TCR_Public/110921.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

          Wednesday, September 21, 2011, Vol. 15, No. 262

                            Headlines

94TH AND SHEA: JPMMC Asks Stay of Plan Hearing Amid Insider Leases
155 EAST TROPICANA: Hearing on Cash Use Continued Until Nov. 2
155 EAST TROPICANA: Taps William Kimmel as Appraiser
155 EAST TROPICANA: Court OKs Alvarez & Marsal as Fin'l Advisor
AGRIPROCESSORS INC: Ex-Manager Rubashkin Loses New-Trial Bid

ALBUQUERQUE STUDIOS: Emerges From Bankruptcy Debt Free
ALEXANDER GALLO: Bayside Capital to Pay $88-Mil. for Business
AMBAC FINANCIAL: Enters Into 2 New Engagement Letters With KPMG
AMBAC FINANCIAL: U.S. Trustee Files Response to Interim Fees
AMBAC FINANCIAL: Files Amendment to June 30 Form 10-Q

AMERICAN DEFENSE: Receives Notice of Delisting From NYSE AMEX
AMERICAN STANDARD: Moody's Cuts Corp. Family Rating to 'Caa1'
AMT LLC: Seeks to Pay $352,500 to Two Brokers
ARK DEVELOPMENT: Hires Pedro Gomez as Real Estate Appraiser
AUTOS VEGA: Euroclass Motors Can Use Cash to Purchase New Vehicles

BELTWAY ONE: Wants Access to Wells Fargo's Cash Collateral
BERNARD L. MADOFF: District Judges Deciding on Same Questions
BERNARD L. MADOFF: SEC Gen. Counsel Has Conflict of Interest
BIOVEST INTERNATIONAL: Partners with NHRC to Study Fiber Tech.
BORDERS GROUP: Appoints Ojas Shah as Chief Financial Officer

BORDERS GROUP: Bookstore Was in Perpetual Crisis, Says Ex-CEO
BORDERS GROUP: Next Jump Moving IP Dispute to District Court
BROADVIEW NETWORKS: S&P Lowers Corporate Credit Rating to 'CCC+'
CAPMARK FINANCIAL: Auction Scheduled for Sept. 19
CARIBE MEDIA: Seeks More Exclusivity, Reports Net Loss

CASA GRANDE: Wants Court's Nod to Extend AMD Lease by 5 Years
CAVIATA ATTACHED: Hires Law Offices of Alan Smith as Attorneys
CAVIATA ATTACHED: Files Schedules of Assets & Liabilities
CEDAR FAIR: S&P Affirms Corporate Credit Rating at 'B+'
CHRYSLER LLC: Dealers Lost Chance to Fight Sale, 2nd Circ. Says

CHUKCHANSI ECONOMIC: S&P Lowers Issuer Credit Rating to 'B-'
CLEVELAND UNLIMITED: Moody's Withdraws 'Ca' Corporate & 'D' PDR
COPPER KING: Wins Court Nod to Sell All Assets to CS Mining
COUNTRYWIDE FINANCIAL: BofA May Keep Bankruptcy Open for Unit
CRAWFORD FURNITURE: Hires Bond Schoeneck as Bankruptcy Counsel

DALLAS STARS: Expects to Lose $31 Million This Upcoming Season
DALLAS STARS: Hires Garden City Group as Claims and Notice Agent
DALLAS STARS: Committed to Dec. 31 Plan Consummation
DALLAS STARS: Seeks Court OK to Use Lenders' Cash Collateral
DELPHI CORP: Court Declines to Drop UAW'S $450-Mil. Suit vs. GM

DELPHI CORP: DPH Holdings Wants Plan Injunction on Averbukhs
DIGINOTAR B.V.: Vasco Unit Files for Bankruptcy in Netherlands
DREIER LLP: Proposes Deal to Reduce 360 Networks' Claim by $40MM
DRUG ROYALTY: S&P Assigns 'BB+' Long-Tem Corporate Credit Rating
DYNEGY INC: Fitch Puts 'CC' Issuer Default Rating on Watch Neg.

EAGLE INDUSTRIES: Has Access to Cash Collateral Until Nov. 30
EAGLE INDUSTRIES: Plan Outline Hearing Continued Until Oct. 18
EAGLE INDUSTRIES: Committee Wants Terms of Settlement Disclosed
ELIZABETH ARDEN: S&P Revises Outlook to Positive, Keeps 'B+'
ENTELOS INC: Simulations Plus Submits Bid for Firm's Assets

EVERGREEN ENERGY: Amends March 31 Quarter Report
EVERGREEN ENERGY: Amends June 30 Quarterly Report
EXCEL STORAGE: Preference Suit v. Peddinghaus Dismissed
FAIRFIELD SENTRY: Court Recognizes Liquidation Proceeding
FLORAMO PARTNERS: Judge to Decide Fate of Falling Waters Fragments

FULL CIRCLE: Committee Seeks More Time to Check Sun Trust Claims
FURNITURE TRANSPORT: Has No New Loan, to Cease Operations
GEOMET INC: Gets NASDAQ Global Market Listing Deficiency Notice
GLOBAL AVIATION: S&P Raises Corporate Credit Rating to 'CCC'
GOLD HILL: Employs Hartsell & Williams as Special Counsel

GOLDENPARK LLC: Has No Plan; Creditor Wants Dismissal/Conversion
GOLF CLUB: May Return to Chapter 11 Bankruptcy
GREAT CANADIAN: S&P Affirms CCR at 'BB+' on Refinancing
HARBOUR EAST: Hires Sutton and Trust Group as Real Estate Broker
HCA INC: Fitch Affirms Issuer Default Rating at 'B+'

HELIX ENERGY: S&P Upgrades Corporate Credit Rating to 'B+'
HILL TOP: Disclosure Statement Hearing Set for Oct. 12
HORIZON LINES: Amends Form S-4 Exchange Offer
INNER CITY: Wants Access to Cortland Capital's Cash Collateral
INNER CITY: Bankruptcy Court Grants Relief Under Chapter 11

INNKEEPERS USA: Cerberus Fighting Losing Battle, NY Times Says
INOVA TECHNOLOGY: Incurs $92,500 Net Loss in July 31 Quarter
IRWIN MORTGAGE: Hires Leslie Hindman to Auction Pieces of Artwork
IRWIN MORTGAGE: Court Authorizes KCC as Noticing Agent
IRWIN MORTGAGE: Seeks Parentebeard as Tax Services Provider

J.C. EVANS: U.S. Trustee Forms Creditors Committee
J.C. EVANS: Court OKs Butler Burgher as Real Estate Appraiser
KAUPTHING BANK: Has Secret Settlement of $2.4 Bil. Tchenguiz Suit
KTLA LLC: Wants to Hire Breakwater Equity as Consultant
KTLA LLC: Employs Macdonald & Associates as Counsel

LEHMAN BROTHERS: LCPI Wins Nod of Deal With SunCal Trustee
LEHMAN BROTHERS: Court OKs Allocation of $14MM With NYS OUF
LEHMAN BROTHERS: Has Deal on Transfer of Woodlands Deposits
LEHMAN BROTHERS: Wells Fargo is Trustee for $1.5-Bil. Notes
LEHMAN BROTHERS: Court OKs $8.25MM NJ Deal Over Essex Objections

LEHMAN BROTHERS: LCPI Wins Nod for Settlement With SPI, et al.
LINDEN PONDS: Has Court's Final Nod to Use Bond Trustee Cash
LINKTONE LTD: Receives Nasdaq Notification of Non-Compliance
LOCAL INSIGHT: Plan Exclusivity Extended Until Dec. 13
LOS ANGELES DODGERS: Taps Kekst & Company for PR Support

LOS GATOS: Amends Plan to Incorporate Managers' Concerns
LYMAN LUMBER: Court Approves Nicollet Partners as Appraiser
MA BB OWEN: Plan Confirmation Hearing Continued Until Oct. 3
MANISTIQUE PAPERS: Reopens Doors; 150 Employees Return to Work
MANISTIQUE PAPERS: Proposes Tilly Virchow as Accountant

MARIKA TOLZ: Gets 7 Years in $16 Million Fraud Case
MAYSVILLE INC: Fifteen Encore's Automatic Stay on Asset Lifted
MEDICAL CARD: S&P Affirms 'BB' Financial Strength Rating
MPHASE TECHNOLOGIES: Has Forbearance From Holder of $500K Note
MSR RESORT: Wants Exclusive Plan Filing Period Extended to Jan. 27

NANOPHASE TECH: Receives Non-Compliance Notice From NASDAQ
NEWPAGE CORP: Port Hawkesbury Mill Losing $4MM a Month
NO FEAR: Pachulski Stang Can Represent Interest of Committee
NORTEL NETWORKS: LTD Committee Wants KCC as Web Site Provider
NORTEL NETWORKS: Retiree Committee Wants McCarter as Del. Counsel

NUVILEX INC: Incurs $686,000 Net Loss in July 31 Quarter
OK ETON: Court Grants U.S. Trustee's Motion to Dismiss Case
OLD CORKSCREW: Has Until Dec. 1 to Use BMO Harris' Cash Collateral
OLD CORKSCREW: U.S. Trustee Forms Creditors Committee
PEGASUS RURAL: Can Employ Cantor Fitzgerald as Investment Advisor

PEGASUS RURAL: Can Borrow Up to $2.5-Mil. From Xanadoo Company
PEGASUS RURAL: Wants Cantor Fitzgerald as Investment Advisor
PHILADELPHIA ORCHESTRA: Nero Group Splits From Orchestra
PIEDMONT CENTER: Court OKs Lundy Group as Trustee's Mgt. Agent
PIEDMONT CENTER: Trustee Taps Northen Blue as Bankruptcy Counsel

PROQUEST LLC: Moody's Downgrades CFR to B3; Outlook Negative
QIMONDA LLC: Judge Confirms Chapter 11 Liquidation Plan
QUALITY HOME: Moody's Lowers CFR to Caa2; Outlook Negative
RCC SOUTH: SFI Belmont Has Plan; Most Creditors to be Fully Paid
RCC SOUTH: Court Sets Oct. Hearing on Debtor's Plan Disclosures

R.E. LOANS: Sec. 341 Creditors Meeting Set for Oct. 20
R.E. LOANS: Has $21.5MM DIP Loan From Wells Fargo
REID PARK: Has Access to Lender's Cash Collateral Until Nov. 18
REID PARK: Court Sets Nov. 7 Plan Confirmation Hearing
RENAISSANCE SURGICAL: Can Incur $600,000 Post-Petition Financing

RENAISSANCE SURGICAL: Files Schedules of Assets and Liabilities
RENAISSANCE SURGICAL: To Employ XRoads as Restructuring Advisor
RENAISSANCE SURGICAL: Court Grants Relief Under Chapter 11
RENEW ENERGY: Creditors Get Settlement Money From Sale to ADM
RIGHTHAVEN LLC: Defendant Seeks Asset Seizure Over Attys. Fees

RQB RESORT: On Its Way to Emerging from Chapter 11 Bankruptcy
RSAS HOLDINGS: Asks Court to Convert Case to Chapter 7
SANDLOT VENTURES: To Liquidation Assets Under Chapter 7
SEALED AIR: Moody's Assigns 'Ba3' Corporate Family Rating
SHOPPES OF LAKESIDE: Files Schedules of Assets and Liabilities

SOLYNDRA LLC: Execs Invoke 5th Amendment Rights in House Probe
SOLYNDRA LLC: White House Was Pressured to OK $535MM Loan
SOLYNDRA LLC: Plans to Set Oct. 25 Deadline for Bids
SOLYNDRA LLC: US Trustee Forms Seven-Member Creditor's Committee
SOLYNDRA LLC: Employees File Suit for Lack of 60 Days' Notice

SOLYNDRA LLC: Seeks to Employ Alixpartners as Claims Agent
SOMERSET PROPERTIES: Court Wants Valuations Revised
SOVRAN LLC: Seeks Final Order Authorizing Bullivant Employment
SPARTA COMMERCIAL: Incurs $334,000 Net Loss in July 31 Quarter
SPOT MOBILE: Incurs $1.7 Million Net Loss in July 31 Quarter

STAR CREATIONS: Files for Chapter 7 Bankruptcy Protection
STELLAR GT: Georgian Project up for Bid in October
SUMMER VIEW: 341(a) Creditors' Meeting Continues to Sept. 29
SUMMIT III: Wants to Hire Casto & Chaney as Attorney
SUPERIOR PROPERTY: Taps Ervin Cohen as Counsel

TELX GROUP: S&P Raises Ratings on Credit Facilities to 'B+'
TEMPLE BETH: Rabbi Quits After Lenders Sought Pay Cut
THELEN LLP: Ex-Partners Must Pay for Clients, Trustee Says
TRANSPECOS FOODS: Shuts Down Operations; Leaves 89 People Jobless
UNITED CONTINENTAL: Fitch Upgrades Issuer Default Rating to 'B'

VIRGIN OFFSHORE: Involuntary Ch. 11 Reassigned to Judge Magner
VULCAN MATERIALS: Moody's Cuts Corporate Family Rating to 'Ba2'
WASTE2ENERGY HOLDINGS: Court Orders Chapter 11 Trustee
WIKILOAN INC: Incurs $217,000 Net Loss in July 31 Quarter
WINGATE AIRPORT: Can Borrow $4,580 per Month From Ronald Robinson

W.R. GRACE: Court OKs $43MM Deal Between Libby Victims & Montana
W.R. GRACE: Intrawest Wants Lift stay to Continue State Action
W.R. GRACE: Libby Wood Chips Have Low Levels of Asbestos
YRC WORLDWIDE: Continues to Lag in Recovering Trucking Sector
YRC WORLDWIDE: Reveals Results of Special Stockholder Meeting

* Disgorgements Can Be Discharged in Ch. 7, 9th Circ. Says

* Fitch Reports 4th Edition of Annual Credit Encyclo-Medai Report

* Hamid Soleimanian Woos California Bankruptcy Filers

* Upcoming Meetings, Conferences and Seminars


                            *********


94TH AND SHEA: JPMMC Asks Stay of Plan Hearing Amid Insider Leases
------------------------------------------------------------------
Senior secured creditor JPMCC 2007-CIBC19 Shea Boulevard, LLC,
asks the U.S. Bankruptcy Court for the District of Arizona to
enter an order:

   -- vacating the Court's May 20, 2011, order approving the
   disclosure statement for the Chapter 11 plan of 94th and Shea,
   L.L.C;

   -- requiring Debtor to amend the Disclosure Statement to
   include: (i) a full recitation of all transfers and
   transactions among Debtor, insiders, and the insider
   tenants; and (ii) a full description of the circumstances of
   the insider leases well as JPMCC's denial of consent thereto;
   and

   -- vacating the November trial date on confirmation of Debtor's
   Plan, and suspending further confirmation proceedings pending a
   determination of the continuing validity of the insider leases;
   and

    -- requiring the insider tenants to maintain all net revenues
   from operations and prohibiting any further distributions to
   insiders pending the Court's determination of whether such
   monies constitute property of Debtor's bankruptcy estate.

JPMCC related that, based on the 2004 exams, it has confirmed its
suspicion that the Debtor's principals, Steven Goodhue and John
Rosso lined their own pockets with cash from JPMCC's collateral
and property of the estate.  JPMMC also found out that:

   a. The insiders received hundreds of thousands of dollars in
   unlawful pre- and post-petition transfers.

   b. The insiders have presented inaccurate information to the
   Court and creditors on multiple occasions.

   c. The insiders delayed their 2004 exams to obtain approval of
   an inadequate disclosure statement.

                        The Chapter 11 Plan

As reported in the Troubled Company Reporter on June 10, 2011,
the Debtor obtained approval on May 20, 2011, of the disclosure
statement explaining its reorganization plan after amending the
disclosure statement to incorporate and address the Court's and
objecting party's comments and concerns expressed during the
disclosure statement hearing.

The Disclosure Statement, as amended, says the Plan will be funded
by operations of the Debtor's real property and a capital infusion
in the amount of the new value by the interest holders or the
successful bidder, if an auction is held.  As a showing of good
faith and commitment to the Plan, the interest holders will place
$100,000 in escrow in the trust account of the Debtor's bankruptcy
counsel on or before the auction.  These funds will become a part
of the estate and will fund the new value contribution
obligations, only in the event that the interest holders is the
successful bidder for the equity interests in the Reorganized
Debtor.  Additionally, these funds will only be available to, and
become a part of, the estate if a confirmation order confirming
this Plan is entered and becomes a final order.

The Debtor intends to pay in full all allowed secured claims,
including JPMCC 2007-CIBC19 Shea Boulevard, LLC's $21,000,000
claim.  Holders of unsecured claims totaling $1,855,116 will (i)
share, pro rata, in a distribution of $150,000 in cash paid by the
Reorganized Debtor, from the new value contribution, on the 90th
day following the Effective Date of the Plan, (ii) each receive
its pro rata portion of a $500,000 subordinated debenture payable
to holders of allowed unsecured claims.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/94thandShea_RedlinedDS.pdf

A full-text copy of the Disclosure Statement Order is available
for free at http://ResearchArchives.com/t/s?7635

JPMMC is represented by:

          Robert R. Kinas, Esq.
          Jonathan M. Saffer, Esq.
          Nathan G. Kanute, Esq.
          SNELL & WILMER L.L.P.
          One South Church Avenue, Suite 1500
          Tucson, AZ 85701-1630
          Tel: (520) 882-1200
          Fax: (520) 884-1294
          E-mail: rkinas@swlaw.com
                  jmsaffer@swlaw.com
                  nkanute@swlaw.com

                       About 94th and Shea

Scottsdale, Arizona-based 94th and Shea, L.L.C., owns and operates
real property known as The Shops And Office at 9400 Shea, located
at 9325, 9343, 9375, and 9397 East Shea Boulevard in Scottsdale,
Arizona.  The Property consists of 37,037 square feet of retail
space and 35,238 square feet of office space.  It also owns
3.5 acres of adjacent land identified as the "Outparcel."  The
members are 9400 Shea Investors, LLC, the Goodhue Family
Partnership, LLLP, and the Rosso Family Partnership, LLLP.

94th and Shea filed for Chapter 11 bankruptcy protection (Bankr.
D. Ariz. Case No. 10-37387) on Nov. 19, 2010.  John J. Hebert,
Esq., Mark W. Roth, Esq., and Philip R. Rudd, Esq., at Polsinelli
Shughart, P.C., serve as counsel to the Debtor.  The Debtor
disclosed $123,588 plus unknown amount in assets and $22,870,408
in liabilities as of the Chapter 11 filing.


155 EAST TROPICANA: Hearing on Cash Use Continued Until Nov. 2
--------------------------------------------------------------
The Hon. Bruce A. Markell of the U.S. Bankruptcy Court for the
District of Nevada approved a stipulation continuing the final
cash collateral hearing until Nov. 2, 2011, at 9:30 a.m.
Objections, if any, are due Oct. 19, and the deadline to file and
serve any replies to the oppositions will be continued until
Oct. 26.

The stipulation was entered among 155 East Tropicana, LLC, and 155
East Tropicana Finance Corp., Canpartners Realty Holding Company
IV LLC, as agent, credit facility lender and holder of senior
secured notes, and U.S. Bank National Association, in its capacity
as trustee.

As reported in the Troubled Company Reporter on Aug. 23, 2011,
Canpartners Realty, successor administrative agent and sole lender
under a credit agreement dated as of March 29, 2005, providing
Debtors with a $15 million revolving credit facility.  Canpartners
acquired the credit facility from Wells Fargo.  As of the Petition
Date, the Debtors' principal obligations outstanding were
$14.49 million plus accrued and unpaid interest.  Indebtedness is
secured by interests and liens granted on the Debtors' personal
property.

U.S. Bank National association, successor trustee under that
indenture dated as of March 29, 2005, pursuant to which
$130,000,000 of 8-3/4% senior secured notes due 2012 were issued
to various lenders.  The Bank of New York Trust Company, N.A. was
the indenture trustee under the old senior secured notes.  As of
the Petition Date, the Debtors' principal obligations outstanding
were $130,000,000 plus accrued interests, fees, costs and expenses
under the indenture to the Petition Date in the total amount of
$32,229,177.

The Debtors believe that the agent and the trustee asserts that
these represents cash collateral as encumbered personal property:
(i) the Company's cash and cash equivalents located on the
premises of the various Debtors as of the Petition Date; (ii) the
Company's bank accounts as of the Petition Date; and (iii) cash
generated or received by the Company from and after the Petition
Date.  As of the Petition Date, the balance of deposit accounts
was $4,245,964 and cash on hand was $4,755,558.  The cash on hand
includes the Company's casino bankroll of $2,500,000, which is
specifically included in the definition of excluded assets and
cannot serve as cash collateral.

The stipulation also provides that:

   -- the Debtors are authorized to pay the costs of
   administration and to operate the Company's business in the
   ordinary course through the continued hearing date;

   -- at least four week before the end of the first 13-week
   budget period, the Company will prepare a similar budget for
   the next 13-week period and provide it to the Canpartners and
   trustee;

   -- the agent, the trustee and Canpartners will be granted
   adequate protection of their respective interests in the cash
   collateral and the disputed cash collateral against any
   diminution in the value of the cash collateral:

   a. the Company will pay to the agent interest on the
   outstanding principal obligations under the credit facility at
   the default rate, plus reasonable fees, costs and charges;

   b. the Debtors will grant to the agent and the trustee
   additional, replacement, continuing, valid, binding,
   enforceable, and automatically and properly perfected security
   interests in and liens on all collateral; and

   c. the replacement liens will be senior and prior to all other
   interests or liens whatsoever in or on the postpetition
   collateral, and the replacement lien granted to the agent will
   be senior and prior to the replacement lien granted to the
   trustee, subject to certain carve out expenses.

                      About 155 East Tropicana

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

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

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

155 East Tropicana disclosed $63,236,842 in assets and
$189,794,389 in liabilities as of the Chapter 11 filing.


155 EAST TROPICANA: Taps William Kimmel as Appraiser
----------------------------------------------------
155 East Tropicana LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Nevada for permission to
employ William G. Kimmel & Associates to provide an appraisal of
the Debtors' casino hotel/property.

The firm has agreed to provide appraisals as necessary for a fee
of $15,000, with 50% of that amount to be paid upon approval of
the firm's retention.  The balance of payment due for the services
is payable at the time of completion of the appraisals relating to
the services.  The firm will request compensation at the standard
billing rate of $350 per hour.

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

                     About 155 East Tropicana

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

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

Alvarez & Marsal is the financial and restructuring advisor to the
Debtors.  Garden City Group, Inc., is the claims agent.

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


155 EAST TROPICANA: Court OKs Alvarez & Marsal as Fin'l Advisor
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada authorized
155 East Tropicana LLC to employ Alvarez & Marsal as financial and
restructuring advisor.

The firm will among other things:

   a. review and analyze the business operations, liquidity
      situation, assets and liabilities, financial condition, and
      prospects of Debtors;

   b. review and analyze Debtors' business plan, operating and
      capital expenditures budgets, loan agreements and bond
      indentures and multi-year financial projections under
      various operating scenarios; and

   c. perform valuation analyses with respect to some and/or all
      of Debtors' business.

Neither A&M nor its professionals (a) have any present connection
with Debtors, Debtors' creditors, or other parties-in-interest or
(b) hold or represent any interest adverse to the estate.  A&M is
disinterested within the meaning of 11 U.S.C. Sec 101(14) and 327,
as modified by 11 U.S.C. Sec 1107(b).  Neither A&M nor the A&M
professionals have any connection with the United States Trustee
or any persons employed in the office of the U.S. Trustee.

Within the one-year period immediately preceding the Petition
Date, the Debtors paid A&M the sum of $92,545 for advisory
services rendered in connection with their restructuring
(including $7,379 that was applied against the retainer prior to
the Petition Date).

The firm's hourly rates are:

   Personnel                                    Rates
   ---------                                    -----
   managing directors                        $450 to $850
   senior directors                          $450 to $850
   directors                                 $450 to $850
   associates                                $225 to $450
   analysts                                  $225 to $450

                     About 155 East Tropicana

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

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

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

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


AGRIPROCESSORS INC: Ex-Manager Rubashkin Loses New-Trial Bid
------------------------------------------------------------
Dow Jones' DBR Small Cap reports that the Eighth U.S. Circuit
Court of Appeals declined to grant a new trial for Sholom
Rubashkin, the former manager of an Iowa kosher meat-processing
plant who was sentenced last year to 27 years in prison on bank,
mail, and wire fraud charges.

                     About Agriprocessors Inc.

Headquartered in Postville, Iowa, Agriprocessors once produced
half the kosher beef and 40% of the kosher poultry in the U.S.  It
filed for bankruptcy following a raid by immigration authorities
in May 2008 on the plant in Postville, Iowa, where 389 workers
were arrested for having forged immigration documents.  The
Company filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No.
08-47472) on Nov. 4, 2008.  The case was later transferred to Iowa
(Bankr. N.D. Iowa Case No. 08-02751).  Kevin J. Nash, Esq., at
Finkel Goldstein Rosenbloom & Nash, represented the Company in its
restructuring effort.  The Debtor estimated assets and debts of
$100 million to $500 million in its Chapter 11 petition.

SHF Industries Inc. purchased substantially all of the Debtor's
assets for $8.5 million in July 2009, and renamed the company Agri
Star.  The Court approved the sale free and clear of all liens.

Agriprocessors' case was then converted to liquidation under
Chapter 7, at the consent of the Chapter 11 trustee appointed to
take over the estate.  The Chapter 11 trustee became the trustee
in the Chapter 7 case to liquidate the Debtor's remaining assets
and provide distributions to creditors.


ALBUQUERQUE STUDIOS: Emerges From Bankruptcy Debt Free
------------------------------------------------------
Amalgamated Bank, America's Labor Bank, disclosed that after a
bankruptcy reorganization, Albuquerque Studios (ABQ Studios) is
now owned by a wholly-owned subsidiary of the Bank's LongView
Ultra Construction Loan Investment Fund.  ABQ Studios is now
operating debt-free, and continues to be managed, going forward,
by Pacifica Ventures.

LongView Funds are a diversified group of investment strategies
offered through Amalgamated Bank's Investment Management Division,
which provides asset management and custodial services to jointly
administered, union pension funds, public employee benefit funds,
and other institutional investors.

In making the announcement, James T. Freel, Senior Vice President
and Chief Real Estate Officer for the Investment Management
Division, said, "During the past twelve months, despite facing the
uncertainty of a bankruptcy process, ABQ Studios has still been
able to enjoy one of its most productive periods since it opened
in 2007."

Recently, the major productions that used ABQ Studios include ABC
Networks' Scoundrels, Dreamworks' Fright Night, AMC's award
winning Breaking Bad, and Marvel Studio's The Avengers, one of the
largest U.S. productions undertaken in 2011 and scheduled for
release in 2012.

"Looking ahead," Mr. Freel, said, "we believe the Studio is on
solid financial footing.  The facility has a strong pipeline of
new productions, and our goal is to continue to attract a high
volume of top level television and film production projects to the
studio."

In addition, ABQ Studios is home to the ReelzChannel, which is
devoted to delivering programming that is all about the movies.
The channel's programming, production, web development, and
creative services as well as its marketing and communications
divisions employ over 200 people who work in a 30,000-square foot
office and broadcast complex on the ABQ Studios main lot.
Programming produced at the studio includes a weekly movie review
program with film critic Leonard Maltin.

ABQ Studios is managed by Pacifica Ventures, a firm run by
experienced professionals with broad expertise in TV and film
production.  Also, the facility's on-site management and operating
staff has been retained and new personnel have been added.

"ABQ Studios is a world class production facility located in an
area that is film friendly.  In addition, New Mexico offers
significant advantages to TV and film production companies," said
Dana Arnold, President and CEO of Pacifica Ventures.

"We provide one of the largest independent, dedicated film and
television production facilities in the United States located on
28 acres at Mess del Sol close to the Albuquerque airport, a 90-
minute flight from Los Angeles."

In addition, New Mexico's Governor Susana Martinez and the State's
Film Office offer important support to the film and TV production
industry.  In terms of resources, more than 10,000 skilled film
and television industry people have jobs in the State and
Albuquerque has been transformed into a very attractive film and
TV production venue.

                     About Albuquerque Studios

ABQ Studios .  -- http://www.abqstudios.com/-- offers eight sound
stages totaling 132,000-sq. ft. of space, 100,000-sq. ft. of
production offices and support space, a backlot with ample room to
construct outdoor sets, and a complete range of production support
services, including camera & equipment rental, set construction,
lighting & grip, and catering.

                      About Amalgamated Bank

Established in 1923 by the Amalgamated Clothing Workers of
America, Amalgamated Bank -- htpp://www.amalgamatedbank.com/
-- continues the progressive traditions of its founders as the
only union-owned bank in the United States. Chartered by New York
State, Amalgamated Bank is an FDIC insured commercial bank with
about $4.5 billion in assets.  The Bank's retail banking network
has 27 branches serving New York City, Nevada, New Jersey,
California, and Washington, D.C.

Formed in 1973, Amalgamated's Investment Management Division today
serves more Taft-Hartley pension plans than any other U.S. money
manager.  The Division provides distinct advantages to labor
affiliated pension fund investors by thoroughly understanding the
challenges that plan trustees face in managing the assets of large
pension, health and welfare funds.  For years, the Division's
Longview(TM) Funds have run successful corporate governance
initiatives and vigorous shareholder activism programs.

Also, the Bank's corporate divisions include Commercial Banking,
Commercial Real Estate Finance, Amalgamated Capital(TM), and
Amalgamated Business Credit, which provides asset-based financing
to middle market businesses.

                      About Pacifica Ventures

Based in Santa Monica, California, Pacifica Ventures --
http://www.pacificaventures.com/-- was created over a decade ago
to take advantage of unique real estate and business opportunities
in the entertainment industry. The company's primary focus is on
the acquisition, development, and operation of filming and
production facilities for motion picture and television
production. Pacifica Ventures serves successful independent
producers, and all members of the entertainment community who
create, finance, produce and distribute media content.


ALEXANDER GALLO: Bayside Capital to Pay $88-Mil. for Business
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Alexander Gallo Holdings LLC scheduled a Sept. 27
hearing to consider approving sale procedures culminating in a
Nov. 7 auction.  An affiliate of Bayside Capital Inc. is obligated
to buy the business under a contract the company calculates to be
worth $88 million.  If the bankruptcy judge goes along, competing
bids would be due Nov. 4. A hearing for approval of the sale would
take place on Nov. 9.  To buy the business, Bayside will pay off
first-lien debt and forgive second-lien obligations and $20
million in financing for the Chapter 11 case.  Bayside will also
pay the cost of curing contract defaults.  Before bankruptcy,
Bayside acquired the $22 million in second-lien debt.

                  About Alexander Gallo Holdings

Marietta, Georgia-based Alexander Gallo Holdings LLC --
http://www.alexandergalloholdings.com-- is the largest full
service, IT-enabled court reporting and litigation support
services company in the United States.  AGH offers court
reporting, litigation support, trial software and other similar
services and has the only true national footprint in its market,
with roughly 55 offices located throughout the United States, and
a preferred provider network which serves as an extension of
Alexander Gallo's geographic reach.  Founded in 1999 by Alexander
J. Gallo, a former court reporter, AGH has made 18 acquisitions
since 2003.  Mr. Gallo has remained as CEO.

AGH, along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 11-14220) on Sept. 7, 2011.
Alexander Gallo will sell the business via 11 U.S.C. Sec. 363 to
Bayside Capital Inc., which had acquired $22 million in second-
lien debt.  The price wasn't disclosed.

Alexander Gallo disclosed assets of $208 million and debt totaling
$258 million as of June 30, 2011.  Liabilities include $47 million
on a first-lien revolving credit and term loan where Wells Fargo
Bank NA is agent.  In addition to the second-lien debt held by
Bayside, there is $33 million in junior unsecured subordinated
notes owing to Harvest Equity Partners LLC plus another $148
million in junior unsecured subordinated notes owing to insider
Gallo Holdings LLC.

Bayside will also provide $20 million in financing for the
Chapter 11 effort.  The new loan will have a first priority lien
on unencumbered assets and a lien behind the first-lien debt.

Bankruptcy Judge Allan J. Gropper presides over the case.  Thomas
R. Califano, Esq., at Jeremy R. Johnson, Esq., at Daniel G. Egan,
Esq., at DLA Piper LLP (US), serve as the Debtors' general
counsel.  Squire, Sanders & Demsey (US) LLP serves as the Debtor's
corporate counsel.  The Debtors' financial advisor is Gordian
Group, LLC.  Marc L. Pfefferle, a partner at Carl Marks Advisory
Group LLC, serves as the Debtors' chief restructuring advisor.
Kurtzman Carson Consultants LLC serves as the Debtor's claims
agent.


AMBAC FINANCIAL: Enters Into 2 New Engagement Letters With KPMG
---------------------------------------------------------------
Ambac Financial Group, Inc. Chief Financial Officer David Trick
disclosed that the Debtor intends to enter into two additional
engagement letters with KPMG LLP.

The Debtor determined that additional audit and tax consulting
services from KPMG are necessary pursuant to the audit engagement
letter dated July 12, 2011, and the tax consulting engagement
letter dated July 18, 2011.

Pursuant to the Additional Engagement Letters, KPMG will provide
these additional services:

(A) Audit of Consolidated Financial Statements

  (i) Audit of the consolidated balance sheet of the Debtor and
      non-debtor affiliates as of December 31, 2011 and 2010,
      the related consolidated statements of operations,
      stockholders' equity and cash flows for each of the years
      in the three-year period ended December 31, 2011, and
      schedules and notes supporting those financial statements
      prepared in accordance with U.S. generally accepted
      accounting principals;

(ii) Audit of the internal control over financial reporting as
      of December 31, 2011, in accordance with the standards of
      the Public Company Accounting Oversight Board Auditing
      Standard No. 5;

      -- Performing tests of the accounting records and other
         procedures, as KPMG considers necessary in the
         circumstances, to provide a reasonable basis for the
         firm's opinions;

      -- Assessing the accounting principles used and
         significant estimates made by management, and
         evaluating the overall consolidated financial statement
         presentation; and

      -- Obtaining an understanding of internal control over
         financial reporting, testing and evaluating the design
         and effectiveness of internal control over financial
         reporting, and performing such other procedures as we
         considered necessary in the circumstances.

(iii) Review, in accordance with Statement on Auditing Standards
      No. 100, Interim Financial Information, the consolidated
      balance sheets of AFG as of June 30 and Sept. 30, 2011,
      and the related consolidated statements of operations,
      stockholders' equity, and cash flows for the quarterly and
      year-to date periods then ended and notes, which are to be
      included in the quarterly reports;

(iv) Audits of the U.S.-domiciled non-debtor subsidiaries'
      statutory statements of admitted assets, liabilities and
      surplus of non-debtor affiliates as of December 31, 2011
      and 2010, the related statements of operations, capital
      and surplus, and cash flow for each of the years in the
      two-year period ended December 31, 2011, and schedules
      supporting those financial statements, prepared in
      accordance with statutory statements of accounting
      principles;

  (v) Audits of the balance sheets of the non-debtor affiliates
      Juneau and Aleutian, as of December 31, 2011 and 2010, the
      related consolidated statements of operations,
      stockholder's equity, and cash flows for each of the years
      in the two-year periods ended December 31, 2011, and
      schedules supporting those financial statements, prepared
      in accordance with U.S. generally accepted accounting
      principles;

(vi) Issuance of a comfort letter if required and asked;

(vii) Report to the Audit and Risk Assessment Committee in
      writing regarding corrected misstatements, uncorrected
      misstatements, significant difficulties encountered with
      the Debtor and other matters required to be communicated
      by auditing standards;

(viii) Read minutes of Audit and Risk Assessment Committee
      meetings for consistency with KPMG's understanding of the
      communications;

(ix) Assistance regarding certain events and accounting
      pronouncements which may have a significant impact on
      KPMG's audit efforts.  Examples of Out-of-Scope Audit
      Services to be evaluated for their impact on KPMG's
      efforts include:

      * significant acquisitions;

      * dispositions of businesses;

      * significant and infrequent transactions with complex
        business implications;

      * accounting and auditing matters related to this Chapter
        11 bankruptcy to the extent it results in additional
        audit effort;

      * change in operating segments or reporting units;

      * asset impairment analyses;

      * fresh start accounting and related audit efforts;

      * review of registration statements or comfort letters
        provided to third parties;

      * review and comment on comment letters received from the
        U.S. Securities and Exchange Commission and the Office
        of the Commissioner of Insurance of Wisconsin and
        responses provided to those letters related to
        accounting matters; and

      * the adoption of new accounting or auditing
        pronouncements.

(B) Tax Compliance and Consulting Services

  (i) Analysis of these tax returns:

     * Form 1120-Ambac Financial Group, Inc. and Subsidiaries;

     * Form 1120-Ambac Financial Group, Inc. pro forma return;

     * Form 1120-PC-Ambac Assurance Corporation pro forma
       return; and

     * Form 1120-PC-Everspan Financial Guarantee Corporation pro
       forma return.

(ii) Provide general tax consulting services including:

     * routine tax advice concerning the federal, state, local,
       and foreign tax matters related to the preparation of the
       prior year's federal, state, local, and foreign tax
       returns;

     * routine tax advice concerning the federal, state, local,
       and foreign tax matters related to the computation of the
       client's taxable income for the current year or future
       years; and

     * routine dealings with a federal, state, local, or foreign
       tax authority.

In connection with the 2011 Integrated Audit, the 2011 Audit
Engagement Letter provides for services to be charged at both a
fixed rate and an hourly rate.

Specifically, a fixed fee of $2.51 million is applicable to In-
Scope Audit Services, for which KPMG bills Ambac on a monthly
basis in equal installments of $209,167 for a period of 12 months
for the 2011 Integrated Audit.  Ambac allocated $65,000 of the
In-Scope Fixed Fee to the Debtor, and will allocate hourly fees
for Out-Of-Scope Audit Services to the Debtor as applicable.

With respect to any additional work due to out-of-scope items for
the 2011 Integrated Audit, KPMG will charge Ambac according to
its professionals' customary hourly rates:

      Audit, Audit-Related and Services Discounted Rates

        Title                            Rate per hour
        -----                            -------------
        Partner/Managing Director         $525 to $625
        Senior Manager/Manager            $375 to $475
        Staff                             $225 to $325

KPMG provides the 2011 Integrated Audit services to the Debtor
and its non-debtor entities as a whole, and the 2011 Integrated
Audit is designed and carried out on a consolidated basis.  In
addition, services are often rendered on behalf of non-debtor
entities because, as part of this audit, KPMG is required to
issue audit reports for some of the individual subsidiaries.

Accordingly, the Debtor and Ambac Assurance Corporation will
allocate amounts billed by KPMG for the 2011 Integrated Audit
among the Debtor, AAC and certain other non-debtor entities.
Subject to the order approving retention of KPMG and applicable
bankruptcy law, the Debtor will pay KPMG directly for amounts
allocated to the Debtor.  Non-debtor AAC will pay KPMG for
amounts allocated to AAC and its non-debtor entities.
Specifically, $65,000 of the In-Scope Fixed Fee was allocated to
the Debtor, and hourly fees for Out-Of-Scope Audit Services will
be allocated to the Debtor as applicable.

The Debtor has agreed to pay KPMG for professional services
rendered to the Debtor for tax consulting services based on the
hours actually expended by each assigned staff member at 70% of
each staff member's standard hourly rate.

    Tax Compliance and Consulting Services Discounted Rates

        Title                            Rate per hour
        -----                            -------------
        Partner                              $635
        Managing Director                    $550
        Senior Manager                       $500
        Manager                              $470
        Senior Associate                     $400
        Associate                            $275

KPMG's tax consulting services will be invoiced to Ambac.  The
Debtor and AAC will allocate these amounts to the Debtor, AAC and
other non-debtor entities.

KPMG also will seek reimbursement for reasonable necessary
expenses incurred.

Paul Laurenzano, a partner at KPMG LLP, insists that his firm
remains a "disinterested person" as the term is defined under
Section 101(14) of the Bankruptcy Code.

                       About Ambac Financial

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

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

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

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

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

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

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

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

Bankruptcy Creditors' Service, Inc., publishes Ambac Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Ambac Financial Group and the restructuring proceedings of
Ambac Assurance Corp. (http://bankrupt.com/newsstand/or 215/945-
7000).


AMBAC FINANCIAL: U.S. Trustee Files Response to Interim Fees
------------------------------------------------------------
Tracy Hope Davis, the U.S. Trustee for Region 2, made comments on
the applications for allowance of fees and expenses incurred by
the professionals retained in Ambac Financial Group, Inc.'s
Chapter 11 case for the period from March 1, 2011, to
June 30, 2011.

In general, the U.S. Trustee asks the Court to reduce any fees
awarded to these applicants by a percent reduction pending the
final resolution of the Debtor's Chapter 11 case.  The U.S.
Trustee states that the results that will be achieved serve as an
important factor in determining the success of the efforts of the
professionals.  Because these results are still unknown, the U.S.
Trustee believes that a percentage reduction is proper at this
time.

The U.S. Trustee specifically takes issue with these firms:

(1) Dewey & LeBoeuf LLP, counsel to the Debtor.  The U.S.
    Trustee points out that $10,078 of $183,513 in fees sought
    under the category "Billings/Fee Application" is for time
    spent on services other than the preparation of Dewey &
    LeBoeuf's fee application.  The U.S. Trustee also objects to
    transitory timekeepers that billed less than five hours of
    service during the relevant period, totaling $15,872.  A
    schedule of the timekeepers in question is available for
    free at:

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

    The U.S. Trustee seeks further substantiation for the
    "business meals and local transportation" expenses of
    Richard A. Nessler that do not identify any vendor providing
    the service and where the expense detail merely refers to
    "Cash."  The U.S. Trustee also objects to Mr. Nessler's
    request for reimbursement of "Local Transportation" expense
    for $88 incurred on March 22, 2011, where it appears that
    the timekeeper only recorded 1.8 hours of service on that
    date.

(2) Blackstone Advisory Partners L.P., the Debtor's financial
    advisor.  The U.S. Trustee objects to the failure of the
    firm's timekeepers to identify the individuals who are
    parties to various telephone conversations and the nature of
    the communications as required by Section (b)(4)(v) of the
    United States Trustee Guidelines.

(3) Cornerstone Research, the Debtor's economic consultant.  The
    U.S. Trustee has no objection to the firm's request for
    allowance of fees.

(4) KPMG LLP, the Debtor's tax consultant.  The U.S. Trustee has
    no objection to the firm's request to allow fees.

(5) Wachtell, Lipton, Rosen & Katz, the Debtor's special
    counsel.  The U.S. Trustee notes that the firm has failed to
    established its compliance with Section E(2) of the Amended
    Guidelines for Fees and Disbursements for Professionals in
    Southern District of New York Bankruptcy Cases -- that the
    applicants are charging the lesser of $0.20 per page or cost
    for photocopies.  Wachtell Lipton is charging $0.16 per page
    without establishing its actual cost per page for
    photocopies.  Absent certification that it is in compliance
    with Section E(2), the U.S. Trustee objects to the
    reimbursement of expenses for photocopies for $335.

(6) Morrison & Foerster LLP, the Official Committee of Unsecured
    Creditors' counsel.  The U.S. Trustee seeks the identity of
    timekeepers who incurred expenses totaling $165.  A schedule
    of the time entries in question is available for free at:

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

(7) Lazard Freres & Co. LLC, the Creditors' Committee's
    financial advisor.  The United States Trustee objects to the
    general failure of the firm's timekeepers to identify the
    nature of the communications involved during the various
    meetings, discussions, and telephone calls, as required by
    Section (b)(4)(v) of the United States Trustee Guidelines.
    The U.S. Trustee objects to expenses totaling $481 because
    they appear to have been incurred on days where the
    timekeeper either spent no time or a relatively small amount
    of time performing services on behalf of the Debtor.  A
    schedule of the time entries at issue is available for free
    at http://bankrupt.com/misc/Ambac_LazardTimeEntries.pdf

The Court will consider approval of the interim fees for the
relevant period on September 21, 2011.

Morrison & Foerster LLP seeks allowance of fees totaling $680,870
and reimbursement of expenses totaling $2,843 incurred for the
month of July 2011.

                       About Ambac Financial

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

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

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

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

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

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

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

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

Bankruptcy Creditors' Service, Inc., publishes Ambac Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Ambac Financial Group and the restructuring proceedings of
Ambac Assurance Corp. (http://bankrupt.com/newsstand/or 215/945-
7000).


AMBAC FINANCIAL: Files Amendment to June 30 Form 10-Q
-----------------------------------------------------
Ambac Financial Group, Inc., filed with the U.S. Securities and
Exchange Commission on September 9, 2011, an amendment no. 1 to
the quarterly report on Form 10-Q for the period ended June 30,
2011, as filed with the SEC on August 9, 2011.

AFG Chief Financial Officer and Treasurer David Trick stated that
the purpose of the Amendment is to furnish exhibit "101" to the
Form 10-Q as required by Rule 405 of Regulation S-T.  Exhibit 101
to the quarterly report provides these items from the Form 10-Q
formatted in eXtensible Business Reporting Language or XBRL:

  (1) the unaudited consolidated balance sheets;

  (2) the unaudited consolidated statements of income;

  (3) the unaudited consolidated statements of cash flows;

  (4) the unaudited consolidated statements of stockholders'
      equity; and

  (5) the notes to the unaudited consolidated financial
      statements, tagged as blocks of text.

A full-text copy of Amendment No. 1 to the Form 10-Q is
accessible for free at http://ResearchArchives.com/t/s?76ed

                       About Ambac Financial

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

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

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

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

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

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

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

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

Bankruptcy Creditors' Service, Inc., publishes Ambac Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Ambac Financial Group and the restructuring proceedings of
Ambac Assurance Corp. (http://bankrupt.com/newsstand/or 215/945-
7000).


AMERICAN DEFENSE: Receives Notice of Delisting From NYSE AMEX
-------------------------------------------------------------
American Defense Systems, Inc. has received notice from NYSE Amex
LLC that the staff of the Exchange had determined that the Company
has not made progress consistent with its previously announced
Plan of Compliance and, accordingly the Exchange deems it
appropriate to initiate delisting proceedings with regard to the
Company's common stock.  In accordance with Section 1203 and
1202(b) of the Company Guide, the Company has a limited right to
appeal the Determination.  The Company intends to appeal the
determination on or before September 21, 2011.  The Company
intends to appeal the determination on or before September 21,
2011 and request a hearing before a committee of the Exchange.
There can be no assurance that the Company's request for continued
listing will be granted.

As previously announced, on May 16, 2011, the Company received
notice from the staff of the Exchange that, based on their review
of the Company's Form 10-K for the period ended December 31, 2010,
the Company is not in compliance with certain of the Exchange's
continued listing standards as set forth in Part 10 of the
Exchange's Company Guide.  Specifically, the Exchange noted that
the Company is not in compliance with (a) Section 1003(a)(i) of
the Company Guide because it reported stockholders' equity of less
than $2,000,000 as of December 31, 2010 and losses from continuing
operations and net losses in two of its three most recent fiscal
years ended December 31, 2010, (b) Section 1003(a)(ii) of the
Company Guide because it reported stockholders' equity of less
than $4,000,000 as of December 31, 2010 and losses from continuing
operations and net losses in three of its four most recent fiscal
years ended December 31, 2010 and (c) Section 1003(a)(iv) of the
Company Guide because the Company has sustained losses which are
so substantial in relation to the Company's overall operations or
the Company's existing financial resources, or the Company's
financial condition has become so impaired that it appears
questionable, in the opinion of the Exchange, as to whether the
Company will be able to continue operations and/or meet its
obligations as they mature.  Furthermore, the Company's financial
statements for the year ended December 31, 2010 contained an
explanatory paragraph regarding the auditor's substantial doubt
about the Company's ability to continue as a going concern.

The Company's common stock continues to trade on the Exchange
under the symbol "EAG," however, the Exchange has advised the
Company that the Exchange is utilizing the financial status
indicator fields in the Consolidated Tape Association's
Consolidated Tape System and Consolidated Quote Systems Low Speed
and High Speed Tapes to identify companies that are in
noncompliance with the Exchange's continued listing standards.
Accordingly, the Company will become subject to the trading symbol
extension ".BC" to denote its noncompliance.  While the Company
intends to appeal the Determination, if the Company elects not to
appeal the Determination by September 21, 2011, the Determination
will become final and the Exchange will suspend trading in the
Company's securities and file an application with the SEC to
strike the Company's common stock from listing and registration on
the Exchange in accordance with Section 12 of the Securities
Exchange Act of 1934 and the rules promulgated thereunder.

American Defense Systems, Inc. is a leading provider of advanced
transparent and opaque armor, architectural hardening and security
products for Defense and Homeland Security.


AMERICAN STANDARD: Moody's Cuts Corp. Family Rating to 'Caa1'
-------------------------------------------------------------
Moody's Investors Service downgraded AS America, Inc.'s Corporate
Family Rating and Probability of Default Rating to Caa1 from B3,
and its Senior Secured Notes due 2016 to Caa1 from B3. In a
related rating action, Moody's changed the rating outlook to
negative from stable.

These ratings/assessments were affected by this action:

Corporate Family Rating downgraded to Caa1 from B3;

Probability of Default Rating downgraded to Caa1 from B3; and,

$187.5 million Senior Secured Notes due 2016 downgraded to Caa1
(LGD4, 52%) from B3 (LGD3, 48%).

RATINGS RATIONALE

The rating downgrades result from operating performance below
Moody's expectations due to ongoing malaise in the new home
construction sector and the repair and remodeling markets, the
main drivers of American Standard's revenues. The new home
construction sector continues to struggle amid uncertainties
regarding the timing of a full recovery. Furthermore, the repair
and remodeling market is facing stagnant growth prospects over the
next year, limiting demand for new bathrooms and chinaware with
the highest profit margins. Despite ongoing efforts to reduce its
cost structure to meet lower demand levels and new business
opportunities, American Standard will be unable to generate
significant levels of earnings relative to its debt service
requirements. As a result, key credit metrics will be below
previously identified levels that would exert downward pressures
on the rating. Those metrics were Debt-to-EBITDA remaining above
5.5 times or EBITA-to-interest remaining below 1.5 times (after
incorporating Moody's standard adjustments). Availability under
its revolving credit facility gives American Standard some ability
to meet operating cash shortfalls, including interest payments, to
support seasonal working capital requirements, and to fund
maintenance capital expenditure requirements.

The change in rating outlook to negative from stable reflects
Moody's view that American Standard's credit metrics will likely
worsen without a significant rebound in its end markets, which is
unlikely over the next 18 months.

Factors that would stress American Standard's ratings include
ongoing declines in the company's operating performance or
deterioration in the company's liquidity profile, characterized by
continued usage of its revolving credit facility to meet its
operating and debt service requirements. Debt-to-EBITDA sustained
above 8.0 times or EBITA-to-interest expense remaining at or below
0.5 times (after incorporating Moody's standard adjustments) would
pressure the ratings. Redemption of debt at deep discounts or
conversion of debt to equity would negatively impact the ratings
as well.

A stabilization of the ratings is not expected until American
Standard demonstrates a significant improvement in operations,
which is unlikely considering the current state of its end
markets.

The principal methodology used in rating AS America, Inc. was the
Global Manufacturing Industry Methodology published in December
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.

AS America, Inc., located in Piscataway, NJ, is a North American
manufacturer and distributor of bath and kitchen products for use
primarily in the repair and remodeling sector, new home
construction and commercial construction industries. Sun Capital
Partners, Inc., through affiliated funds, is the primary owner of
American Standard. Bain Capital, through its affiliated funds, is
a minority owner. Revenues for the twelve months through June 30,
2011 totaled about $800 million.


AMT LLC: Seeks to Pay $352,500 to Two Brokers
---------------------------------------------
AMT LLC asks the Court for authority to employ and pay the fees of
these professionals:

     Herb Nunez                     $70,500
     David Nunn                    $282,000

The Debtor used Mr. Nunez as a referring broker and Mr. Nunn as a
mortgage broker in obtaining a loan amounting $14,100,000 from
non-traditional lenders.

The Debtor asserts that the services performed by the
Professionals provided substantial benefits to the estate.

AMT, LLC, in Destin, Florida, filed for Chapter 11 bankruptcy
(Bankr. N.D. Fla. Case No. 11-30933) on May 27, 2011.  The
Debtor's major asset consisted of 11.77 acres of waterfront
property located in Destin Pass in Destin, Florida.  Judge William
S. Shulman presides over the case.  J. Steven Ford, Esq., at
Wilson, Harrell, Farrington, Ford, Wilson, Spain, & Parsons, P.A.,
in Pensacola, Fla., serves as the Debtor's counsel.  In its
schedules, the Debtor disclosed $30,679,648 in assets and
$5,060,823 in liabilities.


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

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

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

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

                     About Ark Development

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

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

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


AUTOS VEGA: Euroclass Motors Can Use Cash to Purchase New Vehicles
------------------------------------------------------------------
On Sept. 9, 2011, the U.S. Bankruptcy Court for the District of
Puerto Rico entered an order authorizing Euroclass Motors, Inc., a
debtor-affiliate of Autos Vega, Inc., to use cash collateral of
secured creditor Reliable Finance Holding Company, on an interim
basis, for the purchase of new vehicle inventory.

                        About Autos Vega

Autos Vega, Inc., is a car dealership engaged in the sales of new
and used cars and trucks car parts, accessories and providing
vehicle repair and maintenance, based in San Juan, Puerto Rico.
The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 11-05773) on July 6, 2011.  The Debtor estimated
its assets and debts at US$10 million to US$50 million.

Charles Alfred Cuprill, Esq., at Charles A Curpill, PSC Law
Office, in San Juan, Puerto Rico, serves as counsel to the Debtor.
Luis R. Carrasquillo Ruiz, CPA, is the Debtor's accountant.

Affiliate Euroclass Motors, Inc. filed for Chapter 11 protection
(Bankr. D. P.R. Case No. 11-05772) on July 6, 2011.  The Debtor
estimated assets between $1 million and $10 million and estimated
debts between $10 million and $50 million.


BELTWAY ONE: Wants Access to Wells Fargo's Cash Collateral
----------------------------------------------------------
Beltway One Development Group, LLC, asks the U.S. Bankruptcy Court
for the District of Nevada to approve a stipulation entered with
Wells Fargo Bank, N.A., authorizing the use of cash collateral.

Wells Fargo is successor by merger to Wachovia Bank, N.A.

As of the Petition Date, the Debtor's obligation outstanding under
the note was $9,807,506 on account of principal and contract
interest.

The lender consented to the Debtor's use of cash collateral and
disputed cash collateral on these terms and conditions:

   -- the cash collateral use will terminate to a date that is the
   first to occur of: (i) five calendar days after notice to the
   Debtor that an Event of Default has occurred and is otherwise
   continuing or otherwise unresolved for which notice is required
   to be given; (ii) an Event of Default has occurred for which no
   notice is required to be given; or (iii) the effective date of
   a confirmed plan of reorganization;

   -- the stipulation will be effective upon entry of an order of
   the Bankruptcy Court approving the stipulation;

   -- as adequate protection of lender's interests in the cash
   collateral, and Debtor's use of the cash collateral, the Debtor
   will pay $30,000 per month to the lender; and

   -- the Debtor will grant the lender replacement lien in all of
   Debtor's now-owned or after-acquired real and personal property
   of all types, subject to carve out on certain expenses.

Wells Fargo Bank, N.A., is represented by:

         Edward M. Zachary, Esq.
         BRYAN CAVE LLP
         Two North Central Avenue, Suite 2200
         Phoenix, AZ 85004-4406
         Tel: (602) 364-7000
         Fax: (602) 364-7070
         E-mail: edwardzachary@bryancave.com

                 - and -

         Robert M. Charles, Jr.
         LEWIS AND ROCA LLP
         3993 Howard Hughes Parkway, suite 600
         Las Vegas, NV 89169
         Tel: (702) 216-6191
         Fax: (702) 949-8321
         E-mail: rcharles@lrlaw.com

                About Horizon Village Square et al.

Four related Las Vegas, Nevada-based entities sought Chapter 11
bankruptcy protection on July 13, 2011.  The businesses are owned
or managed by local business people and firms, including Todd
Nigro, Nigro Development LLC, a Nigro family trust and other
investors.

Horizon Village Square LLC (Bankr. D. Nev. Case No. 11-21034) owns
the Vons-anchored Horizon Village Square Shopping Center near I-
515 and Horizon Drive in Henderson.  The property includes five
retail buildings with nearly 43,000 square feet of space.

Ten Saints LLC (Bankr. D. Nev. Case No. 11-21028) owns the 134-
room Hampton Inn & Suites at St. Rose Parkway and Seven Hills
Drive in Henderson.

Beltway One Development Group LLC (Bankr. D. Nev. Case No. 11-
21026) owns the Desert Canyon Business Park at Russell Road and
the Las Vegas Beltway. It has two buildings and 15 acres.

Nigro HQ LLC (Bankr. D. Nev. Case No. 11-21014) owns an office
building at 9115 W. Russell Road occupied by Bank of George,
Infinity Plus LLC and Nigro Construction Inc.

Todd Nigro said the four bankruptcies were caused by threatened
foreclosures -- typically related to Wells Fargo Bank demanding
payments to keep loan-to-value ratios at specified levels.

Judge Mike K. Nakagawa presides over the cases.  Lawyers at Gordon
Silver serve as the Debtors' bankruptcy counsel.  The bankruptcy
petitions estimated assets and debts from $1 million to $10
million each for Nigro HQ; and from $10 million to $50 million in
both assets and debts for Horizon Village, Ten Saints and Beltway
One.

A fifth-related business, Russell Boulder LLC, filed for
bankruptcy (Bankr. D. Nev. Case No. 10-29724) on Oct. 19, 2010.
It owns the 600-suite Siena Suites extended stay property at
Boulder Highway and Russell Road.


BERNARD L. MADOFF: District Judges Deciding on Same Questions
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the liquidation of Bernard L. Madoff Investment
Securities Inc. is turning into a case where several U.S. district
judges are deciding the same questions, because one district judge
isn't bound by another's ruling.

Mr. Rochelle relates that last week Irving Picard, the Madoff
trustee, filed papers asking U.S. District Judge Colleen McMahon
to revisit an issue that U.S. District Judge Jed Rakoff decided
against him in July.  Judge Rakoff dismissed the larger part of
the Madoff trustee's $9 billion lawsuit against HSBC Holdings Plc,
ruling that the trustee doesn't have the right to file claims
based on state law that belong to Mr. Madoff's customers
individually.

According to Mr. Rochelle, JPMorgan Chase & Co., being sued for
$19 billion by the Madoff trustee on many of the same grounds,
prevailed on Judge McMahon to take the suit out of bankruptcy
court.  JPMorgan wrapped itself in the flag of Judge Rakoff's
ruling in the HSBC case and argued that its lawsuit likewise
should go down the drain.  Last week, the Madoff trustee filed his
papers opposing dismissal.  He argued that Judge Rakoff's ruling
was "unsound in multiple respects" and "incorrect."  JPMorgan shot
back reply papers, explaining why Judge Rakoff was correct.
At the same time, Judge McMahon will rule on whether the trustee's
$2.6 billion lawsuit against UBS AG should be dismissed on similar
grounds.

                      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: SEC Gen. Counsel Has Conflict of Interest
------------------------------------------------------------
According to Louise Story and Gretchen Morgenson of The New York
Times, when Bernard L. Madoff's giant Ponzi scheme was revealed,
the Securities and Exchange Commission went to great lengths to
make sure that none of its employees working on the case posed a
conflict of interest.  However, a new report made clear on Tuesday
that one top official received a pass: David M. Becker, the
S.E.C.'s general counsel, who went on to recommend how the
scheme's victims would be compensated, despite his family's $2
million inheritance from a Madoff account.

The NY Times relates Mr. Becker's actions were referred by H.
David Kotz, the inspector general of the S.E.C., to the Justice
Department, on the advice of the Office of Government Ethics,
which oversees the ethics of the executive branch of government.

The NY Times notes the report by Mr. Kotz provides fresh details
about the weakness of the agency's ethics office and reveals that
none of its commissioners, except for Mary L. Schapiro, its
chairwoman, had been advised of Mr. Becker's conflict.

According to the Times, Mr. Kotz's inquiry also produced evidence
that at least one S.E.C. employee had been barred from working on
Madoff-related matters because of a conflict, suggesting there was
a double standard at the agency.

Mr. Becker and his brothers were sued by Madoff trustee, Irving H.
Picard, to recover about $1.5 million of the roughly $2 million
the Beckers received from the account.

                      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.


BIOVEST INTERNATIONAL: Partners with NHRC to Study Fiber Tech.
--------------------------------------------------------------
Biovest International, Inc., a majority-owned subsidiary of
Accentia Biopharmaceuticals, Inc., announced that the Naval Health
Research Center and the Company are continuing an ongoing
collaboration to study Biovest's hollow fiber technology.  The
collaboration is being conducted as a shared resource within the
NHRC's Respiratory Disease Laboratory in San Diego, California.
This research collaboration is evaluating the potential use of
Biovest's platform systems for the efficient cell culture
production of difficult-to-produce biologics including live viral
vaccines, virus-like particles and diagnostic reagents.

According to Biovest's consulting medical advisor, Dr. J. David
Gangemi, Ph.D., Professor Emeritus, Microbiology and Molecular
Medicine, Clemson University, "Biovest's hollow fiber systems have
proven to be highly efficient, cost-effective bioreactors for the
production of monoclonal antibodies, recombinant proteins and
personalized cancer vaccines.  We are now evaluating if Biovest's
novel hollow fiber technology also represents an ideal cell
culture platform for the rapid propagation of virus for the
efficient manufacture of many kinds of vaccines and other products
of military importance.  Encouragingly, our preliminary viral
growth results suggest multiple key fundamental advantages not
found in other bioreactor systems currently used for virus
production."

Biovest's Chief Scientific Officer, Dr. Mark Hirschel, Ph.D.,
added, "We are collaborating with NHRC to conduct multiple viral
growth studies using our hollow fiber bioreactor systems.  The
intent is to demonstrate the key benefits and advantages of this
technology over more established conventional methods routinely
used for the production of viral vaccines.  It is our goal to
position the AutovaxID and our other hollow fiber systems as a
preferred flexible, robust manufacturing platform for the
production of emerging pandemic viruses and vaccines."

In June 2011, Biovest's hollow fiber bioreactor technology was
featured in an article published in Genetic Engineering &
Biotechnology News (GEN).  Based on research studies conducted by
Biovest and the NHRC, the GEN article concludes that Biovest's
hollow fiber bioreactors offer a compact, highly efficient,
scalable and economical method for virus production and
manufacture of viral vaccines.  The article was authored by a team
consisting of scientists from Biovest, the Department of
Respiratory Disease Research at NHRC, Clemson University and the
Ordway Research Institute.

                    About Biovest International

Biovest International, Inc. -- http://www.biovest.com/-- is an
emerging leader in the field of active personalized
immunotherapies.  In collaboration with the National Cancer
Institute, Biovest has developed a patient-specific, cancer
vaccine, BiovaxID(R), with three clinical trials completed,
including a Phase III study, demonstrating evidence of safety and
efficacy for the treatment of indolent follicular non-Hodgkin's
lymphoma.

Headquartered in Tampa, Florida, with its bio-manufacturing
facility based in Minneapolis, Minnesota, Biovest is publicly-
traded on the OTCQB(TM) Market with the stock-ticker symbol
"BVTI", and is a majority-owned subsidiary of Accentia
Biopharmaceuticals, Inc. (OTCQB: "ABPI").

Biovest, along with its subsidiaries, Biovax, Inc., AutovaxID,
Inc., Biolender, LLC, and Biolender II, LLC, filed for Chapter 11
bankruptcy protection on Nov. 10, 2008 (Bankr. M.D. Fla. Case
No. 08-17796).

As reported in the Troubled Company Reporter on Nov. 19, 2010,
Biovest emerged from Chapter 11 protection, and its reorganization
plan became effective, on Nov. 17, 2010.

The Company's balance sheet at June 30, 2011, showed $6.7 million
in total assets, $37.9 million in total liabilities, and a
stockholders' deficit of $31.2 million.

As of June 30, 2011, the Company had an accumulated deficit of
approximately $159.3 million and working capital of approximately
$1.2 million.  This figure does not include those liabilities
which are subject to compromise through the Company's Chapter 11
proceedings, the ultimate outcome of which is expected to be
determined by the Court prior to the quarter ending March 31,
2012.

As reported in the Troubled Company Reporter on Dec. 20, 2010,
Cherry, Bekaert & Holland, L.L.P., in Tampa, Fla., expressed
substantial doubt about Biovest International's ability to
continue as a going concern, following the Company's results for
the fiscal year ended Sept. 30, 2010.  The independent auditors
noted that the Company incurred cumulative net losses since
inception of roughly $149 million and cash used in operating
activities of roughly $2.7 million during the two years ended
Sept. 30, 2010, and had a working capital deficiency of roughly
$79.6 million at Sept. 30, 2010.


BORDERS GROUP: Appoints Ojas Shah as Chief Financial Officer
------------------------------------------------------------
Borders Group, Inc., informed the U.S. Securities and Exchange
Commission on September 14, 2011, that it appointed Ojas Shah as
chief financial officer and treasury of the Company, effective as
of September 9, 2011.

Mr. Shah, age 36, has since January 2010 served as a director of
AlixPartners, a global business advisory firm that provides
financial restructuring, bankruptcy reorganization and other
consulting services.  AlixPartners has been engaged since
February 2011 to provide financial restructuring and bankruptcy
reorganization services to the Company and its subsidiaries.  Mr.
Shah was previously vice president of AlixPartners since December
2008.  Prior to joining AlixPartners, Mr. Shah served in various
positions with Barclays Capital Investment Banking Group, Bear
Stearns Investment Banking and XRoads Solutions Group.

                       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 its remaining 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.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000


BORDERS GROUP: Bookstore Was in Perpetual Crisis, Says Ex-CEO
-------------------------------------------------------------
Former Borders Group, Inc. Chief Executive Officer Mike Edwards
recounted the struggles the bookstore faced that led ultimately
to liquidation of its 400 stores, Jaclyn Trop of The Detroit News
reported.

The Detroit News noted that Borders' fourth quarter 2010 sales
tumbled for the holiday season for the second year in a row, and
Mr. Edwards and another Borders board member made an emergency
trip to billionaire Bennett LeBow's Miami estate to manage the
crisis before news leaked.

Mr. Edwards earlier told the board that the company needed to
withhold payments to publishers and landlords to conserve cash
and that a new line of credit from GE Capital that Borders was
counting on in the spring was in jeopardy, The Detroit News
stated.  "It was like the Cuban missile crisis," Mr. Edwards was
quoted in the report as saying.

A few days later, news broke out that Borders would not be able
to pay its bills for the month, nearly four weeks after its
second largest shareholder, William Ackman, offered to finance a
merger with rival Barnes & Noble Inc., the report relayed.

Borders quickly spiraled downward and in February, it filed for
bankruptcy protection, The Detroit News noted.  "It was
saddening," Mr. Edwards told The Detroit News.  "If only we had
three or four years to restructure and a patient investor, and
the publishers were willing to cooperate, it could have been
done," the former CEO reflected.

Mr. Edwards came to Borders in October 2009 as a chief
merchandising officer willing to help the company plot a
turnaround plan, The Detroit News related.  At that time, Borders
expected to be acquired.  Mr. Edwards hoped that the bookseller
could thrive as a smaller chain of about 200 stores that could
generate $1 billion annually, less than half the company's actual
sales, The Detroit News noted.  "I thought we'd acquire Barnes &
Noble or they'd acquire us," Mr. Edwards stated.  "I didn't think
the two stores could operate independently," the former CEO said,
according to the report.

Unable to find a buyer for its 400 stores, Borders decided to
liquidate on July 18.  Borders' flagship store in Ann Arbor,
Michigan, closed its doors for the last time on Sept. 12.  The
remaining stores are expected to close by Sept. 18, The Detroit
News disclosed.

"It was like finding out your best friend has cancer and there's
nothing you can do," Mr. Edwards said to The Detroit News.  "We
were in perpetual crisis," according to the former CEO.

Mr. Edwards held hope that Borders would find a savior until
July 18, even after negotiations with Jahm Najafi fell apart over
landlord and creditor opposition, according the report.  Mr.
Edwards considered breaking the news of the liquidation to 400
workers at Borders' Ann Arbor headquarters as the lowest point in
his career in retail management, The Detroit News stated.

For what has happened, Mr. Edwards does not blame the publishers
who were skeptical about the bookseller's turnaround plan to exit
Chapter 11, adding that the publishers face their own sales and
marketing struggles, The Detroit News relayed.  Mr. Edwards also
did not blame Mr. Najafi, who according to the ex-CEO, "had to
protect his downside," the report added.

                       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 its remaining 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.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000


BORDERS GROUP: Next Jump Moving IP Dispute to District Court
------------------------------------------------------------
Next Jump, Inc., asks the U.S. Bankruptcy Court for the Southern
District of New York to withdraw the reference of the adversary
proceeding commenced by the Debtors against it to the U.S.
Bankruptcy Court for the Southern District of New York.

In an accompanying memorandum of law and declaration, counsel to
Next Jump, Steven Cooper, Esq., at Reed Smith LLP, in New York,
argues that withdrawal of reference is mandatory because the
Debtors' claims and Next Jump's counterclaims and third party
claims, turn on substantial and material questions of New York
state law and federal intellectual property law governed by the
Bankruptcy Code.

Specifically, Mr. Cooper maintains that these reasons warrant
withdrawal of reference of the complaint:

  (a) The Debtors' claims initially contained only two "core"
      claims -- both of which have been essentially resolved by
      the parties' stipulation in connection with the temporary
      restraining order and preliminary injunction.

  (b) The remaining claims, counterclaims, and third-party
      claims are "non-core."

  (c) Regardless of the "core/non-core" distinction, the Claims
      are unrelated to the bankruptcy and should be withdrawn.

  (d) The Bankruptcy Court may not preside over a jury trial,
      which has been demanded by Next Jump, in the Adversary
      Proceeding.

  (e) Consideration of questions of efficient use of judicial
      resources, delay and cost to parties, uniformity of
      bankruptcy administration, and prevention of forum
      shopping, favors withdrawal.

Mr. Cooper elaborates that the two core claims are (i) Count VIII
alleging that Next Jump violated Section 362 of the Bankruptcy
Code by retaining and using property of the bankruptcy estate,
including the Customer List and Borders' trademarks; and (ii)
Count IX alleging that Next Jump violated Section 542(a) of the
Bankruptcy Code by improperly retaining possession of estate
property.  He reminds the Bankruptcy Court that Next Jump already
agreed to abstain from referencing any of the Borders' trademarks
on their Web site; abstain from using the Customer List; and
agree to provide Borders with a copy of the Customer List,
including Explicit Sponsor Enrollee Data.

To the extent Borders' claim for the turnover of property
survives the Parties' Stipulation, the dispute must properly be
determined in a non-bankruptcy court, Mr. Cooper asserts.

As the only two arguably "core" claims have been resolved, and
the remaining claims are not "core" within the meaning of Section
157(b)(2) of Title 28 of the U.S. Code, the Bankruptcy Court must
turn to the remaining claims and counterclaims to continue this
analysis, Mr. Cooper maintains.

As Next Jump has not consented to resolution of these claims by
the Bankruptcy Court, each of the "non-core" claims will likely
be transferred to the District Court for both trial and
adjudication, Mr. Cooper contends.  "This creates a significant
burden on the parties and the courts in having to proceed before
the Bankruptcy Court, and then proceed before a different court
that is not familiar with the facts and issues, he emphasizes.
It would thus save both the parties' and judicial resources to
withdraw the reference at this time," he points out.

Instead, he assures the Bankruptcy Court, withdrawing the
reference would not hamper uniform administration of the
Bankruptcy Code because the Claims are "non-core" that do not
raise substantive issues of bankruptcy law.

A case management conference in the Adversary Proceeding,
originally scheduled for Sept. 20, 2011, has been adjourned to
Sept. 22.

                       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 its remaining 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.

Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain.  (http://bankrupt.com/newsstand/or
215/945-7000


BROADVIEW NETWORKS: S&P Lowers Corporate Credit Rating to 'CCC+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Broadview Networks Holdings Inc., including its corporate credit
rating and issue rating on the company's secured notes, which it
lowered to 'CCC+' and 'CCC'. The outlook is developing.

"We consider the company's near-term refinancing risk to be
heightened since it has yet to address the repayment of $300
million of notes due Sept. 1, 2012. We assigned a developing
outlook since we could lower the ratings further if the company is
unable to refinance the notes and a debt restructuring becomes
more likely. Conversely, we could raise the rating to the 'B'
category if Broadview successfully refinances this maturity to
remedy its current weak liquidity," S&P related.

The ratings on Broadview reflect, primarily, its weak liquidity,
given the secured notes maturity. The company also faces
competitive pressures in its markets, the adverse impact of the
still-sluggish U.S. economy on telecom spending by many of its
retail and wholesale customers, as well as its highly leveraged
financial profile. Standard & Poor's Ratings Services considers
Broadview's business profile vulnerable, and incorporates the
competitive threats from much larger, financially stronger
incumbent telephone companies, especially Verizon Communications
Inc. in Broadview's customer footprint. "Although Broadview has
provided tailored communications services and customer care, we
anticipate that there could be accelerated marketing to its
customer base by Verizon. In our view, this could pressure
Broadview's prices and reverse the gross margin improvement
achieved over the past few years," S&P stated.

Broadview has increasingly targeted larger business customers,
rather than lower margin, off-net smaller business users. As a
result, its customer base has declined over the past few years,
and both its gross profit and EBITDA margins have improved.
However, despite this move toward more profitable business as well
as corporate efficiency improvement gains in the past few years,
EBITDA remains flat and we believe the company's free operating
cash flow (FOCF) may remain break-even to slightly negative and
leverage will increase slightly from the mid-5x area for the 12
months ended June 30, 2011, before adjustments for the liquidation
value of preferred stock, which bring the leverage above 10x.


CAPMARK FINANCIAL: Auction Scheduled for Sept. 19
-------------------------------------------------
BankruptcyData.com reports that Capmark Financial Group filed with
the U.S. Bankruptcy Court an auction notice for the sale of
substantially all remaining assets related to the Debtors' low-
income housing tax credit business.  Two qualified bidders were
named: Bear Creek Multi-Family Investments and Hunt Companies.

The U.S. Bankruptcy Court scheduled a Sept. 19, 2011 auction and a
Sept. 20, 2011 sale hearing.

                        About Capmark Financial

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

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

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

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

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

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

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


CARIBE MEDIA: Seeks More Exclusivity, Reports Net Loss
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Caribe Media Inc. reported a $76,000 net loss in
July, prompted the U.S. Trustee to object to the reorganization
plan, and is requesting an extension until Dec. 29 of the
exclusive right to propose a Chapter 11 reorganization.

The Company and its affiliates submitted a proposed plan on
Aug. 18 where secured lenders would take ownership and receive
a $55 million loan, for a projected recovery of 79% to 95%.
Subordinated noteholders owed about $58.5 million are to receive
noting under the plan.

The U.S. Trustee objected to the disclosure statement, saying it's
not proper to give a release to venture capital investor Welsh,
Carson, Anderson & Stowe, whose funds control the equity.

The operating report showed revenue in July of $674,000 and
operating income of $192,000.

A hearing on the disclosure statement and the exclusivity
extension was scheduled for Sept. 20.

                          About Caribe Media

Caribe Media Inc. owns publication rights for certain print and
Internet directories in the Dominican Republic and Puerto Rico.
Caribe Media owns 60% of Axesa Servicios de Informacion, S. en C.,
a Yellow Pages publisher in Puerto Rico and the official publisher
of all telephone directories for Puerto Rico Telephone Company,
Inc., the largest local exchange carrier in Puerto Rico, and
US$100% of Caribe Servicios de Informacion Dominicana, S.A., the
sole directory publisher in the Dominican Republic with the
exclusive right to publish under the brand of Codetel, the largest
telecom operator in the Dominican Republic.  Caribe Media is
wholly owned by CII Acquisition Holding Inc.  They are affiliates
of Local Insight Media Holdings, Inc.

Caribe Media and CII filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 11-11387 and 11-11388) on May 3, 2011.
Caribe Media is being represented by lawyers at Kirkland & Ellis
LLP and Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel.
Lawyers at Curtis, Mallet-Prevost, Colt & Mosle LLP will serve as
conflicts counsel.

Local Insight Media is also a debtor in its own Chapter 11 in
Delaware.  Local Insight Media filed in 2010.  Lawyers at Kirkland
and Pachulski served as counsel to Local Insight Media.


CASA GRANDE: Wants Court's Nod to Extend AMD Lease by 5 Years
-------------------------------------------------------------
Casa Grande Capital Group, L.L.C., asks the U.S. Bankruptcy Court
for the District of Arizona to approve the extension of the lease
agreement between the Debtor and Advanced Micro Devices, Inc.

The lease extension extends by five years the Debtor's current
lease of approximately 62,944 square feet of rentable space to
AMD.  The Debtor says that its primary creditor, which claims the
Debtor's cash as its collateral, recognizes the benefits attendant
to the lease extension sought to be approved, and has consented to
its terms.  The lease extension will provide a continued source of
revenue for use in the Debtor's reorganization and preserve the
value of the Debtor's property.

The lease is set to expire, according to its terms, on Jan. 31,
2012.

A complete text of the Debtor's motion is available for free at:

                       http://is.gd/z8OUOH

                        About Casa Grande

Casa Grande Capital Group, L.L.C., owns and operates a Class-A
office building located at 2950 E. Harmony Road, in Fort Collins,
Colorado, known generally as the Harmony Corporate Center.  The
building is managed by Sierra Properties, Inc.

Casa Grande filed for Chapter 11 bankruptcy protection (Bankr. D.
Ariz. Case No. 11-19376) on July 6, 2011.  Judge Redfield T. Baum
Sr. presides over the case.  Mark W. Roth, Esq., and Wesley D.
Ray, Esq., at Polsinelli Shughart, P.C., in Phoenix, Arizona,
serve as bankruptcy counsel.  In its schedules, the Debtor
disclosed $28,192,957 in assets and $22,561,186 in liabilities.


CAVIATA ATTACHED: Hires Law Offices of Alan Smith as Attorneys
--------------------------------------------------------------
Caviata Attached Homes LLC asks from permission from the U.S.
Bankruptcy Court for the District of Nevada to employ Law Offices
of Alan R. Smith as its attorney.

Upon retention, the firm will, among other things:

   a.) render legal advice with respect to the powers and duties
       of the debtor that continued to operate its business and
       manage its properties as debtor in possession;

   b.) negotiate, prepare and file a plan or plans of
       reorganization and disclosure statements in connection with
       such plans, and otherwise promote the financial
       rehabilitation of the Debtor; and

   c.) take all necessary action to protect and preserve the
       Debtor's estate including the prosecution of actions on the
       Debtor's behalf, the defense of any actions commenced
       against the Debtor, negotiations concerning all litigation
       in which the Debtor is or will become involved, and the
       evaluation and objection to claims filed against the
       estate.

The firm's rates are:

   Personnel                                     Rates
   ---------                                     ------
   Alan R. Smith, Esq.                          $500/hour
   John J. Gezelin, Esq./ Contract Attorney     $350/hour
   Peggy L.Turk/Paralegal                       $205/hour
   Other Paraprofessional Services              $95-115/hour

Reno, Nevada-based Caviata Attached Homes LLC filed for Chapter 11
bankruptcy (Bankr. D. Nev. Case No. 11-52458) on Aug. 1, 2011.
Judge Bruce T. Beesley presides over the case.  The Law Offices of
Alan R. Smith, Esq., serves as bankruptcy counsel.  In its
petition, the Debtor estimated $10 million to $50 million in
assets and debts.  The petition was signed by William D.
Pennington, II, member of Caviata 184, LLC.

There was a prior bankruptcy filing by Caviata Attached Homes
(Bankr. D. Nev. Case No. 09-52786) on Aug. 18, 2009, also
estimating $10 million to $50 million in both assets and debts.
Alan R. Smith, Esq., also represented the 2009 Debtor.


CAVIATA ATTACHED: Files Schedules of Assets & Liabilities
---------------------------------------------------------
Caviata Attached Homes LLC filed with the U.S. Bankruptcy Court
for the District of Nevada, its schedules of assets and
liabilities, disclosing:

  Name of Schedule               Assets               Liabilities
  ----------------              -------               -----------
A. Real Property               $22,420,928
B. Personal Property              $354,773
C. Property Claimed as
   Exempt
D. Creditors Holding
   Secured Claims                                     $22,420,928
E. Creditors Holding
   Unsecured Priority
   Claims                                             $19,901,520
F. Creditors Holding
   Unsecured Non-priority
   Claims
                              -----------             -----------
      TOTAL                   $22,775,701              42,322,448

                       About Caviata Attached

Reno, Nevada-based Caviata Attached Homes LLC filed for Chapter 11
bankruptcy (Bankr. D. Nev. Case No. 11-52458) on Aug. 1, 2011.
Judge Bruce T. Beesley presides over the case.  The Law Offices of
Alan R. Smith, Esq., serves as bankruptcy counsel.  In its
petition, the Debtor estimated $10 million to $50 million in
assets and debts. The petition was signed by William D.
Pennington, II, member of Caviata 184, LLC.

There was a prior bankruptcy filing by Caviata Attached Homes
(Bankr. D. Nev. Case No. 09-52786) on Aug. 18, 2009, also
estimating $10 million to $50 million in both assets and debts.
Alan R. Smith, Esq., also represented the 2009 Debtor.


CEDAR FAIR: S&P Affirms Corporate Credit Rating at 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Sandusky, Ohio-based Cedar Fair L.P. to positive from stable. "At
the same time, we affirmed all existing ratings, including the
'B+' corporate credit rating," S&P related.

"The rating outlook revision to positive reflects our expectation
that following the divestiture of California's Great America and
the associated debt repayment, Cedar Fair will have greater
flexibility to drive leverage below 4.5x, a level which we view as
in line with a one-notch higher rating, over the intermediate
term. A higher rating for Cedar Fair, however, is contingent upon
more clarity around its long-term financial goals, which the
company has not yet articulated given recent management changes,
as well as our updated assessment of the state of the economy at
that time," S&P said.

"The 'B+' corporate credit rating on Cedar Fair reflects our
assessment of the company's business risk profile as 'fair,' given
its significant seasonality and high capital requirement, which we
believe is only partially offset by high barriers to entry,
limited direct competition, and a consistent operating track
record. The rating also reflects our assessment of Cedar Fair's
financial risk profile as 'aggressive,' given its high debt
leverage and minimal discretionary cash flow," S&P related.

"While our rating currently incorporates our expectation for
essentially flat year-over-year EBITDA in 2011 and a modest
decline in EBITDA in 2012, in addition our expectation for
stepped-up distributions to $56 million in 2011 and to $91 million
in 2012, we believe Cedar Fair can maintain adjusted leverage at
or below our threshold for a higher rating over time," S&P stated.


CHRYSLER LLC: Dealers Lost Chance to Fight Sale, 2nd Circ. Says
---------------------------------------------------------------
Liz Hoffman at Bankruptcy Law360 reports that the Second Circuit
on Monday affirmed the ruling of a New York federal judge ordering
eight former Chrysler dealerships to abandon their efforts to
force the new, post-bankruptcy carmaker to take them back on
board.

According to Law360, the appeals court found that the dealers had
missed their chance to appeal the underlying 2009 sale in
bankruptcy court of the company's more desirable assets -- which
did not include them -- to New Chrysler, which emerged from a two-
year bankruptcy in 2009.

                           About Chrysler

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter
11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead
Case No. 09-50002).  Chrysler hired Jones Day, as lead counsel;
Togut Segal & Segal LLP, as conflicts counsel; Capstone Advisory
Group LLC, and Greenhill & Co. LLC, for financial advisory
services; and Epiq Bankruptcy Solutions LLC, as its claims agent.
Chrysler has changed its corporate name to Old CarCo following its
sale to a Fiat-owned company.  As of Dec. 31, 2008, Chrysler
had $39,336,000,000 in assets and $55,233,000,000 in debts.
Chrysler had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  As part of the
deal, Fiat acquired a 20% equity interest in Chrysler Group.

Under the terms approved by the Bankruptcy Court, the company
formerly known as Chrysler LLC on June 10, 2009, formally sold
substantially all of its assets, without certain debts and
liabilities, to a new company that will operate as Chrysler Group
LLC.

The U.S. and Canadian governments provided Chrysler with
$4.5 billion to finance its bankruptcy case.  Those loans are to
be repaid with the proceeds of the bankruptcy estate's
liquidation.

In April 2010, the Bankruptcy Court confirmed Chrysler's repayment
plan.


CHUKCHANSI ECONOMIC: S&P Lowers Issuer Credit Rating to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Coarsegold, Calif.-based Chukchansi Economic Development Authority
by one notch. "We lowered our issuer credit and issue-level
ratings to 'B-' from 'B'. The rating outlook is negative," S&P
stated.

"The downgrade reflects our view of the increased risk of the
Chukchansi Economic Development Authority successfully completing
a refinancing, given the likelihood of a new entrant in the market
over the intermediate term, which we believe could have a
significant impact on cash flow," said Standard & Poor's credit
analyst Michael Halchak.

In early September 2011, the U.S. Department of the Interior
issued a positive determination regarding the North Fork Rancheria
of Mono Indians application for a proposed gaming facility in
Madera County, California. The originally proposed casino site
would include 2,500 machines, and a 200-room hotel located 30
miles North of Fresno, California, and 30 miles from Chukchansi
Gold Resort & Casino.

"There are several hurdles to complete before the project moves
forward, including the need for the governor of California to
concur with the determination within one year and for financing to
fund the development. Even if completed, and with is limited
clarity about the ultimate size, scope, and timing of the project,
we expect CEDA to experience a meaningful decline in EBITDA should
this new competition enter the market. At this point, and based on
preliminary projections incorporating the potential impact of the
North Fork project, we see increased risk around CEDA's ability to
generate sufficient cash flow to service its capital structure
(assuming a refinancing that addresses all liquidity needs) and
meet tribal distribution needs," according to S&P.


CLEVELAND UNLIMITED: Moody's Withdraws 'Ca' Corporate & 'D' PDR
---------------------------------------------------------------
Moody's Investors Service withdrew the Ca Corporate Family Rating
(CFR) and D Probability of Default Rating (PDR) previously
assigned to Cleveland Unlimited Inc. (Revol). The Ca rating on the
company's Senior Secured Bonds was also withdrawn. The ratings
were withdrawn as the company's debt structure was restructured
into equity on September 8, 2011.

These ratings and outlook have been withdrawn:

Issuer: Cleveland Unlimited, Inc

   -- Corporate Family Rating, Ca, Withdrawn

   -- Probability of Default Rating, D, Withdrawn

   -- Senior Secured Bonds Ca, (LGD-3, 46%), Withdrawn

Stable outlook, Withdrawn

The principal methodology used in rating Cleveland Unlimited was
the Global Telecommunications Industry Methodology published in
December 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.

Based in Independence, Ohio, Cleveland Unlimited, Inc, provides
wireless telecommunications services in Ohio, Indiana and
Pennsylvania. Annual revenue is approximately $108 million.


COPPER KING: Wins Court Nod to Sell All Assets to CS Mining
-----------------------------------------------------------
Copper King Mining Corporation obtained Bankruptcy Court approval
for a sale of substantially all of their assets to CS Mining, LLC.
An order approving the sale was entered by the Bankruptcy Court on
August 23, 2011.  It is anticipated that the sale transactions
will close by the end of September, 2011.  CS' approved purchase
price is composed of cash, the assumption of certain secured and
unsecured debt, issuance of a promissory note, issuance of an
equity interest and warrants, with a total stated value in excess
of $110 million.  Copper King will receive for the benefit of its
creditors and stockholders cash, assumption of debt, 1% of the
common voting equity in CS Mining as well as 2% in warrants for CS
common voting equity.  CS advised the Companies that, pending the
closing, it is committed to funding necessary operating costs and
that, after the closing, it intends to reopen the Companies' mill
and resume mining operations.

John Bryan, CEO of the Companies, commented, "This is fantastic
news for the Milford community, former employees, unsecured
creditors, past and present secured creditors, and equity holders.
After a contentious struggle, we reached a consensual agreement
with no objections from the primary constituents to sell the
Companies' assets.  The assets were marketed to the international
investment community for nearly 10 months and we are delighted
that CS will be the new owner.  We are particularly pleased that
CS intends to resurrect the mining operations which will have a
very positive impact on employment in the Milford community."

                        About Copper King

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

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

The U.S. Bankruptcy Court for the District of Nevada approved in
August 2011 the intra-district transfer of the Chapter 11 case of
Copper King to the District of Utah (Case No. 10-30002).

Attorneys at Lewis and Roca LLP and Levene, Neale, Bender, Yoo &
Brill L.L.P. serve as counsel to the Debtors.  McGuireWoods LLP
serves as counsel to the Official Committee of
Unsecured Creditors.


COUNTRYWIDE FINANCIAL: BofA May Keep Bankruptcy Open for Unit
-------------------------------------------------------------
American Bankruptcy Institute reports that Bank of America Corp.,
the lender burdened by its Countrywide Financial Corp. takeover,
would consider putting the unit into bankruptcy if litigation
losses threaten to cripple the parent.

Based in Calabasas, California, Countrywide Financial Corporation
(NYSE: CFC) -- http://www.countrywide.com/-- originated,
purchased, securitized, sold, and serviced residential and
commercial loans.

In mid-2008, Bank of America completed its purchase of Countrywide
for $2.5 billion.  The mortgage lender was originally priced at
$4 billion, but the purchase price eventually was whittled down to
$2.5 billion based on BofA's stock prices that fell over 40% since
the time it agreed to buy the ailing lender.


CRAWFORD FURNITURE: Hires Bond Schoeneck as Bankruptcy Counsel
--------------------------------------------------------------
Crawford Furniture Mfg. Corp. and Crawford Furniture Retail
Outlet, Inc. sought and obtained authority from the U.S.
Bankruptcy Court for the Western District of New York to employ
Bond Schoeneck & King PLLC as counsel.

Bond Schoeneck will perform these services for the Debtors:

   a. preparation of the petitions, schedules and statement of
      financial affairs;

   b. negotiations with all creditors, including secured lenders;

   c. examination of liens, if any, against real and personal
      property;

   d. negotiations with taxing authorities, if necessary;

   e. advising the Debtors with respect to employment and labor
      law matters, if necessary;

   f. advising the Debtors with respect to their powers and
      duties as debtors and debtors in possession in the
      continued management and operation of their businesses and
      assets;

   g. attending meetings and negotiating with representatives of
      creditors and other parties-in-interest and advising and
      consulting on the conduct of these cases, including all of
      the legal and administrative requirements of operating in
      Chapter 11;

   h. advising the Debtors with respect to the restructuring of
      their debt or refinancing of their debt;

   i. preparing and filing on behalf of the Debtors, as debtors-
      in-possession, all necessary applications, motions, orders,
      reports, complaints, answers and other pleadings and
      documents in the administration of the estates herein;

   j. taking all necessary action to protect and preserve the
      Debtors' estates, including the prosecution of actions on
      the Debtors' behalf, the defense of any actions commenced
      against the Debtors, negotiations in connection with any
      litigation in which the Debtors are involved, and
      objections to claims filed against the Debtors' estates;

   k. advising the Debtors with respect to the sale of assets;

   l. negotiating and preparing on the Debtors' behalf a joint
      Chapter 11 plan, disclosure statement and all related
      agreements or documents and taking any necessary action on
      behalf of the Debtors to obtain confirmation of a plan;

   m. appearing before this Court, any appellate courts, and the
      U.S. Trustee, and protecting the interests of the Debtors'
      estates before the courts and the U.S. Trustee; and

   n. all other pertinent and required representation in
      connection with the provisions of the Bankruptcy Code.

The Debtors relate that they understand that they will be
responsible to BS&K for all disbursements incurred by BS&K in
representing the Debtors in all respects.

                     About Crawford Furniture

Crawford Furniture Manufacturing Corp., of Jamestown, New York,
has been a leading manufacturer for more than 120 years of quality
100% solid wood furniture.  Manufacturing was started in 1883 by
two Swedish craftsmen and was originally known as the Swedish
Furniture Manufacturing Corporation.  Manufacturing specializes in
the manufacture of bedroom and dining room furniture from solid
wood, specifically ash, cherry, maple and oak, that is purchased
within a 150-mile radius of its factory in Jamestown.

Crawford Furniture Retail Outlet, Inc., has operated five retail
stores in western New York since 2004.  Retail also operates a
warehouse/delivery depot at Benderson Development Park, in
Cheektowaga, New York.

Crawford Furniture Manufacturing filed for Chapter 11 bankruptcy
(Bankr. W.D.N.Y. Lead Case No. 11-12945) on Aug. 25, 2011.
Camille W. Hill, Esq., at Bond, Schoeneck & King, PLLC, serves as
the Debtors' counsel.  Crawford Furniture Manufacturing estimated
assets at $10 million to $50 million and debts at $1 million to
$10 million.  Retail filed a separate Chapter 11 petition on the
same day.  The cases are jointly administered.


DALLAS STARS: Expects to Lose $31 Million This Upcoming Season
--------------------------------------------------------------
Eric Morath, writing for Dow Jones' Daily Bankruptcy Review,
reports that over the past three years, the Dallas Stars lost
$91.5 million and are projected to lose another $31 million during
the season that starts next month, according to papers filed with
the U.S. Bankruptcy Court in Wilmington, Del.  Those papers said
the team has suffered financially since 2004, the year in which a
season-long lockout of the players by the owners began.

DBR relates that to stem the bleeding, Stars owner Tom Hicks's HSG
Sports Group pumped $150 million into the team over the past 10
years, court papers said.  But in 2009, continued financial
troubles for the Stars and the Texas Rangers baseball team, which
Hicks also owned, caused HSG to default on more than $525 million
in debt that was partially guaranteed by both franchises.

After the default, Hicks stopped lending money to the team,
leaving the National Hockey League to pick up the slack.  The
team's bankruptcy petition listed an NHL financing affiliate as
its largest unsecured creditor, owed $51.7 million.

DBR notes that, in the past three seasons, the Stars failed to
qualify for the playoffs and have seen attendance decline to 23rd
among 30 NHL teams.

                        About Dallas Stars

Frisco, Texas-based Dallas Stars, L.P. -- http://stars.nhl.com/--
operates as a professional men's ice hockey team.  The company was
formerly known as Minnesota North Stars and changed its name to
Dallas Stars, L.P. in 1993.

Dallas Stars and three affiliates filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case Nos. 11-12935 to 11-12938) on Sept. 15, 2011.
The affiliates are Dallas Arena LLC, Dallas Stars U.S. Holdings
Corporation, and StarCenters LLC.  Judge Peter J. Walsh presides
over the cases.  Martin A. Sosland, Esq., and Ronit J. Berkovich,
Esq., at Weil, Gotshal & Manges LLP, serve as bankruptcy counsel
to the Debtors.  John H. Knight, Esq., at Richards Layton &
Finger, P.A., serves as the Debtors' Delaware counsel. The Garden
City Group, Inc., as their notice, claims, and solicitation agent.

Dallas Stars estimated $100 million to $500 million in assets and
debts in its petition.  The petitions were signed by Robert L.
Hutson, chief financial officer.

The team is owned by Dallas businessman Thomas O. Hicks' HSG
Sports Group.  Mr. Hicks was the former owner of the Texas
Rangers.  The Texas Rangers were sold in a bankruptcy court-
supervised auction to a group led by Hall of Fame pitcher Nolan
Ryan for $593 million.

The Stars are the second NHL team to file for bankruptcy since
2009, after the Phoenix Coyotes.

Counsel to JP Morgan Chase Bank, N.A., as Prepetition First Lien
Agent, is Mitchell A. Seider, Esq., and Joseph Fabiani, Esq., at
Latham & Watkins LLP.  Its Delaware counsel is Michael R.
Lastowski, Esq., at Duane Morris LLP.

First lien lender Monarch Alternative Capital LLC is represented
by Andrew M. Leblanc, Esq., at Milbank Tweed Hadley and McCloy
LLP.

Counsel to the NHL are Thomas W. Gowan, Esq., and J. Gregory
Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP.

Counsel to GSP Finance LLC, as successor in interest to Barclays
Bank PLC, as Prepetition Second Lien Agent, is Jason Young, Esq.,
at Clifford Chance US LLP.


DALLAS STARS: Hires Garden City Group as Claims and Notice Agent
----------------------------------------------------------------
Dallas Stars, L.P., and its debtor-affiliates seek Bankruptcy
Court permission to employ The Garden City Group, Inc., as their
notice, claims, and solicitation agent.

Prior to the Petition Date, the Debtors paid GCG an initial
retainer of $15,000 and a subsequent retainer of $50,000.

GCG's hourly billing rates are:

          Title                  Standard Hourly Rates
          -----                  ---------------------
     Administrative & Data Entry        $45-$55
     Mailroom and Claims Control        $55
     Customer Service Representatives   $57
     Project Administrators             $70-$85
     Quality Assurance Staff            $80-$125
     Project Supervisors                $95-$110
     Systems & Technology Staff        $100-$200
     Graphic Support for web site      $125
     Project Managers                  $125-$175
     Directors, Sr. Consultants
       and Asst VP                     $200-$295
     Vice President and above          $295

The GCG engagement agreement provides that the Debtors will
indemnify and hold harmless GCG and its directors, officers,
employees, affiliates, and agents.

Craig E. Johnson, Senior Director at GCG, attests that GCG is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code, as modified by section 1107(b) of the
Bankruptcy Code.  GCG has represented to the Debtors that GCG will
not represent any entities or individuals other than the Debtors
in these Chapter 11 cases or in connection with any matters that
would be adverse to the interests of the Debtors.

GCG may be reached at:

          Craig Johnson
          THE GARDEN CITY GROUP INC.
          1985 Marcus Ave, Ste 200
          Lake Success, NY 11042
          Tel: 631-470-5000
          Fax: 631-940-6544
          E-mail: craig.johnson@gcginc.com
                  info@gcginc.com

                        About Dallas Stars

Frisco, Texas-based Dallas Stars, L.P. -- http://stars.nhl.com/--
operates as a professional men's ice hockey team.  The company was
formerly known as Minnesota North Stars and changed its name to
Dallas Stars, L.P. in 1993.

Dallas Stars and three affiliates filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case Nos. 11-12935 to 11-12938) on Sept. 15, 2011.
The affiliates are Dallas Arena LLC, Dallas Stars U.S. Holdings
Corporation, and StarCenters LLC.  Judge Peter J. Walsh presides
over the cases.  Martin A. Sosland, Esq., and Ronit J. Berkovich,
Esq., at Weil, Gotshal & Manges LLP, serve as bankruptcy counsel
to the Debtors.  John H. Knight, Esq., at Richards Layton &
Finger, P.A., serves as the Debtors' Delaware counsel.

Dallas Stars estimated $100 million to $500 million in assets and
debts in its petition.  The petitions were signed by Robert L.
Hutson, chief financial officer.

The team is owned by Dallas businessman Thomas O. Hicks' HSG
Sports Group.  Mr. Hicks was the former owner of the Texas
Rangers.  The Texas Rangers were sold in a bankruptcy court-
supervised auction to a group led by Hall of Fame pitcher Nolan
Ryan for $593 million.

The Stars are the second NHL team to file for bankruptcy since
2009, after the Phoenix Coyotes.

Counsel to JP Morgan Chase Bank, N.A., as Prepetition First Lien
Agent, is Mitchell A. Seider, Esq., and Joseph Fabiani, Esq., at
Latham & Watkins LLP.  Its Delaware counsel is Michael R.
Lastowski, Esq., at Duane Morris LLP.

First lien lender Monarch Alternative Capital LLC is represented
by Andrew M. Leblanc, Esq., at Milbank Tweed Hadley and McCloy
LLP.

Counsel to the NHL are Thomas W. Gowan, Esq., and J. Gregory
Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP.

Counsel to GSP Finance LLC, as successor in interest to Barclays
Bank PLC, as Prepetition Second Lien Agent, is Jason Young, Esq.,
at Clifford Chance US LLP.


DALLAS STARS: Committed to Dec. 31 Plan Consummation
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Dallas Stars held a first hearing where the U.S.
bankruptcy judge in Delaware locked in a time table calling for
sale of the National Hockey League team and implementation of the
reorganization plan no later than Dec. 31.

According to the report, at a hearing Sept. 19, the judge
scheduled a Sept. 22 hearing for approval of auction procedures
testing whether the bid from Vancouver businessman Tom Gaglardi is
the best option for selling the team.

The judge, Mr. Rochelle also reports, granted the use of cash so
the team can pay bills.  The financing arrangements require
holding an auction about two months after approval of bidding
procedures.  The bankruptcy court must approve a disclosure
statement within 65 days after approval of bidding procedures.
The final hearing on use of cash is set for Oct. 17.

Before filing for bankruptcy, the Debtors engaged in a lengthy
marketing process and substantial discussions, which involved
input from the NHL and certain of the Debtors' senior secured
lenders.  The Debtors finalized an asset purchase agreement with
Tom Gaglardi's Dallas Sports & Entertainment, LP and certain of
its affiliates.  The deal is subject to NHL approval and underpins
a prepackaged plan of reorganization that the Debtors filed
together with their petitions.

The Debtors intend to proceed according to this timeline:

     Commencement of Solicitation      September 1, 2011

     Voting Deadline                   September 13, 2011

     Chapter 11 Commencement Date      September 15, 2011

     Mailing of Bidding Procedures/
       Scheduling Hearing Notice       September 16, 20113

     Hearing to Consider Bidding
       Procedures and to Determine
       Confirmation Schedule           September 22, 2011

     Mailing of Summary and Notice     September 26, 2011

     Bid Deadline                      October 22, 2011

     Sale Objection Deadline           October 25, 2011

     Reply Date (if any)               October 31, 2011

     Auction Date                      November 21, 2011

     Combined Hearing                  November 23, 2011

The Debtors are asking the Bankruptcy Court to approve bidding
procedures as well as sale- and Plan-related schedules.

The Debtors propose to pay Mr. Gaglardi's firm a $4 million
breakup fee -- representing 1.5% of the transaction value under
the Stalking Horse Asset Purchase Agreement -- and an Expense
Reimbursement in an amount not to exceed $500,000 in the event the
Debtors close a deal with another buyer.

Rival bidders are required to make a $15 million good faith
deposit.

Sports lawyer Chuck Greenberg, who was part of the group that
purchased the Texas Rangers baseball club last year in a
bankruptcy auction, is among those interested in bidding against
Mr. Gaglardi.

                        About Dallas Stars

Frisco, Texas-based Dallas Stars, L.P. -- http://stars.nhl.com/--
operates as a professional men's ice hockey team.  The company was
formerly known as Minnesota North Stars and changed its name to
Dallas Stars, L.P. in 1993.

Dallas Stars and three affiliates filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case Nos. 11-12935 to 11-12938) on Sept. 15, 2011.
The affiliates are Dallas Arena LLC, Dallas Stars U.S. Holdings
Corporation, and StarCenters LLC.  Judge Peter J. Walsh presides
over the cases.  Martin A. Sosland, Esq., and Ronit J. Berkovich,
Esq., at Weil, Gotshal & Manges LLP, serve as bankruptcy counsel
to the Debtors.  John H. Knight, Esq., at Richards Layton &
Finger, P.A., serves as the Debtors' Delaware counsel.  Garden
City Group serves as the Debtors' claims agent.  In its petition,
the Debtors estimated $100 million to $500 million in assets and
debts.  The petitions were signed by Robert L. Hutson, chief
financial officer.

The team is owned by Dallas businessman Thomas O. Hicks' HSG
Sports Group.  Mr. Hicks was the former owner of the Texas
Rangers.  The Texas Rangers were sold in a bankruptcy court-
supervised auction to a group led by Hall of Fame pitcher Nolan
Ryan for $593 million.

The Stars are the second NHL team to file for bankruptcy since
2009, after the Phoenix Coyotes.


DALLAS STARS: Seeks Court OK to Use Lenders' Cash Collateral
------------------------------------------------------------
Dallas Stars, L.P., and its affiliates seek permission from the
Bankruptcy Court to use cash collateral securing their obligations
to their prepetition lenders.

The Debtors also seek authority to provide adequate protection to
the first lien and second lien lenders for any diminution in value
of their interests in the collateral.

Pending a final hearing on their request, the Debtors seek
authority to use Cash Collateral in the amounts reflected in a
13-week projection, in an aggregate amount up to $26 million.

The Debtors' outstanding pre-bankruptcy secured obligations are:

     $252,806,866 as of Sept. 12, 2011, under a Prepetition First
                  Lien Credit Agreement.  Each Debtor is a
                  guarantor under an Amended and Restated First
                  Lien Credit and Guaranty Agreement, dated as of
                  Dec. 19, 2006, by and among HSG Sports Group
                  Holdings LLC, HSG Sports Group LLC, certain
                  subsidiaries of HSG, including the Debtors, as
                  guarantors, the lenders, JP Morgan Securities
                  Inc., as joint lead arranger and joint
                  bookrunner and co-syndication agent, Barclays
                  Capital Inc., as joint lead arranger, joint
                  bookrunner, Barclays Bank PLC, as co-syndication
                  agent, and JP Morgan Chase Bank, N.A., as
                  administrative agent and collateral agent.

      $16,680,906 as of Sept. 12, 2011, under secured first lien
                  interest rate swap agreements.

     $146,232,000 as of the Petition Date under the Prepetition
                  Second Lien Credit Agreement.  Each Debtor is
                  also a guarantor under a Second Lien Credit and
                  Guaranty Agreement, dated as of Dec. 19, 2006,
                  by and among HSGH, HSG, certain subsidiaries of
                  HSG, including the Debtors, as guarantors, the
                  lenders, JP Morgan Securities Inc. as joint lead
                  arranger, joint bookrunner and co-syndication
                  agent, Barclays Capital Inc., as joint lead
                  arranger and joint bookrunner, and GSP Finance
                  LLC, as successor in interest to Barclays Bank
                  PLC, as administrative agent, collateral agent,
                  and co-syndication agent.

Dallas Stars also owe $50,735,000 on an unsecured basis under a
Jan. 14, 2011 promissory note the club issued in favor of CFV I
LLC, an affiliate of the NHL.  The Prepetition CFV Obligations
have become due and payable as of June 30, 2011, subject to a
grace period running through Oct. 31, 2011.

As adequate protection for any diminution in the value of the Cash
Collateral, the Debtors propose to provide the Lenders, among
others:

     -- valid and perfected replacement liens on all of the right,
        title and interest of the Debtors in all present and
        after-acquired property and assets of the Debtors;

     -- liens on the Debtors' avoidance actions;

The bankruptcy estate will also pay the reasonable monthly fees
and expenses of the Lenders' professionals.  The fees and expenses
will accrue and will be paid in cash only if the Debtors'
Prepackaged Plan is not confirmed and consummated.

The replacement liens are subject to a "Carve-Out" for (i) all
fees required to be paid to the Clerk of the Court and the U.S.
Trustee pursuant to 28 U.S.C. Sec. 1930(a); (ii) accrued but
unpaid professional fees and expenses of the Debtors and the
Committee (if appointed); (iii) all fees and expenses owed to the
NHL, including but not limited to any portion of league-wide fees
and expenses owed by the Dallas Stars; and (iv) the Professional
Fees incurred by the Debtors and/or the Committee (if appointed)
incurred in the Cases on and after an event of default in an
aggregate amount not to exceed $750,000.

                        About Dallas Stars

Frisco, Texas-based Dallas Stars, L.P. -- http://stars.nhl.com/--
operates as a professional men's ice hockey team.  The company was
formerly known as Minnesota North Stars and changed its name to
Dallas Stars, L.P. in 1993.

Dallas Stars and three affiliates filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case Nos. 11-12935 to 11-12938) on Sept. 15, 2011.
The affiliates are Dallas Arena LLC, Dallas Stars U.S. Holdings
Corporation, and StarCenters LLC.  Judge Peter J. Walsh presides
over the cases.  Martin A. Sosland, Esq., and Ronit J. Berkovich,
Esq., at Weil, Gotshal & Manges LLP, serve as bankruptcy counsel
to the Debtors.  John H. Knight, Esq., at Richards Layton &
Finger, P.A., serves as the Debtors' Delaware counsel.

Dallas Stars estimated $100 million to $500 million in assets and
debts in its petition.  The petitions were signed by Robert L.
Hutson, chief financial officer.

The team is owned by Dallas businessman Thomas O. Hicks' HSG
Sports Group.  Mr. Hicks was the former owner of the Texas
Rangers.  The Texas Rangers were sold in a bankruptcy court-
supervised auction to a group led by Hall of Fame pitcher Nolan
Ryan for $593 million.

The Stars are the second NHL team to file for bankruptcy since
2009, after the Phoenix Coyotes.

Counsel to JP Morgan Chase Bank, N.A., as Prepetition First Lien
Agent, is:

         Mitchell A. Seider, Esq.
         Joseph Fabiani, Esq.
         LATHAM & WATKINS LLP
         885 Third Avenue
         New York, NY 10022
         Tel: 212-906-1200
         Fax: 212-751-4864
         E-mail: mitchell.seider@lw.com
                 joseph.fabiani@lw.com

Delaware counsel to the Prepetition First Lien Agent is:

         Michael R. Lastowski, Esq.
         DUANE MORRIS LLP
         222 Delaware Avenue, Suite 1600
         Wilmington, DE 19801-1659
         Tel: 302-657-4942
         Fax: 302-397-2138
         E-mail: MLastowski@duanemorris.com

First lien lender Monarch Alternative Capital LLC is represented
by:

         Andrew M. Leblanc, Esq.
         MILBANK TWEED HADLEY AND MCCLOY LLP
         1850 K. Street, N.W., Suite 1100
         Washington D.C. 20006
         Tel: 202-835-7574
         Fax: 202-263-7586
         E-mail: aleblanc@milbank.com

Counsel to the NHL are:

         Thomas W. Gowan, Esq.
         J. Gregory Milmoe, Esq.
         SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
         4 Times Square
         New York, NY 10036
         Tel: 212-735-2444
         Fax: 917-777-2444
         E-mail: thomas.gowan@skadden.com
                 gregory.milmoe@skadden.com

Counsel to GSP Finance LLC, as successor in interest to Barclays
Bank PLC, as Prepetition Second Lien Agent, is:

         Jason Young, Esq.
         CLIFFORD CHANCE US LLP
         31 West 52nd Street
         New York, NY 10019-6131
         Tel: 212-878-8519


DELPHI CORP: Court Declines to Drop UAW'S $450-Mil. Suit vs. GM
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
declined to dismiss the case filed by the United Auto Workers to
recover $450 million in alleged healthcare benefits from General
Motors LLC or New GM, David Shepardson of The Detroit News
reported.

The UAW is fighting for $450 million the union contends that GM
owes a retiree health care fund set up to help cover the medical
expenses of retired hourly workers from former GM parts unit,
Delphi Corp., The Detroit News related.  The UAW insists that GM
is obligated to make the payment pursuant to a June 2007
agreement among the automaker, the parts maker, and the union,
the report stated.  The payment was supposed to be made when
Delphi exited bankruptcy.

In 2009, Delphi emerged from bankruptcy and General Motors
Corporation or Old GM entered and exited bankruptcy as a new
company as New GM.  When New GM failed to make the $450 million
payment, the UAW filed the lawsuit in the U.S. District Court for
the Eastern District of Michigan.

"Since so much has already been accomplished in helping New GM
and the UAW get back to business as usual, I think its better for
the New York bankruptcy court to minimize its role in New GM
affairs, and to act only with respect to matters where the New
York bankruptcy court has a significant interest," New York
Bankruptcy Judge Gerber wrote in a 28-page opinion in early
September, The Detroit News relayed.

GM spokesperson Jim Cain said the automaker is confident it will
prevail, The Detroit News disclosed.  "As the U.S. Bankruptcy
Court makes clear, their decision not to hear the matter has
nothing to do with the merits of the dispute," Mr. Cain
elaborated, according to the report.

GM maintains that it is not required to honor all contractual
obligations under the 2007 agreement, The Detroit News stated.  A
UAW-GM retirement agreement approved by the Bankruptcy Court in
2009 gave the UAW a retiree health care trust fund for more than
$10 billion in GM equity but a $450 million payment was not
mentioned, the report noted.  GM insists that the deal superseded
and extinguished the $450 million payment, the report added.

The dispute has been stayed by Judge Avern Cohn for a nearly a
year as the New York Bankruptcy Court decided whether it will
hear the dispute, the report cited.

In light of the Bankruptcy Court's decision, the case moves back
to the District Court where it was originally filed.

                        About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation --
http://www.delphi.com/-- was a global supplier of electronics and
technologies for automotive, commercial vehicle and other market
segments.  Delphi operates major technical centers, manufacturing
sites and customer support facilities in 30 countries.

The Company filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead
Case No. 05-44481) on Oct. 8, 2005.  John Wm. Butler Jr., Esq.,
John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, represented the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represented the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court confirmed Delphi's plan on Jan. 25, 2008.  The Plan
was not consummated after a group led by Appaloosa Management,
L.P., backed out from their proposal to provide US$2,550,000,000
in equity financing to Delphi.  At the end of July 2009, Delphi
obtained confirmation of a revised plan, build upon a sale of the
assets to a entity formed by some of the lenders who provided
$4 billion of debtor-in-possession financing, and General Motors
Company.

On Oct. 6, 2009, Delphi Corp.'s Chapter 11 plan of reorganization
became effective.  A Master Disposition Agreement executed among
Delphi Corporation, Motors Liquidation Company, General Motors
Company, GM Components Holdings LLC, and DIP Holdco 3, LLC,
divides Delphi's business among three separate parties -- DPH
Holdings LLC, GM Components, and DIP Holdco 3.

Delphi emerged from Chapter 11 as DPH Holdings.  DPH Holdings is
responsible for the post-Effective Date administration and
eventual closing of the Chapter 11 cases as well as the
disposition of certain retained assets and payment of certain
retained liabilities as provided under the Modified Plan.

Bankruptcy Creditors' Service, Inc., publishes Delphi Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Delphi
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000


DELPHI CORP: DPH Holdings Wants Plan Injunction on Averbukhs
------------------------------------------------------------
DPH Holdings Corp. and its debtor affiliates ask Judge Robert D.
Drain of the U.S. Bankruptcy Court for the Southern District of
New York to enforce the June 16, 2009 order approving
modifications to the First Amended Plan of Reorganization, the
Modified First Amended Joint Plan of Reorganization and its
July 30, 2009 confirmation order, and the order on the 47th
Omnibus Claims Objection in order to permanently enjoin the
estate of Boris Averbukh from pursuing a Maryland state court
action.

In September 2009, after the Administrative Claim Bar Date had
lapsed, an administrative expense claim request was submitted
under the name of Alla Averbukh for damages relating to the
injuries arising out of the death of her husband, Boris Averbukh.
In November 2009, Mr. Averbukh's two sons, Vladimir and
Aleksandr, and Ms. Averbukh commenced an action in the Circuit
Court for Prince George's County, Maryland, against Delphi
Corporation and Delphi Automotive Systems LLC for the alleged
wrongful death of Boris Averbukh.

In April 2010, under their 47th Omnibus Claims Objection, the
Reorganized Debtors asserted that they have no liability to the
Averbukh Claim as per their books and records.  In May 2010, the
Bankruptcy Court expunged the Claim.  The Averbukhs, however,
have continued to prosecute their wrongful death claim in the
Maryland Court.

Cynthia J. Haffey, Esq., at Butzel Long, in Detroit, Michigan,
argues that the Maryland Action should be dismissed because the
Bankruptcy Court already held that it is barred in the Averbukh
Claim Expungement Order.  She explains that under Maryland law,
only a single wrongful death claim can be brought, and it is
brought on behalf of all beneficiaries.  In this case, both the
expunged Claim and the Maryland Action assert claims for injuries
as well as for wrongful death, she stresses.  Against this
backdrop, the Maryland Action is barred by the Averbukh Claim
Expungement Order and the July 30 Confirmation Order, and the
maintenance of the Maryland Action violates the injunction
contained in the July 30 Confirmation Order, Ms. Haffey insists.

Notwithstanding the fact that the wrongful death claim accrued on
April 7, 2007, and was a claim within the definition of Section
101(5) of the Bankruptcy Code and thus covered by the June 16
Modification Procedures Order, the Averbukhs did not file an
administrative expense claim form by the Administrative Claim Bar
Date, Ms. Haffey points out.  She avers that by operation of the
June 16 Modification Procedures Order, the Claim became forever
barred, thereby estopping and enjoing the Averbukhs from
asserting the Claim against the Reorganized Debtors or their
property.

Ms. Haffey further contends that the effect of the Reorganized
Debtors' discharge under the July 30 Confirmation Order is set
forth in Section 524(a) of the Bankruptcy Code, under which that
discharge operates as a permanent injunction against the
commencement or continuation of any action to recover discharged
claims against the Reorganized Debtors.  She avers that the pre-
confirmation claims against the Debtors held by the Averbukhs
were discharged.  Indeed, the Averbukhs received adequate and
sufficient constructive notice of the Administrative Claim Bar
Date via publication, she states.  Notwithstanding the
sufficiency of constructive notice on the Averbukhs, they would
be deemed as a matter of law to have had actual notice of the
Administrative Claim Bar Date in 2009 and of the Averbukh Claim
Expungement Order in 2010 by virtue of their representation by
The Kulhman Law Firm, which filed the Claim, she maintains.

For these reasons, the Reorganized Debtors ask the Bankruptcy
Court to direct the Averbukh plaintiffs to dismiss the Maryland
Action against the Debtors to recover on claims that have been
barred, discharged, and expunged in their Chapter 11 cases.

The Bankruptcy Court will consider the Reorganized Debtors'
request on September 22, 2011.  Objections are due no later than
September 15.

                        About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation --
http://www.delphi.com/-- was a global supplier of electronics and
technologies for automotive, commercial vehicle and other market
segments.  Delphi operates major technical centers, manufacturing
sites and customer support facilities in 30 countries.

The Company filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead
Case No. 05-44481) on Oct. 8, 2005.  John Wm. Butler Jr., Esq.,
John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, represented the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represented the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court confirmed Delphi's plan on Jan. 25, 2008.  The Plan
was not consummated after a group led by Appaloosa Management,
L.P., backed out from their proposal to provide US$2,550,000,000
in equity financing to Delphi.  At the end of July 2009, Delphi
obtained confirmation of a revised plan, build upon a sale of the
assets to a entity formed by some of the lenders who provided
$4 billion of debtor-in-possession financing, and General Motors
Company.

On Oct. 6, 2009, Delphi Corp.'s Chapter 11 plan of reorganization
became effective.  A Master Disposition Agreement executed among
Delphi Corporation, Motors Liquidation Company, General Motors
Company, GM Components Holdings LLC, and DIP Holdco 3, LLC,
divides Delphi's business among three separate parties -- DPH
Holdings LLC, GM Components, and DIP Holdco 3.

Delphi emerged from Chapter 11 as DPH Holdings.  DPH Holdings is
responsible for the post-Effective Date administration and
eventual closing of the Chapter 11 cases as well as the
disposition of certain retained assets and payment of certain
retained liabilities as provided under the Modified Plan.

Bankruptcy Creditors' Service, Inc., publishes Delphi Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Delphi
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000


DIGINOTAR B.V.: Vasco Unit Files for Bankruptcy in Netherlands
--------------------------------------------------------------
VASCO Data Security International, Inc. disclosed that its
subsidiary, DigiNotar B.V., a company organized and existing in
The Netherlands ("DigiNotar") filed a voluntary bankruptcy
petition under Article 4 of the Dutch Bankruptcy Act in the
Haarlem District Court, The Netherlands, September 19, 2011 and
was declared bankrupt by the Court.

The Court appointed a bankruptcy trustee (the "Trustee") and a
bankruptcy judge (the "Judge") to manage all affairs of DigiNotar
as it proceeds through the bankruptcy process.  The Trustee will
work under the supervision of the Judge and be responsible for the
administration and liquidation of DigiNotar.  The Trustee is
required to report to the Judge and his reports are expected to be
made available to the public and will serve as a source of
information to the creditors and other stakeholders.  Effective as
of the beginning of business, the Trustee has taken over the
management of DigiNotar's business activities.

"Although we are saddened by this action and the circumstances
that necessitated it," said T. Kendall Hunt, VASCO's Chairman and
CEO. "We would like to remind our customers and investors that the
incident at DigiNotar has no impact on VASCO's core authentication
technology.  The technological infrastructures of VASCO and
DigiNotar remain completely separated, meaning that there is no
risk for infection of VASCO's strong authentication business.  In
addition, we plan to cooperate with the Trustee and the Judge to
the fullest extent reasonably practicable to bring the affairs of
DigiNotar to an appropriate conclusion for its employees and
customers.  We also plan to cooperate with the Dutch government in
its investigation of the person or persons responsible for the
attack on DigiNotar."

"We want to emphasize that the bankruptcy filing by DigiNotar,
which was primarily a certificate authority, does not involve
VASCO's core two-factor authentication business," said Jan Valcke,
VASCO's President and COO.  "While we do not plan to re-enter the
certificate authority business in the near future, we expect that
we will be able to integrate the PKI/identity verification
technology acquired from DigiNotar into our core authentication
platform.  As a result, we expect to be able to offer a stronger
authentication product line in the coming year to our traditional
customers."

"We are working to quantify the damages caused by the hacker's
intrusion into DigiNotar's system and will provide an estimate of
the range of losses as soon as possible," said Cliff Bown, VASCO's
Executive Vice President and CFO.  "We expect to report the
results of the DigiNotar operations, the losses related to the
impairment of intangible assets specifically associated with
DigiNotar and the estimated costs associated with the closure of
DigiNotar either as a discontinued operation in our future
financial statements or we will provide proforma information to
identify the impact of DigiNotar on our consolidated results.
While the losses associated with DigiNotar are expected to be
significant, we do not expect, given the manner in which the
acquisition of DigiNotar was structured, that the value of all of
the intangible assets acquired will be fully impaired.  We expect
that a significant portion of the value assigned to the
intellectual property acquired from DigiNotar to continue to have
value as we incorporate the technology into our existing product
line."

                         About VASCO

VASCO claims to be a leading supplier of strong authentication and
e-signature solutions and services specializing in Internet
security applications and transactions.  VASCO has positioned
itself as a global software company for Internet security serving
a customer base of approximately 10,000 companies in more than 100
countries, including approximately 1,700 international financial
institutions.  VASCO's prime markets are the financial sector,
enterprise security, e-commerce and e-government.


DREIER LLP: Proposes Deal to Reduce 360 Networks' Claim by $40MM
----------------------------------------------------------------
Thomson Reuters News & Insight, citing a report from Chip
Giambrone at Westlaw Journal Bankruptcy, says that the trustee for
lawyer Marc Dreier's law firm is asking a federal bankruptcy judge
to approve a settlement that would reduce by $40 million a
telecommunications company's claim to litigation proceeds the firm
recovered on its behalf but later allegedly misappropriated.

According to the Reuters report, the proposed settlement will
confer a net benefit of more than $7 million on the Dreier LLP
estate, trustee Shelia M. Gowan says in a motion filed in the U.S.
Bankruptcy Court for the Southern District of New York.

The report notes 360 Networks (USA) Inc. had retained Dreier LLP
to represent it in a series of avoidance actions in its own
Chapter 11 case.

The report says The firm recovered $74 million on behalf of 360
Networks, $65 million of which was to have been held by the firm
in a segregated trust account at JP Morgan Chase Bank N.A., the
motion says.

Reuters says the proposed settlement calls for the claims held by
360 Networks to be reduced by $41.6 million.  Mr. Gowan says this
will result in an approximate net value to the estate of $4.1
million.  The telecoms company also has agreed to make a $2.8
million cash payment to the Dreier LLP estate.

The proposed $7 million recovery for the estate represents 59
percent of the $11.9 million Gowan sought in her avoidance action.

A hearing on the proposed settlement is scheduled for Sept. 22.

                 About Marc Dreier and Dreier LLP

Marc Dreier founded New York-based law firm Dreier LLP --
http://www.dreierllp.com/-- in 1996.  On Dec. 8, 2008, the U.S.
Securities and Exchange Commission filed a suit, alleging that Mr.
Dreier made fraudulent offers and sales of securities in several
cities, selling fake promissory notes to hedge and other private
investment funds.  The SEC asserted that Mr. Dreier also
distributed phony financial statements and audit opinions, and
recruited accomplices in connection with that scheme.  Mr. Dreier,
currently in prison, was charged by the U.S. government for
conspiracy, securities fraud and wire fraud (S.D.N.Y. Case No.
09-cr-00085).

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

Sheila M. Gowan, a partner with Diamond McCarthy, was appointed
Chapter 11 trustee for the Dreier law firm.  Ms. Gowan is
represented by Jason Porter, Esq., at Diamond McCarthy LLP.

Wachovia Bank National Association, the Dreier LLP Chapter 11
trustee, and Steven J. Reisman as post-confirmation representative
of the bankruptcy estate of 360networks (USA) Inc. signed a
petition that put Mr. Dreier into bankruptcy under Chapter 7 on
Jan. 26, 2009 (Bankr. S.D.N.Y. Case No. 09-10371).  Mr. Dreier,
60, pleaded guilty to fraud and other charges in May 2009.  The
scheme to sell $700 million in fake notes unraveled in late 2008.
Mr. Dreier is serving a 20-year sentence in a federal prison in
Minneapolis.


DRUG ROYALTY: S&P Assigns 'BB+' Long-Tem Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to Delaware-based Drug Royalty II LP 1.

"At the same time, we assigned our 'BB+' senior secured debt
rating, and '4' recovery rating, to the company's proposed C$155
million senior secured debt facility. A '4' recovery rating
indicates our expectation of average (30%-50%) recovery in the
event of a default," S&P stated.

"The ratings Drug Royalty reflect what we view as the company's
fair business profile, supported by its relatively diverse
portfolio of royalty-generating pharmaceutical assets, the solid
sales growth prospects of those assets, and management's solid
track record in conducting acquisitions," said Standard & Poor's
credit analyst Arthur Wong. "These factors are partially offset,
in our opinion, by the company's significant financial risk
profile, highlighted by initial leverage of 3.2x, uncertain
acquisition/financial policy, and the company's niche size," Mr.
Wong added.

Drug Royalty acquires rights to royalty payments from drugs
marketed by others, using royalties earned on drug sales to repay
debt, generate returns for its investors, and to fund
acquisitions. The company is one of the three larger, active
players in the very niche market. The vast majority of Drug
Royalty's revenues/royalties fall straight to earnings and cash
flows, as the company has very minimal expenses and EBITDA margins
are in excess of 98%. Unlike fully integrated pharmaceutical
companies, Drug Royalty has limited operational risks, as it does
not conduct research and development (R&D), manufacturing, or
marketing. It is not exposed to product litigation, as the
marketer bears the liability. From a cash flow standpoint, Drug
Royalty has no significant capex needs and low working-capital
requirements. Its royalty revenues are based on net sales of the
drug, insulating the company from pharmaceutical companies' margin
pressures, such as increasing costs of R&D and marketing.

The company's royalty portfolio is relatively diverse by product,
by therapeutic class, and by marketer. The products are generally
marketed by pharmaceutical companies that have strong quality
reputations and are well-established in their markets.

"The stable outlook on Drug Royalty reflects what we view as the
company's reasonably diverse portfolio of royalty streams based on
leading products from highly rated marketers and little execution
risk, as well as revenues and cash flows that are relatively
highly visible. We could raise the ratings as the portfolio
further diversifies, management extends its successful acquisition
track record, or leverage falls under 3x in the long term.
Downside ratings potential is limited, given the unlikelihood of
more than one key product suffering a major setback in the next
several years," S&P stated.


DYNEGY INC: Fitch Puts 'CC' Issuer Default Rating on Watch Neg.
---------------------------------------------------------------
Fitch Ratings has placed Dynegy Inc. (DYN, 'CC' IDR) and Dynegy
Holdings, LLC (DHI, 'CC' IDR) on Rating Watch Negative following
the announcement of a planned $1.25 Billion exchange offer.  Fitch
views the proposed exchange offer to be a distressed debt
exchange; the placement of DYN's and DHI's IDR and senior
unsecured ratings on Rating Watch Negative reflects Fitch's
'Distressed Debt Exchange Criteria', published Aug. 12, 2011.

Separately, Fitch has affirmed the IDR and senior secured ratings
on Dynegy Midwest Generation, LLC's (CoalCo) $600 million and
Dynegy Power, LLC's (GasCo) $1.1 billion term loans.
Additionally, Fitch has withdrawn its ratings for Sithe
Independence Funding Corp. (Sithe), which has successfully
tendered for roughly 99.7% of its outstanding debt. A full list of
ratings actions follows at the end of this release.

Distressed Debt Exchange: On Sept. 15, 2011 Dynegy, Inc. (DYN)
announced it has commenced offers to exchange up to $1.25 billion
principal amount of certain outstanding notes of DHI for new DYN
10% senior secured notes due 2018 and cash.  Fitch believes that
the exchange offer represents a material reduction in value versus
the original unsecured bond terms, as the exchange offer
represents a significant discount to original bond value.
Additionally, this bond exchange offering is part of an ongoing
restructuring which has been initiated, in part, to increase
financial flexibility and attempt to avoid bankruptcy.  Fitch will
address the Rating Watch Negative following the closing of the
exchange offer as the impact of the offer and its resultant
capital structure becomes more clear on the existing debt classes
and instruments.

DYN's and DHI's ratings continue to reflect the high probability
of default or further forced restructuring of DYN and DHI's
unsecured obligations.  The exchange offer follows a Sept. 2, 2011
acquisition of the newly created Dynegy Coal Holdco, LLC (Coal
Holdco), the indirect parent of CoalCo. DYN established CoalCo on
Aug. 4, 2011 as part of an internal restructuring which created
separate coal-fueled and gas-fueled power generation units.
Approximately $1.7 billion in stand alone first-lien financings
were obtained ($600 million at CoalCo; $1.1B at GasCo).  DYN's new
corporate structure and term loans limit DHI's subsidiaries'
ability to upstream cash and subordinates the cash flow stream
available to DHI, further pressuring DHI's ability to service its
$3.4 billion in unsecured notes, $200 million in subordinate trust
preferred securities, and its $589 million off-balance sheet lease
obligations.

Corporate Structure Ringfencing: The 'CCC' IDR ratings for both
GasCo and CoalCo reflect the operating concerns that continue to
weigh on Dynegy's generation business including the decline in
hedged electricity and fuel commodity margins, weakness in
earnings and cash flow, and expectations for relatively flat
natural gas and power prices through 2013.  GasCo and CoalCo's
financial profiles remain heavily contingent upon an increase in
power prices, shrinkage in the reserve capacity margins, and
improvement in electricity demand in the wholesale markets where
these subsidiaries own and operate their plants.  While longer
term Fitch expects these market factors will improve, any near- to
intermediate-term improvements look to be elusive.  The bankruptcy
remoteness and restricted payments previsions at the new entities
should alleviate some of the pressure of ongoing restructuring and
possible defaults at DHI's unsecured obligations, allowing the new
entities to continue to operate and service their term loans.

The 'B/RR1' ratings on the GasCo and CoalCo term loans are
reflective of the expectations for superior recoveries on the
secured term loans.  Fitch valued the power generation assets that
secure the term loans using a net present value (NPV) analysis.
For the NPV Fitch uses plant values provided by Wood Mackenzie as
an input as well as Fitch's own price deck and other assumptions.
For both the GasCo and CoalCo recoveries are in the 91% to 100%
'RR1' range.  The two-notch separation from the GasCo and CoalCo
IDRs are reflective of the possibility of additional first lien
debt which is permissible under the new facilities and the
uncertainty with regard to management's ongoing restructuring
plans.

Fitch has placed the following ratings on Rating Watch Negative:

Dynegy, Inc.

  -- IDR 'CC'.

Dynegy Holdings, Inc.

  -- IDR 'CC';
  -- Senior unsecured notes 'CC/RR4'.

Dynegy Capital Trust I

  -- Trust preferred rating 'C/RR6.'

Fitch has affirmed the following ratings:

Dynegy Power, LLC

  -- IDR at 'CCC';
  -- Secured term loan at 'B/RR1'.

Dynegy Midwest Generation, LLC

  -- IDR at 'CCC';
  -- Secured term loan at 'B/RR1'.

Fitch has withdrawn the following rating:

Sithe Independence Funding Corp.

  -- Secured bond rating 'B'.


EAGLE INDUSTRIES: Has Access to Cash Collateral Until Nov. 30
-------------------------------------------------------------
The Hon. Joan A. Lloyd of the U.S. Bankruptcy Court for the
Western District of Kentucky approved a stipulation for Eagle
Industries, LLC's cash collateral use until Nov. 30, 2011.

Pursuant to the second amended agreed order, Citizens First Bank,
consented to the Debtor's use of its cash collateral provided that
the Court authorizes the Debtor to make adequate protection
payments.

Citizens First Bank is the prepetition lender and the debtor-in-
possession financing lender of the Debtor.

The cash collateral may be used by the Debtor solely to pay normal
trade payables, payroll, insurance premiums, taxes and utilities
that are necessary to preserve and maintain the assets and
business operations of the Debtor.

The Debtor will make these payments to Citizens First on the
following dates and failure to make payments on or before the
dates will automatically be a default under the final order:

   a) Citizens First's claim in the amount of $372,911, and
   Citizens First's claim in the amount of $3,298,228, will be
   restructured such that Claim No. 33 is reduced to a $900,000
   line of credit, and the balance of Claim No. 33 is combined
   with Claim No. 32, and paid on terms.  (This restructuring will
   also be effective as to Claims No. 8 and No. 9 filed in the
   Eagle Transportation case.)

   b. principal balance of $241,000, and which matures and is due
   and payable on March 31, 2011, will be restructured such that
   the maturity date will be extended to Jan. 31, 2012, and the
   debt paid on terms.  The Debtor will pay the loan in monthly
   installment of principal and interest pursuant to the payment
   schedule.  Interest will accrue at the rate of 6.5% per annum.

Citizens Bank is represented by:

         Scott A. Bachert, Esq.
         HARNED BACHERT & MCGEHEE PSC
         P.O. Box 1270
         324 E. 10th Ave.
         Bowling Green, KY 42102-1270
         Tel: (270) 782-3938
         Fax: (270) 781-4737
         E-mail: bachert@hbmfirm.com

                     About Eagle Industries LLC

Bowling Green, Kentucky-based Eagle Industries LLC is engaged in
furniture manufacturing, sales and delivery.  Eagle Industries
filed for Chapter 11 bankruptcy protection  (Bankr. W.D. Ky. Case
No. 10-11636) on Oct. 27, 2010.  David M. Cantor, Esq., at Seiller
Waterman LLC, represents the Debtor.  The Debtor estimated assets
and debts at $10 million to $50 million.


EAGLE INDUSTRIES: Plan Outline Hearing Continued Until Oct. 18
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Kentucky has
continued until Oct. 18, 2011, at 10:00 a.m. (Central Time), to
consider the confirmation of Eagle Industries LLC's Plan of
Reorganization.  If necessary, the Court will conduct a hearing to
consider cram down confirmation of the Plan on Oct. 20, 2011, at
10:00 a.m.  The hearing was previously scheduled for Sept. 20.

As reported in the Troubled Company Reporter on Aug. 25, 2011, the
Plan contemplates that canceling of existing equity interests in
the Debtor while general unsecured claims will share in the
distribution of $100,000 approximately 60 days after the effective
date.

The Plan, which was filed Aug. 22, 2011, provides that the Debtor
will continue to operate their businesses and manage their assets,
which will generate income projected to be sufficient for the
Debtor to meet their ongoing operating expenses and obligations
contemplated under the Plan.

The Plan classifies, and proposes to threat, claims as follows:

     A. Administrative Expenses - To be paid in full on the
        Effective Date of the Plan, or according to terms of
        obligation.

     B. Priority Tax Claims - Will receive the present value of
        the claim, in regular installments paid over a period not
        exceeding five years.

     C. Super-Priority Claims - The super-priority claims of
        Citizens First Bank will be paid in full in accordance
        with the terms of the cash collateral order.

        The super-priority claim of subordinate DIP lenders will
        have his Super-Priority Claim satisfied in full on the
        Effective Date upon issuance and pro rata distribution of
        new membership interests in each of the Debtor.

     D. Secured Claims - Citizens First Bank will retain its liens
        and have its Secured Claim paid in full in accordance with
        the terms of the cash collateral order.

        PBI Bank will retain its liens and have its Secured Claim
        paid in full through regular monthly cash payments to
        cover principal and interest accruing under the terms of
        the pre-petition promissory note through the end of 2014.
        From 2015 to 2021, the regular monthly cash payments will
        increase to $65,940.85.  In 2022, the Debtor will make 12
        regular monthly payments of $70,940.85.  On Aug. 1, 2022,
        the Debtor will pay the remaining principal and all
        accrued but unpaid interest due.

        PNC Equipment Finance will retain its lien and have its
        Secured Claim paid in full according to the terms of
        the parties' Sale Agreement.

     E. General Unsecured Claims - Will receive cash payments
        representing its prorata share of $100,000 beginning 60
        days after effective date.

     F. Equity Interest Holders - Existing membership interests
        will be canceled.

A full-text copy of the Disclosure Statement, is amended, is
available for free at

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

At the continued hearing, the Court will also consider the
objection of the Official Committee of Unsecured Creditors to the
Debtor's Disclosure Statement.  The Committee noted that the
Debtor's plan lay out a de facto substantive consolidation of the
two estates.

According to the Committee, the Debtor anticipates there will be
nearly $3.5 million unsecured creditors claims due to paid in the
consolidated Eagle Industries and Eagle Transportation estates.
The Debtor's Plan provides for paying the unsecured creditors a
fixed amount of $100,000, which is roughly 2.5 of their claims,
and could be paid five years from now.

The Committee cannot understand the need for substantive
consolidation and a single payment of just $100,000 to satisfy
$3.5 million in debt.  It appears that the Debtor is grossly
underpaying the unsecured creditors.

                     About Eagle Industries LLC

Bowling Green, Kentucky-based Eagle Industries LLC is engaged in
furniture manufacturing, sales and delivery.  Eagle Industries
filed for Chapter 11 bankruptcy protection  (Bankr. W.D. Ky. Case
No. 10-11636) on Oct. 27, 2010.  David M. Cantor, Esq., at Seiller
Waterman LLC, represents the Debtor.  The Debtor estimated assets
and debts at $10 million to $50 million.


EAGLE INDUSTRIES: Committee Wants Terms of Settlement Disclosed
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
case of Eagle Industries LLC asks the U.S. Bankruptcy Court for
the Western District of Kentucky to:

   -- deny approval of the settlement with UMR, Inc.; and

   -- disclose additional information on the terms of the
   settlement.

The Committee objects to the Debtor's motion to approve settlement
with UMR, Inc. filed on Aug. 8, 2008.

On July 20, 2010, the Debtor sued UMR, Inc. to recover $111,247
plus interest and attorneys fees.  The case was referred to the
Bankruptcy Court, was pursued in the adversary proceeding and
settled for some unknown amount.

The Committee notes that the motion provides no information about
the terms of the settlement, under the guise of confidentiality.

According to the Committee, the details of the settlement must be
disclosed, so that the Committee can determine whether the
settlement is fair and reasonable, and determine how the Debtor is
going to utilize the settlement funds.

                     About Eagle Industries LLC

Bowling Green, Kentucky-based Eagle Industries LLC is engaged in
furniture manufacturing, sales and delivery.  Eagle Industries
filed for Chapter 11 bankruptcy protection  (Bankr. W.D. Ky. Case
No. 10-11636) on Oct. 27, 2010.  David M. Cantor, Esq., at Seiller
Waterman LLC, represents the Debtor.  The Debtor estimated assets
and debts at $10 million to $50 million.


ELIZABETH ARDEN: S&P Revises Outlook to Positive, Keeps 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Miramar,
Fla.-based Elizabeth Arden Inc. to positive from stable, and
affirmed the 'B+' corporate credit rating on the company.

"In addition, we raised our issue-level rating on Elizabeth
Arden's senior unsecured notes due 2021 to 'B+' from 'B', driven
by increased EBITDA levels. We also revised the recovery rating to
'4', indicating our expectation of average (30% to 50%) recovery
for debt holders in the event of payment default, from '5'," S&P
related.

The rating actions reflect the company's good operating
performance over the past year, resulting in improved credit
metrics.

"The ratings on Elizabeth Arden incorporate Standard & Poor's
assessment of the company's business profile, which we
characterize with the descriptor 'weak,' based on its sales
concentration in the highly competitive fragrance category
and the seasonal nature of its core businesses; and its financial
risk profile, which we consider significant," S&P stated.

"The company benefits from its portfolio of well-known brands,
solid market position in fragrances, and its diverse distribution
channels. We believe the beauty industry is highly competitive,
and that Elizabeth Arden -- which competes with The Estee Lauder
Cos. Inc., L'Oreal, Coty Inc., and Inter-Parfums Inc. -- maintains
diverse channels of distribution, selling through the mass retail
channel and department stores. The company also sells via the
travel retail channel, which includes airport boutiques and duty-
free shops. However, reduced traffic and inventory destocking in
these two channels during the recent recession, which weakened the
company's operating performance, has begun to rebound. Elizabeth
Arden generates about 35% of its sales outside of North America,
providing some geographic diversity," S&P continued.


ENTELOS INC: Simulations Plus Submits Bid for Firm's Assets
-----------------------------------------------------------
Simulations Plus, Inc. has submitted a bid to purchase
substantially all of the assets of Entelos, Inc., in an auction
supervised by and in accordance with certain bidding procedures
approved by the United States Bankruptcy Court for the District of
Delaware and pursuant to the provisions of Section 363 of the U.S.
Bankruptcy Code.  The auction will take place on September 21,
2011, and, if the Company's bid is selected as the highest or best
bid, then a sale hearing is expected to be held on September 23,
2011, to approve the sale of the assets.

As with any similar transaction, the bid remains subject to being
accepted as the highest and best bid, as well as bankruptcy court
approval, and other uncertainties.

                     About Simulations Plus, Inc.

Simulations Plus, Inc., is a premier developer of groundbreaking
drug discovery and development simulation software, which is
licensed to and used in the conduct of drug research by major
pharmaceutical and biotechnology companies worldwide.

                         About Entelos Inc

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


EVERGREEN ENERGY: Amends March 31 Quarter Report
------------------------------------------------
Evergreen Energy Inc. filed Amendment No. 1 to its quarterly
report on Form 10-Q for the quarter ended March 31, 2011.  The
sole purpose of the Amendment was to (i) account for a liability
that was incurred during the three months ended March 31, 2011,
which was not properly recorded in the previously filed Form 10-Q;
and (ii) to appropriately account for certain prior period items:
including the abandonment of certain patents, an impairment of
certain office assets and to adjust depreciation of certain
assets.  The Company evaluated these adjustments both
quantitatively and qualitatively and determined that no other
prior periods needed to be restated, principally due to the non-
cash nature of the prior period adjustments.

The Company's restated statement of operations reflects a net loss
of $12.67 million on $100,000 of total operating revenue for the
three months ended March 31, 2011, compared with a net loss
of $11.34 million on $100,000 of total operating revenue as
originally reported.

The Company's restated balance sheet at March 31, 2011, showed
$32.54 million in total assets, $37.99 million in total
liabilities and a $5.45 million total stockholders' deficit,
compared with $33.50 million in total assets, $37.62 million in
total liabilities, and a $4.12 million total stockholders' deficit
as originally reported.

A full-text copy of the amended Form 10-Q is available for free at
http://is.gd/6RlIMl

                       About Evergreen Energy

Evergreen Energy Inc. has developed two, proprietary, patented,
and green technologies: the GreenCert(TM) suite of software and
services and K-Fuel(R).  GreenCert, which is owned exclusively by
Evergreen, is a science-based, scalable family of environmental
intelligence solutions that quantify process efficiency and
greenhouse gas emissions from energy, industrial and agricultural
sources and may be used to create verifiable emission reduction
credits.  K-Fuel technology significantly improves the performance
of low-rank coals, yielding higher efficiency and lowering
emissions.

The Company reported a net loss of $21.02 million on $403,000 of
total operating revenue for the year ended Dec. 31, 2010, compared
with a net loss of $58.53 million on $423,000 of total operating
revenue during the prior year.

Hein & Associates LLP, in Denver, Colo., expressed substantial
doubt about Evergreen Energy's ability to continue as a going
concern.  The independent auditors noted that the Company has
suffered recurring losses from operations and has had recurring
cash used in operations.

The Company's balance sheet at June 30, 2011, showed
$24.54 million in total assets, $21.52 million in total
liabilities, $2,000 in preferred stock, and $3.02 million in total
stockholders' equity.


EVERGREEN ENERGY: Amends June 30 Quarterly Report
-------------------------------------------------
Evergreen Energy Inc. filed Amendment No. 1 to its quarterly
report on 10-Q for the three and six months ended, June 30, 2011.
The sole purpose of the Amendment is to properly account for the
abandonment of certain patents and to adjust for items restated in
the March 31, 2011.

The Company's restated statement of operations reflects net income
of $6.29 million on $100,000 of total operating revenue for the
three months ended June 30, 2011, compared with net income of
$6.35 million on $100,000 of total operating revenue as previously
reported.  The restated statement of operations also reflects a
net loss of $6.37 million on $200,000 of total operating revenue
for the six months ended June 30, 2011, compared with a net loss
of $4.98 million on $200,000 of total operating revenue as
originally reported.

The Company's restated balance sheet at June 30, 2011, showed
$23.52 million in total assets, $21.89 million in total
liabilities and $1.63 million in total stockholders' equity,
compared with $24.54 million in total assets, $21.52 million in
total liabilities, $2,000 in preferred stock, and $3.02 million in
total stockholders' equity as originally disclosed.

A full-text copy of the Form 10-Q/A is available for free at
http://is.gd/Lz9qRs

                       About Evergreen Energy

Evergreen Energy Inc. has developed two, proprietary, patented,
and green technologies: the GreenCert(TM) suite of software and
services and K-Fuel(R).  GreenCert, which is owned exclusively by
Evergreen, is a science-based, scalable family of environmental
intelligence solutions that quantify process efficiency and
greenhouse gas emissions from energy, industrial and agricultural
sources and may be used to create verifiable emission reduction
credits.  K-Fuel technology significantly improves the performance
of low-rank coals, yielding higher efficiency and lowering
emissions.

The Company reported a net loss of $21.02 million on $403,000 of
total operating revenue for the year ended Dec. 31, 2010, compared
with a net loss of $58.53 million on $423,000 of total operating
revenue during the prior year.

Hein & Associates LLP, in Denver, Colo., expressed substantial
doubt about Evergreen Energy's ability to continue as a going
concern.  The independent auditors noted that the Company has
suffered recurring losses from operations and has had recurring
cash used in operations.

The Company's balance sheet at June 30, 2011, showed
$24.54 million in total assets, $21.52 million in total
liabilities, $2,000 in preferred stock, and $3.02 million in total
stockholders' equity.


EXCEL STORAGE: Preference Suit v. Peddinghaus Dismissed
-------------------------------------------------------
Bankruptcy Judge Robert N. Opel II granted, in part, and denied,
in part, a motion filed by Peddinghaus Corporation to dismiss a
complaint filed by William G. Schwab, Trustee for the Estate of
Excel Storage Products, L.P., to recover $3,987.06 in preferential
transfer.  The Motion to Dismiss alleges (1) improper venue and
(2) that the amount of the preference is less than the statutory
limit set by 11 U.S.C. Sec. 547(c)(9).  In his Sept. 16, 2011
Opinion, Judge Opel said the language of 28 U.S.C. Sec. 1409 is
plain and unambiguously excludes preference actions from the venue
exception in subsection (b).  Venue is, thus, appropriate.  The
Trustee argues that Sec. 547(c)(9) is not applicable because the
case began as an involuntary filing by creditors, and thus, it is
not a case that was filed by a debtor.  But Judge Opel pointed out
that the Debtor filed its own Chapter 7 petition and it was
because of that voluntary petition that the Trustee became
involved in the case.  The Debtor also filed a Motion in the
involuntarily filed case for the Court to enter an order for
relief and convert it to a proceeding under chapter 7.  The case
should be considered as having been filed by the Debtor, Judge
Opel said, thus, dismissing the lawsuit under Sec. 547(c)(9).

The case is WILLIAM G. SCHWAB, Trustee for the Estate of Excel
Storage Products, L.P., v. PEDDINGHAUS CORPORATION, Adv. Proc. No.
11-00146 (Bankr. M.D. Pa.).  A copy of Judge Opel's decision is
available at http://is.gd/rBRR6Ifrom Leagle.com.

The bankruptcy case began on Sept. 27, 2010, when an involuntary
Chapter 11 petition was filed against Excel Storage Products,
L.P., (Bankr. M.D. Pa. Case No. 10-07862).  The Debtor filed a
voluntary Chapter 7 petition (Case No. 10-08141) on Oct. 1.  By
stipulation, the involuntary and the voluntary cases were
consolidated on Oct. 12, 2010.  It was further stipulated that the
Debtor would, for all purposes, be considered as having filed a
Chapter 7 case from Sept. 27, 2010.


FAIRFIELD SENTRY: Court Recognizes Liquidation Proceeding
---------------------------------------------------------
Kenneth M Krys and Joanna Lau of KRyS Global, the Joint
Liquidators of Fairfield Sentry Ltd., Fairfield Sigma Ltd. and
Fairfield Lambda Ltd., announce another important decision in the
Fairfield Funds' liquidation proceedings.

In a decision dated September 15, 2011 and entered on the docket
on September 16, 2011, U.S. District Judge George B. Daniels of
the U.S. District Court for the Southern District of New York
affirmed the July 22, 2010 decision of the Bankruptcy Court
recognizing Fairfield Sentry's liquidation proceeding in the
British Virgin Islands as a "foreign main proceeding" under
Chapter 15 of the U.S. Bankruptcy Code, which entitled the Joint
Liquidators to cooperation and assistance of U.S. courts in aid of
their recovery efforts on behalf of Sentry's stakeholders.

The Bankruptcy Court's decision was challenged by parties (the
"Appellants") to a purported derivative action (the "Derivative
Action") alleged to have been brought in the name of Fairfield
Sentry.  The Derivative Action was stayed as a result of and by
the Bankruptcy Court's decision.  On appeal, the Appellants argued
that the Bankruptcy Court erred in determining that Sentry's
center of main interests, or "COMI", is in the BVI.  The
Appellants contended that Sentry's COMI is in the United States,
and specifically New York.  The Appellants also contended that
granting recognition of the BVI liquidation proceedings was
contrary to U.S. public policy due to, among other things, a
sealing order entered in by the court overseeing the BVI
liquidation proceedings to protect information contained in the
court file that includes litigation strategy or is otherwise
confidential or privileged.

The District Court denied Appellants' appeal in its entirety,
determining that there was "significant evidence in the record"
supporting the Bankruptcy Court's finding that Sentry's center of
main interests is in the BVI.  The District Court also rejected
the Appellants' argument that recognition of Sentry's BVI
liquidation proceedings is contrary to U.S. public policy.

Kenneth Krys, a licensed insolvency practitioner of the British
Virgin Islands and one of the Joint Liquidators of the Fairfield
Funds, said of the District Court's decision: "We are very pleased
with the District Court's affirmance of the Bankruptcy Court's
recognition order.  This important decision provides the Joint
Liquidators with continued access to and assistance from United
States courts in fulfilling their duties to obtain recoveries for
Sentry's stakeholders in this complex, international liquidation."
Fairfield Sentry Limited and its affiliated funds Fairfield Sigma
Limited and Fairfield Lambda Limited) were the largest 'feeder'
funds into the Bernard Madoff Ponzi Scheme.

The Joint Liquidators were represented in this matter by their
U.S. Attorneys, David J. Molton and Daniel J. Saval of Brown
Rudnick LLP.

                       About KRyS Global

KRyS Global -- http://www.KRyS-Global.com/-- has over 40
professionals who work from offices in four jurisdictions: the
British Virgin Islands, Cayman Islands, Bahamas and Bermuda.  They
specialize in providing corporate recovery, fraud investigation
and forensic accounting, money laundering investigations, business
advisory services, consulting and regulatory compliance services.

                       About Brown Rudnick

Brown Rudnick  -- http://www.brownrudnick.com/-- is an AmLaw 200
firm with offices in the United States and Europe.  With
relentless focus on the client's objectives, the Firm represents
clients from around the world in high stakes litigation and
business transactions.

                     About Fairfield Sentry

Fairfield Sentry is being liquidated under the supervision of the
Commercial Division of the High Court of Justice in the British
Virgin Islands.  It is one of the funds owned by the Fairfield
Greenwich Group, an investment firm founded in 1983 in New York
City.  Fairfield Sentry and other Greenwich funds had among the
largest exposures to the Bernard L. Madoff fraud.

Fairfield Sentry Limited filed for Chapter 15 protection (Bankr.
S.D.N.Y. Case No. 10-13164) on June 14, 2010.

Greenwich Sentry, L.P., and an affiliate filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 10-16229) on Nov. 19, 2010,
hoping to settle lawsuits filed against it in connection with its
investments with Bernard L. Madoff.

On May 18, 2009, Irving H. Picard, the trustee liquidating the
estate of Mr. Madoff and his firm, Bernard L. Madoff Investment
Securities, LLC, filed a lawsuit against Fairfield Sentry and
Greenwich, seeking the return of US$3.55 billion that Fairfield
withdrew from Madoff during the period from 2002 to Mr. Madoff's
arrest in December 2008.  Since 1995, the Fairfield funds invested
about US$4.5 billion with BLMIS.

Mr. Picard claims that Fairfield knew or should have known about
the fraud give that it received from BLMIS unrealistically high
and consistent annual returns of between 10% and 21% in contrast
to the vastly larger fluctuations in the S&P 100 Index.


FLORAMO PARTNERS: Judge to Decide Fate of Falling Waters Fragments
------------------------------------------------------------------
Teresa Auch Schultz at the Chicago Sun-Times' Post-Tribune reports
that Porter County and the Falling Waters Conservancy District
stand to take in $1.6 million if they can sell all the empty
Falling Waters lots at the October tax sale, most of which would
go to making sure the conservancy district doesn't default on its
bond.

But first they have to get permission from a federal judge, who
will hear arguments from them next week about why the owners of
Falling Waters, Floramo Partners Inc., should not get to keep the
remaining lots as part of its bankruptcy filings, according to the
report.

Floramo Partners said it owes some of the highest in back taxes of
any property owners listed on Porter County's next tax sale.

The report says the large subdivision, located on Division Road
near the Lake County border, has had financial problems for
several years.  The owners managed to sell about 145 lots in the
407-lot subdivision before the economy and real estate market
crashed a few years ago. Sales slowed down in 2007, when one lot
was sold, and 2008, when two lots were sold, according to motions
filed in the U.S. Bankruptcy Court.  Business dried up completely
since 2008, with no lots being sold in 20009 or 2010, the motion
says.

The report relates that Porter County and the district say in
bankruptcy filings that Floramo stopped paying both taxes and now
owes about $59,000 in property taxes and $1.5 million in taxes to
the conservancy district.  Porter County already tried to put the
properties on a tax sale a year ago, but Floramo filed for
bankruptcy protection, which kept the lots from the sale.

Floramo has said in bankruptcy filings that it should receive a
$500,000 credit for taxes owed.

A bankruptcy hearing is scheduled for Thursday to decide whether
those properties should remain part of Floramo's bankruptcy case.
If the judge rules in favor of the county, it can finally place
the lots up for sale.

The report notes James Federoff, who is acting as receiver for the
conservancy district, said the district still owes the entire
principle of the $9.9 million bond it took out to build the
system.

Based in New Lenox, Illinois, Floramo Partners Inc. filed for
Chapter 11 bankruptcy protection (Bankr. N.D. Ind. Case No. 10-
24886) on Oct. 19, 2010.  Judge J. Philip Klingeberger presides
over the case.  Catherine Molnar-Boncela, Esq., at Gordon E.
Gouveia & Associates, represents the Debtor.  The Debtor estimated
both assets and debts between $1 million and $10 million.


FULL CIRCLE: Committee Seeks More Time to Check Sun Trust Claims
----------------------------------------------------------------
SunTrust Bank and the Official Committee of Unsecured Creditors in
the Chapter 11 case of Full Circle Dairy LLC sought and obtained
an extension of the investigation period of SunTrust's claim for
an additional 30 days or until August 19, 2011.

SunTrust asserts that it holds multiple first-priority liens on
the Debtor's property.

On April 21, 2011, the Court entered its agreed second
supplemental order authorizing the Debtor's continued interim use
of cash collateral and providing adequate protection.

In addition to providing for the use of cash collateral by the
Debtor and for the adequate protection of SunTrust, the Cash
Collateral Order established an "Investigation Period" of 60 days
in which parties in interest, including the Committee, could
properly file and serve any "challenge or objection to the
validity, perfection, or amount of SunTrust's liens and claims."

If no challenges or objections are brought by the deadline, then
the Cash Collateral Order automatically deems the claims of
SunTrust to be "allowed secured claims."

On June 17, 2011, SunTrust and the Committee filed a joint motion
to extend the investigation period through and until July 20,
2011, which was granted by the Court on June 20, 2011.

On July 18, 2011, SunTrust and the Committee filed a second joint
motion to extend the investigation period through and until August
19, 2011, which was granted by the Court on July 20, 2011.

                     About Full Circle Dairy

Full Circle Dairy, LLC, operates a dairy in Lee, Florida.  It
filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case
No. 10-06895) on Aug. 9, 2010.  Robert D Wilcox, Esq., at Brennan,
Manna & Diamond, PL, in Jacksonville, Fla., represents the Debtor.
The official committee of unsecured creditors in the Chapter 11
case has tapped John T. Rogerson, III, Esq., at Volpe, Bajalia,
Wickes, Rogerson & Wachs, P.A., in Jacksonville, Fla., as counsel.

The Company disclosed $14,281,637 in assets and $12,879,703 in
liabilities as of the Petition Date.


FURNITURE TRANSPORT: Has No New Loan, to Cease Operations
---------------------------------------------------------
Furniture Today reports that Furniture Transport Group announced
Monday that its board of directors has decided to cease operations
and liquidate its assets.

According to Furniture Today, the Company said it had been trying
to renegotiate financing with its senior lender "for several
months without success," and had been unable to secure financing
from other sources.

"It has been determined that an orderly liquidation of
substantially all of the company's assets is the only viable
course of action," the report quotes Steven Lusty, who was named
FTG's president and CEO in January, as saying.

It wasn't immediately clear if the company planned to file for
bankruptcy protection, Furniture Today notes.

Furniture Today relates that Mr. Lusty said company officials are
disappointed with the decision to liquidate, and regret the impact
it will have on employees, customers, suppliers and the community.

The company said it will be working closely with customers and
competitors "to provide a seamless, high-quality transition of
business," Furniture Today adds.

Based in Lenoir, North Carolina, Furniture Transport Group
provides furniture transportation services.  FTG was formed in
2007 with the merger of MGM Transport, Caldwell Freight Lines and
Foothills Trucking.  The company also acquired Lance
Transportation in 2009.


GEOMET INC: Gets NASDAQ Global Market Listing Deficiency Notice
---------------------------------------------------------------
GeoMet, Inc. received notice from The NASDAQ Stock Market on
September 16, 2011 advising the Company that, for the previous 30
consecutive business days, the bid price for the Company's common
stock had closed below the minimum $1.00 per share required under
NASDAQ Marketplace Rule 5450(a)(1) for continued listing on the
NASDAQ Global Market.  The notification letter states that the
Company will be afforded 180 calendar days to regain compliance
with the minimum bid price requirement.  In order to regain
compliance, the bid price of the Company's common stock must close
at $1.00 per share or more for a minimum of ten consecutive
business days.  The grace period expires on March 14, 2012.  In
the event that the bid price deficiency is not cured by that time,
the Company's securities will be subject to delisting.  An
additional 180-day period will be available to regain compliance
if the Company transfers its listing to the NASDAQ Capital Market
and meets all other listing requirements.  The notification letter
has no effect on the listing or trading of the Company's common
stock and preferred stock on the NASDAQ Global Market at this
time.

Commenting on the notice Darby Sere, President and Chief Executive
Officer, said, "We are obviously disappointed to receive this
notice but it is important to point out that it does not impact
the Company's financial stability or daily operations.  No
financial covenants or other agreements are impacted by this
notice.  The Company believes it has the financial flexibility and
liquidity necessary to execute its capital and operational plans."

The Company intends to actively monitor the bid price for its
common stock between now and March 14, 2012, and will consider all
available options to resolve the deficiency and regain compliance
with the NASDAQ Global Market minimum bid price requirement.


GLOBAL AVIATION: S&P Raises Corporate Credit Rating to 'CCC'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Peachtree City, Ga.-based Global Aviation
Holdings Inc. to 'CCC' from 'SD'. "We also raised the issue rating
on the company's senior secured notes to 'B-' from 'D'. At the
same time, we placed both ratings on CreditWatch with developing
implications. The recovery rating remains a '1'. However, we might
reassess the assumptions underlying the recovery evaluation and
this could lead us to revise the recovery rating," S&P stated.

"The upgrade of our ratings on Global Aviation reflects the
company's Sept. 14, 2011, payment of the interest on its first-
lien debt that was due on Aug. 15, 2011 -- within the 30-day grace
period provided in the indenture," said Standard & Poor's credit
analyst Lisa Jenkins. "The company deferred the payment while it
negotiated revised lease terms with its aircraft lessors and
revised covenant terms with its lenders. We have placed our
ratings on the company on CreditWatch with developing implications
while we monitor the status of negotiations with lessors and
evaluate the operating and liquidity outlook."

In its 10Q filing for the second quarter ended June 30, 2011,
Global Aviation stated that it was in compliance with covenants in
the second quarter, but that it expected to be out of compliance
in the third quarter without covenant relief and success with
other cost-cutting initiatives. The company stated that it was
seeking to achieve $30 million in cost savings, with modification
of aircraft lease terms an important part of these efforts.

Global Aviation recently negotiated revised terms, including near-
term covenant relief, with its first- and second-lien lenders.
It's still negotiating with its aircraft lessors on modified lease
terms. The amended debt agreements require, among other things,
that Global Aviation demonstrate, by Oct. 15, 2011, that it has
reduced annual lease expense by a minimum of $18 million in both
2012 and 2013. Global Aviation has said that it believes it has
received sufficient lease modification proposals to meet this
requirement, but that the agreements are not yet final.

Global Aviation's ratings reflect its participation in the
competitive and capital-intensive heavy airfreight business and
its highly leveraged capital structure. Is earnings and cash flow
have been adversely affected by reduced pricing on its military
business, higher capital expenditures, and lower-than-expected
operating levels in both its military and commercial business in
recent quarters. Global Aviation provides passenger and cargo air
transportation to the U.S. military and commercial customers
through its two airline subsidiaries, World Airways Inc. and North
American Airlines Inc.

"We will continue to monitor Global Aviation's negotiations with
aircraft lessors," Ms. Jenkins continued. "To resolve the
CreditWatch, we will assess the company's operating outlook and
evaluate the impact of the amended debt agreements and modified
lease terms on its liquidity prospects. We could raise ratings if
we believe the company's operating prospects have improved and
that it has resolved its liquidity issues for the coming year. We
could lower ratings if we believe Global Aviation will not meet
the terms of the amended debt agreements or if continued pressures
on earnings result in weaker-than-expected liquidity."


GOLD HILL: Employs Hartsell & Williams as Special Counsel
---------------------------------------------------------
Gold Hill Enterprises, LLC, has been authorized by the U.S.
Bankruptcy Court for the District of South Carolina to employ K.
Todd Phillips, Esq. and the firm Hartsell & Williams, P.A., as its
special counsel.

The firm will be paid its regularly hourly rates, which range from
$150 to $295 for attorneys, and $125 to $150 for paralegals.

                    About Gold Hill Enterprises

Fort Mill, South Carolina-based Gold Hill Enterprises, LLC, dba
Jennings Enterprises, filed for Chapter 11 bankruptcy protection
(Bankr. D. S.C. Case No. 11-02458) on April 14, 2011.  In its
schedules, the Debtor disclosed $11.9 million in total assets and
$7.4 million in total liabilities.

Barton Law Firm, P.A., represents the Debtor in its restructuring
effort.  B. Bayles Mack and the firm of Mack & Mack serves as
special counsel.  Keith Corporation serves as marketing and
development agent.  Robert Palmer & Associates serves as tax
accountant to assist in the preparation of all tax filings and
returns required post petition, and other accounting services that
may be necessary during the pendency of the Chapter 11 case.

W. Clarkson Mcdow, Jr., the U.S. Trustee for Region 4, was unable
to appoint an official committee of unsecured creditors in the
Debtor's case.


GOLDENPARK LLC: Has No Plan; Creditor Wants Dismissal/Conversion
----------------------------------------------------------------
Urban Commons Sycamore LLC, a creditor of Goldenpark LLC, asks the
U.S. Bankruptcy Court for the Central District of California to
dismiss the Debtor's Chapter 11 bankruptcy case or, in the
alternative, convert the Debtor's case to Chapter 7 liquidation
proceeding because the Debtor has ignored and failed to comply
with the scheduling order's deadline for the filing of its plan
and disclosure statement.

Urban Commons notes that the Debtor's plan filing deadline expired
on Sept. 15, 2011.

Urban Commons adds that the Debtor has failed to comply with the
requirements of the Court's local rules by failing to file any
monthly operating reports at all in case and is concealing assets.

A hearing is set for Oct. 12, 2011, at 9:30 a.m., to consider the
creditor's request.

                       About Goldenpark LLC

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

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


GOLF CLUB: May Return to Chapter 11 Bankruptcy
----------------------------------------------
Del Milligan at the Ledger reports that the Golf Club, a 18-hole
golf course in North Lakeland, is reorganizing its financial
standing for the second time in 27 months.  "I guess they're going
under a Chapter 11 restructuring, again," the report quotes head
professional Dave Shallow as saying.

The Golf Club at Bridgewater, L.L.C., is a semi-private course off
State Road 33 North, in Lakeland, Florida.

The Company first filed for Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Case No. 09-10430) on May 20, 2009.  David S.
Jennis, Esq., at Jennis & Bowen, P.L., assisted the Company in its
restructuring effort.  The Company estimated up to $10 million in
assets and debts as of the Chapter 11 filing.


GREAT CANADIAN: S&P Affirms CCR at 'BB+' on Refinancing
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit rating on Great Canadian Gaming Corp. (GCG) and
its 'BBB' issue-level rating on the company's existing secured
debt. The outlook is stable.

"Standard & Poor's also assigned its 'BBB' issue-level rating, and
'1' recovery rating, to the company's C$350 million revolving
credit facility, maturing July 21, 2016. A '1' recovery rating
indicates our expectation of very high (90%-100%) recovery in a
default scenario," S&P stated.

The affirmation and new issue follow the increase to the company's
revolving credit facility to C$350 million from C$200 million.

"Consequently, we lowered the rating on GCG's US$170 million
second-lien notes to 'BB-' from 'BB' because of the increase in
secured priority debt that would rank ahead in the event of
default. In addition, we are revising the recovery rating on the
debt to '6' from '5'. A '6' recovery rating indicates our
expectation of negligible (0%-10%) recovery in a default
situation," S&P said.

"The ratings on GCG reflect what we view as the company's
significant revenue and EBITDA concentration in B.C. and an
allocation structure that provides provincial governments with a
fixed percent of revenues," said Standard & Poor's credit analyst
Donald Marleau. "The ratings are supported by the limited
competition in the company's key markets, its solid market share
in B.C., capital-expenditure reimbursements from some provincial
governments, and credit measures that are consistent with the
rating," Mr. Marleau added.

GCG is a multijurisdictional gaming and entertainment operator
that has operations in B.C., Nova Scotia, Ontario, and Washington
State. The company operates eight casinos (one with a hotel and
conference center); four card rooms; four racetracks with gaming
(called "racinos"; three are slots only and one features slots and
tables); a recently acquired bingo hall; and various other food,
beverage, and entertainment facilities.

"The stable outlook reflects our view that GCG's credit measures
will remain in line with the 'BB+' rating, with total debt to
adjusted EBITDA (including capital reimbursements) below 3.5x.
Assuming steady EBITDA and operating cash flow in 2011, leverage
should remain at about 3x, while strong liquidity and low capital
expenditures give the company some flexibility to complete small
acquisitions or share repurchases without straining its financial
risk profile. Given our assessment of the company's fair business
risk profile, a higher rating would likely be linked to the
combination of improved operating diversity, sustained
improvements in operating performance, and financial policies that
preserve leverage below 2.5x. On the other hand, there could be
downward pressure on the rating if leverage increases above 3.5x
because of weaker operating performance, acquisitions, or capital
structure initiatives," S&P added.


HARBOUR EAST: Hires Sutton and Trust Group as Real Estate Broker
----------------------------------------------------------------
Harbour East Development Ltd. has employed Madeleyne Sutton and
Trust Group Group Realty its non-exclusive sales and marketing
agent and real estate broker to assist in the leasing and sale of
certain of the Debtor's condominium units nunc pro tunc to
June 30, 2011.

The Debtor hired Ms. Sutton and Trust group after terminating its
developer and broker agreement with EWM Realty on June 30, 2011.

The Debtor will generally pay the broker a commission of 6% of the
sale price of each particular Condominium Unit and 8% of the gross
value of any lease of each particular Condominium Unit.
Commissions may vary depending on the participation of cooperating
agents or brokers.

                  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 Affirms Issuer Default Rating at 'B+'
----------------------------------------------------
Fitch Ratings has affirmed HCA, Inc's ratings including its 'B+'
Issuer Default Rating (IDR).  The rating action follows an
announcement that the company will buy back BofA's 15.6% ownership
stake in the company for approximately $1.5 billion.  The Rating
Outlook is Stable.

The ratings apply to $25.3 billion of debt outstanding at June 30,
2011.

Funding of the repurchase of the BofA shares, along with the
pending $1.45 billion HealthONE acquisition, is expected to
increase HCA's total debt by $3 billion to about $28.3 billion.
HCA plans to fund the BofA share repurchase through draws on its
bank credit revolvers.  It has not yet finalized financing plans
for the HealthONE acquisition. Fitch projects that total debt-to-
EBITDA at the end of 2011 will approach 4.8 times (x), basically
unchanged from its Dec. 31, 2010 level. Fitch does expect that
leverage will drop to below 4.5x early in 2012 due to EBITDA
contributed by the HealthONE acquisition, which is expected to
close in 4Q'11.

HCA's ratings reflect the following main credit factors:

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

  -- Debt repayment is expected to be nominal and further large
     share repurchases would pressure the ratings if debt is
     sustained above 4.5x EBITDA.

  -- Aside from the planned BofA share repurchase, 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.

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
substantially 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 4.4x
total debt leverage level was reduced from 5.0x one year prior,
due to a $1.5 billion reduction in total debt outstanding and 2%
year-over-year growth in LTM EBITDA.  HCA's debt levels are
consistent with its publicly traded peers.  While FCF generation
could support further debt pay down, Fitch does not believe that
there is compelling financial incentive for the company to reduce
leverage.

Dividends Impacted 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.

Economy & Healthcare Reform Headwinds: Organic topline 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.

DEBT ISSUE RATINGS

Fitch has affirmed the following ratings:

HCA, Inc.

  -- IDR at 'B+';
  -- Senior Secured credit facilities (cash flow and asset backed)
     at 'BB+/RR1' (100% estimated recovery);
  -- Senior Secured First lien notes at 'BB+/RR1' (100% estimated
     recovery);
  -- Senior Secured Second lien notes at 'BB+/RR1' (100% estimated
     recovery);
  -- Senior Unsecured notes at 'B+/RR4' (31%-50% estimated
     recovery). HCA Holdings Inc.
  -- IDR at 'B+';
  -- Senior Unsecured Notes 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.

Fitch applies a waterfall analysis to the distressed EV based on
the relative claims of the debt in the capital structure. The
'BB+/RR1' rating for HCA's secured debt (which includes the bank
credit facilities, the first and second lien notes) reflects
Fitch's expectations for 100% recovery under a bankruptcy
scenario.  The 'B+/RR4' rating on the HCA Inc. unsecured notes
rating reflects Fitch's expectations for recovery in the 31%-50%
range.  The 'B-/RR6' rating on the HCA Holdings, Inc. unsecured
notes reflects expectation of 0% recovery.

HCA plans to initially fund the BofA share repurchase through
draws on its credit revolvers.  At June 30, 2011, the company had
$2.9 billion of capacity under the $4 billion in total revolver
commitments.  Since Fitch assumes that HCA would fully draw its
credit revolvers in a distressed scenario, funding of the
transaction has no impact on the estimated debt issue recoveries.

Fitch notes that the company has good incremental capacity for
additional secured debt issuance.  The only limit on secured debt
is a 3.75 times (x) first lien leverage ratio test in the bank
agreements.  First lien debt includes the bank debt and the first
lien secured notes.  Assuming $5.9 billion in EBITDA, the company
has total first lien secured debt capacity of about $22 billion.
There is currently$16 billion of secured debt in the capital
structure, meaning there would be ample capacity for funding of
both the BofA share repurchase and the HealthONE acquisition on
the secured lien.


HELIX ENERGY: S&P Upgrades Corporate Credit Rating to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Houston-based Helix Energy Solutions Group Inc. to 'B+'
from 'B'. The outlook is stable.

"At the same time, we raised the issue rating on the company's
senior secured debt to 'BB-' (one notch higher than the corporate
credit rating) from 'B+'. The recovery rating remains unchanged at
'2', indicating our expectation of substantial (70% to 90%)
recovery in the event of a default. We also raised the issue
rating on the company's unsecured debt to 'B-' (two notches lower
than the corporate credit rating) from 'CCC+'. The recovery rating
remains unchanged at '6', indicating our expectation of negligible
(0% to 10%) recovery in the event of a default," S&P stated.

"The upgrade follows continued improvement of Helix's operating
and financial measures," said Standard & Poor's credit analyst
Marc Bromberg. Its contracting services business has generated
healthy levels of profitability and free cash flow despite
lackluster activity in the Gulf of Mexico (GOM), where the
services business had historically derived about half of its
earnings. Helix has successfully recontracted vessels outside of
GOM, largely due to good demand for well intervention and robotics
services, resulting in healthy utilization and day rates. At the
same time, Helix has expanded its offerings to the renewable
energy market which adds to diversity, and it has also added its
vessels and subsea assets as standby in the event of another
oil spill in GOM, with 24 independent exploration and production
(E&P) operators agreeing to a retainer fee, almost all of which
falls directly to EBITDA.

"The upgrade considers the possibility that Helix could issue debt
over the next year to help fund a new build in the event it
obtains a well intervention contract with Statoil. We believe that
debt associated with this issuance could total as much as $500
million, assuming that Helix decides to fund nearly 70% of the
assumed $650 million to $750 million cost via debt. Despite the
possible issuance, we expect Helix to maintain credit measures in
line with the 'B+' category given our favorable outlook on the
prospects for the contracting services business and the potential
that it could use excess cash flow to pay down current holdings,"
S&P stated.

The rating on Helix reflects the short reserve life associated
with the company's exploration and production (E&P) assets in the
Gulf of Mexico, an aggressive capital spending program, and its
exposure to the historically cyclical oil and gas industry.
Ratings also reflect Helix's adequate liquidity profile and some
operating diversity provided through its core contracting services
business as well as its E&P segment.

"The stable outlook reflects our view that credit measures will
remain in line with the 'B+' rating, given our expectation that
international exposure from its contracting services business and
oil production from its E&P business will result in decent
profitability. We expect that Helix will experience little
downtime on internationally contracted vessels, that it will be
able to successfully mobilize vessels that go off contract or idle
in GOM, and that the company will see little to no downtime (i.e.,
hurricane interruption) related to its hydrocarbon production,"
S&P stated.

"We would consider a downgrade if adjusted debt to EBITDA were to
move toward 5x for several consecutive quarters. For leverage to
exceed this target, we forecast that second-quarter adjusted
EBITDA of approximately $188 million would need to fall about 50%,
a decline that we consider highly unlikely," S&P noted.

"We consider an upgrade to 'BB-' as unlikely, given Helix's small
size and scale in its E&P operations, volatility associated with
its business servicing E&P customers, and the potential that it
could add debt over the next year if it decides to fund a Cat B
well intervention new build," S&P added.


HILL TOP: Disclosure Statement Hearing Set for Oct. 12
------------------------------------------------------
A hearing to consider approval of the disclosure statement
explaining Hill Top Farm, Ltd.'s plan of reorganization is
scheduled for Oct. 12, 2011, at 9:30 a.m.

The Plan provides for the treatment of these classes of creditors:

   1. Administrative Claimants: Creditors holding Allowed
      Administrative Claims relative to the Case, including the
      U.S. Trustee's Claim for allowed fees.  Estimated amount is
      $85,000.  Each holder of an Allowed Administrative Claim
      will be paid in full in cash upon the Distribution Date.

   2. Class 1: Secured creditors holding Allowed Property Tax
      Claims against Hill Top, estimated at $0 at time of
      confirmation of the plan.  Class 1 is impaired.  Revested
      Debtor Hill Top will pay the Class 1 Creditor's Allowed
      Claim in 60 monthly installments with interest accruing
      thereon at the rate of 12% per annum.  Class 1 Creditors
      will retain their lien on the property securing payment of
      their respective claims until the Allowed Claims are paid in
      full.

   3. Class 2: Creditors Allowed Priority Claims against Hill Top,
      estimated at $0.  The Revested Debtor Hill Top will pay the
      Class 2 Creditor a monthly payment determined by amortizing
      the Allowed Claim over a period of 72 months and applying an
      interest rate as determined on the Petition Date under
      Sec. 6621 of the Internal Revenue Code.  This agreement will
      have no effect on the Internal Revenue Service's ability to
      assess taxes and file liens against any other parties
      responsible for the payment of Hill Top's Class 2 Creditors.
      Furthermore, any payments of the Class 2 Allowed Claims made
      by any responsible parties other than Debtor Hill Top will
      be applied first to the actual tax owed by Hill Top and then
      to accrued interest and then to accrued penalties, if any.
      Hill Top says it does not have any Class 2 Creditors.

   4. Class 3: First National Bank, to the extent it holds an
      Allowed Secured Claim against Hill Top.  Estimated amount is
      $1,880,000.  First National Bank, to the extent it holds an
      Allowed Class 3 Claim, will, receive from Hill Top, monthly
      $14,000 payments of principal and interest, commencing on
      September 15, 2012 and continuing monthly thereafter though
      and until August 15th, 2017.  In addition, Hill Top will
      secure First National's release of its lien on any real
      property lot that is part of the Hill Top collateral by
      paying to First National Bank a release price of $12,000 per
      lot.  Furthermore, Hill Top will secure First National s
      release of its lien on either Hill Top's two commercial
      tracts that are part of the Hill Top collateral by paying to
      First National Bank a release price of 85% of the net sales
      proceeds of the tract being sold.  In addition, when a lot
      or commercial tract is sold and the lien thereon is
      released, First National Bank will re calculate the monthly
      payment due and owing by amortizing the then principal
      balance over a period of 120 months and applying an interest
      rate of 7.5%.

   5. Class 4: Creditors Holding Allowed Unsecured Claims,
      including non-insider Claims equaling $2,000.  Hill Top
      will, for a period of five years after the Effective Date,
      and in four equal installments each year pay Class 4
      Creditors their pro rata share of 50% of the difference of:
      (i) the partnership=s net taxable income after (after taxes
      but before the depreciation deduction) according to the
      Revested Debtor's previous year's form 1065 Federal Tax
      Return and (ii) the sum of all plan payments and debt
      service payments (including principal payments) made by Hill
      Top.

   6. Class 5: Equity Security or Interest Holders.  Class 5 is
      unimpaired.  Class 5 Interest Holders will retain their
      interest in Hill Top.

Current management -- Ray Salinas, Ismael Salinas and Roberto R.
Salinas -- will continue to manage the Debtor's business.

A full-text copy of the Disclosure Statement dated Aug. 19, 2011,
is available for free at:

            http://ResearchArchives.com/t/s?76f4

                     About Hill Top Farm, Ltd.

San Antonio, Texas-based Hill Top Farm, Ltd., is in the real
estate development business.  The Company filed for Chapter 11
bankruptcy protection (Bankr. W.D. Tex. Case No. 10-52526) on
July 2, 2010.  William B. Kingman, Esq., who has an office in San
Antonio, Texas, assists the Company in its restructuring effort.
The Company estimated $10 million to $50 million in assets and
$1 million to $10 million in liabilities as of the Petition Date.

Judy A. Robbins, the U.S. Trustee for Region 7, was unable to
appoint a committee of creditors holding unsecured claims.


HORIZON LINES: Amends Form S-4 Exchange Offer
---------------------------------------------
Horizon Lines, Inc., filed with the U.S. Securities and Exchange
Commission Amendment No. 2 to Form S-4 registration statement
regarding the Company's offer to exchange a number of shares of
its common stock and its 6.00% Series A Convertible Senior Secured
Notes due 2017 and 6.00% Series B Mandatorily Convertible Senior
Secured Notes for any and all 4.25% Convertible Senior Notes due
2012.

Concurrently with the consummation of the Exchange Offer, Horizon
Lines, LLC, will be issuing (i) $225.0 million aggregate principal
amount of new 11.00% First-Lien Senior Secured Notes due 2016, and
(ii) $100.0 million of Second-Lien Senior Secured Notes due 2016.
Horizon Lines, LLC, as borrower will also enter into a new $100.0
million asset-based revolving loan facility at the consummation of
the Exchange Offer.

A full-text copy of the amended prospectus is available for free
at http://is.gd/qE7n4W

                        About Horizon Lines

Charlotte, N.C.-based Horizon Lines, Inc. (NYSE: HRZ) is the
nation's leading domestic ocean shipping and integrated logistics
company.  The Company owns or leases a fleet of 20 U.S.-flag
containerships and operates five port terminals linking the
continental United States with Alaska, Hawaii, Guam, Micronesia
and Puerto Rico.  The Company provides express trans-Pacific
service between the U.S. West Coast and the ports of Ningbo and
Shanghai in China, manages a domestic and overseas service partner
network and provides integrated, reliable and cost competitive
logistics solutions.

The Company's balance sheet at June 26, 2011, showed
$794.96 million in total assets, $793.45 million in total
liabilities, and a stockholders' deficit of $1.51 million.

The Company expects to experience a covenant breach under the
Senior Credit Facility in connection with the amended financial
covenants upon the close of the third fiscal quarter of 2011.

As reported in the TCR on March 30, 2011, Ernst & Young LLP, in
Charlotte, North Carolina, expressed substantial doubt Horizon
Lines' ability to continue as a going concern, following the
Company's results for the fiscal year ended Dec. 26, 2010.  The
independent auditors noted that there is uncertainty that Horizon
Lines will remain in compliance with certain debt covenants
throughout 2011 and will be able to cure the acceleration clause
contained in the convertible notes.

                          *    *      *

As reported by the TCR on Aug. 26, 2011, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on Horizon
Lines Inc. to 'SD' from 'CCC'.

The rating action on Horizon Lines follow the company's decision
to defer the interest payment on its $330 million senior
convertible notes due August 2012, exercising the 30-day grace
period.  "Under our criteria, we view failure to make an interest
payment within five business days after the due date for
payment a default, regardless of the length of the grace period
contained in an indenture," said Standard & Poor's credit analyst
Funmi Afonja.


INNER CITY: Wants Access to Cortland Capital's Cash Collateral
--------------------------------------------------------------
Inner City Media Corporation, et al., ask the U.S. Bankruptcy
Court for the Southern District of New York to authorize the use
cash collateral of Cortland Capital Market Services LLC, as
successor to General Electric Capital Corporation, the agent, and
the senior lenders.

As of the Petition Date, the Debtors were indebted to the senior
lenders for the loans, advances, and other financial
accommodations made by the senior lenders pursuant to the
prepetition loan documents in the aggregate principal amount of
approximately $228 million, plus accrued and unpaid interest and
fees (less amounts previously paid).

The Debtors relate that the agent and senior lenders consented to
the Debtors' use of the cash collateral of $1,089,000 for funding
working capital and general corporate purposes of the Debtors
during the pendency of the cases, (b) making adequate protection
payments, and (c) the costs, fees, and expenses incurred in
connection with the administration and prosecution of the cases.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant the agent and senior lenders
adequate protection liens, a superpriority administrative expense
claim status, and payment of all reasonable fees and out-of-pocket
costs and expenses of the agent incurred after Aug. 19, 2011, up
to an aggregate amount of $50,000 per month.

The Debtors' use of the cash collateral is also subject to certain
milestones, including:

   -- the Debtors will take these actions by the following dates:

   i) within 30 days of the date of entry of this Interim Order,
   the Debtors will have filed with the Court a proposed chapter
   11 plan and a corresponding disclosure statement, in each case
   in form and substance acceptable to the senior lenders;

  ii) within 60 days of the Process Start Date, the Court will
   have entered an order approving the Disclosure Statement;

iii) within 90 days of the Process Start Date, the Court will
   have entered an order confirming the Plan; and

  iv) by Dec. 31, 2011, the Plan will have been consummated if
   necessary Federal Communications Commission or other
   governmental approvals have been obtained.

   -- by Oct. 17, 2011, the Debtors will file schedules of assets
   and liabilities, schedules of current income and expenditures,
   schedules of executory contracts and unexpired leases, and
   statements of financial affairs.  Within five business days of
   filing the Schedules and Statements, the Debtors will file a
   motion, in form and substance acceptable to the senior lenders,
   seeking entry of an order, in form and substance acceptable to
   the senior lenders, establishing the earliest possible date
   permitted under the Bankruptcy Rules and the Local Bankruptcy
   Rules, as the deadline for filing proofs of claim in the Cases.

   -- Within 30 days after the entry of orders for relief, the
   Debtors will appoint a chief restructuring office from a list
   provided by the senior lenders.  The Debtors reserve the right
   to request that the senior lenders propose additional
   candidates in the event the persons on the senior lenders'
   initial list are not available or conflicted.  The scope, terms
   and conditions of the CRO's corporate authority and retention
   will be acceptable to the senior lenders in the exercise of
   their reasonable discretion.

                         About Inner City

On Aug. 19, 2011, affiliates of Yucaipa and CF ICBC LLC, Fortress
Credit Funding I L.P., and Drawbridge Special Opportunities Fund
Ltd., signed involuntary Chapter 11 petitions for Inner City and
its affiliates (Bankr. S.D.N.Y. Case Nos. 11-13967 to 11-13979) to
collect on a $254 million debt.

The Petitioning Creditors are party to the senior secured credit
facility pursuant to which they (or their predecessors in
interest) extended $197 million in loans to the Alleged Debtors to
be used for general corporate purposes.  More than two years ago,
the Alleged Debtors defaulted under the Senior Secured Credit
Facility, and in any event the entire amount of principal and
accrued and unpaid interest and fees became immediately due and
payable on February 13, 2010.  As a result, the Senior Lenders are
owed approximately $250 million in principal and accrued and
unpaid interest and fees as of the Involuntary Chapter 11 Petition
Date.

Inner City Media Corporation's affiliates subject to the
involuntary Chapter 11 are ICBC Broadcast Holdings, Inc., Inner-
City Broadcasting Corporation of Berkeley, ICBC Broadcast
Holdings-CA, Inc., ICBC-NY, L.L.C., ICBC Broadcast Holdings-NY,
Inc., Urban Radio, L.L.C., Urban Radio I, L.L.C., Urban Radio II,
L.L.C., Urban Radio III, L.L.C., Urban Radio IV, L.L.C., Urban
Radio of Mississippi, L.L.C., and Urban Radio of South Carolina,
L.L.C.  The Court granted the Debtors relief under Chapter 11 on
Sept. 8, 2011.


INNER CITY: Bankruptcy Court Grants Relief Under Chapter 11
-----------------------------------------------------------
The Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York granted each of Inner City Media
Corporation and its debtor affiliates relief under Chapter 11 of
the United States Code.

The decision came after considering the involuntary petitions
filed on Aug. 19, 2011, against the Debtors and the Debtors'
answer to involuntary petitions and consent to entry of order for
relief and reservation of rights.

                         About Inner City

On Aug. 19, 2011, affiliates of Yucaipa and CF ICBC LLC, Fortress
Credit Funding I L.P., and Drawbridge Special Opportunities Fund
Ltd., signed involuntary Chapter 11 petitions for Inner City and
its affiliates (Bankr. S.D.N.Y. Case Nos. 11-13967 to 11-13979) to
collect on a $254 million debt.

The Petitioning Creditors are party to the senior secured credit
facility pursuant to which they (or their predecessors in
interest) extended $197 million in loans to the Alleged Debtors to
be used for general corporate purposes.  More than two years ago,
the Alleged Debtors defaulted under the Senior Secured Credit
Facility, and in any event the entire amount of principal and
accrued and unpaid interest and fees became immediately due and
payable on February 13, 2010.  As a result, the Senior Lenders are
owed approximately $250 million in principal and accrued and
unpaid interest and fees as of the Involuntary Chapter 11 Petition
Date.

Inner City Media Corporation's affiliates subject to the
involuntary Chapter 11 are ICBC Broadcast Holdings, Inc., Inner-
City Broadcasting Corporation of Berkeley, ICBC Broadcast
Holdings-CA, Inc., ICBC-NY, L.L.C., ICBC Broadcast Holdings-NY,
Inc., Urban Radio, L.L.C., Urban Radio I, L.L.C., Urban Radio II,
L.L.C., Urban Radio III, L.L.C., Urban Radio IV, L.L.C., Urban
Radio of Mississippi, L.L.C., and Urban Radio of South Carolina,
L.L.C.  The Court granted the Debtors relief under Chapter 11 on
Sept. 8, 2011.


INNKEEPERS USA: Cerberus Fighting Losing Battle, NY Times Says
--------------------------------------------------------------
Cerberus Capital Management and Chatham Lodging Trust have filed
separate answers responding to Innkeepers USA Trust's lawsuit.

Steven M. Davidoff, writing for The New York Times' The Deal
Professor, examined the buyers' answers and notes that Cerberus
and Chatham are fighting a losing battle on the material adverse
change claim.

Mr. Davidoff points out that the different answers may be a sign
that it is Cerberus who is driving the attempt to walk from the
Innkeepers deal.  "Cerberus knows the strength of its case. It is
likely trying to buy time or leverage the uncertainty for a
renegotiation. This strategy may even work," Mr. Davidoff says.

Mr. Davidoff relates Cerberus does not claim anything specific has
happened to Innkeepers to justify invoking the MAC clause in the
parties' acquisition agreement.  Instead Cerberus cites adverse
changes in the debt and equity capital markets, which included a
30% to 40% decline in the equity market value of comparable hotel
operators, Standard & Poor's downgrade of the United States'
credit rating, severe tightening of the credit markets, and
according to analysts reports, a close to 50-50 chance of a
"double-dip recession.

According to Mr. Davidoff, even if Cerberus is right that the
economy is rapidly in decline, Cerberus does not have a good
chance of winning its MAC claim. He notes the specific wording of
the MAC clause in the parties' agreement requires that the effect
occur on Innkeepers itself and not the economy. Cerberus is side-
stepping this issue by claiming that these wide-spread economic
effects are affecting Innkeepers.

Mr. Davidoff says the Innkeepers MAC is favorable to Cerberus in
its wording, but even then, this is not how MACs are typically
interpreted.  Instead, courts looking at MAC claims typically
focus on events at the company itself not indirect ones.

According to Mr. Davidoff, if Cerberus wanted to it could have
negotiated a market MAC to account for this. This is a clause
which allows a party to terminate the acquisition if market
conditions generally deteriorate.

Mr. Davidoff notes according to Innkeepers, such a market MAC was
proposed and rejected by Innkeepers in its initial stalking horse
agreement with rival bidders, Five Mile Capital Partners and
Lehman Brothers.  Cerbeus and Chatham never even proposed such a
provision, Innkeepers says.

According to Mr. Davidoff, Chatham makes a better argument that
under the terms of the deal, both Chatham and Cerberus are liable
only for the $20 million deposit they made in connection with the
signing of the acquisition agreement.  Cerberus and Chatham argue
that this provision was incorporated into their acquisition
agreement and therefore the pair's total liability cannot exceed
the deposit.

Innkeepers has yet to respond to this argument, but, Mr. Davidoff
says, will likely counter with two points. First the acquisition
agreement contains an integration clause.  The clause states that
the entire agreement of the parties is embodied in the acquisition
agreement. Because of this, the parties did not incorporate
Section 8 of the bidding procedures order and its liability
limitation.

The original bid from Five Mile and Lehman contained a liquidated
damages provision specifically stating that the bidders' ultimate
liability was the deposit. In the Cerberus/Chatham deal the
provision was deleted by the parties.  According to Mr. Davidoff,
Innkeepers will likely also argue that the integration clause
combined with the deletion of this provision shows that it was the
intent of the parties not to incorporate the bidding procedures
order.

Mr. Davidoff says the best argument the buyers have is that the
bidding procedures order provides overriding rules that cannot be
waived.  Alternatively, the two argue that because the commitment
letter mentions that the deposit will be made in accordance with
the bidding procedures order, the provisions on liability
limitation are also incorporated.

"But I don't find either of these arguments particularly
compelling. These are sophisticated parties who could have
specifically agreed to make the deposit Innkeepers' sole remedy.
They did not do so in an agreement that says it is the entire
understanding of the parties," Mr. Davidoff says.

                      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).

Dow Jones Newswires' Joseph Checkler reports that the he two sides
and Judge Shelley C. Chapman agreed that a trial of the lawsuit
could start on Oct. 10, which would necessitate the opening of the
courthouse during the Columbus Day holiday.

Innkeepers USA has won an extension until Nov. 10 of its
exclusivity periods to file a plan free from the threat of a rival
proposal.  Originally, Innkeepers was going to ask for an
extension until Jan. 12 to file a plan and March 19 to solicit
credit or votes on the proposal, but a lawyer said the company had
scaled the request back to Nov. 10 and would come to court just
before that if it needs more time.

The lawsuit is INNKEEPERS USA TRUST, et al., v. CERBERUS SERIES
FOUR HOLDINGS, LLC, CHATHAM LODGING TRUST, INK ACQUISITION LLC,
AND INK ACQUISITION II LLC, Adv. Proc. No. Case No. 11-02557
(Bankr. S.D.N.Y.).

Attorneys for Cerberus are:

          Alan R. Glickman, Esq.
          Howard O. Godnick, Esq.
          Adam C. Harris, Esq.
          Michael E. Swartz, Esq.
          SCHULTE ROTH & ZABEL LLP
          919 Third Avenue
          New York, NY 10022
          Tel: (212) 756-2000
          E-mail: alan.glickman@srz.com
                  howard.godnick@srz.com
                  adam.harris@srz.com
                  michael.swartz@srz.com

Attorneys for Chatham are:

          Scott K. Charles, Esq.
          David C. Bryan, Esq.
          William Savitt, Esq.
          Andrew J.H. Cheung, Esq.
          Joshua A. Naftalis, Esq.
          Adam P. Schleifer, Esq.
          WACHTELL, LIPTON, ROSEN & KATZ
          51 West 52nd Street
          New York, NY 10019
          Telephone: (212) 403-1000
          Facsimile: (212) 403-2000
          E-mail: skcharles@wlrk.com
                  DCBryan@wlrk.com
                  WDSavitt@wlrk.com
                  AJHCheung@wlrk.com
                  JANaftalis@wlrk.com
                  APSchleifer@wlrk.com

                    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.


INOVA TECHNOLOGY: Incurs $92,500 Net Loss in July 31 Quarter
------------------------------------------------------------
Inova Technology Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
of $92,594 on $5.04 million of revenue for the three months ended
July 31, 2011, compared with net income of $2.17 million on
$7.86 million of revenue for the same period during the prior
year.

The Company's balance sheet at July 31, 2011, showed $7.78 million
in total assets, $18.05 million in total liabilities, and a
$10.27 million total stockholders' deficit.

The Company reported a net loss of $3.35 million on $22.12 million
of revenue for the year ended April 30, 2011, compared with a net
loss of $7.06 million on $21.03 million of revenue during the
prior year.

MaloneyBailey LLP, in Houston, Texas, noted that the Company
incurred losses from operations for fiscal 2011 and 2010 and has a
working capital deficit as of April 30, 2011.  According to the
independent auditors, these factors raise substantial doubt about
Inova's ability to continue as a going concern.

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

                        http://is.gd/JspMbw

                       About Inova Technology

Based in Las Vegas, Nevada, Inova Technology, Inc. (OTC BB: INVA)
-- http://www.inovatechnology.com/-- through its subsidiaries,
provides information technology (IT) consulting services in the
United States.  It also manufactures radio frequency
identification (RFID) equipment; and provides computer network
solutions.  The company was formerly known as Edgetech Services
Inc. and changed its name to Inova Technology, Inc., in 2007.


IRWIN MORTGAGE: Hires Leslie Hindman to Auction Pieces of Artwork
-----------------------------------------------------------------
Irwin Mortgage Corporation sought and obtained authority from the
U.S. Bankruptcy Court for the Southern District of Ohio to hire
Leslie Hindman Auctioneers, Inc. to sell certain pieces of artwork
by auction.

The Debtor proposes to pay the Auctioneer a commission charged on
a per lot basis, based upon a percentage of the final hammer
price: (a) $0-$5,000 - 15% of hammer price, and (b) $5,001 and
above -- 10% of hammer price, with a minimum commission of $25 per
lot, plus certain expenses.

                       About Irwin Mortgage

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

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

Nick V. Cavalieri, Esq., and Matthew T. Schaeffer, Esq., at Bailey
Cavalieri LLC, serve as the Debtor's counsel.  Fred C. Caruso and
Development Specialists Inc. provide wind-down management services
to the Debtor.


IRWIN MORTGAGE: Court Authorizes KCC as Noticing Agent
------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Ohio has
authorized Irwin Mortgage Corporation to employ Kurtzman Carson
Consultants LLC as the Debtor's noticing agent.

However, the Court did not allow the Debtor to employ KCC with
regard to the claims processing and maintenance functions.  The
Court explains that with the advent of electronic filing and case
management, the Court can perform efficiently, and without added
cost to the estate.

KCC may be reached at:

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

                       About Irwin Mortgage

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

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

Nick V. Cavalieri, Esq., and Matthew T. Schaeffer, Esq., at Bailey
Cavalieri LLC, serve as the Debtor's counsel.  Fred C. Caruso and
Development Specialists Inc. provide wind-down management services
to the Debtor.


IRWIN MORTGAGE: Seeks Parentebeard as Tax Services Provider
-----------------------------------------------------------
Irwin Mortgage Corporation asks the Court for authority to employ
ParenteBeard LLC as tax professional, effective as of Sept. 6,
2011.

The Debtor anticipates that ParenteBeard will:

   a. review existing accounting and IRS filings, and prepare tax
      returns as necessary;

   b. determine and advise as to amount of loss carry forward and
      related issues;

   c. provide general tax advice concerning the tax attributes of
      the Debtor and consult with the Debtor as to the form of a
      plan to most effectively realize value;

   d. determine and advise on the effect of any future profit or
      losses from disposition of assets or future operations;

   e. determine and consult with the Debtor on the effect of
      disposition of assets; and

   f. determine and advise the effect, if any, on the Debtor or a
      Plan of an existing tax sharing agreement among a tax
      consolidation group consisting of a number of the Debtor's
      affiliates.

The Debtor will pay ParentBeard according to its customary hourly
rates in addition to reimbursement of expenses.

ParenteBeard's ranges of customary hourly rates of compensation by
classification of personnel are: $100 to $175 for staff; $200 to
$275 per hour for managers; $225 to $275 per hour for senior
managers; and $300 to $440 per hour for partners.

D. Lee McCreary, Jr., a member of the firm assures the Court that
his firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.

                       About Irwin Mortgage

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

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

Nick V. Cavalieri, Esq., and Matthew T. Schaeffer, Esq., at Bailey
Cavalieri LLC, serve as the Debtor's counsel.  Fred C. Caruso and
Development Specialists Inc. provide wind-down management services
to the Debtor.


J.C. EVANS: U.S. Trustee Forms Creditors Committee
--------------------------------------------------
Judy A. Robbins, United States Trustee for Region 7, under 11
U.S.C. Sec. 1102(a) and (b), appointed seven unsecured creditors
to serve on the Official Committee of Unsecured Creditors of J.C.
Evans.

The Creditors Committee members are:

      1. Yann Vessely
         Austin Traffic Signal Construction Co.
         P.O. Box 130
         Round Rock, TX 78680
         Tel: (512) 255-9951
         Fax: (512) 255-0416

      2. Doug Stayton
         Dan A. Stewart, Inc.
         P.O. Box 17336
         Austin, TX 78760
         Tel: (512) 385-0510
         Fax: (512) 385-1341

      3. Craig Burkert (voting)
         Gerald Cook
         Romco Equipment Co.
         P.O. Box 560248
         Dallas, TX 75256
         Tel: (214) 819-4140
         Fax: (214) 819-4131 (fax)

      4. Steven DeLeod
         Austin Bridge & Road
         12112 Volente Rd.
         Austin, TX 78726
         Tel: (512) 381-0008
         Fax: (512) 219-6219

      5. Dawn Dickert/Lynn Guynes
         Hanson Pipe & Precast
         8505 Freeport Pkwy
         Irving, TX 75063
         Tel: (469) 417-1302
         Fax: (866) 924-3067

      6. Joseph Pierson
         Construction Risk Solutions LLC
         11311 McCormick Rd. Ste. 450
         Hunt Valley, MD 21031
         Tel: (443) 798-7488
         Fax: (443) 798-7290

      7. Terry B. Ludzenski
         Holt Texas Ltd.
         P.O. Box 207916
         San Antonio, TX 78220
         Tel: (210) 304-8623
         Fax: (210) 333-0541

                  About J.C. Evans Construction

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

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

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


J.C. EVANS: Court OKs Butler Burgher as Real Estate Appraiser
-------------------------------------------------------------
The Hon. Craig A. Gargotta of the U.S. Bankruptcy Court for the
Western District of Texas authorized JCE Delaware Inc. and its
debtor-affiliates to employ Butler Burgher Group LLC to provide
real estate appraisal services with regard to the valuation of the
Debtors' headquarters and warehouse properties, consisting of
28 acres near Leander, Texas.

The Debtors agreed to pay the firm a fee of $10,000, of which
$5,000 will be paid to the firm as a retainer to secure the firm's
employment.  Additionally, to the extent that the Debtors require
the Firm to provide litigation consulting services, the Firm will
bill at rates ranging from $250 per hour to $350 per hour.

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

                   About J.C. Evans Construction

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

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

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


KAUPTHING BANK: Has Secret Settlement of $2.4 Bil. Tchenguiz Suit
-----------------------------------------------------------------
Lisa Uhlman at Bankruptcy Law360 reports that Kaupthing Bank HF,
Iceland's largest bank, on Monday confirmed it had reached a
confidential settlement in a $2.4 billion suit it faced over
losses suffered by real estate mogul Vincent Tchenguiz, who had
been arrested following the bank's collapse.

London resident Tchenguiz, who had been briefly arrested in March
along with his brother in connection with Kaupthing's implosion,
said in a statement that he, along with the trustee of Tchenguiz
Family Trust and related entity the Euro Group, had settled all
claims against the bankrupt bank, Law360 says.

                        About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- was Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

On Nov. 30, 2008, Olafur Gardasson, assistant for Kaupthing Bank
hf, filed a petition under Chapter 15 of title 11 of the United
States Code in the United States Bankruptcy Court for the Southern
District of New York commencing the Debtor's Chapter 15 case
ancillary to the Icelandic Proceeding and seeking recognition for
the Icelandic Proceeding as a "foreign main proceeding" under the
Bankruptcy Code and relief in aid of the Icelandic Proceeding.


KTLA LLC: Wants to Hire Breakwater Equity as Consultant
-------------------------------------------------------
KTLA LLC asks the U.S. Bankruptcy Court for the Northern District
of California for authority to employ Breakwater Equity Partners
LLC to assist in analyzing claims against the Debtor, negotiating
with creditors and administering the within case.

The Debtor will pay Breakwater a $90,000 flat fee.

In the event that Breakwater achieves a reduction in the amount of
any claim asserted by a secured creditor, whether through
settlement or litigation, the Debtor will pay Breakwater a
contingency fee of 1% of the current outstanding loan balance or
25% of the principal reduction, whichever is greater.

All expenses incurred by Breakwater will be reimbursed.

On June 27, 2011, prior to filing the petition, the Debtor wire
transferred the sum of $40,000 to Breakwater.

The Debtor asserts that Breakwater is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code.

                          About KTLA LLC

San Francisco, California-based KTLA LLC filed for Chapter 11
bankruptcy (Bankr. N.D. Calif. Case No. 11-32401) on June 27,
2011.  Judge Thomas E. Carlson presides over the case.  Iain A.
Macdonald, Esq., and Reno F.R. Fernandez, Esq. --
iain@macdonaldlawsf.com and r.fernandez@macdonaldlawsf.com -- at
Macdonald and Associates, serve as bankruptcy counsel.  KTLA
disclosed $25,543,987 in assets and $18,798,387 in liabilities as
of the Chapter 11 filing.  The petition was signed by Graham Seel,
SVP, California Mortgage and Realty.


KTLA LLC: Employs Macdonald & Associates as Counsel
---------------------------------------------------
KTLA LLC has been authorized by the U.S. Bankruptcy Court for the
Northern District of California to employ Macdonald & Associates
as general bankruptcy counsel.

Macdonald & Associates will assist the Debtor with plan
formulation; preparing schedules and statement of financial
affairs; reviewing monthly operating reports; responding to
creditor inquiries; litigation potential claims by or against
third parties; assisting the Debtor with sales of assets; and any
and all services usually performed by a debtor's counsel in a
Chapter 11 case.

                          About KTLA LLC

San Francisco, California-based KTLA LLC filed for Chapter 11
bankruptcy (Bankr. N.D. Calif. Case No. 11-32401) on June 27,
2011.  Judge Thomas E. Carlson presides over the case.  Reno F.R.
Fernandez, Esq., at MacDonald and Assoc.  KTLA disclosed
$25.5 million in assets and $18.8 million in liabilities as of the
Chapter 11 filing.  The petition was signed by Graham Seel, SVP,
California Mortgage and Realty.


LEHMAN BROTHERS: LCPI Wins Nod of Deal With SunCal Trustee
----------------------------------------------------------
Lehman Commercial Paper Inc. sought and obtained approval of an
agreement in connection with the funding of certain settlements
and the allocation of distributions to be made from reserves that
will be established in the Chapter 11 cases of LBREP/L-SunCal
Master I LLC and its subsidiaries.

The funding agreement was entered into by LCPI, the liquidating
trustee of the SunCal entities, Fidelity National Title Insurance
Company, and First American Title Insurance Company.

Pursuant to the confirmed Chapter 11 plan for the SunCal
entities, the liquidating trustee, LCPI and Fidelity are
authorized to commence actions to resolve disputes concerning the
validity or priority of mechanic's lien claims asserting a
priority senior to the first deeds of trust against real
properties formerly owned by LBREP/L-SunCal's subsidiaries.

Fidelity and First American are providing a defense to LCPI and
LBREP/L-SunCal's secured lenders against some of the mechanic's
lien claims.  The insurance companies and the secured lenders,
however, are engaged in a dispute over the latter's coverage
under the policies insuring the first deeds of trust and their
duty of indemnification.

As provided by the SunCal plan, the liquidating trustee will
establish reserves to assure that proceeds from the recent sale
of the real properties are available to pay mechanic's lien
claims should it be determined that any such claim is senior to
the first deeds of trust, and is not covered by the policies
insuring the trust, from which payment will otherwise be made.

Pursuant to the SunCal plan, the liquidating trustee will
maintain the reserves pending the allowance or disallowance of
the mechanic's lien claims.  After allowance or disallowance of a
mechanic's lien claim, the amount reserved for that claim is to
be disbursed to the claim holder or the secured lenders as their
rights may be determined by the resolution of the mechanic's lien
claim.  Meanwhile, 3.5% of the amount to be disbursed to the
secured lenders is to be turned over to the liquidating trustee.

To implement a prompt and efficient distribution of the reserves,
and an agreement between the secured lenders and the insurance
companies that the latter would fund the resolution of any
mechanic's lien claim, the parties have agreed to a protocol
regulating the disbursement of the portion of the reserves
established for a mechanic's lien claim upon its resolution.

The protocol specifically provides that the insurance companies
will pay the amount determined to be due on a mechanic's lien
claim upon its settlement, and that the portion of the reserves
established for a resolved mechanic's lien claim will be
disbursed and then allocated as:

  (i) an amount equal to the secured lenders' potential
      reimbursement obligation to the insurance companies
      relating to resolved mechanic's lien claim will be set
      aside -- the carve out -- as security for any such future
      reimbursement obligation as determined by resolution of
      the dispute;

(ii) 3.5% of the balance of the reserve distribution remaining
      after creation of the carve out will be retained by the
      liquidating trustee free and clear of claims as provided
      for by the SunCal plan until the trustee's participation
      has been fully funded; and

(iii) the remaining balance of the reserve distribution will be
      paid to the secured lenders.

The protocol also provides that any portion of the carve out
later paid over to the secured lenders will be distributed 3.5%
to the SunCal trustee free and clear of claims as provided for by
the SunCal plan until the trustee's participation has been fully
funded and the balance will be retained by the secured lenders.

The terms of these proposed procedures are embodied in the
funding agreement, a copy of which is available for free at
http://bankrupt.com/misc/LBHI_FundingAgreementSunCal.pdf

Execution of the agreement will enable the parties to begin
resolving the mechanic's lien claims as directed by the SunCal
plan.  LCPI also will be able to receive the majority of the
reserve distributions due to it under the SunCal plan immediately
upon the settlement of a mechanic's lien claim, according to
Lehman lawyer, Alfredo Perez, Esq., at Weil Gotshal & Manges LLP,
in Houston, Texas.

In light of this, LCPI requests that the Court authorizes the
company to enter into the funding agreement and implement the
procedures including the use of estate funds to establish the
carve out.

                      About SunCal Companies

SunCal Companies -- http://www.suncal.com/-- has more than
250,000 residential lots and 10 million square feet of commercial
space in various stages of development throughout California,
Arizona, Nevada and New Mexico.

Gramercy Warehouse Funding LLC and several creditors filed
involuntary petitions each against LBREP/L-SunCal Master I
LLC, LBREP/L-SunCal McAllister Ranch LLC, LBREP/L-SunCal McSweeny
Farms LLC, and LBREP/L-SunCal Summerwind Ranch LLC on Sept. 11,
2008 (Bankr. C.D. Calif Case No. 08-15588, 08-15637, 08-15639, and
08-15640).  Daniel H. Reiss, Esq., at Levene, Neale, Bender,
Rankin & Brill represents the petitioners.

SunCal affiliates led by Palmdale Hills Property, LLC, filed
voluntary Chapter 11 petitions (Bankr. C.D. Calif. Case No.
08-17206) on Nov. 6, 2008.  Affiliates that also filed separate
Chapter 11 petitions include: SunCal Beaumont Heights, LLC; SunCal
Johannson Ranch, LLC; SunCal Summit Valley, LLC; SunCal Emerald
Meadows LLC; SunCal Bickford Ranch, LLC; SunCal Communities I,
LLC; SunCal Communities III, LLC; and SJD Development Corp.

SunCal Companies is not in bankruptcy.

Paul J. Couchot, Esq., at Winthrop Couchot P.C., represents
Palmdale Hills in its restructuring effort.  The Company estimated
assets and debts of $100 million to $500 million in its Chapter 11
petition.

                    About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Court OKs Allocation of $14MM With NYS OUF
-----------------------------------------------------------
Lehman Brothers Holdings Inc. sought and obtained court approval
of a settlement with James Giddens, the trustee for the
liquidation of Lehman Brothers Inc., which calls for the
allocation of more than $14 million deposited by The New York
State Comptroller Office of Unclaimed Funds.

The funds, which consist of cash and securities, are held in the
Clerk of Court's registry by NYS OUF in the name of LBI and other
Lehman units pursuant to the New York State Abandoned Property
Law.

Pursuant to the settlement between LBHI and LBI's trustee, the
company and other Lehman units will receive $1,315,471 of the
funds while $13,157,964 will be allocated to the brokerage firm.

LBHI and the trustee also agreed to a mechanism to eliminate the
need for future court intervention related to additional
distributions of funds from NYS OUF.

A full-text copy of the agreement is available without charge at
http://bankrupt.com/misc/LBHI_TrusteeDealUnclaimedFunds.pdf

Late last year, Judge James Peck approved an agreement between
LBHI and the trustee for an immediate release of $750,000 held in
the Clerk of Court's registry to LBI in order for the trustee to
remit those funds to Unclaimed Property Recovery Services Inc.

                    About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Has Deal on Transfer of Woodlands Deposits
-----------------------------------------------------------
Lehman Brothers Holdings Inc., Lehman Brothers Bancorp Inc.,
Woodlands Commercial Bank, MetLife Bank, N.A. and PNC Bank,
National Association, ask the Court to approve a stipulation
regarding escrowed funds in connection with the transfer of
certain negotiable Master Certificates of Deposit.

In furtherance of the wind down of Woodlands' assets and
liabilities as required by the settlement agreement dated
November 30, 2010, and the capital maintenance agreement dated
November 30, 2010, Woodlands has agreed to transfer and assign
all of its rights in, and obligations with respect to, certain
negotiable Master Certificates of Deposit representing individual
certificates of deposit, all as set forth and provided for in a
deposit assignment and assumption agreement entered into by and
between MetLife, as acquirer, and Woodlands, as seller.

In accordance with the terms and conditions of the Deposit
Assignment Agreement, Woodlands has agreed to place $15 million
in escrow in order to secure certain obligations and undertakings
of Woodlands owing to MetLife and any of its employees, officers,
directors, agents and affiliates under the Deposit Assignment
Agreement, including in respect of any claims that may arise with
respect to the CDs for the period prior to the transfer of the
CDs to MetLife, all as more specifically provided for in the
Deposit Assignment Agreement.

In order to effectuate the escrow of the Escrowed Funds as
contemplated by the Deposit Assignment Agreement, Woodlands and
MetLife have entered into an escrow agreement by and among
MetLife, Woodlands and PNC, as escrow agent, for purposes of
holding and disbursing the Escrowed Funds.

MetLife and PNC have asked assurances that the Escrowed Funds
will, in all events, be held and disbursed only pursuant to and
in accordance with the specific terms and conditions of the
Escrow Agreement, and that neither LBHI nor any of its affiliated
debtor entities, or Bancorp, will assert any rights or interests
in or to the Escrowed Funds, or seek any turnover, payment or
disbursement of the Escrowed Funds, other than strictly in
accordance with the terms of the Escrow Agreement and the Deposit
Assignment Agreement, so that the Escrowed Funds will only be
available and distributable as specifically provided for, and in
accordance with, the terms and conditions of the Escrow
Agreement.

In consideration of MetLife's entry into and performance under
the Deposit Assignment Agreement and the Escrow Agreement, and
PNC's agreement to act as Escrow Agent under the Escrow
Agreement, LBHI and Bancorp wish to confirm (1) their consent and
agreement to the transfer and assignment of the CDs represented
by the Master Certificates to MetLife pursuant to the Deposit
Assignment Agreement, and (2) agreement that they will not assert
any rights to or interest in the Escrowed Funds except as
provided in the Escrow Agreement, and that the Escrowed Funds
will be held and disbursed by the Escrow Agent only as provided
for, and in accordance with, the terms and conditions of the
Escrow Agreement.

                    About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Wells Fargo is Trustee for $1.5-Bil. Notes
-----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure, Wells Fargo Bank Northwest, N.A., discloses that it
serves as indenture trustee for holders of certain Class A-2
Secured Notes due 2019 in the principal amount of approximately
$735 million and secured by a $817.5 million installment note
guaranteed by Lehman Brothers Holdings Inc. issued pursuant to an
Indenture dated December 21, 2004, between OMX Timber Finance
Investments II, LLC, and Wells Fargo.

The terms and conditions of the securities are set forth in
various documents in addition to the Notes and the Indenture,
which documents may include prospecti, prospectus supplements,
pricing supplements and term sheets, among other agreements.
Because of the large number and volume of such agreements, Wells
Fargo says it has not attached copies of all agreements relevant
to the securities.

In addition to the outstanding principal amount, the fees, costs
and expenses of Wells Fargo in its capacity as indenture trustee,
including the fees, costs and expenses of Wells Fargo's counsel,
are payable pursuant to the Indenture.

The names and addresses of the holders to whom the Notes were
issued pursuant to the Indenture are registered and maintained by
Wells Fargo in its capacity as Note Registrar, in accordance with
the provisions of the Indenture.  Wells Fargo notes that the
beneficial holders of the Notes may change from time to time
during the course of the Debtors' bankruptcy cases.

The claims held by the holders of the Notes are in the nature of
claims for money loaned, as evidenced by the Notes and the
Indenture.

In addition to Wells Fargo's right to take action in its own name
and in its capacity as indenture trustee to collect on the claims
of the holders of the Notes, or otherwise as provided in the
Indenture or applicable law, Wells Fargo has claims for the
reimbursement of its reasonable fees and expenses arising from
its pre- and postpetition services and the performance of its
duties under the Indenture.

Wells Fargo reserves the right to periodically communicate with
various holders of the Notes from time to time, and take action
as directed and indemnified by the holders, including the receipt
of payment and reimbursement of its reasonable fees and expenses.

                    About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: Court OKs $8.25MM NJ Deal Over Essex Objections
----------------------------------------------------------------
Judge James Peck authorized ACE Bermuda Insurance Ltd. and St.
Paul Mercury Insurance Company to pay $8.25 million to settle the
lawsuit filed by the state of New Jersey.

Essex Equity Holdings USA LLC asked Judge James Peck to deny the
motions filed by former and current officials of Lehman Brothers
Holdings Inc. to authorize the payment of $98.25 million to
settle the lawsuits against them.

Former chief executive officer Richard Fuld Jr. and other Lehman
officials filed late last month a motion authorizing seven
insurance firms to pay $90 million to settle the lawsuit in New
York, and another $8.25 million to settle the lawsuit filed by
the state of New Jersey.

Essex Equity questions if it is right to use the directors' and
officers' insurance policy for the 2007-2008 policy year to fund
the settlement of the lawsuits.

Essex Equity's lawyer, Todd Duffy, Esq., at Anderson Kill & Olick
P.C., in New York, says both motions do not provide information
showing that the insurance proceeds that will be used to pay the
settlement are properly attributed to the 2007-2008 policy year.

Mr. Duffy pointed out that since the lawsuits were both filed in
2009, it appears that the claims asserted in the lawsuits should
be paid from insurance for the policy year subsequent to the
2007-2008 D&O policy year.

                    About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

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


LEHMAN BROTHERS: LCPI Wins Nod for Settlement With SPI, et al.
--------------------------------------------------------------
Lehman Commercial Paper Inc. sought and obtained approval from
Judge James Peck of a deal it entered into with Superior Pipelines
Inc. and four other companies to settle a lawsuit pending in a
California bankruptcy court.

The four other companies are LBREP/L-SunCal McAllister Ranch LLC,
Fidelity National Title Insurance Company, First American Title
Insurance Company and McAllister Ranch Irrigation District.

Under the deal, Superior Pipelines will receive a payment of
$1.8 million from Fidelity, First American and MRID in exchange
for its consent to the dismissal of the lawsuit and the
assignment of its claims and secured interests to the insurance
companies.

The settlement must also be approved by the California bankruptcy
court, which oversees the McAllister's Chapter 11 case.  The case
is jointly administered with the bankruptcy cases of other SunCal
entities.

The deal is formalized in a 13-page agreement, a copy of which is
available at http://bankrupt.com/misc/LBHI_SettlementSuperior.pdf

Superior Pipelines filed the lawsuit to recover approximately
$7.4 million in damages.  The lawsuit also seeks determination
that the liens asserted by Superior Pipelines against the real
estate development project known as "McAllister Ranch" and some
personal property of McAllister are senior to the other interests
asserted in those properties.

                    About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

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


LINDEN PONDS: Has Court's Final Nod to Use Bond Trustee Cash
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
entered, on Aug. 1, 2011, a final order authorizing Hingham
Campus, LLC, and Linden Ponds, Inc., to use cash collateral of
Wells Fargo Bank, as successor trustee for the bonds.

The construction and development of Hingham's continuing care
retirement community ("CCRC") facility was supported through the
issuance of publicly traded tax-exempt bonds in the aggregate
original face amount of $156,365,000 issued by the Massachusetts
Development Finance Agency.

As of the Petition Date, the amounts due and owing under the Bonds
and Bond Documents are: (i) unpaid principal in the amount of
$152,230,000; (ii) accrued but unpaid interest on the Bonds in the
amount of $452,143; (iii) accrued and unpaid fees and expenses of
the Bond Trustee and its counsel and other professionals incurred
through the Petition Date in the approximate amount of $475,000
(the "Prepetition Expense Claim"); and (iv) certain unpaid
indebtedness, fees and costs owing to the Letter of Credit Bank
under the Letter of Credit Agreement and related letter of credit
documents incurred through the Petition Date (collectively, "Other
Senior Debt Claims").

As adequate protection and in consideration for the use of cash
Collateral by the Debtors, the Bond Trustee will have a valid,
perfected and enforceable continuing replacement lien and security
interest (the "Rollover Lien") to the extent of any diminution in
the Pre-Petition Bond Collateral in all property or assets of
Linden and Hingham existing on or after the Petition Date of the
same type as the Pre-Petition Bond Collateral, together with the
proceeds, rents, products and profits thereof.

As additional adequate protection, the Bond Trustee will have a
valid, perfected and enforceable continuing supplemental lien and
security interest (the "Supplemental Lien") to the extent of any
diminution in the Pre-Petition Bond Collateral in all of the
property or assets of Linden and Hingham, or their respective
estates, of any kind or nature whatsoever within the meaning of
Section 541 of the Bankruptcy Code.

The Rollover Lien and Supplemental Lien will be in addition
to all other rights of the Bond Trustee, including its liens and
security interests in the Pre-Petition Bond Collateral.

In consideration for the use of cash collateral, the Debtors will
make adequate protection payments consisting of payments equal to
the reasonable fees and expenses of the Bond Trustee and its
professionals incurred in connection with the Bonds and/or the
bankruptcy cases, including, without limitation, the Prepetition
Expense Claim.

As additional adequate protection and in consideration for the use
of cash collateral by the Debtors, the Bond Trustee will have a
super-priority administrative expense claim pursuant to
Bankruptcy Code Section 507(b), subject only to and junior to the
Carve Out and administrative and superpriority claims granted to
the DIP Lender in connection with the DIP Facility.

The Debtor's authority to use cash collateral will terminate
without any further action by the Bankruptcy Court within 5
business days after written notice by the Bond Trustee, of the
occurrence of certain Termination Events, as described in detail
in pages 16 and 17 of the Final Order.

The Debtors' authority to use cash collateral will also
immediately terminate (without need of prior notice) upon the
occurrence of certain Termination Events, as enumerated in detail
in pages 17 and 18 of the order.

A copy of the Final Cash Use Order is available for free at:

                       http://is.gd/aOAFr1

Contemporaneously with the entry of this Final Order, the Court is
approving on a final basis the Debtors' motion to obtain debtor-
in-possession financing in the form of a $6,000,000 Senior Secured
Superpriority Debtor-in-Possession Postpetition Revolving Credit
Facility (the "DIP Facility") as more fully described in that
certain Restructuring, Lockup, Plan Support and Forbearance
Agreement dated as of June 8, 2011 (the "Restructuring Support
Agreement") from Redwood Capital Investments, LLC (the "DIP
Lender") on the terms of the Court's final order regarding the DIP
Facility that has been or will be entered contemporaneously (the
"DIP Order").

                        About Linden Ponds

Linden Ponds Inc. operates a 108-acre continuing care retirement
community located at 300 Linden Ponds Way in Hingham,
Massachusetts.  The facility has 988 independent living units
(with an occupancy rate of 87.9%) and 132 skilled nursing beds
(68% occupancy rate).

Linden Ponds leases the facility and the property upon which it is
built from Hingham Campus LLC.  Hingham is the owner of the
facility and owns the fee simple interest in the property upon
which the facility is built.  Senior Living Retirement
Communities, LLC, formerly known as Erickson Retirement
Communities, LLC, owns 100% of the membership interests in
Hingham.

Hingham Campus and Linden Ponds filed a pre-negotiated Chapter 11
petition (Bankr. N.D. Tex. Lead Case No. 11-33912) in Dallas on
June 15, 2011.  Hingham Campus estimated assets and debts of $100
million to $500 million.  Debt includes $156.4 million owing on
bonds issued by the Massachusetts Development Finance Agency, with
Wells Fargo Bank, National Association, as the bond trustee.

Erickson Retirement Communities sought bankruptcy protection
(Bankr. N.D. Tex. Case No. 09-37010) on Oct. 19, 2009.  Erickson,
the owner of 20 senior living facilities, won approval of its
reorganization plan in April 2010.  The Erickson plan provided for
a sale to Redwood Capital, the highest bidder at the auction in
December 2009.  Redwood won the auction with an all-cash bid of
$365 million.

Thomas R. Califano, Esq., and George B. South, Esq., at DLA Piper
LLP (US), in New York, and Martin T. Fletcher, Esq., at Whiteford,
Taylor & Preston, LLP, in Baltimore, Md., represent Hingham Campus
and Linden Ponds as counsel.

Hingham Campus, LLC and Linden Ponds, Inc., won approval of their
disclosure statement and confirmation of their plan of
reorganization on Aug. 18, 2011.


LINKTONE LTD: Receives Nasdaq Notification of Non-Compliance
------------------------------------------------------------
Linktone Ltd. has received a letter from The Nasdaq Stock Market
indicating that based on the Company's closing bid price for the
last 30 consecutive business days, the Company does not meet the
$1.00 minimum bid price requirement as set forth in Nasdaq
Marketplace Rule 5450(a)(1) (the "Minimum Bid Price Rule").  The
Nasdaq letter has no immediate effect on the listing of Linktone's
American depositary shares (ADSs) at this time.

In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), Linktone
has been provided a grace period of 180 calendar days, or until
March 13, 2012, to regain compliance by maintaining a minimum
closing bid price of $1.00 per share for 10 consecutive business
days.  If at any time before March 13, 2012, the bid price of the
Company's ADSs closes at $1.00 per share or more for a minimum of
10 consecutive business days, Nasdaq will notify the Company that
it has achieved compliance with the Minimum Bid Price Rule.

If the Company does not regain compliance with the Minimum Bid
Price Rule by March 13, 2012, Nasdaq will notify the Company that
its ADSs will be delisted from The Nasdaq Global Market.  In the
event the Company receives notice that its ADSs are being delisted
from The Nasdaq Global Market, Nasdaq rules permit the Company to
appeal any delisting determination by the Nasdaq staff to a Nasdaq
Hearings Panel.  Alternatively, Nasdaq may permit the Company to
transfer its ADSs to The Nasdaq Capital Market if it satisfies the
requirements for initial inclusion set forth in Marketplace Rule
5505, except for the bid price requirement.  If its application
for transfer is approved, the Company would have an additional 180
calendar days to comply with the Minimum Bid Price Rule in order
to remain on The Nasdaq Capital Market.

The Company intends to actively monitor the closing bid price of
its ADSs between now and March 13, 2012 and will evaluate
available options to resolve the deficiency and regain compliance
with the Minimum Bid Price Rule.

                          About Linktone Ltd.

Linktone Ltd. is a provider of rich and engaging services and
content to a wide range of traditional and new media consumers and
enterprises in Mainland China, Indonesia, Malaysia, Hong Kong and
Singapore.  Linktone focuses on media, entertainment,
communication and edutainment products, which are promoted through
the company's strong nationwide distribution networks, integrated
service platforms and multiple marketing sales channels, as well
as through the networks of leading mobile operators in Mainland
China and Indonesia.


LOCAL INSIGHT: Plan Exclusivity Extended Until Dec. 13
------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court approved
Local Insight Media Holdings' motion to extend the exclusive
period during which the Company can file a Chapter 11 plan and
solicit acceptances thereof through and including Oct. 13, 2011,
and Dec. 13, 2011, respectively.

                        About Local Insight

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

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

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

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

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

As reported in the TCR on Aug. 16, 2011, Debtors filed a plan of
reorganization (the "Plan").  The Plan has the support of the
steering committee of the Company's pre-petition senior secured
lenders.

As reported in the TCR on Sept. 5, 2011, the Hon. Kevin Gross for
the U.S. Bankruptcy Court for the District of Delaware will
convene a hearing on Sept. 20, 2011, at 10:00 a.m. (prevailing
Eastern Time), to consider adequacy of the Disclosure Statement
explaining the Debtors' Chapter 11 Plan.  Objections, if any, are
due Sept. 12, at 4:00 p.m.


LOS ANGELES DODGERS: Taps Kekst & Company for PR Support
--------------------------------------------------------
The Holmes Report, citing the Los Angeles Times, reports that the
Los Angeles Dodgers are seeking the bankruptcy court's permission
to retain corporate and financial public relations specialist
Kekst and Company for crisis support.

According to the filing in U.S. Bankruptcy Court, "Much of the
media reporting on off-field issues has been inaccurate or
misleading, and LAD [Los Angeles Dodgers] requires a seasoned
communications firm such as Kekst to better ensure that media
coverage of LAD is more evenhanded and accurate going forward."

Kekst said it has reportedly been working for the Dodgers for at
least a year, but the court's permission is required if payments-
reported by the Times as $750 an hour for one counselor and $400
for another-are to continue.  Kekst partner Robert Siegfried, who
splits his time between the firm's New York headquarters and its
burgeoning west coast operations, has apparently been working on
the Dodgers account.

                   About the Los Angeles Dodgers

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

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

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

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

Judge Kevin Gross presides over the case.  Lawyers at Young,
Conaway, Stargatt & Taylor and Dewey & LeBoeuf LLP serve as the
Debtors' bankruptcy counsel.  Epiq Bankruptcy Solutions LLC is the
claims and notice agent.

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

The reorganization is being financed with a $150 million unsecured
loan from the Commissioner of Major League Baseball.  The loan
gives the Commissioner few of the controls lenders often demanded
from bankrupt companies.


LOS GATOS: Amends Plan to Incorporate Managers' Concerns
--------------------------------------------------------
Los Gatos Hotel Corporation amended its Plan of Reorganization to
incorporate the recently raised objections by David Pinn and Alan
Pinn over, among other things, construction cost overruns.

Jeff Curran serves as the president of the Debtor.  David Pinn,
Alan Pinn, the Bypass Trust for the Benefit of the Issue of DJ
Ogilvie and the Bypass Trust for the Benefit of the Issue of
Christiansen each own 25% of the shares of the Debtor's stock.
The Pinns, through their employees, including Jeff Curran, have
managed the Hotel.

The Ogilvies have recently raised concerns regarding certain
actions taken by the Pinns related to (1) construction cost
overruns, (2) loans to other entities related to the Pinns, (3) an
agreement with the Hotel Investors General Partnership, and (4)
the refinancing of the Hotel.

Specifically, the Ogilvies complain that the Pinns, while acting
as both general contractor and owners' representative, allowed
construction of the Hotel to cost $19 million, even though the
estimated cost budget pre-construction was $10.5 million.  The
Ogilvies also assert that the Pinns caused LGHC to improperly loan
$1,051,647 to affiliated entities without board approval and
without disclosing or documenting these loans.  The Ogilvies claim
that the Pinns caused the Debtor to enter into an agreement with
Hotel Investors General Partnership which resulted in the Pinns
receiving $5 million from LGHC revenues to pay for construction
costs, while Eva Ogilvie did not receive payment on a debt owed to
her.  Finally, the Ogilvies allege that a 2006 refinance of the
Hotel was designed to further encumber the Hotel so that the Pinns
could receive $2 million in loan proceeds to reimburse them for
construction costs.

The Pinns believe that Ogilvies' concerns are meritless, and are
puzzled that the Ogilvies are now expressing these concerns for
the first time, despite having full knowledge of the Debtor's
finances for the past decade.  Construction costs exceeded
estimates because of significant changes in the design, the city's
requirements and the restaurant's needs.  The Pinns claim that the
Ogilvies and their accountants and advisors participated in the
decision to build a different, more expensive hotel than
originally planned.  The Pinns dispute the Ogilvies' claims
regarding inter-company loans because these loans are documented
and the Debtor has been a net beneficiary of these transfers.  The
Pinns assert that the Ogilvies' complaints regarding the payments
to the Pinns under the agreement with Hotel Investors General
Partnership and from the refinancing of the Hotel are unwarranted,
because these payments were made pursuant to the joint venture
agreement with the Ogilvies, which provides that additional
capital contributions will be repaid on a priority basis out of
any profits or the proceeds of any refinance.  The Pinns allege
they made additional capital contributions of approximately $10
million to cover operating losses over the course of the Hotel's
existence after the Ogilvies refused to contribute any money to
cover these losses, so, pursuant to the joint venture agreement,
these additional capital contributions were to be repaid on a
priority basis.

While these disputes may result in objections to claims and other
efforts towards resolution between the Pinns and the Ogilvies,
these disputes should not interfere with hotel operations, the
Debtor stated in court papers.

A full-text copy of the First Amended Disclosure Statement, dated
Aug. 25, 2011, is available for free at:

              http://ResearchArchives.com/t/s?76f5

                       About Los Gatos Hotel

Los Gatos Hotel Corporation owns the Hotel Los Gatos, a Joie de
Vivre Hotel.  San Jose, California-based Los Gatos Hotel Corp. was
formed in 2000 to build and operate Hotel Los Gatos, a full-
service boutique hotel in downtown Los Gatos, California.

Los Gatos Hotel filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Calif. Case No. 10-63135) on Dec. 27, 2010.  The Debtor
estimated its assets and debts at $10 million to $50 million.
Affiliate Blossom Valley Investors, Inc., filed a separate Chapter
11 petition (Bankr. N.D. Calif. Case No. 09-57669) on Sept. 10,
2009.  Jeffry A. Davis, Esq., at Mintz Levin Cohn Ferris Glovsky
Popeo, serves as the Debtors' bankruptcy counsel.


LYMAN LUMBER: Court Approves Nicollet Partners as Appraiser
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Minnesota authorized
Lyman Holding Company and its debtor-affiliates to hire Nicollet
Partners, Inc., as their appraiser.

The firm will appraise certain commercial real property located at
300 Morse Avenue, Excelsior, Minnesota, on which the Debtors'
general offices are located.  The Debtors said they intend to sell
the property during their bankruptcy cases and will use the
appraisal to ensure that the sale of the property would be at a
commercially reasonable price and in the best interests of
Debtors, the estate, and creditors.

The Debtors says they will pay a flat fee of $4,500 for an
appraisal of the property plus expenses not to exceed $25.  The
Debtors notes they will make a $1,800 deposit upon the entry of an
order approving the employment of the firm and prior to the
commencement of work, with the remainder of the flat fee to be
paid upon completion.

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

                      About Lyman Lumber

Lyman Lumber Company sells building supplies, such as framing
beams, roofing materials, siding and drywall to residential
builders.  The 113-year old company and several affiliates sought
Chapter 11 petition (Bankr. D. Minn. Lead Case No. 11-45190) on
Aug. 4, 2011.  Judge Dennis O'Brien presides over the cases.
Lyman Lumber estimated $50 million to $100 million in assets and
$100 million to $500 million in debts.  The petition was signed by
James E. Hurd, president and chief executive officer.

The affiliates that filed for Chapter 11 are: Lyman Holding
Company; Automated Building Components, Inc.; Building Material
Wholesalers; Carpentry Contractors Corp.; Construction Mortgage
Investors Co.; Lyman Development Co.; Lyman Lumber of Wisconsin,
Inc.; Lyman properties LLC; Mid-America Cedar, Inc.; Woodinville
Lumber, Inc.; and Woodinville Construction Services LLC.

Cynthia A. Moyer, Esq., Douglas W. Kassebaum, Esq., James L.
Baillie, Esq., and Sarah M. Gibbs, Esq., at Fredrikson &
Bryon, P.A., serve as bankruptcy counsel.  BGA Management, LLC
d/b/a Alliance Management, developed and executed a sale process
and marketing strategy for the Debtors' assets.

The Official Committee of Unsecured Creditors of Lyman Lumber
Company tapped Fafinsky, Mark & Johnson, P.A., as its bankruptcy
counsel.  Alliance Management is the financial and turnaround
consultant.

When they filed for bankruptcy, the Debtors had in hand a term
sheet with SP Asset Management, LLC, a unit of Steel Partners
Holdings L.P., to serve as stalking horse bidder for the assets of
the Debtors.  New York City-based Steel Partners is a diversified
holding company that owns and operates businesses in a variety of
industries.


MA BB OWEN: Plan Confirmation Hearing Continued Until Oct. 3
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas has
continued until Oct. 3, 2011, at 10:30 p.m., the hearing to
consider confirmation of MA BB Owen LP, and affiliate MA-BBO FIVE,
LP's Second Amended Plan of Reorganization dated July 12, 2011.

As reported in the Troubled Company Reporter on July 29, 2011, MA-
BBO Five's property is valued at $17.1 million and MA BB Owen's
property is valued at $22.35 million.

Under the Plan, the allowed secured claims of Heritage Bank
($11.7 million) and Hillcrest ($17.48 million) will be amortized
over a period of 40 years with interest on such amount at a rate
of 2.5% with an additional 2.5% interest paid at maturity.
Hillcrest and Heritage are impaired and entitled to vote on the
Plan.

Holders of unsecured non-insider claims will be paid in full on
the effective date but are still impaired and entitled to vote.
Holders of allowed unsecured insider claims won't receive
anything.

Existing equity interests will be cancelled.  Holders of the
interests won't be voting on the Plan because they are insiders.

Marlin Atlantis White, Ltd., the existing equity owner, will own
5.7% of the reorganized entity -- Newco -- in exchange for its
future work in managing the project and the release of its secured
note.  A "new capital partner" will hold 60% of Newco.  Parkwood
Real Estate Partners, LLC, and Tri-Properties Limited, and BB Owen
Properties, which assert claims on account of a secured note, will
have their claims converted to equity and will receive an
aggregate 34.3% of Newco.

The First Amended Disclosure Statement dated July 12, 2011, is
available for free at http://bankrupt.com/misc/MA_BB_2nd_DS.pdf

                          About MA BB Owen

MA BB Owen LP and MA-BBO Five LP are single-purpose entities
created by Marlin Atlantis, a Dallas, Texas-based commercial real
estate developer.  MA BB Owen purchased 1,115 acres of land in the
City of McKinney, Texas, using a $22.8 million loan from Hillcrest
Bank. MA-BBO Five acquired 592 acres of land adjacent to the
property utilizing a $11.07 million loan from Heritage bank.

MA-BBO Five and MA BB Owen filed for Chapter 11 bankruptcy
protection (Bankr. E.D. Tex. Case Nos. 11-40644 and 11-40645) on
Feb. 28, 2011.  Joyce W. Lindauer, Esq., serves as bankruptcy
counsel.  MA BB estimated its assets at $10 million to $50
million.  MA-BBO Five estimated assets of up to $10 million and
liabilities of $50 million to $100 million.


MANISTIQUE PAPERS: Reopens Doors; 150 Employees Return to Work
--------------------------------------------------------------
Ashley Hoholik, staff writer at Daily Press, reports that
Manistique Papers Inc. will reopen its doors Sept. 19, 2011.  The
About 150 employees of the Company will return to work on that
day.

According to the report, the news comes as a relief to the Company
director and general manager Jon Johnson, who, along with others,
has been working with a bankruptcy court in Delaware to prevent
the permanent closure of the mill.

                      About Manistique Papers

Manistique Papers Inc. operates a landfill in Manistique,
Michigan, whereby residuals resulting from paper production are
deposited.  Manistique Papers filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-12562) on Aug. 12, 2011.
Daniel B. Butz, Esq., and Eric D. Schwartz, Esq., at Morris,
Nichols, Arsht & Tunnell LLP, serves as the Debtor's bankruptcy
counsel.  Manistique Papers estimated assets of $10 million to
$50 million and debts of $50 million to $100 million in its
Chapter 11 petition.


MANISTIQUE PAPERS: Proposes Tilly Virchow as Accountant
-------------------------------------------------------
Manistique Papers, Inc. asks the court for authority to employ
Baker Tilly Virchow Krause, LLC as its accountant effective August
12, 2011.

The Debtor needs Baker Till to:

   -- work with the Debtor on preparation of tax returns and
      related materials;

   -- assist the Debtor in connection with any audits;

   -- advise the Debtor in connection with valuation of its
      assets; and

   -- take all necessary steps and provide consulting services
      appropriate to the Debtor's efforts to maximize the value
      of its assets and estate.

The Debtor discloses that it last paid Baker Tilly $1,500 in
connection with its work.  The Debtor says it is not indebted to
Baker Tilly for any prepetition work; however, Baker Tilly has
performed $6,596 of work which remains in progress and will come
due in the course of the Debtor's bankruptcy case.

Baker Tilly will charge the Debtor for its consulting services on
an hourly basis in accordance with its ordinary and customary
hourly rates in effect on the date that the services are rendered.
Baker Tilly employees bill their services at rates currently
ranging from $125 to $310 per hour.  The hourly rate of Chad
O'Brien and William Wong, who will serve as the principals on this
engagement, is $310.  In addition, the Debtor asks that approval
to reimburse Baker Tilly for its out-of-pocket expenses for
rendering its services.

The Debtor asserts that Baker Tilly is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code.

                      About Manistique Papers

Manistique Papers Inc. operates a landfill in Manistique,
Michigan, whereby residuals resulting from paper production are
deposited.  Manistique Papers filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-12562) on Aug. 12, 2011.
Daniel B. Butz, Esq., and Eric D. Schwartz, Esq., at Morris,
Nichols, Arsht & Tunnell LLP, serves as the Debtor's bankruptcy
counsel.  Manistique Papers estimated assets of $10 million to
$50 million and debts of $50 million to $100 million in its
Chapter 11 petition.


MARIKA TOLZ: Gets 7 Years in $16 Million Fraud Case
---------------------------------------------------
Ian Thoms at Bankruptcy Law360 reports that a Florida judge on
Friday sentenced longtime bankruptcy trustee Marika Tolz to nearly
seven years in prison for a fraud scheme in which she
misappropriated $16 million from cases she oversaw.

According to Law360, Judge Matthew Destry ordered Tolz, 65, to
serve 81 months in prison, the same sentence she received in a
parallel federal case. She will serve the sentences concurrently
in a federal prison, followed by 10 years probation.  She must
also pay $705,000 in restitution and attorneys' fees in relation
to the state case.


MAYSVILLE INC: Fifteen Encore's Automatic Stay on Asset Lifted
--------------------------------------------------------------
The Hon. Laurel M. Isicoff of the U.S. Bankruptcy Court for the
Southern District of Florida granted Fifteen Encore Platinum LLC
relief from the automatic stay against Maysville, Inc.'s assets.

At the hearing held Aug. 31, 2011, the Court granted FEP relief
from the automatic stay to allow the reset of the date in the
foreclosure action for the sale of the subject property, that such
sale will be rescheduled to occur after Nov. 29, 2011.

FEP's request for case dismissal is denied without prejudice;
provided, however, that if the Debtor fails to obtain an order of
the Court by Nov. 29, confirming, a plan proposed by the Debtor,
then (i) the foreclosure sale of the subject property covered by
the Final Judgment in the Foreclosure Action will proceed as reset
by the State Court; and (ii) the bankruptcy case will be dismissed
effective Nov. 29, with the Court reserving jurisdiction at this
time to decide whether any dismissal of the bankruptcy case will
be with prejudice, and if so, for how long.

Fifteen Encore Platinum LLC is represented by:

         James D. Gassenheimer, Esq.
         Christopher A. Jarvinen, Esq.
         BERGER SINGERMAN, P.A.
         200 South Biscayne Boulevard, Suite 1000
         Miami, FL 33131
         Tel: (305) 755-9500
         Fax: (305) 714-4340
         E-mail: jgassenheimer@bergersingerman.com
                  cjarvinen@bergersingerman.com

                       About Maysville, Inc.

Maysville, Inc., owns and rents condominium and apartment units in
a property called the Platinum Condominium located at Biscayne
Boulevard and 29th Street in Miami, Florida.

Maysville filed its second voluntary petition under Chapter 11 on
August 11, 2011, with the U.S. Bankruptcy Court for the Southern
District of Florida (Miami) before the Hon. Laurel M. Isicoff.
The bankruptcy case is Maysville, Inc., Case No. 11-32532.

Jeffrey P. Bast, Esq., at Bast Amron LLP, in Miami, Florida --
jbast@bastamron.com -- serves as the Debtor's bankruptcy counsel.
Jeffery J. Pardo, Esq., at Pardo Gainsburg P.L., in Miami,
Florida, is the Debtor's special litigation counsel.

The Debtor disclosed $17,590,927 in assets and $25,076,637 in
liabilities.

A meeting of creditors required under Section 341(a) of the
Bankruptcy Code will be held on Sept. 13, 2011, at 11:30 a.m., at
51 SW First Ave, Room 1021, in Miami, Florida.

Deadline to file a complaint to determine dischargeability of
certain debts is November 14, 2011.  Proofs of Claim are due by
Dec. 12, 2011.


MEDICAL CARD: S&P Affirms 'BB' Financial Strength Rating
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' financial
strength and long-term counterparty credit ratings on MCS's
operating companies -- MCS Advantage Inc., MCS Life Insurance Co.,
and MCS Health Management Options Inc. -- and its 'B' long-term
counterparty credit and senior secured debt ratings on MCS. "We
also removed the ratings from CreditWatch Negative, where they
were placed June 21, 2011. The outlook is negative," S&P said.

"The rating actions on MCS and its operating companies are driven
by the company's 2011 operating losses in the Mi Salud (Medicaid)
program. These losses are the result of higher-than-expected
claims volume and inadequate reimbursement," said Standard &
Poor's credit analyst Neal Freedman. The expected 2011 decline in
consolidated operating performance results in very tight cushions
to debt covenants. The company has announced its exit from the
Mi Salud business effective Oct. 31, 2011. However, the exact
terms and timing of the company's exit are currently uncertain,
primarily because the State Health Insurance Administration (ASES,
for its Spanish acronym) has yet to find an insurer or insurers to
replace MCS.

Furthermore, the company has received negative media attention
regarding its difficulties paying providers because of delayed
reimbursement from ASES and higher-than-expected claim volume and
its subsequent decision to exit the Mi Salud program.

The ratings on MCS and its operating companies are based on the
company's established competitive position in its core product
markets and adequate earnings, cash flow, and liquidity.
Offsetting factors include diminished expected earnings resulting
in very tight cushions to covenants, weakened competitive
position, weak balance-sheet characteristics, and limited
financial flexibility.

"The outlook is negative, reflecting the very tight cushions to
covenants and the difficulty and uncertainty regarding MCS's
planned exit from the Mi Salud program. If it becomes apparent
that the company's 2011 operating performance will fall short of
expectations, resulting in a covenant breach, we will likely lower
the ratings by one or more notches. Conversely, if operating
performance exceeds expectations, resulting in greater cushions to
covenants, and MCS exits from the Mi Salud program with minimal
disruption, we could revise the outlook to stable," S&P stated.

"For 2011, we expect MCS to have operating EBIT (excluding
realized gains and losses) of $60 million to $70 million resulting
in a debt-to-EBITDA ratio (including lease obligations)of about
2.5x and EBITDA interest coverage of 3.0x to 3.5x (including lease
obligations)," S&P added.


MPHASE TECHNOLOGIES: Has Forbearance From Holder of $500K Note
--------------------------------------------------------------
mPhase Technologies, Inc., entered into a Forbearance Agreement
with John M. Fife on Sept. 13, 2011, in connection with a
previously issued Convertible Promissory Notes dated March 3,
2010, one in the principal amount of $550,000 and two in the
principal amount of $275,000.

The Maturity Date for the $550,000 Note was one year from its
issuance.  The parties acknowledge that the Note was not paid in
full as of the Maturity Date, and therefore is currently in
arrears.  As a result of the Payment Arrearage, the Note is
currently due and payable and interest is accruing on the
Outstanding Balance thereof at the rate of 15% per annum.

A dispute has arisen between the parties regarding the Outstanding
Balance of the 550,000 Note.  The Company believes that the
balance is equal to $328,000, while Mr. Fife believes the
Outstanding Balance is equal to $382,913.

Pursuant to the Forbearance Agreement, Mr. Fife has agreed to
refrain and forbear temporarily from exercising and enforcing any
of his remedies against the Company resulting from the Disputes
and Payment Arrearage.

A full-text copy of the Forbearance Agreement is available at no
charge at http://is.gd/zehCAw

                           About mPhase

mPhase is a development-stage company specializing in developing
"smart surfaces" using materials science engineering,
nanotechnology science and the principles of microfluidics and
microelectromechanical systems.  The Company develops products for
both commercial and military applications.


MSR RESORT: Wants Exclusive Plan Filing Period Extended to Jan. 27
------------------------------------------------------------------
MSR Resort Golf Course LLC, et al., ask the U.S. Bankruptcy Court
for the Southern District of New York to further extend their
exclusive periods to file and solicit acceptances for a Chapter 11
plan until Jan. 27, 2012, and March 27, 2012, respectively.

The Debtors tell the Court that the additional extension of
exclusivity is necessary to further advance the Doral sale
process.

As reported in the TCR on Sept. 12, 2011, The Doral Golf Resort &
Spa in Miami has a buyer offering $170 million, according to
papers filed in bankruptcy court.

Te potential buyer wasn't identified.  A formal contract, nearing
completion, will allow for an auction and the receipt of higher
offers, the filing said.

The owners say the $170 million offer implies a value for all the
resorts "significantly" exceeding the $1.5 billion in debt.  The
Doral sale alone will reduce debt by 11 percent and eliminate
$9.5 million in annual interest expense, according to court
papers.

                         About MSR Resort

MSR Hotels & Resorts, formerly known as CNL Hotels & Resorts Inc.,
owns a portfolio of eight luxury hotels with over 5,500 guest
rooms, including the Arizona Biltmore Resort & Spa in Phoenix, the
Ritz-Carlton in Orlando, Fla., and Hawaii's Grand Wailea Resort
Hotel & Spa in Maui.

On Jan. 28, 2011, CNL-AB LLC acquired the equity interests in the
portfolio through a foreclosure proceeding.  CNL-AB LLC is a joint
venture consisting of affiliates of Paulson & Co. Inc., a joint
venture affiliated with Winthrop Realty Trust, and affiliates of
Capital Trust, Inc.

Morgan Stanley's CNL Hotels & Resorts Inc. owned the resorts
before the Jan. 28 foreclosure.

Following the acquisition, five of the resorts with mortgage debt
scheduled to mature on Feb. 1, 2011, were sent to Chapter 11 by
the Paulson and Winthrop joint venture affiliates.  MSR Resort
Golf Course LLC and its affiliates filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 11-10372) in Manhattan on Feb. 1.
The resorts subject to the filings are Grand Wailea Resort and
Spa, Arizona Biltmore Resort and Spa, La Quinta Resort and Club
and PGA West, Doral Golf Resort and Spa, and Claremont Resort and
Spa.

James H.M. Sprayregen, P.C., Esq., Paul M. Basta, Esq., Edward O.
Sassower, Esq., and Chad J. Husnick, Esq., at Kirkland & Ellis,
LLP, serve as the Debtors' bankruptcy counsel.  Houlihan Lokey
Capital, Inc., is the Debtors' financial advisor.  Kurtzman Carson
Consultants LLC is the Debtors' claims agent.

The five resorts had $2.2 billion in assets and $1.9 billion in
debt as of Nov. 30, 2010, according to court filings.  In its
schedules, debtor MSR Resort disclosed $59,399,666 in total assets
and $1,013,213,968 in total liabilities.


NANOPHASE TECH: Receives Non-Compliance Notice From NASDAQ
----------------------------------------------------------
Nanophase Technologies Corporation received notice from the NASDAQ
Stock market that the closing price of the Company's common stock
had fallen below $1.00 for thirty consecutive business days and
the Company therefore currently is not in compliance with NASDAQ
Listing Rule 5550(a)(2) (the "Rule").

Nanophase has a 180-day grace period, through March 14, 2012, to
regain compliance with the Rule.  To regain compliance, the bid
price for the Company's common stock must be $1.00 or higher at
closing for a minimum of 10 consecutive business days within the
180 day grace period.  At the end of the grace period, the Company
may be eligible for additional time to regain compliance, up to an
additional 180 days.  If the Company has not regained compliance
and is not eligible for any additional grace period, the Company
will receive notification that its securities are subject to
delisting from NASDAQ, and it may then appeal that determination
to a Hearings panel.

NASDAQ's notice has no effect on the listing of the Company's
common stock at this time and its common stock will continue to
trade on the NASDAQ Capital Market under the symbol "NANX."

                     About Nanophase Technologies

Nanophase Technologies Corporation -- http://www.nanophase.com/--
is a leader in nanomaterials technologies and provides
nanoengineered solutions for multiple industrial product
applications.  Using a platform of patented and proprietary
integrated nanomaterial technologies, the Company creates products
with unique performance attributes from two ISO 9001:2008 and ISO
14001 facilities.  Nanophase delivers commercial quantity and
quality nanoparticles, coated nanoparticles, and nanoparticle
dispersions in a variety of media.


NEWPAGE CORP: Port Hawkesbury Mill Losing $4MM a Month
------------------------------------------------------
Nancy King at Cape Breton Post reports that NewPage Port
Hawkesbury is in "dire" financial straits, losing $50 million in
the past year, its president says in a court filing.

The affidavit of Tor Suther was filed with the Nova Scotia Supreme
Court in Halifax said the mill is losing $4 million a month, which
until now has been covered by the American parent company, NewPage
Corp.  But he said NewPage Corp. is experiencing its own financial
problems and can no longer fund the mill's operating losses.

"NPPH (NewPage Port Hawkesbury) is losing money at an alarming
rate, and CCAA (Companies' Creditors Arrangement Act) protection
from its creditors is imperative while it pursues a sales process
in an effort to sell the Port Hawkesbury mill and its forestry
interests as a going concern to preserve local operations and jobs
for Nova Scotians," the report quotes Mr. Suther as saying.

The report notes the company recently announced the mill's
indefinite shutdown, which is to begin Saturday.  It will result
in the layoff of 600 mill employees and 400 people working in the
woodlands.

In the affidavit, Mr. Suther said NewPage is attempting to
preserve the greatest benefit and value for its creditors,
employees and the community.

According to the report, NewPage has hired a New York-based
investment bank with experience in the forestry sector to handle
the sale and started looking for a buyer in April.  As part of
that process, discussions have been held with targeted potential
purchasers, including a competitor company, that have all had
investments in the paper industry and have experience with
financially distressed mills.

Mr. Suther said that under a settlement and transfer agreement
with NewPage Corp., US$25 million has been set aside to complete
some operations at the mill.  That will also include the cost of
maintaining a hot idle so a new buyer could easily restart the
mill's two paper machines, and will also fund the Companies'
Creditors Arrangement Act proceedings and sale process.

The report notes the company has taken steps to freeze salaries
and wages, reduce employee and pension benefits, reduce wood and
raw material costs, improve operating efficiency, reduce waste and
distribution costs, curtail capital spending and sell assets.

The report relates that the settlement agreement will allow
NewPage Port Hawkesbury to avoid immediate bankruptcy, Mr. Suther
said, but he noted there is very limited time and financial
resources available for NewPage Port Hawkesbury to do so.

"If CCAA protection is not granted I believe that NPPH will be
forced to permanently shut down all operations, which would result
in result in serious prejudice to NPPH, its creditors, employees,
parent company and the local economy, and would also lessen
considerably the possibility of a sale of NPPH or its assets to a
third party purchased with a view to continued operation of the
Port Hawkesbury mill," the report quotes Mr. Suther as stating.

The report says some $3 million of the settlement will be set
aside to fund an orderly and environmentally conscious final wind-
down if the mill is permanently closed.  Other funds would be
allocated to maintain key management personnel.

NewPage Port Hawkesbury is guarantor of a $500-million revolving
credit facility, with $304 million in borrowings outstanding as of
Aug. 24, 2011.  NewPage Corp.'s secured liabilities currently
exceed $3.2 billion.

                   About NewPage Corporation

Headquartered in Miamisburg, Ohio, NewPage Corporation is the
leading producer of printing and specialty papers in North
America, based on production capacity, with $3.6 billion in net
sales for the year ended December 31, 2010. The company's product
portfolio is the broadest in North America and includes coated
freesheet, coated groundwood, supercalendered, newsprint and
specialty papers. These papers are used for corporate collateral,
commercial printing, magazines, catalogs, books, coupons, inserts,
newspapers, packaging applications and direct mail advertising.

NewPage owns paper mills in Kentucky, Maine, Maryland, Michigan,
Minnesota, Wisconsin and Nova Scotia, Canada. These mills have a
total annual production capacity of approximately 4.1 million tons
of paper, including approximately 2.9 million tons of coated
paper, approximately 1.0 million tons of uncoated paper and
approximately 200,000 tons of specialty paper.

NewPage Corporation, along with affiliates, filed Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-12804) on
Sept. 7, 2011.  Martin J. Bienenstock, Esq., Judy G.Z. Liu, Esq.,
and Philip M. Abelson, Esq., Dewey & Leboeuf LLP, in New York,
serve as counsel.  Laura Davis Jones, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serves as co-counsel.
Lazard Freres & Co. LLC is the investment banker, and FTI
Consulting Inc.  is the financial advisor.  Kurtzman Carson
Consultants LLC is the claims and notice agent.  In its balance
sheet, the Debtors disclosed $3.4 billion in assets and $4.2
billion in total liabilities as of June 30, 2011


NO FEAR: Pachulski Stang Can Represent Interest of Committee
------------------------------------------------------------
The Hon. Margaret Mann of the Bankruptcy Court for the Southern
District of California authorized the Official Committees Of
Unsecured Creditors in the Chapter 11 cases of No Fear Retail
Stores, Inc., et al., to retain Pachulski Stang Ziehl & Jones LLP
as general insolvency counsel.

The Committees has asked that the Court issue a supplemental order
approving PSZJ's continued employment by the Committees.

The Committees related that now that the sales of substantially
all of the assets of the Debtors have concluded, the Debtors, the
NFRS Committee and the Simo Holdings, Inc., Committee intend to
expeditiously pursue confirmation of the Plan that will distribute
the net proceeds of the sales to creditors.

With respect to the substantive consolidation issues and the
fraudulent transfer issues, (a) PSZJ will represent the interest
of the NFRS estate; (b) SulmeyerKupetz will represent the interest
of the No Fear MX, Inc.'s estate; and (c) Gibson Dunn & Crutcher
will represent the interests of the Simo estate.

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

In a separate filing, PSZJ notified the Court that it has changed
its address for services of notices and documentations.  The new
address of the firm is:

         PACHULSKI STANG ZIEHL & JONES LLP
         10100 Santa Monica Boulevard, 13th Floor
         Los Angeles, CA 90067
         Tel: (310) 277-6910
         Fax: (310) 201-0760

                       About No Fear Retail

Carlsbad, California-based No Fear Retail Stores, Inc., is a
retailer of action, sports, and casual youth lifestyle apparel and
accessories, targeting young adults and teens.  It operates 41
retail locations in California, Oregon, Arizona, Florida, Nevada,
North Carolina, and Texas.

No Fear filed for Chapter 11 bankruptcy protection (Bankr. S.D.
Calif. Case No. 11-02896) on Feb. 24, 2011.  David S. Kupetz,
Esq., at Sulmeyer, Kupetz, A Professional Corp, serves as the
Debtor's bankruptcy counsel.  The Debtor tapped Jones Day as
special intellectual property counsel; Avant Advisory Group's
George Blanco as chief restructuring officer, and Venturi &
Company LLC, as financial advisors.

The Debtor estimated disclosed $31,648,063 in assets and
$12,552,985 in liabilities as of the Chapter 11 filing.

Affiliates No Fear MX, Inc. (Bankr. S.D. Calif. Case No. 11-02897)
and Simo Holdings, Inc. (Bankr. S.D. Calif. Case No. 11-02898)
filed separate Chapter 11 petitions on Feb. 24, 2011.

Tiffany L. Carroll, the Acting U.S. Trustee for Region 15,
appointed three creditors to serve on an Official Committee of
Unsecured Creditors of No Fear MX, Inc.  Pachulski Stang
Ziehl & Jones LLP represents the Committee.  BDO USA LLP serves as
financial advisor to provide financial advisory services to the
Committee.


NORTEL NETWORKS: LTD Committee Wants KCC as Web Site Provider
-------------------------------------------------------------
The Official Committee of Long Term Disability Plan Participants
in the Chapter 11 cases of Nortel Networks, Inc. and its Debtor
affiliates asks the Court for authority to employ Kurtzman Carson
Consultants LLC as Web site provider.

The Committee says that it needs KCC to establish and maintain a
Web site that provides, among others:

   -- a link or other form of access to the Web site maintained
      by the Debtors' claims, noticing and balloting agent at
      http://chapterlleqipsystems.com/Nortel, which will
      include, among other things, the case docket and claims
      register;

   -- highlights of significant events in the Debtors' Chapter 11
      cases;

   -- a calendar with upcoming significant events in Chapter 11
      Cases;

   -- a general overview of the Chapter 11 process;

   -- press releases (if any) issued by the Committee or the
      Debtors;

   -- a registration form for creditors to request "real-time"
      updates regarding the Chapter 11 Cases via electronic mail;

   -- a form to submit creditor questions, comments and requests
      for access to information; and

   -- responses to creditor questions, comments and requests for
      access to information; provided, that the LTD Committee may
      privately provide such responses in the exercise of its
      reasonable discretion, including in light of the nature of
      the information request and the creditor's agreement to
      appropriate confidentiality and trading constraints.

KCC will be compensated by the Debtors' estates for services
rendered to the LTD Committee in connection with the Debtors'
cases.

Drake D. Foster, a member of KCC, assures the Court that KCC is a
"disinterested person" as the term is defined in Section 101(14)
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.


NORTEL NETWORKS: Retiree Committee Wants McCarter as Del. Counsel
-----------------------------------------------------------------
The Official Committee of Retirees in the Chapter 11 cases of
Nortel Networks, Inc. and its Debtor affiliates ask the Court for
authority to retain McCarter & English LLP as Delaware counsel
nunc pro tunc to Aug. 26, 2011.

McCarter & English's duties will be:

   * Attending meetings of the Retiree Committee;

   * Preparing on behalf of the Retiree Committee applications,
     motions, notices, draft orders and other pleadings, and
     review all materials related to the same;

   * Advising the Retiree Committee concerning, and preparing
     responses to, applications, motions, other pleadings,
     notices and other papers that may affect the rights and
     interests of the Retiree Committee in the Chapter 11 Case;

   * Assisting in the review, analysis and response to any
     pleading filed by the Debtors under Section 1114 of the
     Bankruptcy Code to modify or terminate the Retiree Welfare
     Plans and related retiree benefits;

   * Assisting with the Retiree Committee's communications with
     the Debtors, the other committees appointed in these cases,
     including the LTD Committee, and their respective
     professionals, as well as any other professionals engaged by
     the Retiree Committee and the LTD including financial
     advisors and actuarial firms regarding all matters
     concerning the rights and interests of the Retiree Committee
     and its constituency;

   * Assisting in the review, evaluation and representation of
     the Retiree Committee regarding any proposal by the Debtors,
     or any other party in interest in the Chapter 11 Case, that
     affects Retirees' ability to be paid on the claims or to
     modify or terminate the Retiree Welfare Plans and related
     retiree benefits, including reviewing and analyzing
     information and documents that the Retiree Committee deems
     necessary to evaluate any such proposal and developing
     counterproposals;

   * Assisting in negotiations and/or litigation regarding the
     rights and interests of the Retiree Committee regarding any
     matter which may modify or otherwise affect any rights and
     benefits under the Debtors' Retiree Welfare Plans including
     their ability to be paid;

   * Assisting in the Retiree Committee's participation in the
     formulation of a disclosure statement and plan of
     reorganization or liquidation, and taking other actions as
     may be deemed desirable in connection therewith; and

   * Performing all other legal services for and on behalf of the
     Retiree Committee that may be necessary or appropriate to
     assist the Retiree Committee in performing its duties under
     Section 1114 of the Bankruptcy Code.

The Debtors' estates will pay McCartner & English's fees based on
these hourly rates:

   -- $375 to $825 per hour for partners;
   -- $220 to $610 per hour for associates and counsel to
      McCarter & English; and

   -- $85 to $230 per hour for paralegals and law clerks.

William F. Taylor, Jr., Esq., a partner of McCartner & English,
assures the Court that his firm is a "disinterested person" as the
term is defined in Section 101(14) 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.


NUVILEX INC: Incurs $686,000 Net Loss in July 31 Quarter
--------------------------------------------------------
Nuvilex, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $686,020 on $19,762 of product sales for the three months ended
July 31, 2011, compared with a net loss of $134,260 on $26,960 of
product sales for the same period during the prior year.

The Company reported a net loss of $1.39 million on $125,997 of
total revenue for the year ended April 30, 2011, compared with a
net loss of $5.99 million on $262,932 of total revenue for the
same period during the prior year.

The Company's balance sheet at July 31, 2011, showed $1.57 million
in total assets, $3.40 million in total liabilities, $580,000 in
preferred stock, and a $2.40 million total stockholders' deficit.

M&K CPAS, PLLC, in Houston, Texas, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has suffered recurring
losses from operations.

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

                        http://is.gd/tqpo5r

                         About Nuvilex Inc.

Scottsdale, Ariz.-based Nuvilex Inc. (OTC BB: NVLX) --
http://www.nuvilex.com/-- operates independently and through
wholly-owned subsidiaries and is dedicated to bringing to market
scientifically derived products designed to improve the health and
well-being of those who use them.  The Company currently
manufactures, directly or indirectly through independent
contractors Cinnergen(TM), Cinnechol(TM), Infinitink(R) (and
related private label ink products), and Talysn(TM) Scar Cream for
sale worldwide.


OK ETON: Court Grants U.S. Trustee's Motion to Dismiss Case
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas has
dismissed OK Eton Square, L.P.'s Chapter 11 case.

As reported in the Troubled Company Reporter on Dec. 13, 2010,
William T. Neary, the U.S. Trustee for Region 6, asked the
Bankruptcy Court to dismiss or convert the Debtor's case to one
under Chapter 7 of the Bankruptcy Code.  The U.S. Trustee
explained that the Debtor has not provided the U.S. Trustee
Guidelines with evidence of the existence of a debtor-in-
possession bank account.  The operating report for October 2010
showed that the Debtor has a bank balance of $154,287, but some
postpetition debt is unpaid.

The U.S. Trustee stated that further delay of the case is
prejudicial to creditors.

OK Eton Square, LP, based in Dallas, Texas, filed for Chapter 11
bankruptcy (Bankr. N.D. Tex. Case No. 10-33583) on May 24, 2010.
Judge Barbara J. Houser presides over the case.  The Debtor is
represented by Eric A. Liepins, Esq., at Eric A. Liepins, P.C., in
Dallas, Texas.  The Debtor estimated assets and debts at
$10 million to $50 million in its Chapter 11 petition.


OLD CORKSCREW: Has Until Dec. 1 to Use BMO Harris' Cash Collateral
------------------------------------------------------------------
The Hon. Barry S. Schermer of the Bankruptcy Court for the Middle
District of Florida authorized Old Corkscrew Plantation, LLC, et
al., to use the cash collateral of BMO Harris Bank, N.A.,
successor by merger to M&I Marshall & Ilsley Bank.

Pursuant to the Bank prepetition loan documents, the Bank claims
first priority liens on, and security interests in, substantially
all of the Debtors' assets, both tangible and intangible, real and
personal, and the proceeds and recoveries.

As of the Petition Date, the Bank asserts that the Debtors were
indebted to the lender in the principal amount of approximately
$54,434,354, plus accrued and accruing interest, costs, and
attorneys' fees.

The Debtors assert that, based on appraisals of their properties
done in May 2009 that there exists an equity cushion in favor of
the lender of almost 100% of the total amount claimed due and
owing to the Bank.  The Bank is not in a posture at this time to
agree or disagree with the Debtors' assertion regarding value.

The authority for the Debtors to use cash collateral will
terminate on the earlier to occur of: (a) entry of an order
terminating or limiting the Debtors' use of cash collateral upon
proper motion, notice, and hearing; (b) the Debtors' failure to
timely cure a Default Notice issued by the Bank to the Debtors; or
(c) Dec. 1, 2011, the date of the final hearing on the motion,
unless otherwise extended by order of the Court or in writing by
the Bank.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant the Bank:

   1. a replacement lien on all property that is of the same
   nature and type as the Bank prepetition collateral, subject to
   carve out on certain expenses; and

   2. monthly adequate protection payments during the interim
   period are: $226,809 for the months of September, November and
   December 2011, and $234,370 for the month of October 2011, the
   Debtors will receive a credit against the foregoing monthly
   payments for any adequate protection payments received by the
   Bank from the Felda estate for any monthly period; and

A final hearing on the Debtors' request to use the cash collateral
will be held Dec. 8, at 10:30 a.m.  Objections, if any, are due
five calendar days before the final hearing.

The Court also fixed Oct. 31, 2011, as the bar date for the
Debtors, creditors, or parties-in-interest to file a complaint
objecting to the validity, priority, amount, or other aspect of
the prepetition liens, claims, and security interests held by the
bank, or such liens, claims, and security interests will be deemed
conclusively established and allowed.

                 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.

As reported in the Troubled Company Reporter on Sept. 5, 2011, the
Debtor disclosed $25,264,047 in assets and $60,759,306 in
liabilities as of the Chapter 11 filing.


OLD CORKSCREW: U.S. Trustee Forms Creditors Committee
-----------------------------------------------------
Donald F. Walton, United States Trustee for Region 21, under 11
U.S.C. Sec. 1102(a) and (b), appointed five unsecured creditors to
serve on the Official Committee of Unsecured Creditors of Old
Corkscrew Plantation LLC.

The Creditors Committee members are:

      1. Kenneth C. Passarella
         Passarella & Associates, Inc.
         13620 Metropolis Avenue, Suite 200
         Fort Myers, FL 33912-3406
         Tel: (239) 274-0067
         E-mail: kenp@passarella.net
         [Chairperson]

      2. Jesse Wooten
         Griffin Fertilizer Company
         P. O. Box 188
         Frostproof
         FL 33843-0188
         Tel: (863)635-2281
         E-mail: jwooten@bhgriffin.com

      3. John Paul
         Paul Inc.
         d/b/a Car Two
         P. O. Box 188
         Wauchula, FL 33873-0188
         Tel: (863) 735-9200
         E-mail: Johnpaul@cartwo.info

      4. Frank C. Youngman
         Florida Grove Hedgers, Inc.
         403 Bear Lane
         Lake Placid, FL 33852-9700
         Tel: (863) 699-9850
         E-mail: floridagrovehedgers@htn.net

      5. Paul J. Meador
         Everglades Harvesting & Hauling, Inc.
         1331 Commerce Drive
         LaBelle, FL 33935-3005
         E-mail: paul.meador@evergladesharvesting.com

                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.  Donald G. Scott, Esq., -- dscott@mcdowellrice.com --
at McDowell, Rice, Smith & Buchanan, in Kansas City, Missouri,
serves as the Debtors' bankruptcy co-counsel.  The Debtors' orange
groves are valued at $24 million.  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.


PEGASUS RURAL: Can Employ Cantor Fitzgerald as Investment Advisor
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has granted
Pegasus Rural Broadband, LLC, et al., permission to employ Cantor
Fitzgerald & Company as the investment advisor to the Debtors.

The Bankruptcy Court is satisfied that CF&CO is "disinterested" as
that term is defined in Section 101(14) of the Bankruptcy Code, as
modified by Section 1107(b) of the Bankruptcy Code, and that CF&CO
represents no interest adverse to the Debtor's estates.

CF&CO will receive (a) its compensation as specified in the
agreement and (b) reimbursement of expenses, which in each case
will not hereafter be subject to challenge except under the
standard of review set forth in Section 328(a) of the Bankruptcy
Code, provided, however, that the Bankruptcy Court and the United
States Trustee for the District of Delaware will have the right of
review under Section 330 of the Bankruptcy Code regarding the
Strategic Transaction Fee and the Financing Fee.

                  About Pegasus Rural Broadband

Pegasus Rural Broadband, LLC, and its affiliates, including
Xanadoo Holdings Inc., sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 11-11772) on June 10, 2011.

The Debtors are subsidiaries of Xanadoo Company, a 4G wireless
Internet provider.  Xanadoo Co. was not among the Chapter 11
filers.

The subsidiaries sought Chapter 11 protection after they were
unable to restructure $52 million in 12.5% senior secured
promissory notes that matured in May.  The notes are owing to
Beach Point Capital Management LP.

Xanadoo Holdings, through Xanadoo LLC -- XLC -- offers wireless
high-speed broadband service, including digital phone services,
under the Xanadoo brand utilizing licensed frequencies in the 2.5
GHz frequency band.  As of May 31, 2011, XLC served 12,000
subscribers in Texas, Oklahoma and Illinois.  In the summer of
2010, the Debtors closed all of their retail stores and kiosks in
its six operating markets and severed all fulltime sales
personnel.  Since the closings, the Debtors relied one key
retailer in each market to serve as local point of presence to
market customer transactions.

Judge Peter J. Walsh presides over the case.  Rafael Xavier
Zahralddin-Aravena, Esq., Shelley A. Kinsella, Esq., and Jonathan
M. Stemerman, Esq., at Elliott Greenleaf, in Wilmington, Delaware,
serve as counsel to the Debtor.  NHB Advisors Inc. is their
financial advisors.  Epiq Systems, Inc., is the claims and notice
agent.

Xanadoo Holdings, Pegasus Guard Band and Xanadoo Spectrum each
estimated assets of $100 million to $500 million and debts of
$50 million to $100 million.


PEGASUS RURAL: Can Borrow Up to $2.5-Mil. From Xanadoo Company
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware, in a
second interim order dated Sept. 9, 2011, granted Pegasus Rural
Broadband, LLC, et al., authorization to obtain secured
postpetition financing of up to $2,500,000, from Xanadoo Company.

The Debtors are also authorized, on an interim basis for the
additional 13-week period reflected in the Second Approved Budget,
to use cash collateral.

The term of the Second Interim Order, the DIP Note, and the use of
cash collateral will expire, and the DIP Note made pursuant to the
Second Interim Order and the DIP Note will mature, and together
with all interest and any other obligations accruing under the DIP
Note, will become due and payable on Dec. 11, 2012, if the Final
Order has not been entered by the Bankruptcy Court prior to that
date, or (b) upon the occurrence of a Termination Event.

A copy of the Second Interim Order is available for free at:

                       http://is.gd/58eg5Y

As reported in the TCR on Aug. 29, 2011, the Debtors asked the
Bankruptcy Court for the District of Delaware for the entry of a
second interim order authorizing the Debtors to:

  (i) obtain additional postpetition financing of up to $900,000
      from Xanadoo Company, thus increasing the total amount
      borrowed from $1.6 million to $2.5 million; and

(ii) use the prepetition lenders' cash collateral.

Xanadoo, the ultimate parent of the Debtors, provided the
$1.6 million financing pursuant to the First Interim DIP Order.

The Debtors will use the proceeds of the DIP facility to pay their
current and ongoing operating expenses, including post-petition
wages and salaries, as well as utility and critical vendor costs.

The significant terms and conditions of the DIP Facility Agreement
are:

  Borrower      : Pegasus Rural Broadband, LLC; Pegasus Guard
                  Band, LLC; Xanadoo Spectrum, LLC; Xanadoo
                  Holdings, Inc.; Xanadoo, LLC.

  Lender        : Xanadoo Company.

  Financing Fee : 4% of the Maximum Amount payable on the Maturity
                  Date.

  Interest Rate : 12.5%.

  Maturity Date : Dec. 11, 2012.

  Collateral    : First priority liens upon and security interests
                  in substantially all of the Debtors' assets, and
                  an allowed superpriority administrative expense
                  claim.

As with the First Interim DIP, the Debtors and Lender intend the
extension and modification of the DIP Credit Agreement to act as a
bridge financing while the Debtors seek alternative sources of
postpetition financing on terms as good as or better than the DIP
Facility Agreement.

                  About Pegasus Rural Broadband

Pegasus Rural Broadband, LLC, and its affiliates, including
Xanadoo Holdings Inc., sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 11-11772) on June 10, 2011.

The Debtors are subsidiaries of Xanadoo Company, a 4G wireless
Internet provider.  Xanadoo Co. was not among the Chapter 11
filers.

The subsidiaries sought Chapter 11 protection after they were
unable to restructure $52 million in 12.5% senior secured
promissory notes that matured in May.  The notes are owing to
Beach Point Capital Management LP.

Xanadoo Holdings, through Xanadoo LLC -- XLC -- offers wireless
high-speed broadband service, including digital phone services,
under the Xanadoo brand utilizing licensed frequencies in the 2.5
GHz frequency band.  As of May 31, 2011, XLC served 12,000
subscribers in Texas, Oklahoma and Illinois.  In the summer of
2010, the Debtors closed all of their retail stores and kiosks in
its six operating markets and severed all fulltime sales
personnel.  Since the closings, the Debtors relied one key
retailer in each market to serve as local point of presence to
market customer transactions.

Judge Peter J. Walsh presides over the case.  Rafael Xavier
Zahralddin-Aravena, Esq., Shelley A. Kinsella, Esq., and Jonathan
M. Stemerman, Esq., at Elliott Greenleaf, in Wilmington, Delaware,
serve as counsel to the Debtor.  NHB Advisors Inc. is their
financial advisors.  Epiq Systems, Inc., is the claims and notice
agent.

Xanadoo Holdings, Pegasus Guard Band and Xanadoo Spectrum each
estimated assets of $100 million to $500 million and debts of
$50 million to $100 million.


PEGASUS RURAL: Wants Cantor Fitzgerald as Investment Advisor
------------------------------------------------------------
Pegasus Rural Broadband LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware for authority to
employ Cantor Fitzgerald & Company as investment advisor.

The Debtors need Cantor Fitzgerald to provide these services:

   (a) review and analysis of the business, financial condition,
       capital structure and prospects of the Debtors;

   (b) review and consideration from a financial point of view of
       the potential combination benefits and other implications
       of effecting a Strategic Transaction with any acquirer of
       the Debtors;

   (c) review and consideration from a financial point of view of
       the Debtors' available Strategic Transaction,
       Restructuring and Financing alternatives;

   (d) development of a valuation of the Debtors and of any
       securities that the Debtors offer or proposes to offer in
       connection with a Transaction;

   (e) review and consideration from a financial point of view of
       proposed Transaction structures and terms;

   (f) development and implementation of a strategy to effectuate
       a Transaction or a Financing, including in the case of a
       Strategic Transaction, preparation and distribution of
       marketing materials; screening of prospective Acquirors;
       coordination of data room and Acquiror due diligence; and
       solicitation and review of proposals from prospective
       Acquirors;

   (g) development of presentations made to any official
       committee appointed in the bankruptcy cases, and other
       interested parties regarding a Transaction or Financing,
       including the U.S. Trustee and the bankruptcy court;

   (h) negotiation of the Transaction with the Debtors'
       creditors, any Acquiror or any other interested parties;
       and

   (i) other investment banking services for the Debtors as may
       be necessary and appropriate.

The Debtors will pay Cantor Fitzgerald a:

   -- $40,000 retainer, which will be 100% creditable against any
      Restructuring Fee, Strategic Transaction Fee or Financing
      Fee;

   -- $20,000 monthly cash fee, payable upon the first business
      day of each calendar month, which will be 100% creditable
      against any Restructuring Fee, Strategic Transaction Fee or
      Financing Fee;

In addition, if the Debtors consummate a Restructuring, they will
pay Cantor Fizgerald $1 million at the time the Debtors emerge
from bankruptcy.  If the previously received or concurrently
received Strategic Transaction Fees and Financing Fees are greater
than $2.5 million in the aggregate, then the Restructuring Fee
will be zero; and if the previously received or concurrently
received Strategic Transactions Fees and Financing Fees are
greater than $1.5 million in the aggregate but less than $2.5
million, the Restructuring Fee will be reduced by the dollar
amount in excess of $1.5 million.

If the Debtors consummate a Strategic Transaction or enters into
an agrement pursuant to which a Strategic Transaction is
subsequently consummated, a cash fee equal to the sum of:

   -- 3.00% of the lesser of: 1) $100 million of Aggregate
      Consideration involved in the Strategic Transaction; and 2)
      the cash proceeds resulting from such Strategic
      Transaction; plus

   -- 2.00% of the Aggregate Consideration in excess of the Base
      Aggregate Consideration.

If the Debtors consummate a Financing, equal to (i) 3% of any debt
raised; and (ii) 5% of any equity capital raised.  In each case
the Financing Fee will be based on the gross proceeds raised,
including any undrawn amounts under any credit facilities.  The
Financing Fee will be payable upon the closing of any Financing.

The Debtors will promptly reimburse CF&CO, periodically upon
request, for all out-of-pocket expenses reasonably incurred by
CF&CO in connection with CF&CO rendering its services under this
Agreement, including the reasonable fees and disbursements of
legal counsel.  The aggregate amount of expenses reimbursable by
the Debtors under this section will not exceed $50,000 without the
Debtors' prior written consent.

Stephen DesJardins, a member of Cantor Fitzgerald assures the
Court that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

                       About Pegasus Rural

Pegasus Rural Broadband, LLC, and its affiliates, including
Xanadoo Holdings Inc., sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 11-11772) on June 10, 2011.

The Debtors are subsidiaries of Xanadoo Company, a 4G wireless
Internet provider.  Xanadoo Co. was not among the Chapter 11
filers.

The subsidiaries sought Chapter 11 protection after they were
unable to restructure $52 million in 12.5% senior secured
promissory notes that matured in May.  The notes are owing to
Beach Point Capital Management LP.

Xanadoo Holdings, through Xanadoo LLC -- XLC -- offers wireless
high-speed broadband service, including digital phone services,
under the Xanadoo brand utilizing licensed frequencies in the 2.5
GHz frequency band.  As of May 31, 2011, XLC served 12,000
subscribers in Texas, Oklahoma and Illinois.  In the summer of
2010, the Debtors closed all of their retail stores and kiosks in
its six operating markets and severed all fulltime sales
personnel.  Since the closings, the Debtors relied one key
retailer in each market to serve as local point of presence to
market customer transactions.

Judge Peter J. Walsh presides over the case.  Rafael Xavier
Zahralddin-Aravena, Esq., Shelley A. Kinsella, Esq., and Jonathan
M. Stemerman, Esq., at Elliott Greenleaf, in Wilmington, Delaware,
serve as counsel to the Debtor.  NHB Advisors Inc. is their
financial advisors.  Epiq Systems, Inc., is the claims and notice
agent.

Xanadoo Holdings, Pegasus Guard Band and Xanadoo Spectrum each
estimated assets of $100 million to $500 million and debts of
$50 million to $100 million.


PHILADELPHIA ORCHESTRA: Nero Group Splits From Orchestra
--------------------------------------------------------
Peter Dobrin at Inquirer Music Critic reports that Peter Nero and
his orchestra have agreed to split from the Philadelphia Orchestra
Association, ending a six-year experiment that was bumpy from the
start, stormy at the end, and never fully consummated.

According to the report, under terms of the separation, the Pops
will receive a $1.25 million settlement from the association to
fund future operations.  The association will continue to provide
office space and some organizational support to the Pops through
June.

The report says the orchestra, which sought to split from the Pops
well before its April Chapter 11 filing, folded the effort into
its bankruptcy proceedings.  The eight-page severance agreement --
filed with U.S. Bankruptcy Court on Monday and subject to approval
by Judge Eric L. Frank -- is the first finished business in those
proceedings.  When the association's board voted for Chapter 11,
the Pops board followed as protection.

The report says Lawyers for the Pops have negotiated for a
settlement for several months, and in the most recent salvo,
Nero's lawyers threatened to compel a representative of the
Annenberg Foundation to testify as part of a financial examination
of the foundation and the orchestra.

The report notes that request -- which was to have been heard Oct.
5 -- will be withdrawn, Giordano said. Lawyers are discussing the
legal mechanism for the Pops' exit from bankruptcy.

                 About The Philadelphia Orchestra

The Philadelphia Orchestra -- http://www.philorch.org/-- claims
to be among the world's leading orchestras.  Bloomberg News says
the orchestra became the first major U.S. symphony to file for
bankruptcy protection, surprising the music world.

Previous conductors include Fritz Scheel (1900-07), Carl Pohlig
(1907-12), Leopold Stokowski (1912-41), Eugene Ormandy (1936-80),
Riccardo Muti (1980-92), Wolfgang Sawallisch (1993-2003), and
Christoph Eschenbach (2003-08).  Charles Dutoit is currently chief
conductor, and Yannick Nezet-Seguin has assumed the title of music
director designate until he takes up the baton as The Philadelphia
Orchestra's next music director in 2012.

The Philadelphia Orchestra Association, The Academy of Music of
Philadelphia, Inc., and Encore Series, Inc., filed separate
Chapter 11 petitions (Bankr. E.D. Pa. Case Nos. 11-13098 to
11-13100) on April 16, 2011.  Judge Eric L. Frank presides over
the case.  The Philadelphia Orchestra Association is being advised
by Dilworth Paxson LLP, its legal counsel, and Alvarez & Marsal,
its financial advisor.  Curley, Hessinger & Johnsrud serves as its
special counsel.  Philadelphia Orchestra disclosed $15,950,020 in
assets and  $704,033 in liabilities as of the Chapter 11 filing.

Encore Series, Inc., tapped EisnerAmper LLP as accountants and
financial advisors.

Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed
seven members to the official committee of unsecured creditors in
the Debtors' case.  Reed Smith LLP serves as the Committee's
counsel.


PIEDMONT CENTER: Court OKs Lundy Group as Trustee's Mgt. Agent
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina authorized John A. Northen, the Chapter 11 trustee of
Piedmont Center Investments LLC, to employ the Lundy Group Inc. as
its management agent in order to handle leasing and management
duties on behalf of the trustee, with respect to the seven
commercial shopping centers owned by the Debtor.

The firm has agreed to compensation on this basis:

  a) Management fees of (i) 2% of gross rents for the physical
     management of the property and (ii) 2% of gross rents for
     financial and portfolio management;

  b) Leasing commissions of 4% of the gross rents for any new,
     expanding or renewing lease, which is increased to 6% when a
     co-broker is involved; and

  c) Construction management fees of 5% of the value of the work
     for the supervision or management of major project work,
     other improvements, or capital improvements.

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

                 About Piedmont Center Investments

Raleigh, North Carolina-based Piedmont Center Investments, LLC,
owns, leases, and manages seven shopping centers located in (i)
Graham, Alamance County, North Carolina; (ii) Mebane, Alamance
County, North Carolina; (iii) Pittsboro, Chatham County, North
Carolina; (iv) Gibsonville, Guilford County, North Carolina; (v)
Murfreesboro, Hertford County, North Carolina; (vi) Nashville,
Nash County, North Carolina; and (vii) Roxboro, Person County,
North Carolina.

Manager and part-owner Roger Camp signed a Chapter 11 petition
for Piedmont Center Investments, LLC (Bankr. E.D.N.C. Case No.
11-06178) on Aug. 11, 2011.  Trawick H. Stubbs, Jr., Esq., at
Stubbs & Perdue, P.A., in New Bern, North Carolina, serves as
counsel to the Debtor.  In its schedules, the Debtor disclosed
$27.2 million in assets and $15.5 million in liabilities.

The Debtor's two primary secured creditors are Business Partners,
LLC, and KeySource Commercial Bank.  Counsel for KeySource are
James B. Angell, Esq., and Nicolas C. Brown, Esq. --
jangell@hsfh.com and nbrown@hsfh.com -- at Howard, Stallings, From
& Hutson, P.A.


PIEDMONT CENTER: Trustee Taps Northen Blue as Bankruptcy Counsel
----------------------------------------------------------------
John A. Northen, the Chapter 11 trustee of Piedmont Center
Investments LLC asks the U.S. Bankruptcy Court for the Eastern
District of North Carolina for permission to employ Northen Blue,
L.L.P., as his bankruptcy counsel to give the trustee legal advice
with respect to his duties and powers.

The firm says it has agreed to represent the trustee for
compensation as may be subsequently allowed and approved in
accordance with the provisions of the Bankruptcy Code.

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

                 About Piedmont Center Investments

Raleigh, North Carolina-based Piedmont Center Investments, LLC,
owns, leases, and manages seven shopping centers located in (i)
Graham, Alamance County, North Carolina; (ii) Mebane, Alamance
County, North Carolina; (iii) Pittsboro, Chatham County, North
Carolina; (iv) Gibsonville, Guilford County, North Carolina; (v)
Murfreesboro, Hertford County, North Carolina; (vi) Nashville,
Nash County, North Carolina; and (vii) Roxboro, Person County,
North Carolina.

Manager and part-owner Roger Camp signed a Chapter 11 petition
for Piedmont Center Investments, LLC (Bankr. E.D.N.C. Case No.
11-06178) on Aug. 11, 2011.  Trawick H. Stubbs, Jr., Esq., at
Stubbs & Perdue, P.A., in New Bern, North Carolina, serves as
counsel to the Debtor.  In its schedules, the Debtor disclosed
$27.2 million in assets and $15.5 million in liabilities.

The Debtor's two primary secured creditors are Business Partners,
LLC, and KeySource Commercial Bank.  Counsel for KeySource are
James B. Angell, Esq., and Nicolas C. Brown, Esq. --
jangell@hsfh.com and nbrown@hsfh.com -- at Howard, Stallings,
From & Hutson, P.A.


PROQUEST LLC: Moody's Downgrades CFR to B3; Outlook Negative
------------------------------------------------------------
Moody's Investors Service lowered the corporate family and
probability of default ratings of ProQuest LLC to B3 from B2. The
Senior Secured First Lien Bank Credit Facilities was lowered to
Ba3 from Ba2 and the $275 million senior unsecured bonds were
lowered to Caa1 from B3. The primary reason for the downgrade was
the increase in the company's leverage, limited covenant
flexibility, and a reduction in its liquidity position.

ProQuest LLC

   -- Corporate Family Rating, Downgraded to B3 from B2

   -- Probability of Default Rating, Downgraded to B3 from B2

   -- Senior Unsecured Bonds, Downgraded to Caa1, LGD4 69% from
      B3, LGD5, 72%

   -- $240 million Senior Secured First Lien Term Loan, Downgraded
      to Ba3, LGD2, 13%, from Ba2, LGD2, 16%

   -- $40 million Senior Secured First Lien Revolver, Downgraded
      to Ba3, LGD2, 13%, from Ba2, LGD2, 16%

   -- Outlook changed to negative from stable

RATINGS RATIONALE

The downgrade reflects weaker than anticipated results driven by
heavy investment in a significant platform consolidation
initiative, increased content expenses, a weak economic
environment, reduced cushion on its covenant requirements, and a
less favorable liquidity position. Leveraged has increased to 6.9x
as of June 30, 2011 (as calculated by Moody's which in addition to
standard adjustments, also expenses content and software costs
instead of capitalizing them), well above the threshold for the
current rating level. Several acquisitions over the years and the
contribution of Dialog LC by its parent company has left the
company with several different operating platforms that it is
trying to consolidate into one in order to reduce operating
expenses and improve customer satisfaction. The integration has
taken longer and proven more costly than planned, contributing to
EBITDA margin declines from the high to the low teens. The
platform integration also increases operational risks and has the
potential to negatively impact customer satisfaction with
ProQuest's products.

A challenging economic environment and budget constraints at the
national and local level has pressured sales to corporations,
government organizations, and public libraries. Sales to academic
libraries have been more resilient and help support the stability
of revenue which has been relatively flat on a same store basis
for the six months ending 6/30/11. The increased spend on content
and platform integration and, to a lesser extent, higher royalty
expenses for its content have combined to reduce EBITDA and net
cash from operating activities. The September 2010 issuance of
$275 million of senior subordinated was a $122 million increase in
debt compared to the prior capital structure resulting in higher
interest expense and lower free cash flow. The proceeds of the
$122 million increase were used for a $50 million dividend to its
owner Cambridge Information Group (CIG) (in addition to $10
million of permitted tax distributions made over the course of
2010) and for additional acquisitions.

ProQuest's liquidity remains adequate but there has been some
tightening. While there is a seasonal swing in working capital
with peak usage in the first two quarters, the cash position has
deteriorated to $6 million at the end of June, in addition to $17
million drawn under the revolver. The second half of the year
should see a cash build, although the covenants step down in 2012
which could leave the company with limited room and possibly
restrict access to the revolver that matures in February 2013.

ProQuest is supported by a large subscription base in the library
reference market with extensive content databases sold to
libraries, corporations and government organizations. The rating
is also supported by high renewal rates and a reoccurring stream
of revenues. Moody's also believes that expenses will decline as
the platform integration is completed, which will help to reduce
leverage by the end of 2012. The appointment of a new CEO in July
2011 should help to focus attention on operations, in Moody's
opinion. The highly competitive nature of the industry and the
likelihood of elevated spending to maintain a competitive product
offering could partially offset the benefit of the platform
consolidation, however.

The negative outlook reflects weak operating performance and the
limited financial cushion on its financial covenants at the
beginning of next year which may impact their ability to draw on
the revolver. Although Moody's expects cash to build at year end
and leverage to decline as elevated spending subsides in future
years, the maturity of its revolver in February 2013 and the term
loan in February 2014 could prove challenging to refinance or
could lead to higher interest expenses and more restrictive terms
if ProQuest chooses to extend the maturity. Moody's notes that the
senior notes do not mature until October 2018 so the revolver and
the term loan could be extended while remaining well within the
maturity date of the senior notes, especially considering that the
term loan accounts for only 29% of total debt (assuming the
revolver is not drawn). This may provide ProQuest with additional
time to improve results without having to refinance its capital
structure. While ProQuest does have a history of acquisitions and
dividend payments to owner CIG, Moody's expects minimal activity
in the near future given the current high leverage levels.

Moody's would consider a further downgrade if leverage failed to
decline after year end 2011 or if liquidity deteriorated due to
continued challenging operating trends or an inability to access
its revolver due to covenant constraints.

Upward momentum is not likely in the near term given the recent
downgrade, but if ProQuest is able to reduce elevated spending
levels and resolve any covenant or liquidity issues Moody's could
see moving the outlook to stable assuming revenue trends remain
constant.

Headquartered in Ann Arbor, Michigan, ProQuest LLC aggregates,
creates, and distributes academic and news content serving over
12,000 academic, corporate and public libraries worldwide.
Cambridge Information Group (CIG) acquired the ProQuest
Information and Learning (PQIL) business of Voyager Learning
Company (fka ProQuest Company) for $222 million in February 2007
and merged it with its Cambridge Scientific Abstracts, Limited
Partnership (CSA) business to form ProQuest. In conjunction with
the transaction, ABRY Partners invested $63 million for a 20%
stake in ProQuest with CIG contributing CSA for the remaining 80%
voting interest and a cash distribution. Annual revenue on a LTM
basis as of June 30, 2011 was approximately $476 million.


QIMONDA LLC: Judge Confirms Chapter 11 Liquidation Plan
-------------------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that U.S. Bankruptcy
Judge Mary F. Walrath gave her blessing Monday to Qimonda Richmond
LLC's liquidation plan, which will pay the defunct chip maker's
unsecured creditors no more than 14 percent on hundreds of
millions of dollars in claims.

Law360 relates that Judge Walrath signed off on the plan, which
was co-sponsored by the official committee of unsecured creditors
and had the support of over 99 percent of creditors entitled to
vote, according to Morris Massel of Simpson Thacher & Bartlett
LLP, who represents Qimonda.

                       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.


QUALITY HOME: Moody's Lowers CFR to Caa2; Outlook Negative
----------------------------------------------------------
Moody's Investors Service lowered Quality Home Brands Holdings
LLC's corporate family rating and probability of default rating to
Caa2 from Caa1. Moody's also lowered the rating on the cash-pay
term loan and paid-in-kind term loan to Caa2 from Caa1.
Concurrently, Moody's affirmed the B1 rating on the first-out
revolving credit facility The ratings outlook was revised to
negative from stable.

Ratings downgraded:

Corporate family rating to Caa2 from Caa1;

Probability of default rating to Caa2 from Caa1;

$124 million senior secured cash-pay term loan due 2014 to Caa2
(LGD3, 49%) from Caa1 (LGD3, 47%);

$118 million senior secured PIK term loan due 2014 to Caa2 (LGD3,
49%) from Caa1 (LGD3, 47%).

Rating affirmed:

$20 million senior secured revolving credit facility due 2014 at
B1 (LGD1, 2%).

RATINGS RATIONALE

The ratings downgrade reflects Quality Home Brands weaker than
expected operating performance (relative to Moody's expectations)
since its emergence from bankruptcy in early 2010 due to continued
weakness in the housing market. While Moody's recognizes recent
improvements in revenue and EBITDA, in Moody's view, these
improvements are not sufficient to ensure compliance with the
financial covenants governing the credit agreement, which become
more onerous in the third quarter of 2012.

The Caa2 corporate family rating reflects Quality Home Brands'
very high leverage, inadequate coverage of total interest expense,
and weak liquidity due to concerns over covenant compliance. The
rating also incorporates significant exposure to the residential
and commercial construction markets that have yet to show
meaningful signs of recovery. Notwithstanding these concerns, the
rating derives limited support from recent year-over-year
improvements in revenue and EBITDA, and Moody's expectations for
modest free cash flow generation (supported by the PIK feature in
the term loan).

The negative outlook reflects Moody's concern over Quality Home
Brands' ability to maintain compliance with the financial
covenants governing the credit agreement as well as continuing
challenging industry conditions.

The ratings could be downgraded if the company is unable to timely
address any potential covenant issues.

The ratings could experience positive pressure if Quality Home
Brands' demonstrates a continued track-record of improved
operating performance and improves its liquidity profile through
enhanced cushion under financial covenants.

The principal methodology used in rating Quality Home Brands
Holdings LLC was the Global Consumer Durables Industry 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.

Quality Home Brands Holdings LLC is a designer, manufacturer,
importer, and marketer of lighting fixtures headquartered in North
Carolina.


RCC SOUTH: SFI Belmont Has Plan; Most Creditors to be Fully Paid
----------------------------------------------------------------
On Sept. 2, 2011, Lender SFI Belmont LLC, successor-in-interest to
iStar FM Loans LLC, a secured creditor and party-in-interest in
the bankruptcy case of RCC South, LLC, filed a disclosure
statement to accompany its Plan of Reorganization of the Debtor,
dated Sept. 2, 2011.

                       Termination of Stay;
     August 22 Confirmation Hearing on Debtor's Plan Vacated

Although the Debtor initially filed a Chapter 11 plan of
reorganization on Nov. 24, 2010, it subsequently filed three
amended plans: on Feb. 18, 2011, March 16, 2011, and April 19,
2011.

Due to the Debtor's failure to file a confirmable plan of
reorganization within the time period set forth in Bankruptcy Code
Section 1121(d) and extended by the Court at the Debtor's request,
the Debtor filed its "Motion to Further Extend the Exclusive
Period to Obtain Acceptances of Debtor's Proposed Plan of
Reorganization" [Dkt. No. 164] (the "Exclusivity Motion").
Belmont responded with its "Objection to `Motion to Further Extend
the Exclusive Period to Obtain Acceptances of Debtor's Proposed
Plan of Reorganization'" [Dkt. No. 182] (the "Exclusivity
Objection").  A hearing on the Exclusivity Motion was conducted on
June 29, 2011.  Thereafter, the Debtor filed various pleadings and
declarations to try to support its position.

On July 25, 2011, the Court entered an "Order Setting Hearing on
the Second Motion to Modify Exclusivity Period and Whether the
Debtor has Materially Modified its Plan of Reorganization." [Dkt.
No. 230.]  That Order notified the Debtor that if the Court
concluded at an evidentiary hearing set for Aug. 11, 2011, that
the Debtor had to start the disclosure process over and re-solicit
its Debtor Plan to Creditors and interested parties, then Belmont
could have stay relief.

At an evidentiary hearing on Aug. 11, 2011, the Court terminated
the automatic stay to allow Belmont to notice a trustee's sale of
its collateral.  The confirmation trial set for Aug. 22, 2011, was
vacated, and the Court indicated it would allow the Debtor until
Sept. 6, 2011, to file a new plan and disclosure statement.  The
Court also agreed that Belmont could file the Lender Plan and this
Disclosure Statement.

Pursuant to the Court's written order confirming the vacatur of
the stay, Belmont commenced its non-judicial foreclosure sale of
the Debtor's Property, which sale will be conducted on Nov. 29,
2011, at 10:00 a.m.  In the event the Lender Plan is not confirmed
prior to the time the foreclosure sale can be conducted, Belmont
retains the right to withdraw the Lender Plan rather than seeking
confirmation of the Lender Plan, and conduct the foreclosure sale
of the Property instead.

                           Plan Summary

The Lender Plan contemplates appointment of a Plan Administrator
who will establish a Trust from which most of the Debtor's
creditors, except those who own or are otherwise closely
affiliated with the Debtor, will be paid in full.

The Plan also contemplates a transfer of the Debtor's Property to
Belmont, free and clear of all liens, claims, interests and
encumbrances, except for Permitted Encumbrances, in satisfaction
of $55,000,000 of the Belmont Secured Claim (Class 3) and in
consideration for Belmont's agreement to waive its Unsecured Claim
(Class 4), in the amount of approximately $22,000,000, against the
Debtor only, and in consideration for Belmont providing the
Belmont Plan Funding, which will be used to pay the Allowed Claims
against the Debtor.

The Lender's Plan designates 6 Classes of Claims and 1 Class of
Interest:

Class       Description                Status     Voting Rights
-----       -----------                ------     -------------
  1   Fennemore Craig Secured Claim  Unimpaired  Deemed to Accept
  2   LarsonAllen Secured Claim      Unimpaired  Deemed to Accept
  3   Belmont Secured Claim          Impaired    Entitled to Vote
  4   Belmont Unsecured Claim        Impaired    Entitled to Vote
  5   General Unsecured Claims       Unimpaired  Deemed to Accept
  6   Insider Claims                 Impaired    Deemed to Reject
  7   Membership Interests           Impaired    Deemed to Reject

Administrative Claims, Priority Tax Claims and Other Priority
Unsecured Claims, which are unclassified, if and when allowed,
will be paid in full.

Holders of General Unsecured Claims, once allowed, will be paid in
full in cash on the Effective Date or the Claim Payment Date if a
Class 5 General Unsecured Claim is not an Allowed Claim on the
Effective Date.

Class 6 Insider Unsecured Claims will not receive or retain
anything on account of any Insider Claims and no Insider will be
allowed to offset or recoup any amounts such Insider contends is
owed to it/him/her by the Debtor.

All Class 7 Interests in the Debtor will be canceled and no holder
of a membership Interest will receive or retain anything on
account of the Lender Plan.

A copy of the disclosure statement accompanying the Lender Plan is
available for free at http://is.gd/ucJdhb

Counsel for SFI Belmont LLC can be reached at:

         Susan G. Boswell, Esq.
         Elizabeth S. Fella, Esq.
         QUARLES & BRADY LLP
         Tucson, AZ 85701

                         About RCC South

Scottsdale, Arizona-based RCC South, LLC, owns and operates two
Class A" office buildings known as Phase III and Phase IV of the
Raintree Corporate Center in Scottsdale Arizona.  The Company
filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case
No. 10-23475) on July 27, 2010.  John J. Hebert, Esq., Philip R.
Rudd, Esq., and Wesley D. Ray, Esq., at Polsenelli Shughart, P.C.,
in Phoenix, Ariz., assist the Debtor in its restructuring
effort.  The Debtor estimated its assets and debts at $50 million
to $100 million as of the Petition Date.


RCC SOUTH: Court Sets Oct. Hearing on Debtor's Plan Disclosures
---------------------------------------------------------------
In compliance with the U.S. Bankruptcy Court for the District of
Arizona's order dated Aug. 11, 2011, RCC South, LLC, filed on
Sept. 6, 2011, a fourth amended plan of reorganization and
accompanying disclosure statement.

The Court set Oct. 18, 2011, at 10:00 a.m. for the hearing
regarding approval of this disclosure statement.

With the exception of the Classes 1-A through 1-C (the "Priority
Claims"), all the creditors of the Debtor are impaired under the
terms of the Plan:

Class       Description                Status     Voting Rights
-----       -----------                ------     -------------
1-A  Priority Claims                Unimpaired  Deemed to Accept
      (Administrative Claims)
1-B  Priority Claims                Unimpaired  Deemed to Accept
      (Wage Claims)
1-C  Priority Claims                Unimpaired  Deemed to Accept
      (Tax Claims)
2-A  Secured Claim of Belmont       Impaired    Entitled to Vote
2-B  Secured Claim of Maricopa      Impaired    Entitled to Vote
      County
2-C  Securied Claim of Fennemore    Impaired    Entitled to Vote
      Craig
  3   Allowed Claim of Laser Spine   Impaired    Entitled to Vote
  4   Tenant Security Deposits       Impaired    Entitled to Vote
  5   General Unsecured Claims       Impaired    Entitled to Vote
  6   Interest Holders

The Debtor's Fourth Amended Plan proposes alternate treatment of
Belmont' Class 2 Claim, depending upon whether Belmont makes the
Section 1111(b) election or not.

  (i) if Belmont the Section 1111(b) election, pursuant to Section
      506(a)(1) of the Bankruptcy Code, the amount of Belmont's
      Allowed Secured Claim will be limited to the value of its
      collateral, which the Debtor believes to be $48.5 million.
      The remainder of Belmont's Allowed Claim will be treated as
      as general unsecured claim in Class 5.  The Debtor intends
      to pay Belmont's Allowed Secured Claim in full, with
      interest at the Plan Rate, over a period of seven (7) years.

      During the term of the New Belmont Note, the Debtor will
      make monthly principal and interest payments to Belmont
      based upon a 25 year amortization schedule with interest at
      the Plan Rate.  On the New Belmont Note Maturity Date, all
      remaining amounts of principal and interest due under the
      New Belmont Note will be immediately due and payable, and
      will be paid by the Debtor to Belmont either through a sale
      of the Real Property or through refinancing of the Real
      Property.

(ii) If Belmont makes the Section 1111(b) election, Belmont's
      entire Allowed Claim will be treated as fully secured, and
      Belmont will not have any claims in Class 5.  The
      Reorganized Debtor will pay the total amount of Belmont's
      Allowed Claim (to be established by the Court) on
      or before the end of the seventh year following the
      Effective Date of the Plan.

      For illustrative purposes only, assuming that Belmont's
      Allowed Claim will be established at no more than
      $69,000,000, rather than the nearly $77,000,000 asserted by
      Belmont and assuming further that the value of Belmont's
      collateral is $48.5 million, the Reorganized Debtor will
      pay Belmont:

      -- On the Effective Date, the amount of $575,000;

      -- Each quarter thereafter the Debtor will make payments of
         $690,000 each to Belmont, for a total annual payment to
         Belmont of $2,760,000 per year for a period of seven
         years (the "Pre-Payoff Period");

      -- On or before the end of the seventh year following the
         Effective Date of the Plan (the "Pay-Off Date"), the
         Debtor will pay the remaining balance of Belmont's
         Allowed Claim, assumed to be $49,680,000 (based upon an
         initial loan amount of $69,000,000), from either the sale
         of the Real Property or a refinancing of the Real
         Property.

With respect to Unsecured Claims in Class 5, if Belmont does not
make the Section 111(b) election, Allowed Unsecured Claims will be
treated as follows: First, Allowed Unsecured Claims will share,
pro-rata, in a distribution of the sum of $500,000 in cash (the
"Unsecured Distribution Amount") paid by the Reorganized Debtor,
from the New Value contribution, on the 90th day following the
Effective Date of the Plan.  Second, the Reorganized Debtor will
issue to each holder of an Allowed Unsecured Claim its pro rata
portion of a $3 million subordinated debenture payable to holders
of Allowed Unsecured Claims (the "Subordinated Debenture").

If Belmont makes the Section 1111(b) election, Allowed Unsecured
Claims will be paid in full but without interest, by the
Reorganized Debtor from the New Value contribution, on the 90th
day following the Effective Date of the Plan.

With respect to Interest Holders in Class 6, Raintree Corporate
Center Holdings, LLC ("RCCH"), the Debtor's sole member, will
purchase the equity interests in the Reorganized Debtor by
the contribution of cash to the Reorganized Debtor, on the
Effective Date, in the amount of $7,000,000.

A copy of the Disclosure Statement accompanying the Debtor's
Fourth Amended Plan of Reorganization is available for free at:

                       http://is.gd/3bL2bn

                         About RCC South

Scottsdale, Arizona-based RCC South, LLC, owns and operates two
Class A" office buildings known as Phase III and Phase IV of the
Raintree Corporate Center in Scottsdale Arizona.  The Company
filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case
No. 10-23475) on July 27, 2010.  John J. Hebert, Esq., Philip R.
Rudd, Esq., and Wesley D. Ray, Esq., at Polsenelli Shughart, P.C.,
in Phoenix, Ariz., assist the Debtor in its restructuring
effort.  The Debtor estimated its assets and debts at $50 million
to $100 million as of the Petition Date.


R.E. LOANS: Sec. 341 Creditors Meeting Set for Oct. 20
------------------------------------------------------
The United States Trustee for the Northern District of Texas in
Dallas will convene a meeting of creditors pursuant to 11 U.S.C.
Sec. 341(a) in the bankruptcy case of R.E. Loans, LLC, on Oct. 20,
2011, at 2:00 p.m. at Dallas, Room 976.

Proofs of claim are due by Jan. 18, 2012.

                         About R.E. Loans

R.E. Loans LLC was, for many years, in the business of providing
financing to home builders and developers of real property.  R.E.
Future LLC and Capital Salvage own the real property obtained
following foreclosure proceedings initiated by R.E. Loans against
its borrowers.  R.E. Loans is the sole shareholder of Capital
Salvage and the sole member of R.E. Future.  B-4 Partners LLC is
the sole member of R.E. Loans.  As a result of the multiple
defaults by R.E. Loans' borrowers, R.E. Loans has transitioned
from being a lender to becoming a property management company.

Lafayette, California-based R.E. Loans, R.E. Future and Capital
Salvage filed for Chapter 11 bankruptcy (Bankr. N.D. Tex. Case
Nos. 11-35865, 11-35868 and 11-35869) on Sept. 13, 2011.  Judge
Barbara J. Houser presides over the case.  Stutman, Treister &
Glatt and Gardere, Wynne and Sewell, represent the Debtors as
counsel.  James A. Weissenborn at Mackinac serves as R.E. Loans'
Chief Restructuring Officer.  In its petition, R.E. Loans
estimated $100 million to $500 million in assets and debts.


R.E. LOANS: Has $21.5MM DIP Loan From Wells Fargo
-------------------------------------------------
R.E. Loans, LLC, R.E. Future, LLC, and Capital Salvage asks the
Bankruptcy Court for permission to borrow up to $1.7 million from
Wells Fargo Capital Finance LLC on an interim basis, and an
additional $19.8 million on a final basis.

The Debtors also seek authority to turn over all cash collateral
arising from the disposition of prepetition collateral to Wells
Fargo, which is Wells Fargo's condition in extending the DIP
Credit Facility.

The Debtors propose to grant the DIP Lender, subject to a carve-
out and subject to permitted senior liens, (a) priority in payment
over all administrative expenses, (b) perfected first-priority
security interests in all unencumbered property of the Debtors, if
any, and (c) priming, perfected security interests, senior to all
liens and security interests of, among others, (i) Wells Fargo
under its prepetition credit facility provided to R.E. Loans and
B-4 Partners, LLC, pursuant to a Loan and Security Agreement,
dated as of July 17, 2007, as amended, and (ii) the noteholders
who received notes issued by R.E. Loans and secured by R.E. Loans'
notes receivable in exchange for their membership interests in
R.E. Loans, which liens are junior in priority to the first-
priority liens on all or substantially all of the Debtors' assets
securing the repayment of Wells Fargo's prepetition debt.

The DIP loan matures six months after the Petition Date.  The
maturity date, however, may be shortened on certain terms,
including the occurrence of an event of default.

The DIP loan carries regular interest rate payable at 3-month
LIBOR plus 14% and default interest of 3-month LIBOR plus 18%.

The Debtors are required to pay a $250,000 Commitment Fee for
first six months; $5,000 per month administrative fee and certain
expense reimbursements.  The Commitment Fee increases for each
month that the initial six-month term of the loan may be extended
based on a formula.

Wells Fargo holds a first-priority security interest in all of the
Debtors' assets to secure the Pre-Petition Lender Debt.  In July
2007, Wells Fargo provided an initial $50 million facility to R.E.
Loans to fund its operations.  The balance owing to Wells Fargo as
of the Petition Date was roughly $68 million.

Aside from the DIP facility, the Debtors said Wells Fargo has also
made a non-binding offer to provide exit financing for a plan of
reorganization that would extend the term of its financing of the
Debtors' operations through Dec. 31, 2012, to give the Debtors
additional time to generate cash.  Wells Fargo has the right to
terminate the DIP Credit Facility if the Debtors fail to generate
$25 million of proceeds, net of costs of sale and taxes actually
paid, but not net of advances under the DIP Credit Facility, from
their REO Properties and notes receivable by Jan. 31, 2012.  The
proposed financing also contains cumulative net cash receipts
requirements of $50 million by April 30, 2012 and $75 million by
July 31, 2012.

                         About R.E. Loans

R.E. Loans LLC was, for many years, in the business of providing
financing to home builders and developers of real property.  R.E.
Future LLC and Capital Salvage own the real property obtained
following foreclosure proceedings initiated by R.E. Loans against
its borrowers.  R.E. Loans is the sole shareholder of Capital
Salvage and the sole member of R.E. Future.  B-4 Partners LLC is
the sole member of R.E. Loans.  As a result of the multiple
defaults by R.E. Loans' borrowers, R.E. Loans has transitioned
from being a lender to becoming a property management company.

Lafayette, California-based R.E. Loans, R.E. Future and Capital
Salvage filed for Chapter 11 bankruptcy (Bankr. N.D. Tex. Case
Nos. 11-35865, 11-35868 and 11-35869) on Sept. 13, 2011.  Judge
Barbara J. Houser presides over the case.  Stutman, Treister &
Glatt and Gardere, Wynne and Sewell, represent the Debtors as
counsel.  James A. Weissenborn at Mackinac serves as R.E. Loans'
Chief Restructuring Officer.  In its petition, R.E. Loans
estimated $100 million to $500 million in assets and debts.


REID PARK: Has Access to Lender's Cash Collateral Until Nov. 18
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona, in a Third
Interim Order dated Aug. 18, 2011, granted Reid Park Properties
LLC authorization to use cash collateral of WBCMT 2007-C31 South
Alvernon Way, LLC, through and including Nov. 18, 2011, at 5:00
p.m. PST, subject to a budget.

As of the Petition Date, Debtor was indebted to Lender in the
original principal amount of $30,017,576, secured by all or
substantially all of the Debtor's assets, including the Hotel.

As adequate protection, Lender is granted a continuing security
interest in and liens and mortgages upon all assets and property
of the Debtor and the Estate, whether now existing or hereafter
acquired or arising, and all proceeds, rents, products or profits
thereof.

A copy of the Third Interim Cash Use Order is available for free
at http://is.gd/SSh0tW

                    About Reid Park Properties

Reid Park Properties LLC is the owner of the Doubletree Hotel
Tucson located in South Alernon Way in Tucson, Arizona.  The nine-
story property has 287 rooms. It was purchased for $31.8 million
in 2007 by an affiliate of Transwest Properties Inc.

Reid Park filed a Chapter 11 petition (Bankr. D. Ariz. Case No.
11-15267) on May 26, 2011.  According to its bankruptcy petition,
Reid Park has $52 million in liabilities and $14 million in
assets.  The Law Offices of Eric Slocum Sparks, P.C., serves as
its legal counsel.

The U.S. Trustee Christopher Pattock said that an official
committee of unsecured creditors has not been appointed because an
insufficient number of persons holding unsecured claims against
the debtor have expressed interest in serving on a committee.


REID PARK: Court Sets Nov. 7 Plan Confirmation Hearing
------------------------------------------------------
Reid Park Properties, LLC, filed on Sept. 9, 2011, a proposed
second amended disclosure statement for its first amended plan of
reorganization dated Aug. 25, 2011.

The Bankruptcy Court has set Nov. 7, 2011, at 10:00 a.m. for a
hearing on the confirmation of the Plan.

Not all creditors will be paid the full amount of their allowed
claims.  The Debtor, through participating investors, is infusing
a minimum of $1,700,000 to be used by the Debtor for payments to
creditors, making required renovations to property, to replace
older furniture and other renovations, and to meet the
requirements of the most recent Hilton Evaluation.

Current principals of the Debtor do not propose to retain their
interest in the debtor.  Any new monies not used for repairs,
maintenance and renovations will also be used as operating
reserves to cover any operating shortfalls, even though none are
anticipated, which the Debtor may encounter.

These proceeds, in conjunction with the Property's revenues and
inherent future appreciation, will provide the necessary funds to
Debtor to pay creditors under the Plan.

The Plan designates 21 Classes of Claims and Interests:

Class 1.  Administrative Claims
Class 2.  Employee Priority Claims
Class 3.  Claims of Governmental Units
Class 4.  Secured Ad Valorem Real Property Tax Claims
Class 5.  Secured Claim of LNR Partners
Class 6.  Deficiency Claims of LNR Partners
Class 7.  Second Lien Claim of Arbor Realty Funding
Class 8.  Secured Claim of Lloyd Construction
Class 9.  Secured Claim of Ford Motor Credit Company
Class 10. Secured Claim of TCR Equipment Services
Class 11. Secured Claim of Toyota Motor Credit
Class 12. Secured Claim of PNC Equipment Finance
Class 13. Secured Claim of PNC Equipment Finance
Class 14. Secured Claim of EZ Trading, LLC
Class 15. Secured Claim of Leaf Funding, Inc
Class 16. Secured Claim of TCF Equipment Services
Class 17. Unsecured Deficiency Claims and Unsecured Claims
Class 18. Administrative Convenience Claims
Class 19. Interest of Pre-Petition Equity Holders
Class 20. Contingent, Unliquidated and Disputed Claims
Class 21. Claims of Participating Investors

With the exception of Administrative Claims (Class 1) and Claims
of Participating Investors (Class 21), all claims are Impaired
under the Plan.

LNR (Class 5), one of the major creditors, has filed a proof of
claim in the amount of $33,519,478.  The Court has conducted a
valuation hearing on the current market value of the property and
has determined the value to be $17,000,000.  The Debtor proposes
to limit the Class 5 creditor's secured claim to $17,000,000 and
to treat and pay any deficiency claim as a Class 17 unsecured
creditor.

The allowed secured claim of the Class 5 creditor will be paid and
secured by the non-recourse promissory note.  The note will be
payable in equal monthly installments amortized over 30 years,
with the first 36 payments interest-only.  On the 20th anniversary
of the Effective Date of the Plan the outstanding principal
balance of the note and all accrued and unpaid interest thereon
will be due and payable in full.

The final payment will be made either from proceeds of the sale or
refinancing of the property or contributions of the owners of the
property at the time the final payment is due.

The Debtor estimates the Deficiency Claims of LNR (Class 6) at
$16,519,478.  The Class 6 claim of LNR will be treated as a Class
17 unsecured claim and paid on a pro-rata basis as set forth in
the Plan.

A proof of claim has been filed by Arbor (Class 7) in the amount
of $5,521,894.65.  Debtor believes the entire claim is unsecured.
The Class 7 creditor will have its lien released upon confirmation
of the Plan of Reorganization and its allowed claim will be
treated as a Class 17 unsecured claim and paid on a pro-rata basis
with other unsecured creditors.

A proof of claim has been filed by Lloyd (Class 8) in the amount
of $1,469,681.  The Debtor will make annual payments to the
Class 8 secured creditor over 12 years in equal installments of
$100,000 per year without interest commencing one year after the
Effective Date of the Plan.

Debtor estimates Unsecured Deficiency Claims and Unsecured Claims
(Class 17) at $25,000,000.  The Plan provides that each and every
holder of a Class 17 Allowed Claim will be paid, in cash, an
amount equal to 5.0% of any profits of the business for a period
of 5 years on a pro-rata basis.

The interests of the pre-petition equity holders (Class 19) will
be extinguished upon Plan Confirmation.

Class 21 consists of the claims of participating new investors.  A
substantial capital contribution estimated at $1,700,000 will
be made to fund the Debtor's Plan from participating investors,
who will then become interest holders in the Debtor post-
Confirmation.

A copy of the Second Amended Disclosure Statement is available for
free at http://is.gd/PVVOku

                    About Reid Park Properties

Reid Park Properties LLC is the owner of the Doubletree Hotel
Tucson located in South Alernon Way in Tucson, Arizona.  The nine-
story property has 287 rooms. It was purchased for $31.8 million
in 2007 by an affiliate of Transwest Properties Inc.

Reid Park filed a Chapter 11 petition (Bankr. D. Ariz. Case No.
11-15267) on May 26, 2011.  According to its bankruptcy petition,
Reid Park has $52 million in liabilities and $14 million in
assets.  The Law Offices of Eric Slocum Sparks, P.C., serves as
its legal counsel.

The U.S. Trustee Christopher Pattock said that an official
committee of unsecured creditors has not been appointed because an
insufficient number of persons holding unsecured claims against
the Debtor have expressed interest in serving on a committee.


RENAISSANCE SURGICAL: Can Incur $600,000 Post-Petition Financing
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has approved Renaissance Surgical Arts at Newport Harbor emergency
motion for post-petition financing.

Funds advanced toward the Doctors' Bridge Facility will be held in
a segregated account for the benefit of Renaissance, and will be
drawn as needed for the Renaissance's business operations, at
Renaissance's sole discretion.

Renaissance will be authorized to draw against the Doctors' Bridge
Facility, and under the terms and conditions specified in the
Motion, specifically:

Amount               : $50,000 each up to $600,000 total.  If
                       Renaissance is oversubscribed, each
                       participant's commitments will be reduced
                       pro rata.

Facility             : Revolving credit facility to be held in
                       trust by a trustee.

Term                 : 180 days with optional 60 day extensions
                       not to exceed 360 days.

Interest Rate on
Drawn Funds          : 10% per annum during first 180 days
                       +1% per annum, for each additional 60 day
                       extension.

                       Interest will be paid quarterly.  RSANH can
                       elect to pay interest in kind (by
                       adding to the principal balance) in any
                       particular period subject to a 2.5% premium
                       (i.e. 12.5% per annum, if during the first
                       180 days).

Interest Rate on
Un-Drawn Funds       : 2% per annum.

Ranking:             : Administrative Priority per 11 U.S.C.
                       Section 364(b).

        About Renaissance Surgical Arts at Newport Harbor

An involuntary Chapter 11 petition was filed against Costa Mesa,
California-based Renaissance Surgical Arts at Newport Harbor
(Bankr. C.D. Calif. Case No. 11-19749) on July 11, 2011.  On
Aug. 2, 2011, the Court entered an order for relief.  Judge Erithe
A. Smith presides over the case.

The petitioners are Dr. Gary Reiter, allegedly owed $907,515;
Vascular Resources Inc., allegedly owed $2,462,492; and Anthony C.
Pings, allegedly owed $266,169.  The Petitioners are represented
by Robert P. Goe, Esq., at Goe & Forsythe, LLP.

Michael D. Good, Esq., at South Bay Law Firm, in Torrance, Calif.,
is the proposed counsel for the Debtor.


RENAISSANCE SURGICAL: Files Schedules of Assets and Liabilities
---------------------------------------------------------------
Renaissance Surgical Arts at Newport Harbor filed with the U.S.
Bankruptcy Court for the Central District of California, its
schedules of assets and liabilities, disclosing:

Name of Schedule                 Assets             Liabilities
----------------                 ------             -----------
A. Real Property                        $0
B. Personal Property            $8,251,677
C. Property Claimed as
  Exempt
D. Creditors Holding
  Secured Claims                                       $201,904
E. Creditors Holding
  Unsecured Priority
  Claims                                                     $0
F. Creditors Holding
  Unsecured Non-priority
  Claims                                                     $0
                                ----------             --------
     TOTAL                      $8,251,677             $201,904

        About Renaissance Surgical Arts at Newport Harbor

An involuntary Chapter 11 petition was filed against Costa Mesa,
California-based Renaissance Surgical Arts at Newport Harbor
(Bankr. C.D. Calif. Case No. 11-19749) on July 11, 2011.  On
Aug. 2, 2011, the Court entered an order for relief.  Judge Erithe
A. Smith presides over the case.

The petitioners are Dr. Gary Reiter, allegedly owed $907,515;
Vascular Resources Inc., allegedly owed $2,462,492; and Anthony C.
Pings, allegedly owed $266,169.  The Petitioners are represented
by Robert P. Goe, Esq., at Goe & Forsythe, LLP.

Michael D. Good, Esq., at South Bay Law Firm, in Torrance, Calif.,
is the proposed counsel for the Debtor.


RENAISSANCE SURGICAL: To Employ XRoads as Restructuring Advisor
---------------------------------------------------------------
Renaissance Surgical Arts At Newport Harbor LLC seeks approval of
the U.S. Bankruptcy Court for the Central District of California
to employ XRoads Solutions Group LLC as its financial and
restructuring advisor effective July 21, 2011.

Renaissance Surgical has selected XRoads Solutions because of the
firm's extensive experience and knowledge in restructuring, in
advising companies in Chapter 11 cases and in assisting them in
negotiations with their creditors, according to its lawyer,
Michael Good, Esq., at South Bay Law Firm, in Torrance,
California.

Adam Meislik, a principal of XRoads Solutions, or a suitable
replacement to be determined by the firm and Renaissance Surgical
will serve as the chief restructuring officer.

Among the services to be provided by XRoads Solutions include
negotiating and executing a plan of reorganization; assisting
Renaissance Surgical in implementing any approved capital
structure; evaluating and amending its business plan; and assuming
the leadership role for the design and implementation of new
management and financial reporting methodologies for Renaissance
Surgical's business.

The firm will also provide bankruptcy compliance and reporting
services, which include assisting Renaissance Surgical's lawyers
and other advisors in preparing preparing initial reporting
package for the United States Trustee, preparing schedules of
assets and liabilities, maintaining and administering claims
database, among other things.

XRoads Solutions will be paid an hourly rate of $350 per personnel
for its financial advisory services and an hourly rate of $100 per
person for administrative and billing services.

Meanwhile, in exchange for its bankruptcy compliance and reporting
services, the firm will be paid at these hourly rates:

   Principal/Managing Director            $350
   Senior Managing Consultant             $300
   Senior Consultant                      $275
   Consultant                             $250
   Technology Programming                 $200
   Project Specialist                     $125
   Admin, Billing, Programming & Tech
     Support Services                     $100
   Clerical-data entry                     $40

XRoads Solutions will earn a performance fee and incentive fee
for restructurings consummated during the term of its employment
or within the 12 months thereafter that involves any party with
whom the firm or Renaissance Surgical had bona fide discussions
concerning restructurings or sale transaction during the course of
the firm's employment.

In a declaration, Mr. Meislik assures that XRoads Solutions does
not have interest adverse to the interest of the estate and that
the firm is a "disinterested person" under Section 101(14) of the
Bankruptcy Code.

        About Renaissance Surgical Arts at Newport Harbor

An involuntary Chapter 11 petition was filed against Costa Mesa,
California-based Renaissance Surgical Arts at Newport Harbor
(Bankr. C.D. Calif. Case No. 11-19749) on July 11, 2011.  On
Aug. 2, 2011, the Court entered an order for relief.  Judge Erithe
A. Smith presides over the case.

The petitioners are Dr. Gary Reiter, allegedly owed $907,515;
Vascular Resources Inc., allegedly owed $2,462,492; and Anthony C.
Pings, allegedly owed $266,169.  The Petitioners are represented
by Robert P. Goe, Esq., at Goe & Forsythe, LLP.


RENAISSANCE SURGICAL: Court Grants Relief Under Chapter 11
----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
issued an order granting Renaissance Surgical Arts at Newport
Harbor LLC relief under Chapter 11 of the Bankruptcy Code.

        About Renaissance Surgical Arts at Newport Harbor

An involuntary Chapter 11 petition was filed against Costa Mesa,
California-based Renaissance Surgical Arts at Newport Harbor
(Bankr. C.D. Calif. Case No. 11-19749) on July 11, 2011.  On
Aug. 2, 2011, the Court entered an order for relief.  Judge Erithe
A. Smith presides over the case.

The petitioners are Dr. Gary Reiter, allegedly owed $907,515;
Vascular Resources Inc., allegedly owed $2,462,492; and Anthony C.
Pings, allegedly owed $266,169.  The Petitioners are represented
by Robert P. Goe, Esq., at Goe & Forsythe, LLP.


RENEW ENERGY: Creditors Get Settlement Money From Sale to ADM
-------------------------------------------------------------
Wisconsin Ag Connection reports that some of the creditors who
lost millions of dollars in the complex case involving the former
Olsen's Mill have been paid settlement money from the recent sale
of the grain handling properties to Archer Daniels Midland.

According to the report, last week, U.S. Bankruptcy Judge Susan
Kelley approved the purchase by ADM, in which the Illinois-based
company will take over ownership of five grain storage elevators
from Olsen Brothers Enterprises for $16.7 million; as well as four
other elevators from Olsen's Mill Acquisition Company/Ag Services
of Wisconsin for $13.7 million.  ADM has also assumed a lease for
another elevator from OMAC.

The report says court records show that OMAC has agreed to pay BNP
Paribas, the venture's primary lender, a portion of the sale
proceeds as part of the agreement.  Other creditors that received
settlement cash included West Pointe Bank, Philmar & West Point,
Citizens First Bank, FC Stone, M2 Leasing and Allaint.

The report notes the Olsen brothers also have the option to
purchase farmland and ag businesses they had interests in for $1
million within 45 days as part of last week's agreement.

According to the report, the recent sale was the result of a July
8 ruling by the Wisconsin State Supreme Court that stated BNP
Paribas should have been able to collect more than the $9 million
it received from the $20 million that the property sold for during
a receivership sale in early 2009.  That's when the newly formed
OMAC purchased the properties.  Records at the time showed that
David and Paul Olsen owed BNP, a French bank, about $58 million.

The report says, in April 2009, Olsen's was sold to OMAC, then
called Martini's Olsen's Mill Acquisition Co. LLC, despite the
fact that PRM Wisconsin -- a subsidiary of BNP -- submitted the
highest bid for the property during a public auction a week
earlier.  Green Lake County Judge William McMonigal said it was in
the best interest of Olsen's customers and the local farm economy
if the operations were not sold to the creditors.

BNP Paribas then appealed the circuit court's decision to the
Court of Appeals and lost.  That's when they took the matter to
the Supreme Court.

The report adds the company, and its owners at the time, were also
directly involved in the failed Renew Energy ethanol plant in
Jefferson, which is the first such company in Wisconsin to file
for Chapter 11 bankruptcy.

                      About Renew Energy

Headquartered in Jefferson, Wisc., Renew Energy LLC --
http://www.renewenergyllc.com/-- operated an ethanol plant
facility.  The Company sought Chapter 11 protection (Bankr.
W.D. Wis. Case No. 09-10491) on Jan. 30, 2009, represented
by Christopher Combest, Esq., and Valerie L. Bailey-Rihn,
Esq., at Quarles & Brady LLP in Madison, Wisc.  William T.
Neary, the United States Trustee for Region 11, appointed
five creditors to serve on an Official Committee of Unsecured
Creditors.  The Debtor disclosed $188,953,970 in assets and
$194,410,573 in liabilities as of the petition date.  The
Honorable Robert D. Martin approved a sale of the Debtor's
assets to Valero Renewable Fuels Co. LLC in 2009 and
distribution of $72 million in sale proceeds to creditors
under a confirmed chapter 11 plan in July 2010.


RIGHTHAVEN LLC: Defendant Seeks Asset Seizure Over Attys. Fees
--------------------------------------------------------------
Lisa Uhlman at Bankruptcy Law360 reports that Righthaven LLC, on
the brink of bankruptcy and embroiled in an attorneys' fee dispute
with a man it unsuccessfully sued, sunk lower Sunday when the man
moved for seizure of its assets in Nevada federal court.

Law360 relates that Righthaven had told U.S. District Judge Philip
Pro on Sept. 10 that bankruptcy or an asset sale could be its only
options if it had to pay $34,000 in attorneys' fees to Wayne
Hoehn, whom it had sued for reposting a Las Vegas Review-Journal
article online.



RQB RESORT: On Its Way to Emerging from Chapter 11 Bankruptcy
-------------------------------------------------------------
Kristen MacBeth at BankruptcyHome.com reports that Sawgrass
Marriott Golf Resort & Spa is on its way to emerging from Chapter
11 protection.

According to the report, the resort's owner, an Irish investment
partnership between RQB Development LP and RQB Resort LP, has
forumlated a reorganization plan that has been agreed upon by the
U.S. bankruptcy court overseeing the case, according to The
Florida Times-Union.

The report says Goldman Sachs Mortgage will assume ownership of
the resort and forgive the debt, which was $193 million at the
time of filing in March 2010.

"This is a good outcome for the employees, resort guests and the
community," BankruptcyHome.com quotes Gardner Davis, an attorney
in Jacksonville representing Marriott International, told the
newspaper, as saying.  "Emerging from bankruptcy with a
financially strong owner sets the stage for strong growth in
the future."

                        Amended Plan

RQB Resort, LP, and RQB Development, LP, amended its Chapter 11
Plan of Reorganization to accommodate revisions requested by
Goldman Sachs Mortgage Company, the Debtors' largest creditor
holding a claim secured by substantially all of the Debtors'
assets and a large unsecured claim.

In connection with their proposed reorganization, the Debtors
filed a joint plan on August 18, 2011.  The Initial Plan proposed
to satisfy Goldman's secured claim by transferring all of the
equity interests in the Post-Confirmation Debtors to Goldman.  The
Initial Plan also proposed to reject the Debtors' franchise
agreement with Marriott International, Inc., to assume, on
modified terms, the Debtors' hotel management agreement with
Interstate Hotels and Resorts, LLC, and to assume the Debtor's
agreement with SGR Asset Management LLC.

Immediately upon filing the Initial Plan, the Debtors informed
Goldman that the Debtors would cooperate with Goldman regarding
the manner in which the Debtors' encumbered property would be
transferred to Goldman and the assumption or rejection of the
Debtors' agreements.

Goldman has requested that the Debtors revise their Initial Plan
as follows: (i) transfer the Debtors' assets (rather than equity
interests in the Post-Confirmation Debtors) to Goldman, (ii)
appointment of a distribution agent to administer the
Post-Confirmation Debtors, (iii) assume and assign the Debtors'
franchise agreement with Marriott (rather than reject it), (iv)
reject the Debtors' hotel management agreement with Interstate,
effective after confirmation of a plan (rather than to assume it
on modified terms) and (v) reject the Debtors' asset and
development management agreements with SGR Asset Management, LLC.

The Debtors accepted Goldman's proposed revisions to the Initial
Plan in exchange for Goldman's agreement (i) to support the
Debtors' revised plan and (ii) to enter into a mutual release
agreement among the Debtors (including without limitation their
general partners, David O'Halloran, Patrick Murphy, Niall McFadden
and Patrick Kelly as limited guarantors of the Debtors'
indebtedness to Goldman and SGR Asset Management, LLC) and Goldman
(including Archon and Sandelman Partners) as well as all the
parties' successors, assigns, subsidiaries and present and former
affiliates, officers, directors, employees, agents, consultants,
professionals, and attorneys.

A full-text copy of the First Amended Disclosure Statement, dated
Sept. 14, is available for free at:

                http://ResearchArchives.com/t/s?76f6

                        About RQB Resort LP

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.


RSAS HOLDINGS: Asks Court to Convert Case to Chapter 7
------------------------------------------------------
Catherine Dominguez at Houston Community Newspapers reports that
RSAS Holdings Inc., the company that owns and operates Ransom's
Steakhouse and Saloon and El Dorado Jacks, filed for an emergency
motion to convert its Chapter 11 bankruptcy to Chapter 7
bankruptcy in U.S. Bankruptcy Court for the Southern District of
Texas, Houston Division.

The report says Julie Koenig, with Tow & Koenig PLLC who is
representing RSAS Holdings and its president Steve Treat, said the
emergency motion was filed after the mortgage company Mara Moja
Holdings Ltd. filed a motion Tuesday to foreclose on Ransom's
Steakhouse.

The report relates that Philip LeFevre, with Mara Moja Holdings
Ltd., confirmed Wednesday that the restaurant closed its doors
Monday.  Mr. LeFevre said his company was financing the restaurant
but declined to release the details of the financing agreement.

A hearing on Mara Moja Holdings motion for foreclosure is set for
9 a.m. Oct. 7, 2011.

Based in Montgomery, Texas, RSAS Holdings, Inc. dba Ransom's
Steakhouse & Saloon filed for Chapter 11 protection (Bankr. S.D.
Tex. Case No. 11-32767) on April 1, 2011.  Judge Marvin Isgur
presides over the case.  Julie Mitchell Koenig, Esq., Tow and
Koenig PLLC, represents the Debtor.  The Debtor estimated both
assets and debts of between $1 million and $10 million.


SANDLOT VENTURES: To Liquidation Assets Under Chapter 7
-------------------------------------------------------
Eli Segall at Silicon Valley/San Jose Business Journal reports
that U.S. Bankruptcy Judge Stephen L. Johnson signed an order that
pushed Sandlot Venture Group LLC into liquidation proceedings.

A meeting of creditors is scheduled for Oct. 11, 2011, at the U.S.
Federal Building in downtown San Jose.

According to the report, a trio of lenders filed an involuntary
bankruptcy petition against Sandlot in U.S. Bankruptcy Court in
San Jose, seeking to push the firm into Chapter 7 bankruptcy.  The
lenders alleged they were owed at least $575,000 in unpaid debts.

The report relates that, in a typical Chapter 7 case, a court-
appointed trustee works to liquidate the bankrupt entity's assets
and pay its debts.  John W. Richardson, a bankruptcy trustee in
Soquel, has been appointed to Sandlot's case.


SEALED AIR: Moody's Assigns 'Ba3' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
to Sealed Air, downgraded the Baa3 senior unsecured rating to B1
and concluded the review for downgrade initiated on June 1, 2011
following Sealed Air's announcement that it had signed a
definitive merger agreement to acquire Diversey Holdings, Inc.
Moody's also assigned definitive ratings to the company's proposed
and existing debt instruments. The rating outlook is stable.

Sealed Air has committed financing in place to fund the
acquisition including a $1,100 million first-lien term loan A
credit facility (upsized from $1,000 million), a $1,200 million
first-lien term loan B credit facility (downsized from $1,300
million), a $1,500 million senior unsecured bridge facility, and a
$700 million first-lien revolving credit facility. The revolving
facility will consist of a $500 million US dollar facility and a
$200 million multi-currency facility. The term loans will have
various USD, JPY, CAD, and Euro tranches detailed below. The
company intends to withdraw the bridge facility and issue a US
$750 million senior unsecured note issue due 2019 and a US $750
million senior unsecured note issue due 2021. The new senior
unsecured notes will be issued by Sealed Air Corporation,
guaranteed on a senior unsecured basis by all of the wholly-owned
domestic subsidiaries that guarantee the senior secured credit
facilities and rank pari passu with the existing senior unsecured
notes. The proceeds of the financing will be used to fund the cash
portion of the acquisition, refinance all of Diversey's
outstanding debt, pay fees and expenses, and maintain a cash
balance sufficient to cover all of the asbestos related liability
and daily cash needs. The company received the final regulatory
approvals to complete the acquisition on September 14, 2011 and is
anticipated to close the acquisition shortly.

Moody's took the following rating actions for Sealed Air
Corporation:

- Assigned Ba3 Corporate Family Rating

- Assigned Ba3 Probability of Default Rating

- Withdrew Baa3 Issuer Rating

- Converted $500 million USD Senior Secured Revolving Credit
  Facility due 2016 to definitive Ba1 (LGD 2, 21%) from
  provisional (P) Ba1 (LGD 2, 21%)

- Converted $200 million Multi-Currency Senior Secured Revolving
  Credit Facility due 2016 to definitive Ba1 (LGD 2, 21%) from
  provisional (P) Ba1 (LGD 2, 21%)

- Converted $900 million Senior Secured Term Loan A due 2016 to
  definitive Ba1 (LGD 2, 21%) from provisional (P) Ba1 (LGD 2,
  21%)

- Converted $925 million US Dollar Senior Secured Term Loan B due
  2018 to definitive Ba1 (LGD 2, 21%) from provisional (P) Ba1
  (LGD 2, 21%)

- Assigned $750 million US Dollar Senior Unsecured Notes due 2019,
  B1 (LGD 5, 76%)

- Assigned $750 million US Dollar Senior Unsecured Notes due 2021,
  B1 (LGD 5, 76%)

- Downgraded $400 million US Dollar Senior Unsecured Notes due
  2013, B1 (LGD 5, 76%) from Baa3

- Downgraded $450 million US Dollar Senior Unsecured Notes due
  2033, B1 (LGD 5, 76%) from Baa3

- Downgraded $400 million US Dollar Senior Unsecured Notes due
  2017, B1 (LGD 5, 76%) from Baa3

The ratings outlook is stable.

Sealed Air B.V. and Diversey Europe B.V

- Assigned $275 million US Dollar Equivalent Euro Senior Secured
  Term Loan B due 2018, Ba1 (LGD 2, 21%)

Diversey Japan Inc.:

- Converted $140 million US Dollar Equivalent JPY Senior Secured
  Term Loan A due 2016 to definitive Ba1 (LGD 2, 21%) from
  provisional (P) Ba1 (LGD 2, 21%)

Diversey Canada Inc.:

- Converted $60 million US Dollar Equivalent CAD Senior Secured
  Term Loan A due 2016 to definitive Ba1 (LGD 2, 21%) from
  provisional (P) Ba1 (LGD 2, 21%)

The ratings are subject to the closing of the acquisition and the
receipt and review of the final documentation.

Moody's expects to withdraw Diversey's corporate family rating of
B2, probability of default rating of B2, stable outlook and all
rated debt instruments upon the close of transaction.

RATINGS RATIONALE

The downgrade of the senior unsecured ratings reflects the
significant deterioration in credit metrics due to the sizeable
debt financing for the acquisition, integration risk and change in
operating profile. Proforma for the transaction, adjusted debt to
EBITDA will rise to over 5.75 times from 3.5 times and free cash
flow to debt is expected to drop to the mid-single digits from 12%
(including Moody's standard adjustments and excluding projected
synergies of $50 million). However, Moody's notes that proforma
net adjusted leverage is approximately 0.75 times lower as the
adjusted leverage includes the asbestos related liability for
which the company expects to continue to maintain a cash balance
sufficient to cover the entire cash portion of the liability.
Despite an overlap in customers and distribution channels,
Diversey's product line is substantially different from Sealed
Air's which may present integration and management challenges.
Cash flow for the combined company is expected to be negatively
impacted over the intermediate term by significant cash
restructuring costs, pension contributions, costs to achieve
synergies, and vested option payments. Additionally, Diversey has
recently restructured extensively and has a number of new sales
initiatives whose ultimate growth and impact on profitability is
uncertain. Sealed Air is reliant upon significant tax refunds from
the asbestos related liability to fund a significant portion of
the projected debt reduction over the intermediate term. However,
the timing of the settlement of the asbestos related liability and
associated tax refunds remains uncertain. Sealed Air will still
have a significant exposure to cyclical and event risk prone end
markets despite the acquisition. Both companies operate in
competitive and fragmented markets and will need to continue to
develop new products and innovate in order to maintain their
competitive advantage.

Strengths in the company's profile include its scale (as measured
by revenue), wide geographic exposure and low concentration of
sales. Sealed Air has a track record of successful innovation and
Diversey is one of two global providers in its markets. Both
companies hold numerous patents and are not expected to decrease
the resources devoted to research and development. While the
combined company services many of the largest companies in their
respective sectors, its customer base is highly diverse, with no
single customer representing more than 5% of its pro forma 2010
net sales and its top 10 customers representing less than 20%.
Both companies have maintained long-term relationships with many
of their top customers and have a significant base of equipment
installed at the customers' premises. Approximately 50% of pro-
forma sales are from food and food processing related end markets.
Sealed Air anticipates retaining much of the management team at
Diversey and projects approximately $50 million in SG&A synergies
without a reduction in customer facing positions or research and
development. The company is also expected to have good liquidity
with sufficient cash holdings to cover the asbestos related
liability and daily cash needs, substantial availability under its
revolver, and adequate cushion under financial covenants.

WHAT COULD CHANGE THE RATINGS-DOWN

The ratings could be downgraded if there is a deterioration in
credit metrics or the operating and competitive environment.
Sealed Air will also need to maintain adequate liquidity including
sufficient cash on hand to cover the asbestos related liability
and daily cash needs, sufficient availability under the revolver,
and adequate cushion under financial covenants. Specifically, the
rating could be downgraded if debt to EBITDA remains above 5.3
times, EBIT interest coverage declines below 2 times, free cash
flow to debt declines below the mid-single digits, and/or the EBIT
margin declines below 10%.

WHAT COULD CHANGE THE RATINGS-UP

The ratings could be upgraded if Sealed Air sustainably improves
credit metrics within the context of a stable operating and
competitive environment. Sealed Air will also need to maintain
adequate liquidity including sufficient cash on hand to cover the
asbestos related liability and daily cash needs, sufficient
availability under the revolver, and adequate cushion under
financial covenants. Specifically, the ratings could be upgraded
if debt to EBITDA declines below 4.6 times, EBIT interest coverage
rises above 3 times, free cash flow to debt increases above 8%,
and/or the EBIT margin rises above 12.5%.

The principal methodology used in rating Sealed Air was the Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
Industry Methodology published in June 2009. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June
2009.


SHOPPES OF LAKESIDE: Files Schedules of Assets and Liabilities
--------------------------------------------------------------
Shoppes of Lakeside, Inc., filed with the U.S. Bankruptcy Court
for the Middle District of Florida, its schedules of assets and
liabilities, disclosing:

Name of Schedule                 Assets             Liabilities
----------------                 ------             -----------
A. Real Property               $39,093,596
B. Personal Property               $35,151
C. Property Claimed as
  Exempt
D. Creditors Holding
  Secured Claims                                    $37,636,898
E. Creditors Holding
  Unsecured Priority
  Claims                                                 $4,084
F. Creditors Holding
  Unsecured Non-priority
  Claims                                               $107,119
                               -----------          -----------
     TOTAL                     $39,128,747          $37,748,101

                   About Shoppes of Lakeside, Inc.

Neptune Beach, Florida-based Shoppes of Lakeside, Inc., filed for
Chapter 11 bankruptcy protection on June 15, 2010 (Bankr. M.D.
Fla. Case No. 10-05199).  Bryan K. Mickler, Esq., who has an
office in Jacksonville, Florida, assisted the Company in its
restructuring effort.  The Company disclosed $39,894,050 in assets
and $37,748,101 in liabilities.

The Debtors Plan provides for, among other things (i) General
Unsecured Creditors will receive a distribution of 100% of their
allowed claims; and after the effective date of the Plan, the
directors, officers, and voting trustees of the Debtor, any of its
affiliate participating in a joint Plan, or its successor under
the Plan will be Chris Hionides.  Mr. Hionides is the current
president of the Debtor.  As post-confirmation manager of the
Debtor, he will not receive any compensation until all other
classes are paid in full.


SOLYNDRA LLC: Execs Invoke 5th Amendment Rights in House Probe
--------------------------------------------------------------
Ryan Tracy and Evan Perez, writing for The Wall Street Journal,
report that Solyndra LLC's chief executive, Brian Harrison, and
its chief financial officer, W.G. Stover, were scheduled to
testify Friday before the House Energy and Commerce Committee.
Lawyers for the two men sent letters to the committee Tuesday
saying they would invoke their Fifth Amendment rights against
self-incrimination in choosing not to answer the committee's
questions.

The Journal says the company's announcement came as the chairman
of the House oversight committee, Rep. Darrell Issa (R., Calif.),
added his panel to the list of entities investigating the collapse
of Solyndra and its $535 million loan guarantee from the
Department of Energy.

The Journal notes Solyndra on Tuesday issued a fresh defense of
its actions, saying that as late as August it believed existing
investors and the federal government would supply the capital
needed for the company to achieve positive cash flow.  Solyndra
said it was forced to declare bankruptcy after the Department of
Energy refused to accept the terms of the new financing.

                       About Solyndra LLC

Founded in 2005, Solyndra LLC is a U.S. manufacturer of solar
photovoltaic solar power systems specifically designed for large
commercial and industrial rooftops and for certain shaded
agriculture applications.  The Company had approximately 968 full
time employees and 211 temporary employees.  Solyndra has sold
more than 500,000 of its panels since 2008 and generated
cumulative sales of over $250 million.

Fremont, California-based Solyndra and affiliate 360 Degree Solar
Holdings Inc. sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Lead Case No. 11-12799) on Sept. 6, 2011.  Solyndra is at
least the third solar company to seek court protection from
creditors since August 2011.

Solyndra owed secured lenders $783.8 million, including
$527.8 million to the U.S. government pursuant to a federal loan
guarantee, and held assets valued at $859 million as of the
Petition date.  The U.S. Federal Financing Bank, owned by the U.S.
Treasury Department, is the Company's biggest lender.

In the Chapter 11 cases, the Debtors are pursuing a two-pronged
strategy to effectuate either a sale of their business to a
"turnkey" buyer who may acquire substantially all of Solyndra's
assets or, if the Debtors are unable to identify any such
potential buyers, an orderly liquidation of the Debtors' assets
for the benefit of their creditors.

Judge Mary F. Walrath presides over the Debtors' cases.  The
Debtors are represented by Pachulski Stang Ziehl & Jones LLP as
legal adviser.  Imperial Capital LLC serves as investment banker
and financial adviser.

Solyndra tapped former Massachusetts Governor William F. Weld, now
with the law firm McDermott Will & Emery, to represent the company
in government investigations and related litigation.

American Bankruptcy Institute reports that though Solyndra was
supposed to be a marquee example of how private and public
capital could vault innovative companies to commercial success,
investors say that the $535 million government loan guarantee may
have ultimately contributed to the Company's undoing.


SOLYNDRA LLC: White House Was Pressured to OK $535MM Loan
---------------------------------------------------------
Investors.com reports that White House staffers were pressured to
rush approval of a $535 million government loan guarantee for the
maker of solar panels that recently filed for Chapter 11
bankruptcy, a House inquiry alleged.  The loan was restructured,
putting private creditors ahead of taxpayers in the event of a
liquidation.  Solyndra announced plans Aug. 31, 2011, to declare
bankruptcy and lay off its 1,100 workers.

Matthew Daly and Jack Gillum at Forbes.com, citing a report from
the Associated Press, say the Obama administration restructured a
half-billion dollar federal loan to a troubled solar energy
company in such a way that private investors -- including a
fundraiser for President Barack Obama -- moved ahead of taxpayers
for repayment in case of a default, government records show.

According to the report, administration officials defended the
loan restructuring, saying that without an infusion of cash
earlier this year, solar panel maker Solyndra Inc. would likely
have faced immediate bankruptcy, putting more than 1,000 people
out of work.

The report relates that an Associated Press review of regulatory
filings shows that Solyndra was hemorrhaging hundreds of millions
of dollars for years before the Obama administration signed off on
the original $535 million loan guarantee in September 2009.  The
company eventually got $528 million.

The report notes, under terms of the February loan restructuring,
two private investors -- Argonaut Ventures I LLC and Madrone
Partners LP - stand to be repaid before the U.S. government if the
solar company is liquidated.  The two firms gave the company a
total of $69 million in emergency loans.  The loans are the only
portion of their investments that have repayment priority above
the U.S. government.

The report says the AP review also found that officials at
Solyndra had been seeking a second round of loans from the Energy
Department to expand the company's Silicon Valley headquarters.
The request for a second loan was denied.

                        Lobby for Loans

Solyndra LLC lobbied the Obama administration for the
$535 million government-backed loan that turned sour, according to
Bloomberg News.

                       About Solyndra LLC

Founded in 2005, Solyndra LLC is a U.S. manufacturer of solar
photovoltaic solar power systems specifically designed for large
commercial and industrial rooftops and for certain shaded
agriculture applications.  The Company had approximately 968 full
time employees and 211 temporary employees.  Solyndra has sold
more than 500,000 of its panels since 2008 and generated
cumulative sales of over $250 million.

Fremont, California-based Solyndra and affiliate 360 Degree Solar
Holdings Inc. sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Lead Case No. 11-12799) on Sept. 6, 2011.  Solyndra is at
least the third solar company to seek court protection from
creditors since August 2011.

Solyndra owed secured lenders $783.8 million, including
$527.8 million to the U.S. government pursuant to a federal loan
guarantee, and held assets valued at $859 million as of the
Petition date.  The U.S. Federal Financing Bank, owned by the U.S.
Treasury Department, is the Company's biggest lender.

In the Chapter 11 cases, the Debtors are pursuing a two-pronged
strategy to effectuate either a sale of their business to a
"turnkey" buyer who may acquire substantially all of Solyndra's
assets or, if the Debtors are unable to identify any such
potential buyers, an orderly liquidation of the Debtors' assets
for the benefit of their creditors.

Judge Mary F. Walrath presides over the Debtors' cases.  The
Debtors are represented by Pachulski Stang Ziehl & Jones LLP as
legal adviser.


SOLYNDRA LLC: Plans to Set Oct. 25 Deadline for Bids
----------------------------------------------------
Kristen MacBeth at BankruptcyHome.com reports that Solyndra Inc.
said it is planning an Oct. 25 deadline for potential buyers to
bid on their assets.

As reported by Bloomberg News, Solyndra plans to hold an auction
on Oct. 28 should it receive more than one bid by the deadline.
The company hired Imperial Capital, an investment banking firm, to
find a buyer able to reopen a factory that was shut down August 1
and left nearly 1,200 employees without work.

"Imperial has commenced the marketing process for Solyndra's
business assets by contacting more than 100 prospective buyers,"
the report quotes the Company as stating.

Rachel Slajda at Bankruptcy Law360 reports that Solyndra LLC on
Friday asked a Delaware bankruptcy court for more time to find
potential buyers who could keep the company operating and rehire
some of the 1,000 employees who were laid off in August.

According to Law360, Solyndra originally planned to find a buyer
within four weeks of its Chapter 11 bankruptcy filing Sept. 6.
But according to court documents filed Friday, the company now
wants to extend the deadline for bids until Oct. 25.

                       About Solyndra LLC

Founded in 2005, Solyndra LLC is a U.S. manufacturer of solar
photovoltaic solar power systems specifically designed for large
commercial and industrial rooftops and for certain shaded
agriculture applications.  The Company had approximately 968 full
time employees and 211 temporary employees.  Solyndra has sold
more than 500,000 of its panels since 2008 and generated
cumulative sales of over $250 million.

Fremont, California-based Solyndra and affiliate 360 Degree Solar
Holdings Inc. sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Lead Case No. 11-12799) on Sept. 6, 2011.  Solyndra is at
least the third solar company to seek court protection from
creditors since August 2011.

Solyndra owed secured lenders $783.8 million, including
$527.8 million to the U.S. government pursuant to a federal loan
guarantee, and held assets valued at $859 million as of the
Petition date.  The U.S. Federal Financing Bank, owned by the U.S.
Treasury Department, is the Company's biggest lender.

In the Chapter 11 cases, the Debtors are pursuing a two-pronged
strategy to effectuate either a sale of their business to a
"turnkey" buyer who may acquire substantially all of Solyndra's
assets or, if the Debtors are unable to identify any such
potential buyers, an orderly liquidation of the Debtors' assets
for the benefit of their creditors.

Judge Mary F. Walrath presides over the Debtors' cases.  The
Debtors are represented by Pachulski Stang Ziehl & Jones LLP as
legal adviser.


SOLYNDRA LLC: US Trustee Forms Seven-Member Creditor's Committee
----------------------------------------------------------------
Eli Segall at Silicon Valley/San Jose Business Journal reports
that the Office of the U.S. Trustee in Delaware appointed seven
members to Solyndra's committee of unsecured creditors.  They
include Sunnyvale-based West Valley Staffing Group and Hayward-
based Plastikon Industries Inc.

The Committee also includes Peter M. Kohlstadt, a former research
and development engineer who lost his job at the Fremont-based
solar panel maker on Aug. 31. He subsequently sued the company.

According to a court filing, West Valley Staffing is owed nearly
$1.5 million, and Plastikon is owed $1.2 million.

Mr. Kohlstadt and another terminated employee, Dan Braun, filed
separate lawsuits against the company on Sept. 2, in U.S. District
Court for California's Northern District.  Both individuals sought
to obtain 60 days worth of wages and benefits for themselves, and
for hundreds of co-workers.

                       About Solyndra LLC

Founded in 2005, Solyndra LLC is a U.S. manufacturer of solar
photovoltaic solar power systems specifically designed for large
commercial and industrial rooftops and for certain shaded
agriculture applications.  The Company had approximately 968 full
time employees and 211 temporary employees.  Solyndra has sold
more than 500,000 of its panels since 2008 and generated
cumulative sales of over $250 million.

Fremont, California-based Solyndra and affiliate 360 Degree Solar
Holdings Inc. sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Lead Case No. 11-12799) on Sept. 6, 2011.  Solyndra is at
least the third solar company to seek court protection from
creditors since August 2011.

Solyndra owed secured lenders $783.8 million, including
$527.8 million to the U.S. government pursuant to a federal loan
guarantee, and held assets valued at $859 million as of the
Petition date.  The U.S. Federal Financing Bank, owned by the U.S.
Treasury Department, is the Company's biggest lender.

In the Chapter 11 cases, the Debtors are pursuing a two-pronged
strategy to effectuate either a sale of their business to a
"turnkey" buyer who may acquire substantially all of Solyndra's
assets or, if the Debtors are unable to identify any such
potential buyers, an orderly liquidation of the Debtors' assets
for the benefit of their creditors.

Judge Mary F. Walrath presides over the Debtors' cases.  The
Debtors are represented by Pachulski Stang Ziehl & Jones LLP as
legal adviser.


SOLYNDRA LLC: Employees File Suit for Lack of 60 Days' Notice
-------------------------------------------------------------
Lynn Herman at Jobmouse.com reports that Solyndra employees filed
a class action lawsuit in the U.S. District Court of Northern
California against the company.

According to the report, the lawsuit alleges Solyndra violated
state and federal rules that require companies to give 60 days'
notice before laying off more than 50 workers.

The report notes that the complaint seeks unpaid wages, salary,
commissions, bonuses, accrued holiday pay, accrued vacation pay,
pension and 401(k) contributions and other COBRA benefits.

The plaintiff in the suit is listed as Peter Kohlstadt, a research
and development engineer, on behalf of the laid-off workers.

                       About Solyndra LLC

Founded in 2005, Solyndra LLC is a U.S. manufacturer of solar
photovoltaic solar power systems specifically designed for large
commercial and industrial rooftops and for certain shaded
agriculture applications.  The Company had approximately 968 full
time employees and 211 temporary employees.  Solyndra has sold
more than 500,000 of its panels since 2008 and generated
cumulative sales of over $250 million.

Fremont, California-based Solyndra and affiliate 360 Degree Solar
Holdings Inc. sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Lead Case No. 11-12799) on Sept. 6, 2011.  Solyndra is at
least the third solar company to seek court protection from
creditors since August 2011.

Solyndra owed secured lenders $783.8 million, including
$527.8 million to the U.S. government pursuant to a federal loan
guarantee, and held assets valued at $859 million as of the
Petition date.  The U.S. Federal Financing Bank, owned by the U.S.
Treasury Department, is the Company's biggest lender.

In the Chapter 11 cases, the Debtors are pursuing a two-pronged
strategy to effectuate either a sale of their business to a
"turnkey" buyer who may acquire substantially all of Solyndra's
assets or, if the Debtors are unable to identify any such
potential buyers, an orderly liquidation of the Debtors' assets
for the benefit of their creditors.

Judge Mary F. Walrath presides over the Debtors' cases.  The
Debtors are represented by Pachulski Stang Ziehl & Jones LLP as
legal adviser.


SOLYNDRA LLC: Seeks to Employ Alixpartners as Claims Agent
----------------------------------------------------------
Solyndra LLC and its debtor affiliates ask the court for authority
to employ AlixPartners LLP as noticing claims and balloting agent
nunc pro tunc to the Petition Date.

AlixPartners will render these services:

   -- receive and process all proofs of claim and maintain the
      claims register;

   -- track all claims transfers and update ownership of claims
      in the claims register accordingly;

   -- provide both the Company and its counsel access to the
      claims database system; and

   -- file monthly claims register with the Court.

On request of the Debtors, AlixPartners will also render these
services:

   -- assist with preparation for a potential bankruptcy filing
      under Chapter 11 of the United States Bankruptcy Code;

   -- assist with developing the complete notice database system
      to inform all potential creditors as to the filing of the
      case and the bar date notice;

   -- process and mail all notices including the initial
      bankruptcy notices and bar date notice;

   -- provide all voting ballots to necessary parties, quantify
      the ballot results and provide a final report to the
      Bankruptcy Court;

   -- be available for testimony such as results of balloting;

   -- prepare creditors matrix listing all potential creditors;

   -- develop and host a case website including a secure document
      room for legal and transactional diligence as necessary;
      and

   -- assist with such other matters as may be requested that
      fall within AlixPartners' expertise and that are mutually
      agreeable.

The Debtors will pay AlixPartners based on these hourly rates:

      Clerical                                $40 to $60
      Project Specialist                      $75 to $125
      Case Manager                           $130 to $185
      IT Programming Consultant              $140 to $190
      Consultant                             $190 to $225
      Senior Consultant                      $250 to $295

The Debtors will also pay AlixPartners for case management and
website-related services in an hourly basis.

                       About Solyndra LLC

Founded in 2005, Solyndra LLC is a U.S. manufacturer of solar
photovoltaic solar power systems specifically designed for large
commercial and industrial rooftops and for certain shaded
agriculture applications.  The Company had approximately 968 full
time employees and 211 temporary employees.  Solyndra has sold
more than 500,000 of its panels since 2008 and generated
cumulative sales of over $250 million.

Fremont, California-based Solyndra and affiliate 360 Degree Solar
Holdings Inc. sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Lead Case No. 11-12799) on Sept. 6, 2011.  Solyndra is at
least the third solar company to seek court protection from
creditors since August 2011.

Solyndra owed secured lenders $783.8 million, including
$527.8 million to the U.S. government pursuant to a federal loan
guarantee, and held assets valued at $859 million as of the
Petition date.  The U.S. Federal Financing Bank, owned by the U.S.
Treasury Department, is the Company's biggest lender.

In the Chapter 11 cases, the Debtors are pursuing a two-pronged
strategy to effectuate either a sale of their business to a
"turnkey" buyer who may acquire substantially all of Solyndra's
assets or, if the Debtors are unable to identify any such
potential buyers, an orderly liquidation of the Debtors' assets
for the benefit of their creditors.

Judge Mary F. Walrath presides over the Debtors' cases.  The
Debtors are represented by Pachulski Stang Ziehl & Jones LLP as
legal adviser.


SOMERSET PROPERTIES: Court Wants Valuations Revised
---------------------------------------------------
In a Sept. 19, 2011 order, Bankruptcy Judge Stephani W.
Humrickhouse directed the appraisers to recalculate the valuation
of Somerset Properties SPE, LLC's property.  Somerset on Feb. 17,
2011, filed its plan of reorganization.  LNR Partners, LLC holds a
security interest in the debtor's real property, and filed an
objection to confirmation of the plan on April 20, 2011.  On May
26, 2011, the debtor and LNR attempted mediation of many disputed
claims, including the proposed treatment of LNR's claim under the
plan, as well the claims at issue in a pending adversary
proceeding.  During the mediation, the parties determined that
they could not address these issues without first resolving their
disagreement as to the value of the subject property.  As a
result, the parties requested that the court determine the value
of the debtor's real property, and plan to resume mediation once
that value has been ascertained.  Craig D. Smith values the
property at $24,500,000 and Chris R. Morris values the property at
$27,125,000.  The parties agree that the valuation methodology and
assumptions of the appraisers are substantially similar except as
to three areas of expenses: 1) tenant improvements, 2) broker
commissions, and 3) capital expenditures.  Although the court does
not fully adopt the valuation of either appraiser, it believes
that the appropriate value number can be derived by applying
modifications to Mr. Morris' calculations.  The court therefore
directs the parties to recalculate the discounted cash flow
analysis of Mr. Morris using the additions to expenses set forth
in the order and jointly submit the resulting valuation number to
the court.  A copy of the Court's ruling is available at
http://is.gd/OgxJhNfrom Leagle.com.

Raleigh, North Carolina-based Somerset Properties SPE LLC owns and
operates six office buildings in Raleigh, North Carolina, known as
"Somerset Park" and "Somerset Center and Place."  The Company
filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.C.
Case No. 10-09210).  Samantha J. Younker, Esq., and William P.
Janvier, Esq., at Janvier Law Firm, PLLC, in Raleigh, N.C.,
represent the Debtor as bankruptcy counsel.  The law firm of
Blanchard, Miller, Lewis & Isley, P.A., in Raleigh, N.C., is the
Debtor's special counsel. The Company disclosed $36,496,015 in
assets and $28,825,521 in liabilities as of the Chapter 11 filing.


SOVRAN LLC: Seeks Final Order Authorizing Bullivant Employment
--------------------------------------------------------------
Sovran LLC asks the Court for a final order authorizing its
employment of Bullivant Houser Bailey PC as counsel.

In addition, the Debtor asks the Court for a final order approving
the employment of GVA Kidder Matthews as commercial real estate
brokers.

The Debtor previously obtained a temporary order authorizing the
employment of both the Firm and Kidder Mathews.

Sovran LLC, filed a Chapter 11 petition (Bankr. W.D. Wash. Case
No. 11-45107) on June 23, 2011.  Richard G. Birinyi, Esq., and
Lawrence R. Ream, Esq., at Bullivant Houser Bailey PC, in Seattle,
Washington, serve as counsel.


SPARTA COMMERCIAL: Incurs $334,000 Net Loss in July 31 Quarter
--------------------------------------------------------------
Sparta Commercial Services, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
reporting a net loss of $334,122 on $149,999 of revenue for the
three months ended July 31, 2011, compared with a net loss of
$1.31 million on $132,147 of revenue for the same period during
the prior year.

The Company's balance sheet for the quarter ended July 31, 2011,
showed $1.28 million in total assets, $4.06 million in total
liabilities and a $2.78 million total deficit.

RBSM LLP, in New York, noted that the company has suffered
recurring losses from operations that raises substantial doubt
about the company's ability to continue as a going concern.

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

                        http://is.gd/7xzfiv

                      About Sparta Commercial

Based in New York, Sparta Commercial Services, Inc.
-- http://www.spartacommercial.com/-- is a nationwide financial
services company offering financing and leasing products to
consumers and retail powersports dealers.  Sparta also serves
municipal and governmental agencies nationwide with its Municipal
Lease Program, which offers financing for essential equipment for
the law enforcement and emergency response communities.

The Company's subsidiary, Specialty Reports, Inc. d/b/a Cyclechex,
is in the business of offering online access to detailed product
ownership and usage reports for various classes of previously
owned assets.  Cyclechex's initial product release is the
Cyclechex Motorcycle History Report.


SPOT MOBILE: Incurs $1.7 Million Net Loss in July 31 Quarter
------------------------------------------------------------
Spot Mobile International Ltd. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $1.74 million on $2.94 million of revenue for the
three months ended July 31, 2011, compared with a net loss of
$972,952 on $3.83 million of revenue for the same period during
the prior year.

The Company also reported a net loss of $3.96 million on $8.82
million of revenue for the nine months ended July 31, 2011,
compared with a net loss of $2.13 million on $12.94 million of
revenue for the same period a year ago.

The Company reported a net loss of $3.56 million on $16.08 million
of revenue for the year ended Oct. 31, 2010, compared with a net
loss of $712,601 on $23.74 million of revenue during the prior
year.

The Company's balance sheet at July 31, 2011, showed $2.03 million
in total assets, $6.63 million in total liabilities and a $4.60
million total shareholders' deficit.

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

                       http://is.gd/bJqkyr

                        About Spot Mobile

Spot Mobile, formerly Rapid Link Incorporated --
http://www.rapidlink.com/-- is a telecommunications services
company which, through its wholly owned subsidiary, provides
prepaid telecommunication and transaction based point of sale
activation solutions through 1,000 independent retailers in the
Eastern United States.  The Company also provides long distance
services and plans to expand its product offering to include
mobile and wireless services.


STAR CREATIONS: Files for Chapter 7 Bankruptcy Protection
---------------------------------------------------------
Mary Shanklin at the Orlando Sentinel reports that Star Creations
Development LLC, developers of downtown condo project Star Tower,
filed for Chapter 7 bankruptcy.

Star Creations, a division of Royal Palm Homes, developed the
project that opened in 2007 -- at the peak of the market.

According to the report, the project struggled in a market of
collapsing condo values.  Four years after it opened, about half
of the units remain unsold.  Developer Steve Kodsi's real estate
firm, Historic Creations, is leasing finished units at $2,000 a
month.  Principals for the group include Mr. Kodsi; his father,
Allen Kodsi, and Oded Cohen.

The report notes banks approved new, lower pricing on units but
not fast enough to compete with comparable properties, said
Cristian Michaels, founder of Premier Property Group, which
markets the building.  The bankruptcy, he added, is a painful-but-
necessary step to bring in a new owner who can revive the property
and restore stability to the homeowner association.


STELLAR GT: Georgian Project up for Bid in October
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Georgian, an 891-unit apartment project in Silver
Spring, Maryland, goes up for bid in October under procedures
approved by the U.S. Bankruptcy Court in Greenbelt, Maryland.

According to the report, absent a cash buyer, there is agreement
for a secured creditor to end up with ownership under a Chapter 11
plan. The holder of the $60 million junior portion of the senior
debt is the designated buyer, absent a cash offer.

The project, 90% occupied, has twin 14-story towers on a 3.25-acre
plot.  There are $185 million in original principal amount of
first mortgages, not including a $30 million mezzanine loan.

Third parties are to submit initial bids by Oct. 18.  Second-round
bids are due Oct. 26.

The plan calls for reinstating the $125 million first-tier
mortgage.  The owner of the junior secured debt is intended to
take ownership in the plan by forgiving some of the debt.

                 About Stellar GT TIC and VFF TIC

Stellar GT TIC LLC and VFF TIC LLC, owners of the Georgian
apartments located at 8750 Georgia Avenue in Silver Spring,
Maryland, filed for Chapter 11 bankruptcy protection (Bankr. D.
Md. Case Nos. 11-22977 and 11-22980) on June 22, 2011.  Judge
Wendelin I. Lipp oversees the case.  Michelle Maloney-Raymond is
the case administrator.  Matthew G. Summers, Esq., at Ballard
Spahr LLP, serves as the Debtors' counsel.

The Debtors negotiated a plan of reorganization before filing for
Chapter 11.  The proposed plan is premised on either (1) a sale of
the project pursuant to an auction process or (2) a consensual
restructuring of the secured debt.  Broker CB Richard Ellis Inc.
has been hired to conduct the sale.

The auction rules provide that a first-round sealed bid would be
required to be submitted by Aug. 24.  The broker would then have
until Sept. 5 to negotiate with the first-round bidders.  Second-
round sealed bids would be due Sept. 5.  The highest second-round
bid would be identified by Sept. 12, 2011.  The highest bid would
be submitted for approval at the confirmation hearing in October.

Wells Fargo, the holder of a $207.6 million secured debt, can bid
at the auction.  The Lender is represented by Mark Taylor, Esq.,
at Kilpatrick Townsend & Stockton LLP, and Jantra Van Roy, Esq.,
at Zeichner Ellman & Krause LLP.

The U.S. Trustee for Region 4 notified the Court that he has not
appointed an unsecured creditors' committee in the Chapter 11
cases of Stellar GT TIC LLC and VFF TIC LLC.


SUMMER VIEW: 341(a) Creditors' Meeting Continues to Sept. 29
------------------------------------------------------------
Summer View Sherman Oaks LLC's 11 U.S.C. Sec. 341(a) meeting of
creditors is continued from Sept. 20, 2011 to Sept. 29, 2011 at
2:00 p/m.

The meeting will be held at:

   21051 Warner Center Lane
   #105, Woodland Hills
   CA 91367

Summer View Sherman Oaks LLC, aka Summer View Sherman Oaks
Apartments LLC, a single-asset real estate company, is the owner
of a 169-unit apartment building locate at 15353 Weddington
Street, in Sherman Oaks, California.  The 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.


SUMMIT III: Wants to Hire Casto & Chaney as Attorney
----------------------------------------------------
Summit III LLC asks the U.S. Bankruptcy Court for the Northern
District of West Virginia for permission to employ Casto & Chaney
PLLC as its attorney to render legal advice to the Debtor with
respect to its powers and duties as debtor-in-possession, in the
management of its properties and the operation of its business.

Steven L. Thomas, Esq., attorney at the firm, will charge $300 per
hour for this engagement, and the firm's paralegal will bill $100
per hour.

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

                         About Summit III

Summit III LLC, based in Snowshoe, West Virginia, filed for
bankruptcy (Bankr. N.D. W.Va. Case No. 11-01448) on Aug. 11, 2011.
Judge Patrick M. Flatley presides over the case.  Steven L.
Thomas, Esq., at Kay, Casto & Chaney, serves as the Debtor's
bankruptcy counsel.  In its petition, the Debtor estimated $10
million to $50 million in assets and $1 million to $10 million in
debts.  The petition was signed by Samuel M. Levin, Summit III's
manager.


SUPERIOR PROPERTY: Taps Ervin Cohen as Counsel
----------------------------------------------
Superior Property of 10621 Sepulveda LLC asks the U.S. Bankruptcy
Court for the Central District of California for permission to
employ Ervin Cohen & Jessup LLP as its counsel to render legal
advice to the Debtor with respect to its powers and duties as
debtor-in-possession in this Chapter 11 case.

The Debtor tells the Court that the firm received a prepetition
retainer of $50,000.  Michael S. Kogan, Esq., and Faye Rasch,
Esq., will bill $525 and $320 per hour, respectively.  The firm's
paralegal will charge $185 per hour.

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

Based in Mission Hills, California, Superior Property of 10621
Sepulveda, LLC, filed for Chapter 11 protection (Bankr. C.D.
Calif. Case No. 11-20305) on Aug. 29, 2011.  Judge Alan M. Ahart
presides over the case.  The Debtor estimated both assets and
debts of between $10 million and $50 million.


TELX GROUP: S&P Raises Ratings on Credit Facilities to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised the issue-level ratings
on New York City-based The Telx Group Inc.'s proposed senior
secured credit facilities to 'B+' from 'B'. "In addition, we
revised the recovery rating on the debt to '1' from '2'," S&P
stated.

The upgrade is due to the improved recovery prospects from the
smaller term loan (reduced by $35 million from its originally
proposed size to $255 million). The '1' recovery rating indicates
expectations for full (90%-100%) recovery in the event of a
payment default. The 'B-' corporate credit rating remains
unchanged. (For the complete corporate credit rating rationale,
see the research update on Telx, published Sept. 7, 2011, on
RatingsDirect on the Global Credit Portal.)

Ratings List

The Telx Group Inc.
Corporate Credit Rating   B-/Stable/--

Upgraded; Recovery Rating Revised
                           To           From
The Telx Group Inc.
Senior Secured            B+           B
   Recovery Rating         2            1


TEMPLE BETH: Rabbi Quits After Lenders Sought Pay Cut
-----------------------------------------------------
Kristyn Caddell at WPTV.com reports that Temple Beth El Israel, a
Port St. Lucie temple, has been forced to file for Chapter 11
bankruptcy and its rabbi, Arthur Rutberg, has ended his career
after leaders wanted to cut his pay in half.

The report says, after filing for Chapter 11 bankruptcy, the
temple's President Samuel Levy said he was forced to make some
tough decisions in the name of the budget.  "We just had to
restructure and we could not pay that big a salary," the report
quotes Mr. Levy as saying.

Mr. Levy said things are really financially tough right now and
membership is down while expenses are still the same.

Based in Port St. Lucie, Florida, Temple Beth El Israel, Inc.,
filed for Chapter 11 protection on July 27, 2011 (Bankr. S.D. Fla.
Case No. 11-30884).  Judge Erik P. Kimball presides over the case.
Julianne R. Frank, Esq., at Frank, White-Boyd, P.A., represents
the Debtor.  The Debtor listed assets of $1,041,762, and debts of
$1,029,329.


THELEN LLP: Ex-Partners Must Pay for Clients, Trustee Says
----------------------------------------------------------
Roxanne Palmer at Bankruptcy Law360 reports that the Chapter 7
trustee for Thelen LLP filed nearly 100 adversary suits Wednesday
against former firm partners and their new employers, claiming
they poached business from Thelen without paying for it.

In October 2008, Thelen's remaining partners voted to dissolve the
firm and added language to the firm's partnership plan waiving its
right to any "unfinished business" as defined by a California
state appeals court's decision in Jewel v. Boxer, according to
trustee Yann Geron.

                         About Thelen LLP

Thelen LLP, formerly known as Thelen Reid Brown Raysman & Steiner
-- http://thelen.com/-- is a bicoastal American law firm in
process of dissolution.  It was formed as a product between two
mergers between California and New York-based law firms, mostly
recently in 2006.  Its headcount peaked at roughly 600 attorneys
in 2006, and had 500 early in 2008, with offices in eight cities
in the United States, England and China.

As reported by the Troubled Company Reporter on September 22,
2009, Thelen LLP filed for Chapter 7 protection, after its
partnership agreed to dissolve the Company.  The filing was
expected due to the timing of a writ of attachment filed by one of
Thelen's landlords, entitling the landlord to $25 million of the
Company's assets.  The landlord won approval for that writ in
June 2009, but Thelen could void the writ by filing for bankruptcy
within 90 days of that court ruling.  Thelen, according to AM Law
Daily, has repaid most of its debt to its lending banks.


TRANSPECOS FOODS: Shuts Down Operations; Leaves 89 People Jobless
-----------------------------------------------------------------
NewsWest 9 reports that TransPecos Foods said it is shutting its
doors for good.  The Company announced it was shutting down in May
and filed for chapter 11 bankruptcy.  More than 89 people in
Pecos, Texas, are now out of a job.  Within the next two weeks,
the facility will be put up for sale.

TransPecos Foods LP, a producer and distributor of packaged foods,
sought Chapter 11 protection (Bankr. W.D. Tex. Case No. 11-31124)
on June 9, 2011, in El Paso, Texas, blaming "an industry-wide
shortage of a primary component for its mozzarella stick
business."  Assets were listed for $6 million with debt totaling
$32.9 million.  Secured debt owed to several lenders totals
$30.7 million.  Trade suppliers are owed $2.2 million.


UNITED CONTINENTAL: Fitch Upgrades Issuer Default Rating to 'B'
---------------------------------------------------------------
Fitch Ratings has upgraded the issuer default rating (IDR) of
United Continental Holdings, Inc. (UAL) and its two airline
operating subsidiaries to 'B' from 'B-'.  The Rating Outlook is
Stable.

The upgrade follows a year of significant debt reduction and
strong free cash flow (FCF) generation since the closing of the
United-Continental merger on Oct. 1, 2010.  In the face of heavy
fuel cost pressure during the first half of 2011, UAL has
consistently reported industry-leading revenue per available seat
mile (RASM) growth while funding heavy debt maturities out of
internally generated cash flow.

Fitch expects UAL to report FCF of approximately $1.5 B (4% FCF
margin) this year, driven in large part by better than expected
passenger RASM growth of 6 - 8% for the year.  Recent demand
patterns have remained resilient in spite of macroeconomic
headwinds, with August consolidated passenger RASM growing by
approximately 11% year over year.

Capacity cuts by UAL and other U.S. carriers in the post-Labor Day
period are likely to offset potential demand weakness as scheduled
seats in under-performing markets (notably in the Atlantic
network) are reduced.  Unlike previous periods of industry demand
softening, U.S. airlines have generally moved in unison to
rationalize capacity in response to high jet fuel costs and a more
challenging economic outlook.  Fitch views this as a positive sign
for United and the entire industry as carriers adapt to an
operating environment influenced by slow economic growth and high
fuel prices.

Merger integration efforts appear to be progressing according to
plan, with the carriers set to receive a single operating
certificate from the Federal Aviation Administration (FAA) by year
end.  Full implementation of a common passenger service IT system
by 1Q'12 will push the merged carrier closer to network
integration and should help drive somewhat better yield management
and ancillary revenue growth in 2012.  The negotiation of single
collective bargaining agreements with all of the unionized work
groups remains a significant hurdle that may take months to
resolve.  However, some progress has been seen recently with
agreements on common representation of United and Continental
work groups.

Liquidity remains solid, with consolidated unrestricted cash and
investments at $8.6 billion as of June 30.  At 24% of LTM
revenues, this liquidity position is the strongest among U.S.
carriers.  United has also raised its unencumbered aircraft base
to approximately $1.8 billion as collateral is released from
maturing secured debt obligations.

The longer-term credit challenge for UAL remains the need to
steadily de-lever through consistent direction of FCF to the
funding of scheduled maturities (which are somewhat lower at
$1.3 billion in 2012).  Fitch expects UAL to end 2011 with
approximately $12.7 B of total balance sheet debt and Fitch-
adjusted leverage (capitalizing both aircraft and facilities rents
at 8x) of 4.7 times (x) (vs. 6.3x at the end of 2010).  Debt
reduction for the year should total approximately $2.4 billion.

Financing needs for new aircraft deliveries (25 scheduled in 2012)
will offset some planned debt pay-down.  However, UAL's capital
spending profile over the next two years is manageable in a
relatively stable operating environment with low single-digit RASM
growth and jet fuel prices in the range of $3.00 to $3.30 per
gallon.  Gross capex in 2012 will rise from 2011 levels as a
result of increasing aircraft deliveries and greater fleet
spending.

The key change in the industry operating environment over the past
year has been the sharp spike in energy prices that drove spot jet
fuel to over $3.30 per gallon this spring.  Prices of crude oil
and jet fuel have moderated somewhat in recent weeks, but remain
high and volatile relative to expectations earlier in the year.
United and its principal competitors paid more than 30% higher
average fuel prices in 2Q'11.

While the outlook for fuel costs has improved somewhat with the
pull-back in Brent and WTI crude oil prices since July, refining
margins remain high and declines in jet fuel prices haven't kept
pace with crude.  United's 51% fuel hedge protection for the
second half of the year will provide some stability, but fuel
pressure will likely drive tough unit cost comparisons in the
second half of the year.

Recent turmoil in the financial markets and worries about Europe
have darkened the outlook for consumer and business spending, and
the fall and winter air travel demand outlook is uncertain.
Business travel demand, however, does seem to be holding up well,
as an early September industry fare hike for non-advanced purchase
fares stuck in the market.  Continuing fare traction in the face
of weak fundamentals bodes well for the industry in its effort to
bolster yields and RASM moving into 2012.

UAL's July and August passenger RASM trends out-paced the
industry, but growing concerns over demand have led management to
cut more capacity out of the third and fourth quarter schedules.
The latest schedule changes will drive a reduction of
approximately 3% in fourth quarter available seat mile (ASM)
capacity.  Management now expects consolidated 2012 capacity to be
essentially flat versus 2011.

United's fleet plan flexibility represents a significant credit
positive in light of the need to adjust capacity in the context of
uncertain demand patterns and fuel price volatility. Approximately
half of the carrier's current fleet will become unencumbered or
come off of lease by 2015.

An upgrade to 'B+' is possible over the next one to two years if
UAL continues to generate positive FCF and reduces adjusted debt
levels.  Any further positive actions would be contingent upon the
negotiation of competitive labor contracts that do not drive non-
fuel unit costs substantially higher than those of legacy carrier
competitors.

A downward revision of the Rating Outlook is possible over the
next year if global economic stress crimps air travel demand and
leads UAL to report declines in passenger unit revenue in 2012.  A
large fuel price shock, driving spot jet fuel prices above $3.50
per gallon, absent offsetting industry fare actions, could also
erode FCF and delay leverage reduction, possibly resulting in a
negative action.

Fitch upgrades the ratings of United Continental Holdings as
follows:

United Continental Holdings, Inc.

  -- Issuer Default Rating (IDR) to 'B' from 'B-';
  -- Senior Unsecured ratings to 'CCC/RR6' from 'CC/RR6'.

United Airlines, Inc.

  -- Issuer Default Rating (IDR) to 'B' from 'B-';
  -- Secured Bank Credit Facility to 'BB/RR1' from 'BB-/RR1';
  -- Senior Secured Notes to 'BB/RR1' from 'BB-/RR1';
  -- Senior Unsecured rating to 'CCC/RR6' from 'CC/RR6'.

Continental Airlines, Inc.

  -- Issuer Default Rating (IDR) to 'B' from 'B-';
  -- Senior Secured Notes to 'BB/RR1' from 'BB-/RR1';
  -- Senior Unsecured rating to 'CCC/RR6' from 'CC/RR6'.


VIRGIN OFFSHORE: Involuntary Ch. 11 Reassigned to Judge Magner
--------------------------------------------------------------
The involuntary Chapter 11 bankruptcy petition against Virgin
Offshore USA, Inc., has been transferred to Judge Elizabeth W.
Magner.  The case was first given to Judge Jerry A. Brown.

Virgin Offshore USA, Inc., based in New Orleans, Louisiana,
produces oil and gas.  Creditors Dynamic Energy Services LLC,
Precision Drilling Company, LP, and Tanner Services LLC, owed
$1,895,824 in the aggregate, commenced an involuntary Chapter 11
bankruptcy proceeding against Virgin Offshore USA (Bankr. E.D. La.
Case No. 11-13028) on Sept. 16, 2011.  The petitioning creditors
are represented by Michael A. Crawford, Esq., at Taylor Porter
Brooks & Phillips LLP, H. Kent Aguillard, Esq., at Young, Hoychick
and Aguillard; and Jacque B. Pucheu, Jr., Esq., at Pucheu, Pucheu
& Robinson, LLP.

An affiliate of Virgin Offshore USA, Virgin Oil Company Inc.,
filed a Chapter 11 petition (Bankr. E.D. La. Case No. 09-11899) on
June 25, 2009.


VULCAN MATERIALS: Moody's Cuts Corporate Family Rating to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service downgraded Vulcan Materials Company's
corporate family rating and probability of default rating to Ba2
from Ba1, senior unsecured ratings to Ba2 from Ba1. A Ba1 rating
was assigned to Vulcan's pending $450 million revolving credit
facility due 2016. Vulcan's SGL assessment was affirmed at SGL-3.
Rating outlook was changed to negative.

These rating actions were taken:

Corporate family rating, downgraded to Ba2 from Ba1;

Probability of default rating, downgraded to Ba2 from Ba1;

Senior springing lien revolving credit facility rating, assigned
Ba1, LGD2, 27%;

Senior unsecured notes rating, downgraded to Ba2, LGD4, 52% from
Ba1, LGD4, 51%;

Senior unsecured shelf rating, downgraded to P(Ba2) from P(Ba1);

Subordinate shelf rating, downgraded to P(B1) from P(Ba3);

Preferred shelf rating, downgraded to P(B2) from P(B1);

SGL assessment, affirmed at SGL-3;

Outlook changed to negative from stable.

RATINGS RATIONALE

The downgrade reflects continued weak operating performance, high
debt leverage and Moody's expectation for weak conditions to
persist over the next 12 to 18 months. In the LTM period ending
June 30, 2011, Vulcan's operating margins were negative, interest
coverage was nearly zero, and adjusted debt-to-EBITDA approached
9.0x. In Moody's view, Vulcan is not likely to improve its credit
metrics significantly until demand conditions improve, and volume
demand strengthens.

The company is in the process of replacing its $1.5 billion senior
unsecured revolving credit facility with a new $450 million senior
unsecured revolving credit facility and a $300 million A/R
Securitization facility. The new revolving credit facility has a
$250 million sublimit for issuance of letters of credit, and will
mature in 2016.

The Ba2 corporate family rating is supported by the company's
leading position in the North American aggregates industry and its
regional geographic and end market diversity, and large proven
reserves. Longer term, the business benefits from high barriers to
entry, a stable competitive landscape, and diverse end use
markets. The rating is constrained by high financial leverage, in
part resulting from debt incurred to finance the Florida Rock
acquisition, and in part due to a sharp cyclical contraction in
shipment volumes and resultant operating cash flows. Diminished
cash flows hamper Vulcan's ability to delever as debt reduction
efforts are offset by falling EBITDA, and dividends consume cash
that could otherwise be allocated towards debt reduction.

The negative outlook considers the risk that end market conditions
may remain weak, as private sector demand remains in an extended
malaise, and public sector spending may be adversely pressured by
government fiscal imbalances. The negative outlook also recognizes
that the company must evidence substantial credit ratio
improvements over the next 12 to 18 months in order to better
position itself in its rating category.

The SGL-3 speculative grade liquidity rating reflects Vulcan's
sufficient liquidity profile, supported by $450 million senior
springing lien credit facility and $300 million A/R Securitization
facility, and the absence of debt maturities over the next twelve
months. While the new facility extends the company's debt maturity
profile, its reduced size and additional financial covenants
allows less flexibility. The company maintains modest cash
balances, and is expected to generate limited free cash flow over
the next twelve months. Vulcan needs to maintain compliance with
three financial covenants, including debt-to-capitalization,
EBITDA interest coverage, and asset coverage ratios. The debt-to-
capitalization covenant of 55% could be triggered in the event
that the company write down about $1.5 billion of goodwill.
Currently, goodwill and intangibles balance is about $3.8 billion.

The rating would likely be downgraded in the event that Vulcan
does not demonstrate substantial progress towards improving its
margins, reducing its leverage and increasing its coverage metrics
over the intermediate horizon. Rating pressures may emerge in the
event that private construction remains weak, or public
construction is constrained by fiscal tightening. Given current
weak operating and financial metrics and weak demand and pricing
conditions in the industry, upward rating pressure in the
intermediate term is unlikely. The outlook would be stabilized in
the event that the company drives debt-to-EBITDA below 5.0x, and
evidences sustainable recovery in revenues and margins.

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

Vulcan Materials Company is the largest producer of construction
aggregates in the U.S., and is also a major producer of asphalt
mix and concrete. Its primary end markets include public
construction, infrastructure, private nonresidential, and private
residential construction, and its aggregates reserves are about
14.7 billion tons. In the last twelve months ending June 30, 2011
Vulcan generated approximately $2.5 billion in revenues.


WASTE2ENERGY HOLDINGS: Court Orders Chapter 11 Trustee
------------------------------------------------------
Dow Jones' DBR Small Cap reports that against pleas from top
executives at Waste2Energy Holdings Inc., the court appointed an
independent trustee to take over the bankruptcy case that was
forced upon the struggling South Carolina-based recycling
equipment provider last month.

                      About Waste2Energy

Greenville, S.C.-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 incurred a net loss from continuing operations of
$4.0 million and used $1.8 million of cash in continuing
operations for the three months ended June 30, 2010.  At June 30,
2010, the Company had a working capital deficit of $8.8 million
and a $34.5 million accumulated deficit.

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.

As reported in the Troubled Company Reporter on July 19, 2010,
Marcum LLP, in New York, expressed substantial doubt Waste2Energy
Holdings' 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.

                             Default

As reported in the TCR on Feb. 2, 2011, the Company has not paid
approximately $276,000 of interest due on the of the Company's 12%
Senior Convertible Debentures (the "Debentures") due on Jan. 1,
2011, and as of Jan. 8, 2011, an additional Event of Default under
the Debentures has occurred on outstanding debentures having an
aggregate principal balance of $5,830,400 and an Event of Default
has occurred on outstanding Debentures having an aggregate
principal balance of $4,227,500.


WIKILOAN INC: Incurs $217,000 Net Loss in July 31 Quarter
---------------------------------------------------------
Wikiloan Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $217,321 on $283 of revenue for the three months ended July 31,
2011, compared with a net loss of $226,184 on $624 of revenue for
the same period a year ago.

The Company also reported net income of $144,307 on $409 of
revenue for the six months ended July 31, 2011, compared with a
net loss of $482,326 on $652 of revenue for the same period during
the prior year.

The Company reported a net loss of $3.15 million on $635,184 of
revenue for the year ended Jan. 31, 2011, compared with a net loss
of $596,639 on $1,801 of revenue for the same period during the
prior year.

The Company's balance sheet at July 31, 2011, showed $328,839 in
total assets, $385,454 in total liabilities and a $56,615 total
stockholders' deficit.

As reported by the TCR on May 20, 2011, PS Stephenson & Co., PC,
in Wharton, Texas, expressed substantial doubt about WikiLoan's
ability to continue as a going concern following the Company's
results for the fiscal year ended Jan. 31, 2011.  The independent
auditors noted that the Company has no revenue, significant assets
or cash flows.

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

                        http://is.gd/ZqeEL9

                        About WikiLoan Inc.

Los Angeles, Calif.-based WikiLoan, Inc. -- http://wikiloan.com/-
- is a Web site that provides tools for person-to-person borrowing
and lending.  People can use the tools on the website to borrow
and lend money ($500 to $25,000) among themselves at rates that
make sense to all parties.  WikiLoan provides management tools
that allow Borrowers and Lenders to manage the process by:
providing loan documentation, promissory notes, repayment
schedules, email reminders, online account access, and online
repayment.


WINGATE AIRPORT: Can Borrow $4,580 per Month From Ronald Robinson
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada has granted
Wingate Airport South, LLC, permission to borrow the sum of
$4,850.10 per month as and for monthly payments to 2009-1 CRE-
Venture, LLC, on the Promissory Note assigned to CRE from the FDIC
on Feb. 19, 2010, from Ronald J. Robinson.

The Court further order that CRE accept the sum of $4,850 per
month as and for monthly payments to CRE on the unpaid principal
of the Note.  The interest period will run from the 20th-19th of
each month, starting July 20, 2011.  Payments will be due by the
1st of each month.

As reported in the TCR on July 25, 2011, Mr. Robinson is not
seeking interest payments on said loans.

As of the Petition, the amount owed to CRE totaled $1,293,481,
consisting of an unpaid principal balance of $1,096,517 and
accrued interest of $55,502, with late charges and other fees of
$41,328.

The Debtor relates that under 11 U.S.C. Section 101(51B), single
asset real estate debtors are required to file a plan or
reorganization (that has a reasonable possibility of being
confirmed within a reasonable time) or commence making monthly
payments within 90 days of the filing of the petition, or the
automatic stay is lifted.

Las Vegas, Nevada-based Wingate Airport South, LLC, owns real
property located at 355 E. Warm Springs Road, Las Vegas, Nevada,
consisting of a partially completed Wyndham Hotel and land.  The
Company filed for Chapter 11 bankruptcy protection (Bankr. D. Nev.
Case No. 11-11950) on Feb. 11, 2011.  In its schedules, the Debtor
disclosed $12,000,000 in assets and $9,497,529 in liabilities as
of the Petition Date.  Neil J. Beller, Esq., at Neil J. Beller,
Ltd., in Las Vegas, represents the Debtor as counsel.

On June 20, 2011, the Bankruptcy Court entered an order
determining that the Debtor is a "Single Asset Real Estate" Debtor
pursuant to 11 U.S.C. Sections 101(51B) and 362(D)(3).


W.R. GRACE: Court OKs $43MM Deal Between Libby Victims & Montana
----------------------------------------------------------------
Judge Jeffrey Sherlock of the U.S. District Court for the District
of Montana approved a $43 million settlement between the state of
Montana and more a thousand asbestos victims of the vermiculite
mine in Libby, Montana, which was operated by W.R. Grace & Co.
from 1960 to 1990.

The settlement stemmed from more than 200 lawsuits filed against
the State a decade ago, Matthew Brown of The Associated Press
reported.  He noted that Judge Sherlock had dismissed the victims'
claims in 2002, but the state Supreme Court overturned that
decision.  The Libby Victims alleged that State officials knew
that dust from the vermiculite mine was killing people but failed
to intervene.

An estimated 400 people have been killed and 1,750 others were
sickened by asbestos released from the vermiculite mine outside
the mountain town of Libby, according to the AP report.  Lethal
dust from the mine once blanketed the small community, and
asbestos illnesses were still being diagnosed more than two
decades after the mine was shuttered.  Vermiculite was popular in
home insulation.

Reuters reported that more than 70% of the vermiculite used in the
country over eight decades came from Libby, citing the U.S.
Environmental Protection Agency.

The settlement provides that more than 1,300 victims will receive
payments ranging from $500 to more than $50,000 for those
afflicted with lung cancer or mesothelioma.  To cover the
settlement, the AP report said, Montana will pay $26.8 million
from the State's self-insurance reserve fund and the National
Indemnity Company will pay $16.1 million, citing court documents.
The Montana Insurance Guaranty Association will pay the remaining
$100,000.

Writing for the Daily Inter Lake, Lynnette Hintze reported that a
33% attorney's fee for the law firms representing the victims will
be subtracted from the gross settlement, along with a pro rata
portion of costs advanced by the law firms, and Medicare and other
liens that may be owing.  Any probate costs and fees would be
subtracted as well, and there is a $500,000 hold back for
adjustments based on medical records not delivered earlier, for
any clerical errors and to pay costs of the trust administration.

The settlement was negotiated by the law firms McGarvey,
Heberling, Sullivan & McGarvey and Lewis, Slovak, Kovacich & Marr.

In 2010, the U.S. Supreme Court rejected W.R. Grace's appeal
seeking to block lawsuits filed by Libby Victims.  The justices
left intact the Third Circuit Court's decision that lets the
asbestos victims sue the state of Montana for allegedly failing to
warn the miners and townspeople about the dangers posed by the
mine.

Early in 2010, Judge Kent A. Jordan of the United States Court of
Appeals for the Third Circuit affirmed the order of the United
States District Court for the District of Delaware and the United
States Bankruptcy Court for the District of Delaware denying
Grace's request to expand a preliminary injunction to prevent the
asbestos victims from prosecuting their lawsuits.

In 2005, the state of Montana, which asserts claims arising from
Grace's mining operations in Libby asked the U.S. Bankruptcy Court
for the District of Delaware, which is overseeing Grace's
bankruptcy proceedings since 2001, for relief from the automatic
stay of litigation against Grace so that it could implead Grace as
a third-party defendant in the Montana Actions.  Grace opposed
that Motion and filed a request seeking to expand the preliminary
injunction to include actions brought against the State.

The Bankruptcy Court denied Grace's motion.  The District Court
also effectively denied Montana's motion to lift the stay holding
that the automatic stay remains in effect as to Grace and its
debtor affiliates and their property.  Grace and Montana took an
appeal from the District Court's order affirming the Bankruptcy
Court's denial.

The Circuit Court previously held that the Bankruptcy Court and
the District Court do not have the authority to stop the
prosecution of the asbestos lawsuits in any Montana state court.

Grace has maintained since the beginning of the case that its
involvement in the asbestos lawsuits would preclude it from
successfully and expeditiously emerging from bankruptcy.  Grace
sought bankruptcy protection in April 2001.

                     About W.R. Grace & Co.

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones,
LLP, represent the Debtors in their restructuring effort.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.  Stroock
& Stroock & Lavan, LLP, and Duane Morris, LLP, represent the
Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

W.R. Grace and its debtor affiliates, with the support of the
Official Committee of Asbestos Personal Injury Claimants, the
Asbestos PI Future Claimants' Representative and the Official
Committee of Equity Security Holders, have submitted a proposed
Chapter 11 plan of reorganization.  The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.  The Plan confirmation hearing
wrapped up on Jan. 25.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


W.R. GRACE: Intrawest Wants Lift stay to Continue State Action
--------------------------------------------------------------
Intrawest California Holdings, Inc., Intrawest Retail Groups,
Inc., 22 Station Development Corporation, First Ascent Development
Corporation and Intrawest Corporation ask Judge Judith Fitzgerald
of the U.S. Bankruptcy Court for the District of Delaware to lift
the automatic stay to allow them to continue to prosecute their
state court action.

Intrawest has filed an action against W.R. Grace Co.-Conn in
connection with construction defect claims brought against
Intrawest by Squaw Valley Neighbourhood Company in the Superior
Court of Placer County, in the State of California, in the case
captioned Squaw Valley Neighbourhood Company v. Intrawest
California Holdings, Inc., et. al., Case No. S-CV-0027198.

Intrawest seeks to obtain relief from the automatic stay to
proceed with the current state court action and collect any
judgment from any available insurance, up to the limits of the
insurance, Tracy A. Burleigh, Esq., at Marshall, Dennehey, Warner,
Coleman & Goggin, in Wilmington, Delaware -- taburleigh@mdwcg.com
-- tells the Bankruptcy Court.  She says Intrawest seeks to then
assert any excess judgment above any available insurance as a
claim in the Debtors' pending bankruptcy proceedings, but would
not seek to assert any collection of any judgment against the
Debtor personally outside the bankruptcy setting.

Ms. Burleigh relates that Squaw Valley filed a lawsuit against
Intrawest and various other defendants on May 20, 2010, in the
Superior Court of California in the County of Placer, claiming
construction defects at The Village at Squaw Valley Project.
Intrawest was the developer of the Project, and Squaw Valley is
the Master Association of the Project.  Intrawest subsequently
filed a Cross-Complaint on December 30, 2010, naming various
cross-defendants, and Zoe's.  Intrawest then named Grace Co.-Conn
as a Zoe defendant in an amendment to its Cross-Complaint.

Intrawest believes Grace Co.-Conn supplied materials and performed
work at the Project that is subject to Squaw Valley's claims.

Ms. Burleigh contends that cause exists to terminate the automatic
stay and allow the state court litigation to proceed.  She asserts
that no financial burden will be imposed on Grace Co.-Conn or its
creditors if the litigation is allowed to proceed, because
Intrawest seeks primary recovery against non-estate property,
namely insurance coverage.

                     About W.R. Grace & Co.

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones,
LLP, represent the Debtors in their restructuring effort.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.  Stroock
& Stroock & Lavan, LLP, and Duane Morris, LLP, represent the
Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

W.R. Grace and its debtor affiliates, with the support of the
Official Committee of Asbestos Personal Injury Claimants, the
Asbestos PI Future Claimants' Representative and the Official
Committee of Equity Security Holders, have submitted a proposed
Chapter 11 plan of reorganization.  The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.  The Plan confirmation hearing
wrapped up on Jan. 25.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


W.R. GRACE: Libby Wood Chips Have Low Levels of Asbestos
--------------------------------------------------------
Matthew Brown of The Associated Press reports that according to
federal regulators, initial test results show only low levels of
asbestos contamination in the wood chips and bark that were widely
used for landscaping in Libby, Montana.

Mr. Brown says low levels of asbestos were found in two of six
wood chip samples taken from the grounds of a shuttered sawmill in
Libby, citing Deborah McKean, a toxicologist of the U.S.
Environmental Protection Agency.  Ms. McKean described the initial
results as promising but said more test results were needed to
determine the human health risk.

As previously reported, Montana's senior U.S. Senator Max Baucus
announced on July 18, 2011, that he secured a commitment from the
EPA that it will conduct additional testing to determine whether
the wood chips pose a health risk.  The commitment comes in
response to Sen. Baucus' July 6th inquiry after press reports
indicated those chips could be contaminated with asbestos.

                  Residents Are Not Convinced

D.C. Orr, a Libby city councilman, however, said the latest test
results did not answer questions about how the EPA allowed the
material to be removed from a designated Superfund site and spread
around Libby for years despite an inconclusive test results in
2007, according to the report.

"At this point I don't think the EPA has any credibility,"
AP quotes Mr. Orr as saying.  The EPA has stopped the sales of the
wood chips and bark in March after local residents raised concerns
and the AP began investigating the matter.

The bark and wood chip were sold by a local economic development
official, Paul Rummelhart.  "We are still in a hold situation for
him not to sell that material," Ms. McKean said.

"Until we're satisfied from that agency that it's a safe product
to use, it's still out of bounds," Mr. Rummelhart said.

                     About W.R. Grace & Co.

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones,
LLP, represent the Debtors in their restructuring effort.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.  Stroock
& Stroock & Lavan, LLP, and Duane Morris, LLP, represent the
Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

W.R. Grace and its debtor affiliates, with the support of the
Official Committee of Asbestos Personal Injury Claimants, the
Asbestos PI Future Claimants' Representative and the Official
Committee of Equity Security Holders, have submitted a proposed
Chapter 11 plan of reorganization.  The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.  The Plan confirmation hearing
wrapped up on Jan. 25.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


YRC WORLDWIDE: Continues to Lag in Recovering Trucking Sector
-------------------------------------------------------------
The Paragon Report examines investing opportunities in the
Trucking Industry and provides equity research on YRC Worldwide,
Inc. YRCW +1.74% and Arkansas Best Corporation ABFS -1.98%  .
Access to the full company reports can be found at:

           http://www.paragonreport.com/YRCW
           http://www.paragonreport.com/ABFS

A favorable pricing environment has kept the trucking sector
afloat as the US economy teeters on the brink of a double-dip
recession.  Many of the major less than truckload carriers are
raising prices to help offset increased operating costs, such as
higher fuel prices.

Weakened manufacturing data has slowed truck tonnage in recent
months.  The latest data from the ATA's advance seasonally
adjusted For-Hire Truck Tonnage Index shows a drop of 1.3 percent
in July after rising 2.6 percent in June.

The Paragon Report provides investors with an excellent first step
in their due diligence by providing daily trading ideas, and
consolidating the public information available on them. For more
investment research on the trucking industry register with us free
at www.paragonreport.com and get exclusive access to our numerous
stock reports and industry newsletters.

Last week shares of YRC Worldwide collapsed more than 75 percent
after the company's shareholders agreed to increase the trucking
company's share count to 1.9 billion from 48 million.  The
increase is part of the company's restructuring plan to avoid
bankruptcy. Last Friday a group of lenders, bondholders and labor
union members took control of YRC, merging it into a newly formed
subsidiary as part of a sweeping financial restructuring that
gives YRC about $100 million in new capital.

Arkansas Best Corporation, through its subsidiaries, engages in
motor carrier freight transportation in the United States.  The
company provides shipping services to its customers by
transporting various large and small shipments to geographically
dispersed destinations.  ABF's expanding portfolio of logistics
services now extends from the Asian manufacturer's floor to
domestic door delivery.  In between, customers benefit from a
single point of contact and total end-to-end supply chain
visibility.

The Paragon Report has not been compensated by any of the above-
mentioned publicly traded companies.  Paragon Report is
compensated by other third party organizations for advertising
services.  It acts as an independent research portal and are aware
that all investment entails inherent risks. Please view the full
disclaimer at http://www.paragonreport.com/disclaimer.

                        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.

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.

                           *     *     *

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.


YRC WORLDWIDE: Reveals Results of Special Stockholder Meeting
-------------------------------------------------------------
YRC Worldwide Inc. YRCW -1.71% announced today that a Special
Meeting of Stockholders of YRC Worldwide was held on September
16th, 2011.  At the meeting, stockholders of YRC Worldwide
approved the merger agreement between YRC Worldwide and a recently
formed wholly-owned subsidiary, YRC Merger Sub, Inc., whereby YRC
Worldwide is the surviving corporation of the merger.

In connection with the merger, the certificate of incorporation of
YRC Worldwide was amended and restated to, among other things,
increase the number of authorized common shares to 10 billion.
This stockholder approval caused the number of outstanding common
shares to increase to approximately 1.9 billion as compared to the
previous level of approximately 48 million, as the approximately
five million Series B convertible preferred shares issued on July
22, 2011 automatically converted to common shares.  In addition,
convertible notes issued on July 22, 2011 have conversion rights
for another approximately 4.1 billion common shares, of which
approximately 2.3 billion common shares may be issued upon
conversion at any time following the merger and an additional
approximately 1.8 billion common shares may be issued upon
conversion after July 22, 2013.

"This is an important and required step in our restructuring
process," said Jamie Pierson, interim chief financial officer -
YRC Worldwide.  "This merger allows us to increase our authorized
common shares to allow for the conversion of our preferred stock
issued during the restructuring in July."

YRC Worldwide has also announced that it has received a notice
from NASDAQ stating that the company is subject to delisting since
its common stock has traded below a $1.00 share price for more
than 30 consecutive trading days.

The company received a prior delisting notice due to the issuance
of securities without stockholder approval during the July
restructuring. YRC Worldwide is currently in an appeal process
with NASDAQ to allow it to remain listed on the exchange.

"Despite the additional delisting notice from NASDAQ, YRC
Worldwide remains confident that the company is well positioned
for long-term success," said James Welch, chief executive officer
- YRC Worldwide.

Last July, YRCW successfully completed a restructuring transaction
pursuant to which the company issued new convertible notes for the
infusion of $100 million in new capital; increased liquidity by
replacing the company's existing asset-backed securitization (ABS)
facility with a new three-year, $400 million asset-based loan
(ABL) facility; and exchanged a portion of the company's loans and
other obligations for new securities, including equity.

"We expected to receive this notice due to dilution of our common
stock from the restructuring transaction," added Mr. Welch.  "Our
listing status will not affect our ability to provide reliable
transportation solutions to our customers."

                        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.

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.

                           *     *     *

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.


* Disgorgements Can Be Discharged in Ch. 7, 9th Circ. Says
----------------------------------------------------------
Dan Rivoli at Bankruptcy Law360 reports that the Ninth Circuit on
Monday decided that debt stemming from a securities law violation
could be discharged from certain bankruptcy proceedings if the
debtor had not been held responsible for breaking a statute,
allowing an attorney to avoid giving up nearly $600,000.

Law360 relates that the three-judge panel weighed in on a law that
bars debt from being discharged in Chapter 7 bankruptcy
proceedings if it was the result of a securities law violation,
finding that the debt-discharge exception only applies to those
who actually break securities laws.


* Fitch Reports 4th Edition of Annual Credit Encyclo-Medai Report
-----------------------------------------------------------------
Fitch Ratings has published the fourth edition of its annual
'Credit Encyclo-Media' report.  This 349-page piece outlines the
key market, operating and credit trends in the Media and
Entertainment sector.

Fitch's new report provides an overview, outlook and volatility
analysis for 27 different sub-sectors.  Through various
analyses/charts, Fitch ranks these sub-sectors by economic
sensitivity, hit-driven variability and secular issues.  It also
addresses issues related to over-the-top (OTT) content
distribution, tablets and e-books, cloud storage, and film
financing.  The report contains 60 new charts including Recent OTT
Deals, Major Sport Contracts with TV Broadcast and Cable Networks,
E-Book and Tablet Profitability Analysis, Potential Acquisition
Targets, and Top 10 Largest SEC and Class Action Settlements.

In addition, Fitch analyzes key credit trends in the Media and
Entertainment sector including:

  -- Liquidity
  -- Short-term Ratings / Commercial Paper
  -- Regulatory
  -- Event Risk
  -- Tax & Accounting Issues
  -- Unions
  -- Acquisitions
  -- Default Trends
  -- Debt Exchanges
  -- Parent Subsidiary Relationships
  -- Lease Treatment
  -- Pensions
  -- Hybrid Securities
  -- Recovery and Notching
  -- Corporate Governance
  -- Covenants

The report includes the rating rationale, key rating drivers,
portfolio summary, corporate governance overview, pension
screener, revenue segment and geographic pie charts,
organizational debt diagram, covenant analysis and financial
summary for each of the following companies in Fitch's Media and
Entertainment portfolio:

Diversified Media

  -- CBS Corporation ('BBB'; Outlook Stable)
  -- Cox Enterprises ('BBB'; Outlook Positive)
  -- Discovery Communications LLC ('BBB'; Outlook Stable)
  -- Liberty Media LLC ('BB'; Outlook Stable)
  -- The McGraw-Hill Companies ('A-'; Outlook Negative)
  -- News Corporation ('BBB+'; Outlook Stable)
  -- Thomson Reuters Corporation ('A-'; Outlook Stable)
  -- Time Warner Inc.('BBB'; Outlook Positive)
  -- Viacom, Inc. ('BBB+'; Outlook Stable)
  -- The Walt Disney Company ('A'; Outlook Stable)

Publishing, Printing, Outdoor, TV and Radio Broadcasting

  -- Belo ('BB'; Outlook Stable)
  -- Clear Channel Communications, Inc. ('CCC'; Outlook Stable)
  -- Clear Channel Worldwide Holdings Inc. ('B'; Outlook Stable)
  -- Houghton Mifflin Harcourt Publishers, Inc. ('B-'; Outlook
     Stable)
  -- The McClatchy Company ('B-'; Outlook Stable)
  -- R.R. Donnelley & Sons Co. ('BB+'; Outlook Stable)
  -- Univision Communications ('B'; Outlook Stable)

Movie Exhibitors

  -- AMC Entertainment ('B'; Outlook Stable)
  -- Regal Entertainment ('B+'; Outlook Stable)

Business Products/Services, Ad Agencies

  -- The Dun and Bradstreet Corporation ('A-'; Outlook Stable)
  -- The Interpublic Group of Companies ('BBB'; Outlook Stable)
  -- Pitney Bowes Inc. ('BBB+'; Outlook Negative)
  -- The Nielsen Company ('B+'; Outlook Positive)
  -- Verisk Analytics Inc. ('A'; Outlook Stable)


* Hamid Soleimanian Woos California Bankruptcy Filers
-----------------------------------------------------
The rates of business and personal bankruptcy filings across the
country rose almost 10 percent between 2009 and 2010.  California
has some of the highest personal and business bankruptcy rates in
the country.  In order to better serve those California consumers
who are currently considering filing for bankruptcy, Hamid
Soleimanian, seasoned bankruptcy attorney in California, now
announces the launch of his redesigned website, which is easier to
navigate and provides more educational information and helpful
links about different chapters of bankruptcy.

Soleimanian's new site is designed to be more accessible to
visitors and to simplify the process of searching for information
about filing for Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Los Angeles bankruptcy attorney, Hamid Soleimanian, assists his
clients in determining the best filing status for their situations
and guides them through every step of the process from the 341
meeting to the official discharge of their debts.

Filing for bankruptcy is a serious decision.  The assistance of
Hamid Soleimanian can ensure those who are facing bankruptcy have
the support and guidance they need as they file for bankruptcy.
Soleimanian will assist petitioners through the process, help them
file, and counsel them as they choose the best bankruptcy
exemptions for their situations in order to save as much of their
property as possible.

Bankruptcies are frequently caused by factors outside the
petitioner's control. Roughly half of all bankruptcies are
directly linked to medical bills, according to a Harvard study.
Other common causes for bankruptcy include job loss, divorce,
lawsuits, and overextended credit. Those who are facing bankruptcy
need an experienced bankruptcy attorney on their side.

                    About Hamid Soleimanian

California bankruptcy lawyer Hamid Soleimanian received his Juris
Doctor Degree from La Verne School of Law in 1995.  His primary
focus is on honestly and aggressively representing his clients,
which has led to his office becoming one of the Los Angeles area's
most highly respected multi-practice law firms.  Soleimanian has
received the Anjure Award for Lawyering Skills and Practice and is
a member of the California State Bar Association.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/



                           *********

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.


                  *** End of Transmission ***