TCR_Public/111015.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

           Saturday, October 15, 2011, Vol. 15, No. 286

                            Headlines

ALLEN FAMILY: Posts $639,707 Net Loss in July 31 to Aug. 27 Period
AMBAC FINANCIAL: Has $50-Mil. Cash at Aug. 31
ARCHBROOK LAGUNA: Ends August 2011 With $3.66 Million Cash
BARZEL INDUSTRIES: American Steel Posts $144,833 Loss in August
BARZEL INDUSTRIES: American Steel Reports $247,976 Income in July

BLOCKBUSTER INC: Posts $100,000 Net Loss in August 2011
BROADSTRIPE LLC: Has $1.5 Million Net Loss in August
CARITAS HEALTH: Ends August 2011 With $18.95 Million Cash
CB HOLDING: Posts $5.1MM Net Loss in Fiscal Month Ended August 21
GSC GROUP: Ends August 2011 with $18.48 Million Cash

GSC GROUP: Ends July 2011 with $22.44 Million Cash
LOCAL INSIGHT: Files Monthly Operating Report for August 2011
LOCAL INSIGHT: Files Monthly Operating Report for July 2011
MARCO POLO: Posts $527,395 Net Income in July 29 - Aug. 31 Period
NATIONAL ENVELOPE: Posts $484,600 Net Loss in August 2011

POINT BLANK: Ends August 2011 With $16.15 Million Cash
PROFESSIONAL VETERINARY: Ends September 2011 With $8.86 Mil. Cash
SAINT VINCENTS: Posts $1.4 Million Net Loss in July 2011
TERRESTAR CORP: Ends August 2011 With $10.9 Million Cash




                            *********


ALLEN FAMILY: Posts $639,707 Net Loss in July 31 to Aug. 27 Period
------------------------------------------------------------------
Allen Family Foods, Inc., reported a net loss of $639,707 on
$11.2 million of net sales for the reporting period July 31, 2011,
to Aug. 27, 2011.

The Debtor's balance sheet at Aug. 27, 2011, showed $57.0 million
in total assets, $60.2 million in total liabilities, and a
stockholders' deficit of $3.2 million.

A copy of the operating report is available for free at:

      http://bankrupt.com/misc/allenfamily.august2011mor.pdf

Allen's Hatchery, Inc., reported a net loss of $3.1 million on
$7.4 million of net sales for the reporting period July 31, 2011,
to Aug. 27, 2011.

The Debtor's balance sheet at Aug. 27, 2011, showed $112.0 million
in total assets, $103.6 million in total liabilities, and
stockholders' equity of $8.4 million.

A copy of the operating report is available for free at:

    http://bankrupt.com/misc/allen'shatchery.august2011mor.pdf

JCR Enterprises, Inc., reported net income of $133,830 on
$4.0 million of net sales for the reporting period July 31, 2011,
to Aug. 27, 2011.

The Debtor's balance sheet at Aug. 27, 2011, showed $17.4 million
in total assets, $11.9 million in total liabilities, and
stockholders' equity of $5.5 million.

A copy of the operating report is available at

    http://bankrupt.com/misc/jcrenterprises.august2011mor.pdf

                     About Allen Family Foods

Allen Family Foods Inc. is a 92-year-old Seaford, Del., poultry
company.  Allen Family Foods and two affiliates, Allen's Hatchery
Inc. and JCR Enterprises Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-11764) on June 9, 2011.
Allen estimated assets and liabilities between $50 million and
$100 million in its petition.

Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young,
Conaway, Stargatt & Taylor, in Wilmington, Delaware, serve as
counsel to the Debtors.  FTI Consulting is the financial advisor.
BMO Capital Markets is the Debtors' investment banker.  Epiq
Bankruptcy Solutions LLC is the claims and notice agent.

Roberta DeAngelis, U.S. Trustee for Region 3, appointed seven
creditors to serve on an Official Committee of Unsecured Creditors
in the Debtors' cases.  Lowenstein Sandler PC and Womble Carlyle
Sandridge & Rice, PLLC, serve as counsel for the committee.  J.H.
Cohn LLP serves as the Committee's financial advisor.


AMBAC FINANCIAL: Has $50-Mil. Cash at Aug. 31
---------------------------------------------

                   Ambac Financial Group, Inc.
                          Balance Sheet
                    As of August 31, 2011


ASSETS:

Current Assets:
Unrestricted Cash and Equivalents                   $50,001,329
Restricted Cash and Cash Equivalents                  2,500,000
Accounts Receivable                                           -
Notes Receivable                                        862,112
Inventories                                                   -
Prepaid Expenses                                        800,639
Professional Retainers                                4,061,665
Other Current Assets                                     61,251
                                               ----------------
Total Current Assets                                 58,286,996

Property & Equipment:
Real Property and Improvements                                -
Machinery & Equipment                                         -
Furniture, Fixtures, and Office Equipment                     -
Leasehold Improvements                                        -
Vehicles                                                      -
Less: Accumulated Depreciation                                -
                                               ----------------
Total Property & Equipment                                    -

Other Assets:
Amounts Due From Insiders                                     -
Other Assets                                     (1,167,172,391)
                                               ----------------
Total Other Assets                               (1,167,172,391)
                                               ----------------
Total Assets                                    ($1,108,885,395)
                                               ================


LIABILITIES AND OWNERS' EQUITY:

Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable                                              -
Taxes Payable                                                 -
Wages Payable                                                 -
Notes Payable                                                 -
Rent/Leases - Building/Equipment                              -
Secured Debt/Adequate Protection Payments                     -
Professional Fees                                    14,428,927
Amounts Due to Insiders                                 317,775
Other Postpetition Liabilities                            7,788
                                               ----------------
Total Postpetition Liabilities                       14,754,490

Liabilities Subject to Compromise (Prepetition):
Secured Debt                                                  -
Priority Debt                                                 -
Unsecured Debt                                    1,707,916,518
                                               ----------------
Total Prepetition Liabilities                     1,707,916,518

Total Liabilities                                 1,722,671,008

Owners' Equity:
Capital Stock                                         3,080,168
Additional Paid-in Capital                        2,172,026,548
Partners' Capital Account                                     -
Owners' Equity Account                                        -
Retained earnings - prepetition                  (3,896,443,042)
Retained earnings - postpetition                 (1,216,590,805)
Adjustments to Owner Equity                         106,370,728
Postpetition Contributions                                    -
                                               ----------------
Net Owners' Equity                               (2,831,556,403)
                                               ----------------
Total Liabilities & Owners' Equity              ($1,108,885,395)
                                               ================


                   Ambac Financial Group, Inc.
                    Statement of Operations
              For the month ended August 31, 2011

Gross Revenues                                                -
Less: Returns & Allowances                                    -
                                               ----------------
Net Revenue                                                   -

Cost of Goods Sold:
Beginning Inventory                                           -
Add: Purchases                                                -
    Cost of labor                                             -
    Other costs                                               -
Less: Ending Inventory                                        -
                                               ----------------
Cost of Goods Sold                                            -

Gross Profit                                                  -

Operating Expenses:
Advertising                                                   -
Auto and Truck Expense                                        -
Bad Debts                                                     -
Contributions                                                 -
Employee Benefits Programs                                    -
Officer/Insider Compensation                            $68,542
Insurance                                                72,785
Management Fees/Bonuses                                       -
Office Expense                                                -
Pension & profit sharing plans                                -
Repairs & Maintenance                                         -
Rent and Lease Expense                                        -
Salaries/Commissions/Fees                                     -
Supplies                                                      -
Taxes - Payroll                                               -
Taxes - Real Estate                                           -
Taxes - Other                                            38,778
Travel & Entertainment                                        -
Utilities                                                     -
Other                                                   292,051
                                               ----------------
Total Operating Expenses Before                         472,156
  Depreciation

Depreciation/Depletion/Amortization                           -
                                               ----------------
Net profit(loss) Before
Other Income & Expenses                                (472,156)

Other Income and Expenses:
Other income                                             13,657
Interest Expense                                              -
Other Expense                                       102,493,539
                                               ----------------
Net profit (loss) Before Reorganization Items      (102,952,038)

Reorganization Items:
Professional Fees                                       471,326
U.S. Trustee Quarterly Fees                                   -
Interest on Cash from Chapter 11                              -
Gain from Sale of Equipment                                   -
Other Reorganization Expenses                                 -
                                               ----------------
Total Reorganization Expenses                           471,326
                                               ----------------
Income Taxes                                                  -
                                               ----------------
Net Profit (Loss)                                 ($103,423,364)
                                               ================


                   Ambac Financial Group, Inc.
           Schedule of Cash Receipts and Disbursements
              For the month ended August 31, 2011

Cash Beginning of Month                             $28,334,548

Receipts:
Cash Sales                                                    -
Accounts Receivable - Prepetition                             -
Accounts Receivable - Postpetition                            -
Loans and Advances                                            -
Sale of Assets                                                -
Other                                                23,077,309
Transfers                                            24,257,396
                                               ----------------
Total Receipts                                       47,334,705

Disbursements:
Gross Payroll                                                 -
Sales, Use, & Other Taxes                                     -
Inventory Purchases                                           -
Secured/Rental/Leases                                         -
Insurance                                               873,425
Administrative                                                -
Selling                                                       -
Other                                                   482,875
Owner Draw                                                    -
Transfers (to DIP Accts.)                            24,257,396
Professional Fees                                             -
U.S. Trustee Quarterly Fees                                   -
Court Costs                                                   -
                                               ----------------
Total Disbursements                                  25,613,696
                                               ----------------
Net Cash Flow                                        21,721,009
                                               ----------------
Cash - End of Month                                 $50,055,558
                                               ================

                       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).


ARCHBROOK LAGUNA: Ends August 2011 With $3.66 Million Cash
----------------------------------------------------------
ArchBrook Laguna Holding LLC, et al., reported a net loss of
$126.2 million on $7.7 million of revenue for the reporting period
July 8, 2011, to Aug. 31, 2011.  Reorganization items totaled
$120.5 million and consisted of professional fees of $4.8 million
and other reorganization items of $115.6 million.  A breakdown of
"other reorganization items" was not provided.  The report,
however, discloses that the loss from the sale of substantially
all of the Debtors' assets to Gordon Brothers Group, LLC, amounted
to $120.1 million.

Based on the Debtors' submitted schedule of cash receipts and
disbursements, the Debtors ended the period with $3,659,118 cash,
compared with $1,789,241 at the beginning of the period.  The
Debtors paid a total of $895,238 in professional fees during the
period.  Payments to insiders totaled $804,389.  Amounts reported
are based from the Debtors' books and not the bank statement.

The Debtors' balance sheet at Aug. 31, 2011, showed $4.4 million
in total assets, $93.9 million in total liabilities, and
stockholders' deficit of $89.5 million.

A copy of the monthly operating report is available for free at:

     http://bankrupt.com/misc/archbrooklaguna.initialmor.pdf

                      About ArchBrook Laguna

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

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

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

Ira S. Dizengoff, Esq., Michael P. Cooley, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
serve as bankruptcy counsel to ArchBrook Laguna.  The Company is
being advised by Macquarie Capital (USA) Inc. with respect to the
sale process and by Hawkwood Consulting LLC, whose founder Stephen
J. Gawrylewski is Chief Restructuring Officer of the Company.
Macquarie Capital (USA) Inc. is the financial advisor.
PricewaterhouseCoopers LLP is a consultant.

Cooley LLP, in New York, is the counsel for the Official Committee
of Unsecured Creditors.

On Aug. 12, 2011, ArchBrook Laguna LLC won approval to sell its
consumer electronics and appliances distribution business to
Gordon Brothers Group LLC for some $25 million, after fielding
offers at an auction.  On Aug. 15, 2011, the sale closed.


BARZEL INDUSTRIES: American Steel Posts $144,833 Loss in August
---------------------------------------------------------------
American Steel and Aluminum Corporation reported a net loss of
$144,833 in $0 revenue for the period July 31, 2011, to Aug. 27,
2011.

Nova Tube and Steel Inc. reported a net loss of $30,812 on $0
revenue for the period.

Nova Tube Indiana, LLC, reported a net loss of $15,406 on $0
revenue for the period.

Barzel Industries Inc., Novamerican Tube Holdings, Inc., Barzel
Industries U.S. Inc., Barzel Finco Inc., and Barzel Holdings Inc.
had no income/expense transactions for the period.

A copy of the monthly operating report is available for free at:

   http://bankrupt.com/misc/barzelindustries.august2011mor.pdf

                      About Barzel Industries

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

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

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

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


BARZEL INDUSTRIES: American Steel Reports $247,976 Income in July
-----------------------------------------------------------------
American Steel and Aluminum Corporation reported net income of
$247,976 on $0 revenue for the filing period June 26, 2011, to
July 30, 2011.

Barzel Industries, Inc., reported net income of $7,634 on $0
revenue for the filing period June 26, 2011, to July 30, 2011.

Nova Tube and Steel Inc. reported net income of $64,865 on $0
revenue for the period.

Nova Tube Indiana, LLC, reported net income of $31,282 on $0
revenue for the period.

Barzel Finco Inc., reported a net loss of $675 on $0 revenue for
the period.

Barzel Holdings Inc. reported a net loss of $975 on $0 revenue for
the period.

Novamerican Tube Holdings, Inc., and Barzel Industries U.S. Inc.,
had no income/expense transactions for the period.

A copy of the monthly operating report is available for free at:

         http://bankrupt.com/misc/barzel.july2011mor.pdf

                      About Barzel Industries

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

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

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

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


BLOCKBUSTER INC: Posts $100,000 Net Loss in August 2011
-------------------------------------------------------
On Oct. 1, 2011, Blockbuster Inc., now known as BB Liquidating
Inc., and certain of its domestic subsidiaries filed their monthly
operating report for the period ended Aug. 31, 2011, with the U.S.
Bankruptcy Court for the Southern District of New York.

The Debtors reported a net loss of $100,000 on $0 revenue for
the period.

At Aug. 31, 2011, the Debtors had $54.8 million in total assets,
$$1.364 billion in total liabilities, and a stockholders' deficit
of $1.309 billion.

A complete text of the operating report is available for free at

                       http://is.gd/jmdocG

                      About Blockbuster Inc.

Blockbuster Inc., the movie rental chain with a library of
more than 125,000 titles, along with 12 U.S. affiliates,
initiated Chapter 11 bankruptcy proceedings with a pre-arranged
reorganization plan in Manhattan (Bankr. S.D.N.Y. Case No.
10-14997) on Sept. 23, 2010.  It disclosed assets of $1 billion
and debts of $1.4 billion at the time of the filing.

Martin A. Sosland, Esq., and Stephen Karotkin, Esq., at Weil,
Gotshal & Manges, serve as counsel to the U.S. Debtors.
Rothschild Inc. is the financial advisor.  Alvarez & Marsal is the
restructuring advisor with A&M managing director Jeffery J.
Stegenga as chief restructuring officer.  Kurtzman Carson
Consultants LLC is the claims and notice agent.  The Official
Committee of Unsecured Creditors retained Cooley LLP as its
counsel.

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


BROADSTRIPE LLC: Has $1.5 Million Net Loss in August
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Broadstripe LLC filed an operating report showing a
$1.5 million net loss in August on revenue of $7.6 million.
Expenses contributing to the loss included depreciation of $1.3
million and $1.9 million in interest expense to senior lenders.

                      About Broadstripe LLC

Headquartered in Chesterfield, Missouri, Broadstripe LLC --
http://www.broadstripe.com/-- provides videos and telephone
services to consumers and business in Maryland, Michigan,
Washington and Oregon.  The Company and five of its affiliates
filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-10006)
on Jan. 2, 2009.  Attorneys at Ashby & Geddes, and Gardere Wynne
Sewell LLP represent the Debtors in their restructuring efforts.
The Debtors tapped FTI Consulting Inc. as their restructuring
consultant, and Epiq Bankruptcy Consultants LLC as their claims
agent.  In its petition, Broadstripe estimated assets and debts
between $100 million and $500 million.

An Official Committee of Unsecured Creditors has been appointed in
the case.

Broadstripe has been in Chapter 11 more than 18 months thus any
creditor can file a plan.

The bankruptcy court set a hearing on Oct. 26 for approval of the
disclosure statement explaining a Chapter 11 plan for Broadstripe
LLC.  As contemplated in the plan, there will be an auction on
Oct. 20 to determine if a $95 million bid from a group of buyers
is the best price to finance the liquidating plan.


CARITAS HEALTH: Ends August 2011 With $18.95 Million Cash
---------------------------------------------------------
Caritas Health Care, Inc., filed with the U.S. Bankruptcy Court
for the Eastern District of New York on Sept. 20, 2011, its
monthly operating report for August 2011.

The Debtor reported a net loss of $28,147 on $36,469 of revenue
for the month.

At Aug. 31, 2011, the Debtor had $32.5 million in total assets,
$161.3 million in total liabilities, and a stockholders' deficit
of $128.8 million.  The Company ended the period with $18,951,380
in unrestricted cash and equivalents, from beginning cash of
$18,842,563.  There were no payments made to professionals in
August.

A copy of the monthly operating report is available for free at:

     http://bankrupt.com/misc/caritashealth.august2011mor.pdf

                    About Caritas Health Care

Caritas Health Care Inc. was the owner of Mary Immaculate Hospital
and St. John's Queens Hospital.  Caritas, created by Wyckoff
Heights Medical Center, purchased the two hospitals in a
bankruptcy sale in early 2007 from St. Vincent Catholic Medical
Centers of New York.  St. John's has 227 generate acute-care beds
while Mary Immaculate has 189.

Caritas Health Care, Inc., and eight of its affiliates sought
chapter 11 protection (Bankr. E.D.N.Y., Case No. 09-40901) on
Feb. 6, 2009.  Jeffrey W. Levitan, Esq., and Adam T. Berkowitz,
Esq., at Proskauer Rose, LLP, represent the Debtors.  Martin G.
Bunin, Esq., and Craig E. Freeman, Esq., at Alston & Bird LLP,
represent the official committee of unsecured creditors.

Caritas sold the hospitals to Joshua Guttman in November 2009 for
$17.7 million.


CB HOLDING: Posts $5.1MM Net Loss in Fiscal Month Ended August 21
-----------------------------------------------------------------
CB Holding Corp. reported a net loss of $5.1 million on total
sales of $28,172 for the fiscal month ended Aug. 21, 2011.

Earnings before interest, taxes, depreciation, and amortization
was a loss of $69,519 for the period.  Interest expense was
$2.8 million.  Reorganization costs totaled $733,468.

At Aug. 21, 2011, the Debtor had $48.1 million in total assets,
$174.9 million in total liabilities, and a stockholders' deficit
of $126.8 million.

A copy of the monthly operating report is available for free at:

         http://bankrupt.com/misc/cbholding.aug21mor.pdf

                         About CB Holding

New York-based CB Holding Corp. operated 20 Charlie Brown's
Steakhouse, 12 Bugaboo Creek Steak House, and seven The Office
Beer Bar and Grill restaurants when it filed for bankruptcy
protection.  The Company closed 47 locations before filing for
Chapter 11.

CB Holding sold off its The Office restaurant chain and 12 Bugaboo
Creek stores in separate auctions.  Villa Enterprises Ltd. won the
bidding for The Office chain with its $4.68 million.  RRGK LLC
acquired the 12 Bugaboo Creek stores for $10.05 million, more than
tripling the $3.175 million first bid from an affiliate of
Landry's Restaurants Inc.

CB Holding and its affiliates filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 10-13683) on Nov. 17, 2010.

Joel H. Leviton, Esq., Stephen J. Gordon, Esq., Richard A.
Stieglitz Jr., Esq., and Maya Peleg, Esq., at Cahill Gordon &
Reindel LLP, in New York; and Mark D. Collins, Esq., Christopher
M. Samis, Esq., and Tyler D. Semmelman, Esq., at Richards, Layton
& Finger, P.A., in Wilmington, Delaware, assist the Debtors in
their restructuring effort.  The Garden City Group, Inc., is the
Debtors' notice, claims and solicitation agent.

Jeffrey N. Pomerantz, Esq., at Pachulski Stang Ziehl & Jones LLP,
in Los Angeles; and Bradford J. Sandler, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, represent the
Official Committee of Unsecured Creditors.  CB Holding estimated
its assets at $100 million to $500 million and debts at
$50 million to $100 million.


GSC GROUP: Ends August 2011 with $18.48 Million Cash
----------------------------------------------------
GSC Group, Inc., and affiliated entities filed on Sept. 30, 2011,
a monthly operating report for August 2011.

GSCP, LLC, GSCP Group, Inc., GSC Active Partners, Inc., GSCP (NJ),
Inc., GSCP (NJ) Holdings, L.P., and GSC Secondary Interest Fund
had no income or expense transactions for the month of August
2011.

GSCP (NJ), L.P., reported a net loss of $3.2 million for the
month.

The Debtors had total cash of $18,484,153 at Aug. 31, 2011,
compared to $22,443,232 at the beginning of the month.  The
Debtors paid $1,726,8221 in professional fees during the month.

A copy of the August 2011 monthly operating report is available
for free at http://bankrupt.com/misc/gscgroup.august2011mor.pdf

                         About GSC Group

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

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

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


GSC GROUP: Ends July 2011 with $22.44 Million Cash
--------------------------------------------------
GSC Group, Inc., and affiliated entities filed on Sept. 30, 2011,
a monthly operating report for July 2011.

GSC Active Partners, Inc., and GSCP (NJ), Inc., had no income or
expense transactions for the month of July 2011.

GSCP, LLC, reported a net loss of $1.7 million for the month of
July 2011.

GSCP (NJ), L.P., reported net income of $172.6 million for the
month.

GSCP Group, Inc., reported a net loss of $709,837 for the month.

GSCP (NJ) Holdings, L.P., reported a net loss of $59.2 million for
the month.

GSC Secondary Interest Fund reported a net loss of $159,169 for
the month.

The Debtors had total cash of $22,443,232 at July 31, 2011,
compared to $44,856,284 at the beginning of the month.  The
Debtors paid $1,564,136 in professional fees during the month.

A copy of the July 2011 monthly operating report is available for
free at http://bankrupt.com/misc/gscgroup.july2011mor.pdf

                         About GSC Group

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

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

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


LOCAL INSIGHT: Files Monthly Operating Report for August 2011
-------------------------------------------------------------
On Sept. 30, 2011, Local Insight Media Holdings, Inc., et al.,
filed with the U.S. Bankruptcy Court for the District of Delaware
their monthly operating report for August 2011.

Local Insight Regatta Holdings, Inc., Local Insight Listing
Management, Inc., and The Berry Company LLC, reported a
consolidated net loss of $2.2 million on $33.5 million of revenue
for the month.

At Aug. 31, 2011, consolidating Local Insight Regatta Holdings,
Inc., et al., had $472.6 million in total assets, $762.8 million
in total liabilities, and a stockholders' deficit of
$290.2 million.

Non-consolidating entities Local Insight Media Holdings, Inc., LIM
Finance, Inc., and LIM Finance II, Inc., had no revenue or expense
transactions during the month.

At Aug. 31, 2011, Local Insight Media Holdings, Inc.'s balance
sheet showed $32.8 million in total assets, $3.2 million in total
liabilities, and stockholders' equity of $29.6 million.

At Aug. 31, 2011, LIM Finance, Inc.'s balance sheet showed
$188.0 million in total assets, $160.0 million in total
liabilities, and stockholders' equity of $28.0 million.

At Aug. 31, 2011, LIM Finance II, Inc.'s balance sheet showed
$321.5 million in total assets, $214.0 million in total
liabilities, and stockholders' equity of $107.5 million.

A copy of the monthly operating report is available for free at:

     http://bankrupt.com/misc/localinsight.august2011mor.pdf

                       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.


LOCAL INSIGHT: Files Monthly Operating Report for July 2011
-----------------------------------------------------------
On Aug. 31, 2011, Local Insight Media Holdings, Inc., et al.,
filed with the U.S. Bankruptcy Court for the District of Delaware
their monthly operating report for July 2011.

Local Insight Regatta Holdings, Inc., Local Insight Listing
Management, Inc., and The Berry Company LLC, reported a
consolidated net loss of $2.4 million on $35.5 million of revenue
for the month.

At July 31, 2011, consolidating Local Insight Regatta Holdings,
Inc., et al., had $473.4 million in total assets, $761.4 million
in total liabilities, and a stockholders' deficit of
$288.0 million.

Non-consolidating entities Local Insight Media Holdings, Inc., LIM
Finance, Inc., and LIM Finance II, Inc., had no revenue or expense
transactions during the month.

At July 31, 2011, Local Insight Media Holdings, Inc.'s balance
sheet showed $32.8 million in total assets, $3.2 million in total
liabilities, and stockholders' equity of $29.6 million.

At July 31, 2011, LIM Finance, Inc.'s balance sheet showed
$188.0 million in total assets, $160.0 million in total
liabilities, and stockholders' equity of $28.0 million.

At July 31, 2011, LIM Finance II, Inc.'s balance sheet showed
$321.5 million in total assets, $214.0 million in total
liabilities, and stockholders' equity of $107.5 million.

A copy of the monthly operating report is available for free at:

      http://bankrupt.com/misc/localinsight.july2011mor.pdf

                       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.


MARCO POLO: Posts $527,395 Net Income in July 29 - Aug. 31 Period
-----------------------------------------------------------------
Marco Polo Seatrade B.V., et al., filed on Sept. 15, 2011, their
monthly operating report for the period from July 29, 2011, to
Aug. 31, 2011.

The Debtors reported net income of $527,395 on $1.7 million of
operating income for the period.

At Aug. 31, 2011, the Debtors had $301.9 million in total assets,
$335.4 million in total liabilities, and stockholders' deficit of
$33.5 million.  The Debtors ended the period with $1,694,917 cash.

A copy of the monthly operating report is available for free at:

    http://bankrupt.com/misc/marcopoloseatrade.initialmor.pdf

                         About Marco Polo

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

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

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

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

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

Kurtzman Carson Consultants LLC is the claims and noticing agent.

The petition noted that the Debtors' assets and debt are both more
than US$100 million and less than US$500 million.

Bracewell and Giuliani LLP serves as counsel to the official
committee of unsecured creditors.


NATIONAL ENVELOPE: Posts $484,600 Net Loss in August 2011
---------------------------------------------------------
NEC Holdings Corp., et al., reported a net loss of $484,600 on
$1.0 million of sales for the month of August 2011.  The Debtors
incurred total professional fees of $400,000 in the month.

At Aug. 31, 2011, the Debtors had $9.0 million in total assets,
$90.1 million in total liabilities, and a stockholders' deficit
of $81.1 million.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/nationalenvelope.august2011mor.pdf

                        About NEC Holdings

Uniondale, New York-based National Envelope Corporation was the
largest manufacturer of envelopes in the world with 14
manufacturing facilities and 2 distribution centers and
approximately 3,500 employees in the U.S. and Canada.

NEC Holdings Corp., together with affiliates, including
National Envelope Inc., filed for Chapter 11 (Bankr. D. Del. Lead
Case No. 10-11890) on June 10, 2010.  Kara Hammond Coyle, Esq., at
Young Conaway Stargatt & Taylor LLP, serves as bankruptcy counsel
to the Debtors.  David S. Heller, Esq., at Josef S. Athanas, Esq.,
and Stephen R. Tetro II, Esq., at Latham & Watkins LLP, serve as
co-counsel.  The Garden City Group is the claims and notice agent.
Bradford J. Sandler, Esq., and Robert J. Feinstein, Esq., at
Pachuiski Stang Ziehl & Jones LLP, represent the Official
Committee of Unsecured Creditors.  Morgan Joseph & Co., Inc., is
the financial advisor to the Committee.  NEC Holdings estimated
assets and debts of $100 million to $500 million in its Chapter 11
petition.

In September 2010, National Envelope's key assets were bought in
a roughly $208 million deal by The Gores Group LLC, a West Coast
private equity firm that manages about $2.9 billion of capital.


POINT BLANK: Ends August 2011 With $16.15 Million Cash
------------------------------------------------------
Point Blank Solutions, Inc., and its subsidiaries reported
consolidated net income of $481,766 on sales of $5.95 million
for the month ended Aug. 31, 2011.  Results include interest and
other income of $6.02 million.

The Debtors reported an operating loss before non-recurring
expenses of $1.72 million for the month ended Aug. 31, 2011.

At Aug. 31, 2011, the Debtors had $44.88 million in total assets,
$76.23 million in total liabilities, $458,956 in minority and non-
controlling interests in subsidiaries, $19.32 million in
contingently redeemable common stock, and a stockholders' deficit
of $51.13 million.  The Debtors ended the period with
$16.15 million cash, compared to $16.64 million at July 31, 2011.

A copy of the operating report is available for free at:

      http://bankrupt.com/misc/pointblank.august2011mor.pdf

                        About Point Blank

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

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

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

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


PROFESSIONAL VETERINARY: Ends September 2011 With $8.86 Mil. Cash
-----------------------------------------------------------------
On Oct. 7, 2011, Professional Veterinary Products, Ltd., and
its subsidiaries, ProConn, LLC, and Exact Logistics, LLC, filed
their unaudited monthly operating report for September 2011 with
the U.S. Bankruptcy Court for the District of Nebraska.

The Debtors submitted a summary of cash receipts and disbursements
for the period, disclosing:

    Beginning Balance                  $8,924,191
    Total Receipts                        $44,022
    Disbursements                        $105,370
    Net Cash Flow                        ($61,348)
    Ending Cash Balance                $8,862,843

Disbursements for professional and trustee fees totaled
$65,793.48.

A complete text of the operating report is available for free at:

                       http://is.gd/kkGcvr

              About Professional Veterinary Products

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

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

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

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


SAINT VINCENTS: Posts $1.4 Million Net Loss in July 2011
--------------------------------------------------------
Saint Vincents Catholic Medical Centers of New York, et al.,
reported a decrease in net assets of $1.4 million on $17.0 million
of operating revenue for July 2011.

At July 31, 2011, the Debtors' balance sheet showed $195.3 million
in total assets, $912.4 million in total liabilities, and a net
asset deficit of $717.1 million.

A copy of the consolidated monthly operating report for July 2011
is available for free at:

      http://bankrupt.com/misc/saintvincents.july2011mor.pdf

                       About Saint Vincents

Saint Vincents Catholic Medical Centers of New York, doing
business as St. Vincent Catholic Medical Centers --
http://www.svcmc.org/-- was anchored by St. Vincent's Hospital
Manhattan, an academic medical center located in Greenwich Village
and the only emergency room on the Westside of Manhattan from
Midtown to Tribeca, St. Vincent's Westchester, a behavioral health
hospital in Westchester County, and continuing care services that
include two skilled nursing facilities in Brooklyn, another on
Staten Island, a hospice, and a home health agency serving the
Metropolitan New York area.

Saint Vincent Catholic Medical Centers of New York and six of its
affiliates first filed for Chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case Nos. 05-14945 through 05-14951).

St. Vincents Catholic Medical Centers returned to bankruptcy court
by filing another Chapter 11 petition (Bankr. S.D.N.Y. Case No.
10-11963) on April 14, 2010.  The Debtor estimated assets of
$348 million against debts totaling $1.09 billion in the new
petition.

Although the hospitals emerged from the prior reorganization in
July 2007 with a Chapter 11 plan said to have "a realistic chance"
of paying all creditors in full, the bankruptcy left the medical
center with more than $1 billion in debt.  The new filing occurred
after a $64 million operating loss in 2009 and the last potential
buyer terminated discussions for taking over the flagship
hospital.

Adam C. Rogoff, Esq., and Kenneth H. Eckstein, Esq., at Kramer
Levin Naftalis & Frankel LLP, represent the Debtor in its
Chapter 11 effort.


TERRESTAR CORP: Ends August 2011 With $10.9 Million Cash
--------------------------------------------------------
TerreStar Corporation, et al., reported a net loss of $458,851 on
$2.0 million of revenues for the filing period ended Aug. 31,
2011.

The TSC Debtors are: TerreStar Corporation, TerreStar Holdings
Inc., TerreStar New York Inc., Motient Communications Inc.,
Motient Holdings Inc., Motient License Inc., Motient Services
Inc., Motient Ventures Holding Inc., and MVH Holdings Inc.

The TSC Debtors' balance sheet at Aug. 31, 2011, showed
$758.1 million in total assets, $511.5 million in total
liabilities, and stockholders' equity of $246.6 million.

The TSC Debtors ended the period with $10.9 million in cash and
cash equivalents, compared to $7.6 million at the beginning of
the period.

A copy of the TSC Debtors' monthly operating report is available
for free at http://bankrupt.com/misc/tsc.august2011mor.pdf

           About TerreStar Corp. and TerreStar Networks

TerreStar Corporation and TerreStar Holdings, Inc., filed
voluntary Chapter 11 petitions with the U.S. Bankruptcy Court for
the Southern District of New York on Feb. 16, 2011.

TSC's Chapter 11 filing joins the bankruptcy proceedings of
TerreStar Networks Inc. and 12 other affiliates, which filed on
Oct. 19, 2010.  The October Chapter 11 cases are procedurally
consolidated under TSN's Case No. 10-15446 under Judge Sean H.
Lane.

TSC is the parent company of each of the October Debtors.  TSC has
four wholly owned direct subsidiaries: TerreStar Holdings, Inc.,
TerreStar New York Inc., Motient Holdings Inc., and MVH Holdings
Inc.

TSC's case is jointly administered with the cases of seven of the
October Debtors under the caption In re TerreStar Corporation, et
al., Case No. 11-10612 (SHL).  The seven Debtor entities who
sought joint administration with TSC are TerreStar New York Inc.,
Motient Communications Inc., Motient Holdings Inc., Motient
License Inc., Motient Services Inc., Motient Ventures Holdings
Inc., and MVH Holdings Inc.

TSC is a Delaware corporation whose main asset is the equity in
non-Debtor TerreStar 1.4 Holdings LLC, which has the right to use
a "1.4 GHz terrestrial spectrum" pursuant to 64 licenses issued by
the Federal Communication Commission.  TSC also has an indirect
89.3% ownership interest in TerreStar Network, Inc., which
operates a separate and distinct mobile communications business.
TerreStar Holdings is a Delaware corporation that directly holds
100% of the interests in 1.4 Holdings LLC.

TerreStar Networks -- TSN -- the principal operating entity of
TSC, developed an innovative wireless communications system to
provide mobile coverage throughout the United States and Canada
using satellite-terrestrial smartphones.  The system, however,
required an enormous amount of capital expenditures and initially
produced very little in the way of revenue.  TSN's available cash
and borrowing capacity were insufficient to cover its funding;
thus, forcing TSN to seek bankruptcy protection in October 2010.

TSC estimated assets and debts of $100 million to $500million in
its Chapter 11 petition.

Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP,
in New York, serves as counsel for the TSC and TSN Debtors.
Garden City Group is the claims and notice agent.  Blackstone
Advisory Partners LP is the financial advisor.  The Garden City
Group, Inc., is the claims and noticing agent in the Chapter 11
cases.

Otterbourg Steindler Houston & Rosen P.C. is the counsel to the
Official Committee of Unsecured Creditors formed in TSN's Chapter
11 cases.  FTI Consulting, Inc., is the Committee's financial
advisor.

TerreStar has signed a contract to sell its business to Dish
Network Corp. for $1.38 billion.  TerreStar cancelled a June 30
auction because there were no competing bids submitted by the
deadline.


                           *********

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.

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