------------------------------------------
Samuel Howard at Bankruptcy Law360 reports that attorneys said
while bankruptcy appellate panels were initially created to bring
efficiency and consistency to the bankruptcy appeals process,
these specialized courts have led to more confusion and headaches
as the merits of pursuing cases in such venues remains in doubt.

Bankruptcy appellate panels first appeared in 1978, with the U.S.
Court of Appeals for the Ninth Circuit first establishing the
specialist bench and the Sixth, Eighth and Tenth circuits
following suit in 1994.


* Chapter 11 Cases with Assets & Liabilities Below $1,000,000
-------------------------------------------------------------
Recent Chapter 11 cases filed with assets and liabilities below
$1,000,000:

In Re David Kelsey
   Bankr. W.D. Ark. Case No. 11-73852
      Chapter 11 Petition filed August 23, 2011

In Re JP Unlimited LLC
   Bankr. C.D. Calif. Case No. 11-45863
      Chapter 11 Petition filed August 23, 2011
         filed pro se

In Re Maureen Totaro
   Bankr. C.D. Calif. Case No. 11-20073
      Chapter 11 Petition filed August 23, 2011

In Re Philip Bill
   Bankr. E.D. Calif. Case No. 11-40459
      Chapter 11 Petition filed August 23, 2011

In Re U.S. Granite
   Bankr. E.D. Calif. Case No. 11-40493
      Chapter 11 Petition filed August 23, 2011
         filed pro se

In Re Jian Chang
   Bankr. N.D. Calif. Case No. 11-57931
      Chapter 11 Petition filed August 23, 2011

In Re Kon Chan
   Bankr. N.D. Calif. Case No. 11-33090
      Chapter 11 Petition filed August 23, 2011

In Re Eraida Barcala
   Bankr. S.D. Fla. Case No. 11-33483
      Chapter 11 Petition filed August 23, 2011

In Re NAHADA, Inc.
         dba Supreme Fish Delight
   Bankr. N.D. Ga. Case No. 11-74252
      Chapter 11 Petition filed August 23, 2011
         See http://bankrupt.com/misc/ganb11-74252.pdf

In Re Wildwood Owners Association
   Bankr. N.D. Ill. Case No. 11-34347
      Chapter 11 Petition filed August 23, 2011
         See http://bankrupt.com/misc/ilnb11-34347.pdf

In Re Daniel James O'Keefe
   Bankr. E.D. Mich. Case No. 11-62557
      Chapter 11 Petition filed August 23, 2011

In Re Victor Soriano
   Bankr. D. Nev. Case No. 11-23322
      Chapter 11 Petition filed August 23, 2011

In Re Christine Kay Pound
   Bankr. D. N.M. Case No. 11-13793
      Chapter 11 Petition filed August 23, 2011
         See http://bankrupt.com/misc/nmb11-13793.pdf

In Re Kev's Printing, Inc.
   Bankr. S.D.N.Y. Case No. 11-14000
      Chapter 11 Petition filed August 23, 2011
         See http://bankrupt.com/misc/nysb11-14000.pdf

In Re Mary Swonger
   Bankr. N.D. Ohio Case No. 11-34571
      Chapter 11 Petition filed August 23, 2011

In Re Ronald Burhans
   Bankr. D. S.C. Case No. 11-05228
      Chapter 11 Petition filed August 23, 2011

In Re Christopher Bartz
   Bankr. S.D. Texas Case No. 11-37152
      Chapter 11 Petition filed August 23, 2011

In Re James Gilbraith
   Bankr. D. Ariz. Case No. 11-24346
      Chapter 11 Petition filed August 24, 2011

In Re LAX 7 LLC
   Bankr. C.D. Calif. Case No. 11-45976
      Chapter 11 Petition filed August 24, 2011
         See http://bankrupt.com/misc/cacb11-45976.pdf

In Re Julie Nelson-Blankenhorn
   Bankr. N.D. Calif. Case No. 11-33107
      Chapter 11 Petition filed August 24, 2011

In Re Race Property Investment LLC
   Bankr. D. Colo. Case No. 11-30205
      Chapter 11 Petition filed August 24, 2011
         See http://bankrupt.com/misc/cob11-30205p.pdf
         See http://bankrupt.com/misc/cob11-30205c.pdf

In Re Santa Fe Investment LLC
   Bankr. D. Colo. Case No. 11-30207
      Chapter 11 Petition filed August 24, 2011
         See http://bankrupt.com/misc/cob11-30207p.pdf
         See http://bankrupt.com/misc/cob11-30207c.pdf

In Re The Bridges Academy, Inc.
   Bankr. D. D.C. Case No. 11-00628
      Chapter 11 Petition filed August 24, 2011
         See http://bankrupt.com/misc/dcb11-00628.pdf

In Re U.S. Hay Direct, LLC
   Bankr. M.D. Fla. Case No. 11-06288
      Chapter 11 Petition filed August 24, 2011
         See http://bankrupt.com/misc/flmb11-06288.pdf

In Re DJM Enterprises, LLC
   Bankr. D. Maine Case No. 11-21235
      Chapter 11 Petition filed August 24, 2011
         filed pro se

In Re Gerard Graves
   Bankr. D. Maine Case No. 11-11176
      Chapter 11 Petition filed August 24, 2011

In Re MarracciTemple No. 13 of Detroit, MI,
       A Sub. of the Imperial Council, Ancient Egyptian Arabic
Order
   Bankr. E.D. Mich. Case No. 11-62744
      Chapter 11 Petition filed August 24, 2011
         See http://bankrupt.com/misc/mieb11-62744p.pdf
         See http://bankrupt.com/misc/mieb11-62744c.pdf

In Re Vatche Baghdikian
   Bankr. D. N.J. Case No. 11-35175
      Chapter 11 Petition filed August 24, 2011

In Re Eremic Redshaw, Inc.
         dba Redshaws Bottom Line
         fdba  Sports Page Lounge
   Bankr. W.D. Pa. Case No. 11-25287
      Chapter 11 Petition filed August 24, 2011
         See http://bankrupt.com/misc/pawb11-25287.pdf

In Re Coyote Creek Equestrian Center, LLC
   Bankr. D. Utah Case No. 11-32376
      Chapter 11 Petition filed August 24, 2011
         filed pro se

In Re Thorne 101
   Bankr. W.D. Wash. Case No. 11-20028
      Chapter 11 Petition filed August 24, 2011



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise
Marie Varquez, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

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

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

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


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