TCR_Public/111019.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, October 19, 2011, Vol. 15, No. 290

                            Headlines

ACADIA HEALTHCARE: S&P Assigns Prelim. 'B' Corp. Credit Rating
ACCESS CARDIOSYSTEMS: Founder Slapped With $1.7MM Judgment
ACCESS MEDICAL: Case Summary & 20 Largest Unsecured Creditors
ALL AMERICAN: Voluntary Chapter 11 Case Summary
ARIZONA HEART: Case Converted to Chapter 7 Liquidation

BARNWELL HOSPITAL: Says Patient Care Ombudsman Not Necessary
BERNARD L. MADOFF: Investors Seek Status to Access Victim Funds
CLEARWIRE CORP: Cut by Moody's to 'Caa2' Due to Sprint Issue
CLINTON COURT: Hires Robinson Brog as Bankruptcy Counsel
CLINTON COURT: Sec. 341 Creditors' Meeting Set for Nov. 9

CLINTON COURT: Lender Says Receiver Should Continue Role
COLORADO SPORTS: Case Summary & 15 Largest Unsecured Creditors
COMMUNITY TOWERS: Section 341(a) Meeting Scheduled for Oct. 26
COPPER CREEK: Case Summary & 7 Largest Unsecured Creditors
COPPER CREEK: With Zero Cash Flow, Court Dismisses Case

D&P INVESTMENT: Case Summary & 3 Largest Unsecured Creditors
DP FOREST: Case Summary & 20 Largest Unsecured Creditors
DALLAS STARS: U.S. Trustee Unable to Form Committee
DELTA AIR: DOT APPROVES US Airways Takeoff Landing Rights Swap
DELTA AIR: Techops Signs Five-Year Engine Maintenance Contract

DELTA AIR: Virgin Trans-Pacific Codeshare to Launch Nov. 6
EAGLE INDUSTRIES: Nov. 10 Plan Confirmation Hearing Set
EASLEY REAL: Case Summary & 20 Largest Unsecured Creditors
FANNIE MAE: Lawmaker Questions Fannie's Event Sponsorship
FLINTKOTE COMPANY: Inks Deal to Dismiss Suit Vs. NJDEP, et al.

FLORIDA LANDMASTERS: Dist. Court Won't Stay Foreclosure Judgment
GENERAL MOTORS: Launches Korea Plan After Obama Signs New Deal
GERMANN ROAD: Case Summary & 3 Largest Unsecured Creditors
GRACEWAY PHARMA: Court Clears Galderma to Serve as Lead Bidder
GRACEWAY PHARMA: Court Extends Schedules Filing to Nov. 28

GRACEWAY PHARMA: Hires Lazard Freres as Investment Banker
GRACEWAY PHARMA: Seeks to Employ PwC as Tax Consultant
GRACEWAY PHARMA: Hires Young Conaway as Bankruptcy Counsel
GSC GROUP: Black Diamond Introduces Rival Plan for Bankruptcy
HARRISBURG, PA: Judge to Hold Nov. 23 Hearing on Chapter 9 Filing

HARRISBURG, PA: State Passes Bill That Gives Governor More Power
HERITAGE LOG: Case Summary & 20 Largest Unsecured Creditors
HORIZON AUTO: Case Summary & 20 Largest Unsecured Creditors
HUDSON HEALTHCARE: Proposal to Reopen Hospital Draws Opposition
ILLINOIS FAMILY: Case Summary & 14 Largest Unsecured Creditors

INVENERGY WIND: S&P Assigns Prelim. 'B' Corporate Credit Rating
J-SLAMM, INC.: Case Summary & 11 Largest Unsecured Creditors
JEFFERSON, AL: Bid to Avoid Chapter 9 Bankruptcy in Peril
KIEBLER RECREATION: Court Approves PNC Bank Settlement
LAST MILE: Case Summary & 24 Largest Unsecured Creditors

LE-NATURE'S: Former CEO Argues for Lenient Fraud Sentence
LEHMAN BROTHERS: IBRD Asks Temporary Allowance of $23-Mil. Claim
LEHMAN BROTHERS: Inks Plan Voting Deals With HK Units, et al
LEHMAN BROTHERS: Mason Capital Drops Plan Confirmation Objection
LOS ANGELES DODGERS: McCourts Unveil Divorce Settlement

MCCORD BROS.: Case Summary & 5 Largest Unsecured Creditors
MERV PROPERTIES: Voluntary Chapter 11 Case Summary
MOUNTAIN CITY: Asks Court to Set Sec. 503(b)(9) Claim Bar Date
MRA PELICAN: Fannie Mae Seeks Dismissal to Allow it to Foreclose
MURRAY INSURANCE: Endurance Suit Non-core; Trial Reset to Nov. 17

NC12, INC.: Case Summary & 20 Largest Unsecured Creditors
NEBRASKA BOOK: Delays Chapter 11 Plan Hearing to November
NEWALTA CORP: DBRS Changes Trend on BB Issuer Rating to Positive
NNJ HOME: Case Summary & 16 Largest Unsecured Creditors
OLD SHORE: Case Summary & 9 Largest Unsecured Creditors

OMEGA NAVIGATION: Committee Wins Nod to Retain Advisors
PALISADES 6300: Case Summary & 12 Largest Unsecured Creditors
PELICAN ISLES: Case Summary & 20 Largest Unsecured Creditors
PETROFLOW ENERGY: Notices Termination of Registration of CS
POPULAR LIFE RE: A.M. Best Upgrades FSR to 'B+'

PRIUM WHITECENTER: Case Summary & 8 Largest Unsecured Creditors
QUEEN'S PLATE: Voluntary Chapter 11 Case Summary
R&G FINANCIAL: Wants Plan Exclusivity Extended Until Dec. 31
RENAISSANT LAFAYETTE: Court Approves Distributions to Creditors
SAFE HARBOR: A.M. Best Affirms 'B' Financial Strength Rating

SALES PARTNERSHIPS: Case Summary & 22 Largest Unsecured Creditors
SEA TRAIL: Section 341(a) Meeting Scheduled for Oct. 24
SKYPE GLOBAL: Raised by Moody's to 'Ba2' After Sale to Microsoft
S.L.6, L.L.C.: Case Summary & 5 Largest Unsecured Creditors
SOLYNDRA LLC: OMB Staffers Questioned Restructuring, e-Mails Show

SOLYNDRA LLC: Wants to Employ K&L Gates as Special Counsel
SOUTH DAKOTA STATE MEDICAL: A.M. Best Affirms FSR at 'B'
SOUTHWEST GEORGIA: Files First Amended Disclosure Statement
SPANISH PEAKS: Files for Ch. 7 Bankruptcy; To Sell Iconic Property
SPRINT NEXTEL: Moody's Cuts Corp. Family Rating to 'B1'

SSI GROUP: Has Final OK to Obtain DIP Financing from WFCF
SSI GROUP: Court Approves Bid Process for Assets Sale
SSI INVESTMENTS: Moody's Affirms 'B2' Corp. Family Rating
STANDARD STEEL: Moody's Affirms 'B3' Corp. Family Rating
STELLAR GT: To Hold Combined Hearing on Plan on Nov. 18

STRATEGIC AMERICAN: Receives Fiscal Year End Reserves Report
SUGARMADE INC: Anton & Chia Raises Going Concern Doubt
SUMMO INC: Daniel K. Usiak, Jr. Approved to Handle Bankruptcy Case
SUNCAL COMPANIES: CEO Brother Teams With Colony to Bid on Projects
TECHDYNE LLC: Wants Until Jan. 20 to Propose Reorganization Plan

THERMOENERGY CORP: Amends 54.1 Million Common Shares Offering
THINK3 INC: AZA Wins Bankruptcy Rulings for Versata FZ
TOWNSEND CORP: Stipulation on Cash Use/Floor Plan Financing Okayed
TP INC: Case Converted to Ch. 7 Liquidation; Trustee Named
TRANS ENERGY: To Restate March 31 Quarterly Report

TRANS NATIONAL: Expects Short Stay in Bankruptcy
TRAVELPORT INC: Bank Debt Trades at 16% Off in Secondary Market
TRAVELPORT LLC: S&P Lifts Corp. Credit Ratings From 'SD' to 'B-'
TRIBUNE CO: Proposes IRS Pension Claim Settlement
TRIBUNE CO: Writes on July 7 Decision In Prometheus Case

TWIN CITY: Files Schedules of Assets and Liabilities
TWIN CITY BAGEL: Section 341(a) Meeting Scheduled for Nov. 1
TWIN CITY: U.S. Trustee Appoints 3-Member Creditors' Panel
TYSONS TREE: Case Summary & 9 Largest Unsecured Creditors
ULTIMATE ESCAPES: Dec. 8 Plan Confirmation Hearing Set

UNITED RENTALS: S&P Withdraws Issue-Level Rating on ABL Facility
VIRGINIA PARSONS: Hawaii Court Dismisses Predatory Lending Suit
WASHINGTON MUTUAL: Shareholders Challenge Inside Trading Appeal
WATER STREET: Case Dismissed; No Party Wants Settlement in Court
WATERSCAPE RESORT: Access to Cash Collateral Extended to Oct. 20

WESTLAND PARCEL: Has Access to Cash Collateral Until Nov. 30
WHITTON CORP: Court OKs FamCo Advisory as Interest Rate Expert
WISP RESORT: Owner Enters Chapter 11 Protection
WS MINERAL: Wins Court Nod to Employ Richard Ward as Counsel
WS MINERAL: Gets Approval to Employ Ross Helbing as Appraiser

XL GROUP: Fitch Assigns 'BB+' Rating to $350MM Series D Shares
YAZOO PIPELINE: Court OKs Ch. 7 Trustee's 2nd Amended Complaint
YELLOWSTONE MOUNTAIN: Court Rejects Claims for Membership Deposit
ZOGENIX INC: To Hold "Say-on-Pay" Votes on Triennial Basis
ZOO ENTERTAINMENT: Currently in Talks of Forbearance with Panta

* Agape Owner Cosmo Sentenced to 25 Years in Ponzi Scheme

* S&P Puts 'CCC' Ratings on 3 Calif. Tax Bonds on Watch Negative
* Default Warning Signs Appear Among Issuers of Junk Bonds
* Negative Pressure for U.S. Companies Due to Pension Performance
* Corp Bond Issuers Better Positioned Than 4 Yrs Ago, Moody's Says

* Sandberg Accused of Misrepresenting Chapter 7 Fees
* Federal Reserve Adopts 'Living Wills' Rule for Riskiest Firms

* Investors Balk at Wilbur Ross's Latest Private Equity Fund

* Alvarez & Marsal Honored With Year Award
* DLA Piper Bankruptcy Chair Joins Brown Rudnick
* Miller Buckfire to Name Harvey Golub as Chairman

* Upcoming Meetings, Conferences and Seminars



                            *********



ACADIA HEALTHCARE: S&P Assigns Prelim. 'B' Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services issued a 'B' preliminary
corporate credit rating on Franklin, Tenn.-based Acadia Healthcare
Inc. The rating outlook is stable. "At the same time, we issued a
preliminary 'B-' issue-level rating on Acadia's proposed $150
million senior unsecured notes (one notch below the corporate
credit rating). Our preliminary recovery rating on the notes is
'5', indicating our expectation of modest (10%-30%) recovery of
principal in the event of payment default. The company will also
have $130 million on its outstanding term loan and a $30 million
revolver (unrated)," S&P related.

"The preliminary low speculative grade rating on Franklin, Tenn.-
based Acadia reflects the company's aggressive growth strategy and
highly leveraged financial risk profile," said Standard & Poor's
credit analyst Tahira Wright. "We characterize Acadia's business
risk profile as weak because of the challenges it faces in
controlling its rapid expansion from a small base, and its
exposure to uncertain third-party reimbursement that accounts for
about three-quarters of its revenue. From a financial perspective,
growth funding is likely to keep leverage around 5x over the next
year, even with the double-digit revenue and EBITDA increases we
expect and the amortization payments mandated under its credit
facility."

Shortly after new managers joined the company early in 2011,
Acadia acquired YFCS in a debt-financed transaction.  This more
than doubled the company's revenue and earnings base, and about
tripled Acadia's facility count to 19. Now, the planned debt-
financed acquisition of PHC will create a network of 34 acute
behavioral facilities and residential treatment centers across 18
states. "We expect this to result in double-digit revenue and
earnings growth through at least 2012 at least. Management is
experienced in the behavioral health field, having prior
involvement in Psych Solutions (acquired by Universal Health
Services Inc.). We believe that, in addition to increasing
bed count, it will convert some residential treatment beds to
higher level of service acute hospitalization beds, and attempt to
improve operational management at existing facilities. Still, the
challenges of further growing and controlling such rapid expansion
are formidable," S&P related.


ACCESS CARDIOSYSTEMS: Founder Slapped With $1.7MM Judgment
----------------------------------------------------------
Access CardioSystems, Inc., and its individual investors sued the
company's founder and former shareholder, officer, and director,
Randall Fincke in Bankruptcy Court, seeking damages for, inter
alia, Mr. Fincke's alleged violation of Massachusetts securities
law and breaches of his fiduciary duty owed to the Investors and
to Access.  The Court has earlier ruled that Mr. Fincke did breach
certain of his fiduciary duties to Access and, in one instance,
violated Massachusetts General Laws ch. 110A, Sec. 410(a)(2).
Mr. Fincke has waived any further contest to the entry of judgment
on account of the fiduciary duty breaches in an amount which the
Court has earlier determined.  The Court, however, still must
determine what, if any, damages are recoverable by the Investors
on account of Mr. Fincke's violation of Sec. 410(a)(2).

In an Oct. 14, 2011 Memorandum of Decision, available at
http://is.gd/axZvNjfrom Leagle.com, Bankruptcy Judge Henry J.
Boroff held that the only sales of securities made "by means of"
the material misstatement in the company's 2002 business plan
prepared by Mr. Fincke were those purchases of Access stock made
by Joseph Zimmel in October and November 2002.  Mr. Zimmel had
invested $2 million in the company.  Therefore, Judge Boroff
entered judgment against Mr. Fincke and in favor of Mr. Zimmel for
$1,500,000 plus interest at 6% per year from May 25, 2007, the
date of the of the disposition of the securities, pursuant to Sec.
410(a)(2), plus costs pursuant to Bankruptcy Rule 7054(b).  In
addition, given Mr. Fincke's waiver of any objections to the entry
of judgment in favor Access on account of his breaches of
fiduciary duties, the Court entered judgment against Mr. Fincke
and in favor of Access for $281,534, plus interest at the rate of
12% from July 6, 2004, the time the action was commenced, pursuant
to Mass. Gen. Laws ch. 231, Sec. 6B, plus costs pursuant to
Bankruptcy Rule 7054(b).  Postjudgment interest at the federal
rate established by 28 U.S.C. Sec. 1961 will run on the entirety
of both awards, including prejudgment interest and costs, from the
date of judgment forward.

The lawsuit is, ACCESS CARDIOSYSTEMS, INC., NORTH AMERICAN
ENTERPRISES, INC., JOHN MORIARTY AND ASSOCIATES, JOHN J. MORIARTY,
RICHARD F. CONNOLLY, JR., AND JOSEPH R. ZIMMEL, Plaintiffs,
OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF ACCESS CARDIOSYSTEMS,
INC., Plaintiffs-Intervenors, v. RANDALL FINCKE, Defendant, Adv.
Proc. No. 05-4076 (Bankr. D. Mass.).

Headquartered in Concord, Massachusetts, Access CardioSystems,
Inc. -- http://www.accesscardiosystems.com/-- developed,
marketed, and sold portable automated external defibrillators.
The Company filed for Chapter 11 protection (Bankr. D. Mass. Case
No. 05-40809) on Feb. 18, 2005.  Jeffrey D. Sternklar, Esq., at
Duane Morris LLP, represented the Debtor in its restructuring
efforts.  When the Debtor filed for protection from its creditors,
it estimated assets and debts of $1 million to $10 million.


ACCESS MEDICAL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Access Medical Associates, LLC
        P.O. Box 423
        Oldwick, NJ 08558

Bankruptcy Case No.: 11-39852

Chapter 11 Petition Date: October 14, 2011

Court: U.S. Bankruptcy Court
       District of New Jersey (Trenton)

Judge: Raymond T. Lyons, Jr.

Debtor's Counsel: Thaddeus R. Maciag, Esq.
                  MACIAG LAW, LLC
                  601 Route 206, Suite 26-630
                  Hillsborough, NJ 08844
                  Tel: (908) 704-8800
                  Fax: (908) 704-8804
                  E-mail: MaciagLaw1@aol.com

Estimated Assets: $0 to $50,000

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

The Company's list of its 20 largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/njb11-39852.pdf

The petition was signed by Lon E. Goldberg, manager.


ALL AMERICAN: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: All American Home Center, Inc.
        7201 Firestone Blvd.
        Downey, CA 90241

Bankruptcy Case No.: 11-52283

Chapter 11 Petition Date: October 10, 2011

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

Judge: Ernest M. Robles

Debtor's Counsel: William H. Kiekhofer, III, Esq.
                  MCGUIREWOODS LLP
                  1800 Century Park East 8th Fl
                  Los Angeles, CA 90067
                  Tel: (310) 315-8244
                  Fax: (310) 956-3144
                  E-mail: wkiekhofer@mcguirewoods.com

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

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

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

The petition was signed by Tamar Gertier Kane, director,
president, chief operating officer, chief people officer and chief
financial officer secretary.


ARIZONA HEART: Case Converted to Chapter 7 Liquidation
------------------------------------------------------
Judge George B. Nielsen has ordered the conversion of the Chapter
11 case of AHI Holding Company, formerly known as Arizona Heart
Institute, Ltd., to one Chapter 7 of the Bankruptcy Code.

As reported in the TCR on Sept. 8, 2011, David M. Reaves, the
Chapter 11 trustee for AHI Holding requested for the dismissal of
the Chapter 11 case, citing that because the Debtor has no ongoing
business to reorganize.

According to the Chapter 11 Trustee, the Debtor has not filed a
plan of reorganization, and it is apparent that the Debtor has no
intention of pursuing confirmation of a plan.  The Debtor's
estate, Mr. Reaves related, does not have any unencumbered assets
or funds, other than potential avoidance actions and possibly
other causes of action.  Significant Chapter 11 administrative
expenses have been incurred to date and continue to accrue, and
the estate has no funds available to pay those expenses, according
to the Trustee.

The Chapter 11 Trustee told the Court that, on the Petition Date,
the Debtor entered into an asset purchase agreement with Hospital
Development Company Number 1, Inc., a subsidiary of Vanguard
Health Systems, Inc.  Pursuant to the terms of the APA, the Debtor
agreed to sell substantially all of its assets to the Purchaser.

On Sept. 30, 2010, the Court entered an order approving the APA
and the sale of the sale of the Debtor's assets to Hospital
Development.  The sale closed on or about Oct. 15, 2010.

Phoenix, Arizona-based Arizona Heart Institute, Ltd., is a
specialty outpatient clinic dedicated to the prevention, detection
and treatment of cardiovascular diseases.  It was founded by
Edward B. Diethrich, M.D., in 1971, and at its height operated
numerous offices across the Phoenix metropolitan area.

Arizona Heart filed for Chapter 11 bankruptcy protection (Bankr.
D. Ariz. Case No. 10-24062) on July 30, 2010.  C. Taylor Ashworth,
Esq., and Christopher Graver, Esq., at Stinson Morrison Hecker
LLP, assist the Debtor in its restructuring effort.  Ilene J.
Lashinsky, the U.S. Trustee for Region 14, appointed three members
to the official committee of unsecured creditors in the Debtor's
Chapter 11 case.  The Debtor disclosed $16,925,342 in assets and
$8,115,541 in debts as of the Petition Date.


BARNWELL HOSPITAL: Says Patient Care Ombudsman Not Necessary
------------------------------------------------------------
The Bankruptcy Court will hold a hearing on Nov. 1, 2011, at 2:00
p.m., to consider the request of Barnwell County Hospital for
determination that a patient care ombudsman under 11 U.S.C. Sec.
333(a)(1) is not necessary.  Objections to the Debtor's request
are due by Oct. 26.

If a debtor in a case under Chapter 9 of the Bankruptcy Code is a
healthcare business, the appointment of a patient care ombudsman
is mandated by Sec. 333(a)(1) no later than 30 days after the
petition date to monitor the quality of patient care and to
represent the interests of the patients "unless the court finds
that appointment of such ombudsman is not necessary."

The Hospital operator contends that there are processes and
mechanisms in place by which the Debtor monitors and improves the
quality of care it provides to patients and protects patient
privacy.  The Debtor believes the mechanisms provide the necessary
protection for patients and therefore a court-appointed patient
care ombudsman is not necessary and would serve only to subject
the estate to unnecessary expense.

Separately, the Debtor has proposed a Nov. 11 deadline for
parties-in-interest to file objections to the Chapter 9 petition.

                  About Barnwell County Hospital

Barnwell County Hospital in South Carolina filed for municipal
reorganization under Chapter 9 of the Bankruptcy Code (Bankr. D.
S.C. Case No. 11-06207) on Oct. 5, 2011, in Columbia, South
Carolina.  The hospital is licensed for 53 beds, although only 31
are currently operating. It also operates three rural health
clinics in southwestern South Carolina.  The hospital said it
filed because the county said it's no longer willing or able to
fund losses.  The hospital has no bonded debt.  Assets and debt
are both less than $10 million.

Judge David R. Duncan oversees the case.  Lindsey Carlbert
Livingston, Esq., and Stanley H. McGuffin, Esq., at Haynsworth
Sinkler Boyd, PA, represent the Debtor as counsel.  The petition
was signed by Charles Lowell Jowers, Sr., chairman of the
hospital's board of trustees.


BERNARD L. MADOFF: Investors Seek Status to Access Victim Funds
----------------------------------------------------------------
Abigail Rubenstein at Bankruptcy Law360 reports that investors in
16 funds that funneled money into Bernard L. Madoff's massive
Ponzi scheme asked a New York federal court on Friday to reverse a
bankruptcy court's ruling that found them ineligible to receive
money recovered for the imprisoned fraudster's victims.

Law360 relates that the investors filed a brief urging the court
to overturn U.S. Bankruptcy Judge Burton Lifland's ruling that
because they didn't directly hold accounts with Bernard L. Madoff
Investment Securities LLC, they could not access the money
recovered for Madoff's customers by Madoff bankruptcy trustee.

                      About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping 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.


CLEARWIRE CORP: Cut by Moody's to 'Caa2' Due to Sprint Issue
------------------------------------------------------------
Moody's Investors Service has lowered the corporate family rating
(CFR) and probability of default rating (PDR) for Clearwire
Communications Corp. to Caa2 and Caa3, respectively. This action
reflects Moody's view that Clearwire's relationship with Sprint
appears unlikely to improve to the point where Sprint would extend
their existing wholesale agreement beyond 2013. Consequently,
Clearwire will need to find alternative wholesale partners or sell
spectrum in order to make interest payments after 2012.
Clearwire's ratings outlook remains negative based on its
weakening liquidity position and our doubts about their ability to
find a new wholesale partner in the near-term.

RATINGS RATIONALE

Despite over a year of torturous negotiations and several
management changes at Clearwire, the two companies remain unable
to reach a long-term agreement that would be mutually beneficial.
"Consequently, Clearwire's significant spectrum holdings, half of
which were contributed by Sprint, don't appear to be part of
Sprint's nationwide 4G network plan beyond 2013", said Moody's
Senior Vice President Dennis Saputo.

Clearwire will face serious financial challenges as its subscriber
growth (which included a record 1.9 million wholesale additions in
3Q 2011, according to preliminary estimates by Clearwire) is
likely to slow dramatically as Sprint is expected to begin de-
emphasizing sales of handsets that run on the WiMax platform.
Furthermore, Clearwire will require additional funding to deploy
LTE in order to become an attractive partner for other wireless
providers. Moody's believes that Clearwire will accelerate its
efforts to sell spectrum to boost its liquidity. "Applying a
conservative valuation to Clearwire's spectrum provides greater
than 100% coverage of current debt", stated Mr. Saputo.

Clearwire's speculative grade liquidity (SGL) rating of SGL-4
reflects the company's cash burn rate, the lack of a revolving
credit facility and its inevitable need for new capital.

Moody's could stabilize the outlook if the company were to reach
an agreement with Sprint that would result in a coordinated,
nationwide 4G network plan and marketing strategy, or if Clearwire
were to demonstrate progress towards positive free cash flow.

The ratings could be lowered if the company is unable to sell
spectrum assets or reach a new wholesale agreement.

Moody's has taken the following rating actions:

Issuer: Clearwire Communications LLC

  Corporate Family Rating -- Downgraded to Caa2 from Caa1

  Probability of Default Rating -- Downgraded to Caa3 from Caa2

  $2.695 Billion Senior Secured 1st Lien Notes due 2015,
  Downgraded to B3 (LGD2 --17%) from B2 (LGD2 -- 17%)

  $500 Million Senior Secured 2nd Lien Notes due 2017, Downgraded
  to Caa3 (LGD4 --54%) from Caa2 (LGD4 -- 50%)

  Speculative Grade Liquidity Rating -- Affirmed at SGL-4

  Outlook -- Negative

The principal methodology used in rating Clearwire was the Global
Telecommunications Industry Industry Methodology, published
December 2010.  Other methodologies used include Loss Given
Default for Speculative Grade Issuers in the US, Canada, and EMEA,
published June 2009.


CLINTON COURT: Hires Robinson Brog as Bankruptcy Counsel
--------------------------------------------------------
Clinton Court Development LLC seeks Bankruptcy Court permission to
employ Robinson Brog Leinwand Greene Genovese & Gluck P.C. as
bankruptcy counsel.

Robert R. Leinwand, Esq., a shareholder at the firm, will lead the
engagement.

The Debtor proposes to pay the firm pursuant to its standard
hourly basis.  The firm's partners charge $400 to $550 per hour.
Associates at the firm charge $240 to $375 an hour.  Paralegals
charge $110 to $185 an hour.

Mr. Leinwand disclosed that the firm received a $26,039 retainer
from the Debtor pre-bankruptcy.  He attests that the firm is a
"disinterested person," as that term is defined in section 101(14)
of the Bankruptcy Code.

                  About Clinton Court Development

Clinton Court Development LLC, the owner of a 13-story mixed-use
building on Clinton Avenue in Brooklyn filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 11-14673) on Oct. 5, 2011,
claiming the property is worth about $17 million.  Mortgages total
roughly $42.3 million.  The primary secured creditor is TD Bank
NA.  The Company also owns a two-story commercial building on
Waverly Avenue in Brooklyn.

Judge Robert E. Gerber presides over the case.  The Debtor
scheduled $17,210,000 in assets and $47,347,150 in liabilities.
The petition was signed by David Weiss, manager.

Attorneys for TD Bank N.A., are H. Michael Lynch, Esq., and Gary
O. Ravert, Esq., at Lynch & Associates.


CLINTON COURT: Sec. 341 Creditors' Meeting Set for Nov. 9
---------------------------------------------------------
The U.S. Trustee for Region 2 will convene a meeting of creditors
in the bankruptcy case of Clinton Court Development LLC on Nov. 9,
2011, at 2:30 p.m. at 80 Broad St., 4th Floor, USTM.

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

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

Clinton Court Development LLC, the owner of a 13-story mixed-use
building on Clinton Avenue in Brooklyn filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 11-14673) on Oct. 5, 2011,
claiming the property is worth about $17 million.  Mortgages total
roughly $42.3 million.  The primary secured creditor is TD Bank
NA.  The Company also owns a two-story commercial building on
Waverly Avenue in Brooklyn.

Judge Robert E. Gerber presides over the case.  The Debtor is
represented by Robert R. Leinwand, Esq., at Robinson Brog Leinwand
Greene Genovese & Gluck P.C. as counsel.  The Debtor scheduled
$17,210,000 in assets and $47,347,150 in liabilities.  The
petition was signed by David Weiss, manager.

Attorneys for TD Bank N.A., are H. Michael Lynch, Esq., and Gary
O. Ravert, Esq., at Lynch & Associates.


CLINTON COURT: Lender Says Receiver Should Continue Role
--------------------------------------------------------
TD Bank N.A. is asking the Bankruptcy Court to allow Kevin J.
Cahill -- the state court appointed receiver of parcels of real
property located at 525 Clinton Avenue and 508 Waverly Avenue, in
Brooklyn, owned by Clinton Court Development LLC -- to continue
his receivership postpetition.

TD Bank loaned more than $26 million to the Debtor for, among
other things, the construction of a 13-story condominium project
on the Clinton Property.  TD Bank said the Debtor's chapter 11
filing, coming on the eve of the state court-ordered foreclosure
sale, is but another transparent attempt to delay the enforcement
of TD Bank's rights in an effort to coerce a sale of the Loan to
the Debtor's principals at a substantial discount.

The lender argued there is no legitimate restructuring intended or
possible in the Debtor's case.  It is patently clear that the full
recourse nature of the Loan, the Debtor's conduct, and the filing
of the chapter 11, taken together, demonstrate that the Debtor's
primary, if not its only, concern is the well being of its
principals who are guarantors of the Debtor's secured obligations
and who seek to avoid their obligations under the guaranties.

TD Bank said the Court should not countenance the Debtor's or its
principals' improper use of the chapter 11 process. The Debtor's
indisputable lack of cash flow, lack of equity, inability to
reorganize, misuse of the $26 million in funds already advanced to
it, and, ultimately, complete abandonment of the Clinton Property
construction, all of which has harmed TD Bank and all parties in
interest, compels a finding that the Debtor should not be restored
to possession of the properties.

                  About Clinton Court Development

Clinton Court Development LLC, the owner of a 13-story mixed-use
building on Clinton Avenue in Brooklyn filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 11-14673) on Oct. 5, 2011,
claiming the property is worth about $17 million.  Mortgages total
roughly $42.3 million.  The primary secured creditor is TD Bank
NA.  The Company also owns a two-story commercial building on
Waverly Avenue in Brooklyn.

Judge Robert E. Gerber presides over the case.  The Debtor is
represented by Robert R. Leinwand, Esq., at Robinson Brog Leinwand
Greene Genovese & Gluck P.C. as counsel.  The Debtor scheduled
$17,210,000 in assets and $47,347,150 in debts.  The petition was
signed by David Weiss, manager.

Attorneys for TD Bank N.A. are:

          H. Michael Lynch, Esq.
          Gary O. Ravert, Esq.
          LYNCH & ASSOCIATES
          462 Seventh Avenue, 12th Floor
          New York, NY 10018
          Tel: (212) 683-4141
          Fax: (212) 683-2669


COLORADO SPORTS: Case Summary & 15 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Colorado Sports Group, LLC
        16240 Old Denver Highway
        Monument, CO 80132

Bankruptcy Case No.: 11-34106

Chapter 11 Petition Date: October 12, 2011

Court: U.S. Bankruptcy Court
       District of Colorado (Denver)

Judge: Michael E. Romero

Debtor's Counsel: Harvey Sender, Esq.
                  SENDER & WASSERMAN, P.C.
                  1660 Lincoln Street, Suite 2200
                  Denver, CO 80264
                  Tel: (303) 296-1999
                  Fax: (303) 296-7600
                  E-mail: Sendertrustee@sendwass.com

                         - and ?

                  John B. Wasserman, Esq.
                  SENDER & WASSERMAN, P.C.
                  1660 Lincoln Street, Suite 2200
                  Denver, CO 80264
                  Tel: (303) 296-1999
                  E-mail: jwass@sendwass.com

                         - and ?

                  Matthew T. Faga, Esq.
                  SENDER & WASSERMAN, P.C.
                  1660 Lincoln Street, Suite 2200
                  Denver, CO 80264
                  Tel: (303) 296-1999
                  Fax: (303) 296-7600
                  E-mail: faga@sendwass.com

Scheduled Assets: $2,554,264

Scheduled Debts: $4,106,595

The Company's list of its 15 largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/cob11-34106.pdf

The petition was signed by Gary Dylewski, manager.


COMMUNITY TOWERS: Section 341(a) Meeting Scheduled for Oct. 26
--------------------------------------------------------------
The U.S. Trustee for Region 17 will convene a meeting of creditors
of Community Towers I LLC on Oct. 26, 2011, at 10:30 a.m.  The
meeting will be held at San Jose Room 268.

Creditors are required to submit their proofs of claim by Jan. 24,
2012.

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

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

Community Towers I LLC is a real estate investment company.
Community Towers I LLC and various affiliates -- Community Towers
II, LLC, Community Towers III, LLC, Community Towers IV, LLC --
filed a Chapter 11 petition (Bankr. N. D. Calif. Lead Case Case
No. 11-58944) on Sept. 26, 2011, in San Jose, California.  John
Walshe Murray, Esq., at the Law Offices of Murray and Murray, in
Cupertino, California, serves as counsel to the Debtor.  Community
Towers I LLC estimated up to $50 million in both assets and debts.


COPPER CREEK: Case Summary & 7 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Copper Creek, LLC
        399 N. Old US 23
        Brighton, MI 48144

Bankruptcy Case No.: 11-10235

Chapter 11 Petition Date: October 12, 2011

Court: U.S. Bankruptcy Court
       Middle District of Tennessee (Nashville)

Judge: Keith M. Lundin

Debtor's Counsel: Elliott Warner Jones, Esq.
                  EMERGE LAW, PLC
                  1600 Division Street, Suite 675
                  Nashville, TN 37203
                  Tel: (615) 916-5264
                  E-mail: elliott@emergelaw.net

                         - and ?

                  Warner Jones, Esq.
                  EMERGE LAW PLC
                  1600 Division Street, Suite 675
                  Nashville, TN 37203
                  Tel: (615) 916-5262
                  Fax: (615) 916-5261
                  E-mail: warner@emergelaw.net

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

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

The Company's list of its seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/tnmb11-10235.pdf

The petition was signed by Gordon Follmer, managing member.


COPPER CREEK: With Zero Cash Flow, Court Dismisses Case
-------------------------------------------------------
Bankruptcy Judge Timothy J. Mahoney granted the request of Copper
Creek Estates - Grand Island, L.L.C., to dismiss its chapter 11
case, over the objection of Chief Industries, Inc.  Chief argued
that the Debtor should not be allowed to come into the bankruptcy
court for the sole purpose of attempting to get rid of restrictive
covenants, and then, when it loses, to simply dismiss the case.
Chief suggests that the Debtor could hold an auction to sell the
real estate or sell it pursuant to 11 U.S.C. Sec. 363, free and
clear of liens.  The bankruptcy court could then supervise the
distribution of proceeds of the sale.  The judge, however, held
that the debtor has shown cause for dismissal: It has no sales
and, therefore, it has no cash flow.  With no cash flow, it will
be unable, without help from investors, to pay taxes, United
States trustee fees, insurance premiums, maintenance expenses or
attorney fees.  It has shown continuing loss or diminution of the
estate because of the lack of cash flow and the absence of a
reasonable likelihood of rehabilitation.  It has not timely filed
a disclosure statement or plan.

Copper Creek Estates - Grand Island, L.L.C., owns land in Hall
County, Nebraska, which it has attempted to develop as a
residential subdivision.  Prior to bankruptcy, the Debtor obtained
investment money from a number of investors and granted a mortgage
to Five Points Bank in Grand Island in return for a relatively
large loan.  In addition, it received $1,000,000 from Chief
Industries, Inc., a manufacturer of modular homes.  It entered
into an agreement with Chief whereby purchasers of lots in the
development would be restricted to purchasing modular homes from
Chief and would be unable to purchase homes from any other company
or have their own home built. The agreement included restrictive
covenants which were recorded in the Hall County land records.

A copy of the Court's Oct. 11, 2011 Order is available at
http://is.gd/GIb5d6from Leagle.com.

                    About Copper Creek Estates

Based in Sutton, Nebraska, Copper Creek Estates-Grand Island, LLC,
develops land in Hall County, Nebraska.  Once developed, the
platted lots were to be sold for use by purchasers for
construction of personal residences.  Copper Creek filed for
bankruptcy (Bankr. D. Neb. Case No. 11-40496) on Feb. 28, 2011.
Trev Peterson, Esq. -- tpeterson@knudsenlaw.com -- at Knudsen
Berkheimer Richardson Endacott, serves as the Debtor's counsel.
The Debtor scheduled assets of $2,766,657 and liabilities of
$4,807,631.  The petition was signed by Jim Van Kirk, manager.


D&P INVESTMENT: Case Summary & 3 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: D&P Investment Company, LLC
        P.O. Box 8092
        Glenn Ridge, NJ 07208

Bankruptcy Case No.: 11-39608

Chapter 11 Petition Date: October 12, 2011

Court: U.S. Bankruptcy Court
       District of New Jersey (Newark)

Judge: Novalyn L. Winfield

Debtor's Counsel: David I. Flamholz, Esq.
                  RUBIN & DOMBECK LLC
                  1415 Queen Anne Road
                  Teaneck, NJ 07666
                  Tel: (201) 578-1578
                  Fax: (201) 837-8413
                  E-mail: david@rdlawllc.com

Scheduled Assets: $950,000

Scheduled Debts: $1,458,843

The Company's list of its three largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/njb11-39608.pdf

The petition was signed by Dennis Loggins, sole member.


DP FOREST: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: DP Forest Products,Inc.
        fka Lodge Log Homes, Inc.
        fka Balbach Logging, Inc.
        fka Treasure Valley Forest Products, LLC
        7789 S Federal Way
        Boise, ID 83706

Bankruptcy Case No.: 11-03047

Chapter 11 Petition Date: October 10, 2011

Court: United States Bankruptcy Court
       District of Idaho (Boise)

Judge: Jim D. Pappas

Debtor's Counsel: D Blair Clark, Esq.
                  LAW OFFICES OF D. BLAIR CLARK PLLC
                  1513 Tyrell Lane, Suite 130
                  Boise, ID 83706
                  Tel: (208) 475-2050
                  Fax: (208) 475-2055
                  E-mail: dbc@dbclarklaw.com

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

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

A list of the Company's 20 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/idb11-03047.pdf

The petition was signed by Dan Balbach, president.


DALLAS STARS: U.S. Trustee Unable to Form Committee
---------------------------------------------------
The United States Trustee said that an official committee under 11
U.S.C. Sec. 1102 has not been appointed in the bankruptcy case of
Dallas Stars, L.P. because an insufficient number of persons
holding unsecured claims against the Debtor have expressed
interest in serving on a committee.  The U.S. Trustee reserves the
right to appoint such a committee should interest developed among
the creditors.

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.
KPMG LLP serves as the Debtors' auditor, tax advisor, and
bankruptcy administration consultant.

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.


DELTA AIR: DOT APPROVES US Airways Takeoff Landing Rights Swap
--------------------------------------------------------------
The U.S. Department of Transportation has approved a deal that
gives Delta Air Lines, Inc. 132 additional slots at New York
LaGuardia International Airport and US Airways Group, Inc. 42
more slots at Reagan National Airport in Washington, D.C.,
according to a report by The Charlotte Business Journal on
October 13, 2011.

The two airlines have been asking the Department of
Transportation to approve the deal for two years.

                      About Delta Air Lines

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) --
http://www.delta.com/or http://www.nwa.com/-- provides scheduled
air transportation for passengers and cargo throughout the United
States, and around the world.  The Company's route network is
centered on the hub system it operate at airports in Atlanta,
Cincinnati, Detroit, Memphis, Minneapolis/St. Paul, New York-JFK,
Salt Lake City, Paris-Charles de Gaulle, Amsterdam and Tokyo-
Narita. The hub operations include flights, which gather and
distribute traffic from markets in the geographic region
surrounding the hub to domestic and international cities and to
other hubs. The network is supported by a fleet of aircraft, which
is varied in terms of size and capabilities.  On Dec. 31,
2009, the Company's wholly owned subsidiary Northwest Airlines,
Inc., merged with and into Delta.  The wholly owned subsidiary of
the Company is Northwest Airlines Corporation.

Northwest and 12 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or
215/945-7000).

                          *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Stable/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's and "B-" LT
Issuer Default rating from Fitch.

S&P said at the end of February 2011 that its ratings on Atlanta,
Ga.-based Delta Air Lines Inc. reflect its highly leveraged
financial profile, with significant intermediate-term debt
maturities, and the risks associated with participation in the
price-competitive, cyclical, and capital-intensive airline
industry.  The ratings also incorporate the reduced debt load and
operating costs Delta achieved while in Chapter 11 in 2005-2007,
and its enhanced competitive position and synergistic
opportunities associated with its 2008 merger with Northwest
Airlines Corp. (parent of Northwest Airlines Inc.), with the two
airlines fully integrated in December 2009.  S&P characterize
Delta's business risk profile as weak and its financial risk
profile as highly leveraged.


DELTA AIR: Techops Signs Five-Year Engine Maintenance Contract
--------------------------------------------------------------
Delta Air Lines' maintenance division, Delta TechOps, has signed a
five-year, exclusive agreement with Air Canada to provide repair
and overhaul services to the airline's entire fleet of Pratt &
Whitney (PW) 4060 engines.

"This partnership is a direct reflection of the dedication and
professionalism of the men and women of Delta TechOps and their
global reputation for delivering the highest quality work, along
with the most comprehensive support in the industry," said Tony
Charaf, president-Delta TechOps.

The time and materials with flat rates agreement covers Air
Canada's 18 PW4060 engines with four spares, three of which
already are inducted at Delta TechOps.  This fleet of engines
powers nine of Air Canada's Boeing 767 aircraft.

"Delta TechOps was the obvious choice - they share our focus on
quality and safety, as well as bring the technical expertise,
service level and flexibility we need as Canada's largest
airline," said Alan Butterfield, vice president of Maintenance
and Engineering for Air Canada.  "TechOps' operational experience
with this engine type and overall competitive service offerings
were the primary reasons we chose them for this contract."

                        About Air Canada

Air Canada operates a main fleet of more than 200 aircraft,
including Boeing 777/767, Airbus 330/320 and Embraer 190/170s.
Air Canada recently received several prestigious industry awards,
including Business Traveler magazine's "Best in Business Travel,"
"Best Flight Attendants in North America," "Best In-flight
Services in North America," "Best North America Airline for
Business Class Service," "Best North American Airline for
International Travel," "Best Airline Website" and "Best Airline
in North America."  Air Canada also was ranked "Best
International Airline in North America" for the second
consecutive year in a worldwide survey of more than 18 million
travelers conducted by independent research firm Skytrax.  In the
air transportation industry, this annual survey is regarded as a
primary benchmarking tool for passenger satisfaction with
airlines throughout the world.

Air Canada is Canada's largest domestic and international
full-service airline providing scheduled and charter air
transportation for passengers and cargo from 60 communities large
and small across Canada to more than 175 destinations on five
continents.  Canada's flag carrier is the 15th largest commercial
airline in the world and serves 31 million customers annually.
Air Canada is a founding member of Star Alliance, the world's
most comprehensive air transportation network serving 1,172
airports in 181 countries.  Air Canada customers can collect
Aeroplan miles for future rewards through Canada's leading
loyalty program, and Top Tier members enjoy reciprocal frequent
flyer benefits including lounge and priority services.

                      About Delta Air Lines

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) --
http://www.delta.com/or http://www.nwa.com/-- provides scheduled
air transportation for passengers and cargo throughout the United
States, and around the world.  The Company's route network is
centered on the hub system it operate at airports in Atlanta,
Cincinnati, Detroit, Memphis, Minneapolis/St. Paul, New York-JFK,
Salt Lake City, Paris-Charles de Gaulle, Amsterdam and Tokyo-
Narita. The hub operations include flights, which gather and
distribute traffic from markets in the geographic region
surrounding the hub to domestic and international cities and to
other hubs. The network is supported by a fleet of aircraft, which
is varied in terms of size and capabilities.  On Dec. 31,
2009, the Company's wholly owned subsidiary Northwest Airlines,
Inc., merged with and into Delta.  The wholly owned subsidiary of
the Company is Northwest Airlines Corporation.

Northwest and 12 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or
215/945-7000).

                          *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Stable/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's and "B-" LT
Issuer Default rating from Fitch.

S&P said at the end of February 2011 that its ratings on Atlanta,
Ga.-based Delta Air Lines Inc. reflect its highly leveraged
financial profile, with significant intermediate-term debt
maturities, and the risks associated with participation in the
price-competitive, cyclical, and capital-intensive airline
industry.  The ratings also incorporate the reduced debt load and
operating costs Delta achieved while in Chapter 11 in 2005-2007,
and its enhanced competitive position and synergistic
opportunities associated with its 2008 merger with Northwest
Airlines Corp. (parent of Northwest Airlines Inc.), with the two
airlines fully integrated in December 2009.  S&P characterize
Delta's business risk profile as weak and its financial risk
profile as highly leveraged.


DELTA AIR: Virgin Trans-Pacific Codeshare to Launch Nov. 6
----------------------------------------------------------
Delta Air Lines (NYSE: DAL) and Virgin Australia Airlines
announced two major milestones of their recently approved joint
venture: an expanded codesharing agreement on flights between the
United States and Australia, and an enhanced customer experience
in Los Angeles.

Codeshare service will be available for sale beginning Sept. 19,
2011, for travel effective Nov. 6, 2011.  Under the agreement,
Delta will add its code to all flights between Los Angeles and the
Australian cities Sydney, Melbourne and Brisbane, operated by V
Australia, Virgin Australia's long-haul international carrier. V
Australia will add its code to Delta's service between Los Angeles
and Sydney.

For customers, the expanded codesharing means more options when
booking trans-Pacific travel on Delta or V Australia, as well as
benefits such as accrual of frequent flier miles and premium
lounge access regardless of which airline operates the flight.

To further improve the customer experience, from November, flights
operated by V Australia will arrive at Delta's Terminal 5 at Los
Angeles International Airport.  This will allow for easier and
faster connections within the same terminal to the rest of Delta's
network, as well as access to new customs and immigration
facilities in Terminal 5.

"The start of trans-Pacific codesharing and arrival co- location
at T5 in Los Angeles mark the first major steps toward
establishing our joint venture, which will provide significant
benefits for our customers," said Charlie Pappas, Delta's vice
president - Alliances.  "Together, Delta and Virgin Australia
will offer a leading network and a superior travel experience for
our customers flying between the U.S. and Australia."

Virgin Australia Group Executive, Merren McArthur said: "Since
receiving U.S. government approval in June, Delta and Virgin
Australia have moved quickly to deliver the consumer benefits that
are enabled by our joint venture.  The joint venture will allow us
to offer more choice and a more seamless travel experience from
November, providing guests with three trans-Pacific services per
day and allowing us to spread our respective departure times out
of Sydney to improve connections.

"The next milestone will be the expansion of the existing domestic
codeshare on each airline's domestic network, further improving
connectivity of our services and giving Virgin Australia guests
access to 250 destinations across the United States, Canada and
Mexico," Ms. McArthur said.

Following the U.S. Department of Transportation's approval of
antitrust immunity for Delta and Virgin Australia on trans-
Pacific flights in June, the two airlines have been working
closely on expanding codesharing, coordinating products and
services and extending frequent flyer program benefits and lounge
access to customers of both carriers.  The joint venture will
create a comprehensive, fully integrated network able to serve
thousands of city-pairs in North America and the South Pacific,
providing numerous destinations which otherwise would not be
accessible to customers.

The trans-Pacific codesharing agreement is the latest expansion of
the partnership between the two airlines. In May, Delta and Virgin
Australia announced an enhanced codeshare that added Delta's code
to Virgin Australia flights to five destinations in Australia, and
added Virgin Australia's code on Delta service to four new cities
in the United States.

            About Virgin Australia group of airlines

Virgin Australia group of airlines (ASX: VBA), formerly the Virgin
Blue group of airlines, was launched in 2000 and has since
established a global reputation as an innovator and leader in the
aviation industry; renowned for the warmth of its people and the
quality of the service they provide.  Today the group employs
over 7,000 people and includes multi-award winning domestic
airline Virgin Australia (formerly Virgin Blue); international
long-haul airline V Australia, international subsidiary airline
Pacific Blue; and Polynesian Blue, a joint venture airline with
the Government of Samoa.  Virgin Australia group of airlines is
currently in the process of re-launching its domestic and short-
haul international product, and both V Australia and Pacific Blue
airlines will operate as Virgin Australia by the end of 2011.
The group also includes multi-award winning frequent flyer and
loyalty program, Velocity, and holiday arm, Blue Holidays.  The
group operates a fleet of 89 modern Boeing 737, 777 and Embraer
E-Jet aircraft flying to 32 Australian and 16 international
destinations including the USA, UAE, New Zealand, Indonesia,
Thailand, Papua New Guinea, Fiji, Samoa, Tonga, Vanuatu and the
Cook Islands. Virgin Australia group of airlines has alliances
with Etihad Airways and Air New Zealand and has recently
announced partnerships with Singapore Airlines and Skywest
Airlines which will see it expand its footprint in Asia and
regional Australia.

                      About Delta Air Lines

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) --
http://www.delta.com/or http://www.nwa.com/-- provides scheduled
air transportation for passengers and cargo throughout the United
States, and around the world.  The Company's route network is
centered on the hub system it operate at airports in Atlanta,
Cincinnati, Detroit, Memphis, Minneapolis/St. Paul, New York-JFK,
Salt Lake City, Paris-Charles de Gaulle, Amsterdam and Tokyo-
Narita. The hub operations include flights, which gather and
distribute traffic from markets in the geographic region
surrounding the hub to domestic and international cities and to
other hubs. The network is supported by a fleet of aircraft, which
is varied in terms of size and capabilities.  On Dec. 31,
2009, the Company's wholly owned subsidiary Northwest Airlines,
Inc., merged with and into Delta.  The wholly owned subsidiary of
the Company is Northwest Airlines Corporation.

Northwest and 12 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or
215/945-7000).

                          *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Stable/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's and "B-" LT
Issuer Default rating from Fitch.

S&P said at the end of February 2011 that its ratings on Atlanta,
Ga.-based Delta Air Lines Inc. reflect its highly leveraged
financial profile, with significant intermediate-term debt
maturities, and the risks associated with participation in the
price-competitive, cyclical, and capital-intensive airline
industry.  The ratings also incorporate the reduced debt load and
operating costs Delta achieved while in Chapter 11 in 2005-2007,
and its enhanced competitive position and synergistic
opportunities associated with its 2008 merger with Northwest
Airlines Corp. (parent of Northwest Airlines Inc.), with the two
airlines fully integrated in December 2009.  S&P characterize
Delta's business risk profile as weak and its financial risk
profile as highly leveraged.


EAGLE INDUSTRIES: Nov. 10 Plan Confirmation Hearing Set
-------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Kentucky has
approved the disclosure statement explaining the Chapter 11 Plan
of Eagle Industries, LLC, dated as of Aug. 22, 2011.

The hearing to consider confirmation of the Debtor's Chapter 11
Plan will be held on Nov. 17, 2011, at 11:00 a.m.

The Court also ordered that ballots will be mailed to counsel for
the Debtor and that objections to confirmation of the Debtor's
Plan be filed with the Court on or before Nov. 10, 2011.

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 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 treat, 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 prepetition promissory note through the end of 2014.
        From 2015 to 2021, the regular monthly cash payments will
        increase to $65,941.  In 2022, the Debtor will make 12
        regular monthly payments of $70,941.  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 pro rata 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, as amended, is
available for free at:

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

                     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.

Peter M. Gannott, Esq., at Alber Crafton, P.S.C., in Louisville,
Ky., represents the Official Unsecured Creditors' Committee as
counsel.


EASLEY REAL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Easley Real Estate, LLC
        P.O. Box 1946
        Easley, SC 29641

Bankruptcy Case No.: 11-06351

Chapter 11 Petition Date: October 12, 2011

Court: U.S. Bankruptcy Court
       District of South Carolina (Spartanburg)

Judge: Helen E. Burris

Debtor's Counsel: Robert A. Pohl, Esq.
                  STODGHILL LAW FIRM CHARTERED
                  201 East McBee Avenue, Suite 300A
                  Greenville, SC 29601
                  Tel: (864) 271-0966
                  Fax: (864) 770-6167
                  E-mail: rpohl@stodghill-law.com

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

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

The Company's list of its 20 largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/scb11-06351.pdf

The petition was signed by Daniel "Ty" Schmidt, sole memmber.


FANNIE MAE: Lawmaker Questions Fannie's Event Sponsorship
---------------------------------------------------------
American Bankruptcy Institute reports that while almost 3,000
people descended last week on Chicago for the 98th annual
convention of the Mortgage Bankers Association, Fannie Mae and
Freddie Mac, both of which required a government rescue, drew the
ire of a lawmaker after it was found that the GSEs paid $80,000
and $60,000 respectively to become sponsors of the event.

                         About Fannie Mae

Federal National Mortgage Association, aka Fannie Mae, is a
government-sponsored enterprise that was chartered by U.S.
Congress in 1938 to support liquidity, stability and affordability
in the secondary mortgage market, where existing mortgage-related
assets are purchased and sold.

The Company's balance sheet at Dec. 31, 2010 showed
$3.222 trillion in total assets, $3.224 trillion in total
liabilities, and a $2.52 billion total deficit.

Fannie Mae has been under conservatorship, with the Federal
Housing Finance Agency acting as conservator, since September 6,
2008.  As conservator, FHFA succeeded to all rights, titles,
powers and privileges of the company, and of any shareholder,
officer or director of the company with respect to the company and
its assets.  The conservator has since delegated specified
authorities to Fannie Mae's Board of Directors and has delegated
to management the authority to conduct day-to-day operations.

The U.S. Department of the Treasury owns Fannie Mae's senior
preferred stock and a warrant to purchase 79.9% of its common
stock, and Treasury has made a commitment under a senior preferred
stock purchase agreement to provide Fannie with funds under
specified conditions to maintain a positive net worth.


FLINTKOTE COMPANY: Inks Deal to Dismiss Suit Vs. NJDEP, et al.
--------------------------------------------------------------
The Flintkote Company has signed an agreement, which calls for the
dismissal of a lawsuit it filed against the New Jersey Department
of Environmental Protection and its commissioner, and the
administrator of the New Jersey Spill Compensation Fund.

                    About The Flintkote Company

Headquartered in San Francisco, California, The Flintkote Company
is engaged in the business of manufacturing, processing and
distributing building materials.  Flintkote Mines Limited is a
subsidiary of Flintkote Company and is engaged in the mining of
base-precious metals.  The Flintkote Company filed for Chapter 11
protection (Bankr. D. Del. Case No. 04-11300) on April 30, 2004.
Flintkote Mines Limited filed for Chapter 11 relief (Bankr. D.
Del. Case No. 04-12440) on Aug. 25, 2004.  James E. O'Neill, Esq.,
Kathleen P. Makowswki, Esq., Laura Davis Jones, Esq., Sandra G.M,
Selzer, Esq., and Scotta Edelen McFarland, Esq., at Pachulski
Stang Ziehl & Jones LLP, represent the Debtors in their
restructuring efforts.  Kathleen Campbell Davis, Esq., and Mark T.
Hurford, Esq., at Campbell & Levine, LLC, represent the official
committee of unsecured creditors as counsel.

When Flintkote Company filed for protection from its creditors, it
estimated more than $100 million each in assets and debts.  When
Flintkote Mines Limited filed for protection from its creditors,
it listed assets of $1 million to $50 million, and debts of more
than $100 million.

No request has been made for the appointment of a trustee or
examiner in the Debtors' cases.


FLORIDA LANDMASTERS: Dist. Court Won't Stay Foreclosure Judgment
----------------------------------------------------------------
District Judge Elizabeth A. Kovachevich denied the request of
Florida Landmasters, LLC, to stay a bankruptcy court judgment
pending appeal, saying Florida Landmasters cannot establish a
likelihood of success on the merits of the appeal.

The Bankruptcy Court granted a Final Summary Judgment of
Foreclosure in a dispute with American Momentum Bank on July 1,
2011, and later entered a Final Judgment reflecting the amount due
and the procedures for the public sale of Florida Landmasters'
property in the event that the Judgment was not paid in cash on or
before Oct. 12, 2011.

Florida Landmasters argues that a stay is necessary to preserve
the status quo by preventing the transfer of title and possession
of its sole asset.

American Momentum Bank commenced a mortgage foreclosure action in
June 2009 against Florida Landmasters and affiliated entities pre-
bankruptcy.  The bank alleged that Florida Landmasters did not pay
the real estate taxes for the asset as they came due for 2007 and
2008 in a total amount of over a million dollars, and has not paid
the 2009 or 2010 real estate taxes.  American Momentum Bank paid
the real estate taxes for 2007 and 2008 in 2009.  American
Momentum Bank sent a demand and notice letter to the borrower on
May 7, 2009, alleging that because Florida Landmasters did not pay
the real estate taxes, did not reimburse the Bank for the real
estate taxes paid by the Bank, and did not make regular payments
on the loan, the loan was being accelerated, and demanding payment
of the entire loan balance.  The borrower and guarantors did not
tender any of those amounts within 30 days after May 7, 2009.

The case is FLORIDA LANDMASTERS, LLC, et al., Appellants, v.
AMERICAN MOMENTUM BANK, Appellee, Case No. 8:11-CV-2286-T-17 (M.D.
Fla.).  A copy of the Court's Oct. 12, 2011 Order is available at
http://is.gd/rQcbGwfrom Leagle.com.

Sarasota-based Florida Landmasters LLC filed for Chapter 11
bankruptcy (Bankr. M.D. Fla. Case No. 10-29643) on Dec. 13, 2010.
Judge K. Rodney May presides over the case.  Don M. Stichter, Esq.
-- dstichter.ecf@srbp.com -- at Stichter, Riedel, Blain & Prosser,
serves as the Debtor's counsel.  In its petition, the Debtor
estimated under $50,000 in assets and $10 million to $50 million
in debts.

Twelve affiliates also filed separate Chapter 11 petitions on the
same day: Chamberlain Properties LLC; Creighton Office Center LLC;
Lakeside Properties LLC; North Port Hospital Holdings LLC; North
Port Parkway LLC; North Port Restaurants LLC; North Port Retail
Center LLC; North Port Town Center LLC; Price Health Park LLC;
Price Projects LLC; Snover Development LLC; and Toledo Blade
Interchange LLC.

The petitions were signed by Frank Menke, III, managing member.

Affiliate North Port Gateway LLC filed for Chapter 11 (Bankr. M.D.
Fla. Case No. 09-06029) on March 30, 2009, estimating $10 million
to $50 million in assets and debts.


GENERAL MOTORS: Launches Korea Plan After Obama Signs New Deal
--------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review that President Barack Obama
heralded a new trade deal with South Korea at an auto plant seen
as a model for the future of U.S. small-car production.

                       About General Motors

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

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

                     About Motors Liquidation

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

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

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


GERMANN ROAD: Case Summary & 3 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Germann Road, LLC
        4734 W. Creedance Blvd.
        Glendale, AZ 85310

Bankruptcy Case No.: 11-28548

Chapter 11 Petition Date: October 10, 2011

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

Judge: Randolph J. Haines

Debtor's Counsel: Pernell W. McGuire, Esq.
                  DAVIS MILES, PLLC AND MCGUIRE GARDNER,
                  a division of Davis Miles, PLLC
                  320 N. Leroux Street, Suite A
                  Flagstaff, AZ 86001
                  Tel: (928) 779-1173
                  Fax: (877) 715-7366
                  E-mail: pmcguire@davismiles.com

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

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

A list of the Company's three largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/azb11-28548.pdf

The petition was signed by Leslie White, manager.


GRACEWAY PHARMA: Court Clears Galderma to Serve as Lead Bidder
--------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review that Graceway Pharmaceuticals
LLC won permission to sell its prescription skin cream business
for $275 million cash to a European pharmaceutical company,
subject to higher bids at a bankruptcy auction, after creditors
withdrew their objection to the proposal.  Graceway proposed a
Nov. 3 auction.  Holders of 40% of the first-lien debt consent to
the sale, Graceway said.

                  About Graceway Pharmaceuticals

Based in Bristol, Tennessee, Graceway Pharmaceuticals LLC engages
in pharmaceutical development.  The company offers dermatology,
respiratory, and women's health products. Its Zyclara Cream is
used for the treatment of external genital and perianal warts
(EGW) in patients 12 years of age and older. The company offers
products for the treatment of dermatology conditions, such as
actinic keratosis, superficial basal cell carcinoma, external
genital warts, atopic dermatitis, and acne; and respiratory
conditions, such as asthma.

Graceway Pharmaceuticals and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Lead Case No. 11-13036) on
Sept. 29, 2011.

Graceway intends to sell essentially all of its assets pursuant to
Section 363 of the Bankruptcy Code.  Switzerland's Galderma SA has
been selected as a stalking horse bidder, but the final buyer will
be determined through an auction process and, ultimately, by the
Bankruptcy Court over the course of the next few months.

The company's debt includes $430.7 million owing on a first-lien
revolving credit and term loan.  Second-lien debt is $330 million,
with mezzanine debt totaling another $81.4 million.

The company said the sale has the consent of holders of 40% of the
first-lien debt, which means the sale could be opposed by holders
of 60% of the senior debt.

Attorneys at Young Conaway Stargatt & Taylor LLP serve as counsel
to the Debtors.  Latham & Watkins LLP is the co-counsel.  Alvarez
and Marsal North America, LLC, is the financial advisor.  Lazard
Freres & Co. LLC is the investment banker.  PricewaterhouseCoopers
LLP is the tax consultant.

Lowenstein Sandler PC serves as the committee counsel.


GRACEWAY PHARMA: Court Extends Schedules Filing to Nov. 28
----------------------------------------------------------
The Bankruptcy Court extended the deadline for Graceway
Pharmaceuticals LLC and its debtor-affiliates to file their
schedules of assets and liabilities and statements of financial
affairs until Nov. 28, 2011.  The Debtors have told the Court they
couldn't file their schedules and statements within the first 30
days of the case in view of the complexity and diversity of their
operations.

                  About Graceway Pharmaceuticals

Based in Bristol, Tennessee, Graceway Pharmaceuticals LLC offers
dermatology, respiratory, and women's health products. Its Zyclara
Cream is used for the treatment of external genital and perianal
warts (EGW) in patients 12 years of age and older. The company
offers products for the treatment of dermatology conditions, such
as actinic keratosis, superficial basal cell carcinoma, external
genital warts, atopic dermatitis, and acne; and respiratory
conditions, such as asthma.

Graceway Pharmaceuticals and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Lead Case No. 11-13036) on
Sept. 29, 2011.

Graceway intends to sell essentially all of its assets pursuant to
Section 363 of the Bankruptcy Code.  Switzerland's Galderma SA has
been selected as a stalking horse bidder, but the final buyer will
be determined through an auction process and, ultimately, by the
Bankruptcy Court over the course of the next few months.

The company's debt includes $430.7 million owing on a first-lien
revolving credit and term loan.  Second-lien debt is $330 million,
with mezzanine debt totaling another $81.4 million.

The company said the sale has the consent of holders of 40% of the
first-lien debt, which means the sale could be opposed by holders
of 60% of the senior debt.

Attorneys at Young Conaway Stargatt & Taylor LLP serve as counsel
to the Debtors.  Latham & Watkins LLP is the co-counsel.  Alvarez
and Marsal North America, LLC, is the financial advisor.  Lazard
Freres & Co. LLC is the investment banker.  PricewaterhouseCoopers
LLP is the tax consultant.  BMC Group serves as the claims and
notice agent.

Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed three unsecured creditors to serve on the Official
Committee of Unsecured Creditors.  Lowenstein Sandler PC serves as
the committee counsel.


GRACEWAY PHARMA: Hires Lazard Freres as Investment Banker
---------------------------------------------------------
Graceway Pharmaceuticals LLC seeks to hire Lazard Freres & Co. LLC
as investment banker to, among other things:

  a. review and analyze the Debtors' business, operations and
     financial projections;

  b. evaluate the Debtors' potential debt capacity in the light of
     its projected cash flows; and

  c. assist in the determination of an optimal capital structure
     for the Debtors.

The Debtors propose to pay Lazard Freres according to this fee
structure:

   a. a monthly fee of $175,000,

   b. a fee equal to $4,000,000 payable upon the consummation of a
      Restructuring,

   c. a Sale Transaction Fee of $4,000,000, if the Company has
      requested and Lazard has agreed to provide services in
      respect of a Sale Transaction;

   d. if the Company has requested and Lazard has agreed to
      provide services in respect of a Financing, a fee, payable
      upon consummation of a financing, equal to the amount set
      forth in the Financing Fee.  One-half of any Financing
      Fee(s) paid shall be credited against any Restructuring Fee
      or Sale Transaction Fee subsequently payable;

   e. a so-called Designated Amended Fee of $250,000;

   f. for the avoidance of any doubt, more than one fee may be
      payable; provided that in no case will a restructuring fee
      a sale transaction fee be payable at the same time;

   g. the Company will reimburse expenses incurred by Lazard; and

   h. the Company will indemnify Lazard.

Daniel M. Aronson, managing director of Lazard Freres, attests
that the firm is a "disinterested person," as that term is defined
in section 101(14) of the Bankruptcy Code.  He may be reached at:

          Daniel M. Aronson
          Managing Director
          LAZARD FRERES & CO LLC
          190 S La Salle St Fl 31
          Chicago, IL 60603-3498 USA
          Tel: (312) 407-6671
          Fax: (212) 830-3560 fax
          E-mail: daniel.aronson@lazard.com

                  About Graceway Pharmaceuticals

Based in Bristol, Tennessee, Graceway Pharmaceuticals LLC offers
dermatology, respiratory, and women's health products. Its Zyclara
Cream is used for the treatment of external genital and perianal
warts (EGW) in patients 12 years of age and older.  The company
offers products for the treatment of dermatology conditions, such
as actinic keratosis, superficial basal cell carcinoma, external
genital warts, atopic dermatitis, and acne; and respiratory
conditions, such as asthma.

Graceway Pharmaceuticals and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Lead Case No. 11-13036) on
Sept. 29, 2011.

Graceway intends to sell essentially all of its assets pursuant to
Section 363 of the Bankruptcy Code.  Switzerland's Galderma SA has
been selected as a stalking horse bidder, but the final buyer will
be determined through an auction process and, ultimately, by the
Bankruptcy Court over the course of the next few months.

The company's debt includes $430.7 million owing on a first-lien
revolving credit and term loan.  Second-lien debt is $330 million,
with mezzanine debt totaling another $81.4 million.

The company said the sale has the consent of holders of 40% of the
first-lien debt, which means the sale could be opposed by holders
of 60% of the senior debt.

Attorneys at Young Conaway Stargatt & Taylor LLP serve as counsel
to the Debtors.  Latham & Watkins LLP is the co-counsel.  Alvarez
and Marsal North America, LLC, is the financial advisor.
PricewaterhouseCoopers LLP is the tax consultant.  BMC Group, Inc
is the notice, claims, and balloting agent.

Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed three unsecured creditors to serve on the Official
Committee of Unsecured Creditors.  Lowenstein Sandler PC serves as
the committee counsel.


GRACEWAY PHARMA: Seeks to Employ PwC as Tax Consultant
------------------------------------------------------
Graceway Pharmaceuticals LLC asks permission from the U.S.
Bankruptcy Court for the District of Delaware to employ
PricewaterhouseCoopers LLP as tax consultant.

Upon retention, the firm will, among other things:

   a. advise the Debtors in identifying the potential federal,
      international, state and local income tax implications
      associated with any proposed restructuring alternatives to
      be evaluated by the Debtors which may include, but not
      limited to, disposition of assets, debt-for equity
      exchanges, rationalizations, or wind-down of the Debtors'
      corporate structure or other strategic alternatives;

   b. assist the Debtor with their determination of the potential
      amount of cancellation of the indebtedness income and in its
      determination for the effect of tax attribute reductions
      under Sec. 108 of the Internal Revenue Code and applicable
      state tax laws associated with any proposed restructuring
      alternatives to be evaluated by the Debtors giving
      consideration to various elections that maybe beneficial to
      the Debtors; and

   c. assist the Debtors with their determination of whether and
      when an ownership change within the meaning of IRC Sec. 382
      may occur as a result of any of the proposed restructuring
      alternatives to be evaluated by the Debtors, including
      evaluation of any beneficial elections that may be made by
      the Debtors contained in IRC Sec. 382.

The firm's rates are:

      Personnel               Rates
      ---------               -----
      Partner             $625-$680/hour
      Director            $355-$425/hour
      Manager             $265-340/hour
      Senior Associate    $210-$240/hour
      Associate           $135-$165/hour

Mark Yarbrough, partner at PricewaterhouseCoopers LLP, attests
that the firm is a "disinterested person," as that term is defined
in section 101(14) of the Bankruptcy Code.

                  About Graceway Pharmaceuticals

Based in Bristol, Tennessee, Graceway Pharmaceuticals LLC offers
dermatology, respiratory, and women's health products. Its Zyclara
Cream is used for the treatment of external genital and perianal
warts (EGW) in patients 12 years of age and older. The company
offers products for the treatment of dermatology conditions, such
as actinic keratosis, superficial basal cell carcinoma, external
genital warts, atopic dermatitis, and acne; and respiratory
conditions, such as asthma.

Graceway Pharmaceuticals and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Lead Case No. 11-13036) on
Sept. 29, 2011.

Graceway intends to sell essentially all of its assets pursuant to
Section 363 of the Bankruptcy Code.  Switzerland's Galderma SA has
been selected as a stalking horse bidder, but the final buyer will
be determined through an auction process and, ultimately, by the
Bankruptcy Court over the course of the next few months.

The company's debt includes $430.7 million owing on a first-lien
revolving credit and term loan.  Second-lien debt is $330 million,
with mezzanine debt totaling another $81.4 million.

The company said the sale has the consent of holders of 40% of the
first-lien debt, which means the sale could be opposed by holders
of 60% of the senior debt.

Attorneys at Young Conaway Stargatt & Taylor LLP serve as counsel
to the Debtors.  Latham & Watkins LLP is the co-counsel.  Alvarez
and Marsal North America, LLC, is the financial advisor.  Lazard
Freres & Co. LLC is the investment banker.  BMC Group, Inc is the
notice, claims, and balloting agent.

Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed three unsecured creditors to serve on the Official
Committee of Unsecured Creditors.  Lowenstein Sandler PC serves as
the committee counsel.


GRACEWAY PHARMA: Hires Young Conaway as Bankruptcy Counsel
----------------------------------------------------------
Graceway Pharmaceuticals LLC has engaged the law firm of Young
Conaway Stargatt & Taylor LLP as bankruptcy attorneys to, among
other things:

   a. provide legal advice with respect to the Debtors' powers and
      duties as debtors-in-possession in the continued operation
      of their business, management of their properties and sale
      of their assets;

   b. prepare and pursue confirmation of a plan and approval of a
      disclosure statement; and

   c. prepare on behalf of the Debtors necessary applications,
      motions, answers, orders, reports and other legal papers.

Graceway is asking the U.S. Bankruptcy Court for the District of
Delaware to approve the firm's employment.

The firm's rates are:

   Personnel                              Rates
   ---------                              -----
Michael R. Nestor, Esq., Partner        $625/hour
Kara Hammond Coyle, Associate           $395/hour
Morgan L. Seward, Associate             $280/hour
Troy Bollman, Paralegal                 $140/hour

Michael R. Nestor, Esq., partner at Young Conaway, attests that
the firm is a "disinterested person," as that term is defined in
section 101(14) of the Bankruptcy Code.

                  About Graceway Pharmaceuticals

Based in Bristol, Tennessee, Graceway Pharmaceuticals LLC offers
dermatology, respiratory, and women's health products. Its Zyclara
Cream is used for the treatment of external genital and perianal
warts (EGW) in patients 12 years of age and older. The company
offers products for the treatment of dermatology conditions, such
as actinic keratosis, superficial basal cell carcinoma, external
genital warts, atopic dermatitis, and acne; and respiratory
conditions, such as asthma.

Graceway Pharmaceuticals and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Lead Case No. 11-13036) on
Sept. 29, 2011.

Graceway intends to sell essentially all of its assets pursuant to
Section 363 of the Bankruptcy Code.  Switzerland's Galderma SA has
been selected as a stalking horse bidder, but the final buyer will
be determined through an auction process and, ultimately, by the
Bankruptcy Court over the course of the next few months.

The company's debt includes $430.7 million owing on a first-lien
revolving credit and term loan.  Second-lien debt is $330 million,
with mezzanine debt totaling another $81.4 million.

The company said the sale has the consent of holders of 40% of the
first-lien debt, which means the sale could be opposed by holders
of 60% of the senior debt.

Latham & Watkins LLP is the co-counsel.  Alvarez
and Marsal North America, LLC, is the financial advisor.  Lazard
Freres & Co. LLC is the investment banker.  PricewaterhouseCoopers
LLP is the tax consultant.  BMC Group, Inc is the notice, claims,
and balloting agent.

Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed three unsecured creditors to serve on the Official
Committee of Unsecured Creditors.  Lowenstein Sandler PC serves as
the committee counsel.


GSC GROUP: Black Diamond Introduces Rival Plan for Bankruptcy
-------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review that Black Diamond Capital
Management LLC has introduced a rival plan in the bankruptcy case
of GSC Group Inc., giving creditors currently considering a
Chapter 11 proposal from the former investment-management firm's
trustee another potential route out of bankruptcy to mull.

As reported in the Oct. 12 edition of the TCR, GSC Group has
already yobtained approval to send its proposed plan to creditors
for voting.   The Plan calls for all GSC equity interests to be
canceled, and all the remaining assets -- those not included in
the $235 million sale to Black Diamond Capital Management LLC --
going to a liquidating trust.  Holders of general unsecured claims
are expected to recover 84% of their claims.

                       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.


HARRISBURG, PA: Judge to Hold Nov. 23 Hearing on Chapter 9 Filing
-----------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review that Pennsylvania bankruptcy
judge Mary D. France gave attorneys another month to craft
arguments over whether the state capital city of Harrisburg's
Chapter 9 case can move forward.

As reported in Troubled Company Reporter on Oct. 17, 2011,
Harrisburg Mayor Linda D. Thompson filed papers in bankruptcy
court just before midnight Oct. 13 requesting an emergency hearing
to dismiss the case as an unauthorized filing.  The mayor's
lawyers contend the Chapter 9 Petition filed by the City Council
is invalid because, inter alia, it was filed without the requisite
authority.

                   About the City of Harrisburg

The city of Harrisburg, in Pennsylvania, is coping with debt
related to a failed revamp of an incinerator.  The outstanding
principal on the incinerator debt is $288 million.

Harrisburg filed a Chapter 9 bankruptcy petition (Bankr. M.D. Pa.
Case No. 11-06938) on Oct. 11, 2011.  Mark D. Schwartz, Esq., and
David A. Gradwohl, Esq., serve as counsel.

The petition estimated $100 million to $500 million in assets and
debts.  Susan Wilson, the city's chairperson on Budget and
Finance, signed the petition.

The city said in court papers it is in imminent jeopardy through
six pending legal actions by creditors with respect to a number of
outstanding bond issues relating to the Harrisburg Materials,
Energy, Recycling and Recovery Facilities, which processes waste
into steam and electrical energy.  The owner and operator of the
incinerator is The Harrisburg Authority, which is unable to pay
the bond issues.  The city is the primary guarantor under each
bond issue.  The lawsuits were filed by Dauphin County, where
Harrisburg is located, Joseph and Jacalyn Lahr, TD Bank N.A., and
Covanta Harrisburg Inc.


HARRISBURG, PA: State Passes Bill That Gives Governor More Power
----------------------------------------------------------------
The Wall Street Journal's Kris Maher reports that the Pennsylvania
state Senate passed a bill Tuesday giving the governor the
authority to declare a fiscal emergency in the state capital.
Republican Gov. Tom Corbett has said he would sign the bill, which
would enable him to appoint a receiver to craft a plan to help the
city of Harrisburg get out from under a $310 million debt, mostly
tied to a money-losing incinerator project.  The Senate passage
was expected, and the House could send the bill to the governor as
early as Wednesday.

According to the Journal, after the Senate vote Tuesday, Mark
Schwartz, Esq., an attorney for the city council, said the
legislation will have no impact on the legal case because the city
has already filed for bankruptcy.  "It's too little, too late,"
Mr. Schwartz said.

The report relates Mr. Schwartz said he believes the council had
the authority to file for bankruptcy protection and that the
governor is opposing the filing because he doesn't want other
cities in the commonwealth to follow suit.

The Journal also reports that Kelli Roberts, a spokeswoman for
Gov. Corbett, said the governor opposes bankruptcy in Harrisburg
because of the adverse impact it would have on the ability of the
surrounding county and municipalities to borrow. She said the
governor is being forced to step in because the mayor and city
council have been unable to agree on a recovery plan on their own.

                   About the City of Harrisburg

The city of Harrisburg, in Pennsylvania, is coping with debt
related to a failed revamp of an incinerator.  The city is
$65 million in default on $242 million owing on bonds sold to
finance an incinerator that converts trash to energy.

Four members of the City Council of Harrisburg on Oct. 11, 2011,
authorized the filing of a Chapter 9 bankruptcy petition (Bankr.
M.D. Pa. Case No. 11-06938) by the City of Harrisburg.  Judge Mary
D. France presides over the case.  Mark D. Schwartz, Esq. --
markschwartz6814@gmail.com -- and David A. Gradwohl, Esq., serve
as counsel.  The petition estimated $100 million to $500 million
in assets and debts.  Susan Wilson, the city's chairperson on
Budget and Finance, signed the petition.

The city council voted 4-3 on Oct. 11, 2011, to authorize the
Chapter 9 municipal bankruptcy filing. The city claims to be
insolvent, unable to pay its debt and in imminent danger of having
tax revenue seized by holders of defaulted bonds.

The city said in court papers it is in imminent jeopardy through
six pending legal actions by creditors with respect to a number of
outstanding bond issues relating to the Harrisburg Materials,
Energy, Recycling and Recovery Facilities, which processes waste
into steam and electrical energy.  The owner and operator of the
incinerator is The Harrisburg Authority, which is unable to pay
the bond issues.  The city is the primary guarantor under each
bond issue.  The lawsuits were filed by Dauphin County, where
Harrisburg is located, Joseph and Jacalyn Lahr, TD Bank N.A., and
Covanta Harrisburg Inc.

Harrisburg Mayor Linda D. Thompson and the state of Pennsylvania
have objected to the bankruptcy filing.  Mayor Thompson is
represented in the case by Kenneth W. Lee, Esq., Christopher E.
Fisher, Esq., Beverly Weiss Manne, Esq., and Michael A. Shiner,
Esq., at Tucker Arensberg, P.C.  Counsel to the Commonwealth of
Pennsylvania are Neal D. Colton, Esq., Jeffrey G. Weil, Esq., Eric
L. Scherling, Esq., at Cozen O'Connor.


HERITAGE LOG: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Heritage Log Homes, Inc.
        1 Heritage Place
        Kodak, TN 37764

Bankruptcy Case No.: 11-34687

Chapter 11 Petition Date: October 12, 2011

Court: U.S. Bankruptcy Court
       Eastern District of Tennessee (Knoxville)

Judge: Marcia Phillips Parsons

Debtor's Counsel: Dean B. Farmer, Esq.
                  HODGES, DOUGHTY & CARSON PLLC
                  P.O. Box 869
                  Knoxville, TN 37901
                  Tel: (865) 292-2307
                  Fax: (865) 292-2252
                  E-mail: dfarmer@hdclaw.com

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

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

The Company's list of its 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/tneb11-34687.pdf

The petition was signed by William N. Parsons, president.


HORIZON AUTO: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Horizon Auto Funding, LLC
        c/o Gil A. Miller
        215 South State Street, Suite 550
        Salt Lake City, UT 84111

Bankruptcy Case No.: 11-34826

Chapter 11 Petition Date: October 12, 2011

Court: U.S. Bankruptcy Court
       District of Utah (Salt Lake City)

Judge: Joel T. Marker

Debtor's Counsel: Michael R. Johnson, Esq.
                  RAY QUINNEY & NEBEKER P.C.
                  36 South State Street, Suite 1400
                  P.O. Box 45385
                  Salt Lake City, UT 84145-0385
                  Tel: (801) 532-1500
                  Fax: (801) 532-7543
                  E-mail: mjohnson@rqn.com

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

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

The petition was signed by Gill A. Miller, manager.

Affiliate that filed separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Dee Allen Randall                     10-37546            12/10/10

Debtor's List of Its 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Venina Petersen                    Money Loaned           $850,000
1988 West 13730 South
Riverton, UT 84065-2807

Alan R. Hyer                       Money Loaned           $439,649
1978 Atlas Cedar Road
Eagle Mountain, UT 84005-4353

Wade White                         Money Loaned           $414,798
1122 North 2450 West
Tremonton, UT 84337

Pratt Family Trust BQ              Money Loaned           $271,576
581 Circle Drive
Oroville, CA 95966-7708

Michael & Lisa Davis               Money Loaned           $257,747
6825 North 1st Place
Phoenix, AZ 85012-1003

Gwen Hayes                         Money Loaned           $252,980
2855 So Morgan Valley Drive
Morgan, UT 84050-9847

Kevin Bullock                      Money Loaned           $200,000

Larry Stevens                      Money Loaned           $188,824

Lola Ann Blaine                    Money Loaned           $179,900

Equity Trust/Jack Leavitt          Money Loaned           $175,000

Allen & Carol Todd                 Money Loaned           $174,702

Janalee Stinger                    Money Loaned           $170,820

Paul F. Haas, Jr.                  Money Loaned           $166,484

Brandi Day                         Money Loaned           $166,703

Katherine Laws                     Money Loaned           $160,000

Lamar & Jean Ann Luck              Money Loaned           $159,000

Oris Christensen Trust             Money Loaned           $150,000

Allen Clements                     Money Loaned           $137,642

David Owens                        Money Loaned           $137,041

Anne Jacobs                        Money Loaned           $125,000


HUDSON HEALTHCARE: Proposal to Reopen Hospital Draws Opposition
---------------------------------------------------------------
Dow Jones' DBR Small Cap reports that a plan to resurrect a
shuttered New Jersey hospital--potentially the first such facility
to re-open after two decades of closures in the state--is drawing
fire from competing medical centers that say it would weaken
health care in the region.

As reported in the Oct. 6, 2011 edition of the TCR, the Official
Committee of Unsecured Creditors in the Hudson Healthcare, Inc.
bankruptcy voted to approve the sale of Hoboken University Medical
Center to HUMC Holdco, LLC and to approve a global settlement by
and among the City of Hoboken, the Hoboken Municipal Hospital
Authority, HUMC, and the Committee.  This decision, which will
save New Jersey's oldest operating hospital, comes after months of
HUMC Holdco working closely with the HMHA, the Department of
Health and Senior Services, and the NJ State Health Planning
Board, which formally recommended approval of the Certificate of
Need for the transfer of ownership.

                      About Hudson Healthcare

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

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

Attorneys at Trenk, Dipasquale, Webster, et al., serve as counsel
to the Debtor.  Daniel McMurray, the patient care ombudsman, has
tapped Neubert, Pepe & Monteith P.C. as his counsel effective Aug.
25, 2011.  The Official Committee of Unsecured Creditors of Hudson
Healthcare has retained Sills Cummis & Gross P.C. as its counsel,
nunc pro tunc to Aug. 12, 2011.


ILLINOIS FAMILY: Case Summary & 14 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Illinois Family Farms Leasing, LLC
        21814 Route 4
        Carlinville, IL 62626

Bankruptcy Case No.: 11-72634

Chapter 11 Petition Date: October 12, 2011

Court: U.S. Bankruptcy Court
       Central District of Illinois (Springfield)

Judge: Mary P. Gorman

Debtor's Counsel: Robert T. Bruegge, Esq.
                  LAW OFFICE OF ROBERT T. BRUEGGE
                  400 St. Louis Street, #2
                  P.O. Box 749
                  Edwardsville, IL 62025
                  Tel: (618) 659-0495
                  E-mail: rtbruegge@lawdept.net

Estimated Assets: $0 to $50,000

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

The Company's list of its 14 largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/ilcb11-72634.pdf

The petition was signed by Rick E. Rosentreter, manager.


INVENERGY WIND: S&P Assigns Prelim. 'B' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
corporate credit rating to Invenergy Wind Power LLC (Invenergy),
an indirectly 100% owned subsidiary of Invenergy Investment Co.
LLC, a developer of renewable and gas-fired power generation
assets. "We also assigned our preliminary 'BB-' rating to the
proposed $200 million term loan due 2017 at Invenergy. A
preliminary '1' recovery rating was assigned, indicating very high
(90% to 100%) recovery expectations in the event of a payment
default. The proceeds of the term loan will be distributed to
Invenergy's affiliates to fund the continued buildout of the
company's development pipeline, to repay certain existing debt at
its affiliates, and to fund reserve accounts associated with this
transaction. Debt service on the term loan will come from the
residual cash flow distributions of a portfolio of 25 wind
projects totaling 2,695 megawatts of gross generation capacity
that are owned by Invenergy and its subsidiaries," S&P related.

"The rating is supported by the strength of contractual cash flows
and the use of well-proven turbine technologies" said Standard &
Poor's Senior Director Swami Venkataraman.  "Factors that limit
the rating include concentration of cash flows at six of the
projects of which three are under construction, a highly leveraged
financial profile due to the presence of debt at both the parent
and project levels, and the presence of distribution tests at most
projects that may trap cash in the event of a downturn. Financial
performance is most vulnerable to lower turbine availabilities,"
added Mr. Venkataraman.

The portfolio includes 19 projects that are currently operating
and four projects under construction. Invenergy owns 100% of all
of these projects except for two in Poland (70% ownership) and one
in Canada (5%). Two build-transfer projects complete the list of
25, for which Invenergy will transfer ownership after the
commercial operation date and will receive a fixed, 20-year
payment stream from NextEra Energy Resources. Of the 25 projects,
21 are in the U.S., two are in Poland, and two are in Canada.
Seven projects have hedges that last through the term of the loan
(one of which is with an Invenergy affiliate, effectively making
the project merchant) while the others have long-term contracts
with utilities that last well beyond the term of the debt, some
until 2030 to 2032.


J-SLAMM, INC.: Case Summary & 11 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: J-Slamm, Inc.
          dba Spinners Resort
        101A Sandalwood Road
        Leesville, SC 29070-8874

Bankruptcy Case No.: 11-06366

Chapter 11 Petition Date: October 13, 2011

Court: U.S. Bankruptcy Court
       District of South Carolina (Columbia)

Judge: John E. Waites

Debtor's Counsel: Reid B. Smith, Esq.
                  PRICE BIRD SMITH & BOULWARE PA
                  1712 St. Julian Place, Suite 102
                  Columbia, SC 29204
                  Tel: (803) 779-2255
                  E-mail: reid@pricebirdlaw.com

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

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

The Company's list of its 11 largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/scb11-06366.pdf

The petition was signed by Theresa LeJohn, vice president.


JEFFERSON, AL: Bid to Avoid Chapter 9 Bankruptcy in Peril
---------------------------------------------------------
Dow Jones' Daily Bankruptcy Review that state legislators
representing Jefferson County, Ala., have balked at backing bills
needed to help Alabama's most populous county resolve its fiscal
crisis, reopening the possibility it may file what would be the
largest municipal bankruptcy in history.

                     About Jefferson County

Jefferson County has its seat in Birmingham, Alabama.  It has a
population of 660,000.  It ended its 2006 fiscal year with a
$42.6 million general fund balance, according to Standard &
Poor's.

Jefferson County is trying to restructure $3.14 billion in sewer
debt.  A bankruptcy by Jefferson County stands to be the largest
municipal bankruptcy in U.S. history.  It could beat the record of
$1.7 billion set by Orange County, California in 1994.

In September 2010, Alabama Circuit Court Judge Albert Johnson
named John S. Young Jr. LLC as receiver for the sewer system.

Jefferson County has retained Kenneth Klee, Esq., at Klee Tuchin
Bogdanoff & Stern LLP to represent the county in the event of
bankruptcy.  Mr. Klee is considered to be a municipal-bankruptcy
expert, having handled Orange County, Calif.'s bankruptcy case in
1994.

A Chapter 9 filing Jefferson County would be the largest in U.S.
municipal history.


KIEBLER RECREATION: Court Approves PNC Bank Settlement
------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Ohio
approved a settlement agreement among Kiebler Recreation LLC, PNC
Bank, National Association and David Simon, the Chapter 11
trustee.

                     About Kiebler Recreation

Peek'n Peak Resort -- http://www.pknpk.com/-- is a recreational
and leisure facility in Findley Lake, New York.

Kiebler Recreation, LLC, dba Peek'n Peak Resort, filed for Chapter
11 bankruptcy protection (Bankr. N.D. Ohio Case No. 10-15099) on
May 26, 2010.  Robert C. Folland, Esq., at Thompson Hine LLP, has
withdrawn as counsel to the Debtor.  The Company estimated assets
and debts at $10 million to $50 million as of the Petition Date.

David O. Simon was appointed by the U.S. Trustee as acting
bankruptcy trustee to the Debtor on June 8, 2011.  Kohrman,
Jackson & Krantz P.L.L. serves as counsel to the Trustee.  The
Trustee tapped Jones Lang LaSalle Americas, Inc., as investment
banker/business broker to market the Debtor's assets.

An affiliate, Kiebler Slippery Rock, LLC, filed a separate Chapter
11 petition (Bankr. N.D. Ohio Case No. 09-19087) on Sept. 25,
2009.

The Trustee has filed a request for permission to sell the
Fairways Condominiums contiguous to and part of the Peek 'N Peak
Resort, located in French Creek, New York.  The sale is part of a
deal with lender PNC Bank, N.A.

The Trustee has been authorized to sell the remaining assets,
consisting of the Peek 'N Peak Resort.  Scott Enterprises, the
Erie-based hospitality development company with significant local
holdings, has emerged as the top bidder for the Peek'n Peak
Resort.


LAST MILE: Case Summary & 24 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Last Mile Inc.
          dba Sting Communications
        120 South 16th Street
        Lebanon, PA 17042-5300

Bankruptcy Case No.: 11-14769

Chapter 11 Petition Date: October 12, 2011

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

Debtor's Counsel: Kenneth A. Rosen, Esq.
                  LOWENSTEIN SANDLER, P.C.
                  65 Livingston Avenue
                  Rosaland, NJ 07068
                  Tel: (973) 597-2548
                  Fax: (973) 597-2549
                  E-mail: krosen@lowenstein.com

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

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

The petition was signed by Darol Lain, president.

Debtor's List of Its 24 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
GLC (Global Leveraged Capital)     --                  $11,067,027
805 Third Avenue, 20th Floor
New York, NY 10022

First Telecom Services             --                     $453,759
3340 W. Market Street
Akron, OH 44333

Boal, Drs. Richard and Dannielle   --                     $336,438
802 Michigan Avenue
Lemoyne, PA 17043

Stevens & Lee                      --                     $322,127
485 Madison Avenue, 20th Floor
New York, NY 10022

Hanks, Dr. and Mrs. Gregory        --                     $267,239
779 Pine Tree Road
Hummelstown, PA 17036

Alcatel Lucent                     --                     $234,612

Prenskey, Dr. Jay                  --                     $171,419

Pheasant, Dr. Thomas and Linda     --                     $171,419

DAPER II / Board of Trustees       --                     $170,000

CenturyLink                        --                     $168,869

Zito Media                         --                     $156,750

Velocity Communications Inc.       --                     $138,750

Comcast                            --                     $134,400

Nguyen, Dr. and Mrs. Thatch        --                     $114,279
(Moffitt)

Windstream                         --                     $108,453

Frensky, Jeane                     --                     $108,126

Barsanti, Dr. Christopher          --                      $57,140

Bokelman (Moffitt Heart)           --                      $57,140

Leite, Dr. Louis P.                --                      $57,140

Bailey, Dr. Robert                 --                      $57,140
(Moffitt Heart)

Dailey, Dr. and Mrs. Stephen       --                      $57,140

Owens, Dr. and Mrs. Scott          --                      $57,140

Alfano, Linda S.                   --                      $57,140

Patt, Douglas C.                   --                      $57,140


LE-NATURE'S: Former CEO Argues for Lenient Fraud Sentence
----------------------------------------------------------
Jake Simpson at Bankruptcy Law360 reports that the former CEO of
Le-Nature's Inc., facing up to 20 years in prison for a
$668 million accounting fraud, asked a Pennsylvania federal judge
for leniency Thursday because he helped recover assets for
creditors in the Company's bankruptcy.

According to Law360, Gregory Podlucky argued in a brief that his
cooperation with the liquidation trustee in Le-Nature's bankruptcy
-- particularly information he provided to prosecutors that caused
several former Wachovia Securities LLC entities to withdraw claims
-- should be factored into the length of his sentence.

                       About Le-Nature's Inc.

Headquartered in Latrobe, Pennsylvania, Le-Nature's Inc. --
http://www.le-natures.com/-- makes bottled waters, teas, juices
and nutritional drinks.  Its brands include Kettle Brewed Ice
Teas, Dazzler fruit juice drinks and lemonade, and AquaAde
vitamin-enriched water.

Four unsecured creditors of Le-Nature's filed an involuntary
Chapter 7 petition against the Company (Bankr. W.D. Pa. Case No.
06-25454) on Nov. 1, 2006.  On Nov. 6, 2006, two of Le-Nature's
subsidiaries, Le-Nature's Holdings Inc., and Tea Systems
International Inc., filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code.  Judge McCullough converted Le
Nature's Inc.'s case to a Chapter 11 proceeding.  The Debtors'
cases are jointly administered.  The Debtors' schedules filed with
the Court showed $40 million in total assets and $450 million in
total liabilities.

Douglas Anthony Campbell, Esq., Ronald B. Roteman, Esq., and
Stanley Edward Levine, Esq., at Campbell & Levine, LLC, represents
the Debtors in their restructuring efforts.  The Court appointed
R. Todd Neilson as Chapter 11 Trustee.  Dean Z. Ziehl, Esq.,
Richard M. Pachulski, Esq., Stan Goldich, Esq., Ilan D. Scharf,
Esq., and Debra Grassgreen, Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub LLP, represent the Chapter 11 Trustee.
David K. Rudov, Esq., at Rudov & Stein, and S. Jason Teele, Esq.,
and Thomas A. Pitta, Esq., at Lowenstein Sandler PC, represent the
Official Committee of Unsecured Creditors.  Edward S. Weisfelner,
Esq., Robert J. Stark, Esq., and Andrew Dash, Esq., at Brown
Rudnick Berlack Israels LLP, and James G. McLean, Esq., at Manion
McDonough & Lucas represent the Ad Hoc Committee of Secured
Lenders.  Thomas Moers Mayer, Esq., and Matthew J. Williams, Esq.
at Kramer Levin Naftalis & Frankel LLP, represent the Ad Hoc
Committee of Senior Subordinated Noteholders.

In July 2008, the Chapter 11 plan of liquidation for Le-Nature's
took effect.


LEHMAN BROTHERS: IBRD Asks Temporary Allowance of $23-Mil. Claim
----------------------------------------------------------------
International Bank for Reconstruction and Development asks Judge
James Peck of the U.S. Bankruptcy Court for the Southern District
of New York to temporarily allow its claims for the purpose of
voting on Lehman Brothers Holdings Inc.'s proposed Chapter 11
plan.

IBRD asserts more than $11.7 million claim against Lehman
Brothers Special Financing Inc., which stemmed from the company's
alleged failure to perform its obligations under a master
agreement.  The bank also seeks to recover more than $11.7
million claim against LBHI, which reportedly guaranteed LBSF's
obligations.

Early this year, the Lehman units proposed to disallow the
claims, saying they do not owe any amounts to IBRD.  To date, the
parties have not yet reached an agreement to resolve the claims.

Pursuant to a September 1 court order which approved the outline
of the proposed plan, any creditor that opposes the disallowance
of its claims is allowed to file a motion for temporary allowance
of its claims for voting purposes.

International Finance Corp. and Soneet Kapila, the Chapter 7
trustee for a group of creditors led by Fontainebleau Las Vegas
Holdings LLC, also filed similar motions with the U.S. Bankruptcy
Court for the Southern District of New York.

IFC's claims also stemmed from a master agreement with LBSF,
which was guaranteed by the parent company.  LBHI previously
proposed for their disallowance, denying any liability for those
claims.

Meanwhile, LBHI opposed the claims filed by the Chapter 7 trustee
on grounds that they did not identify the Lehman unit liable for
those claims in violation of the court order approving the
process for filing proofs of claim.

Judge Peck is set to hold a hearing on December 6, 2011, to
consider confirmation of the Lehman plan.

The plan, if confirmed, would enable LBHI and its affiliated
debtors to pay an estimated $65 billion to their creditors.
Under the plan, LBHI's senior unsecured creditors which have an
estimated $83.724 billion in claims would recover 21.1% of their
claims.  Meanwhile, general unsecured creditors, which have an
estimated $11.39 billion in claims, would recover 19.9% of their
claims.

                    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.

Judge James Peck on Aug. 30, 2011, approved the disclosure
statement, which outlines the major provisions of Lehman's
$65 billion liquidation plan.  The proposed plan would enable LBHI
and its affiliated debtors to pay an estimated $65 billion to
their creditors.  Voting on the Plan ends on Nov. 4, 2011.  A
hearing to consider confirmation of the Plan is set for Dec. 6,
2011.

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: Inks Plan Voting Deals With HK Units, et al
------------------------------------------------------------
Lehman Brothers Holdings Inc. has signed an agreement, which
calls for the classification of claim filed by OMX Timber Finance
Investments II LLC and Wells Fargo Bank Northwest N.A. as senior
unsecured claim.

Under the agreement, Claim No. 17120 will be included as a senior
unsecured claim against LBHI in Class 3.

The claim is entitled to receive a pro rata share of the
reallocation of distributions from Subordinated Class 10B and
Subordinated Class 10C only.  Unlike the other claims in Class 3,
Claim 17120 won't receive distribution from Subordinated Class
10A since it is based on LBHI's alleged obligation under a
guarantee, according to the agreement.

A full-text copy of the agreement is available without charge
at http://bankrupt.com/misc/LBHI_StipOMXPlanVoting.pdf

LBHI also reached agreements with Lehman Brothers Japan Inc.,
Banesco Holdings CA, Spring Star Corp., Portafolio de Inversiones
C2-34 C.A., Credican C.A., Bellair Development Group S.A., Lehman
Brothers Bankhaus AG's, and a group of creditors led by
LibertyView Credit Opportunities Fund L.P.

Under the deal with Lehman Brothers Japan, LBHI agreed to send
ballot to each customer of its foreign affiliate that holds
beneficial interest in its claim in structured notes owned by
Lehman Brothers Japan.

Meanwhile, LBHI's agreements with the other creditors call for
the provisional allowance of their claims for purposes of voting
on the company's proposed Chapter 11 plan.  Full-text copies of
the agreements are available without charge at:

  http://bankrupt.com/misc/LBHI_StipBanescoPlanVoting.pdf
  http://bankrupt.com/misc/LBHI_StipBellairPlanVoting.pdf
  http://bankrupt.com/misc/LBHI_StipCredicanPlanVoting.pdf
  http://bankrupt.com/misc/LBHI_StipPortafolioPlanVoting.pdf
  http://bankrupt.com/misc/LBHI_StipSpringPlanVoting.pdf
  http://bankrupt.com/misc/LBHI_StipLBBPlanVoting.pdf
  http://bankrupt.com/misc/LBHI_StipLibertyViewPlanVoting.pdf

In a related development, Judge James Peck approved an agreement
between LBHI and Danske Bank A/S London Branch, which requires
the banks to follow a timetable for filing motions for temporary
allowance of claims and for serving objections to claims to
determine the creditors qualified to vote on the plan.

                    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.

Judge James Peck on Aug. 30, 2011, approved the disclosure
statement, which outlines the major provisions of Lehman's
$65 billion liquidation plan.  The proposed plan would enable LBHI
and its affiliated debtors to pay an estimated $65 billion to
their creditors.  Voting on the Plan ends on Nov. 4, 2011.  A
hearing to consider confirmation of the Plan is set for Dec. 6,
2011.

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: Mason Capital Drops Plan Confirmation Objection
----------------------------------------------------------------
Mason Capital Management, LLC, dropped its objection to the
confirmation of the proposed Chapter 11 plan of Lehman Brothers
Holdings Inc. and its affiliated debtors.

The investment firm previously complained that the plan favors
two classes of creditors of LBHI, pointing out that some
creditors have to give up 20% of the value of their claims for
the benefit of the holders of senior unsecured claims and general
unsecured claims against the parent company.

Mason Capital manages investment funds and accounts that own
about $380 million of notes issued by Netherlands-based Lehman
Brothers Treasury Co., B.V., and guaranteed by LBHI.  Its claims
are treated under Class 5 of the plan.

                    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.

Judge James Peck on Aug. 30, 2011, approved the disclosure
statement, which outlines the major provisions of Lehman's
$65 billion liquidation plan.  The proposed plan would enable LBHI
and its affiliated debtors to pay an estimated $65 billion to
their creditors.  Voting on the Plan ends on Nov. 4, 2011.  A
hearing to consider confirmation of the Plan is set for Dec. 6,
2011.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


LOS ANGELES DODGERS: McCourts Unveil Divorce Settlement
-------------------------------------------------------
Martin Bricketto at Bankruptcy Law360 reports that Los Angeles
Dodgers owner Frank McCourt and his ex-wife Jamie McCourt
announced a divorce settlement Monday in which she will reportedly
surrender any claims to a stake in the team, which her former
husband is fighting in bankruptcy court to keep.

Law360 relates that the McCourts acknowledged the settlement in a
brief joint statement but said the terms would remain private.

                     About 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.  In its schedules, the LA Dodgers baseball club
disclosed $77,963,734 in assets and $4,695,702 in liabilities.  LA
Real Estate LLC disclosed $161,761,883 in assets and $0 in
liabilities.

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.  Public relations specialist Kekst and
Company has been hired for crisis support.  Covington & Burling
LLP serves as special counsel.

An official committee of unsecured creditors has been appointed in
the case.  The panel has tapped Lazard Freres & Co. as financial
adviser and investment banker, and Morrison & Foerster LLP and
Pinckney, Harris & Weidinger, LLC as counsel.

Ticket holders are seeking the appointment of their own committee.

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.


MCCORD BROS.: Case Summary & 5 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: McCord Bros. Dairy Queens
        3424 Sixth Avenue
        Altoona, PA 16601

Bankruptcy Case No.: 11-71075

Chapter 11 Petition Date: October 12, 2011

Court: U.S. Bankruptcy Court
       Western District of Pennsylvania (Johnstown)

Judge: Jeffery A. Deller

Debtor's Counsel: James R. Huff, II, Esq.
                  SULLIVAN FORR STOKAN & HUFF
                  1701 Fifth Avenue
                  Altoona, PA 16602
                  Tel: (814) 946-4316
                  Fax: (814) 946-9426
                  E-mail: jhuff@sfshlaw.com

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

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

The Company's list of its five largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/pawb11-71075.pdf

The petition was signed by Brian T. McCord, managing partner.


MERV PROPERTIES: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: MERV Properties, LLC
        1211 Manchester Street
        Lexington, KY 40504-1187

Bankruptcy Case No.: 11-52814

Chapter 11 Petition Date: October 10, 2011

Court: United States Bankruptcy Court
       Eastern District of Kentucky (Lexington)

Debtor's Counsel: W Thomas Bunch, II, Esq.
                  BUNCH & BROCK
                  271 West Short Street, Suite 805
                  P.O. Box 2086
                  Lexington, KY 40588-2086
                  Tel: (859) 254-5522
                  E-mail: TOM@BUNCHLAW.COM

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

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

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

The petition was signed by Vivien Collins, member.


MOUNTAIN CITY: Asks Court to Set Sec. 503(b)(9) Claim Bar Date
--------------------------------------------------------------
Mountain City Meat Co., Inc., has asked the Bankruptcy Court to
set a deadline for filing requests for allowance of administrative
expense claims under 11 U.S.C. Sec. 503(b)(9).

The Bankruptcy Code does not set any date by which claims under
Sec. 503(b)(9) must be asserted.  However, Sec. 503(a) permits
entities to "timely file" requests for payment of administrative
expense, and permits administrative expense claimants to "tardily
file" such claims only "if permitted for cause."

According to Mountain City, within 20 days of the filing date of
the Involuntary Case, the Debtor was engaged in negotiations with
Fifth Third Bank, its secured lender, regarding a possible
restructure of its debt.  At the same time, the Debtor received a
substantial amount of meat inventory from several of its
suppliers.  Consistent with its normal business practices, the
Debtor wrote checks from its operating account for the payment of
such inventory, believing that the checks would be honored by the
Secured Lender.  However, the negotiations with the Secured Lender
eventually fell through and the Secured Lender sought the
appointment of a receiver.  Many of the Debtor's checks to its
suppliers were not honored, leaving a potentially large portion of
such suppliers unpaid.

Mountain City said that if the Court determines that the
Involuntary Petition Date is the applicable petition date to
determine the 20-day period for 503(b)(9) Claims, the amount of
503(b)(9) Claims could be considerable, and will play a
significant role in the direction of the case.  The Debtor
estimates potential 503(b)(9) Claims of $4 million.  A significant
portion -- more than $2 million -- of the petitioning creditors'
claims in the Involuntary Case are potential 503(b)(9) Claims.

The Debtor plans to sell substantially all of its assets in the
first one to two months of the case.  The Debtor believes
establishing a bar date for those claims before the proposed sale
is essential to determining the course of the case and ultimately
maximizing recoveries for all stakeholders.  There will hardly be
any 503(b)(9) Claims if the Court uses the Voluntary Petition Date
as the date from which 503 (b)(9) Claims are determined.

The Debtor asks the Court that the bar date be set 14 days from
the date the Debtor mails a bar date notice to all parties in
interest.  The Debtor said a 14-day filing period to assert
503(b)(9) Claims based upon either the Involuntary or Voluntary
petition date is appropriate under the circumstances.

The Debtor anticipates that there a dozen or fewer holders of
potential 503(b)(9) claims, most of whom have been active in the
Involuntary Case.

                     About Mountain City Meat

Denver, Colorado-based Mountain City Meat Co., Inc. --
http://www.mountaincitymeat.com/-- is one of the largest portion
control beef processors in the United States. Through its
headquarters and manufacturing facility in Denver, and its second
manufacturing facility in Nashville, Tennessee, Mountain City
supplies high quality ground beef and portion control steak cuts
through several channels, including retail stores, chain
restaurants and broadline food service distributors.

On Aug. 9, 2011, Mountain City's board of directors appointed BGA
Management LLC d/b/a Alliance Management, through its agent, Alex
G. Smith as the company's Chief Restructuring Officer until the
need for a CRO no longer existed.  Immediately after appointing
Alliance as CRO, the Board resigned.

On Aug. 11, 2011, Mountain City's secured lender, Fifth Third Bank
commenced a receivership action against the company in Denver
District Court.  At 5:00 p.m. that same day, the Denver District
Court appointed Alliance as receiver for Mountain City's personal
property and related operations.

However, minutes before the receivership order, certain putative
unsecured creditors -- Orleans International, Inc., National Beef
Packing, Inc. and XL Four Star Beef, Inc. -- commenced an
involuntary Chapter 7 bankruptcy petition (Bankr. D. Colo. Case
No. 11-29209) against Mountain City.  The Involuntary Chapter 7
petition was filed as a result of, among other reasons, the Debtor
(a) ordering and not paying for in excess of $2,400,000 of meat
inventory from the Petitioning Creditors; and (b) issuing checks
to the Petitioning Creditors for a portion of the inventory, which
checks were refused for payment by Fifth Third Bank.  The Debtor
sought dismissal of the Involuntary Petition on the grounds that
it was filed in bad faith because the Petitioning Creditors were
motivated solely by their desire to preserve their claims under
Section 503(b)((9) of the Bankruptcy Code to have that portion of
their claims related to goods sold to the Debtor within 20 days
prior to the filing treated as an administrative expense.

In the Involuntary Case, the Secured Lender obtained two interim
orders annulling the automatic stay to allow the receiver to keep
control of the Debtor.

Mountain City filed a voluntary Chapter 11 petition (Bankr. D.
Colo. Case No. 11-32656) on Sept. 24, 2011.  Judge Howard R.
Tallman presides over the case.  Michael J. Pankow, Esq., Daniel
J. Garfield, Esq., Heather B. Schell, Esq., at Brownstein Hyatt
Farber Schreck, LLP, represent the Debtors as counsel.  The Debtor
estimated up to $50 million in assets and debts.

Attorneys for the Petitioning Creditors are John B. Wasserman,
Esq., at Sender & Wasserman, P.C., and Howard S. Sher, Esq., and
Michele L. Walton, Esq., at Jacob & Weingarten, P.C.

Fifth Third is represented in the case by James T. Markus, Esq.,
and John F. Young, Esq., at Markus Williams Young & Zimmermann
LLC.

An official committee of unsecured creditors has been appointed in
the case.  The panel is represented by Harold G. Morris, Jr.,
Esq., and John C. Smiley, Esq., at Lindquist & Vennum PLLP.


MRA PELICAN: Fannie Mae Seeks Dismissal to Allow it to Foreclose
----------------------------------------------------------------
Secured creditor Fannie Mae, pursuant to 11 U.S.C. Sections
1112(b)(1), 362(d)(1) and 362(d)(2), Rule 4001 of the Federal
Rules of Bankruptcy Procedure, and Local Rule 4001-1, asks the
U.S. Bankruptcy Court for the Southern District of Florida to
enter an order dismissing MRA Pelican Pointe Apartments, LLC's
Chapter 11 case, or alternatively for further relief from the
automatic stay to allow the foreclosure sale of the Debtor's real
property.

On Sept. 21, 2011, the State Court entered Final Judgment of
Foreclosure scheduling an Oct. 26, 2011 sale of the Property.

Fannie Mae has requested for an expedited hearing on its motion to
preserve the sale date and to prevent a waste of resources
associated with having this Court separately consider the Debtor's
"bad faith and unconfirmable Plan."

The Court scheduled a hearing on the motion for Nov. 8, 2011, at
1:30 p.m.

Fannie Mae cited that the Debtor's Plan, as filed on Sept. 12,
2011, has been filed for the benefit of one party and one party
only, Samuel Weiss who directly and indirectly owns 100% of the
membership interests in the Debtor.

The Debtor's Plan provides for the Debtor "to regain control of
the Property on the effective date of the Plan and reinstitute its
previous mis-managed management."  Fannie Mae says it will never
vote in favor of a plan that provides for the Property to be
managed by the Debtor and its prior management and unless Fannie
Mae would be paid in full.

                     About MRA Pelican Pointe

MRA Pelican Pointe Apartments, LLC, owns an apartment complex
commonly known as Whispering Isles Apartments in Pompano Beach,
Florida.  The property was being managed by Aryeh Kieffer of Boca
Raton-based Addison Advisors.

Pre-bankruptcy, Fannie Mae initiated a foreclosure action against
the property  in the Circuit Court of the 17th Judicial Circuit in
and for Broward County, Florida.  At Fannie Mae's behest, Margaret
Smith of Glass Ratner Advisory & Capitol Group LLC was appointed
as receiver.  The receiver has administered and operated the
apartment complex since May 17, 2011.

MRA Pelican filed for Chapter 11 bankruptcy (Bankr. S.D. Fla. Case
No. 11-32457) on Aug. 10, 2011.  Addison Advisors' Mr. Kieffer
signed the petition.  Bradley S. Shraiberg, Esq., at Shraiberg,
Ferrara, & Landau P.A., in Boca Raton, Fla., represents the Debtor
in its restructuring efforts.  In its schedules, the Debtor
disclosed $13,226,852 in assets and $14,809,364 in liabilities.

Fannie Mae is represented by Gary M. Freedman, Esq., and Mark S.
Roher, Esq., at Tabas, Freedman, Soloff, Miller & Brown, P.A.


MURRAY INSURANCE: Endurance Suit Non-core; Trial Reset to Nov. 17
-----------------------------------------------------------------
Bankruptcy Judge John J. Thomas rescheduled trial in the adversary
proceeding filed by Endurance American Specialty Insurance Company
against Chapter 7 debtor Murray Insurance Agency for Nov. 17,
2011, at 9:30 a.m. in Bankruptcy Courtroom No. 2, Max Rosenn
United States Courthouse, 197 South Main Street, Wilkes-Barre,
Pennsylvania.  Judge Thomas noted that the case is a non-core
related proceeding and Mount Airy #1 LLC, which has intervened in
the case, has not consented to the Bankruptcy Court rendering a
final judgment.  Unless the parties consent to the Court making
final findings of fact and conclusions of law, recommendations
will be submitted to the District Court for its consideration in
entering a final order or judgment, Judge Thomas said.

Endurance filed on June 10, 2010, the Complaint for Declaratory
Relief naming Murray Insurance Agency, and Mark Conway, Esq., the
Trustee, as Defendants.  The Complaint asked that Endurance be
relieved of any contractual obligations it may owe to those
insured through Murray.

A copy of the Court's Oct. 13, 2011 Opinion is available at
http://is.gd/Dpo1lufrom Leagle.com.


NC12, INC.: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: NC12, Inc.
        1980 POst Oak Boulevard, Suite 2100
        Houston, Tx 77056

Bankruptcy Case No.: 11-38794

Chapter 11 Petition Date: October 14, 2011

Court: U.S. Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Marvin Isgur

Debtor's Counsel: J. Craig Cowgill, Esq.
                  J. CRAIG COWGILL & ASSOCIATES, P.C.
                  8100 Washington, Suite 120
                  Houston, TX 77007
                  Tel: (713) 956-0254
                  Fax: (713) 956-6284
                  E-mail: jccowgill@cowgillholmes.com

Estimated Assets: $0 to $50,000

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

The Company's list of its 20 largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/txsb11-38794.pdf

The petition was signed by Michael D. Sydow, acting president.


NEBRASKA BOOK: Delays Chapter 11 Plan Hearing to November
---------------------------------------------------------
Dow Jones' Daily Bankruptcy Review that Nebraska Book Co. has
pushed off its Chapter 11 plan confirmation hearing until the end
of November, amid predictions the plan is dead for lack of
financing.

As reported in the Oct. 14, 2011 edition of the Troubled Company
Reporter, second-lien lenders are objecting to a four-month
extension of the exclusive right to propose a plan.  Secured
lenders believe that a 60-day extension of exclusivity is
sufficient.

The papers explain how Nebraska Book has been unable to secure a
$250 million loan required for confirming and implementing the
Chapter 11 plan largely worked out before the Chapter 11 filing in
late June.

The plan called for new financing to pay off first- and second-
lien debt in full, while giving most of the new equity to
subordinated noteholders of the operating company and holders of
notes issued by the holding company.

                       About Nebraska Book

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

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

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

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

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


NEWALTA CORP: DBRS Changes Trend on BB Issuer Rating to Positive
----------------------------------------------------------------
DBRS has changed the trend on the BB (low) Issuer Rating of
Newalta Corporation (Newalta or the Company) to Positive from
Stable.  The trend change reflects the fact that the Company has
performed above expectations, with operating performance almost
returned to pre-recession levels.  In addition, the Company has
made progress in strengthening its business profile by growing and
increasing profitability of its on-site business.  Further
strengthening of its business profile, especially gains in the
more stable long-term on-site contracts and returning its
operating performance to historical levels before the recession in
the next six to 12 months, could lead to a one-notch upgrade.
However, DBRS would reinstate the Stable trend if the Company's
performance reverted back to the weak 2009 levels.

Notwithstanding an improving business profile and performance,
DBRS has downgraded the recovery rating of the Unsecured Notes to
RR4 from RR2 to reflect its expectation of lower recovery, solely
due to an anticipated increase in the amount of unsecured debt.
In the recovery analysis, DBRS assumes that Newalta will refinance
the maturing convertible debentures (which now rank junior to
unsecured debt) with the same amount of unsecured debt.  This
leads to a sharply lower recovery for the Unsecured Notes at the
time of default because the amount of outstanding unsecured debt
will almost double.  With a revised recovery rating of RR4,
Newalta's Unsecured Notes will have the same rating as the Issuer
Rating, according to DBRS' leveraged finance methodology, instead
of one notch higher, as previously.  Consequently, the Unsecured
Notes rating has been downgraded to BB (low) from BB.

Prior to 2009, the Company had been growing rapidly through
acquisitions to expand its services offered and geographical
markets.  Amid the integration of recent acquisitions, the
recession hit.  The severe recession in 2009 exposed the
vulnerability of Newalta's business to economic conditions and
commodity prices, especially oil and lead.  The Company was able
to adjust to the downturn and remained profitable, albeit barely.
More importantly, the Company has been able to integrate its new
acquisitions without much disruption and position itself for the
upturn.  With the Company's strategic focus shifted to organic
growth and improving returns from its existing assets, the risk to
the Company's business profile is lessened.

The Company's operating results have been on a steady uptrend
since bottoming in 2009.  With the economy on the mend, Newalta's
operating performance has made good progress, and operating margin
for the first half of 2011, at more than 20%, was well on its way
to the historical average level.  Going forward, the Company still
faces some headwinds to a full recovery.  Growth momentum in the
general economy appears to have stalled recently.  Heightened
concerns about fiscal problems in some member states in the
European Union and the United States could lead to a double-dip
recession.  A slowing economy not only lowers the demand for the
Company's services, it also depresses oil and lead prices,
delivering a double whammy to Newalta's operating profits.  The
strength of the Canadian dollar is another challenge that the
Company needs to overcome.  Nevertheless, the Company expects its
earnings momentum to continue in the second half of 2011, unless
oil prices fall significantly from current levels.

The sharp downturn has also highlighted the Company's financial
flexibility. Large depreciation and modest maintenance capital
needs allow Newalta to stabilize cash flow generation.  In
addition, the Company has demonstrated its willingness to take
actions to bolster its financial position, lowering dividends and
raising cash from equity issues.  These measures allowed the
Company to bolster its free cash flow for debt reduction and
moderate the deterioration of its financial profile.  The Company
has continued to use free cash flow for debt reduction through the
recovery in 2010.  Going forward, the Company expects to boost
capital expenditures to support organic growth.  In 2011, Newalta
plans to increase capital spending substantially to $100 million
from about $68 million in 2010.  With earnings and, therefore,
cash flow from operations set to increase, the Company should be
able to fund its operating needs internally.  The balance sheet is
expected to remain stable in the medium term.  The Company has set
a leverage target of total debt-to-EBITDA of between 1.5 times (x)
and 2.0x.  In the event that the economy slows down sharply, the
Company has the flexibility to curtail cash usage as it did in
2009 and stabilize its financial position.  Although acquisitions
are not a top strategic priority for Newalta, DBRS believes the
Company could still participate in more.  Nevertheless, DBRS notes
that the Company has demonstrated financial discipline and will be
judicious in any debt finance acquisitions.

The Positive trend reflects that the rating will likely be
upgraded a notch in the next six to 12 months if the Company
maintains its improving momentum, continues to strengthen its
profitability to near historical average levels and makes
meaningful progress in achieving its leverage target.
Furthermore, the Company also needs to complete the refinancing of
its maturing convertible debentures appropriately without
weakening its capital structure and financial stability.

Pursuant to its rating methodology for leveraged finance, DBRS has
created a default scenario for Newalta in order to analyze when
and under what circumstances a default could hypothetically occur
and the potential recovery of the Company's debt in the event of
such default.  DBRS has determined Newalta's estimated value at
default using an EBITDA multiple valuation approach at
approximately $288 million, using a 4.0 x multiple of normalized
EBITDA.  In addition, DBRS assumes that the Company would
refinance its convertible debt (maturing in November 2012) prior
to maturity with same amount of unsecured debt ranked pari passu
with the rated Unsecured Notes.  As a result, at the time of
default, the Company would have almost double the amount of
unsecured debt outstanding.  Based on the default scenario, the
Unsecured Notes would have recovery estimated between 30% and 50%,
which aligns with a recovery rating of RR4.  Therefore, the
instrument rating of the Unsecured Notes is BB (low), the same as
the Issuer Rating.  The reason for the lower recovery of the
unsecured notes compared to the recovery analysis done in the
report dated November 10, 2010, is solely the amount of unsecured
debt outstanding at the time of default.


NNJ HOME: Case Summary & 16 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: NNJ Home, Inc.
        2 Broadway
        Paterson, NJ 07505

Bankruptcy Case No.: 11-39831

Chapter 11 Petition Date: October 13, 2011

Court: U.S. Bankruptcy Court
       District of New Jersey (Newark)

Judge: Morris Stern

Debtor's Counsel: Milica A. Fatovich, Esq.
                  HOOK & FATOVICH, LLC
                  1430 Route 23 North
                  Wayne, NJ 07470-5826
                  Tel: (973) 686-3800
                  Fax: (973) 686-3801
                  E-mail: mfatovich@hookandfatovich.com

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

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

The Company's list of its 16 largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/njb11-39831.pdf

The petition was signed by Therese Tolomeo, president.


OLD SHORE: Case Summary & 9 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Old Shore, LLC
        399 N. Old US 23
        Brighton, MI 48144

Bankruptcy Case No.: 11-10236

Chapter 11 Petition Date: October 12, 2011

Court: U.S. Bankruptcy Court
       Middle District of Tennessee (Nashville)

Judge: George C. Paine II

Debtor's Counsel: Elliott Warner Jones, Esq.
                  EMERGE LAW, PLC
                  1600 Division Street, Suite 675
                  Nashville, TN 37203
                  Tel: (615) 916-5264
                  E-mail: elliott@emergelaw.net

                         - and ?

                  Warner Jones, Esq.
                  EMERGE LAW PLC
                  1600 Division Street, Suite 675
                  Nashville, TN 37203
                  Tel: (615) 916-5262
                  Fax: (615) 916-5261
                  E-mail: warner@emergelaw.net

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

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

The Company's list of its nine largest unsecured creditors is
available for free at http://bankrupt.com/misc/tnmb11-10236.pdf

The petition was signed by Gordon Follmer, managing member.


OMEGA NAVIGATION: Committee Wins Nod to Retain Advisors
-------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court approved
Omega Navigation Enterprise's official committee of unsecured
creditors' motions to retain Winston & Strawn as local counsel,
Jager Smith as counsel and First International Corporation as
financial advisor.

                    About Omega Navigation

Athens, Greece-based Omega Navigation Enterprises Inc. and
affiliates, owner and operator of tankers carrying refined
petroleum products, filed for Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston.

Omega is an international provider of marine transportation
services focusing on seaborne transportation of refined petroleum
products.  The Debtors disclosed assets of US$527.6 million and
debt totaling US$359.5 million.  Together, the Debtors wholly own
a fleet of eight high-specification product tankers, with each
vessel owned by a separate debtor entity.

Judge Karen K. Brown presides over the case.  Bracewell &
Giuliani LLP serves as counsel to the Debtors.  Jefferies &
Company, Inc., is the financial advisor and investment banker.


PALISADES 6300: Case Summary & 12 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Palisades 6300 West Lake Mead LLC
        8966 Spanish Ridge Avenue, Suite 100
        Las Vegas, NV 89149

Bankruptcy Case No.: 11-26180

Chapter 11 Petition Date: October 13, 2011

Court: U.S. Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Linda B. Riegle

Debtor's Counsel: Marjorie A. Guymon, Esq.
                  GOLDSMITH & GUYMON, P.C.
                  2055 Village Center Circle
                  Las Vegas, NV 89134
                  Tel: (702) 873-9500
                  Fax: (702) 873-9600
                  E-mail: bankruptcy@goldguylaw.com

Scheduled Assets: $17,452,917

Scheduled Debts: $14,733,148

The petition was signed by Shahram Afshani, managing member.

Debtor's List of Its 12 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Republic Services                  --                      $11,114
770 E. Sahara Avenue
Las Vegas, NV 89104-2943

Las Vegas Water District           --                       $8,238
1001 S Valley View Boulevard
Las Vegas, NV 89153

Keystone Carpet Care               --                       $3,335
2756 N. Green Valley Parkway, #409
Henderson, NV 89014

Home A/C & Heating Co.             --                       $3,512

Escalera Maintenance Corp.         --                       $2,650

Jeff Heit Plumbing Co.             --                       $1,400

Design Works Custom Painting       --                       $1,340

Employers Insurance Co.            --                         $719

For Rent Magazine                  --                         $695

Prestige Telecom                   --                          $76

Airgas-West                        --                          $43

Southwest Gas                      --                          $26


PELICAN ISLES: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Pelican Isles Limited Partnership
          dba Pelican Isles Apartments
              Pelican Isles
        1901 S. Harbor City Boulevard, Suite 507
        Melbourne, FL 32901

Bankruptcy Case No.: 11-38544

Chapter 11 Petition Date: October 14, 2011

Court: U.S. Bankruptcy Court
       Southern District of Florida (West Palm Beach)

Debtor's Counsel: Ronald G. Neiwirth, Esq.
                  BOYD & JENERETTE, PA
                  801 Brickell Avenue, #1440
                  Miami, FL 33131
                  Tel: (954) 670-2198
                  E-mail: rneiwirth@boyd-jenerette.com

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

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

The petition was signed by John Corbett, President of The
Partnership, Inc., president of general partner TPI.

Debtor's List of Its 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Reznick Group, PC                  Trade                   $14,100
2002 Summit Boulevard, Suite 1000
Atlanta, GA 30319

The Partnership, Inc.              Trade                   $10,960
P.O. Box 510512
Melbourne Beach, FL 32951

Sherwin Williams                   Trade                   $10,643
4506 LB McLeod
Box A400
Orlando, FL 32811

CAP Lawn Service                   Trade                    $4,600

Dyna Fire, Inc.                    Trade                    $3,584

HD Supply Facilities Maintenance   Trade                    $3,458

East Side Builders                 Trade                    $2,550

Lowenhaupt & Sawyers               Trade                    $2,159

General Electric Company           Trade                    $1,281

Surface Appeal East Coast, Inc.    Trade                    $1,025

Blue Dolphin Pool Service          Trade                      $993

WTC Backgrounds, Inc.              Trade Debt                 $685

Hulett Commercial Pest Prevention  Trade                      $675

Aquagenix                          Trade                      $300

Father & Son Carpert               Trade                      $230

The Little Coupon Book             Trade                      $210

Verizon                            Trade                      $179

LEAF                               Trade                      $133

Semopr Respirce Association        Trade                      $100

Global Security                    Trade                       $74


PETROFLOW ENERGY: Notices Termination of Registration of CS
-----------------------------------------------------------
PetroFlow Energy Ltd. filed with the U.S. Securities and Exchange
Commission on Oct. 14, 2011, a Form 15 certification and notice of
termination of registration of its common shares under Section
12(g) of the Securities Exchange Act of 1934.

                    About Petroflow Energy

Based in Denver, Colorado, Petroflow Energy Ltd. filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case No. 10-12608) on
Aug. 20, 2010.  Domenic E. Pacitti, Esq., at Klehr Harrison Harvey
Branzburg LLP, represents the Debtor as its Delaware counsel.
Kirkland & Ellis LLP serves as bankruptcy counsel.  Kinetic
Advisors LLC serves as restructuring advisor.  Epiq Bankruptcy
Solutions serves as claims and notice agent.  The Debtor estimated
both assets and debts of between $100 million and $500 million

Petroflow sought recognition of the U.S. chapter 11 proceedings
from the Alberta Court of Queen's Bench under the Companies'
Creditors Arrangement Act in Canada, and had its chapter 11 case
jointly administered with those of its two chapter 11 debtor
affiliates under the caption "In re North American Petroleum
Corporation USA, Case # 10-11707 (CSS)."

Petroflow Energy is the parent of Denver, Colorado-based North
American Petroleum Corp. USA and Prize Petroleum Corp.  North
American Petroleum and Prize Petroleum filed for Chapter 11
bankruptcy protection on May 25, 2010 (Bankr. D. Del. Case Nos.
10-11707 and 10-11708).  North American estimated its assets and
debts at $100 million to $500 million as of the Petition Date.

As reported in the TCR on Oct. 3, 2011, the U.S. Bankruptcy Court
for the District of Delaware entered a confirmation order in
respect of the First Amended Joint Chapter 11 Plan of NAPCUS,
Prize Petroleum LLC and Petroflow Energy Ltd.  On Sept. 21, 2011,
a recognition order was issued under the Companies' Creditors
Arrangement Act, Canada in respect of the order obtained in the
Bankruptcy Court.  The Chapter 11 Plan became effective Sept. 30,
2011.

In accordance with the Chapter 11 Plan, the financial affairs of
NAPCUS were reorganized, its share capital was restructured, new
capital for operations was raised, the claims of unsecured
creditors of NAPCUS and Petroflow were fully satisfied, existing
equity holders are entitled to a recovery and all securities of
Petroflow were canceled.


POPULAR LIFE RE: A.M. Best Upgrades FSR to 'B+'
-----------------------------------------------
A.M. Best Co. has upgraded the financial strength rating to B+
(Good) from B (Fair) and issuer credit rating to "bbb-" from "bb+"
of Popular Life Re (San Juan, Puerto Rico).  The outlook for both
ratings is stable. Popular Life Re is a life reinsurance
subsidiary of its ultimate parent, Popular Inc., a publicly traded
bank holding company based in Puerto Rico.

The rating actions reflect Popular Life Re's continued stable
statutory net income as the company continues to maintain solid
capitalization ratios.  While premium volume has declined in
recent years, results reported to date indicate a modest increase
reflecting some stabilization in the Puerto Rican economy, which
has reported a contraction in gross domestic product growth in
recent years.  Going forward, A.M. Best believes premium volumes
will remain highly correlated to the Puerto Rican economy and
increases in consumer loan origination activity.

The ratings also incorporate some improvement in Popular Life Re's
parent, which has strengthened its balance sheet through capital
raises and return to profitability.  Additionally, there has been
some improvement in the credit quality of Popular Inc.'s balance
sheet through strategic restructurings and asset sales in recent
years. Nevertheless, Popular Life Re's ratings continue to factor
in the weak, albeit improving, financial condition of Popular Inc.
Specifically, elevated loan delinquencies at each of Popular
Inc.'s banks and nonperforming assets remain a rating concern.
A.M. Best expects that continued slow economic growth in Puerto
Rico still has the ability to pressure the pace of improvements to
Popular Inc. in the near-to-intermediate term.

A.M. Best believes Popular Life Re is an important subsidiary, as
it represents an extension of Popular Inc.'s well established
insurance agency business, which operates under the brand name
Popular Insurance.  Popular Life Re reinsures a portion of credit
policies on consumer loans originated at Banco Popular de Puerto
Rico, as well as personal accident and health policies
underwritten by unaffiliated carriers.


PRIUM WHITECENTER: Case Summary & 8 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Prium Whitecenter Building, LLC
        9650 15th Avenue SW
        Seattle, WA 98106

Bankruptcy Case No.: 11-22023

Chapter 11 Petition Date: October 13, 2011

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

Judge: Karen A. Overstreet

Debtor's Counsel: Mark D. Northrup, Esq.
                  GRAHAM & DUNN PC
                  Pier 70
                  2801 Alaskan Way, Suite 300
                  Seattle, WA 98121-1128
                  Tel: (206) 340-9628
                  E-mail: mnorthrup@grahamdunn.com

Scheduled Assets: $7,414,455

Scheduled Debts: $7,000,488

The Company's list of its eight largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/wawb11-22023.pdf

The petition was signed by Thomas W. Price, member of Prium
Companies, LLC.


QUEEN'S PLATE: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Queen's Plate Development, Inc.
        Century 21 North Homes
        c/o James Lyon
        300 West College Way
        Mount Vernon, WA 98273

Bankruptcy Case No.: 11-22090

Chapter 11 Petition Date: October 14, 2011

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

Judge: Timothy W. Dore

Debtor's Counsel: Steven Schneider, Esq.
                  MURPHY, BANTZ & BURY, P.S.
                  818 W. Riverside, Suite 631
                  Spokane, WA 99201
                  Tel: (509) 838-4458
                  E-mail: sschneider@mbandbps.com

Estimated Assets: $0 to $50,000

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

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

The petition was signed by Evelyn Rusin, director and president.


R&G FINANCIAL: Wants Plan Exclusivity Extended Until Dec. 31
------------------------------------------------------------
BankruptcyData.com reports that R&G Financial filed with the U.S.
Bankruptcy Court a motion for to extend the exclusive period
during which the Company can solicit acceptances for its First
Amended Plan through and including through Dec. 31, 2011.

According to Law360, the motion explains, "The Debtor has
concluded negotiations with some of its most important creditor
constituencies regarding the proposed satisfaction of their claims
under the First Amended Plan. Notably, the Debtor successfully
negotiated a settlement with its secured creditor, FirstBank
Puerto Rico, regarding the treatment of its secured claim, which
will likely permit many unsecured creditors to receive recoveries
from its estate that may not have been possible absent the
FirstBank settlement."

                      About R&G Financial

San Juan, Puerto Rico-based R&G Financial Corporation was the
direct parent of R-G Premier Bank of Puerto Rico, a state-
chartered nonmember bank, through which RGFC primarily conducted
its business.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 10-04124) on May 14, 2010.
Brent R. McIlwain, Esq., Robert W. Jones, Esq., Esq., at Patton
Boggs LLP, in Dallas; and Jorge I. Peirats, Esq., at Pietrantoni,
Mendez & Alvarez, in Hato Rey, P.R., serve as the Debtor's
bankruptcy counsel.  The Debtor disclosed US$40,213,356 in assets
and US$420,687,694 in debts as of the Petition Date.


RENAISSANT LAFAYETTE: Court Approves Distributions to Creditors
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Wisconsin
has approved the procedures set forth in Renaissant Lafayette
LLC's dismissal motion for the resolution of all the fees of all
Professionals and of general unsecured claims against the
Debtor and the distribution of funds available pursuant to the
"estate carve-out" for the benefit of professionals and also for
general unsecured creditors.

The Debtor's Chapter 11 case will be dismissed effective upon and
subject only to (i) performance of each of the Conditions of
Dismissal, and (ii) provided that pursuant to Section 349(b) of
the Bankruptcy Code, the dismissal of the present Chapter 11 case
will be subject to each of the following restrictions upon
dismissal:

(a) Any proceeding or custodianship (including, without
    limitation, the State Court Receivership) commenced prior to
    the commencement of the Chapter 11 case will not be
    reinstated;

(b) The orders, judgments and other actions entered or taken by
    the Court during the Chapter 11 case, including (without
    limitation) the Sale Order and the Interforum Settlement
    Order, will remain in full force and effect (subject to
    resolution of any appeals) and will not be vacated in any
    respect upon the entry of the order of dismissal; and

(c) The property of the estate will not be revested in any respect
    in the Debtor or in any entity in which such property was
    vested immediately before the commencement of the Debtor's
    Chapter 11 case, except as may be provided in any order of
    the Court during this Chapter 11 case.

The dismissal of the Debtor's Chapter 11 case will be subject to
each of the following Conditions to Dismissal:

(1) Payment of the fees of the United States Trustee for the
    quarter ending Sept. 30, 2011;

(2) Completion by the Bank of any payments to the Professionals
    for allowed administrative expense priority claims pursuant to
    the orders of the Court and consistent with the provisions of
    the Estate Carve-Out;

(3) Completion of distributions and the orders of the Court with
    respect to any objections thereto; and

(4) Filing of a certification signed by counsel for the Debtor and
    the Bank that the items set forth in sub-paragraphs (a), (b)
    and (c) have been completed performed in full.

A copy of the Court's order is available for free at:

     http://bankrupt.com/misc/renaissantlafayette.doc528.pdf

As reported in the TCR on Aug. 18, 2011, Renaissant Lafayette LLC
asks the Bankruptcy Court to dismiss its Chapter 11 case and
authorize Amalgamated Bank to distribute the estate carve out
to creditors  -- professionals and general unsecured creditors.

The Debtor related that it has no remaining assets other than its
rights to access the remaining amounts of the estate carve-out.

On July 13, William T. Neary, the U.S. Trustee for Region 11, also
sought for the Debtor's case dismissal for failure to file a
Chapter 11 plan and an explanatory Disclosure Statement.

The U.S, Trustee also related that all of the Debtor's assets have
been sold, and there is nothing left of the Debtor to reorganize.

The U.S. Trustee is represented by:

         Debra L. Schneider, Esq.
         Office of the U.S. Trustee
         517 E. Wisconsin Ave., Suite 430
         Milwaukee, WI 53202
         Tel: (414) 297-4499
         Fax: (414) 297-4478

                    About Renaissant Lafayette

Oak Brook, Illinois-based Renaissant Lafayette LLC is the owner of
a 280-unit luxury condominium development in Milwaukee named Park
Lafayette.  The project is at the intersection of North Prospect
Avenue and Lafayette Place in Milwaukee.

The Company filed for Chapter 11 protection on December 23, 2009
(Bankr. E.D. Wis. Case No. 09-38166).  In its schedules, the
Debtor disclosed $61,253,824 in assets and $111,897,768 in
liabilities as of the Petition Date.

Forrest B. Lammiman, Esq., at Meltzer, Purtill & Stelle LLC, in
Chicago, represents the Debtor as counsel.  Albert Solochk, Esq.,
represents the Official Unsecured Creditors Committee as counsel.


SAFE HARBOR: A.M. Best Affirms 'B' Financial Strength Rating
------------------------------------------------------------
A.M. Best Co. has revised the outlook to negative from stable and
affirmed the financial strength rating (FSR) of B (Fair) and
issuer credit rating (ICR) of "bb" of Safe Harbor Insurance
Company (Safe Harbor) (Tallahassee, FL).

The revised outlook reflects Safe Harbor's reduced risk-adjusted
capitalization resulting from double-digit premium and exposure
growth, as well as its increased reliance on the Florida Hurricane
Catastrophe Fund as part of its current year reinsurance program.

Additionally, Safe Harbor's ratings are based on its geographic
concentration of risk, which subjects it to a single state's
judicial and regulatory actions, while exposing the company's
property risks to hurricane events since it is a Florida-only
writer of homeowner and mobile home business.

These negative rating factors are offset by Safe Harbor's
favorable operating performance since inception and its ongoing
strategic position within RM Ocean Harbor Holding Inc., whose lead
insurance company is Ocean Harbor Casualty Insurance Company
within the Ocean Harbor Insurance Group (OHIG).  Currently, OHIG's
FSR of B+ (Good) and ICR of "bbb-"are under review with negative
implications following its announced acquisition of GNW
Acquisition Corp.


SALES PARTNERSHIPS: Case Summary & 22 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Sales Partnerships, Inc.
        9035 Wadsworth Parkway, Suite 1600
        Westminster, CO 80021

Bankruptcy Case No.: 11-33914

Chapter 11 Petition Date: October 10, 2011

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: A. Bruce Campbell

Debtor's Counsel: Jenny M.F. Fujii, Esq.
                  KUTNER MILLER BRINEN, P.C.
                  303 E. 17th Ave., Suite 500
                  Denver, CO 80203
                  Tel: (303) 832-2400
                  E-mail: jmf@kutnerlaw.com

Scheduled Assets: $1,016,770

Scheduled Debts: $1,868,179

A copy of the list of 22 largest unsecured creditors is
available for free at http://bankrupt.com/misc/cob11-33914.pdf

The petition was signed by Frederick A. Kessler, president.


SEA TRAIL: Section 341(a) Meeting Scheduled for Oct. 24
-------------------------------------------------------
Marjorie K. Lynch, the Bankruptcy Administrator for the Eastern
District of North Carolina, will convene a meeting of creditors of
Sea Trail Corporation on Oct. 24, 2011, at 10:00 a.m.  The meeting
will be held at Wilson 341 Meeting Room.

Creditors are required to submit their proofs of claim by Jan. 23,
2012.

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

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

Headquartered in Sunset Beach, North Carolina, Sea Trail
Corporation is a private company categorized under "Land
Subdividers and Developers, Residential."  Sea Trail Corporation
filed a Chapter 11 petition (Bankr. E.D.N.C. Case No. 11-07370) on
Sept. 27, 2011, in Wilson, North Carolina.  Trawick H. Stubbs,
Jr., Esq., at Stubbs & Perdue, P.A., in New Bern, North Carolina
serves as counsel to the Debtor.  The Debtor reported $34,222,281
in assets and $22,174,201 in liabilities.


SKYPE GLOBAL: Raised by Moody's to 'Ba2' After Sale to Microsoft
----------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
Skype Global S.a.r.l. to Ba2 with a stable outlook from B1
following completion of the acquisition of Skype by Microsoft
Corporation ("Microsoft", Aaa/Stable Senior Unsecured Rating) on
October 13, 2011. The ratings upgrade reflects Moody's view that
the acquisition of Skype by Microsoft materially enhances Skype's
standalone credit profile, even though Microsoft did not formally
guarantee Skype's debt. The magnitude of the rating's lift has
been capped at two notches based on Moody's published methodology
to rating non-guaranteed subsidiaries. Following these upgrades,
given the announced closing of the acquisition and the repayment
of Skype's facilities, all ratings for Skype will also be
withdrawn.

Upgrades:

Issuer: Skype Global S.a.r.l.

Corporate Family Rating, Upgraded to Ba2 from B1

Probability of Default Rating, Upgraded to Ba3 from B2

Issuer: Springboard Finance LLC

Senior Secured Bank Credit Facility, Upgraded to Ba2 (LGD3-
34%)from B1 (LGD3-34%)

Ratings Rationale

Concurrent with this rating action, Moody's upgraded the various
instrument ratings of Skype's subsidiary, Springboard Finance LLC,
as listed above, in accordance with Moody's loss given default
methodology. Finally, Moody's said it will withdraw all ratings
for Skype and its subsidiaries as Microsoft has used cash on hand
to repay the outstanding amounts under Skype's credit facilities.
This concludes the ratings review commenced when the acquisition
agreement between Microsoft and Skype was announced in May 2011.

The principal methodology used in rating Skype was the Global
Telecommunications Rating 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.

Skype, located in Luxembourg, is a leading internet communications
company with revenues of approximately $930 million for twelve
months ending 6/30/2011.


S.L.6, L.L.C.: Case Summary & 5 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: S.L.6, L.L.C.
        1099 West South Jordan Parkway
        South Jordan, UT 84095

Bankruptcy Case No.: 11-34911

Chapter 11 Petition Date: October 13, 2011

Court: U.S. Bankruptcy Court
       District of Utah (Salt Lake City)

Judge: William T. Thurman

Debtor's Counsel: Douglas J. Payne, Esq.
                  FABIAN & CLENDENIN
                  215 South State Street, Suite 1200
                  Salt Lake City, UT 84111-2323
                  Tel: (801) 531-8900
                  Fax: (801) 596-2814
                  E-mail: dpayne@fabianlaw.com

                         - and ?

                  Gary E. Jubber, Esq.
                  FABIAN AND CLENDININ
                  215 South State Street, Suite 1200
                  Salt Lake City, UT 84111
                  Tel: (801) 531-8900
                  Fax: (801) 596-2814
                  E-mail: gjubber@fabianlaw.com

                         - and ?

                  Peter W. Billings, Jr., Esq.
                  FABIAN & CLENDENIN
                  215 South State Street, Suite 1200
                  Salt Lake City, UT 84111-2323
                  Tel: (801) 531-8900
                  Fax: (801) 532-3370
                  E-mail: pbillings@fabianlaw.com

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

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

The petition was signed by Nathan D. Shipp, authorized
representative.

Debtor's List of Its five Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
S.L. Managers, LLC                 Management Fees        $300,000
1099 West South Jordan Parkway
South Jordan, UT 84095

PC Development, Inc.               Construction            $18,971
P.O. Box 86                        Consulting Fee
Mount Pleasant, UT 84647

Flagship Homes                     Development Costs       $10,000
170 South Interstate Plaza Drive, Suite 250
Lehi, UT 84043

Trane Engineering, P.C.            Development Costs        $4,650

Karren, Hendrix, Stagg, Allen      Accountant Fees          $2,298
& Company


SOLYNDRA LLC: OMB Staffers Questioned Restructuring, e-Mails Show
-----------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review that staffers at the White
House Office of Management and Budget questioned whether the terms
of a restructured loan provided to Solyndra LLC earlier this year
were legal, newly released emails show.

                        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.  AlixPartners LLP serves as noticing claims and
balloting agent.  Imperial Capital LLC serves as the company's
investment banker and financial adviser.  The Debtors also 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.

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed seven
unsecured creditors to serve on the Official Committee of
Unsecured Creditors of Solyndra LLC.

Solyndra is at least the fourth solar company to seek court
protection from creditors since August 2011.  Other solar firms
are Evergreen Solar and start-up Spectrawatt Inc., both of which
filed in August, and Stirling Energy Systems Inc., which filed for
Chapter 7 bankruptcy late in September.


SOLYNDRA LLC: Wants to Employ K&L Gates as Special Counsel
----------------------------------------------------------
Solyndra LLC and its affiliated debtors seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ K&L
Gates LLP as their as special counsel.

As special counsel, K&L Gates will provide legal advice in
connection with the federal criminal investigation in Northern
California and lawsuits filed against the Debtors related to the
investigation.  The firm will also prepare court papers and appear
at hearings on behalf of the Debtors.

In return for its services, the firm will be paid on an hourly
basis and will be paid for its expenses.  The professionals
designated to represent the Debtors and their hourly rates are:

   Professionals       Hourly Rates
   -------------       ------------
   Jeffrey Bornstein      $640
   Mikal Condon           $525

In an affidavit, Mr. Bornstein, Esq., assured the Court that his
firm does not hold or represent interest adverse to the Debtors'
estates.

                         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 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.  AlixPartners LLP serves as noticing claims and
balloting agent.  Imperial Capital LLC serves as the company's
investment banker and financial adviser.  The Debtors also 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.

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed seven
unsecured creditors to serve on the Official Committee of
Unsecured Creditors of Solyndra LLC.

Solyndra is at least the fourth solar company to seek court
protection from creditors since August 2011.  Other solar firms
are Evergreen Solar and start-up Spectrawatt Inc., both of which
filed in August, and Stirling Energy Systems Inc., which filed for
Chapter 7 bankruptcy late in September.


SOUTH DAKOTA STATE MEDICAL: A.M. Best Affirms FSR at 'B'
--------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of B
(Fair) and issuer credit rating of "bb+" of South Dakota State
Medical Holding Co., Inc. d/b/a DAKOTACARE (Sioux Falls, SD).  The
outlook for both ratings is positive.  Concurrently, A.M. Best has
withdrawn the ratings based on the company's decision to no longer
participate in A.M. Best's interactive rating process.

The ratings reflect DAKOTACARE's improved operating performance
and recovering financial strength over the last two years.  These
positive results are based on the company's decision (a few years
ago) to terminate its participation in the Medicare Advantage
Special Needs Plan. DAKOTACARE's underwriting results continued to
improve in 2010, a trend that has continued into the second
quarter of 2011.


SOUTHWEST GEORGIA: Files First Amended Disclosure Statement
-----------------------------------------------------------
On Oct. 4, 2011, Southwest Georgia Ethanol, LLC, filed a first
amended and restated disclosure statement for the Debtor's first
amended and restated plan of reorganization dated Oct. 4, 2011.

A copy of the First Amended Disclosure Statement is available for
free at http://bankrupt.com/misc/southwestgeorgia.DS.dkt312.pdf

As reported in the TCR on Oct. 14, 2011, the Bankruptcy Court
approved the disclosure statement on Oct. 11.  The confirmation
hearing for approval of the plan will take place Dec. 7.

The plan calls for lenders owed $107.6 million to receive
$105 million in preferred stock plus 25% of the common stock.  The
disclosure statement estimates the lenders' recovery at 97.5%.
Unsecured creditors with $2.1 million in claims and bondholders
owed $8.7 million are to receive proceeds from a litigation trust
and are expected to see a recovery of 3%.  If lower classes accept
the plan, the lenders will waive their deficiency claims.

                 About Southwest Georgia Ethanol

Southwest Georgia Ethanol LLC, a unit of First United Ethanol Co.,
sought bankruptcy protection (Bankr. M.D. Ga. 11-10145) in Albany,
Georgia, on Feb. 1, 2011.

The Debtor owns and operates an ethanol production facility
located on 267 acres in Mitchell County, Georgia, producing
100 million gallons of ethanol annually.  Ethanol production
operations commenced in October 2008.  Revenue was $168.9 million
for fiscal year ended Sept. 30, 2010.  The Debtor said
profitability and liquidity have been materially reduced by
unfavorable fluctuations in commodity prices for ethanol and corn.

Gary W. Marsh, Esq., J. Michael Levengood, Esq., and Bryan E.
Bates, Esq., at McKenna Long & Aldridge LLP, in Atlanta, Georgia,
serve as counsel to the Debtor.  Morgan Keegan & Company, Inc., is
the investment banker and financial advisor.

The Debtor's balance sheet showed $164.7 million in assets and
$134.1 million in debt as of Dec. 31, 2010.

Since 2008, at least 11 ethanol-related companies have sought
court protection, including VeraSun Energy Corp., once the second-
largest U.S. ethanol maker; units of Pacific Ethanol Inc.; and
White Energy Holding Co.


SPANISH PEAKS: Files for Ch. 7 Bankruptcy; To Sell Iconic Property
------------------------------------------------------------------
Kaitlin Ugolik at Bankruptcy Law360 reports that Spanish Peaks
Holdings II LLC, owners of the 5,700-acre club at Spanish Peaks
resort in Montana, put the iconic property on the auction block
Friday as part of an effort to liquidate through its Chapter 7
bankruptcy, just days after shutting down operations and laying
off staff.

Spanish Peaks Holdings II LLC listed assets of up to $50 million
and debts as high as $500 million in its bankruptcy filing in
Delaware.  Thomas J. Francella of Whiteford Taylor & Preston LLP,
an attorney for the company, declined to comment Monday.


SPRINT NEXTEL: Moody's Cuts Corp. Family Rating to 'B1'
-------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Sprint Nextel Corp. ("Sprint") to B1 from Ba3. The
downgrade reflects Sprint's decision to invest heavily in its own
4G network assets and likely phase out its failed partnership with
Clearwire. This capital intensive strategic decision, combined
with Sprint's introduction of the iPhone, will strain liquidity
and push leverage to approximately 5x (excluding Sprint's 54%
stake in Clearwire) before the benefits of the investment begin to
accrue. The rating remains on review for downgrade given the
significant execution risks associated with the recently detailed
network upgrade plans, especially as the management team has
outlined very aggressive build out targets for a company that has
historically failed to realize the full benefits from previous
major strategic initiatives.

Moody's Investor's Service maintains the following ratings on
Sprint Nextel Corp. and it's following affiliates:

Sprint Nextel Corp.

LT Corporate Family Rating -- Downgraded B1 from Ba3 prior

Probability of Default Rating -- Downgraded B1 from Ba3 prior

Speculative Grade Liquidity Rating -- SGL-4 from SGL-1 prior

Senior Unsecured Notes -- Downgraded B2, LGD5 (75%) from B1, LGD5
(77%)

Senior Unsecured Gtd. Bank Credit Facility -- Downgraded Ba1,
LGD2 (12%) from Baa3, LGD2 (10%)

Sprint Capital Corp.

BACKED Senior Unsecured Notes -- Downgraded B2, LGD5 (75%) from
B1, LGD5 (77%)

BACKED Senior Unsecured MTN Rating -- Downgraded (P)B2 from (P)
B1

Nextel Communications Inc.

Senior Unsecured Notes -- Downgraded B1, LGD3 (42%) from Ba3,
LGD3 (42%)

iPCS Inc.

Senior Secured 1st Priority Notes -- Downgraded B1, LGD4 (50%)
from Ba3, LGD3 (48%)

Senior Secured 2nd Priority Notes -- Downgraded B3, LGD5 (78%)
from B1, LGD5 (77%)

RATINGS RATIONALE

"Sprint has missed an opportunity to save billions of dollars of
capex by failing to reach a win-win arrangement with Clearwire,"
said Moody's Senior Vice President Dennis Saputo. "Instead,
management will ratchet up the execution risk and go it alone for
the 4G upgrade path," Mr. Saputo continued. Moody's anticipates
that Sprint's introduction of the iPhone will result in better
growth, lower churn and generate meaningful long-term benefits for
Sprint. However, the timing of the iPhone launch, coincident with
a doubling of capex in 2012, will pressure liquidity and force
Sprint to raise more capital. Moody's anticipates that Sprint will
require as much as $6-8 billion through 2013 to fund the network
build and meet debt maturities. Leverage will reach approximately
5x (Moody's adjusted) in 2012 and remain in that range through
2013.

Beyond 2013, Sprint will need to acquire spectrum to maintain
growth. The company has promoted its spectrum hosting concept as a
method to avoid the upfront cost of buying capacity. However,
Moody's believes that the economics of spectrum hosting will prove
difficult to justify and the operational complexity and governance
issues it creates (see Clearwire, et al) will discourage its
success.

As contemplated, Sprint's business plan leads to meaningful
deleveraging starting in 2014. However, even with crisp execution
Sprint's 4G capabilities are likely to significantly lag the
competition. Since Clearwire's 4G network does not support the
iPhone, Moody's anticipates a sharp decline in Sprint/Clearwire 4G
WiMax customers. Lower sales and cash flow puts LTE further from
Clearwire's reach and increases the competitive gap between Sprint
and AT&T/Verizon. Depending upon the timing of an LTE iPhone,
Sprint could be back at a disadvantage with its handset lineup as
early as mid-2012.

Moody's views Sprint's liquidity profile as weak and Moody's has
downgraded their liquidity rating to SGL-4 from SGL-1. Moody's
anticipates Sprint will end 2011 with almost $4 billion in cash.
However, the company has $2.25 billion in debt maturing in March
of 2012 and is now likely to generate significant negative free
cash flow over the next 18 months. Sprint has a $2.1 billion
revolving credit facility due October of 2013 with $900 million
undrawn. Moody's believes that Sprint's liquidity is becoming
strained and anticipates incremental borrowing.

The review for downgrade will focus on the company's success in
raising the large amount of capital that will be required for it
to deploy LTE nationwide by early 2014 in challenging market
conditions made more difficult by management's interaction with
the financial community. In addition, Moody's will also evaluate
the progress and impact of the company's plans to secure
sufficient spectrum for its future operations. Failure to
proactively address future funding requirements and maintain
adequate liquidity could result in additional downward ratings
pressure.

The principal methodology used in rating Sprint Nextel Corporation
was the Global Telecommunications Industry Industry Methodology,
published December 2010.  Other methodologies used include Loss
Given Default for Speculative Grade Issuers in the US, Canada, and
EMEA, published June 2009 (and/or the Government-Related Issuers
methodology,published July 2010.


SSI GROUP: Has Final OK to Obtain DIP Financing from WFCF
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware entered on
Oct. 6, 2011, a final order authorizing SSI Group Holding Corp.,
et al., (1) to obtain secured, superpriority financing from Wells
Fargo Capital Finance, LLC, as DIP Agent for and on behalf of
itself and the other DIP Lenders, and (2) to use cash collateral
of the Prepetition Lenders and the Subordinated Lenders.

As a condition to the entry into the DIP Agreement, the extension
of credit under the DIP Facility and the agreement for the use of
cash collateral, the DIP Agent and DIP Lenders require, and the
Debtors have agreed that proceeds of the DIP Facility will be
used, in a manner consistent with the terms of the DIP Documents
and in accordance with a budget, solely for (1) payment in full of
the outstanding prepetition obligations, (2) working capital,
letters of credit, and other general corporate purposes, (3)
permitted payment of costs of administration of the cases (subject
to the limitations of the Carve-Out), (4) payment of fees and
expenses due under the DIP Facility, (5) payment of any authorized
Adequate Protection Payments, and (6) payment of prepetition
expenses, in addition to the Prepetition Obligations, as consented
to by the DIP Agent, in its sole discretion, as as approved by the
Court.

As of the petition date, the outstanding principal amount owed to
WFCF and the other prepetition lenders was $3,694,382.60, which
amount includes $290,000 face amount of outstanding letters of
credit, secured by substantially all assets of the Borrowers.  As
reported in the TCR on Sept. 19, 2011, SSI Group Holding Corp. and
its affiliates also have $37.2 million in junior debt to companies
affiliated with Summitbridge National Investments Inc. and Sun
Capital Partners.  Summitbridge National Investments owns 55% of
SSI Group while distressed-debt investor Sun Capital Partners Inc.
owns the remaining 45%.

The Debtors are authorized on a final basis to request extensions
of credit under the DIP Facility (in the form of loans and letters
of credit) of (i) $3,694,382.60 (plus the amount of any accrued
and unpaid interest and fees with respect to the Prepetition
Facility) under the Term Loan (as defined in the DIP Documents)
and (ii) up to an aggregate principal amount of $2,360,000 at any
one time outstanding, including a sublimit for letters of creditor
up to $290,000 under the DIP Revolver.

The DIP Agent and the DIP Lenders are granted automatically
perfected postpetition security interests in and liens on any and
all presently owned and hereafter after acquired personal
property, real property and other assets of the Debtor (the "DIP
Collateral").

The DIP Agent and the DIP Lenders are also granted an allowed
superpriority administrative expense claim in each of the cases
and any successor cases for all DIP Obligations, subordinate only
to the Carve Out and the Administrative Claim Escrow.

As further adequate protection, the Debtors are authorized and
directed to provide adequate protection payments, in the form of:
(i) monthly payments of interest, fees and other amounts due under
the Prepetition Credit Agreements; and (ii) ongoing payment of the
Prepetition Agent's and the Prepetition Lenders' reasonable fees,
costs and expenses, including, without limitation, reasonable
legal and other professionals' fees and expenses.

A copy of the Final Order is available for free at:

     http://bankrupt.com/misc/ssigroup.finalorder.doc132.pdf

                         About SSI Group

SSI Group Holding Corp. sought bankruptcy protection (Bankr. D.
Del. Case No. 11-12917) on Sept. 14, 2011, in Wilmington,
Delaware, after months of lackluster performance at its two
struggling restaurant chains, which combined operate about 120
locations, and its debts mounted to $47.5 million.  SSI is behind
two southern restaurant chains -- the healthy Souper Salad chain
and "comfort food"-serving Grandy's restaurants.

SSI reported $23.9 million in assets as of Aug. 28, 2011.  Judge
Mary F. Walrath presides over the case.  The Debtor is represented
by Proskauer Rose LLP and Cozen O'Connor as counsel and Morgan
Joseph TriArtisan LLC as financial advisors.

Affiliates Super Salad, Inc. (Case No. 11-12918), SSI-Grandy's LLC
(Case No. 11-12919), and Souper Brands, Inc. (Case No. 11-12920),
also sought Chapter 11 protection on Sept. 14, 2011.

The Debtors hope to use the bankruptcy cases to sell their
Grandy's chain to an affiliate of Sun Capital Partners (or a
higher bidder) and to sell their Souper Salad chain to a to-be
determined buyer (no stalking horse bidder has been identified).

The United States Trustee appointed 7 members to the Official
Committee of Unsecured Creditors.


SSI GROUP: Court Approves Bid Process for Assets Sale
-----------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
the proposed bid process for the sale of substantially all of the
assets of SSI Group Holding Corp. and its affiliated debtors.

The Debtors earlier proposed to sell their two business lines: (i)
the Grandy's, a group of restaurants that serve comfort food; and
(ii) the Souper Salad restaurants, which serve soups, salads and
baked goods.

The Debtors will hold an auction for the assets on November 15,
2011, at the offices of Proskauer Rose LLP, in New York.

The hearing to consider the sale of the assets to the winning
bidder at the auction is scheduled for November 28, 2011.
Objections to the proposed sale must be filed by November 21,
2011.

In connection with the sale of the Grandy's chain, the Court also
ruled that the stalking horse bidder or the lead bidder will not
be entitled to any breakup fee but will be entitled to
reimbursement of up to $300,000 of its expenses.

Meanwhile, the Court authorized the Debtors to designate a
stalking horse bidder for the Souper Salad assets, and pay that
bidder a breakup fee of up to 5% of the negotiated and agreed
price for the assets.

A full-text copy of the court order is available withour charge at
http://bankrupt.com/misc/SSI_BidProcessOrder.pdf

                         About SSI Group

SSI Group Holding Corp. sought bankruptcy protection (Bankr. D.
Del. Case No. 11-12917) on Sept. 14, 2011, in Wilmington,
Delaware, after months of lackluster performance at its two
struggling restaurant chains, which combined operate about 120
locations, and its debts mounted to $47.5 million.  SSI is behind
two southern restaurant chains -- the healthy Souper Salad chain
and "comfort food"-serving Grandy's restaurants.

SSI reported $23.9 million in assets as of Aug. 28, 2011.  Judge
Mary F. Walrath presides over the case.  The Debtor is represented
by Proskauer Rose LLP and Cozen O'Connor as counsel and Morgan
Joseph TriArtisan LLC as financial advisors.

Affiliates Super Salad, Inc. (Case No. 11-12918), SSI-Grandy's LLC
(Case No. 11-12919), and Souper Brands, Inc. (Case No. 11-12920),
also sought Chapter 11 protection on Sept. 14, 2011.

The Debtors hope to use the bankruptcy cases to sell their
Grandy's chain to an affiliate of Sun Capital Partners (or a
higher bidder) and to sell their Souper Salad chain to a to-be
determined buyer (no stalking horse bidder has been identified).

The United States Trustee appointed 7 members to the Official
Committee of Unsecured Creditors.


SSI INVESTMENTS: Moody's Affirms 'B2' Corp. Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed SSI Investments II Limited's B2
Corporate Family Rating (CFR) and probability of default rating,
and assigned a Ba3 rating to $90 million of incremental term loans
being raised by Skillsoft Corporation ("SkillSoft" or the
"Company"), an indirect wholly-owned subsidiary of SSI. The
ratings outlook is stable. SkillSoft will use the net proceeds
from the incremental term loans and cash on hand to acquire
Element K, a subsidiary of NIIT Limited, for approximately $110
million in cash.

The B2 CFR reflects SkillSoft's high financial leverage,
relatively small scale in a highly competitive and fragmented
corporate training market with low barriers to entry, and the
discretionary nature of the Company's product offerings. The
rating is supported by SkillSoft's competitive market position in
the niche e-learning market, its large and diverse customer base,
and the predictability of its revenues from customers under
contracts. The rating also reflects SkillSoft's prospective free
cash flow of about 7% to 10%, resulting from its good EBITDA
margins and low capital expenditures, partially offset by high
interest expense.

The stable rating outlook incorporates Moody's expectations that
SkillSoft's credit metrics should improve over the next 12 months
driven by realization of cost synergies and organic growth of the
business.

The acquisition of Element K will consolidate SkillSoft's position
in its highly fragmented industry and allow the Company to cross-
sell its corporate training solutions to a larger customer base.
However, the acquisition is being financed mainly with debt and
will raise SkillSoft's Debt-to-EBITDA leverage by about one turn
to over 6.6x (incorporating Moody's analytical adjustments),
excluding targeted cost synergies from the acquisition. Moody's
believes that given the scaleability of SkillSoft's business model
and the Company's history of realizing large cost savings from
previous acquisitions, particularly the NETg acquisition in May
2007, SkillSoft should be able to achieve targeted cost synergies.
Consequently, the ratings agency expects Debt/EBITDA leverage to
decline to less than 6.0x over the next twelve months. In Moody's
view, SSI's acquisitive growth strategy and slow organic growth in
a challenging economic environment will likely preclude any
meaningful deleveraging over the intermediate term, and as a
result the Company's leverage will likely remain in the 5.0x to
5.5x over this period.

Given the expectations of high financial leverage over the
intermediate term, a rating upgrade is unlikely. However, the
rating could be raised in the future if SkillSoft generates
strong, consistent organic revenue growth with increasing
profitability, and if the Company could sustain Debt/EBITDA below
4.0x and free cash flow/Debt above 10%, incorporating potential
for increases in debt as a result of its shareholder-friendly
financial policies.

Conversely, the rating could be lowered if SkillSoft experiences
market share losses, declining profitability, or challenges in
integrating the Element K acquisition, and the Company is unable
to sustain Debt/EBITDA leverage below 6.0x and free cash flow
turns negative. The rating could also experience downward pressure
if the Company pursues aggressive financial policies which result
in a weaker balance sheet or if SkillSoft undertakes large debt-
financed acquisitions which increase execution risks.

The following rating actions were taken:

Issuer: SSI Investments II Limited

Corporate Family rating -- affirmed B2

Probability-of-default rating -- affirmed B2

$310 million senior unsecured notes due 2018 -- affirmed Caa1
(LGD assessments changed to LGD 5, 82% from LGD 5, 80%)

Issuer: SkillSoft Corporation

$40 million senior secured revolving credit facility due 2015 --
affirmed Ba3 (LGD assessments changed to LGD 2, 27% from LGD 2,
24%)

$325 million senior secured Term Loan B due 2016 - affirmed Ba3
(LGD assessments changed to LGD 2, 27% from LGD 2, 24%)

$90 million Incremental senior secured Term Loan B -- assigned
Ba3, LGD 2, 27%

Outlook: Stable

SkillSoft provides on-demand e-learning and performance support
solutions for global enterprises, government, education and small
to medium-sized businesses. For the last twelve month period ended
July 31, 2011, SkillSoft reported $272 million in revenues.

The principal methodology used in rating SkillSoft Corporation was
the Global Software Industry Methodology published in May 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.


STANDARD STEEL: Moody's Affirms 'B3' Corp. Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed Standard Steel, LLC's ratings
including its corporate family ("CFR") and probability of default
ratings at B3 following the acquisition by Sumitomo Metal
Industries, Ltd. (unrated) and Sumitomo Corporation (rated
A2/stable), collectively "Sumitomo." The outlook is stable.

The following ratings were affirmed:

Corporate family rating at B3

Probability of default rating at B3

$140 million senior secured notes due 2015 at B3 (LGD-4, 54%)

RATINGS RATIONALE

The affirmation of the B3 CFR rating reflects the absence of any
assumption of debt by Sumitomo post the closing of the acquisition
as well as the lack of guarantees or any other support mechanism
between Sumitomo and Standard Steel. Standard Steel's shareholder
composition post the acquisition was reportedly expected to be 90%
comprised of Sumitomo Metal Industries Limited, with FYE 2010
annual revenues of roughly $17 billion, and Sumitomo Corporation
(rated A2/stable) owning the remaining 10%. Moody's does not
anticipate Standard Steel to be a meaningful contributor to
Sumitomo's consolidated earnings and cash flow. Accordingly,
Standard Steel's ratings do not derive any implicit support from
its position as an affiliate of Sumitomo.

Sumitomo Metals announced that the acquisition is being made for
strategic reasons, expanding the company's global manufacturing
reach into overseas markets where they anticipate growth in the US
market for forged railway wheels. Sumitomo Metals also publicly
has mentioned that they intend to transfer technologies related to
steel making and wheel making to Standard Steel. If the benefits
of this transfer are realized via higher margins and stronger
credit metrics, the ratings would be reassessed.

The stable outlook anticipates that Standard Steel will maintain a
good liquidity profile supported by positive free cash flow
generation and improvement in interest coverage metrics to the 1.0
times level over the next twelve to eighteen months.

Factors that could lead to a positive outlook or stronger ratings
include continued positive free cash flow generation, lowering and
sustaining debt/EBITDA towards 4.5 times and demonstrating
EBIT/interest coverage in excess of 1.3 times while maintaining a
good liquidity profile.

Developments that could establish negative pressure on the ratings
include loss of key contracts and/or customers, negative free cash
flow, an elevation of debt/EBITDA towards 6.0 times and/or
EBIT/interest remaining well below the 1.0 times level through
2012.

The principal methodology used in rating Standard Steel, LLC 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.

Standard Steel, LLC, based in Burnham, PA, manufactures forged
wheels and axles used in freight and passenger rail cars and
locomotives. The company had last twelve months ended July 3, 2011
revenues of approximately $223 million. The company is owned by
Sumitomo Metals Industries, Ltd. and Sumitomo Corporation.


STELLAR GT: To Hold Combined Hearing on Plan on Nov. 18
-------------------------------------------------------
On Oct. 11, 2011, the Bankruptcy Court conditionally approved the
revised disclosure statement, filed Oct. 5, 2011, explaining
Stellar GT TIC LLC, and VFF TIC LLC's Chapter 11 Plan dated
Sept. 30, 2011.

Nov. 15, 2011, at 5:00 p.m. is fixed as the last day for filing
written acceptances or rejections of the Plan.

The hearing on final approval of the disclosure statements and
confirmation of the plan will take place Nov. 18.

The Court fixed Nov. 15, 2011, as the last day for filing and
serving written objections to confirmation of the Plan.

The Plan contemplates either the sale of the Project pursuant to
the Auction Procedures or a restructuring of the Loan pursuant to
the Amended Loan Documents.  A sale will occur, if approved by the
Court, if a bidder other than Lender or its designee submits the
highest and best offer at the Auction.  If the Lender or its
designee submits the highest and best offer a restructuring of the
Loan will occur pursuant to the Amended Loan Documents (Exhibit
C).

The term Lender, as used herein, refers collectively to Wells
Fargo Bank, N.A. (the Holder of the A-1 Note in the principal
amount of $67 million), U.S. Bank National Association (the Holder
of the A-2 Note in the principal amount of $58 million), and FCP
Georgian Towers, LLC (the Holder of the B Note in the principal
amount of $60 million).

Upon entry of an order authorizing the Debtors to conduct the
Auction, the Project will be auctioned in accordance with the
Auction Procedures.

If, after compliance with the Auction Procedures, the Project is
not sold, then: (a) all property of the Stellar Estate, including
Stellar's interest in the Project, will be transferred to VFF, and
Stellar (together with Stellar GT Borrower LLC, its wholly-owned
subsidiary) will be dissolved, (b) new LLC Interests representing
100% of the ownership interest in VFF will be issued to FCP Fund I
Trust ("Fund I"), and (c) VFF will execute and comply with the
terms of the Amended Loan Documents (Exhibit C).

Fund I is an affiliate of FCP Georgian Towers, LLC, which in turn,
is an affiliate of Federal Capital Partners.  FCP Georgian Towers,
LLC, is the holder of the B Note (in the principal amount of
$60,000,000).  It is also the holder of certain mezzanine debt,
which encumbers the equity interests in the Debtors.  No common
ownership exists between the Debtors and the FCP entities.

The Plan designates 4 Classes of Claims and Interests:

Class 1-A and 1-B - Allowed Secured Claim of the Lender.
Class 2-A and 2-B ? General Unsecured Claims.
Class 3-A and 3-B - LLC Interests in the Debtors.
Class 4-A and 4-B - Claims of General Electric Company.

All above Classes are impaired under the Plan.

Lender's Allowed Secured Claim in Class 1-A and 1-B will receive
one of the following forms of treatment:

(a) Receipt of the Auction Sale Proceeds and Cash Collateral in
    full satisfaction of the Allowed Secured Claim of Lender; or

(b) Payment and other treatment as set forth in the Amended Loan
    Documents (attached hereto as Exhibit C).

General Unsecured Claims in Classes 2-A and 2-B will be paid their
pro rata share of the Auction Sale Proceeds remaining after
payment of the Allowed Claims in Classes 1-A and 1-B (and any
other claims of higher legal priority).  If the Amended Loan
Closing occurs, Claims in Classes 2-A and 2-B will be paid their
pro rata share of $50,000; such $50,000 will be paid from Cash
Collateral.  Payments will occur on the earlier of the Effective
Date or the date when such Claim becomes an Allowed Claim.

As to Allowed Class 3-A and 3-B Interests, any Auction Sale
Proceeds remaining after payment of Claims in Classes 1-A, 1-B,
2-A and 2-B will be paid to FCP Georgian Towers, LLC, on account
of that certain pledge of the LLC Interests to FCP Georgian
Towers, LLC, to secure a loan.  If the Amended Loan Closing
occurs, the LLC Interests in Classes 3-A and 3-B will be
extinguished on the Effective Date.

The Allowed Class 4-A and 4-B Claims of General Electric
Corporation will be paid at least 25% on its claim (subject to
increase if a third party bid is higher than the applicable credit
bid and funds are available in excess of the secured mortgage
claim), which GE has alleged, in its proof of claim, is
approximately $70,000.

To avoid any ambiguity, the minimum payment to GE will be a total
of 25% times its claim of $70,000 (not 25% times both proofs of
claim in both cases).  Thus, the total minimum payment will be
approximately $17,500.  Such payment (together with additional
payments, if any, under the Plan based upon a sale to a third
party) will completely discharge the GE claim and extinguish any
secured claims alleged by GE.  Payment will occur on the earlier
of the Effective Date or the date when such Claim becomes an
Allowed Claim.

A copy of the Revised Disclosure Statement is available for free
at http://bankrupt.com/misc/stellar.revisedDS.dkt107.pdf

A copy of the Amended Loan Documents is available for free at:

          http://bankrupt.com/misc/stellar.dkt107-3.pdf

A copy of the Joint Plan of Reorganization is available for free
at http://bankrupt.com/misc/stellar.dkt107-1.pdf

                 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, 2011.  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.  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.


STRATEGIC AMERICAN: Receives Fiscal Year End Reserves Report
------------------------------------------------------------
Strategic American Oil Corporation received its fiscal year end
independent reserve report for the Company's productive interests
in Texas and Louisiana as of July 31, 2011, which was prior to the
recent acquisition of SPE Navigation I, LLC.

The report, not including reserves from the acquired interests of
SPE, estimates net proved reserves of 1.2 million barrels of oil
and 12.5 Bcf (billion cubic feet) of natural gas which translates
to approximately $97.3 million undiscounted or $58.9 million
discounted at 10 percent in net proved reserves for Strategic
American Oil.

If the SPE interests are included, the numbers increase to an
estimated net proved reserves of 1.6 million barrels of oil and
16.6 Bcf (billion cubic feet) of natural gas which translates to
approximately $128.2 million undiscounted or $77.7 million
discounted at 10 percent in net proved reserves for Strategic
American Oil.

Strategic's recently completed acquisition of SPE Navigation I,
LLC, brought with it additional working interest in Galveston Bay
and one million shares of Hyperdynamics stock.

Strategic American Oil President and CEO, Jeremy G. Driver, stated
"The acquisition of Galveston Bay Energy has proven to be a
valuable investment as evidenced by our increasing reserves,
production and drilling opportunities.  Our reserves have
increased even further since our recent acquisition of SPE, which
greatly enhances our revenues and cash flow."

The independent reserve report was prepared by Ralph E. Davis
Associates, Inc., a Houston-based petroleum engineering consulting
firm since 1924.

An updated corporate fact sheet is also now available from the
Company's Web site.  The latest video "The Focus of Strategic
American Oil Corporation" is also available at:

                    http://youtu.be/T31Oo6cZWPg

                      About Strategic American

Corpus Christi, Tex.-based Strategic American Oil Corporation (OTC
BB: SGCA) -- http://www.strategicamericanoil.com/-- is a growth
stage oil and natural gas exploration and production company with
operations in Texas, Louisiana, and Illinois.  The Company's team
of geologists, engineers, and executives leverage 3D seismic data
and other proven exploration and production technologies to locate
and produce oil and natural gas in new and underexplored areas.

The Company's balance sheet at April 30, 2011, showed $17.51
million in total assets, $11.69 million in total liabilities and
$5.82 million in total stockholders' equity.

                           Going Concern

As reported by the TCR on March 25, 2011, MaloneBailey, LLP, in
Houston, Texas, expressed substantial doubt about Strategic
American Oil's ability to continue as a going concern following
the Company's results for the fiscal year ended July 31, 2010.
The independent auditors noted that the Company has suffered
losses from operations and has a working capital deficit.

In the Form 10-Q, the Company acknowledged that it had a working
capital deficit of $3,362,822 and an accumulated deficit of
$13,016,680 as of Jan. 31, 2011.  The Company said its ability to
continue as a going concern is dependent on raising additional
capital to fund ongoing exploration and development and ultimately
on generating future profitable operations.


SUGARMADE INC: Anton & Chia Raises Going Concern Doubt
------------------------------------------------------
Sugarmade, Inc., formerly Diversified Opportunities, Inc., filed
on Sept. 28, 2011, its annual report on Form 10-K for the fiscal
year ended June 30, 2011.

Anton & Chia, LLP, in Newport Beach, California, expressed
substantial doubt about Sugarmade's ability to continue as a going
concern.  The independent auditors noted that the Company has
incurred net losses since inception and has an accumulated deficit
at June 30, 2011.

The Company reported a net loss of $3.3 million on $37,629 of
sales revenues for the fiscal year ended June 30, 2011, compared
with a net loss of $465,688 on $15,799 of sales revenues for the
fiscal year ended June 30, 2010.

The Company's balance sheet at June 30, 2011, showed $2.0 million
in total assets, $188,328 in total liabilities, and stockholders'
equity of $1.8 million.

A complete text of the Form 10-K is available for free at:

                       http://is.gd/Junezs

Sugarmade, Inc. (formerly Diversified Opportunities, Inc.) is a
distributor of paper products that are derived from non-wood
sources.  The Company holds the exclusive right to market,
distribute and manufacture Sugar Cane Paper Company (SCPC)'s
proprietary products in Europe, North, Central and South America,
Australia and in other designated territories in the world.  The
Company also obtained the rights (within the designated
territories) to the Sugarmade(TM) brand name and trademarks.

SCPC, a company located in the People's Republic of China, is a
manufacturer and a holder of intellectual property rights and
patents in the area of developing and manufacturing paper from
non-wood sources.


SUMMO INC: Daniel K. Usiak, Jr. Approved to Handle Bankruptcy Case
------------------------------------------------------------------
Summo, Inc., asks the U.S. Bankruptcy Court District of Colorado
for permission to employ Daniel K. Usiak, Jr., as counsel to
perform all legal services necessary to assist Debtor in the
Chapter 11 case.

On Sept. 12, 2011, the Court directed the Debtor to file an
amended motion that will satisfy the disclosure requirements to
establish the disinterestedness of proposed counsel.  In the
Debtor's previous motion, the Court mentioned that the Debtor
failed to demonstrate and represent to the Court that there are no
facts which would create a conflict.

In the Debtor's amended motion dated Sept. 20, it disclosed that
that the professionals' hourly rates are:

         Mr. Usiak            $250
         Paralegal             $95

Mr. Usiak was paid a retainer of $15,000 to be used for payment of
fees and costs incurred during the preparation and administration
of the case.  $2,550 was used to pay prepetition attorney's fees,
$1,039 was used to pay the filing fee, leaving a retainer balance
of $11,411, which is property of the estate.  The retainer was
paid by John Musso, the owner of Debtor.

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

                         About Summo Inc.

Pueblo, Colorado-based Summo Inc., fka Pinion Ridge, LLC, filed
for Chapter 11 bankruptcy (Bankr. D. Colo. Case No. 11-28971) on
Aug. 9, 2011.  Judge Elizabeth E. Brown presides over the case.
Daniel K. Usiak, Jr., Esq., at Usiak Law Firm, serves as the
Debtor's bankruptcy counsel.  The Debtor scheduled $15,845,500 in
assets and $4,809,760 in debts.  The petition was signed by John
Musso, president.

The U.S. Trustee said that an official committee has not been
appointed in the bankruptcy case of Summo Inc., fka Pinion Ridge,
LLC, because an insufficient number of persons holding unsecured
claims against the Debtor have expressed interest in serving on a
committee.  The U.S. Trustee reserves the right to appoint such a
committee should interest developed among the creditors.


SUNCAL COMPANIES: CEO Brother Teams With Colony to Bid on Projects
------------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review that the brother of SunCal
Chief Executive Bruce Elieff has agreed to pay $15.14 million for
six real estate projects mired in bankruptcy in California for
nearly three years, the latest twist in the dispute between the
developer and former partner Lehman Brothers Holdings Inc.

                     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.


TECHDYNE LLC: Wants Until Jan. 20 to Propose Reorganization Plan
----------------------------------------------------------------
Techdyne, LLC, asks the U.S. Bankruptcy Court for the District of
Arizona to extend its exclusive periods to file and solicit
acceptances for the proposed plan of reorganization until Jan. 20,
2012, and March 20, 2012, respectively.

This is the Debtor's first request for exclusivity extension.

The Debtor relates that its needs more time to satisfy he
conditions of the $1 million from its targeted new lender, Belmont
Acquisitions, LLC.  The Debtor says that medical approvals have
not yet been received.  The Debtor also notes that the loan is the
centerpiece of its plan.

                        About TechDyne, LLC

Scottsdale, Arizona-based TechDyne, LLC, is a developer and
entrepreneur of two patented technologies: light armor and a
medical cervical devise to prevent premature births.

The Company filed for Chapter 11 protection (Bankr. D. Ariz. Case
No. 11-16739) on June 9, 2011.  Judge Charles G. Case, II,
presides over the case.  In its Schedules, the Debtor disclosed
$100,000,070 in assets and $701,313 in debts.  The petition was
signed by Benjamin V. Booher, Sr., managing member.

The U.S. Trustee for Region 8, has not appointed an official
committee of unsecured creditors in the Debtor's case because an
insufficient number of persons holding unsecured claims have
expressed interest in serving on a committee.  The U.S. Trustee
reserves the right to appoint such a committee should interest
develop among the creditors.


THERMOENERGY CORP: Amends 54.1 Million Common Shares Offering
-------------------------------------------------------------
ThermoEnergy Corporation filed with the U.S. Securities and
Exchange Commission Amendment No.3 to Form S-1 registration
statement relating to the resale of up to 54,166,684 shares of
common stock, par value $0.001 per share, of ThermoEnergy
Corporation that may be sold from time to time by Security Equity
Fund, Mid Cap Value Fund, SBL Fund, Series V (Mid Cap Value),
Security Equity Fund, Mid Cap Value Institutional Fund, et. al.
The Company will not receive any proceeds from the sale of the
Common Stock by the selling stockholders.

The selling stockholders may, from time to time, sell, transfer or
otherwise dispose of any or all of their shares of Common Stock or
interests in shares of Common Stock on any market or trading
facility on which the Company's shares are traded or in private
transactions.  These dispositions may be at fixed prices, at
prevailing market prices at the time of sale, at prices related to
the prevailing market price, at varying prices determined at the
time of sale, or at negotiated prices.  No underwriter or other
person has been engaged to facilitate the sale of shares of the
Company's Common Stock in this offering.  The Company is paying
the cost of registering the shares covered by this prospectus as
well as various related expenses.  The selling stockholders are
responsible for all discounts, selling commission and other costs
related to the offer and sale of their shares.

The Company's Common Stock is currently traded on the Over-the-
Counter Bulletin Board under the symbol "TMEN.OB."  On Oct. 14,
2011, the last reported sale price of our Common Stock on the
OTCBB was $0.19 per share.

A full-text copy of the amended prospectus is available for free
at http://is.gd/feu46m

                  About ThermoEnergy Corporation

Little Rock, Ark.-based ThermoEnergy Corporation is a clean
technologies company engaged in the worldwide development of
advanced municipal and industrial wastewater treatment systems and
carbon reducing clean energy technologies.

The Company reported a net loss of $9.85 million on $2.87 million
of revenue for the year ended Dec. 31, 2010, compared with a net
loss of $12.98 million on $4.01 million of revenue during the
prior year.

The Company's balance sheet at June 30, 2011, showed $4.33 million
in total assets, $15.98 million in total liabilities and a $11.65
total stockholders' deficiency.

As reported by the TCR on April 7, 2011, Kemp & Company, a
Professional Association, in Little Rock, Arkansas, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred net losses since inception and will require
substantial capital to continue commercialization of the
Company's technologies and to fund the Companies liabilities.


THINK3 INC: AZA Wins Bankruptcy Rulings for Versata FZ
------------------------------------------------------
The Houston complex commercial litigation law firm of Ahmad,
Zavitsanos, Anaipakos, Alavi & Mensing P.C. recently won important
rulings for firm client Versata FZ, LLC, that protect the
company's intellectual property rights in computer-aided design
software.

AZA lawyers Demetrios Anaipakos and Kinan Romman won a two-day
September trial in the U.S. Bankruptcy Court for the Western
District of Texas on behalf of Versata, a Dubai-based company that
owns the intellectual property of Austin-based Think3.  In the
ruling, U.S. Bankruptcy Judge H. Christopher Mott of Austin found
that Versata is the sole owner of the contested Think3 software.
The judge also ruled that an Italian bankruptcy proceeding based
on a Think3 branch located in that country is not recognized as
the proper forum for disposition of Think3 debt.

"We are very happy with the rulings.  An Italian bankruptcy
trustee had asked the U.S. court to declare Italy was the proper
place for these questions, and Versata is very pleased that effort
failed," says Mr. Anaipakos, a founding member of Ahmad,
Zavitsanos, Anaipakos, Alavi & Mensing P.C., also known as AZA.

In addition to not recognizing the Italian proceedings, the Austin
court ruled that it maintains jurisdiction over the Italian
trustee who asked for the trial.  The court also ruled that
Versata is the exclusive owner worldwide (excluding only China) of
all right, title and interest in and to all of the intellectual
property of Think3.  China was excluded by the court because it
was also excluded in the Versata-Think3 purchase contract in 2010.

The case that included the property rights ruling is Case No. 11-
11252, and the Italian jurisdiction ruling is in Case No. 11-
11925.  Both cases are in the Western District of Texas.

Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing P.C., or AZA, is a
Houston-based law firm that is home to true courtroom lawyers with
a formidable track record in complex commercial litigation,
including energy, intellectual property, securities fraud,
construction, and business dispute cases.  AZA is one of only 32
firms in the U.S. to be recognized as "awesome opponents" in a
nationwide poll of corporate general counsel who were asked to
name the law firms they hope their companies never have to face in
court.  In fact, AZA has been hired on many occasions by the same
companies the firm has prevailed against at trial.

                            About think3

Think3 Inc. develops computer-aided design software.  Think3 has
been a debtor in corporate reorganization proceedings under the
laws of Italy pending before the Court of Bologna since March 14,
2011.  Dr. Andrea Ferri was appointed to act as trustee in the
Italian Proceedings.

Think3 sought Chapter 11 protection (Bankr. W.D. Tex. Case No.
11-11252) on May 18, 2011, in Austin, its hometown, three months
after creditors filed an involuntary bankruptcy petition against
the company in a court in Bologna, Italy.  The company didn't
oppose the involuntary bankruptcy.  Rebecca Roof was appointed as
chief restructuring officer.

The Italian trustee filed a Chapter 15 petition (Bankr. W.D. Tex.
Case No. 11-11925) for Think3 in bankruptcy court in Austin on
Aug. 1, claiming she has the right to control the company's
restructuring through the Italian court.

Since the Italian bankruptcy was filed, there have been
continuing disputes over the right to control the company's
assets.  ESW Capital LLC acquired Think3 in September.  The
primary debt is a US$23 million tax liability in Italy.

The Italian Trustee is represented by Duane Morris LLP.

The Debtor disclosed US$0 in assets and US$45,447,716 in
liabilities as of the Chapter 11 filing.

Versata FZ-LLC, Versata Development Group, Inc., Versata
Software, Inc., ESW Capital, LLC, the parent of Think3, and
Gensym Cayman L.P., the DIP Lender, are represented by Fulbright
& Jaworski L.L.P., and Morrison & Foerster LLP.


TOWNSEND CORP: Stipulation on Cash Use/Floor Plan Financing Okayed
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
on Oct. 17, 2011, entered a final approving the emergency motion
of Townsend Corporation and LRJC, Inc., for authorization to (i)
use cash collateral and to pay the expenses set forth in the
budgets through and including Jan. 7, 2012, and (ii) obtain
postpetition financing from BMW Financial Services NA, LLC, the
Debtors' primary secured creditor, in accordance with the terms of
the Stipulation.

As reported in the TCR on Oct. 4, 2011, the Debtors told the Court
that only through the stipulation and, in particular, the
postpetition financing provided under the stipulation, can the
Debtors continue to operate their business and maintain going
concern value.

As of the Petition Date, the amount the Debtors owed to BMW FS was
approximately $10,284,316.  The BMW FS Claim is allegedly cross-
guaranteed and secured by a first priority lien on substantially
all of the Debtors' assets, including the Debtors' cash
collateral.

In summary, under the Stipulation, (1) the Debtors will continue
to use cash collateral, unless and until there is a default or the
term of the Stipulation expires without written agreement between
the parties to extend cash collateral use, (2) BMW FS will
continue to provide flooring loans to the Debtors for New Vehicles
under the terms that were in existence between the parties as of
the Petition Date, as modified by the Stipulation, and (3) BMW FS,
at its discretion, may provide flooring loans of up to $750,000
for each Debtor under the terms that were in existence between the
parties as of the Petition Date, as modified by the Stipulation.

A copy of the emergency motion for the entry of an order approving
the stipulation is available for free at:

           http://bankrupt.com/misc/townsend.dkt39.pdf

                  About Townsend Corp. and LRJC

Auto dealers Townsend Corporation, d/b/a Land Rover Jaguar Anaheim
Hills, and LRJC, Inc., d/b/a Land Rover Jaguar Cerritos, filed for
Chapter 11 bankruptcy (Bankr. C.D. Calif. Case Nos. 11-22690 and
11-22695) on Sept. 9, 2011.  Judge Robert N. Kwan presides over
the cases.  Martin J. Brill, Esq., and Todd M. Arnold, Esq. --
mjb@lnbyb.com and tma@nbyb.com -- at Levene, Neale, Bender, Yoo &
Brill LLP, in Los Angeles, represent the Debtors.   Each of the
Debtors estimated $10 million to $50 million in both assets and
debts.  The petitions were signed by Ernest W. Townsend, IV, the
president.


TP INC: Case Converted to Ch. 7 Liquidation; Trustee Named
----------------------------------------------------------
The Hon. Stephani W. Humrickhouse of the Bankruptcy Court for the
Eastern District of North Carolina converted the Chapter 11 case
of TP, Inc., to one under Chapter 7 of the Bankruptcy Code.

As reported in the Troubled Company Reporter on Sept. 12, 2011,
Algernon L. Butler, III, appointed trustee of TP Inc., asked the
Court to convert the Debtor's case to one under Chapter 7 of the
Bankruptcy Code.

The trustee filed the Chapter 7 Conversion Motion after conducting
an investigation into the assets, liabilities and financial
affairs of the Debtor.

The Court ruled that these grounds, among other things, constitute
cause for the conversion of the case:

   a. the unauthorized lease of property of the estate by the
   debtor-in-possession, and the collection by the Debtor's
   president and owner of 50% of the Debtor's stock, Ronald
   Bryant, of the rents of property of the estate for his
   individual benefit;

   b. the failure of the Debtor to keep its property insured;

   c. the failure of the Debtor to pay property taxes on its
   property;

   d. the failure of the Debtor to comply with a court order, to
   the extent that it instructed its counsel to refuse to comply
   with a turnover of funds required by the consent order entered
   by the Court on Feb. 17, 2011;

The Court also approved the appointment of Algernon L. Butler,
III, who served as Chapter 11 trustee for the estate prior to
conversion, as Chapter 7 trustee.

                         About TP, Inc.

Boone, North Carolina-based TP, Inc., is in the business of
property development and currently owns a various tracts of real
estate in and around North Topsail, Topsail Beach, and Surf City,
North Carolina.  The Company filed for Chapter 11 protection
(Bankr. E.D.N.C. Case No. 10-01594) on March 1, 2010.  David J.
Haidt, Esq., at Ayers, Haidt & Trabucco, P.A., represented
the Debtor.  The Debtor tapped Trawick H. Stubbs, Jr., and Stubbs
& Perdue, as counsel.  In its schedules, the Debtor disclosed
$13,156,424 in assets and $4,129,049 in liabilities.

Algernon L. Butler, III, is the duly-appointed Chapter 11 trustee
in the case of TP Inc., and is represented by Butler & Butler,
LLP, as counsel.


TRANS ENERGY: To Restate March 31 Quarterly Report
--------------------------------------------------
As a result of an identified error, Trans Energy Inc. management
recommended to the Audit Committee of Trans Energy, Inc., Board of
Directors to correct certain components of the Company's
consolidated balance sheets, statements of operations, statement
of stockholders' equity and statements of cash flow, as of and for
the three months ended March 31, 2011.  The audit committee agreed
with management's recommendation, and it was concluded that the
financial statements as of and for the aforementioned period
should no longer be relied upon.  Management has discussed this
matter with Maloney and Novotny LLC the Company's independent
registered public accounting firm.

The identified error related to not accruing for an expense
associated with the sale of certain assets that was incurred
during the three months ended March 31, 2011, which was not
properly recorded in the previously filed Form 10-Q.  As a result
of this error, the Company determined that the consolidated
balance sheets, consolidated statements of operations,
consolidated state of stockholders' equity and consolidated
statements of cash flows for the three months ended March 31,
2011, and at March 31, 2011, should be restated on Form 10-Q/A.
The Company evaluated these adjustments both quantitatively and
qualitatively and determined that no other prior periods needed
adjusted.

The Company anticipated that the 10-Q/A for the three months ended
March 31, 2011, will be filed in the coming day.

                        About Trans Energy

West Virginia-based Trans Energy, Inc. --
http://www.transenergyinc.com/-- is an independent exploration
and production company focused on exploring, developing and
producing oil and natural gas in the Appalachian Basin.  The
common shares of the Company are listed for trading on the Over
The Counter Bulletin Board under the symbol "TENG".

According to the Troubled Company Reporter on Nov. 9, 2010, Trans
Energy, Inc., and CIT Capital USA Inc. entered into a forbearance
letter agreement on Oct. 29, 2010, whereby CIT agreed to
forebear from exercising its rights and remedies against the
Company and its property until Dec. 31, 2010.  The forbearance
relates to a senior secured revolving credit facility.  The
October Forbearance Letter extends the terms and provisions of the
parties' earlier forbearance agreement entered into on July 9,
2010, that extended the forbearance period to Oct. 29, 2010.

As reported by the TCR on April 18, 2011, Maloney + Novotny, LLC,
in Cleveland, Ohio, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company has generated significant losses
from operations and has a working capital deficit of $19,699,824
at Dec. 31, 2010.


TRANS NATIONAL: Expects Short Stay in Bankruptcy
------------------------------------------------
Jim O'Neill at Fierce Enterprise Communications reports that Trans
National Communications told its channel partners during an
invitation-only teleconference on Oct. 11, 2011, that it expects
to restructure its finances and emerge from bankruptcy quickly.

The report says the company also assured partners it would
continue to make commission payments.

The report relates Mike Ketchum, Intelisys' finance VP, told CRN
that TNCI assured partners that there would be no disruption in
commission payouts.

Based in Boston, Massachusetts, Trans National Communications
provides telecommunications services for businesses.  The Company
filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case
No. 11-19595) on Oct. 9, 2011.  Judge William C. Hillman oversees
the case.  Harold B. Murphy, Esq., at Murphy & King, represents
the Debtor.  The Debtor listed assets in the range of $1 million
to $10 million and debts in the range of $10 million to $50
million.


TRAVELPORT INC: Bank Debt Trades at 16% Off in Secondary Market
---------------------------------------------------------------
Participations in a syndicated loan under which Travelport, Inc.,
is a borrower traded in the secondary market at 84.20 cents-on-
the-dollar during the week ended Friday, Oct. 14, 2011, an
increase of 1.95 percentage points from the previous week
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  The Company pays 450 basis points above
LIBOR to borrow under the facility.  The bank loan matures on Aug.
23, 2015.  The loan is one of the biggest gainers and losers among
78 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

                    About Travelport Holdings

Travelport Holdings is the direct parent of Travelport Limited, is
a broad-based business services company and a leading provider of
critical transaction processing solutions to companies operating
in the global travel industry.  With a presence in 160 countries
and approximately 3,500 employees, Travelport is comprised of the
global distribution system (GDS) business, which includes the
Galileo and Worldspan brands and its Airline IT Solutions
business, which hosts mission critical applications and provides
business and data analysis solutions for major airlines.

Travelport also owns approximately 48% of Orbitz Worldwide (NYSE:
OWW), a leading global online travel company.  Travelport is a
private company owned by The Blackstone Group, One Equity
Partners, Technology Crossover Ventures, and Travelport
management.

Travelport Holdings Limited is a holding company with no direct
operations.  Its principal assets are the direct and indirect
equity interests it holds in its subsidiaries, including
Travelport Limited.

Travelport Limited, a direct subsidiary of Travelport Holdings
Limited, reported net income of $283 million on $1.061 billion of
of net revenue for the six months ended June 30, 2011, compared
with net income of $1 million on $1.056 billion of net revenue for
the same period of 2010.  Results for the six months ended June
30, 2011, includes gain of $312 million, net of tax, from the sale
of sale of the Gullivers Travel Associates ("GTA") business to
Kuoni Travel Holdings Limited ("Kuoni").  The sale was completed
on May 5, 2011.

Loss from continuing operations was $4 million during the six
months ended June 30, 2011, compared with a loss of $2 million for
the same period of 2010.

Travelport Limited's balance sheet at June 30, 2011, showed $3.680
billion in assets, $4.136 billion in total liabilities, and a
stockholders' deficit of $456 million.


TRAVELPORT LLC: S&P Lifts Corp. Credit Ratings From 'SD' to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit ratings on travel services provider Travelport Holdings
Ltd. (Travelport Holdings) and its indirect subsidiary Travelport
LLC (Travelport) to 'B-' from 'SD' (selective default). The
outlook is stable.

At the same time, S&P raised its issue ratings on:

    Travelport's $1.681 billion of senior secured debt facilities
    to 'B' from 'CCC-'. The recovery rating on these facilities is
    unchanged at '2'.

    Travelport's $1.1 billion senior unsecured notes to 'CCC+'
    from 'C'. The recovery rating on the notes is unchanged at
    '5'.

    Travelport Holdings' $135 million and $287.5 million
    subordinated payment-in-kind (PIK) loans to 'CCC' from 'D'
    (default). The recovery rating on these instruments is
    unchanged at '6'.

    Travelport's and Travelport Holdings' other subordinated debt
    instruments to 'CCC' from 'C'. The recovery rating on these
    instruments is unchanged at '6'.

"We also assigned our 'CCC' issue rating to Travelport's new
$207.5 million second-lien term loan due December 2016, along with
a recovery rating of '6'," S&P related.

"The upgrades follow the completion of Travelport group's capital
restructuring and reflect our view that the restructuring has
improved Travelport's liquidity position," S&P said.

As part of the capital restructuring, Travelport extended the
maturity of $422.5 million of PIK loans in two tranches to
September 2012 and December 2016. The first tranche is mandatorily
exchangeable with second-lien debt in September 2012, subject
to legal confirmation, or is mandatorily extended to December
2016. In addition, Travelport issued second-lien bank debt due
December 2016 and made various transfers to partially exchange the
PIK loan previously amounting to $715 million.

"In our opinion, following the capital restructuring, liquidity is
sufficient for Travelport to meet its investment and financing
needs over the next 12 months.

However, in our view, liquidity remains less than adequate due to
a first-lien bank debt maturity in August 2013, our opinion of
Travelport's weakened standing in the credit markets, and
tightening covenant headroom in the future," S&P said.

"We could lower the ratings in the event that an effective
refinancing plan is not put in place one year in advance of the
first-lien maturity, as this would weaken Travelport's liquidity
position and make a payment default more likely in our view.

The ratings could also come under pressure if Travelport's
profitability were to fall, for instance due to airline mergers,
or an increase in the number of airlines marketing flights
themselves," S&P said.

"Given that Travelport remains highly leveraged, we view the
potential for ratings upside as limited at present," S&P said.


TRIBUNE CO: Proposes IRS Pension Claim Settlement
-------------------------------------------------
Tribune Company and its debtor affiliates seek permission from
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware to enter into a settlement with the U.S.
Department of the Treasury, Internal Revenue Service, to resolvie
certain pension-related tax claims for $7 million.

In May 2011, the Bankruptcy Court directed the parties to
participate in a non-binding mediation before the Honorable Kevin
Gross concerning the resolution of certain claims, causes of
action, and related matters arising from alleged violations of
the Employee Retirement Income Security Act in connection with
the Tribune Employee Stock Ownership Plan and the Tribune
Employee Stock Ownership Trust, an employee retirement benefit
plan sponsored by Tribune.

In August 2011, the parties reached a settlement agreement
resolving all of the claims that were the subject of the ERISA
Mediation, with the exception of:

  (i) the IRS's asserted priority claim for excise taxes under
      Section 4975 of the Internal Revenue Code in an amount
      totaling $37,500,000, together with interest accrued
      thereon, as set forth in Claim No. 6254 -- the Pension
      Claim;

(ii) the IRS claims against the ESOP for Unrelated Business
      Income Tax on its share of Tribune's S-corporation
      taxable income; and

(iii) all other claims of the IRS against Tribune and the ESOP
      that derive from allegations that Tribune and/or the ESOP
      engaged in prohibited transactions under ERISA when
      Tribune sold shares to the ESOP and made loans to the ESOP
      as part of the Leveraged ESOP Transactions that returned
      Tribune to private ownership in 2007.

As a result of extensive negotiations, the IRS, Tribune, and the
ESOP have reached a settlement resolving the ESOP Tax Issues.

The salient terms of the IRS Pension Claim Settlement are:

  (1) No later than 30 days after authorization and approval by
      the Bankruptcy Court, Tribune will make a payment of
      $7,000,000 to the IRS in full satisfaction of the Pension
      Claim;

  (2) No later than 30 days after the payment of $7,000,000, the
      IRS will amend Claim No. 6254 and release the Pension
      Claim;

  (3) The IRS will not assert, seek to assess or collect any
      claims for Section 4975 of the Internal Revenue Code
      excise tax or interest thereon from or against Tribune in
      connection with Tribune's sale of 8,928,571 Tribune
      Company shares to the ESOP on April 1, 2007 or Tribune's
      loan of $250,000,000 to the ESOP; and

  (4) For the taxable periods commencing January 1, 2007 and
      ending on December 31, 2012, the IRS will not assert, seek
      to assess or collect from or against the ESOP any UBIT
      attributable to the ESOP's ownership of Tribune shares or
      attributable to the Trust's receipt of funds pursuant to a
      settlement in a class action lawsuit styled Neil, et al.
      v. Zell, et al., before the U.S. District Court for the
      Northern District of Illinois.

A full-text copy of the IRS Pension Claim Settlement, as embodied
in a closing agreement, is available for free at:

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

"The IRS Pension Claim Settlement resolves a major outstanding
claim against Tribune on terms very favorable to the Debtors,"
Bryan Krakauer, Esq., at Sidley Austin LLP, in Chicago, Illinois,
states.

Although the Pension Claim is disputed and the Debtors believe
that this claim would be subordinated under Section 510(b) of the
Bankruptcy Code, the potential exposure is sizable, Mr. Krakauer
asserts.  Consequently, the $7 million settlement payment
reasonably accounts for the risks, time, and costs associated
with litigating the liability asserted by the IRS in the Pension
Claim and the treatment of the claim under the Bankruptcy Code,
he avers.  The $7 million settlement payment is also reasonable
given that under the ERISA Claim Settlement, the $3.2 million
claim allowed to the U.S. Department of Labor will be reduced
dollar-for-dollar by any payment made by or on behalf of Tribune
to the IRS to settle or satisfy any tax obligations it may have
under IRC Section 4975 relating to the ESOP Tax Issues, he says.

The IRS Claim Settlement also enables the Debtors and the ESOP to
avoid the imposition of any further tax liability on the ESOP
arising from allegations that Tribune or the ESOP engaged in
prohibited transactions under ERISA in connection with the
Leveraged ESOP Transactions, Mr. Krakauer points out.  He notes
that the ERISA Claim Settlement is conditional upon Tribune
reaching a settlement of the ESOP Tax Issues with the IRS.
Accordingly, approval of the IRS Settlement Motion is essential
to preserving the settlement struck in the ERISA Claim Settlement
so that the Debtors may receive all of the benefits of the
resolution of all of the ERISA-Related Claims, he maintains.

In conjunction, Tribune Chief Restructuring Officer Donald J.
Liebentritt stated in an accompanying declaration that the IRS
Settlement avoids the significant costs and distraction of
continuing the litigation and contested proceedings that are
pending with respect to all of the ERISA-Related Claims, and
avoids the potential subsequent litigation for indemnification,
contribution or reimbursement that could result.

On October 10, 2011, the Debtors filed with the Court a corrected
IRS Settlement Motion, a full-text copy of which is available for
free at http://bankrupt.com/misc/Tribune_CorrIRSSettlementMo.pdf

The Debtors disclosed that the original motion electronically
filed on October 7, 2011 did not contain page 12.  Otherwise, no
changes have been made to the text of the IRS Settlement Motion
as originally filed, the Debtors said.

At the Debtors' behest, Judge Carey shortened the notice period
with respect to the IRS Settlement Motion so that an expedited
hearing can be held on October 19, 2011.  Objections to the IRS
Settlement Motion are due no later than October 18.

In the Debtors' motion to expedite hearing, Mr. Krakauer reasoned
that because the IRS Pension Claim Settlement and the ERISA Claim
Settlement require Bankruptcy Court before they can be
implemented, setting the two settlement motions for hearing on
October 19, 2011 is an efficient use of the Bankruptcy Court's
resources.

                         About Tribune Co.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection (Bankr. D. Del. Lead Case No. 08-13141) on Dec. 8,
2008.  The Debtors proposed Sidley Austin LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North America LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets
and $12,972,541,148 in total debts.  Chadbourne & Parke LLP and
Landis Rath LLP serve as co-counsel to the Official Committee of
Unsecured Creditors.  AlixPartners LLP is the Committee's
financial advisor.  Landis Rath Moelis & Company serves as the
Committee's investment banker.  Thomas G. Macauley, Esq., at
Zuckerman Spaeder LLP, in Wilmington, Delaware, represents the
Committee in connection with the lawsuit filed against former
officers and shareholders for the 2007 LBO of Tribune.

Two competing Chapter 11 plans are being pursued in the Chapter 11
cases of Tribune.  One plan is being co-proposed by the Debtors,
the Official Committee of Unsecured Creditors, Oaktree Capital
Management, L.P., Angelo Gordon & Co., L.P. and JPMorgan Chase
Bank, N.A.  A second plan is being pursued by Aurelius Capital
Management LP, on behalf of its managed entities; Deutsche Bank
Trust Company Americas, in its capacity as successor indenture
trustee for certain series of senior notes; Law Debenture Trust
Company of New York, in its capacity as successor indenture
trustee for certain series of senior notes; and Wilmington Trust
Company, in its capacity as successor indenture for the PHONES
Notes.  Judge Kevin J. Carey has not issued a ruling on the plan.

Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


TRIBUNE CO: Writes on July 7 Decision In Prometheus Case
--------------------------------------------------------
Tribune Company and a rival group of noteholders led by Aurelius
Capital Management, L.P., wrote to Judge Carey regarding a recent
decision of the U.S. Court of Appeals for the Third Circuit in
Prometheus Radio Project v. FCC, Case Nos. 08-3078 et al. (3d
Cir. July 7, 2011).

Counsel to the DCL Plan Proponents, Eve Klindera Reed, Esq., at
Wiley Rein LLP, in Washington, DC. -- ereed@wileyrein.com --
reminded Judge Carey that regardless of which Plan is confirmed
in the Debtors' Chapter 11 cases, Tribune Company will need to
obtain waivers of the Federal Communications Commission's
newspaper/broadcast cross-ownership rule in certain markets in
order to retain its newspaper/broadcast combinations.
Accordingly, the applications currently on file with the FCC seek
waivers of that rule in the relevant markets, she says.

At the confirmation hearing, in the briefing and at the closing
arguments, the parties presented their positions concerning how
the FCC would be expected to respond to these waiver requests.
In its July 7, 2011 decision the Prometheus case, a panel of the
Third Circuit vacated and remanded the version of the NBCO rule
that the FCC had adopted in 2008 on the ground that the FCC had
failed to comply with the notice and comment requirements of
the Administrative Procedure Act.  On September 6, 2011, the
Third Circuit denied a petition for rehearing en banc, and the
mandate was issued on September 15, 2011.

Against this backdrop, the arguments that the parties presented
to the U.S. Bankruptcy Court for the District of Delaware with
respect to the waiver standard under the 2008 NBCO rule are now
inapplicable due to the issuance of the mandate in the Prometheus
case, says Ms. Reed.  In addition, whichever plan may be
confirmed, the FCC will review the waiver requests in light of
the Third Circuit's ruling, she notes.  The waiver requests in
the pending FCC applications address standards applicable under
the prior rule in addition to the one that applied under the 2008
NBCO rule, she notes.  Nevertheless, the proponents of any
confirmed plan will need to address the Third Circuit's decision
in amendments to the pending applications, she tells Judge Carey.

Notwithstanding those developments, the DCL Plan Proponents and
the Noteholders each believe that their arguments to the
Bankruptcy Court concerning the feasibility of the Plans with
respect to FCC issues continue to be valid.

A full-text copy of the Third Circuit's decision dated July 7,
2011 together with the mandate dated September 15, 2011, is
available for free at:

     http://bankrupt.com/misc/Tribune_Sept15CARuling.pdf

                         About Tribune Co.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection (Bankr. D. Del. Lead Case No. 08-13141) on Dec. 8,
2008.  The Debtors proposed Sidley Austin LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North America LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets
and $12,972,541,148 in total debts.  Chadbourne & Parke LLP and
Landis Rath LLP serve as co-counsel to the Official Committee of
Unsecured Creditors.  AlixPartners LLP is the Committee's
financial advisor.  Landis Rath Moelis & Company serves as the
Committee's investment banker.  Thomas G. Macauley, Esq., at
Zuckerman Spaeder LLP, in Wilmington, Delaware, represents the
Committee in connection with the lawsuit filed against former
officers and shareholders for the 2007 LBO of Tribune.

Two competing Chapter 11 plans are being pursued in the Chapter 11
cases of Tribune.  One plan is being co-proposed by the Debtors,
the Official Committee of Unsecured Creditors, Oaktree Capital
Management, L.P., Angelo Gordon & Co., L.P. and JPMorgan Chase
Bank, N.A.  A second plan is being pursued by Aurelius Capital
Management LP, on behalf of its managed entities; Deutsche Bank
Trust Company Americas, in its capacity as successor indenture
trustee for certain series of senior notes; Law Debenture Trust
Company of New York, in its capacity as successor indenture
trustee for certain series of senior notes; and Wilmington Trust
Company, in its capacity as successor indenture for the PHONES
Notes.  Judge Kevin J. Carey has not issued a ruling on the plan.

Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


TWIN CITY: Files Schedules of Assets and Liabilities
----------------------------------------------------
Twin City Bagel, Inc., filed with the U.S. Bankruptcy Court for
the District of Minnesota its schedules of assets and liabilities,
disclosing:

    Name of Schedule              Assets         Liabilities
    ----------------            -----------      -----------
A. Real Property                        $0
B. Personal Property            $4,026,877
C. Property Claimed as
    Exempt
D. Creditors Holding
    Secured Claims                                $2,019,907
E. Creditors Holding
    Unsecured Priority
    Claims                                                $0
F. Creditors Holding
    Unsecured Non-priority
    Claims                                        $2,541,847
                                -----------      -----------
       TOTAL                     $4,026,877       $4,561,754

Twin City Bagel, Inc., filed a Chapter 11 petition (Bankr. D.
Minn. Case No. 11-36042) in St. Paul, Minnesota, on Sept. 27,
2011.  Judge Dennis D. O'Brien presides over the case.  Michael L.
Meyer, Esq., at Ravich Meyer Kirkman McGrath Nauman, in
Minneapolis, Minnesota, represents the Debtor as counsel.  The
Company estimated assets and debts of between $10 million and $50
million.

Affiliate Lev Bakery, Inc., filed a separate Chapter 11 petition
(Bankr. D. Minn. Case No. 11-36044) on Sept. 27, 2011.


TWIN CITY BAGEL: Section 341(a) Meeting Scheduled for Nov. 1
------------------------------------------------------------
The U.S. Trustee for Region 12 will convene a meeting of creditors
of Twin City Bagel, Inc., on Nov. 1, 2011, at 1:30 p.m.  The
meeting will be held at Mtg Minneapolis - US Courthouse, 300 S
4th St 10th Floor.

Creditors are required to submit their proofs of claim by Jan. 30,
2012.

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

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

Twin City Bagel Inc. and Lev Bakery Inc. --
http://www.nationalchoicebakery.com/--  bagel makers in Minnesota
and South Carolina, filed Chapter 11 petitions (Bankr. D. Minn.
Case No. 11-36042) on Sept. 27, 2011, in South St. Paul,
Minnesota.  Twin City does business as National Choice Bakery.
The company was founded in 1990.

Michael L. Meyer, Esq., at Ravich Meyer Kirkman McGrath Nauman, in
Minneapolis, Minnesota, serves as counsel to the Debtor.  Twin
City listed assets of $8.1 million and debt of $4.7 million.  Lev
listed assets of $5.6 million against $9.3 million in debt.  The
companies say they intend to pay creditors in full.


TWIN CITY: U.S. Trustee Appoints 3-Member Creditors' Panel
----------------------------------------------------------
Habbo G. Fokkena, the United States Trustee for Region 12,
pursuant to 11 U.S.C. Sec. 1102(a) and (b), appointed three
unsecured creditors to serve on the Official Committee of
Unsecured Creditors of Twin City Bagel, Inc., dba National Choice
Bakery.

The Creditors Committee members are:

      1. Northern Ingredients
         1260 Grey Fox Road
         Arden Hills, MN 55112
         ATTN: Bob Schafer
         Acting Chairperson
         Tel: (651) 789-6690

      2. Ristow Trucking, Inc.
         PO Box 67
         Hammond, WI 54015
         ATTN: Chuck Nogle
         Tel: (800) 328-6162

      3. MR Packaging Products
         147 Heyward Street
         Brooklyn, NY 11206
         ATTN: Mark Rosenfeld
         Tel: (718) 722-3000

Twin City Bagel Inc. and Lev Bakery Inc. --
http://www.nationalchoicebakery.com/-- bagel makers in Minnesota
and South Carolina, filed Chapter 11 petitions (Bankr. D. Minn.
Case No. 11-36042) on Sept. 27, 2011, in South St. Paul,
Minnesota.  Twin City does business as National Choice Bakery.
The company was founded in 1990.

Michael L. Meyer, Esq., at Ravich Meyer Kirkman McGrath Nauman, in
Minneapolis, Minnesota, serves as counsel to the Debtor.  Twin
City listed assets of $8.1 million and debt of $4.7 million.  Lev
listed assets of $5.6 million against $9.3 million in debt.  The
companies say they intend to pay creditors in full.


TYSONS TREE: Case Summary & 9 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Tysons Tree Service, Inc.
        P.O. Box 1545
        Sterling, VA 20167

Bankruptcy Case No.: 11-17476

Chapter 11 Petition Date: October 14, 2011

Court: U.S. Bankruptcy Court
       Eastern District of Virginia (Alexandria)

Judge: Brian F. Kenney

Debtor's Counsel: John L. Lilly, Jr., Esq.
                  THE LILLY LAW GROUP, PC
                  10195 Main Street, Suite I
                  Fairfax, VA 22031
                  Tel: (571)432-0300
                  Fax: (571)432-0301
                  E-mail: john@thelillylawgroup.com

Estimated Assets: $0 to $50,000

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

The Company's list of its nine largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/vaeb11-17476.pdf

The petition was signed by Mark K. O'Dell, president.


ULTIMATE ESCAPES: Dec. 8 Plan Confirmation Hearing Set
------------------------------------------------------
On Oct. 6, 2011, the U.S. Bankruptcy Court for the District of
Delaware approved the disclosure statement explaining Ultimate
Escapes Holdings, et al.'s proposed Chapter 11 Liquidating Plan.

A copy of the Court's order approving the disclosure statement is
available for free at:

   http://bankrupt.com/misc/ultimateescapes.dsapprovalorder.pdf

The Debtors will complete the distribution of the appropriate
Solicitation Packages and Non-Voting Packages no later than
Nov. 2, 2011, to all Holders of Claims and Interests.

The Court set Oct. 28, 2011, at 5:00 p.m., as the Voting Record
Date for purposes of determining (a) which Creditors or Interest
holders are entitled to receive Solicitation Package and may be
entitled to vote to vote on the Plan; (b) the Non-Voting Parties
entitled to receive the Non-Voting Package; and (c) the
counterparties to the Contracts and Leases entitled to receive the
Information Package.

The Court established Nov. 28, 2011, at 5:00 p.m., as the Voting
Deadline, by which all Ballots accepting or rejecting the Plan
must be delivered to and actually received by the Voting Agent at
the Ballot Tabulation Center, unless extended by the Debtors in
writing.

The Court held that Dec. 8, 2011, at 10:00 a.m. will be the date
for the hearing to consider the confirmation of the Plan, and
Dec. 1, 2011, at 4:00 p.m. is the deadline for objections to
confirmation of the Plan.

As reported in the TCR on Sept. 27, 2011, a cornerstone of the
Plan is the implementation of a settlement between the Debtors,
CapitalSource, and each of their respective affiliates.  The
CapitalSource Settlement has been incorporated into the Plan,
under which the final $300,000 of financing approved under the
Final DIP Order will be funded on the Effective Date and apply to
satisfy Allowed Administrative Claims, including any Deferred
Professional Compensation Claim.  CapitalSource is the Prepetition
Secured Lender as well as the DIP Lender.

The Plan contemplates the transfer of any "remaining assets,"
which include available cash and any causes of action, to a
Liquidating Trust.  The liquidating trustee will make
distributions to the creditors pursuant to the Plan.

The Plan designates six Classes of Claims and Interests.  Under
the Plan, claimants in Classes 1, 2 and 3 are unimpaired, while
Claimants in Classes 4 and 5 are impaired.  Holders of Class 6
interests are deemed to reject the Plan.

Pursuant to the Plan, holders of the Class 1 Allowed Prepetition
Secured Lender Claim will receive 100% payment from the proceeds
from the sale of substantially all of the Debtors' Assets.

Pursuant to the CapitalSource Settlement, the Allowed Postpetition
Secured Lender Claim in Class 2 is deemed satisfied is full, and
the DIP Lender is not entitled to vote on account of its Class 2
Claims.

Holders of Allowed Tax and Other Priority claims in Class 3 will
likewise be paid 100% of their claims.

Holders of Allowed Other Secured Claims in Class 4 will receive,
at the option of the Debtors or the Liquidating Trustee, one of
the following forms of treatment: (a) full payment in Cash; (b)
the Debtors will abandon the property; or (c) such other treatment
as the Holder and the Debtors or the Liquidating Trustee will have
agreed upon in writing; or (d) such Holder will retain its lien
securing its Allowed Class 4 Other Secured Claim.

Holders of Allowed General Unsecured Claims in Class will each
receive its Pro Rata Share of the Distribution.  Estimated
recovery for this Class was not disclosed.

Holders of Class 6 Interests will not receive or retain any
Distribution under the Plan.  Class 6 is presumed to have rejected
the Plan.

The black-lined copy of the Disclosure Statement is available for
free at: http://bankrupt.com/misc/ultimateexcapes.blacklineDS.pdf

A copy of the original Disclosure Statement is available for free
at http://bankrupt.com/misc/ultimateescapes.DS.pdf

                      About Ultimate Escapes

Ultimate Escapes, Inc. -- http://www.ultimateescapes.com/-- was a
luxury destination club that sold club memberships offering
members reservation rights to use its vacation properties, subject
to the rules of the club member's Club Membership Agreement.  The
Company's properties are located in various resort locations
throughout the world.

Kissimmee, Florida-based Ultimate Escapes Holdings, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. D. Del. Case No.
10-12915) on Sept. 20, 2010.  Affiliates Ultimate Resort, LLC;
Ultimate Operations, LLC; Ultimate Resort Holdings, LLC; Ultimate
Escapes, Inc. (fka Secure America Acquisition Corporation); P & J
Partners, LLC; UE Holdco, LLC; UE Member, LLC, et al., filed
separate Chapter 11 petitions.

Scott D. Cousins, Esq., Sandra G. M. Selzer, Esq., and Nancy A.
Mitchell, Esq., at Greenberg Traurig LLP, assist the Debtors in
their restructuring efforts.  CRG Partners Group LLC is the
Debtors' chief restructuring officer.  BMC Group Inc. is the
Company's claims and notice agent.

Christopher A. Ward, Esq., Shanti M. Katona, Esq., and Peter W.
Ito, Esq., at Polsinelli Shughart PC, represent the Creditors
Committee.

Ultimate Escapes estimated assets at $10 million to $50 million
and debts at $100 million to $500 million as of the Petition Date.


UNITED RENTALS: S&P Withdraws Issue-Level Rating on ABL Facility
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its issue-level
ratings on Greenwich, Conn.-based equipment rental company United
Rentals Inc. subsidiary United Rentals (North America) Inc.'s
senior secured asset-based loan facility. "We withdrew the ratings
after the company announced that it entered an amended and
restated credit agreement, which we will not rate," S&P related.

Ratings List

United Rentals Inc.
Corporate credit rating                B/Positive

Not Rated Action; Ratings Withdrawn

                                        To                 From
United Rentals (North America) Inc.
  Sr secd ABL facility                  NR                 BB-
   Recovery rating                      NR                 1


VIRGINIA PARSONS: Hawaii Court Dismisses Predatory Lending Suit
---------------------------------------------------------------
District Judge David Alan Ezra in Hawaii dismissed a lawsuit
commenced by Timothy J. Fitzgerald and Virginia Parsons against
American Savings Bank, F.S.B.; Merscorp, Inc., and Mortgage
Electronic Registration Systems over alleged predatory mortgage
loans, according to an Oct. 13 Order, a copy of which is available
at http://is.gd/m9pEuJfrom Leagle.com.  The Plaintiffs reside in
the State of Hawaii.  In July 2007, the Plaintiffs began
researching a lender to purchase a parcel of property located at
2276 W. Vineyard Street, Wailuku, Hawaii.  On Dec. 17, 2007, the
Plaintiffs executed a promissory note agreeing to pay $800,775 to
American Savings Bank as lender.  In 2009, the Plaintiffs
defaulted and the Defendants initiated a non-judicial foreclosure
sale.  On Dec. 14, 2009, the day before the scheduled auction, Ms.
Parsons filed for Chapter 11 Bankruptcy in the United States
Bankruptcy Court for the District of Hawaii.  On May 3, 2010, MERS
was granted relief from the automatic stay in Ms. Parson's
bankruptcy case.  On June 15, 2011, Mr. Fitzgerald filed for
Chapter 13 bankruptcy.  On Nov. 8, 2010, Ms. Parsons's bankruptcy
case was converted from Chapter 11 to Chapter 7, and Dane S. Field
was appointed as the bankruptcy Trustee.  On Feb. 8, 2011, a
Discharge of Debtor was filed in Ms. Parsons' bankruptcy case.
The Plaintiffs filed their Complaint on March 23, 2011.

The lawsuit is TIMOTHY J. FITZGERALD AND VIRGINIA PARSONS, v.
AMERICAN SAVINGS BANK, F.S.B.; MERSCORP, INC., MORTGAGE ELECTRONIC
REGISTRATION SYSTEMS; MARC IOANE, ASSISTANT VP OF AMERICAN SAVINGS
BANK, FSB AND CERTIFYING OFFICER OF MERS; SUSAN TILDEN LAU, SR. VP
PRESIDENT OF AMERICAN SAVINGS BANK FSP AND CERTIFYING OFFICER OF
MERS; AND DOES 1 THROUGH 20 INCLUSIVE, CV. No. 11-00199 DAE-RLP
(D. Hawaii).


WASHINGTON MUTUAL: Shareholders Challenge Inside Trading Appeal
---------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review that shareholders have moved to
block appeals of a ruling that pushed four major hedge funds
toward a trial over insider trading in Washington Mutual Inc.'s $7
billion bankruptcy case.

As reported in the Troubled Company Reporter on Oct. 14, 2011,
Washington Mutual, still reeling from a bankruptcy judge's second
rejection of its $7 billion creditor-payment plan, has appealed a
ruling that paves the way for its shareholders to pursue insider-
trading claims against prominent distressed-debt investors.

                    About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- was the holding company for Washington
Mutual Bank as well as numerous non-bank subsidiaries.

Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators. The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). WaMu owns
100% of the equity in WMI Investment. When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695. WMI Investment
estimated assets of $500 million to $1 billion with zero debts.

WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP. The Debtor tapped Valuation Research Corporation as
valuation service provider for certain assets.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Fled LLP in New
York, and David B. Stratton, Esq., at Pepper Hamilton LLP in
Wilmington, Del., represent the Official Committee of Unsecured
Creditors. Stephen D. Susman, Esq., at Susman Godfrey LLP and
William P. Bowden, Esq., at Ashby & Geddes, P.A., represent the
Equity Committee. The official committee of equity security
holders also tapped BDO USA as its tax advisor. Stacey R.
Friedman, Esq., at Sullivan & Cromwell LLP and Adam G. Landis,
Esq., at Landis Rath & Cobb LLP in Wilmington, Del., represent
JPMorgan Chase, which acquired the WaMu bank unit's assets prior
to the Petition Date.

On Jan. 7, 2011, the Bankruptcy Court entered a 107-page opinion
determining that the global settlement agreement, among certain
parties including WMI, the Federal Deposit Insurance Corporation
and JPMorgan, upon which the Plan is premised, and the
transactions contemplated therein, are fair, reasonable, and in
the best interests of WMI. However, the Opinion and related order
denied confirmation, but suggested certain modifications to the
Company's Sixth Amended Joint Plan of Affiliated Debtors that, if
made, would facilitate confirmation.

WaMu filed a Modified Sixth Amended Joint Plan and a related
Supplemental Disclosure Statement, which it believes would address
the Bankruptcy Court's concerns.

On Sept. 13, 2011, Judge Walrath denied confirmation of WaMu's
Modified Sixth Amended Plan and granted equity committee standing
to prosecute claims for equitable disallowance but stayed the
ruling pending mediation.

Judge Walrath scheduled a status hearing for Oct. 7, 2011, at
11:30 a.m. to consider the issues to be referred to a mediator.

WaMu said it would seek confirmation of a revised plan "as soon as
practicable."

The Plan proposes to pay more than $7 billion to creditors and
incorporates a global settlement agreement resolving issues among
the Debtors, JPMorgan Chase, the Federal Deposit Insurance Corp.
in its corporate capacity and as receiver for WaMu Bank, certain
large creditors, certain WMB senior noteholders, and the
creditors' committee. The Settlement Noteholders are Appaloosa
Management, L.P., Aurelius Capital Management LP, Centerbridge
Partners, LP, and Owl Creek Asset Management, L.P.


WATER STREET: Case Dismissed; No Party Wants Settlement in Court
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
dismissed the Chapter 11 case of Water Street Development
Partners, L.P.

As reported in the Troubled Company Reporter on Sept. 6, 2011,
creditors and parties-in-interest Richard Bontke and Nathan
Bontke, asked Court to dismiss the "single asset real estate case
involving a debtor with no ongoing business to reorganize, no
income, no employees, virtually no creditors and no prospects for
reorganization.

The Bontkes noted that the Debtor's sole asset is an undivided 50%
fee interest in 81 acres of undeveloped land located at the
intersection of Highway 287 and Broad Street in Mansfield, Texas,
with the remaining 50% interest owned by the Bontkes.  The Debtor
and the Bontkes hold the property as tenants-in-common.

On Sept. 20, 2011, the Court advised the Debtor, its general
partner -- Water Street Management, LLC, The Bontkes, and secured
creditor Wells Fargo Bank, N.A., that if they desire to resolve
the disputes in the Court, the Court would deny the motion but if
the parties prefer to resolve the remaining disputes other than in
the Court, the Court would dismiss the chapter 11 case.  The
parties informed the Court that none of the them desire that the
case remain on the Court's docket.

Wells Fargo is represented by:

         Matthew T. Ferris, Esq.
         R. Michael Farquhar, Esq.
         WINSTEAD PC
         5400 Renaissance Tower
         1201 Elm Street
         Dallas, TX 75270
         Tel: (214) 745-5400
         Fax: (214) 745-5390

The Bontkes is represented by:

         Jeff P. Prostok, Esq.
         Matthew G. Maben, Esq.
         FORSHEY & PROSTOK, LLP
         777 Main Street, Suite 1290
         Fort Worth, TX 76102
         Tel: (817) 877-8855
         Fax: (817) 877-4151

              About Water Street Development Partners

Southlake, Texas-based Water Street Development Partners, L.P.,
filed for Chapter 11 bankruptcy (Bankr. N.D. Tex. Case No. 11-
42841) on May 13, 2011.  Judge Russell F. Nelms presides over the
case.  The Law Office of Mark B. French served as the Debtor's
bankruptcy counsel.

Robert DeRogatis is a limited partner of the Debtor and holds a
99% equity interest.  Water Street Management LLC holds the other
1% stake.


WATERSCAPE RESORT: Access to Cash Collateral Extended to Oct. 20
----------------------------------------------------------------
Upon the oral application of Waterscape Resort made in open court
on Oct. 4, 2011, and upon the consent of the Debtor's secured
lenders U.S. Bank National Association and USB Capital Resources,
Inc., Judge Stuart M. Bernstein extended the Debtor's authority to
use cash collateral from Oct. 13, 2011, to Oct. 20, 2011, on the
same terms and conditions as provided in the fourth agreed interim
order authorizing the Debtor to use cash collateral, dated
Aug. 18, 2011.

As reported in the TCR on Sept. 6, 2011, the use of cash
collateral will be for the sole and exclusive purpose of paying
the actual and necessary expenses incurred on or after the
Petition Date in the ordinary course of the operation and
maintenance of the the Debtor's high rise, mixed use condominium
building known as Cassa Hotel and Residences located at 66-70 West
45th Street, in New York City (the "Asset"), pursuant to the
Fourth Interim Budget.

The Lenders will have a continuing lien, title and security
interest in post-petition rents, issues and profits to the extent
provided by the mortgages and section 552(b) of the Bankruptcy
Code, which lien and security interest will attach to all
post-petition rents, issues and profits from the Asset.  The
Lenders will not, however, have a lien on actions and causes of
action pursuant to Sections 544, 547, 548, 549 and 550 of the
Bankruptcy Code, including claims against creditors for alleged
fraudulent transfers under state law utilizing Section 544 of the
Bankruptcy Code.

The Lenders and their authorized representatives will be permitted
reasonable access to the Asset, verification of rent rolls and
monthly operating reports, and conducting any desired appraisals.

                     About Waterscape Resort

Waterscape Resort LLC, aka Cassa NY Hotel And Residences, is a
Delaware limited liability company formed on or about Jan. 24,
2005.  The principal office of the Debtor is at 15 West 34th
Street, New York, New York 10001.  On July 19, 2005, Waterscape
acquired the property, consisting of the three contiguous
buildings at 66, 68 and 70 West 45th Street in Manhattan, for the
sum of $20 million to develop the property into a 45-storey
condominium project including a luxury hotel, a restaurant and
luxury residential apartments.  The purchase was financed with a
$17 million acquisition loan and mortgage from U.S. Bank
Association.

Construction of the hotel and residential units, given the name
Cassa NY Hotel and Residences, commenced in July 2007.  By the end
of September 2010, the hotel and residential units were completed.
The Debtor generates its revenue from guests who stay at the hotel
and in the Debtor's residential condominium units, and from sales
of unsold residential condominium units.  The Debtor's hotel and
rental business has produced gross revenues of approximately $17
million to $18 million on an annual basis, and by the end of
September 2010, the Debtor had sold five residential apartment
units for a total of approximately $12,710,340.

The Debtor's Cassa NY Hotel and Residences features 165 hotel
rooms, and above the hotel units, 57 residences.  The Debtor's
restaurant will occupy the first level below ground, but will be
visible from the ground floor hotel lobby.  The Debtor's
restaurant is not yet open for business.

The Debtor has for several months been embroiled in litigation
with numerous contractors and subcontractors who have asserted
alleged mechanics lien claims against the Property totaling
approximately $20 million.

As of the Petition Date, the Debtor had outstanding approximately
$134.4 million of secured loan principal obligations under credit
facilities with US Bank and USB Capital Resources, Inc.  The debt
is secured by liens upon all of the assets of the Debtor,
including mortgages on the Debtor's real property, together with
liens on all rents, proceeds and cash of the Debtor, pledges of
member interests in Waterscape, and guarantees by Waterscape
members and other third-party grantors.  The Debtor's secured debt
was incurred under three separate agreements for: (i) an
acquisition and project loan; (ii) a construction loan; and (iii)
a mezzanine loan; each of which was made in connection with the
acquisition or development of the Debtor's property.

Over the last several months, the Debtor engaged in extensive
negotiations with the Secured Lenders regarding the parameters of
a comprehensive restructuring.  The Debtor also engaged in
extensive marketing efforts and negotiations to sell its hotel
assets to a non-insider buyer.  The restructuring discussions
between the Debtor and the Secured Lenders reached an impasse, and
on March 21, 2011, UBS, the junior of the two Secured Lenders,
filed a foreclosure action against the Debtor in the Supreme Court
of the State of New York, County of New York.

The Debtor then filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 11-11593) on April 5, 2011.  Brett D. Goodman,
Esq., and Lee William Stremba, Esq., at Troutman Sanders LLP
represent the Debtor as Bankruptcy Counsel.  Holland & Knight LLP
serves as its special litigation counsel.  The Debtor disclosed
$214,285,027 in assets and $158,756,481 in liabilities as of the
Chapter 11 filing.

A 3-member Official Committee of Unsecured Creditors has been
appointed in the Debtor's Chapter 11 case.

As reported in the TCR on July 25, 2011, U.S. Bankruptcy Judge
Stuart Bernstein confirmed Waterscape Resort LLC's reorganization
plan on July 22, 2011, which calls for repaying much of the
company's debt with proceeds from the $128 million sale of the
hotel section of the development.  The Plan was filed on May 6,
2011.

The Plan will become effective upon the sale of the Debtor's
hotel, which the Debtor estimates will occur around the end of
September, 2011.


WESTLAND PARCEL: Has Access to Cash Collateral Until Nov. 30
------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
approved a stipulation extending Westland Parcel J Partners, LLC's
access to the cash collateral until November 30, 2011.

The fifth stipulation for continued cash collateral use was
entered among the Debtor and secured creditors Pacific Western
Bank and T. Courtney Dubar.  The stipulation provides for:

   -- the Debtor may exceed any line item in the budget by up to
      15% in any month as long as the overage for all items in
      the aggregate does not exceed 15% of the total budget for
      the month;

   -- the use of the cash collateral to pay for repairs; and

   -- as adequate protection, creditors holding a secured interest
      in the cash collateral will be granted replacement liens to
      the same validity and priority as their prepetition date
      liens.

A continued hearing on the Debtor's continued use of the cash
collateral is scheduled for November 23, 2011.

                About Westland Parcel J Partners

Long Beach, California-based Westland Parcel J Partners, LLC,
filed for Chapter 11 bankruptcy protection (Bankr. C.D. Calif.
Case No. 10-58987) on Nov. 15, 2010.  Jeffrey S Shinbrot, Esq.,
at The Shinbrot Firm, assists the Debtor in its restructuring
effort.   Kallman & Co., LLC, serves as its certified public
accountants.  AG Commercial serves as its leasing broker.  The
Debtor estimated its assets and debts at $10 million to
$50 million.

Affiliate David William Neary (Bankr. C.D. Calif. Case No. 10-
39802) filed separate Chapter 11 petition on July 20, 2010.


WHITTON CORP: Court OKs FamCo Advisory as Interest Rate Expert
--------------------------------------------------------------
Hon. Bruce A. Markell of the U.S. Bankruptcy Court for the
District of Nevada authorized Whitton Corporation and South Tech
Simmons 3040C, LLC to employ FamCo Advisory Services, as interest
rate expert.

As reported in the Troubled Company Reporter on Sept. 16, 2011,
upon retention, the firm, is expected provide these services:

(a) Reading Material, Surveys and Computing Financial Ratios.
    FamCo shall perform a review of appropriate documents, such as
    Court filings and appraisals of real property, and of Debtors'
    financial statistics in these Chapter 11 cases.  Via
    telephonic and other means, FamCo will conduct surveys of
    market participants known to it in order to determine
    according to professional opinion current market  conditions
    for borrowers and lenders of property such as the Debtors;

(b) Writing and Providing Report.  After reaching an opinion,
    using information and opinions gathered as to an appropriate
    rate of interest, and any other matters that appear as
    pertinent to FamCo regarding Confirmation of Debtors' Plan,
    Kenneth Funsten shall write and submit to Client a Report on
    An Appropriate Rate of Interest for Debtors' Plan (the
    "Report");

(c) Appearing for Deposition(s).  Subject to advance notice,
    Kenneth Funsten shall travel to Las Vegas, Nevada, and make
    himself available during the course of a day for a site visit
    and to have his deposition(s) taken by creditors' counsel(s).

Debtors agreed to pay FamCo's hourly rates in cash, plus expenses,
with $15,000 to be paid initially, via federal bank wire, as a
non-refundable advance for work to be performed, which will be
applied to fees and costs, subject to the provisions of the Expert
Agreement.

The firm's rates are:

     Services Rendered                       Rates
     -----------------                       -----

   Reading Material, Surveys and
   Computing Financial Ratios               $425/hour

   Appearing for Deposition(s)              $425 for travel
                                            $600 for deposition

   Appearing for Confirmation Hearing       $425 for working
                                            travel and $600 for
                                            time spent in court

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

                    About Whitton Corporation

Henderson, Nevada-based Whitton Corporation filed for Chapter 11
bankruptcy protection (Bankr. D. Nev. Case No. 10-32680) on
Dec. 5, 2010.  Hal L. Baume, Esq., Brett A. Axelrod, Esq., and
Anne M. Loraditch, Esq., at Fox Rothschild LLP, in Las Vegas,
Nev., serve as the Debtor's bankruptcy counsel.  The Debtor
estimated its assets and debts at $10 million to $50 million.

South Tech Simmons 3040C, LLC, filed a separate petition (Bank. D.
Nev. Case No. 10-32857) on Dec. 8, 2010.


WISP RESORT: Owner Enters Chapter 11 Protection
-----------------------------------------------
Dow Jones' DBR Small Cap reports that the operator of Maryland
vacation spot Wisp Resort filed for Chapter 11 bankruptcy
protection after the battered real-estate market made it tough to
sell homes that surround its golf courses and 32 ski hills.


WS MINERAL: Wins Court Nod to Employ Richard Ward as Counsel
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized WS Mineral Holdings LLC to employ Richard Ward as its
legal counsel.

                 About South of the Stadium I, LLC

South of the Stadium I, LLC, in Carrollton, Texas, filed a Chapter
11 petition (Bankr. N.D. Tex. Case No. 11-43278) on June 6, 2011.
Debtor-affiliates 261 CW Springs LTD (Bankr. N.D. Tex. Case No.
11-33757), WS Minerals LLC (Bankr. N.D. Tex. Case No. 11-43273),
and WS Mineral Holdings LLC (Bankr. N.D. Tex. Case No. 11-43290)
also filed on the same day.  Judge D. Michael Lynn presides over
the cases.  Richard W. Ward, Esq. -- rwward@airmail.net -- Plano,
Texas, serves as the Debtors' bankruptcy counsel.

South of the Stadium I, WS Minerals LLC, and WS Mineral Holdings
LLC each estimated assets and debts of $10 million to $50 million
in their petitions.  261 CW Springs estimated assets and debts of
$1 million to $10 million in its petition.  The petitions were
signed by Jeff Shirley, authorized representative.


WS MINERAL: Gets Approval to Employ Ross Helbing as Appraiser
-------------------------------------------------------------
WS Mineral Holdings LLC obtained approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Ross Helbing of
Neugent & Helbing, Inc. as appraiser.

                 About South of the Stadium I, LLC

South of the Stadium I, LLC, in Carrollton, Texas, filed a Chapter
11 petition (Bankr. N.D. Tex. Case No. 11-43278) on
June 6, 2011.  Debtor-affiliates 261 CW Springs LTD (Bankr. N.D.
Tex. Case No. 11-33757), WS Minerals LLC (Bankr. N.D. Tex. Case
No. 11-43273), and WS Mineral Holdings LLC (Bankr. N.D. Tex. Case
No. 11-43290) also filed on the same day.  Judge D. Michael Lynn
presides over the cases.  Richard W. Ward, Esq. --
rwward@airmail.net -- Plano, Texas, serves as the Debtors'
bankruptcy counsel.

South of the Stadium I, WS Minerals LLC, and WS Mineral Holdings
LLC each estimated assets and debts of $10 million to $50 million
in their petitions.  261 CW Springs estimated assets and debts of
$1 million to $10 million in its petition.  The petitions were
signed by Jeff Shirley, authorized representative.


XL GROUP: Fitch Assigns 'BB+' Rating to $350MM Series D Shares
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to XL Group Ltd.'s (XL)
recently announced $350 million issue of series D preference
ordinary shares.  Fitch has also affirmed its existing ratings on
XL and its property/casualty (re)insurance subsidiaries.  The
Rating Outlook is Stable.

The preference ordinary shares are being issued as part of the
Stoneheath Re contingent capital facility. XL expects to use the
funds received in connection with the issuance to partially repay
existing senior notes maturing in January 2012, with the balance
available for general corporate purposes.  The rating assigned to
the newly issued preferred securities is equivalent to Fitch's
rating on the company's currently outstanding series E preference
ordinary shares.

Fitch's rationale for the affirmation of XL's ratings reflects the
company's solid capitalization, reasonable financial leverage and
stable competitive position.  The ratings also reflect anticipated
challenges in a competitive property/casualty market and soft rate
environment, poor underwriting results in the first half of 2011
and the potential drag from the remaining run-off life business.

XL continues to maintain reasonable financial leverage with an
equity-credit adjusted debt-to-total capital ratio (including
accumulated other comprehensive income) of 16.8% at June 30, 2011.
Following XL's $350 million preferred share issuance and recent
senior note issuance ($400 million), repurchase of its series C
preference ordinary shares ($71 million) and conversion of its
equity security units ($575 million) from senior debt to common
equity, pro forma equity credit adjusted debt-to-total capital
declines slightly to about 16.5% at June 30, 2011, remaining below
Fitch's expected range of 20% - 25%.  Fitch also expects the
company to maintain run-rate operating earnings-based interest and
preferred dividend coverage of at least the mid single digits.

XL's competitive position remains stable, with total
property/casualty net premiums written up 11% in the first six
months of 2011, with both XL's Insurance and Reinsurance segments
experiencing premium growth.  The increases are due to targeted
new business growth, strong mid-to-upper 80% retentions at
historical levels across all lines of business and the recapture
of some of the previously lost business, partially offset by the
continuing competitive market environment and overall flat rate
environment.

Following net income posted by XL in 2010, the company recorded a
slight net loss of $1.6 million in the first half of 2011 due to
sizable catastrophe losses from the Japanese and New Zealand
earthquakes and the Australian floods.  As a result, XL's core
property/casualty operations posted a higher GAAP combined ratio
of 110.1% for the first six months of 2011 compared to a 96.4%
combined ratio for the first six months of 2010.  Excluding the
impact of catastrophes (17.6 points) and favorable reserve
development (7.7 points), XL's combined ratio for the first six
months of 2011 was 100.2%, up 4.9 points from the first six months
of 2010.  XL also recently announced a preliminary pre-tax net
loss estimate related to third quarter 2011 catastrophes in the
range of approximately $90 million to $120 million.

The key rating triggers that could result in an upgrade include
operating earnings that remain in line with higher rated peers,
overall flat to favorable loss reserve development, continued
moderate level of volatility in the investment portfolio, debt-to-
total capital maintained below 20% and continued improvement in
insurance subsidiary capitalization.

The key rating triggers that could result in a downgrade include
significant charges for reserves, investments, or runoff business
that affect equity and the capitalization of the insurance
subsidiaries, debt-to-total capital maintained above 25% and
future earnings that are significantly below industry levels.

Fitch assigns the following rating:

XL Group Ltd.

  -- $350 million series D preference ordinary shares 'BB+'.

Fitch affirms the following ratings with a Stable Outlook:

XL Group Ltd.

  -- IDR at 'BBB+';
  -- $600 million 5.25% senior notes due 2014 at 'BBB';
  -- $350 million 6.375% senior notes due 2024 at 'BBB';
  -- $400 million 5.75% senior notes due 2021 at 'BBB';
  -- $325 million 6.25% senior notes due 2027 at 'BBB';
  -- $1,000 million 6.375% series E preference ordinary shares at
     'BB+'.

XL Capital Finance (Europe) PLC

  -- IDR at 'BBB+';
  -- $600 million 6.5% guaranteed senior notes due 2012 at 'BBB'.

Stoneheath Re

  -- IDR at 'BBB+';
  -- $350 million non-cumulative perpetual preferred at 'BB+'.

Fitch has also affirmed at 'A' the IFS ratings of the following
XL Group Ltd. (re)insurance subsidiaries with a Stable Outlook:

  -- XL Insurance (Bermuda) Ltd;
  -- XL Re Ltd;
  -- XL Insurance Switzerland;
  -- XL Re Latin America Ltd;
  -- XL Insurance Company Limited;
  -- XL Insurance America, Inc.;
  -- XL Reinsurance America Inc.;
  -- XL Re Europe Limited;
  -- XL Insurance Company of New York, Inc.;
  -- XL Specialty Insurance Company;
  -- Indian Harbor Insurance Company;
  -- Greenwich Insurance Company;
  -- XL Select Insurance Company.


YAZOO PIPELINE: Court OKs Ch. 7 Trustee's 2nd Amended Complaint
---------------------------------------------------------------
Bankruptcy Judge Marvin Isgur granted, in part, and denied, in
part, the request of plaintiffs, including Joseph M. Hill -- the
chapter 7 trustee for Yazoo Pipeline Co., LP, Sterling Exploration
& Production Co., LLC, and Matagorda Operating Co., LLC -- for
leave to file a Second Amended Complaint against New Concept
Energy, Inc., and other defendants.

The lawsuit was filed Dec. 2, 2010, by the Chapter 7 Trustee,
Mining Oil, Inc., and Randall O. Sorrels against New Concept
Energy, Coastland Operations LLC, Gulf Coast Exploitation LLC,
Dave Morgan, Charles Cheatham, and John Thibeaux.  The Plaintiffs'
allegations concern misconduct that occurred before and after the
conversion of the cases.  According to the Plaintiffs, one or more
of the Defendants (i) diverted estate assets without Court
authorization, (ii) misrepresented NCE's interest in the Debtor's
assets, (iii) permitted a valuable oil and gas lease to lapse with
the intent that the lease to be purchased by another entity, (iv)
misappropriated Debtors' data and cash collateral, and (v) filed
inaccurate and misleading budgets and monthly operating reports.
The Plaintiffs have settled with Gulf Coast and Mr. Thibeaux.

The lawsuit is, Joseph M. Hill, et al., v. New Concept Energy,
Inc., et al., Adv. Proc. No. 10-3655 (Bankr. S.D. Tex.).  A copy
of the Court's Oct. 14, 2011 Memorandum Opinion is available at
http://is.gd/wH3Wz4from Leagle.com.

Yazoo Pipeline Co., LP, Sterling Exploration & Production Co.,
LLC, and Matagorda Operating Co., LLC sought chapter 11 protection
(Bankr. S.D. Tex. Case No. 08-38121) on Dec. 23, 2008.  The cases
were converted to chapter 7 liquidation proceedings on Dec. 8,
2009, and Joseph Hill was appointed as the Chapter 7 Trustee for
the Debtors' estates.  Sterling was an oil and gas exploration and
production company.  Yazoo was an oil and gas pipeline companym
transporting Sterling's and other companies' oil and gas to shore
for delivery to purchasers.   Matagorda was the general partner of
Yazoo and the manager of Sterling.


YELLOWSTONE MOUNTAIN: Court Rejects Claims for Membership Deposit
-----------------------------------------------------------------
Bankruptcy Judge Ralph B. Kirscher expunged most of the claims
asserted by James J. Dolan and his kin for damages arising from
the supposed rejection of their membership in Yellowstone Mountain
Club.  Under the Residential Membership Agreements, resident
members are, in the event of recall of a membership, entitled to a
refund of the Membership Deposit.  Judge Kirscher noted that the
Dolan Family claimants, under the plain language of the Company
Membership Agreements, did not pay any membership deposit.  As
such, the Dolan Family claimants asserting damages for rejection
of their Company Memberships are not entitled to any damage claim.

The Yellowstone Club Liquidating Trust had challenged the Dolans'
claims.

Judge Kirscher, however, declined to enter a summary judgment
ruling on the trust's objection to Mr. Dolan's Claim No. 704 -- a
claim of $250,000 for "Contract - Refund of Pioneer Membership
Deposit[.]" -- because a material fact exists as to whether Mr.
Dolan's membership agreement was accepted by the party who
acquired substantially all the Debtors' assets.  The Court will
hold another hearing on the remaining claim on Dec. 6.

A copy of Judge Kirscher's Oct. 12, 2011 Memorandum of Decision is
available at http://is.gd/Wre8R3from Leagle.com.

                      About Yellowstone Mountain

Located near Big Sky, Montana, Yellowstone Mountain Club LLC --
http://www.theyellowstoneclub.com/-- is a private golf and ski
community with more than 350 members, including Bill Gates and Dan
Quayle.  The Company was founded in 1999.

Yellowstone Club and its affiliates filed for Chapter 11
bankruptcy (Bankr. D. Montana, Case No. 08-61570) on Nov. 10,
2008.  The Company's owner affiliate, Edra D. Blixseth, filed for
Chapter 11 relief on March 27, 2009 (Case No. 09-60452).

In June 2009, the Bankruptcy Court entered an order confirming
Yellowstone's Chapter 11 Plan.  Pursuant to the Plan, CrossHarbor
Capital Partners LLC acquired equity ownership in the reorganized
Club for $115 million.

Attorneys at Bullivant Houser Bailey PC and Bekkedahl & Green
PLLC represented the Debtors.  The Debtors hired FTI Consulting
Inc. and Ronald Greenspan as CRO.  The official committee of
unsecured creditors were represented by Parsons, Behle and
Latimer; and James H. Cossitt, Esq., as counsel.  Credit Suisse,
the prepetition first lien lender, was represented by Skadden,
Arps, Slate, Meagher & Flom.


ZOGENIX INC: To Hold "Say-on-Pay" Votes on Triennial Basis
----------------------------------------------------------
At the 2011 Annual Meeting, Zogenix, Inc.'s stockholders voted on,
among other matters, a proposal regarding the preferred frequency
of stockholder advisory votes on the compensation of the Company's
named executive officers?or future "say-on-pay" votes.  As
previously reported by the Company, a majority of the votes cast
on the frequency proposal were cast in favor of holding the "say-
on-pay" vote on a triennial basis.

In consideration of the stockholder vote at the 2011 Annual
Meeting on the frequency proposal, the Company's Board of
Directors decided that the Company will hold an advisory
"say-on-pay" vote on a triennial basis until the next stockholder
vote on the frequency of "say-on-pay" votes, which will be no
later than the Company's annual meeting of stockholders in 2017.

                        About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

The Company's balance sheet at June 30, 2011, showed
$51.4 million in total assets, $58.5 million in total liabilities,
and a stockholders' deficit of $7.1 million.

As reported in the TCR on March 8, 2011, Ernst & Young LLP, in San
Diego, Calif., expressed substantial doubt about Zogenix's ability
to continue as a going concern, following the Company's 2010
results.  The independent auditors noted that of the Company's
recurring losses from operations and lack of sufficient working
capital.


ZOO ENTERTAINMENT: Currently in Talks of Forbearance with Panta
---------------------------------------------------------------
As previously reported, Zoo Publishing, Inc., Zoo Entertainment,
Inc.'s wholly-owned subsidiary, entered into the First Amendment
to Amended and Restated Factoring and Security Agreement with
Panta Distribution, LLC, pursuant to which the parties agreed to
amend that certain Amended and Restated Factoring and Security
Agreement dated as of June 24, 2011, by and between Zoo Publishing
and Panta, to increase the amount of credit available under the
Factoring Agreement and to amend certain other terms and
conditions of the Factoring Agreement. The Company previously
disclosed the entry into the Factoring Agreement in its Current
Report on Form 8-K filed with the Commission on June 30, 2011.

On Oct. 7, 2011, Zoo Publishing received a letter from Panta
pursuant to which Panta alleges that certain events of default
have occurred and continue to exist under Section 17.1 of the
Amendment, including (i) Zoo Publishing's failure to comply with
the minimum payment amounts due to Panta as set forth in Section
20.1 of the Factoring Agreement, (ii) the unauthorized forgiveness
of certain accounts receivable owed by a customer in violation of
Section 13.1 of the Factoring Agreement, and (iii) the existence
of a material adverse effect as Zoo Publishing has declared its
inability to meet its debts as such debts become due.  Events of
default, if not waived, would prevent the Company from borrowing
and accelerate all of Zoo Publishing's obligations under the
Factoring Agreement.  As of Oct. 13, 2011, the amount of the
direct financial obligation under the Factoring Agreement is
approximately $1,175,000 and would be immediately due and payable
at Panta's election.  The Factoring Agreement also allows Panta to
charge interest at a rate of 15% per annum on such obligation.

Panta has notified Zoo Publishing that it reserves all of its
rights and remedies available following the occurrence of an event
of default under the Factoring Agreement, but to date, none of the
obligations under the Factoring Agreement has been accelerated.
Zoo Publishing is currently in discussions with Panta regarding
the possibility of amending the current terms of the Factoring
Agreement or obtaining a waiver or forbearance of the
aforementioned events of default, although Zoo Publishing can
provide no assurance that Panta will not elect to accelerate all
of Zoo Publishing's obligations under the Factoring Agreement.

                      About Zoo Entertainment

Cincinnati, Ohio-based Zoo Entertainment, Inc. (NASDAQ CM: ZOOG)
is a developer, publisher and distributor of interactive
entertainment for Internet-connected consoles, handheld gaming
devices, PCs, and mobile devices.

The Company's balance sheet at June 30, 2011, showed $8.8 million
in total assets, $14.0 million in total liabilities, and a
stockholders' deficit of $5.2 million.

As reported in the TCR on Apr 26, 2011, EisnerAmper LLP, in
Edison, N.J., expressed substantial doubt about Zoo
Entertainment's ability to continue as a going concern, following
the Company's 2010 results.  The independent auditors noted that
the Company has both incurred losses and experienced net cash
outflows from operations since inception.


* Agape Owner Cosmo Sentenced to 25 Years in Ponzi Scheme
---------------------------------------------------------
Dow Jones' DBR Small Cap reports that a Long Island investment
manager was sentenced to 25 years in prison in a massive, $400
million Ponzi scheme that revolved around investments to
purportedly fund short-term commercial loans.


* S&P Puts 'CCC' Ratings on 3 Calif. Tax Bonds on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed 16 of its underlying
ratings on certain California redevelopment agencies' (RDA) tax
allocation bonds (TABs) on CreditWatch with negative implications.

"The CreditWatch is due to the agencies' reliance on unpledged
resources to meet debt service payment obligations, particularly
in light of new legislation regarding redevelopment agencies that
we believe could further deteriorate already-weakened credit
characteristics," said Standard & Poor credit analyst Sussan
Corson.

"The affected agencies do not currently demonstrate what we
consider to be adequate maximum annual debt service (MADS)
coverage by pledged revenue or pledged reserve funds. Should the
state supreme court uphold legislation passed by California
earlier this year, we believe that agencies are likely to see
transfers of previously unencumbered fund balances that they might
have otherwise used to cover pledged revenue shortfalls.
Therefore, since the agency will likely have access only to
pledged monies, particularly debt service reserves to cover
shortfalls in pledged revenue, we believe these TABs
with inadequate debt service coverage could be further
constrained," S&P related.

On June 30, 2011, Gov. Jerry Brown signed the fiscal 2012 state
budget putting into effect two bills dissolving redevelopment
agencies that do not divert a specified annual amount of tax
increment revenue to schools and local special districts. The
legislation provides for the continued repayment of existing
tax increment bonds, as scheduled, by successor agencies. Assembly
Bill x1 26 governs the dissolution of redevelopment agencies
(dissolution legislation). Assembly Bill x1 27 permits
redevelopment agencies to continue to exist if, by no later than
Nov. 1, 2011, the city or county enacts an ordinance to divert a
specified amount of tax increment revenue to schools and local
special districts (continuing legislation). In early August 2011,
the California Supreme Court agreed to hear a case challenging
both pieces of legislation; the court action temporarily stays the
dissolution of the agencies as well as the payments to schools and
local special districts, but agencies are still subject to
portions of the dissolution legislation that prohibit them from
issuing debt, entering into contracts, purchasing property, or
transferring assets. The court designed an expedited briefing
schedule to render a decision by Jan. 15, 2012.

"The underlying TAB ratings on CreditWatch are already
speculative-grade but we believe that the new law, if upheld, is
likely to accelerate credit deterioration for these bonds assuming
no recovery in project area AV," S&P said.

Ratings Placed On CreditWatch Negative
Issuer                   Series               Rating
Cathedral City RDA       2007 (second lien)   BB
Coalinga RDA             2009C                BB
Contra Costa RDA         2007A, 2007A-T       BB+
Contra Costa RDA         1999                 B
Contra Costa RDA         2007B (second lien)  B
Desert Hot Springs RDA   2006A, 2008A, 2008B  B
Greenfield RDA           2002, 2006           BB+
Hercules RDA             2005                 CCC
Hesperia RDA             2005                 BB+
Lancaster RDA            2004, 2006           BB+
Lancaster RDA            1994                 BB
Lancaster RDA
2003, 2003B, 2004B, 2006 (second lien)       BB
Oakley RDA               2008A (second lien)  BB+
Riverbank RDA            2007A                CCC
Riverbank RDA            2007B                CCC
Stockton PFA             2006                 B

"We expect to resolve the CreditWatch after the court decision,
which we expect should clarify the status of these funds for
redevelopment agencies in the state," S&P said.


* Default Warning Signs Appear Among Issuers of Junk Bonds
----------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that a key indicator of
the health of speculative-grade companies is showing signs of
weakness, raising concern that a rise in defaults could be around
the corner.


* Negative Pressure for U.S. Companies Due to Pension Performance
-----------------------------------------------------------------
U.S. corporations and utility holding companies are experiencing
negative credit pressure due to increased underfunding of their
pension plans, says Moody's Investors Service in a pair of new
reports.
"The pressure could build for some issuers going into 2012," said
Moody's Vice President Wesley Smyth, author of a report on the
impacts to corporations, and of a separate report on how utility
pension funds have been affected. "While not the sole driver for
future ratings downgrades, we expect continuing pension
underfunding will add strain to corporate and utility ratings."
Discount rates -- the rates at which future benefit payments are
valued in today's dollars -- have steadily decreased largely due
to lower interest rates. This, combined with falling asset values,
has caused a sizeable decline in the funded status of utility and
corporate pension plans. For both corporates and utilities,
Moody's estimates that the current funding level is approximately
73%, down from year-end 2010's 81%. "Where pre-funding of pension
obligations is required by US law, increased cash funding
requirements -- in tandem with debt service and other funding
requirements as measured against liquidity -- will be key
considerations in an uncertain environment," said Mr. Smyth.
Moody's central scenario in its global macro outlook assumes a
rising long-term interest rate environment over the near to medium
term. "If this occurs, and assuming asset values remain constant,
pension underfundings should start to return to pre 2008 levels,"
said Mr. Smyth. "This would be a credit positive and reduce or
eliminate current ratings pressure due to pension underfundings."
Moody's found that utility pension plans reduced underfunded
balances at a faster pace than the average corporate industrial
peer, mainly due to proportionately higher annual contributions.
"We expect this credit positive trend to continue," said Mr.
Smyth. The report on corporations, "Lower Discount Rates Hampering
Pension Plans More Than Asset Returns," is available at moodys.com
along with the report on utilities, "Rise in Utility Unfunded
Pensions are Credit Negative."


* Corp Bond Issuers Better Positioned Than 4 Yrs Ago, Moody's Says
------------------------------------------------------------------
U.S. non-financial companies are financially better positioned
today than they were four years ago to withstand a mild recession,
should one occur, according to a new report from Moody's Investors
Service. Moody's says despite some recent signs of a downtick in
corporate credit quality, companies generally have ample financial
cushions for riding through a downturn.

The refinancing and restructuring of the last few years have
bolstered corporate balance sheets, which now feature markedly
stronger median credit metrics due to improvements in operating
earnings, reductions in interest expenses, and the accumulation of
substantial amounts of cash since the credit crisis.

"Our rated companies have weathered the worst of the turmoil,"
says Mark Gray, Managing Director of Moody's US and Americas
Corporate Finance, and author of the report. "They're better
positioned than they were at the height of the financial crisis
and recession in 2007."

"Still, we are seeing signs of change, in the recent, albeit
slight, deterioration of several of our proprietary indicators of
credit quality, consistent with a rise in risk-aversion in the
credit markets that's evidenced by widening credit spreads and
sharply declining debt issuance," adds Mr. Gray.

Concerns about the global economy and some European sovereigns
could lead to pressure on corporate issuers, says Moody's. The
pressure would begin if market access for the lower-rated
companies were to be curtailed for a prolonged period or if
economies were to weaken materially.

At this point, however, it is too soon to point to a downturn in
corporate credit.

For example, most rating outlooks for Moody's rated companies are
either stable or positive, and there have been few corporate
rating downgrades, reflecting the overall strength of corporate
credit profiles.

Moreover, Moody's Liquidity-Stress Index and Covenant Stress Index
are both near record lows, indicating that very few companies are
struggling with tight liquidity or covenant compliance.
Moody's default forecast is quite moderate as well, with an
expected US speculative-grade default rate of 2.3% a year from
now, compared with 2% in September, which is far below the credit
crisis peak of 14.5%.

The report, entitled "Hanging Tough: Despite slight deterioration
in credit quality indicators, companies maintain a cushion to
withstand a downturn," can be accessed at www.moodys.com.


* Sandberg Accused of Misrepresenting Chapter 7 Fees
----------------------------------------------------
Martin Bricketto at Bankruptcy Law360 reports that the Sandberg
Law Firm LLC on Monday was slapped with a putative consumer class
action claiming it fraudulently failed to inform bankruptcy
clients that its fees in the form of post-dated checks and debit
transactions were actually dischargeable debt.


* Federal Reserve Adopts 'Living Wills' Rule for Riskiest Firms
---------------------------------------------------------------
Ian Thoms at Bankruptcy Law360 reports that the Federal Reserve on
Monday gave the largest, most systemically crucial financial
companies until July 1 to submit their so-called living wills --
detailed plans on how to divide up their assets if they fail.

The final rule, a key component of the Dodd-Frank Wall Street
Reform and Consumer Protection Act, will require bank holding
companies and major nonbank financial institutions, like insurance
companies and investment banks, to craft living wills so
regulators can quickly unwind them, if necessary, in a manner that
limits ripple effects.


* Investors Balk at Wilbur Ross's Latest Private Equity Fund
------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review that Wilbur Ross Jr. is one of
the world's richest and best-known investors on Wall Street.  But
that hasn't been enough to win over some firms that looked at his
latest private-equity fund, according to the report.


* Alvarez & Marsal Honored With Year Award
------------------------------------------
Leading global professional services firm Alvarez & Marsal has
been honored with the Turnaround Management Association's
Turnaround of the Year Award (Mega Company) for the restructuring
of global specialty chemicals company Chemtura Corp.  Sharing in
the honor are law firm Kirkland & Ellis and the investment bank
Lazard Freres & Co, who were instrumental in the success of the
case.

A&M managing director Ray Dombrowski led the firm's efforts and
was supported by director Ralph Schipani.  The team also included
Kirkland & Ellis lawyers M. Natasha Labovitz, Richard Cieri and
Craig Bruens, and Lazard's Daniel Aronson and Sachin Lulla.

In 2009, Kirkland & Ellis, Lazard and Alvarez & Marsal were
retained to develop and execute a daunting turnaround for Chemtura
Corp., which ultimately filed for relief under Chapter 11, listing
$3.06 billion in assets and $2.6 billion in liabilities.  Once the
third largest publicly traded U.S. specialty chemicals company,
Chemtura Corp. had fallen from its perch as a $3.8 billion
revenue-producing giant to become a business so deep in the lurch
that suppliers came to its rail yard to repossess raw materials.

Working on parallel tracks, the team moved swiftly to repair
operations, tackle daunting legal claims and fortify the company's
financial condition.  Just nineteen months after the filing,
Chemtura emerged from bankruptcy in November 2010 under a plan
that repaid creditors 100 percent and recouped roughly $60 million
for pre-petition equity holders.  For Q1 2011, the company
reported gross profit of $161 million, up from $139 million in
2010, which represented, in each case, 23 percent of net sales.
Click here to read the full Chemtura case study.

A&M has been honored numerous times by the Turnaround Management
Association, the only international non-profit association
dedicated to corporate renewal and turnaround management.  In
addition to Chemtura, A&M's award-winning engagements include:
Rossignol, The Warnaco Group, AMERCO, Spiegel, Inc., Treofan
Germany GmbH, and Ihr Platz GmbH & Co. This is the first year A&M
has been recognized in the Mega category.

                      About Alvarez & Marsal

Alvarez & Marsal (A&M) -- http://www.alvarezandmarsal.com/-- is a
global professional services firm specializing in turnaround and
interim management, performance improvement and business advisory
services.  A&M delivers specialist operational, consulting and
industry expertise to management and investors seeking to
accelerate performance, overcome challenges and maximize value
across the corporate and investment lifecycles.  Founded in 1983,
the firm is known for its distinctive restructuring heritage,
hands-on approach and relentless focus on execution and results.


* DLA Piper Bankruptcy Chair Joins Brown Rudnick
------------------------------------------------
Hilary Russ at Bankruptcy Law360 reports that Brown Rudnick LLP
said Monday it had snared H. Jeffrey Schwartz, who most recently
was the chair of DLA Piper's restructuring practice and who has
practiced bankruptcy law for more than three decades, to be a
partner its New York office.


* Miller Buckfire to Name Harvey Golub as Chairman
--------------------------------------------------
Michael J. de la Merced, writing for The New York Times' DealBook,
reports that investment bank Miller Buckfire plans to name Harvey
Golub its chairman on Tuesday, bringing in a financial services
veteran to help oversee a revamping of its operations.

The NY Times says the appointment of Mr. Golub, the former chief
executive of American Express and a former chairman of the
American International Group, comes amid major changes for the
nine-year-old firm.

The NY Times recounts Miller Buckfire earlier this year struck a
partnership with Stifel Financial in a bid to gain access to the
bigger firm?s financing capabilities, which could help it win new
business.  Stifel has also indicated that it is interested in
eventually buying Miller Buckfire outright.  But the alliance also
coincided with the retirement of Miller Buckfire?s co-founder,
Henry Miller, and the departure of several senior bankers.

According to The NY Times, by naming Mr. Golub, a member of the
firm?s advisory board since 2004, Miller Buckfire is hoping to
install a mentor to junior bankers and bring in an experienced
hand to advise on client matters. It isn?t clear yet how much time
that will involve, however.

According to the NY Times, many executives involved in
restructurings have questioned about the firm?s fate, especially
after the departures of top bankers like Mr. Miller; Durc A.
Savini, who went to the Peter J. Solomon Company; and Marc Puntus
and Sam Greene, who joined Centerview Partners.  But Mr. Buckfire
maintained that the firm had had little trouble hiring new
partners, according to the report.

The NY Times also notes that Miller Buckfire is naming William E.
Mayer, a former chief executive of First Boston, to its advisory
board.


* 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/

Nov. 28, 2011
  BEARD GROUP, INC.
     18th Annual Distressed Investing Conference
        The Helmsley Park Lane Hotel, New York City
           Contact: 1-240-629-3300

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 ***