/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/111122.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, November 22, 2011, Vol. 15, No. 324 Headlines 119 WEBSTER: Voluntary Chapter 11 Case Summary 785 PARTNERS: First Manhattan Wants Exclusivity Terminated 1321 MEMORIAL: Voluntary Chapter 11 Case Summary AE BIOFUELS: Unit Amends Note Purchase Agreement with Third Eye AE BIOFUELS: Changes Company Name to Aemetis AHKH LLC: Places Quality Inn Motel in Bankruptcy AMERICAS ENERGY: Incurs $1 Million Net Loss in Sept. 30 Quarter AMT LLC: Bank Wants Case Dismissed on 'Bad Faith' Filing AQUILEX HOLDINGS: Secures $15 Million in Incremental Financing AR BROADCASTING: Cumulus Media Units File for Chapter 11 AVSTAR AVIATION: Delays Filing of Form 10-Q for Sept. 30 Qtr. B GREEN INNOVATIONS: Incurs $54,727 Net Loss in Third Quarter BALLY TOTAL: Sells 171 Outlets to L.A. Fitness BANK OF AMERICA: Regulators Warn of Public Enforcement Action BEACH AVENUE: Voluntary Chapter 11 Case Summary BEACON POWER: To Sell Stephentown Flywheel Plant by January BEACON POWER: Gov't to Get Lien on Assets to Fix Sale Dispute BEACON POWER: Writes Down Value of Stephentown Energy Plant BEAZER HOMES: Incurs $204.8 Million Net Loss in Fiscal 2011 BERNARD L. MADOFF: Jewish Assoc. Seeks District Review of Suit BIOFUELS POWER: Delays Filing of Form 10-Q for 3rd Quarter BIOZONE PHARMACEUTICALS: Delays Filing of Quarterly Report BLITZ USA: Gets Interim OK to Pay $1.3MM Critical Vendors Claim BONDS.COM GROUP: Delays Filing of Form 10-Q for Sept. 30 Quarter BRAD & SONS: Voluntary Chapter 11 Case Summary BRAY & JAMISON: Anloc Creditors Want Ch. 11 Trustee to Take Over BRIGHAM EXPLORATION: Faces "Hoppe" Complaint Over Merger Pact BRIGHAM EXPLORATION: Faces "Thompson" Complaint Over Merger Pact BROWNSTONE LOFTS: Automatic Stay Doesn't Apply in Oakland Property BROWNSTONE LOFTS: Files Schedules of Assets and Liabilities BROWNSTONE LOFTS: Wants Unit's Case Transferred to Judge Montali CABI SMA: Deadline for Amended Plan Disclosures Today CALYPTE BIOMEDICAL: Delays Filing of Form 10-Q for 3rd Quarter CANO PETROLEUM: Delays Filing of Form 10-Q for Sept. 30 Quarter CAPITOL CITY: Incurs $1.4 Million Net Loss in Third Quarter CAPITOL CITY: Amends 5 Million Common Shares Offering CARESTREAM HEALTH: Bank Debt Trades at 11% Off in Secondary Market CARTER'S GROVE: Court to Hold Plan Hearings Feb. 28 to 29 CATALYST PAPER: Incurs $205.7 Million Net Loss in Third Quarter CATALYST PAPER: Incurs C$205.7 Million Net Loss in Third Quarter CCB INVESTORS: U.S. Trustee Unable to Form Committee CELL THERAPEUTICS: Four Directors Elected at Annual Meeting CENTRAL FEDERAL: Amends Form S-1 Registration Statement CENTRAL PROGRESSIVE: Closed; First NBC Bank Assumes All Deposits CHEYENNE INDUSTRIAL: Case Summary & 4 Largest Unsecured Creditors CHINA GREEN: Incurs $21,363 Net Loss in Third Quarter CIRTRAN CORP: Delays Filing of Third Quarter Form 10-Q CITY NATIONAL: Delays Filing of Third Quarter Form 10-Q CLAIRE'S STORES: Bank Debt Trades at 14% Off in Secondary Market CLEAN BURN: Taps Neal Bradsher to Prepare and File 2011 Tax Return CLEAR CHANNEL: Bank Debt Trades at 23% Off in Secondary Market CLOCK TOWER: Case Summary & 7 Largest Unsecured Creditors COMMERCIAL VEHICLE: Arnold Siemer Appointed to Board of Directors COMMUNITY TOWERS: Files Schedules of Assets and Liabilities CONQUEST PETROLEUM: Financial Trouble Causes Delay in Q3 Filing CORDIA COMMUNICATIONS: Notifies Court of Change of Mailing Address CROSS BORDER: Board Adopts Amendment to Company's Bylaws CRYSTAL CATHEDRAL: Will Sell Property to Diocese for $57.7 Million CUI GLOBAL: Posts $424,323 Consolidated Net Profit in Q3 CULLIGAN INT'L: Bank Debt Trades at 30% Off in Secondary Market CUMULUS MEDIA: AR Broadcasting Affiliates in Chapter 11 CYBEX INTERNATIONAL: Nasdaq Grants Request for Continued Listing D&R PRINTING: Case Summary & 4 Largest Unsecured Creditors DADDY'S JUNKY: To File for Bankruptcy After Closing All 12 Outlets DALLAS STARS: Get Approval to Sell Hockey Team to Gaglardi DALLAS STARS: Plan Confirmation Hearing Wednesday DEGAETANO CONCRETE: Case Summary & 19 Largest Unsecured Creditors DIABETES AMERICA: Wants Plan Confirmation Hearing Reset to Dec. 5 DIABETES AMERICA: Court Approves Porter Hedges as New Counsel DIAMOND RANCH: Incurs $126,990 Net Loss in Third Quarter DOG SOLUTIONS: Files for Chapter 11 Bankruptcy Protection DZF PROPERTIES: Case Summary & Largest Unsecured Creditor EASTMAN KODAK: Soliciting Offers for Kodak Gallery ELEPHANT & CASTLE: Court Sets Dec. 15, 2011 as Claims Bar Date EMMIS COMMUNICATIONS: Buys 645,504 Preferred Shares EMMIS COMMUNICATIONS: Joseph Siegelbaum Resigns from Board ENCORIUM GROUP: Delays Filing of Sept. 30 Quarter Form 10-Q ENER1 INC: Aspire Terminates Common Stock Purchase Agreement ENERGY COMPOSITES: Delays Filing of Form 10-Q for Sept. 30 Qtr. EPAZZ INC: Delays Filing of 3rd Quarter Form 10-Q EVERGREEN SOLAR: Court Sets Dec. 30, 2011 as Claims Bar Date EVERGREEN SOLAR: Inks First Amendment to Support Agreement FANNIE MAE: Bans Baum Law Firm From New Foreclosures FENTURA FINANCIAL: Incurs $700,000 Third Quarter Net Loss FIDDLERS CREEK: Region Bank Wants Property Conveyance Completed FREDDIE MAC: Bans Baum Law Firm From New Foreclosures FUSION TELECOMMUNICATIONS: Incurs $1-Mil. 3rd Qtr. Net Loss GENERAL MARITIME: Wins Interim Access of $30MM From DIP Loans GENMED HOLDING: Delays Filing of 3rd Quarter Form 10-Q GIORDANO'S ENTERPRISES: Court OKs Sale to VPC Pizza Holdings GLEN ROSE: Posts $1.2 Million Net Income in June 30 Quarter GLOBAL SHIP: Incurs $935,000 Net Loss in Third Quarter GMX RESOURCES: To Swap 11.375% Sr. Notes for 11.00% Sr. Notes GOMERA GOVI: Case Summary & 20 Largest Unsecured Creditors GRACEWAY PHARMACEUTICALS: Hearing Today to Approve Medicis Sale GREAT ATLANTIC: Oppenheimer Analysts Lift EPS Estimates GREENSHIFT CORP: Delays Filing of Third Quarter Form 10-Q GUITAR CENTER: Incurs $27.4 Million Net Loss in Third Quarter HANMI FINANCIAL: To Sell 87.5-Mil. Common Shares at $0.80 Apiece HARRISBURG, PA: PCEDD Chief Counsel Named as Receiver HAWKER BEECHCRAFT: Reduction Program Affects 300 Employees HERITAGE CONSOLIDATED: Has Deal for Cash Access Until Nov. 30 HERITAGE CONSOLIDATED: Informs Parties of Mailing Address Change HMC/CAH CONSOLIDATED: Panel Taps Kilpatrick Townsend as Counsel HMC/CAH CONSOLIDATED: Court Rules Patient Care Umpire Not Needed HOMELAND SECURITY: Delays Filing Form 10-Q for Sept 30 Qtr. HUNTER HELICOPTERS: Case Summary & 2 Largest Unsecured Creditors HUSSEY COPPER: Files Schedules of Assets and Liabilities HUSSEY COPPER: Court Okays Klehr as Committee Counsel HUSSEY COPPER: Court OKs Lowenstein Sandler as Committee's Counsel IMPERIAL CAPITAL: Court Sets Dec. 20 Disclosure Statement Hearing INTERNATIONAL TEXTILE: Incurs $14.5 Million 3rd Quarter Net Loss IVEDCO LLC: Case Summary & 20 Largest Unsecured Creditors KAD INCORPORATED: Case Summary & 15 Largest Unsecured Creditors LAS VEGAS MONORAIL: Judge Markell Rejects Chapter 11 Exit Plan LEHR CONSTRUCTION: Ch. 11 Trustee Hires Glanstein as Counsel LITHIUM TECHNOLOGY: Delays Filing of 3rd Quarter Form 10-Q LITTLETON APARTMENTS: Court Denies Request for Case Dismissal LITTLETON APARTMENTS: Neligan Foley OK'd to Handle Chapter 11 Case LITTLETON APARTMENTS: Wins Court OK to Hire Apartment Realty LOS GATOS: Plaintiffs Say Hotel May be Lost to Foreclosure LSL INVESTMENTS: Voluntary Chapter 11 Case Summary LTS NUTRACEUTICALS: Incurs $1.1 Million Net Loss in 3rd Quarter MAGUIRE GROUP: May Pursue Claims vs. Former Owners MANISTIQUE PAPERS: Committee Hires J.H. Cohn as Financial Advisors MAQ MANAGEMENT: Wants Plan Exclusivity Extended Until April 10 MAYSVILLE INC: Can Hire Scott Allan Orth as Counsel MERCANTILE BANCORP: Incurs $10.2 Million Net Loss in 3rd Quarter MERCED FALLS: Pearson Realty Approved as Real Estate Broker MF GLOBAL: Robbins Geller Files Class Action Suit Against Officers MICHAEL MAZZEO: Owes $10.4-Mil. to Signature Bank MONEYGRAM INT'L: Thomas Lee Discloses 55% Equity Stake MONEYGRAM INT'L: Silver Point Discloses 1.6% Equity Stake MONEYGRAM INT'L: Inks Fifth Supplemental Indenture with Worldwide MONEYGRAM INT'L: Goldman Sachs Discloses 30.3% Equity Stake MONTANA ELECTRIC: Co-op Board Open to Chapter 7 Liquidation MONTANA ELECTRIC: Members Vote to Roll Back 20% Rate Hike MRS. FIELDS: Is Near Deal to Refinance With Creditors NEBRASKA BOOK: Posts $91.7-Mil. Net Loss in Sept. 30 Quarter NEUROLOGIX INC: Delays Filing of Form 10-Q for Sept. 30 Qtr. NEWPAGE CORP: Committee Taps Moelis & Company as Investment Banker NO FEAR: Court OKs RSM McGladrey as Accountant NORTHWEST PARTNERS: Case Summary & 20 Largest Unsecured Creditors OPEN RANGE: FTI Consulting OK'd to Provide Restructuring Officers OPEN RANGE: Court Approves Employment of Cole Schotz as Counsel OPEN SOLUTIONS: Bank Debt Trades at 14% Off in Secondary Market OPTI CANADA: Minister of Industry OKs Proposed CNOOC Acquisition OPTIONS MEDIA: Reports $710,000 Net Income in Third Quarter OVERLAND STORAGE: Incurs $5.3 Million Net Loss in Sept. 30 Qtr. OVERLAND STORAGE: Files Form S-8; Registers 3.8MM Common Shares OXYSURE SYSTEMS: Delays of Form 10-Q for Sept. 30 Quarter OXYSURE SYSTEMS: Reaches Pacts to Modify Maturities of Notes PACIFIC AVENUE: Blue Air 2010 Files Bankruptcy Plan PAVILION PROPERTIES: Voluntary Chapter 11 Case Summary PLAINFIELD BUSINESS: Case Summary & 20 Largest Unsecured Creditors POOLS AND SPAS: Files for Chapter 11 Bankruptcy Protection POWER BALANCE: Class Suits Force Wristband Maker Into Bankruptcy POWER BALANCE: Case Summary & 21 Largest Unsecured Creditors RAY WILLIAMS: Case Summary & 20 Largest Unsecured Creditors SARGENT RANCH: Case Summary & 14 Largest Unsecured Creditors SBARRO INC: Judge Confirms First Amended Chapter 11 Plan TERRESTAR CORP: Challenges $25.5-Mil. in Elektrobit Claims TEUFEL NURSERY: Creditors Get 100% Recovery TOWNS REAL: Voluntary Chapter 11 Case Summary WEST END FINANCIAL: Founder Landberg Pleads Guilty to Fraud WILLIAM LYON: Luxor Set to Take Control of Restructuring * 11th Circuit Writes Ponzi Opinion Helpful for Madoff Trustee * Large Companies With Insolvent Balance Sheets ********* 119 WEBSTER: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: 119 Webster LLC 119 Webster Avenue Brooklyn, NY 11230 Bankruptcy Case No.: 11-49652 Chapter 11 Petition Date: November 16, 2011 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Judge: Elizabeth S. Stong Debtor's Counsel: Jonathan S. Pasternak, Esq. RATTET PASTERNAK, LLP 550 Mamaroneck Avenue, Suite 510 Harrison, NY 10528 Tel: (914) 381-7400 Fax: (914) 381-7406 E-mail: jsp@rattetlaw.com Estimated Assets: $500,001 to $1,000,000 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 Solomon Labin, member. 785 PARTNERS: First Manhattan Wants Exclusivity Terminated ---------------------------------------------------------- The Bankruptcy Court held a hearing Nov. 17 on the request of First Manhattan Developments REIT for the entry of an order (a) terminating 785 Partners LLC's exclusive period within which to solicit acceptances of its Amended Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code, dated October 31, 2011, pursuant to 11 U.S.C. Section 1121(d), (b) requiring the Debtor to commence adequate protection payments to First Manhattan pursuant to Bankruptcy Code Sec. 363(e), and (c) granting First Manhattan such further relief as the Court deems proper. About 785 Partners LLC 785 Partners LLC owns a 42-story building on 785 Eighth Avenue, New York. The developer intended to sell 122 condominium units, but it failed to obtain the requisite condominium approvals from the New York State Attorney General. The Debtor is owned 98.75% by 8 Avenue and 48th Street Development LLC. The remaining membership interests in the Debtor are held by Esplanade Tower Corporation -- the Debtor's managing member, the holder of a 1% membership interest, and a wholly-owned subsidiary of 8 Avenue -- and Esplanade 8th Avenue LLC -- holder of a passive 0.25% membership interest. The Company obtained $84 million of secured financing in January 2007 from PB Capital Corporation, and TD Bank, N.A. First Manhattan later bought the secured claim and says the claim has risen to $101 million, which is higher than the market value of the property. 785 Partners LLC filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 11-13702) on Aug. 3, 2011. Sheldon I. Hirshon, Esq., Craig A. Damast, Esq., and Lawrence S. Elbaum, Esq., at Proskauer Rose LLP, in New York, represent the Debtor as counsel. In its schedules, the Debtor disclosed $106,000,000 in assets and $95,467,612 in liabilities, all secured. Weitzman Group Inc. serves as real estate and financial consultant. 785 Partners filed an amended plan and disclosure statement. Under the Plan, the Debtor will continue to exist as a separate entity, with 8 Avenue as initial managing member. The claims of First Manhattan is impaired under the Plan. Holders of Class 7 Allowed General Unsecured Claims will be paid in full, in Cash. All Class 8 Old Membership Interests will be canceled and extinguished. 8 Avenue will receive 63.75% of the New Membership Interests, Tower will receive 1.00% of the New Membership Interests, and Esplanade will receive 0.25% of the New Membership Interests. A copy of the Disclosure Statement is available for free at http://bankrupt.com/misc/785partners.dkt71.pdf Attorneys for First Manhattan Developments REIT are: Gerard R. Luckman, Esq. Jay S. Hellman, Esq. SILVERMANACAMPORA LLP 100 Jericho Quadrangle, Suite 300 Jericho, NY 11753 Tel: (516) 479-6300 E-mail: GLuckman@SilvermanAcampora.com JHellman@SilvermanAcampora.com - and - Thomas P. Battistoni, Esq. Louis T. DeLucia, Esq. SCHIFF HARDIN, LLP 666 Fifth Avenue, 17th Floor New York, NY 10103 Tel: (212) 753-5000 E-mail: ldelucia@schiffhardin.com tbattistoni@schiffhardin.com 1321 MEMORIAL: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: 1321 Memorial Drive Investment Corp. 1321 Memorial Drive Asbury Park, NJ 07712 Bankruptcy Case No.: 11-43296 Chapter 11 Petition Date: November 17, 2011 Court: United States Bankruptcy Court District of New Jersey (Trenton) Judge: Raymond T. Lyons Jr. Debtor's Counsel: Jules L. Rossi, Esq. LAW OFFICE OF JULES L. ROSSI 208 Main Street Asbury Park, NJ 07712 Tel: (732) 774-5520 Fax: (732) 744-5870 E-mail: jlrbk423@aol.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $100,001 to $500,000 The Debtor did not file a list of its largest unsecured creditors together with its petition. The petition was signed by William Gallagher, president. AE BIOFUELS: Unit Amends Note Purchase Agreement with Third Eye --------------------------------------------------------------- AE Advanced Fuels Keyes, Inc., a subsidiary of AE Biofuels, Inc., entered into a Limited Waiver and Amendment No. 4 to the Note Purchase Agreement with Third Eye Capital Corporation. Pursuant to the Fourth Amendment, AE Keyes agreed to pay Agent a Minimum Monthly Base Principal Payment equal to the greater of: (i) weekly installments of $50,000 with the first installment due on Friday, Nov. 4, 2011; (ii) a monthly payment of $0.05 per gallon of ethanol produced from its Keyes Plant; and (iii) 50% of its monthly Free Cash Flow as defined in the Fourth Amendment. In addition, AE Keyes is required to (i) maintain minimum Free Cash Flow of $600,000 per fiscal quarter (ii) maintain a minimum quarterly ethanol production amount of not less than 14 million gallons per fiscal quarter, and (iii) limit-capital expenditures to no more than $50,000 per fiscal quarter. In return for a fee of $25,000 paid in cash and the issuance of 932,000 shares of common stock of AE Biofuels, Inc., and other consideration described therein, Agent waived certain covenant violations for the period ending Sept. 30, 2011, and extended the maturity date of the Note Purchase Agreement until April 18, 2012, with an automatic six month extension for an additional extension fee to be determined by AE Keyes and Agent so long as no payment obligations defaults have occurred and are continuing and the outstanding principal and interest of the Notes does not exceed $5,000,000. As of the effective date of the Third Amendment, the principal balance and all accrued and unpaid interest and fees outstanding on the Note was $6,471,233 and the accrued and unpaid Revenue Participation was $3,177,167. A full-text copy of the Limited Waiver and Amendment No.4 to Note Purchase Agreement is available for free at http://is.gd/0jAMeO About AE Biofuels AE Biofuels, Inc. (OTC BB: AEBF) -- http://www.aebiofuels.com/-- is a biofuels company based in Cupertino, California, developing sustainable solutions to address the world's renewable energy needs. The Company is commercializing its patent-pending next- generation cellulosic ethanol technology that enables the production of biofuels from both non-food and traditional feedstocks. Its wholly-owned Universal Biofuels subsidiary built and operates a nameplate 50 million gallon per year biodiesel production facility on the east coast of India. The Company reported a net loss of $1.72 million on $1.59 million of sales for the three months ended Sept. 30, 2010, compared with a net loss of $3.78 million on $4.05 million of sales for the same period a year earlier. BDO Seidman, LLP, in San Jose, Calif., expressed substantial doubt about AE Biofuels' ability to continue as a going concern, following the Company's 2009 results. The independent auditors noted that the Company has incurred recurring losses, and has a working capital deficit and total stockholders' deficit as of December 31, 2009. The Company's balance sheet at Sept. 30, 2010, showed $20.23 million in total assets, $29.03 million in total liabilities, all current, and a stockholders' deficit of $8.80 million. AE BIOFUELS: Changes Company Name to Aemetis -------------------------------------------- AE Biofuels, Inc.'s shareholders have approved a change of name of the corporation from AE Biofuels, Inc., to Aemetis, Inc. As of Nov. 15, 2011, the stock symbol of Aemetis will be OTC: AMTX. In June 2011, AE Biofuels acquired Zymetis, Inc., a Maryland industrial biotechnology company. The name Aemetis was derived from "AE" which means "The One" in Scottish, and "Metis" which means "Prudent Wisdom" in Greek. "Aemetis" means "The One Prudent Wisdom," referring to the prudence and wisdom of replacing petroleum with renewable sources of chemicals and fuels. The Aemetis Biorefinery technology platform is based on a unique patented aerobic marine organism (the "Z-microbe") and propagation process that enables Aemetis to produce a variety of specialty biochemical and renewable fuels products for large markets using renewable feedstocks. Aemetis holds 4 granted patents and 14 pending patents on its microbial and enzymatic technology and production processes. Aemetis currently operates a 55 million gallon per year ethanol plant in Keyes, California and a 50 million gallon capacity biofuels plant in India. "Our scientists and operations teams at Aemetis are focused on the development and commercialization of innovative industrial biotechnologies that produce advanced chemical and renewable fuel substitutes for traditional petroleum-based chemicals and fuels," stated Eric McAfee, Chairman and CEO of Aemetis. "By expanding existing first-generation biofuels plants to produce high-margin chemicals and advanced fuels, our technology platform helps biofuels companies increase their operating margins, decrease margin volatility, and diversify feedstocks and products." About AE Biofuels AE Biofuels, Inc. (OTC BB: AEBF) -- http://www.aebiofuels.com/-- is a biofuels company based in Cupertino, California, developing sustainable solutions to address the world's renewable energy needs. The Company is commercializing its patent-pending next- generation cellulosic ethanol technology that enables the production of biofuels from both non-food and traditional feedstocks. Its wholly-owned Universal Biofuels subsidiary built and operates a nameplate 50 million gallon per year biodiesel production facility on the east coast of India. The Company reported a net loss of $1.72 million on $1.59 million of sales for the three months ended Sept. 30, 2010, compared with a net loss of $3.78 million on $4.05 million of sales for the same period a year earlier. BDO Seidman, LLP, in San Jose, Calif., expressed substantial doubt about AE Biofuels' ability to continue as a going concern, following the Company's 2009 results. The independent auditors noted that the Company has incurred recurring losses, and has a working capital deficit and total stockholders' deficit as of December 31, 2009. The Company's balance sheet at Sept. 30, 2010, showed $20.23 million in total assets, $29.03 million in total liabilities, all current, and a stockholders' deficit of $8.80 million. The Company has not filed financial reports after filing its Form 10-Q for the quarter ended Sept. 30, 2010. AHKH LLC: Places Quality Inn Motel in Bankruptcy ------------------------------------------------ Chris Bagley at Triangle Business Journal reports that Quality Inn filed for Chapter 11 bankruptcy reorganization, with the owner saying its revenue stream has narrowed in the wake of a rebranding. According to the report, majority owner Harish Gihwala said InterContinental Hotels Group terminated its agreement with the motel a year ahead of schedule. The motel then affiliated with Choice Hotels International and took its Quality Inn brand. Its revenue plummeted and hasn't recovered, Mr. Gihwala said. The report relates that Mr. Gihwala said he aims to restructure the company's finances and exit bankruptcy in about six months. The report says the corporate entity behind the motel, AHKH LLC, owes $1.78 million on a mortgage from Zions First National Bank of Utah, according to Gihwala and the bankruptcy filing. An unsecured, second mortgage from the Neuse River Redevelopment Authority Inc., is valued at $1.1 million in the Chapter 11 filing. AHKH's primary asset is the motel building, which was recently appraised at $1.97 million, according to Mr. Gihwala. The filing lists other liabilities totaling $123,000, including $1,300 in taxes owed to Wake County. AHKH LLC owns the Quality Inn motel at New Bern Avenue, in Raleigh, North Carolina. AHKH filed for Chapter 11 bankruptcy (Bankr. E.D.N.C. Case No. 11-08674) on Nov. 14, 2011. Judge Randy D. Doub presides over the case. Travis Sasser, Esq. -- tsasser@carybankruptcy.com -- at Sasser Law Firm, serves as the Debtor's counsel. In itspetition, the Debtor estimated $1 million to $10 million in assets and debts. The petition was signed by Harish Gihwala, manager. AMERICAS ENERGY: Incurs $1 Million Net Loss in Sept. 30 Quarter --------------------------------------------------------------- Americas Energy Company filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, reporting a net loss of $1.06 million on $114,804 of total revenues for the three months ended Sept. 30, 2011, compared with net income of $10.09 million on $2.14 million of total revenues for the same period a year ago. The Company reported a net loss of $1.27 million on $6.83 million of total revenues for the fiscal year ended March 31, 2011, compared with a net loss of $9.72 million on $3.57 million of total revenues for the period from July 13, 2009, through March 31, 2010. The Company also reported a net loss of $8.79 million on $256,706 of total revenues for the six months ended Sept. 30, 2011, compared with net income of $5.97 million on $5.77 million of total revenues for the same period during the prior year. The Company's balance sheet at Sept. 30, 2011, showed $25.36 million in total assets, $17.68 million in total liabilities and $7.68 million in total stockholders' equity. Weaver & Martin, LLC, in Kansas City, Mo., expressed substantial doubt about Americas Energy's ability to continue as a going concern for the second year in a row. Weaver & Martin said the Company has suffered recurring losses and had negative cash flows from operations that raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: http://is.gd/7hEFu4 About Americas Energy Knoxville, Tenn.-based Americas Energy Company-AECo currently operates surface mines in southeastern Kentucky. In March 2010, the Company acquired Evans Coal Corp. for $7,000,000 in cash, a $25,000,000 promissory note and a 2% overriding royalty on all coal sales generated from the properties acquired from Evans. Evans owns or controls by lease mineral rights and currently operates by use of contractors, two surface mines in Bell County and one in Knox County, Kentucky. In addition, the Company has rights to oil properties located in Cumberland County, Kentucky that are intended for future development. AMT LLC: Bank Wants Case Dismissed on 'Bad Faith' Filing -------------------------------------------------------- Secured creditor and party-in-interest Jefferson Bank and Trust Company asks the U.S. Bankruptcy Court for the Northern District of Florida to dismiss the Chapter 11 case of AMT, LLC, or dismiss the case to one under Chapter 7 of the Bankruptcy Code. According to Jefferson Bank, the Sept. 26 closing of loan with Omega Commercial Finance Corporation did not materialize as contemplated in the proposed Plan. The loan was intended to pay all the creditors in full, and to fund the Debtor's Plan of Reorganization. The Debtor has not made, and has no ability to make, the interest payments of approximately $33,000 per month. Additionally, the Debtor stated in an Oct. 25, Plan confirmation hearing, the Debtor acknowledged that no additional information indicating that the Omega loan would close. However, the Debtor related that a related entity -- ZTF Family Limited Partnership -- was working with another lender to obtain funds necessary. Jefferson Bank adds that the unidentified lender has not issued any commitment letter and no evidence was put firth disclosing the name of the new lender. Jefferson Bank asserts that, among other things: 1. the case was filed in bad faith; 2. the only unsecured, non-priority creditors identified in the Debtor's schedules are the Debtor's accountant and former lawyers, and the total amount of unsecured claims is $177,864; the total amount of the claims is minimal in comparison to more that $5 million owed to Jefferson Bank; 3. the Debtor has no employees; and 4. the Debtor's property is subject of a pending foreclosure sale. The Court will consider Jefferson Bank's request at a hearing scheduled for Nov. 22, 2011, at 2:30 p.m. About AMT LLC AMT, LLC, in Destin, Florida, filed for Chapter 11 bankruptcy (Bankr. N.D. Fla. Case No. 11-30933) on May 27, 2011. The Debtor's major asset consisted of 11.77 acres of waterfront property located in Destin Pass in Destin, Florida. Judge William S. Shulman presides over the case. J. Steven Ford, Esq., at Wilson, Harrell, Farrington, Ford, Wilson, Spain, & Parsons, P.A., in Pensacola, Fla., serves as the Debtor's counsel. In its schedules, the Debtor disclosed $30,679,648 in assets and $5,060,823 in liabilities. AQUILEX HOLDINGS: Secures $15 Million in Incremental Financing -------------------------------------------------------------- Aquilex Holdings LLC has reached an agreement for $15 million in incremental debt financing from a group of senior noteholders led by affiliates of Centerbridge Partners, L.P. This investment, which is expected to close and be fully funded by Nov. 16, 2011, represents an important first milestone in the Company's financial restructuring process and increases the Company's liquidity to $33.5 million when coupled with its existing cash on hand of $18.5 million, as of Nov. 14, 2011. The additional liquidity, which is being provided pursuant to a second-lien senior secured credit facility, will help ensure that Aquilex's operations continue in the normal course while the Company continues to engage in constructive negotiations with lenders and senior noteholders regarding a consensual balance sheet restructuring. "We are pleased to have reached an agreement for a $15 million investment from our largest senior noteholders, which will provide us with incremental liquidity and represents the first major milestone in our financial restructuring efforts. The actions by our senior noteholders and lenders are a strong sign of support for the Company in this process," said Bill Varner, President and Chief Executive Officer of Aquilex. "This additional liquidity will help ensure that business continues as usual for our employees, customers and vendors as we continue to engage in active and constructive negotiations with our lenders and senior noteholders regarding a consensual balance sheet restructuring that would significantly deleverage the Company's balance sheet, enhance the financial flexibility of Aquilex, and allow us to reinvest in the business to better support our customers." He continued, "Throughout this restructuring process, we will focus on minimizing any impact on our customers, vendors and suppliers, who should not experience any changes or disruption in the high quality services they have come to expect from Aquilex. We intend to honor vendor contracts under normal terms and expect service to customers will continue without interruption during this process. We appreciate the continued support of our employees, customers and vendors as we shape Aquilex into a world- class provider of solutions to the energy services industry." In connection with the financing agreement, Aquilex's lenders have agreed to extend the previously announced forbearance agreement from Dec. 8, 2011, to Feb. 3, 2012. As part of the amended forbearance agreement, the Company's lenders have agreed not to take any action relating to a potential financial covenant default as a result of the Company's fourth quarter 2011 financial performance. Separately, a majority of the Company's senior noteholders have agreed to forbear until Feb. 3, 2012, from taking any legal action if the Company determines not to pay the $12.5 million interest payment on the Company's senior notes due on Dec. 15, 2011. The Company anticipates that it will reach an agreement-in- principle on the terms of the financial restructuring by Dec. 15, 2011. While the plan has not yet been finalized, the Company expects that the potential transaction will result in a substantial reduction in the level of its debt and increased financial flexibility. Aquilex expects the cornerstones of the restructuring to include a substantial new equity investment by the senior noteholders, which will provide additional liquidity for working capital purposes and a significant paydown of the Company's secured debt. Aquilex expects that, as part of the restructuring, the Company's senior notes would be exchanged for common equity of the Company pursuant to an out-of-court restructuring or a voluntary filing under Chapter 11 of the U.S. Bankruptcy Code, which the Company currently expects would be a "pre-packaged" bankruptcy filing. In the event of such a filing, the Company expects that the closing of the restructuring would take place as soon as 45 to 60 days thereafter and the proceedings would not affect its customers, vendors or employees. As part of the closing of the transaction, the Company expects that affiliates of Centerbridge Partners, L.P., would become the controlling shareholder of Aquilex. Rothschild Inc. is acting as financial advisor and investment banker and Richards, Layton & Finger is acting as legal advisor to Aquilex in connection with the restructuring. Alvarez & Marsal is acting as restructuring advisor to the Company. The Company noted that the foregoing represents only its current expectations and is subject to numerous assumptions, including the receipt of sufficient support for its restructuring plan from its existing creditors. Additional information is available in the Company's filings with the Securities and Exchange Commission, including but not limited to its Quarterly Report on Form 10Q for its third quarter of 2011, as filed with the SEC on Nov. 14, 2011. About Aquilex Holdings Aquilex Holdings LLC is the parent of Aquilex Corporation, a leading provider of critical maintenance, repair and industrial cleaning solutions to the energy industry. Through our divisional and branch offices in the United States and Europe, we provide our services to a diverse global base of over 600 customers, primarily in the oil and gas refining, chemical and petrochemical production, fossil and nuclear power generation and waste-to- energy industries. The Company's Credit Agreement requires it to maintain certain financial ratios, including a minimum ratio of Adjusted EBITDA to total interest expense and maximum ratios of total debt and senior secured debt to Adjusted EBITDA. "While the Company was in compliance with its debt covenants as of June 30, 2011, based on current business conditions and forecast, there can be no assurance that the Company will be in compliance with those covenants as of Sept. 30, 2011, or thereafter," the Company said in its Form 10-Q for the quarter ended June 30, 2011. The Company also reported a net loss of $298.61 million on $327.74 million of revenue for the nine months ended Sept. 30, 2011, compared with a net loss of $27.53 million on $324.04 million of revenue for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $400.49 million in total assets, $505.51 million in total liabilities, and a $105.01 million total deficit. Aquilex said there can be no assurance that the Company will be able to restructure its debt and obtain sufficient additional sources of liquidity in order to address its cash needs, or to obtain any forbearance for any failure to make a scheduled interest payment on the senior notes or any additional forbearance for covenant defaults under its Credit Agreement. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Bankruptcy Warning To meet the Company's cash needs for the next twelve months and over the longer term, the Company expects that it will be required to restructure its debt obligations and obtain additional liquidity sources, because the Company does not expect that it will generate sufficient cash from its operations to fund its debt service along with its operating expenses, capital expenditures and other cash requirements over that period. In connection with the Company's restructuring efforts, the Company is engaged in active and constructive negotiations with an ad hoc committee of holders of its senior notes and a steering committee of its lenders regarding a consensual restructuring that would significantly deleverage its capital structure. The Company is also considering a range of financing options in connection with the restructuring, including arranging a short-term financing facility. The Company is engaged in negotiations for such a short-term financing facility with certain lenders who are current holders of its senior notes. If these negotiations are unsuccessful, the Company may not need additional liquidity to meet its anticipated cash needs prior to consummation of an out of court restructuring or reaching a definitive agreement on a "pre- packaged" or "pre-arranged"? bankruptcy plan of reorganization. However, if the Company determines that such short-term financing is necessary, but remains unavailable, or the Company obtains such financing but are unable to consummate an out of court restructuring, the Company expects that it would commence a voluntary Chapter 11 bankruptcy case and, in connection with such potential scenario, the Company is engaged in negotiations with its lenders regarding a debtor-in-possession financing facility. * * * As reported by the TCR on Oct. 24, 2011, Standard & Poor's Ratings Services lowered its corporate credit rating on Aquilex Holdings LLC to 'CCC-' from 'CCC+'. The rating actions reflect Aquilex's weak liquidity, as the company breached its financial covenants in the third quarter of 2011 and is now operating under a forbearance agreement expiring Dec. 8, 2011. AR BROADCASTING: Cumulus Media Units File for Chapter 11 -------------------------------------------------------- Katy Stech, writing for Dow Jones' Daily Bankruptcy Review, reports that radio giant Cumulus Media Inc. put four financially struggling Missouri and Texas radio stations into Chapter 11 bankruptcy protection Thursday to restructure the debt-heavy finances of the subsidiary companies that control them. AR Broadcasting Holdings Inc., which is owned entirely by Cumulus Media, filed for Chapter 11 protection (Bankr. D. Del. Case No. 11-13674) after struggling to pay off debts that topped $97 million as of June 30. Holdings estimated debts between $50 million and $100 million but said assets are worth less than $50 million. Affiliates AR Broadcasting and AR Licensing also filed for bankruptcy. Judge Brendan Linehan Shannon has been assigned the case. According to the report, Chief Accounting Officer Linda A. Hill blamed the company's financial hardship on revenues that fell after two of the company's Houston radio station towers were knocked down during Hurricane Ike in 2008. The company's finances were also hurt by the nationwide decline in advertising spending, she said. DBR notes company executives negotiated a deal with the company's lenders on how the company's debt should be restructured -- a deal that has already gotten full support of the creditors the company says were entitled to vote. DBR relates that the company's bankruptcy attorney William E. Chipman, Jr., reached by phone, declined to explain how the negotiated deal would shift ownership in the radio stations. About Cumulus Media Based in Atlanta, Georgia, Cumulus Media Inc. (NASDAQ: CMLS) -- http://www.cumulus.com/-- is the second largest radio broadcaster in the U.S. based on station count, operating 570 stations in 120 cities. Early in 2011, it acquired rival Citadel Broadcasting Corp. for $1.4 billion in cash and issued 22.5 million shares of Class A common stock and warrants to purchase roughly 47.7 million shares of common stock to Citadel security holders. The Company's balance sheet at Sept. 30, 2011, showed $4.07 billion in total assets, $3.65 billion in total liabilities, $110.93 million in total redeemable preferred stock, and $306.39 million in total stockholders' equity. * * * Standard & Poor's Ratings Services said April 2011 it raised its corporate credit rating on Atlanta-based Cumulus Media Inc. to 'B' from 'B-'. "The rating remains on CreditWatch, where we placed it with positive implications Feb. 18, 2011," S&P stated. Moody's Investors Service in April upgraded Cumulus Media's Corporate Family Rating to 'B1' from 'Caa1' due to the company's pending acquisition of CMP Susquehanna Corp. in the second quarter of 2011 followed by the announced $2.4 billion acquisition of Citadel Broadcasting Corporation later this year. AVSTAR AVIATION: Delays Filing of Form 10-Q for Sept. 30 Qtr. ------------------------------------------------------------- AvStar Aviation Group, Inc., was unable to file its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2011, within the prescribed time period without unreasonable effort and expense due to the unavailability of certain information that may materially affect the disclosure to be contained in the Report. About Avstar Aviation Houston, Texas-based AvStar Aviation Group, Inc. (OTC QB: AAVG) -- http://www.avstarinc.com/-- due to acquisitions, is now in two aviation sectors, the maintenance, repair and overhaul ("MRO") of aircraft providing products and services for the general aviation sector, and the charter air service business. The Company had net income of $939 on $1.2 million of revenues for the six months ended June 30, 2011, compared to a net loss of $822,972 on $157,362 of revenues for the same period of 2010. The Company's balance sheet at June 30, 2011, showed $1.2 million in total assets, $2.1 million in total liabilities, and a stockholders' deficit of $929,207. Clay Thomas, P.C., in Houston, expressed substantial doubt about Avstar Aviation Group's ability to continue as a going concern following the Company's 2010 results. Mr. Thomas noted that the Company has suffered significant losses and will require additional capital to develop its business until the Company either (1) achieves a level of revenues adequate to generate sufficient cash flows from operations; or (2) obtains additional financing necessary to support its working capital requirements. B GREEN INNOVATIONS: Incurs $54,727 Net Loss in Third Quarter ------------------------------------------------------------- B Green Innovations, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, reporting a net loss of $54,727 on $64,173 of net sales for the three months ended Sept. 30, 2011, compared with a net loss of $118,009 on $43,913 of net sales for the same period during the prior year. The Company also reported a net loss of $237,698 on $171,527 of net sales for the nine months ended Sept. 30, 2011, compared with net income of $1.15 million on $142,997 of net sales for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $1.18 million in total assets, $1.38 million in total liabilities, all current, and a $199,229 total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/rUJWSx About B Green Innovations Matawan, N.J.-based B Green Innovations, Inc. (OTC BB: BGNN) -- http://www.bgreeninnovations.com/-- is dedicated to becoming a "green" technology company, focused on acquiring and identifying promising technologies that address environmental issues. The first technology will be used to create new products from recycled tire rubber. As reported in the TCR on March 88, 2011, Rosenberg, Rich, Baker, Berman and Company, in Somerset, New Jersey, expressed substantial doubt about B Green Innovations' ability to continue as a going concern, following the Company's 2010 results. The independent auditors noted that the Company had negative cash flow from operations from date of inception, and recurring net losses. BALLY TOTAL: Sells 171 Outlets to L.A. Fitness ---------------------------------------------- Paul J. Gough at Pittsburgh Business Times reports that L.A. Fitness International is buying 171 Bally Total Fitness locations. According to the report, financial terms of the deal weren't announced, but the acquisition is expected to close Nov. 30, 2011. The 171 Bally Total Fitness Clubs are in Pennsylvania, Michigan, Georgia and other states and are among the 271 owned by Bally Total Fitness. The report says the remaining 100 Bally Total Fitness will keep the Bally name. About Bally Total Fitness Chicago, Illinois-based Bally Total Fitness operates fitness centers across the United States and is among the most popular health club brands in America. Bally Total and its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 07-12396) on July 31, 2007 after obtaining requisite number of votes in favor of their pre- packaged Chapter 11 plan. The Bankruptcy Court confirmed the Company's Chapter 11 plan and the Company emerged from bankruptcy Oct. 1, 2007. Bally Total Fitness Holding Corp. and its debtor-affiliates and subsidiaries again filed voluntary petitions under Chapter 11 (Bankr. S.D.N.Y., Lead Case No. 08-14818) on Dec. 3, 2008. Their counsel is Kenneth H. Eckstein, Esq., at Kramer Levin Naftalis & Frankel LLP, in New York. As of Sept. 30, 2008, the Company (including non-debtor affiliates) had consolidated assets totaling approximately $1.376 billion and recorded consolidated liabilities totaling approximately $1.538 billion. Bally Total Fitness Holding and its 42 debtor-affiliates delivered their Joint Plan of Reorganization and Disclosure Statement to the Bankruptcy on June 10, 2009. The Plan was confirmed Aug. 19, 2009, and the Company emerged from bankruptcy Sept. 1, 2009. BANK OF AMERICA: Regulators Warn of Public Enforcement Action ------------------------------------------------------------- Dan Fitzpatrick, writing for The Wall Street Journal, reports that people familiar with the situation said Bank of America Corp.'s board has been told that the company could face a public enforcement action if regulators aren't satisfied with recent steps taken to strengthen the bank. WSJ notes Bofa, the U.S.'s second-largest lender, has been operating under a memorandum of understanding since May 2009, following repeated tussles with regulators over the purchase of securities firm Merrill Lynch & Co. and a downgrade of the company's confidential supervisory rating. People familiar with the document told the Journal that the memorandum, which isn't public, identified governance, risk and liquidity management as problems that had to be fixed. The Journal also reports that regulators in recent months met with BofA's board and said they wanted to see more progress on the bank's compliance with the memorandum. Otherwise the informal order could turn into a formal and public action, which would likely mean intensified scrutiny and greater restrictions as Chief Executive Brian Moynihan tries to shed problems tied to the financial crisis. The sources told the Journal that BofA's directors were taken aback. It "put the board on the ground," one of these people told the Journal. BEACH AVENUE: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Beach Avenue Properties, Inc. 27 Royal Way Manhasset Hills, NY 11040 Bankruptcy Case No.: 11-15284 Chapter 11 Petition Date: November 16, 2011 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Debtor's Counsel: Richard M. Gabor, Esq. GABOR & ASSOCIATES 1878 Victory Boulevard Staten Island, NY 10314 Tel: (718) 390-0555 Fax: (718) 390-9886 E-mail: rgabor@gaborassociates.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 George Varughese, president. BEACON POWER: To Sell Stephentown Flywheel Plant by January ----------------------------------------------------------- Beacon Power Corporation reached an agreement with the U.S. Department of Energy's Loan Programs Office (LPO) at a second Delaware court hearing on Nov. 18, 2011, in the Company's Chapter 11 bankruptcy proceeding. Since filing for bankruptcy protection on October 30, 2011, Beacon Power and its advisors had engaged in ongoing discussions with LPO advisors as to the Company's use of cash collateral and resolution of its loan obligation. Beacon requested that LPO support its restructuring efforts to preserve Beacon as an organization, maintain the value of the Company's 20 MW flywheel plant in Stephentown, New York, and enable Beacon to complete its reorganization as quickly and efficiently as possible. However, LPO's highest priority was to recover as much of the $39.1 million loan balance as soon as possible. This led to an agreement to conduct the sale of the Stephentown facility by Jan. 30, 2012. The court also approved Beacon's request that it be allowed to list its other assets for sale, although the Company may choose not to do so, or only sell some individual assets, if it is able to raise sufficient new capital by the end of January. Beacon is in preliminary discussions with several strategic investors and private equity firms that have expressed an interest in making a significant investment in the restructured company. Beacon Power is confident that the recent Federal Energy Regulatory Commission Order No. 755 on pay-for-performance for energy storage resources (like the Stephentown plant) will have a significant revenue-enhancing impact and increase the value of the flywheel facility when it takes effect in New York later in 2012. Further, Beacon believes that its singular expertise in developing, operating and maintaining grid-scale flywheel systems also adds unique value to the plant. Also at the hearing, LPO's objections to Beacon's use of approximately $3 million in cash collateral to fund the Company's business operations were resolved. Beacon will have full access to that cash to fund its weekly operations at an agreed-upon reduced budget. In addition, Beacon's bankruptcy counsel and financial advisors have agreed to defer their fees, enabling the Company to allocate more of the cash collateral toward operations. Bill Capp, Beacon Power President and CEO, said, "Our goal was to reach a settlement agreement with the DOE Loan Programs Office and we have done that. We will now focus on attracting new capital to reorganize our company." The settlement is subject in all respects to the terms of the court's order, available at: http://dm.epiq11.com/BPE/docket/Default.aspx?rc=1 Galen Moorea at Boston Business Journal the Delaware Bankruptcy Court has filed a proposed final order that would require Beacon Power Corp. to prepare bid procedures to sell its assets, beginning Nov. 23, 2011, if the company can't find a way to pay off $3 million in cash collateral it has appropriated to continue operations. About Beacon Power Tyngsboro, Mass.-based Beacon Power Corporation (Nasdaq: BCOND) -- http://www.beaconpower.com/-- designs, manufactures and operates flywheel-based energy storage systems that it has begun to deploy in company-owned merchant plants that sell frequency regulation services in open-bid markets. Beacon Power filed for Chapter 11 protection on Oct. 30, 2011, in Delaware (Bankr. D. Del. Case No. 11-13450) after borrowing $39.1 million guaranteed by the U.S. Energy Department. Brown Rudnick and Potter Anderson & Corroon serve as the Debtor's counsel. Tyngsboro, Massachusetts-based Beacon listed assets of $72 million and debt totaling $47 million, including $39.1 million owing on the government-guaranteed loan. Beacon built a $69 million facility with 20 megawatts of balancing capacity in Stephentown, New York, funded mostly by the Energy Department loan. Beacon Power is the second cleantech company which has been backed by the U.S. Department of Energy via loan guarantees to fail this year. The first was Solyndra, which declared Chapter 11 bankruptcy on Sept. 6, 2011. BEACON POWER: Gov't to Get Lien on Assets to Fix Sale Dispute ------------------------------------------------------------- Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports that Beacon Power Corp. asked a judge to approve an auction of its assets. At a hearing Nov. 18 in Wilmington, Delaware, Beacon lawyer William Baldiga told U.S. Bankruptcy Judge Kevin Carey that to resolve a dispute with the U.S. Department of Energy over use of loan proceeds, the company would also give the government a lien on the assets and intellectual property. Judge Carey asked lawyers to prepare an order on the sale. According to the report, U.S. Justice Department attorney Matthew Troy told Judge Carey Nov. 18 that energy officials agreed with the sale plan. About Beacon Power Tyngsboro, Mass.-based Beacon Power Corporation (Nasdaq: BCOND) -- http://www.beaconpower.com/-- designs, manufactures and operates flywheel-based energy storage systems that it has begun to deploy in company-owned merchant plants that sell frequency regulation services in open-bid markets. Beacon Power filed for Chapter 11 protection on Oct. 30, 2011, in Delaware (Bankr. D. Del. Case No. 11-13450) after borrowing $39.1 million guaranteed by the U.S. Energy Department. Brown Rudnick and Potter Anderson & Corroon serve as the Debtor's counsel. Tyngsboro, Massachusetts-based Beacon disclosed assets of $72 million and debt totaling $47 million, including $39.1 million owing on the government-guaranteed loan. Beacon built a $69 million facility with 20 megawatts of balancing capacity in Stephentown, New York, funded mostly by the Energy Department loan. Beacon Power is the second cleantech company which has been backed by the U.S. Department of Energy via loan guarantees to fail this year. The first was Solyndra, which declared Chapter 11 bankruptcy on Sept. 6, 2011. BEACON POWER: Writes Down Value of Stephentown Energy Plant ----------------------------------------------------------- Galen Moorea at Boston Business Journal, citing a regulatory filing, reports that Beacon Power Corp. has written down the value of its Stephentown, New York, energy storage plant by $41.9 million, to $12.6 million, citing price uncertainty in New York's market for frequency regulation. "In general, we expect regulation pricing to increase in the future, but we are unable to assess whether the recent pricing trend in New York is reflective of a temporary or a permanent change in the pricing structure," the report quotes the company as saying. Beacon also warned in the filing that should frequency regulation pricing remain at current levels in New York, it is unlikely that the company would be able to pay its $39.1 million remaining loans written by the Federal Financing Bank and guaranteed by the Department of Energy. About Beacon Power Tyngsboro, Mass.-based Beacon Power Corporation (Nasdaq: BCOND) -- http://www.beaconpower.com/-- designs, manufactures and operates flywheel-based energy storage systems that it has begun to deploy in company-owned merchant plants that sell frequency regulation services in open-bid markets. Beacon Power filed for Chapter 11 protection on Oct. 30, 2011, in Delaware (Bankr. D. Del. Case No. 11-13450) after borrowing $39.1 million guaranteed by the U.S. Energy Department. Brown Rudnick and Potter Anderson & Corroon serve as the Debtor's counsel. Tyngsboro, Massachusetts-based Beacon listed assets of $72 million and debt totaling $47 million, including $39.1 million owing on the government-guaranteed loan. Beacon built a $69 million facility with 20 megawatts of balancing capacity in Stephentown, New York, funded mostly by the Energy Department loan. Beacon Power is the second cleantech company which has been backed by the U.S. Department of Energy via loan guarantees to fail this year. The first was Solyndra, which declared Chapter 11 bankruptcy on Sept. 6, 2011. BEAZER HOMES: Incurs $204.8 Million Net Loss in Fiscal 2011 ----------------------------------------------------------- Beazer Homes USA, Inc., filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $204.85 million on $742.40 million of total revenue for the fiscal year ended Sept. 30, 2011, compared with a net loss of $34.05 million on $991.15 million of total revenue during the prior year. The Company reported a net loss of $43.17 million on $334.91 million of total revenue for the three months ended Sept. 30, 2011, compared with a net loss of $59.53 million on $268.74 million of total revenue for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $1.97 billion in total assets, $1.77 billion in total liabilities, and $198.38 million in total stockholders' equity. Allan Merrill, President and Chief Executive Officer said, "Our new home orders showed encouraging signs of improvement in the second half of Fiscal 2011. While we acknowledge the many challenges facing the industry, we believe we have the people, the communities and the homes to allow us to generate increased new home orders and deliveries in Fiscal 2012 as we pursue a deliberate climb back to profitability." A full-text copy of the Form 10-K is available for free at: http://is.gd/MQhBpN About Beazer Homes Beazer Homes USA, Inc. (NYSE: BZH) -- http://www.beazer.com/-- headquartered in Atlanta, is one of the country's 10 largest single-family homebuilders with continuing operations in Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, New Jersey, New Mexico, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia. Beazer Homes is listed on the New York Stock Exchange under the ticker symbol "BZH." * * * As reported by the TCR on Sept. 14, 2011, Moody's Investors Service downgraded the corporate family and probability of default ratings of Beazer Homes USA, Inc. to Caa2 from Caa1. The downgrade reflects Moody's expectations that the conditions in the homebuilding industry will continue to put pressure on Beazer's operating and financial metrics, resulting in operating losses, negative cash flow generation, elevated debt leverage, and declines in equity over the next two years. Additionally, Moody's expect the company to continue burning cash from its land spend. In addition, Moody's expects Beazer to continue experiencing declines in deliveries and revenues into 2012. Fitch Ratings has downgraded its ratings for Beazer Homes USA, Inc., including the company's Issuer Default Rating (IDR) to 'CCC' from 'B-'. The ratings downgrade reflects Fitch's belief new housing activity will remain weak through at least 2012 and the company's liquidity position is likely to erode in the next 18 months. With the recent softening in the economy and lowered economic growth expectations for 2011 and 2012, the environment may at best support a relatively modest recovery in housing metrics over the next year and a half. Fitch had previously forecast a slightly more robust housing environment in 2011 and 2012. BERNARD L. MADOFF: Jewish Assoc. Seeks District Review of Suit -------------------------------------------------------------- Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports that The Jewish Association for Services for the Aged, sued by the trustee liquidating Bernard L. Madoff's firm for $5.2 million in so-called fictitious profits over six years, asked a district judge to review the case, saying it was similar to other suits against innocent investors that raised legal issues beyond the province of a bankruptcy judge. According to the report, the association's request was one of more than 40 made to district court Nov. 18 by organizations, trusts, individuals and companies challenging trustee Irving Picard's right to "claw back" money from them, according to court filings. Procedural Clash in Rakoff's Court Bloomberg News reported that after the Madoff trustee sustained several defeats at the end of October from the pen of U.S. District Judge Jed Rakoff, the judge granted the trustee a meager victory in a procedural skirmish with a customer named James Greiff. The Madoff trustee filed papers aimed at preventing dismissal of hundreds of suits to recover fictitious profits. Judge Rakoff took the Greiff suit out of bankruptcy court where the customer was being sued for receiving fictitious profits. Mr. Greiff's lawyer followed up with a motion asking Judge Rakoff to dismiss the suit. In his brief arguing for dismissal, Mr. Greiff argued that the Madoff firm "was not a Ponzi scheme." Mr. Greiff's lawyer, Helen Davis Chaitman, contended the firm was "a legitimate trading business which operated a fraudulent investment business on the side to fund the trading operation." Mr. Picard responded by saying that Mr. Chaitman was raising questions beyond those Judge Rakoff said he would decide. Judge Rakoff agreed in part, telling Mr. Picard on Oct. 25 that he need not counter the notion that the Madoff firm wasn't a Ponzi scheme. Judge Rakoff also allowed Mr. Picard to disregard the argument that the Madoff firm never obtained title to customers' funds because they were stolen. The judge is having Mr. Picard brief the question of how to calculate the amount taken out within two years of bankruptcy. 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. Mr. Picard has filed 1,000 lawsuits seeking $100 billion from banks such as HSBC Holdings Plc and JPMorgan Chase & Co. The trustee has seen more than $28 billion of his claims tossed by district judges. BIOFUELS POWER: Delays Filing of Form 10-Q for 3rd Quarter ---------------------------------------------------------- Biofuels Power Corp. notified the U.S. Securities and Exchange Commission that its financial statements for the quarter ended Sept. 30, 2011, are not yet ready for distribution as a result of recent measures the Company has taken with regard to the restatement of fixed assets due to the relocation of its primary operations. Biofuels Power Humble, Tex.-based Biofuels Power Corporation is a distributed energy company that is pioneering the use of biodiesel to fuel small electric generating facilities that are located in close proximity to end-users. BPC's first power plant is currently located near Houston, Texas in the city of Oak Ridge North. At June 30, 2011, the Company's balance sheet showed $2.0 million in total assets, $5.9 million in total liabilities, and a stockholders' deficit of $3.9 million. As reported in the TCR on June 22, 2011, Clay Thomas, P.C., in Houston, expressed substantial doubt about Biofuels Power's ability to continue as a going concern, following the Company's results for the fiscal year ended Dec. 31, 2010. The independent auditor noted that the Company has suffered significant losses and will require additional capital to develop its business until the Company either (1) achieves a level of revenues adequate to generate sufficient cash flows from operations; or (2) obtains additional financing necessary to support its working capital requirements. BIOZONE PHARMACEUTICALS: Delays Filing of Quarterly Report ---------------------------------------------------------- Biozone Pharmaceuticals, Inc., informed the U.S. Securities and Exchange Commission that it will be late in filing its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2011. The Company said that the compilation, dissemination and review of the information required to be presented in the Form 10-Q for the relevant quarter has imposed time constraints that have rendered timely filing of the Form 10-Q impracticable without undue hardship and expense to the registrant. The Company undertakes the responsibility to file such quarterly report no later than five days after its original due date. About Biozone Biozone Pharmaceuticals, Inc. (formerly, International Surf resorts, Inc.) was incorporated under the laws of the State of Nevada on Dec. 4, 2006, to operate as an internet-based provider of international surf resorts, camps and guided surf tours. The Company proposed to engage in the business of vacation real estate and rentals related to its surf business and it owns the website isurfresorts.com. During late February 2011, the Company began to explore alternatives to its original business plan. On Feb. 22, 2011, the prior officers and directors resigned from their positions and the Company appointed a new President, Director, principal accounting officer and treasurer and began to pursue opportunities in medical and pharmaceutical technologies and products. On March 1, 2011, the Company changed its name to Biozone Pharmaceuticals, Inc. Since March 2011, the Company has been engaged primarily in seeking opportunities related to its intention to engage in medical and pharmaceutical businesses. On May 16, 2011, the Company acquired substantially all of the assets and assumed all of the liabilities of Aero Pharmaceuticals, Inc., pursuant to an Asset Purchase Agreement dated as of that date. Aero manufactures markets and distributes a line of dermatological products under the trade name of Baker Cummins Dermatologicals. On June 30, 2011, the Company acquired the Biozone Labs Group which operates as a developer, manufacturer, and marketer of over- the-counter drugs and preparations, cosmetics, and nutritional supplements on behalf of health care product marketing companies and national retailers. The Company's balance sheet at June 30, 2011, showed $11.1 million in total assets, $10.7 million in total liabilities, and stockholders' equity of $366,000. BioZone as of Oct. 29, 2011, is in default with respect to eleven senior secured convertible promissory notes issued to various accredited investors with an aggregate principal amount of $2,250,000 due to the fact that the Company has not paid the amount due on maturity. BLITZ USA: Gets Interim OK to Pay $1.3MM Critical Vendors Claim --------------------------------------------------------------- The Hon. Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware authorized, on an interim basis, -- Blitz U.S.A., Inc. et al., to pay certain prepetition claims of (a) critical vendors in the aggregate amount not to exceed $1.3 million, and (b) lien claimants in the ordinary course of business; and -- financial institutions to receive, process, honor, and pay all checks presented for payment and electronic payment requests related to the foregoing. In its motion, the Debtors also request to authorize payment of the critical vendors claim up to $2 million, and lien claimants up to $520,000 on a final basis. The Debtors related that they cannot afford any interruption in the supply of raw materials and other products needed to manufacture their gas cans. The Debtors set a Dec. 5, final hearing, at 9:30 a.m., prevailing Eastern Time, on the Debtors' request for authorization to pay critical vendors claim. Objections, if any, are due seven business days prior to the final hearing date. Miami, Oklahoma-based Blitz Acquisition Holdings, Inc. and its affiliates filed for Chapter 11 protection (Bankr. D. Del. Case Nos. 11-13602 to 11-13607) on Nov. 9, 2011. The Hon. Peter J. Walsh presides over the case. Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger represents the Debtors in their restructuring efforts. The Debtors tapped Zolfo Cooper, LLC as restructuring advisor; Kurtzman Carson Consultants LLC serves as notice and claims agent. Debtor-affiliate Blitz Acquisition estimated assets and debts at $50 million to $100 million. The petitions were signed by Rocky Flick, president and chief executive officer. BONDS.COM GROUP: Delays Filing of Form 10-Q for Sept. 30 Quarter ---------------------------------------------------------------- Bonds.com Group, Inc., was unable to file its Quarterly Report on Form 10-Q for the fiscal quarter ended Sept. 30, 2011, without unreasonable effort or expense due to other pressing demands on the Company's management team, as well as the recent departure of the Company's prior Chief Financial Officer who previously had overseen all company filings. The Quarterly Report on Form 10-Q is expected to be filed not later than the fifth calendar day following the prescribed due date. About Bonds.com Group Based in Boca Raton, Florida, Bonds.com Group, Inc. (OTC BB: BDCG) -- http://www.bonds.com/-- through its subsidiary Bonds.com, Inc., serves institutional fixed income investors by providing a comprehensive zero subscription fee online trading platform. The Company designed the BondStation and BondStationPro platforms to provide liquidity and competitive pricing to the fragmented Over- The-Counter Fixed Income marketplace. The Company differentiates itself by offering through Bonds.com, Inc. an inventory of more than 35,000 fixed income securities from more than 175 competing sources. Asset classes currently offered on BondStation and BondStationPro, the Company's fixed income trading platforms, include municipal bonds, corporate bonds, agency bonds, certificates of deposit, emerging market debt, structured products and U.S. Treasuries. The Company's balance sheet at June 30, 2011, showed $5.71 million in total assets, $11.36 million in total liabilities, and a $5.64 million stockholders' deficit. The Company reported a net loss of $12.51 million on $2.71 million of revenue for the year ended Dec. 31, 2010, compared with a net loss of $4.69 million on $3.90 million of revenue during the prior year. As reported by the TCR on May 9, 2011, Daszkal Bolton LLP, in Boca Raton, Fla., in its audit reports for the years ended Dec. 31, 2009, and Dec. 31, 2010, expressed substantial doubt about the Company's ability to continue as a going concern. The auditors noted that the Company has sustained recurring losses and has negative cash flows from operations. BRAD & SONS: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Brad & Sons Construction, Inc. 3492 N. Hwy 77 Giddings, TX 78942 Bankruptcy Case No.: 11-12828 Chapter 11 Petition Date: November 17, 2011 Court: United States Bankruptcy Court Western District of Texas (Austin) Judge: H. Christopher Mott Debtor's Counsel: C. Michael Black, Esq. LAW OFFICE OF C. MICHAEL BLACK One Sugar Creek Center Blvd #1080 Sugar Land, TX 77478 Tel: (713) 522-5999 Fax: (713) 522-2925 E-mail: cmb@cmblack-lawyer.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 Bowdy B. Bradford, vice-president. BRAY & JAMISON: Anloc Creditors Want Ch. 11 Trustee to Take Over ---------------------------------------------------------------- Anloc, L.L.C., Michael Coolures, James W. Alexander 1993 Living Trust, Alexander Energy, and DMA Oil & Gas, LLC, ask the U.S. Bankruptcy Court for the Southern District of Texas to appoint a Chapter 11 trustee in the case of Bray & Jamison, PLLC. The Anloc Creditors requested that in the alternative, the Court enter an order appointing an examiner with extended powers. The Anloc Creditors contend that the actions of the Debtor satisfy the cause requirements for the appointment of a trustee. This is a complicated case involving not only the Debtor, but various other individuals and entities that have the same or similar managers as Debtor. For example ACA is an entity managed by Bray and Jamison, the same managers as Debtor. ACA II is an entity managed by Richard L. Fuqua, one of the Anloc Creditors' former lawyers who was representing the Anloc Creditors' with Debtor. The Anloc Creditors add that undermining the relationships between the Debtor and the various individuals and companies are the transfer of funds and assets between Debtor and the various entities. The transfers were the subject of a state court proceeding. The Anloc Creditors are represented by: Mynde S. Eisen, Esq. LAW OFFICE OF MYNDE S. EISEN, P.C. P.O. Box 630749 Houston, TX 77263 Tel: (713) 266-2955 Fax: (713) 266-3008 E-mail: wyndeeisen@sbcglobal.net - and - John E. Chapoton, Esq. WELSH CHAPOTON LLP 8 Greenway Plaza, Suite 1120 Houston, TX 77046 Tel: (713) 554-7770 Fax: (713) 554-7771 E-mail: jchapoton@welshchapoton.com - and - Robert B. Dillon ROBERT B. DILLON PLLC 5810 Tanglewood Park Houston, TX 77057 Tel: (713) 304-8736 Fax: (713) 785-0027 About Bray & Jamison Bray & Jamison PLLC, based in Houston, Texas, filed for Chapter 11 bankruptcy (Bankr. S.D. Tex. Case No. 11-38957) on Oct. 23, 2011. Judge Letitia Z. Paul presides over the case. Thomas R. Bray, Esq. -- braylawoffice@aol.com -- at Bray Associates, serves as the Debtor's counsel. It estimated $10 million to $50 million in assets and $100,001 to $500,000 in debts. The petition was signed by Bruce L. Jamison and Thomas R. Bray, managers. BRIGHAM EXPLORATION: Faces "Hoppe" Complaint Over Merger Pact ------------------------------------------------------------- A putative class action was filed in the federal district court for the Western District of Texas, Austin Division purportedly on behalf of a class of stockholders of Brigham, docketed as Hoppe v. Brigham Exploration Company et al., Civil Action No. 1:11-CV-966. The Hoppe Complaint names as defendants Brigham, members of Brigham's Board of Directors, Statoil ASA and Fargo Acquisition Inc. The Hoppe Complaint seeks certification of a class of Brigham's stockholders and alleges, inter alia, that the Schedule 14D-9 violates Section 14(e) of the Exchange Act and that the members of Brigham's Board of Directors should have known that the Schedule 14D-9 violated Section 14(e) of the Exchange Act, that the members of Brigham's Board of Directors breached fiduciary duties owed to Brigham's stockholders by failing to engage in an appropriate sales process in connection with the proposed transaction, by agreeing to purportedly inadequate consideration, by including certain deal protection provisions in the Merger Agreement and by providing materially inadequate disclosures related to the proposed transaction and that Brigham, Statoil and Purchaser aided and abetted the alleged breach of fiduciary duties by the members of Brigham's Board of Directors. The Hoppe Complaint seeks, among other relief, a declaration that the action is properly maintainable, an injunction prohibiting the transactions contemplated by the Merger Agreement and costs of the action, including reasonable attorneys' fees and experts' fees. Statoil believes the Hoppe Complaint is without merit and that it has a valid defense to all claims raised by the plaintiffs in the Hoppe Complaint. Statoil intends to defend itself vigorously against this action. About Brigham Exploration Austin, Texas-based Brigham Exploration Company (NASDAQ: BEXP) -- http://www.bexp3d.com/-- is an independent exploration, development and production company that utilizes advanced exploration, drilling and completion technologies to systematically explore for, develop and produce domestic onshore oil and natural gas reserves. In late 2007, the majority of the Company's drilling capital expenditures shifted from its historically active areas in the Onshore Gulf Coast, the Anadarko Basin and West Texas to the Williston Basin in North Dakota and Montana, where the Company is currently targeting the Bakken, Three Forks and Red River objectives. The Company reported net income of $42.89 million on $169.72 million of revenue for the year ended Dec. 31, 2010, compared with a net loss of $122.99 million on $70.34 million of revenue during the prior year. The Company's balance sheet at June 30, 2011, showed $1.60 billion in total assets, $931.54 million in total liabilities and $668.94 million in total stockholders' equity. * * * As reported by the TCR on Feb. 18, 2011, Moody's Investors Service upgraded Brigham Exploration Company's Corporate Family Rating to B3 from Caa1 and the Probability of Default Rating to B3 from Caa1. "The primary driver for the upgrade is Brigham's strong reserve and production growth and significant financial flexibility," said Francis J. Messina, Moody's Vice President. "The B3 Corporate Family Rating is prospective and it incorporates Moody's expectation that the company will significantly increase proved developed reserves and production rates over the next two years." BRIGHAM EXPLORATION: Faces "Thompson" Complaint Over Merger Pact ---------------------------------------------------------------- A putative class action was filed in the federal district court for the Western District of Texas, Austin Division, purportedly on behalf of a class of stockholders of Brigham, docketed as Thompson v. Brigham Exploration Company et al., Civil Action No. 1:11-CV- 970. The Thompson Complaint names as defendants Brigham, members of Brigham's Board of Directors, Statoil ASA and Fargo Acquisition Inc. The Thompson Complaint seeks certification of a class of Brigham's stockholders and alleges, inter alia, that the Schedule 14D-9 violates Sections 14(d)(4) and 14(e) of the Exchange Act and that Brigham and the members of its Board of Directors should have known that the Schedule 14D-9 violated Sections 14(d)(4) and 14(e) of the Exchange Act, that the members of Brigham's Board of Directors violated Section 20(a) of the 1934 Act by exercising control over the transactions giving rise to violations of the Exchange Act, that the members of Brigham's Board of Directors breached fiduciary duties owed to Brigham's stockholders by failing to engage in an appropriate sales process in connection with the proposed transaction, by agreeing to purportedly inadequate consideration, by including certain deal protection provisions in the Merger Agreement and by providing materially inadequate disclosures related to the proposed transaction and that Brigham, Statoil and Purchaser aided and abetted the alleged breach of fiduciary duties by the members of Brigham's Board of Directors. The Thompson Complaint seeks, among other relief, an injunction prohibiting the transactions contemplated by the Merger Agreement, rescission, to the extent already implemented, of the terms of the Merger Agreement, damages to the members of the putative class, attorneys' fees, and experts' fees. Statoil and Purchaser believe the Thompson Complaint is without merit and intend to defend themselves vigorously. About Brigham Exploration Austin, Texas-based Brigham Exploration Company (NASDAQ: BEXP) -- http://www.bexp3d.com/-- is an independent exploration, development and production company that utilizes advanced exploration, drilling and completion technologies to systematically explore for, develop and produce domestic onshore oil and natural gas reserves. In late 2007, the majority of the Company's drilling capital expenditures shifted from its historically active areas in the Onshore Gulf Coast, the Anadarko Basin and West Texas to the Williston Basin in North Dakota and Montana, where the Company is currently targeting the Bakken, Three Forks and Red River objectives. The Company reported net income of $42.89 million on $169.72 million of revenue for the year ended Dec. 31, 2010, compared with a net loss of $122.99 million on $70.34 million of revenue during the prior year. The Company's balance sheet at June 30, 2011, showed $1.60 billion in total assets, $931.54 million in total liabilities and $668.94 million in total stockholders' equity. * * * As reported by the TCR on Feb. 18, 2011, Moody's Investors Service upgraded Brigham Exploration Company's Corporate Family Rating to B3 from Caa1 and the Probability of Default Rating to B3 from Caa1. "The primary driver for the upgrade is Brigham's strong reserve and production growth and significant financial flexibility," said Francis J. Messina, Moody's Vice President. "The B3 Corporate Family Rating is prospective and it incorporates Moody's expectation that the company will significantly increase proved developed reserves and production rates over the next two years." BROWNSTONE LOFTS: Automatic Stay Doesn't Apply in Oakland Property ------------------------------------------------------------------ The Hon. Dennis Montali of the U.S. Bankruptcy Court for the Northern District of California affirmed that the automatic stay in the Chapter 11 case of Brownstone Lofts LLC, does not apply to that property known as 1919-1925 Martin Luther King Junior Way, Oakland, California. The Court stated that secured creditor Cathay Bank may immediately enforce its remedies, including, without limitation, by conducting a foreclosure sale and obtaining possession of the subject property in accordance with applicable other non-bankruptcy law. Cathay Bank is represented by: Michael Gerard Fletcher, Esq. Bernard R. Given, II Jeanne C. Wanlass, Esq. Nicholas A. Merkin, Esq FRANDZEL ROBINS BLOOM & CSATO, L.C. 6500 Wilshire Boulevard, Seventeenth Floor Los Angeles, CA 90048-4920 E-mail: mfletcher@frandzel.com bgiven@frandzel.com jwanlass@frandzel.com nmerkin@frandzel.com About Brownstone Lofts LLC San Mateo, California-based Brownstone Lofts LLC filed for Chapter 11 bankruptcy (Bankr. N.D. Calif. Case No. 11-33495) on Sept. 26, 2011. Judge Dennis Montali presides over the case. Gregory A. Rougeau, Esq. -- rougeau@mrlawsf.com -- at the Law Offices of Manasian and Rougeau, serves as the Debtor's counsel. The Debtor disclosed $29,040,050 in assets and $14,189,156 in liabilities. The petition was signed by Monica Hujazi, managing member. BROWNSTONE LOFTS: Files Schedules of Assets and Liabilities ----------------------------------------------------------- Brownstone Lofts LLC filed with the U.S. Bankruptcy Court for the Northern District of California its schedules of assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $20,000,000 B. Personal Property $9,040,050 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $12,469,015 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $1,720,141 ----------- ----------- TOTAL $29,040,050 $14,189,156 About Brownstone Lofts LLC San Mateo, California-based Brownstone Lofts LLC filed for Chapter 11 bankruptcy (Bankr. N.D. Calif. Case No. 11-33495) on Sept. 26, 2011. Judge Dennis Montali presides over the case. Gregory A. Rougeau, Esq. -- rougeau@mrlawsf.com -- at the Law Offices of Manasian and Rougeau, serves as the Debtor's counsel. In its petition, the Debtor estimated $10 million to $50 million in assets and debts. The petition was signed by Monica Hujazi, managing member. BROWNSTONE LOFTS: Wants Unit's Case Transferred to Judge Montali ---------------------------------------------------------------- Brownstone Lofts LLC, asks the U.S. Bankruptcy Court for the Northern District of California to approve a stipulation with the Debtor in instant case, Uptown/Sterling Towers, LLC, and secured creditor Cathay Bank. The stipulation provides that: -- Uptown is an affiliate of Brownstone; and -- the transfer and reassignment of the Uptown case from the Hon. Thomas E. Carlson to the Hon. Dennis Montali, the judge presiding over the Brownstone case would promote efficient administration of the estates and avoid conflicting and inconsistent rulings. About Brownstone Lofts LLC San Mateo, California-based Brownstone Lofts LLC filed for Chapter 11 bankruptcy (Bankr. N.D. Calif. Case No. 11-33495) on Sept. 26, 2011. Judge Dennis Montali presides over the case. Gregory A. Rougeau, Esq. -- rougeau@mrlawsf.com -- at the Law Offices of Manasian and Rougeau, serves as the Debtor's counsel. The Debtor disclosed $29,040,050 in assets and $14,189,156 in liabilities. The petition was signed by Monica Hujazi, managing member. CABI SMA: Deadline for Amended Plan Disclosures Today ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida has denied approval of the revised disclosure statement, filed Oct. 11, 2011, explaining CABI SMA Tower I, LLP's Modified First Amended Plan of Reorganization. Judge Cristol also denied the disclosure statement filed April 27 and the Disclosure Statement filed Aug. 19. The Court directed the Debtor to file a further amended Disclosure Statement before Nov. 22, 2011. The Plan provides for a restructuring of the Debtor's financial obligations. The Debtor believes that the proposed restructuring will provide the Debtor with the necessary liquidity to compete effectively in today's business environment, in connection with the development of a mixed-use project consisting of retail, office, hospitality, and entertainment facilities. The Plan is premised upon the funding of (i) up to $4,870,000 on the Effective Date in order to consummate the Plan and (ii) shortfalls, if any, from additional equity contributions by Newco or development financing by Newco. The specific names of the entities which will provide the Equity Contribution and the Development Financing will be provided in the Plan Supplement. The Plan Investors will make the Equity Contribution and the Development Financing via a newly formed limited liability company, Teca Group Investments LLC. Under the Plan, the Holders of Class 1 (Priority Non-Tax Claims), Class 2 (Other Secured Claims), and Class 3 (Secured Tax Certificate Claims) are unimpaired and conclusively presumed to accept the Plan. The holders of equity interests in Class 9 (Old Equity Interests) are deemed to reject the Plan because they receive no distribution and retain no property interest under the Plan. Class 4 (Allowed Secured Prepetition Loan Claim, Class 5 (Allowed Secured Claims), Class 6 (Allowed Customer Deposit Claims), Class 7 (Allowed General Unsecured Claims, and Class 8 (Allowed Deficiency Claim), are all impaired and, thus, entitled to vote. The Debtor estimates that on the Effective Date, the Allowed amount of the Allowed Secured Prepetition Claim in Class 4 will be approximately $14,152,893, or if Brickell Central makes an election pursuant to Section 1111(b) of the Bankruptcy Code, $30,516,551. However, the Allowed amount of the Claim will be determined from the Appraised Value of the Property and the fair market value of the other collateral which secures the Claim. As soon as reasonably practicable on or after the Effective Date, the Holder of the Allowed Secured Prepetition Loan Claim will receive either (a) the New Brickell Central Note, if the Holder of the Allowed Secured Prepetition Note makes an election pursuant to Section 1111(b) of the Bankruptcy Code, or (b) the New Senior Note, and from and after the Effective Date, the payments provided for thereunder, if the Holder of the Allowed Secured Prepetition Note does not make an election pursuant to Section 1111(b) of the Bankruptcy Code Under either the New Brickell Central Note or the New Senior Note, as applicable, the maturity will be seven years from the Effective Date. Interest only payments payable monthly will be made for the first 3 years, thereafter principal and interest payable monthly, based upon a thirty-year amortization, until maturity. The Debtor estimates that on the Effective Date, the amount of Allowed General Unsecured Claims in Class 7 will aggregate approximately $2,020,955. On or as soon as reasonably practicable after the Effective Date, each Holder of an Allowed General Unsecured Claim will receive Cash in an amount equal to 15% of the Allowed Claim. The Debtor estimates that as of the Effective Date, the amount of the Allowed Deficiency Claim in Class 8 will be $16,363,658, or if Brickell Central makes an election pursuant to Section 1111(b) of the Bankruptcy Code, $0. As soon as reasonably practicable after the Effective Date and provided that the Holder of the Secured Prepetition Loan Claim has not made an election pursuant to Section 1111(b) of the Bankruptcy Code, the Holder of the Allowed Deficiency Claim will be entitled to receive the New Junior Note and, from and after the Effective Date, the payments provided for thereunder. The New Junior Note provides that both the principal and interest will be payable at the end of 7 years. If the Holder of the Secured Prepetition Loan Claim makes an election pursuant to Section 1111(b) of the Bankruptcy Code, then Class 8 will not exist and all references in the revised disclosure statement or in the Plan to Class 8 will be void. Brickell Central asserts that it may elect to waive its Class 8 unsecured claim and have its entire alleged Claim amount (consisting of the Class 4 Secured Prepetition Loan Claim and the Class 8 Deficiency Claim) treated as secured pursuant to Section 1111(b). In that case, Brickell Central would be entitled to receive aggregate payments equal to the full Allowed amount of its claim under the Plan. A copy of the revised disclosure statement, filed Oct 11, 2011, relating to the modified first amended plan of reorganization is available for free at: http://bankrupt.com/misc/cabisma.dkt234.pdf About Cabi SMA Tower I Based in Miami, Florida, Cabi SMA Tower I, LLLP -- fka Cabi SMA Retail 1, LLC; Cabi SMA, LLLP; Cabi SMA Tower 2, LLC; Cabi SMA Tower 2, LLLP; Capital at Brickell; Cabi SMA Retail 2, LLLP; Cabi SMA Retail 2, LLC; Cabi SMA Tower 1, LLC; and Cabi SMA Retail I, LLLP -- owns multiple vacant parcels around South Miami Avenue and S.W. 14th Street in Miami, Florida. It acquired the parcels to develop residential, hotel, and retail space, including a condominium development. The parcels are being managed by Cabi Developers, LLC pursuant to a management agreement. Cabi SMA Tower I filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 10-49009) on Dec. 28, 2010. Mindy A. Mora, Esq., and Tara V. Trevorrow, Esq., at Bilzin Sumberg Baena Price & Axelrod, LLP, in Miami, serve as the Debtor's bankruptcy counsel. The Debtor estimated its assets and debts at $10 million to $50 million. Affiliates Cabi Downtown, LLC (Bankr. S.D. Fla. Case No. 09-27168) and Cabi New River, LLC (Bankr. S.D. Fla. Case No. 10-49013) filed separate Chapter 11 petitions. No creditor's committee has been appointed in Cabi SMA Tower I, LLLP's Chapter 11 case. CALYPTE BIOMEDICAL: Delays Filing of Form 10-Q for 3rd Quarter -------------------------------------------------------------- Calypte Biomedical Corporation was unable to file its Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2011, on a timely basis due to its limited financial resources, thin staffing, and delays in completing its previous periodic reports for the last several quarters. About Calypte Biomedical Portland, Oregon-based Calypte Biomedical Corporation develops, manufactures, and distributes in vitro diagnostic tests, primarily for the diagnosis of Human Immunodeficiency Virus ("HIV") infection. The Company's balance sheet at March 31, 2011, showed $2.39 million in total assets, $6.70 million in total liabilities, and a $4.30 million total stockholders' deficit. Odenberg, Ullakko, Muranishi & Co. LLP, in San Francisco, California, expressed substantial doubt about Calypte Biomedical's ability to continue as a going concern. The independent auditors noted that the Company has suffered recurring operating losses and negative cash flows from operations, and management believes that the Company's cash resources will not be sufficient to sustain its operations through 2011 without additional financing. "At Dec. 31, 2010, and 2009, we had working capital deficits of $3.5 million and $16.6 million, respectively, the Company said in the filing. "As of Dec. 31, 2009, the $11.6 million outstanding under our Credit Facility and Convertible Notes was under default. Our cash on hand and existing sources of cash are insufficient to fund our cash needs over the next twelve months under our current capital structure." The Company reported net income of $8.8 million on $444,000 of product sales for 2010, compared with a net loss of $3.6 million on $726,000 of product sales for 2009. The Company recorded a gain on transfer of assets of $2.3 million and a gain on restructuring of notes of $8.5 million in 2010, absent in 2009. Bankruptcy Warning The Company does not have any long term agreement for capital infusion at this point in time. As the Company's cash flows from its operating and investing activities are currently not adequate to sustain its operations, if the Company is unable to raise capital, the Company will likely be unable to continue its operations. Failure to obtain additional financing will likely cause the Company to seek bankruptcy protection under Chapter 7 of the U.S. Bankruptcy Code. CANO PETROLEUM: Delays Filing of Form 10-Q for Sept. 30 Quarter --------------------------------------------------------------- Cano Petroleum, Inc., notified the U.S. Securities and Exchange Commission that it could not file its quarterly report on Form 10- Q for the quarter ended Sept. 30, 2011, within the prescribed time period, because of the Company's inability to timely process the financial information for the quarter and present it to the Company's independent registered public accounting firm for review and comment prior to the filing deadline. About Cano Petroleum Cano Petroleum, Inc., is an independent Texas-based energy producer with properties in the mid-continent region of the United States. Cano's primary focus is on increasing domestic production from proven fields using enhanced recovery methods. Cano trades on the NYSE Amex Stock Exchange under the ticker symbol CFW. The Company reported a net loss of $185.70 million on $26.12 million of total operating revenues for the year ended June 30, 2011, compared with a net loss of $11.54 million on $22.85 million of total operating revenues during the prior year. The Company's balance sheet at June 30, 2011, showed $65.43 million in total assets, $118.80 million in total liabilities, and a $53.36 million total stockholders' deficit. Hein & Associates LLP, in Dallas, Texas, noted that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Bankruptcy Warning In the past, the Company's strategy had been to convert its estimated proved undeveloped reserves into proved producing reserves, improve operational efficiencies in its existing properties and acquire accretive proved producing assets suitable for secondary and enhanced oil recovery at low cost. Due to the Company's current financial constraints, including continued losses, defaults under the Company's loan agreements and the Company's Series D Preferred Stock, no available borrowing capacity, constrained cash flow, negative working capital, and limited to no other capital availability, the Company is reviewing strategic alternatives which include the sale of the Company, the sale of some or all of the Company's existing oil and gas properties and assets, potential business combinations, debt restructuring, including recapitalizing the Company, and bankruptcy. The Company continues to focus on cash management and cost reduction efforts to improve both its cash flow from operations and profitability. CAPITOL CITY: Incurs $1.4 Million Net Loss in Third Quarter ----------------------------------------------------------- Capitol City Bancshares, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, reporting a net loss of $1.42 million on $3.65 million of total interest income for the three months ended Sept. 30, 2011, compared with net income of $395,726 on $3.89 million of total interest income for the same period during the prior year. The Company also reported a net loss of $1.18 million on $11.07 million of total interest income for the nine months ended Sept. 30, 2011, compared with net income of $11,108 on $11.79 million of total interest income for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $297.82 million in total assets, $288.90 million in total liabilities, and $8.91 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/p4tbQF About Capitol City Atlanta, Ga.-based Capitol City Bancshares, Inc., was incorporated under the laws of the State of Georgia on April 14, 1998, for the purpose of serving as a bank holding company for Capitol City Bank and Trust Company. The Bank operates a full-service banking business and engages in a broad range of commercial banking activities, including accepting customary types of demand and timed deposits, making individual, consumer, commercial, and installment loans, money transfers, safe deposit services, and making investments in U.S. government and municipal securities. The Bank serves the residents of the City of Atlanta and Fulton, DeKalb, Chatham, Richmond and Dougherty Counties. As reported in TCR on April 26, 2011, Nichols, Cauley & Associates, LLC, in Atlanta, Georgia, expressed substantial doubt about Capitol City Bancshares' ability to continue as a going concern, following the Company's 2010 results. The independent auditors noted that the Company the Company is operating under regulatory orders to, among other items, increase capital and maintain certain levels of minimum capital. "As of Dec. 31, 2010, the Company was not in compliance with these capital requirements. In addition to its deteriorating capital position, the Company has suffered significant losses related to nonperforming assets, has experienced declining levels of liquid assets, and has significant maturities of liabilities within the next twelve months." CAPITOL CITY: Amends 5 Million Common Shares Offering ----------------------------------------------------- Capitol City Bancshares, Inc., filed with the U.S. Securities and Exchange Commission Amendment No. 1 to Form S-1 registration statement relating to the Company's offer to sell up to 5,000,000 shares of its common stock for $2.50 per share. The minimum purchase for any investor is 200 shares and the maximum purchase for any investor is 900,000 shares. The Company has the right, in its discretion, to accept subscriptions for a lesser or greater amount. This offering will terminate on Oct. 1, 2012, or when all 5,000,000 shares of common stock are sold, whichever occurs first. The Company may, at its sole discretion, extend the offering as permitted under applicable rules of the Securities and Exchange Commission. There is no underwriter involved in this offering. The Company's directors and officers will offer and sell the common stock on a best-efforts basis without compensation. The Company believes they will not be deemed to be brokers or dealers due to Rule 3a4-1 under the Securities Exchange Act of 1934. There is no minimum number of shares the Company must sell in this offering. The proceeds from this offering will be immediately available to the Company regardless of the number of shares it sells. A full-text copy of the amended prospectus is available for free at http://is.gd/eZ0pwg About Capitol City Atlanta, Ga.-based Capitol City Bancshares, Inc., was incorporated under the laws of the State of Georgia on April 14, 1998, for the purpose of serving as a bank holding company for Capitol City Bank and Trust Company. The Bank operates a full-service banking business and engages in a broad range of commercial banking activities, including accepting customary types of demand and timed deposits, making individual, consumer, commercial, and installment loans, money transfers, safe deposit services, and making investments in U.S. government and municipal securities. The Bank serves the residents of the City of Atlanta and Fulton, DeKalb, Chatham, Richmond and Dougherty Counties. As reported in TCR on April 26, 2011, Nichols, Cauley & Associates, LLC, in Atlanta, Georgia, expressed substantial doubt about Capitol City Bancshares' ability to continue as a going concern, following the Company's 2010 results. The independent auditors noted that the Company the Company is operating under regulatory orders to, among other items, increase capital and maintain certain levels of minimum capital. "As of Dec. 31, 2010, the Company was not in compliance with these capital requirements. In addition to its deteriorating capital position, the Company has suffered significant losses related to nonperforming assets, has experienced declining levels of liquid assets, and has significant maturities of liabilities within the next twelve months." The Company's balance sheet at Sept. 30, 2011, showed $297.82 million in total assets, $288.90 million in total liabilities and $8.91 million in total stockholders' equity. CARESTREAM HEALTH: Bank Debt Trades at 11% Off in Secondary Market ------------------------------------------------------------------ Participations in a syndicated loan under which Carestream Health, Inc., is a borrower traded in the secondary market at 89.29 cents- on-the-dollar during the week ended Friday, Nov. 18, 2011, a drop of 0.41 percentage points from the previous week according to data compiled by Loan Pricing Corp. and reported in The Wall Street Journal. The Company pays 350 basis points above LIBOR to borrow under the facility. The bank loan matures on Feb. 22, 2017, and carries Moody's B1 rating and Standard & Poor's BB- rating. The loan is one of the biggest gainers and losers among 126 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. About Carestream Health Carestream Health, Inc., based in Rochester, New York, supplies imaging and IT systems to medical and dental communities and other markets. Formerly operating as the Health Group division of Eastman Kodak, the company was acquired by Toronto-based Onex Corporation and Onex Partners II LP in early 2007. For the 12 months ended Sept. 30, 2010, Carestream had revenues of $2.3 billion. As reported by the Troubled Company Reporter on Feb. 18, 2011, Moody's affirmed the 'B1' corporate family rating of Carestream Health, Inc. The 'B1' corporate family rating is supported by the company's leading market position, large revenue base and diversified global operations. The ratings outlook could improve if the company is able to more than offset the decline in the film business with growth in its other businesses such that the company demonstrates sustained revenue and profitability growth. CARTER'S GROVE: Court to Hold Plan Hearings Feb. 28 to 29 --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Virginia has approved the Disclosure Statement, to be amended as set forth in Court, in support of Carter's Grove, LLC's Amended/Modified Chapter 11 Plan. No further hearing on Disclosure Statement is necessary. The Court sets the hearing on confirmation for Feb. 28, 2012, at 9:30 a.m., and Feb. 29, 2012, at 9:30 a.m., in Norfalk, Virginia. A copy of the Disclosure Statement, filed Oct. 14, 2011, is available for free at: http://bankrupt.com/misc/carter'sgrove.dkt79.pdf As reported in the TCR on Oct. 17, 2011, the Plan provides for all Allowed Claims to be paid in full. The Plan also provides that if the Debtor defaults on any Plan obligations, the Debtor's property will be sold pursuant to an orderly sale process. The Minor Trust, the sole member of the Debtor, will retain its interest in the Debtor. The Debtor obtained a recent appraisal that estimates the fair market value of its sole asset -- Carter's Grove -- at $15.8 million, which is substantially more than the approximate $7.3 million in claims asserted against the Debtor. Class 2 (Secured Claim of CWF), Class 3 (Secured Claim of AVN), Class 4 (Secured Claim of Sotheby's), and Class 5 (Other Secured Claims) are impaired under the Plan and are entitled to vote thereon, unless the claim in that class is disputed. Class 1 (Other Priority Claims), Class 6 (Unsecured Claims), and Class 7 (Interests) are unimpaired under the Plan and are not entitled to vote thereon. About Carter's Grove San Francisco, California-based Carter's Grove, LLC, owns the historic Williamsburg, Virginia-area mansion named Carter's Grove. Halsey M. Minor owns the Company and bought the Carter's Grove mansion for $15.3 million in 2007, at the height of the real estate bubble. Carter's Grove filed for Chapter 11 bankruptcy protection (Bankr. N.D. Calif. Case No. 11-30554) on Feb. 14, 2011. Debra I. Grassgreen, Esq., and John W. Lucas, Esq., at Pachulski, Stang, Ziehl, and Jones LLP, San Francisco, Calif.; Robert S. Westermann, Esq., and Sheila deLa Cruz, Esq., at Hirschler Fleischer, P.C., in Richmond, Va., serve as the Debtor's bankruptcy counsel. In its schedules, the Debtor disclosed $21,156,417 in assets and $12,490,476 in liabilities. On Aug. 1, 2011, the U.S. Bankruptcy Court for the Northern District of California approved the transfer of the Chapter 11 case of Carter's Grove, LLC to the Bankruptcy Court for the Eastern District of Virginia, Newport News Division. CATALYST PAPER: Incurs $205.7 Million Net Loss in Third Quarter --------------------------------------------------------------- Catalyst Paper posted a net loss of $205.7 million on sales of $340.3 million during the third quarter of 2011. The net loss was largely due to a $151.0 million impairment charge on the Company's Snowflake facility. "We regained momentum this quarter in productivity and operating rates," said President and CEO Kevin J. Clarke. "And our strong safety focus helped reduce lost time injuries. Unfortunately, these improvements were overshadowed by the magnitude of the impairment charge at Snowflake, which makes very clear the relentless pressures on our industry." Cash flows from operations were negative $38.8 million, compared with negative $5.4 million in the same quarter a year ago. This is due primarily to an increase in non-cash working capital of $44.5 million which more than offset $5.7 million in cash flows from operations before changes in non-cash working capital. A full-text copy of the press release is available for free at: http://is.gd/mLLApb About Catalyst Paper Catalyst Paper -- http://www.catalystpaper.com/-- manufactures diverse specialty mechanical printing papers, newsprint and pulp. Its customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With four mills, located in British Columbia and Arizona, Catalyst has a combined annual production capacity of 1.9 million tons. The Company is headquartered in Richmond, British Columbia, Canada and its common shares trade on the Toronto Stock Exchange under the symbol CTL. The Company posted a net loss of C$398.2 million on sales of C$1.229 billion during 2010. The Company's net loss in 2009 was C$5.6 million on sales of C$1.224 billion. The Company's balance sheet at March 31, 2011, showed C$1.64 billion in total assets, C$1.25 billion in total liabilities, and C$389.60 million in equity. * * * Catalyst Paper carried Moody's Investors Service's 'Caa1' corporate family rating. Outlook in Negative. The Company also carries Standard & Poor's CCC+ long-term corporate credit rating, Outlook is Stable. CATALYST PAPER: Incurs C$205.7 Million Net Loss in Third Quarter ---------------------------------------------------------------- Catalyst Paper Corp. filed with the U.S. Securities and Exchange Commission its quarterly report on Form 6-K, reporting a net loss of C$205.70 million on C$340.30 million of sales for the three months ended Sept. 30, 2011, compared with net earnings of C$5.60 million on C$322.30 million of sales for the same period a year ago. The Company also reported a net loss of C$266.30 million on C$941.70 million of sales for the nine months ended Sept. 30, 2011, compared with a net loss of C$407.20 million on C$895 million of sales for the same period during the prior year. The Company's balance sheet at Sept. 30, 2011, showed C$1.45 billion in total assets, C$1.31 billion in total liabilities, and C$135.60 million in shareholders' equity. A full-text copy of the Form 6-K is available for free at: http://is.gd/8ZPuK3 About Catalyst Paper Catalyst Paper -- http://www.catalystpaper.com/-- manufactures diverse specialty mechanical printing papers, newsprint and pulp. Its customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. With four mills, located in British Columbia and Arizona, Catalyst has a combined annual production capacity of 1.9 million tons. The Company is headquartered in Richmond, British Columbia, Canada and its common shares trade on the Toronto Stock Exchange under the symbol CTL. The Company posted a net loss of C$398.2 million on sales of C$1.229 billion during 2010. The Company's net loss in 2009 was C$5.6 million on sales of C$1.224 billion. * * * Catalyst Paper carried Moody's Investors Service's 'Caa1' corporate family rating. Outlook in Negative. The Company also carries Standard & Poor's CCC+ long-term corporate credit rating, Outlook is Stable. CCB INVESTORS: 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 CCB Investors Assets Management, LLC, until further notice. The U.S. Trustee reserves the right to appoint such a committee should interest developed among the creditors. Jupiter, Florida-based CCB Investors Assets Management, LLC, is in the business of owning and renting 78 boat docks which are part of a condominium consisting of 90 boat docks. There are currently 31 leases for 33 boat slips. The Company filed for Chapter 11 bankruptcy (Bankr. S.D. Fla. Case No. 11-32534) on Aug. 11, 2011. Judge Erik P. Kimball presides over the case. Susan D. Lasky, Esq., at Susan D. Lasky, P.A., serves as the Debtor's counsel. The petition was signed by Chris Baker, manager. In its schedules, the Debtor disclosed $16,227,164 in assets and $6,845,325 in liabilities. Secured lender Second Equities Corp. is represented in the case by L. Louis Mrachek, Esq., at Page, Mrachek, Fitzgerald & Rose, LI.P.A. LII. CELL THERAPEUTICS: Four Directors Elected at Annual Meeting ----------------------------------------------------------- Cell Therapeutics, Inc., announced that at the annual meeting of shareholders held on Nov. 11, 2011, shareholders elected James A. Bianco, M.D., Vartan Gregorian, Ph.D., and Frederick W. Telling, Ph.D. to serve on the Company's Board of Directors until the Company's 2014 Annual Meeting. Shareholders also elected Reed V. Tuckson, M.D. to serve on the Company's Board of Directors until the Company's 2013 Annual Meeting. Shareholders approved the proposals to amend the Company's amended and restated articles of incorporation to increase the total number of authorized shares and authorized shares of common stock and to make certain amendments to the Company's 2007 Equity Incentive Plan, as amended and restated, including an increase the number of shares available for issuance under the Plan. Shareholders also approved an advisory proposal on executive compensation and voted to hold an advisory vote on executive compensation every three years. Shareholders ratified the selection of Marcum LLP as the Company's independent auditors for the year ending Dec. 31, 2011. A full-text copy of the Form 8-K is available for free at: http://is.gd/TCr6PE About Cell Therapeutics Headquartered in Seattle, Washington, Cell Therapeutics, Inc. (NASDAQ and MTA: CTIC) -- http://www.CellTherapeutics.com/-- is a bi4opharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. The Company reported a net loss of $82.64 million on $319,000 of revenue for the 12 months ended Dec. 31, 2010, compared with a net loss of $82.64 million on $80,000 of total revenue during the same period in 2009. The Company also reported a net loss attributable to CTI of $53.39 million on $0 of revenue for the nine months ended Sept. 30, 2011, compared with a net loss attributable to CTI of $62.92 million on $319,000 of total revenues for the same period during the prior year. The Company's balance sheet at Sept. 30, 2011, showed $62.85 million in total assets, $33.89 million in total liabilities, $13.46 million in common stock purchase warrants, and $15.49 million total shareholders' equity. Marcum LLP, in San Francisco, Calif., expressed substantial doubt about the Company's ability to continue as a going concern in its audit reports for the financial statements for 2009 and 2010. The independent auditors noted that the Company has incurred losses since its inception, and has a working capital deficiency of approximately $14.2 million at Dec. 31, 2010. Bankruptcy Warning The Company has incurred losses since inception and expect to generate losses for the next few years primarily due to research and development costs for Pixuvri, OPAXIO, tosedostat, brostallicin and bisplatinates. If the Company receives approval of Pixuvri by the European Medicines Agency or the Food and Drug Administration, the Company would anticipate additional commercial expenses associated with Pixuvri operations. Accordingly, the Company will need to raise additional funds and is currently exploring alternative sources of equity or debt financing. The Company may seek to raise such capital through public or private equity financings, partnerships, joint ventures, disposition of assets, debt financings or restructurings, bank borrowings or other sources of financing. However, additional funding may not be available on favorable terms or at all. If additional funds are raised by issuing equity securities, substantial dilution to existing shareholders may result. If the Company fails to obtain additional capital when needed, the Company may be required to delay, scale back, or eliminate some or all of its research and development programs and may be forced to cease operations, liquidate its assets and possibly seek bankruptcy protection. CENTRAL FEDERAL: Amends Form S-1 Registration Statement ------------------------------------------------------- Central Federal Corporation filed with the U.S. Securities and Exchange Commission a Pre-Effective Amendment No. 1 to Form S-1 relating to a rights offering and an offering of common stock to the public on a best efforts basis at a price of $1.00 per share. The Company is distributing, at no charge to its stockholders, non-transferable subscription rights to purchase up to 24,965,000 shares of the Company's common stock. Each subscription right will entitle stockholders to purchase 6.048 shares of the Company's common stock at the subscription price of $1.00 per share, which the Company refers to as the basic subscription privilege. At the minimum of the offering, the Company expects to contribute funds to our subsidiary, CFBank, to enable it to exceed all of its regulatory capital requirements, including the higher capital requirements imposed by the CFBank Cease and Desist Order described later in this prospectus, to be considered "well capitalized." The Company has separately entered into standby purchase agreements with certain standby purchasers. Pursuant to the standby purchase agreements, the Standby Purchasers have agreed to acquire from the Company, at the subscription price of $1.00 per share, a total of 5,035,000 shares of common stock. The Standby Purchasers have conditioned their purchase of shares of common stock upon the receipt by Central Federal Corporation, referred to as CFC, of $16.5 million in net proceeds from the rights offering and the public offering, if any. As a result, the purchase by the Standby Purchasers (5,035,000 shares of common stock) is conditioned on the sale by CFC of 17,465,000 shares in the rights offering and the public offering, if any. Although the 5,035,000 shares subscribed for by the Standby Purchasers are included in the registration statement of which this prospectus forms a part, the shares subscribed for by the Standby Purchasers are in addition to the up to 24,965,000 shares offered in the rights offering and the public offering, if any. The aggregate maximum number of shares that may be sold in the rights offering, any public offering and to the Standby Purchasers is 30,000,000. The Company reserves the right to cancel the rights offering at any time. In the event the rights offering is cancelled, all subscription payments received by the subscription/escrow agent will be returned promptly, without interest, and the sale to the Standby Purchasers will not be completed. The Company may offer any shares of common stock that remain unsubscribed for at the expiration of the rights offering to the public at $1.00 per share. Any public offering of shares of common stock that remain unsubscribed will be on a best efforts basis. The Company's common stock is traded on Nasdaq under the trading symbol "CFBK." A full-text copy of the amended Form S-1 is available for free at: http://is.gd/cYycRq About Central Federal Fairlawn, Ohio-based Central Federal Corporation (Nasdaq: CFBK) is the holding company for CFBank, a federally chartered savings association formed in Ohio in 1892. CFBank has four full-service banking offices in Fairlawn, Calcutta, Wellsville and Worthington, Ohio. The Company's balance sheet at Sept. 30, 2011, showed $265.4 million in total assets, $254.0 million in total liabilities, and stockholders' equity of $11.4 million. Regulatory Matters On May 25, 2011, Central Federal Corporation and CFBank each consented to the issuance of an Order to Cease and Desist (the Holding Company Order and the CFBank Order, respectively, and collectively, the Orders) by the Office of Thrift Supervision (OTS), the primary regulator of the Holding Company and CFBank at the time the Orders were issued. The Holding Company Order requires it, among other things, to: (i) submit by June 30, 2011, a capital plan to regulators that establishes a minimum tangible capital ratio commensurate with the Holding Company's consolidated risk profile, reduces the risk from current debt levels and addresses the Holding Company's cash flow needs; (ii) not pay cash dividends, redeem stock or make any other capital distributions without prior regulatory approval; (iii) not pay interest or principal on any debt or increase any Holding Company debt or guarantee the debt of any entity without prior regulatory approval; (iv) obtain prior regulatory approval for changes in directors and senior executive officers; and (v) not enter into any new contractual arrangement related to compensation or benefits with any director or senior executive officer without prior notification to regulators. The CFBank Order required CFBank to have by Sept. 30, 2011, and maintain thereafter, 8% Tier 1 (Core) Capital to adjusted total assets and 12% Total Capital to risk weighted assets. CFBank will not be considered well-capitalized as long as it is subject to individual minimum capital requirements. CFBank did not comply with the higher capital ratio requirements by the Sept. 30, 2011 required date. CENTRAL PROGRESSIVE: Closed; First NBC Bank Assumes All Deposits ---------------------------------------------------------------- Central Progressive Bank of Lacombe, La., was closed Friday, Nov. 18, 2011, by the Louisiana Office of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First NBC Bank of New Orleans to assume all of the deposits of Central Progressive Bank. The 17 branches of Central Progressive Bank will reopen during their normal business hours as branches of First NBC Bank. Depositors of Central Progressive Bank will automatically become depositors of First NBC Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Central Progressive Bank should continue to use their existing branch until they receive notice from First NBC Bank that it has completed systems changes to allow other First NBC Bank branches to process their accounts as well. As of Sept. 30, 2011, Central Progressive Bank had around $383.1 million in total assets and $347.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, First NBC Bank agreed to purchase around $354.4 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition. Customers with questions about the transaction should call the FDIC toll-free at 1-800-234-9027. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/centralprog.html The FDIC estimates that the cost to the Deposit Insurance Fund will be $58.1 million. Compared to other alternatives, First NBC Bank's acquisition was the least costly resolution for the FDIC's DIF. Central Progressive Bank is the 90th FDIC-insured institution to fail in the nation this year, and the first in Louisiana. The last FDIC-insured institution closed in the state was Statewide Bank, Covington, on March 12, 2010. CHEYENNE INDUSTRIAL: Case Summary & 4 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Cheyenne Industrial LLC 8517 Copper Knoll Ave Las Vegas, NV 89129 Bankruptcy Case No.: 11-27880 Chapter 11 Petition Date: November 16, 2011 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Judge: Linda B. Riegle Debtor's Counsel: Randy M. Creighton, Esq. BLACK & LOBELLO 10777 W. Twain Ave, 3rd Flr Las Vegas, NV 89135 Tel: (702) 869-8801 Fax: (702) 869-2669 E-mail: rcreighton@blacklobellolaw.com Scheduled Assets: $700,000 Scheduled Debts: $1,459,785 A list of the Company's four largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/nvb11-27880.pdf The petition was signed by Rafa David Legisima, managing member. CHINA GREEN: Incurs $21,363 Net Loss in Third Quarter ----------------------------------------------------- China Green Creative, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, reporting a net loss of $21,363 on $322,767 of revenue for the three months ended Sept. 30, 2011, compared with net income of $826,523 on $1.59 million of revenue for the same period a year ago. The Company also reported net income of $47,899 on $1.44 million of revenue for the nine months ended Sept. 30, 2011, compared with net income of $40,318 on $2.16 million of revenue for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $5.25 million in total assets, $7.46 million in total liabilities, and a $2.21 million total stockholders' deficit. Madsen & Associates CPA's, Inc., in Salt Lake City, says China Green Creative, Inc., does not have the necessary working capital to service its debt and for its planned activity, which raises substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: http://is.gd/vBQsGh About China Green Shenzhen, China-based China Green Creative, Inc., a Nevada Corporation, was incorporated on Aug. 17, 2006, under the name of Glance, Inc. On Jan. 21, 2009, the Company changed its name to China Green Creative, Inc. CGC and its subsidiaries are principally engaged in the distribution of consumer goods in the People's Republic of China. CIRTRAN CORP: Delays Filing of Third Quarter Form 10-Q ------------------------------------------------------ CirTran Corporation informed the U.S. Securities and Exchange Commission that its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2011, could not be filed without unreasonable effort or expense within the prescribed time period because management's time was diverted to deal with recent action in pending litigation and disputes with third parties that unexpectedly precluded management from compiling and verifying the data required to be included in the report. The report will be filed within five days of the date the original report was due. About CirTran Corporation West Valley City, Utah-based CirTran Corporation (OTC BB: CIRC) -- http://www.CirTran.com/-- markets and manufactures energy drinks under the Playboy brand pursuant to a license agreement with Playboy Enterprises, Inc. The Company also provides turnkey manufacturing services and products using various high-tech applications for electronics manufacturers in various industries. The Company reported a net loss of $4.95 million on $9.04 million of net sales for the year ended Dec. 31, 2010, compared with a net loss of $5.81 million on $9.73 million of net sales during the prior year. The Company also reported a net loss of $3.90 million on $2.08 million of net sales for the six months ended June 30, 2011, compared with a net loss of $2.08 million on $4.09 million of net sales for the same period during the prior year. The Company's balance sheet at June 30, 2011, showed $4.17 million in total assets, $27.18 million in total liabilities, and a $23.01 million total stockholders' deficit. As reported by the TCR on April 21, 2011, Hansen, Barnett & Maxwell, P.C., Salt Lake City, Utah, noted that the Company has an accumulated deficit, has suffered losses from operations and has negative working capital that raise substantial doubt about its ability to continue as a going concern. CITY NATIONAL: Delays Filing of Third Quarter Form 10-Q ------------------------------------------------------- City National Bancshares Corporation has determined that it is unable to file its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2011, with the U.S. Securities and Exchange Commission by the Nov. 14, 2011 due date. The Company was not able to file a timely Form 10-Q because it has not completed its consolidated financial statements and related disclosures for the quarter ended Sept. 30, 2011. While the Company is working diligently to file its Form 10-Q and anticipates filing its Form 10-Q in November 2011, the delay in completing the financial statements is primarily due to evaluating the loan and lease assets in the portfolio of the Company's wholly-owned banking subsidiary, CityNational Bank of New Jersey. This evaluation is needed in order to accurately quantify the degree to which these assets are impaired. Once this review and evaluation have been completed and the Company's financial statements are prepared, the Company's independent auditors will be given the opportunity to complete a review of the Company's financial statements. About City National Bancshares Newark, N.J.-based City National Bancshares Corporation is a New Jersey corporation incorporated on January 10, 1983. City National Bank, a wholly-owned subsidiary of CNBC, is a national banking association chartered in 1973 under the laws of the United States of America and has one subsidiary, City National Investments, Inc., an investment company which holds, maintains and manages investment assets for CNB. CNB provides a wide range of retail and commercial banking services through its retail branch network, although the primary focus is on establishing commercial and municipal relationships. The Bank owns a 35.4% interest in a leasing company, along with two other minority banks and has small investments in a Haitian financial organization that provides microloan financing to individuals in rural Haiti for business purposes and a mutual fund which invests in targeted projects throughout the country that are eligible for Community Reinvestment Act ("CRA") credit. The Company reported a net loss of $7.5 million on $12.8 million of net interest income for 2010, compared with a net loss of $7.8 million on $14.7 million of net interest income for 2009. The Company's balance sheet at June 30, 2011, showed $366.19 million in total assets, $344.81 million in total liabilities, and $21.38 million in total stockholders' equity.' As reported by the TCR on June 1, 2011, KPMG LLP, in Short Hills, New Jersey, expressed substantial doubt about City National Bancshares' ability to continue as a going concern. The independent auditors noted that the Company has suffered recurring losses from operations and has entered into a consent order with the Office of the Comptroller of the Currency. CLAIRE'S STORES: Bank Debt Trades at 14% Off in Secondary Market ---------------------------------------------------------------- Participations in a syndicated loan under which Claire's Stores, Inc., is a borrower traded in the secondary market at 85.68 cents- on-the-dollar during the week ended Friday, Nov. 18, 2011, a drop of 1.19 percentage points from the previous week according to data compiled by Loan Pricing Corp. and reported in The Wall Street Journal. The Company pays 275 basis points above LIBOR to borrow under the facility. The bank loan matures on May 29, 2014, and carries Moody's B3 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 126 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- operates as a specialty retailer of fashion accessories and jewelry for preteens and teenagers, as well as for young adults in North America and internationally. It offers jewelry products that comprise costume jewelry, earrings, and ear piercing services; and accessories, including fashion accessories, hair ornaments, handbags, and novelty items. Based in Pembroke Pines, Florida, Claire's Stores operates under two brands: Claire's(R), which operates worldwide and Icing(R), which operates only in North America. As of Jan. 31, 2009, Claire's Stores, Inc., operated 2,969 stores in North America and Europe. Claire's Stores, Inc., also operates through its subsidiary, Claire's Nippon, Co., Ltd., 213 stores in Japan as a 50:50 joint venture with AEON, Co., Ltd. The Company also franchises 198 stores in the Middle East, Turkey, Russia, South Africa, Poland and Guatemala. * * * Claire's Stores, Inc., reported a net loss of $29.74 million on $704.99 million of net sales for the six months ended July 30, 2011, compared with a net loss of $20.64 million on $656.31 million of net sales for the same period a year ago. The Company's balance sheet at July 30, 2011, showed $2.83 billion in total assets, $2.87 billion in total liabilities, and a $40.81 million stockholders' deficit. * * * Claire's Stores carries 'Caa2' corporate family and probability of default ratings, with 'positive' outlook, from Moody's Investors Service, and 'B-' issuer credit ratings, with 'stable' outlook, from Standard & Poor's. Moody's Investors Service in December 2010 upgraded Claire's Stores' ratings, including its Corporate Family Rating and Probability of Default Rating, to 'Caa2' from 'Caa3'. The upgrade reflects a decrease in Claire's probability of default given that the company can now fully cover its interest expense. This is due to earnings improvement from solid comparable store sales growth, improved merchandise margins, and continued expense discipline. CLEAN BURN: Taps Neal Bradsher to Prepare and File 2011 Tax Return ------------------------------------------------------------------ Clean Burn Fuels, LLC, asks the U.S. Bankruptcy Court for the Middle District of North Carolina for permission to employ Neal, Bradsher & Taylor, P.A. as accountants to prepare and file the Debtor's tax return for the year ending Dec. 31, 2011, and to perform any other services incident thereto. James E. Neal, a certified public accountant and a member in the firm, tells the Court that no compensation has been received by the firm from the Debtor or any other person on said account. Mr. Neal assures the Court that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Clean Burn Founded in 2005, Clean Burn Fuels LLC is the first company to produce ethanol in North Carolina. It completed the construction of its ethanol plant in August 2010 and started producing and selling ethanol and dried distillers grains with solubles (DDGS) shortly thereafter. Clean Burn filed for Chapter 11 bankruptcy protection (Bankr. M.D.N.C. Case No. 11-80562) on April 3, 2011. John A. Northen, Esq., at Northen Blue, L.L.P., represents the Debtor. In its schedules of assets and liabilities, the Company disclosed $79,516,062 in assets and $79,218,681 in liabilities. The schedules valued its ethanol plant at $72,000,000, securing at $66,225,571 claim by a lender. The Official Committee of Unsecured Creditors is represented by Charles M. Ivey, III, Esq., at Ivey McClellan Gatton & Talcott, LLP, in Greensboro, North Carolina. CLEAR CHANNEL: Bank Debt Trades at 23% Off in Secondary Market -------------------------------------------------------------- Participations in a syndicated loan under which Clear Channel Communications, Inc., is a borrower traded in the secondary market at 77.30 cents-on-the-dollar during the week ended Friday, Nov. 18, 2011, a drop of 0.87 percentage points from the previous week according to data compiled by Loan Pricing Corp. and reported in The Wall Street Journal. The Company pays 365 basis points above LIBOR to borrow under the facility. The bank loan matures on Jan. 30, 2016, and carries Moody's Caa1 rating and Standard & Poor's CCC+ rating. The loan is one of the biggest gainers and losers among 126 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. About CC Media and Clear Channel San Antonio, Tex.-based CC Media Holdings, Inc. (OTC BB: CCMO) -- http://www.ccmediaholdings.com/-- is the parent company of Clear Channel Communications, Inc. CC Media Holdings is a global media and entertainment company specializing in mobile and on-demand entertainment and information services for local communities and premier opportunities for advertisers. The Company's businesses include radio and outdoor displays. CC Media has three reportable business segments: Radio Broadcasting; Americas Outdoor Advertising; and International Outdoor Advertising. Approximately half of CC Media's revenue is generated from its Radio Broadcasting segment. The Company reported a net loss of $462.8 million on $5.866 billion of revenue for the fiscal year ended Dec. 31, 2010, compared with a net loss of $4.049 billion on $5.552 billion of revenue for 2009. Clear Channel had a net loss of $259.06 million on $4.50 billion of revenue for the nine months ended Sept. 30, 2011. The Company's balance sheet at Sept. 30, 2011, showed $16.51 billion in total assets, $23.96 billion in total liabilities and a $7.45 billion total member's deficit. * * * CC Media Holdings carries 'CCC+' issuer credit ratings from Standard & Poor's. Clear Channel Carries a Caa2' corporate family rating from Moody's Investors Service and an issuer default rating of 'CCC' from Fitch Ratings. Fitch said in November 2010, that its ratings concerns center on the company's highly leveraged capital structure, with significant maturities in 2014 and 2016; the considerable interest burden that pressures free cash flow generation; technological threats and secular pressures in radio broadcasting; and the company's exposure to cyclical advertising revenue. The ratings are supported by the company's leading position in both the outdoor and radio industries, as well as the positive fundamentals and digital opportunities in the outdoor advertising space. In February 2011, Standard & Poor's affirmed its 'CCC+' corporate credit rating and positive outlook on CC Media Holdings and operating subsidiary Clear Channel, which S&P views on a consolidated basis. S&P said the 'CCC+' corporate credit rating on CC Media Holdings Inc. reflects the risks surrounding the longer-term viability of the company's capital structure--in particular, refinancing risk relating to sizable secured debt maturities in 2014 ($3.2 billion pro forma for the transaction) and 2016 ($10.4 billion). In S&P's view, the company has a satisfactory business risk profile, due to its position as the largest radio and global outdoor advertising operator, its good geographic and market diversity, and moderate long-term growth prospects at the outdoor business. S&P views the financial risk profile as highly leveraged, given the company's significant refinancing risk, roughly break-even EBITDA coverage of interest expense, and slim discretionary cash flow. CLOCK TOWER: Case Summary & 7 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Clock Tower Center, LLC P.O. Box 125 Minden, NV 89423 Bankruptcy Case No.: 11-53518 Chapter 11 Petition Date: November 16, 2011 Court: United States Bankruptcy Court District of Nevada (Reno) Judge: Bruce T. Beesley Debtor's Counsel: Stephen R. Harris, Esq. HARRIS - PETRONI, LTD 417 W Plumb Ln Reno, NV 89509 Tel: (775) 786-7600 Fax: (775) 786-7764 E-mail: steve@renolaw.biz Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Company's seven largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/nvb11-53518.pdf The petition was signed by Michael Jarrett, manager. COMMERCIAL VEHICLE: Arnold Siemer Appointed to Board of Directors ----------------------------------------------------------------- The Board of Directors of Commercial Vehicle Group, Inc., increased the size of the Board from seven to eight and, upon recommendation from the Nominating and Corporate Governance Committee, appointed Arnold Siemer to fill the newly created vacancy as a Class II director. Mr. Siemer has also been appointed by the Board to serve on its Nominating and Corporate Governance Committee and its Compensation Committee. Mr. Siemer will receive an annual cash retainer of $55,000 for service on the Board. Mr. Siemer has been the owner of Desco Corporation since 1967. Desco Corporation and its affiliated companies are a group of diversified manufacturing and technology companies with facilities in the United States, Europe and Asia. "We are fortunate to have someone with Al's experience join our board," stated Richard A. Snell, Chairman of the Board of Commercial Vehicle Group, Inc. "He is a seasoned executive with significant experience in finance, domestic and international operations and manufacturing and will be a valuable addition to the board," added Mr. Snell. About Commercial Vehicle Group New Albany, Ohio-based Commercial Vehicle Group, Inc., (Nasdaq: CVGI) supplies fully integrated system solutions for the global commercial vehicle market, including the heavy-duty truck market, the construction and agricultural markets, and the specialty and military transportation markets. The Company has facilities located in the United States in Arizona, Indiana, Illinois, Iowa, North Carolina, Ohio, Oregon, Tennessee, Virginia and Washington and outside of the United States in Australia, Belgium, China, Czech Republic, Mexico, Ukraine and the United Kingdom. The Company's balance sheet at Sept. 30, 2011, showed $400.79 million in total assets, $391.26 million in total liabilities and $9.52 million total stockholders' investment. * * * In the Oct. 4, 2011, edition of the TCR, Moody's Investors Service upgraded Commercial Vehicle Group, Inc.'s Corporate Family Rating to B2 from B3, and Probability of Default Rating to B2 from B3. The B2 CFR reflects modest size, relatively high debt leverage, and exposure to highly cyclical commercial vehicle end markets. Demand for commercial vehicle components is primarily sensitive to economic cycles, fleet age, and regulatory implementation schedules. The CFR considers the substantial cash balance and absence of funded debt maturities until 2019. Moody's recognizes CVGI's demonstrated ability to manage its cost structure and working capital position to minimize cash burn in a challenging economic environment. Moody's believes the company is positioned to benefit from additional modest improvement in commercial vehicle build rates at least through mid 2012 and has sufficient liquidity to support associated working capital needs. As reported by the TCR on April 12, 2011, Standard & Poor's Ratings Services said it raised its corporate credit rating on New Albany, Ohio-based Commercial Vehicle Group Inc. (CVG) to 'B-' from 'CCC+'. "The upgrade reflects our assumption that CVG can improve EBITDA and cash flow in the next two years, because we believe commercial truck production volumes will continue to rise year-over-year in 2011 and 2012," said Standard & Poor's credit analyst Nancy Messer. Heavy-duty truck production increased by a meaningful 30% in 2010, leading to a 30% year-over-year sales increase. COMMUNITY TOWERS: Files Schedules of Assets and Liabilities ----------------------------------------------------------- Community Towers I, LLC, et al., filed with the U.S. Bankruptcy Court for the Northern District of California, its schedules of assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $50,000,000 B. Personal Property $1,939,720 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $38,905,806 E. Creditors Holding Unsecured Priority Claims F. Creditors Holding Unsecured Non-priority Claims $573,978 ----------- ----------- TOTAL $51,939,720 $39,479,784 About Community Towers I LLC 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 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. CONQUEST PETROLEUM: Financial Trouble Causes Delay in Q3 Filing --------------------------------------------------------------- Conquest Petroleum Incorporated said that its Form 10-Q for the quarter ended Sept. 30, 2011, will be, at the best, delayed. For some time, current management has been attempting to raise funds to monetize in ground assets and settle past obligations. Those efforts have been largely unsuccessful. Several parties have sought and obtained judgments against the Company. Recently, one of those parties, PKF, the accounting firm retained by past management to prepare financials associated with becoming publicly traded, filed a Writ of Garnishment which effectively froze the bank accounts of the Company. With the Company unable to utilize the small amount of cash it has left; day to day matters, such as paying the remaining employees, paying rent, and paying for the current audit firm to prepare its portion of the 3rd quarter filing cannot be satisfied. Robert D. Johnson, the CEO and Chairman of the Company stated, "The new management team has been gratified that the Company's creditors and shareholders for the most part have been gracious and patient with its attempts to turn the Company around. In light of this recent occurrence, we must now evaluate all options available." About Conquest Petroleum Spring, Tex.-based Conquest Petroleum Incorporated (OTC BB: CQPT) -- http://www.conquestpetroleum.com/-- is an independent oil and natural gas company engaged in the production, acquisition and exploitation of oil and natural gas properties geographically focused on the onshore United States. The Company's operational focus is the acquisition, through the most cost effective means possible, of production or near production of oil and natural gas field assets. The Company's areas of operation include Louisiana and Kentucky. The Company reported a net loss of $14.49 million on $1.24 million of total revenues for the year ended Dec. 31, 2010, compared with a net loss of $23.26 million on $914,781 of total revenues during the prior year. The Company's balance sheet at June 30, 2011, showed $2 million in total assets, $31.24 million in total liabilities, and a $29.24 million total stockholders' deficit. As reported by the TCR on April 21, 2011, M&K CPAS, PLLC, in Houston, Texas, noted that Conquest Petroleum has insufficient working capital and reoccurring losses from operations, all of which raises substantial doubt about its ability to continue as a going concern. CORDIA COMMUNICATIONS: Notifies Court of Change of Mailing Address ------------------------------------------------------------------ Cordia Communications Corp., et al., notified the U.S. Bankruptcy Court for the Middle District of Florida of the change in their mailing address. The Debtors inform the Court and parties-in-interest to direct all future correspondence, pleadings, motions, notices, orders and other papers for the Debtors to this address effective immediately: Cordia Communications Corp., et al. c/o Joseph Luzinski Development Specialists, Inc. 200 S. Biscayne Blvd., Suite 1818 Miami, FL 33131 About Cordia Communications Cordia Corporation -- through its operating subsidiaries, Cordia Communications Corp., CordiaIP Corp., My Tel Co, Inc., Northstar Telecom, Inc., Cordia Prepaid Corp., and Cordia International Corp. -- offers business, residential, and wholesale customers local and long distance telecommunications services in more than 60 countries utilizing traditional wireline and Voice over Internet Protocol -- VoIP -- technologies. CCC holds licenses to operate in 28 states throughout the contiguous United States, and CCCVA is licensed in Virginia. Winter Garden, Florida-based Cordia Communications Corp., along with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Lead Case No. 11-06493) on May 1, 2011. The Debtor estimated its assets and debts at $10 million to $50 million. Scott L. Baena, Esq., at Bilzin Sumberg Baena Price & Axelrod LLP, serves as the Debtors' bankruptcy counsel. Source Capital Group, Inc., serves as investment banker. Development Specialists, Inc., is providing restructuring and management services, including Joseph J. Luzinski as chief restructuring officer. Bingham McCutchen LLP as special telecommunications counsel. Cordia Communications Inc. was authorized in July 2011 to sell the business to Birch Communications Inc. For Birch to take over a contract with Verizon Communications Inc., Verizon must be paid $4.4 million, according to the order approving the sale. CROSS BORDER: Board Adopts Amendment to Company's Bylaws -------------------------------------------------------- The Board of Directors of Cross Border Resources, Inc., unanimously adopted an amendment to the Company's Bylaws adding Article XIII ? Acquisition of a Controlling Interest. The Amendment generally provides that any person who acquires more than 30% of the outstanding stock of the Company obtains only those voting rights as are conferred by a resolution of the stockholders of the Corporation approved by the holders of a majority of the voting power of the Corporation excluding certain shares of the acquirer. If the acquirer's shares are accorded full voting rights, any stockholder (other than the acquirer) whose shares are not voted in favor of authorizing voting rights for the acquirer, may require the Company to purchase those shares at a purchase price equal to the fair value of his, her or its shares. Fair value is defined by the amendment but is in no case less than the highest price the acquirer paid for his, her or its shares. A full-text copy of the Amendment is available for free at: http://is.gd/G7Cm9f About Cross Border Resources Cross Border Resources, Inc. f/k/a Doral Energy Corp. (OTC BB: DRLY) -- http://www.DoralEnergy.com/-- is a licensed oil and gas operator in the state of New Mexico. The Company is headquartered in Midland, Texas. The Company's balance sheet at Sept. 30, 2011, showed $25.92 million in total assets, $7.88 million in total liabilities and $18.04 million in total stockholders' equity. As reported in the Troubled Company Reporter on Nov. 23, 2010, MaloneBailey, LLP, in Houston, Texas, expressed substantial doubt about Doral Energy'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 negative working capital and recurring losses from operations. CRYSTAL CATHEDRAL: Will Sell Property to Diocese for $57.7 Million ------------------------------------------------------------------ Luiza Oleszczuk at Christian Post reports that Crystal Cathedral Ministries' Garden Grove, California, property will be sold to the Roman Catholic Diocese of Orange for $57.5 million. The report says once the property is sold, the congregation will have three years to find new premises. According to the report, Chapman University, the secular bidder, has been the preferred buyer as far as the church members are concerned. That is because Chapman would allow the ministry to continue to use the main buildings on the premises. It also offered the option of allowing church administrators to buy the property back at a later point. Los Angeles Times relates that Chapman had pressed its case with a newly escalated bid of $59 million, only to complain that it had been blindsided by the Crystal Cathedral board, which came down firmly on the side of the Catholic Church. About Crystal Cathedral Crystal Cathedral Ministries is a Southern California-based megachurch founded by television evangelist Robert Schuller. The church, known for its television show "The Hour of Power." Mr. Schuller retired from his role as senior pastor of Crystal Cathedral in 2006. His daughter Sheila Schuller Coleman has been senior pastor since July 2009. Contributions declined 24% in 2009, in part on account of "unsettled leadership." Crystal Cathedral filed for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. 10-24771) on Oct. 18, 2010. The Debtor disclosed $72,872,165 in assets and $48,460,826 in liabilities as of the Chapter 11 filing. Marc J. Winthrop, Esq., at Winthrop Couchot P.C. represents the Debtor. Todd C. Ringstad, Esq., at Ringstad & Sanders, LLP, represents the Official Committee of Unsecured Creditors. CUI GLOBAL: Posts $424,323 Consolidated Net Profit in Q3 -------------------------------------------------------- CUI Global, Inc., filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting consolidated net profit of $424,323 on $10.72 million of total revenue for the three months ended Sept. 30, 2011, compared with a consolidated net loss of $54,586 on $9.76 million of total revenue for the same period a year ago. The Company reported a net loss of $7.5 million on $40.9 million of revenues for 2010, compared with a net loss of $16.0 million on $28.9 million of revenues for 2009. The Company also reported consolidated net profit of $177,961 on $30.14 million of total revenue for the nine months ended Sept. 30, 2011, compared with a consolidated net loss of $3.41 million on $26.28 million of total revenue for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $32.78 million in total assets, $20.07 million in total liabilities, and $12.70 million in total stockholders' equity. As reported by the TCR on April 8, 2011, Webb & Company, in Boynton Beach, Florida, expressed substantial doubt about CUI Global's ability to continue as a going concern. The independent auditors noted that the Company has a net loss of $7,015,896, a working capital deficiency of $675,936 and an accumulated deficit of $73,596,738 at Dec. 31, 2010. A full-text copy of the Form 10-Q is available for free at: http://is.gd/JX5LFR About CUI Global Tualatin, Ore.-based CUI Global, Inc., formerly known as Waytronx, Inc., is a platform company dedicated to maximizing shareholder value through the acquisition, development and commercialization of new, innovative technologies. CULLIGAN INT'L: Bank Debt Trades at 30% Off in Secondary Market --------------------------------------------------------------- Participations in a syndicated loan under which Culligan International Co. is a borrower traded in the secondary market at 69.80 cents-on-the-dollar during the week ended Friday, Nov. 18, 2011, an increase 0.90 percentage points from the previous week according to data compiled by Loan Pricing Corp. and reported in The Wall Street Journal. The Company pays 225 basis points above LIBOR to borrow under the facility. The bank loan matures on Oct. 16, 2012, and carries Moody's Caa2 rating and Standard & Poor's CCC+ rating. The loan is one of the biggest gainers and losers among 126 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. About Culligan International Culligan International Co. is a water services provider based in Rosemont, Illinois. The company distributes its products primarily through an extensive dealer network. * * * As reported by the Troubled Company Reporter on May 25, 2011, Standard & Poor's lowered its ratings on Culligan International Co., including its corporate credit rating to 'CCC+' from 'B-'. "At the same time, we revised our recovery ratings on the company's first-lien credit facilities to '4' from '3'. The negative outlook reflects the company' continued very weak operating performance, as well as uncertainty about Culligan's ability to meet future liquidity needs given its significant refinancing risk within the next 11-19 months," S&P stated. The ratings on Culligan reflect the company's very highly leveraged financial profile, which includes significant refinancing risk. The rating outlook is negative, reflecting Culligan's significant refinancing risk, as well as Standard & Poor's belief that the company's financial performance will continue to be hurt by the lingering weak macroeconomic environment. On May 16, 2011, the TCR reported that Moody's has lowered the corporate family rating (CFR) and probability of default rating of Culligan International Company to Caa3 from Caa1. At the same time, the ratings on the first lien facilities were lowered to Caa2 from B3 and the rating on the second lien term loan was lowered to Ca from Caa3. The ratings outlook is negative. The downgrade of the CFR to Caa3 reflects Moody's expectation that Culligan's default risk will continue to increase over the next twelve to eighteen months as the maturities of its revolver and term loan approach in May 2012 and November 2012, respectively. The Caa3 rating reflects this heightened risk of default as well as the company's high leverage, roughly 15.0x, weakness in its operating performance and ongoing cash consumption. Moody's anticipates that existing cash balances, revolver availability (through March 2012) and expected proceeds from the sale of its company owned dealerships in North America should fund operations through the maturity of the term loan. However, given the approaching debt maturities and an over-leveraged capital structure, Moody's anticipates that a distressed exchange, bankruptcy or a payment default over the next eighteen months is possible. CUMULUS MEDIA: AR Broadcasting Affiliates in Chapter 11 ------------------------------------------------------- Katy Stech, writing for Dow Jones' Daily Bankruptcy Review, reports that radio giant Cumulus Media Inc. put four financially struggling Missouri and Texas radio stations into Chapter 11 bankruptcy protection Thursday to restructure the debt-heavy finances of the subsidiary companies that control them. AR Broadcasting Holdings Inc., which is owned entirely by Cumulus Media, filed for Chapter 11 protection (Bankr. D. Del. Case No. 11-13674) after struggling to pay off debts that topped $97 million as of June 30. Holdings estimated debts between $50 million and $100 million but said assets are worth less than $50 million. Affiliates AR Broadcasting and AR Licensing also filed for bankruptcy. Judge Brendan Linehan Shannon has been assigned the case. According to the report, Chief Accounting Officer Linda A. Hill blamed the company's financial hardship on revenues that fell after two of the company's Houston radio station towers were knocked down during Hurricane Ike in 2008. The company's finances were also hurt by the nationwide decline in advertising spending, she said. DBR notes company executives negotiated a deal with the company's lenders on how the company's debt should be restructured -- a deal that has already gotten full support of the creditors the company says were entitled to vote. DBR relates that the company's bankruptcy attorney William E. Chipman, Jr., reached by phone, declined to explain how the negotiated deal would shift ownership in the radio stations. About Cumulus Media Based in Atlanta, Georgia, Cumulus Media Inc. (NASDAQ: CMLS) -- http://www.cumulus.com/-- is the second largest radio broadcaster in the U.S. based on station count, operating 570 stations in 120 cities. Early in 2011, it acquired rival Citadel Broadcasting Corp. for $1.4 billion in cash and issued 22.5 million shares of Class A common stock and warrants to purchase roughly 47.7 million shares of common stock to Citadel security holders. The Company's balance sheet at Sept. 30, 2011, showed $4.07 billion in total assets, $3.65 billion in total liabilities, $110.93 million in total redeemable preferred stock, and $306.39 million in total stockholders' equity. * * * Standard & Poor's Ratings Services said April 2011 it raised its corporate credit rating on Atlanta-based Cumulus Media Inc. to 'B' from 'B-'. "The rating remains on CreditWatch, where we placed it with positive implications Feb. 18, 2011," S&P stated. Moody's Investors Service in April upgraded Cumulus Media's Corporate Family Rating to 'B1' from 'Caa1' due to the company's pending acquisition of CMP Susquehanna Corp. in the second quarter of 2011 followed by the announced $2.4 billion acquisition of Citadel Broadcasting Corporation later this year. CYBEX INTERNATIONAL: Nasdaq Grants Request for Continued Listing ---------------------------------------------------------------- As previously reported, on Oct. 4, 2011, Cybex International, Inc., received a determination letter from The Nasdaq Stock Market indicating that the Company's common stock was subject to delisting from Nasdaq because it failed to comply with the minimum stockholders' equity requirement of $10 million as required by Nasdaq Listing Rule 5450(b)(1)(A). As also previously reported, on June 16, 2011, Nasdaq notified the Company that it does not comply with the minimum bid price requirement of $1 per share for continued listing on Nasdaq and afforded the Company 180 calendar days, or until Dec. 13, 2011, to regain compliance with the minimum bid price continued listing requirement. The Company requested a hearing before a Nasdaq Hearings Panel to review the Determination Letter, which request stayed the suspension of the Company's common stock. The hearing was held on Nov. 10, 2011. At the hearing, the Company presented a plan to regain compliance with both the minimum stockholders' equity requirement and the minimum bid price requirement and requested that the Panel allow it additional time within which to regain compliance. On Nov. 15, 2011, the Company received a letter from Nasdaq notifying the Company that the Panel granted the Company's request for continued listing on Nasdaq, subject to the following conditions: * Stockholders' Equity Requirement. On or before Jan. 2, 2012, the Company must publicly announce on a Form 8-K its stockholders' equity, which will be $10 million or greater. * Minimum Bid Price Requirement. On or before March 12, 2012, the Company will have evidenced a closing bid price above $1.00 for a minimum of 10 consecutive trading days. In order to fully comply with the terms of this exception, the Company must be able to demonstrate compliance with all requirements for continued listing on Nasdaq. In the event the Company is unable to do so, its securities may be delisted from Nasdaq. About Cybex International Medway, Mass.-based Cybex International, Inc. (NASDAQ: CYBI) -- http://www.cybexintl.com/--is a manufacturer of exercise equipment and develops, manufactures and markets strength and cardiovascular fitness equipment products for the commercial and, to a lesser extent, consumer markets. The net loss was $454,000 on $97.1 million of net sales for the nine months ended Sept. 24, 2011, compared with a net loss of $1.1 million on $83.0 million of net sales for the nine months ended Sept. 25, 2010. The Company's balance sheet at Sept. 24, 2011, showed $87.8 million in total assets, $103.0 million in total liabilities, and a stockholders' deficit of $15.2 million. As reported in the TCR on April 8, 2011, KPMG LLP, in Pittsburgh, Pa., expressed substantial doubt about Cybex International's ability to continue as a going concern, following the Company's results for the fiscal year ended Dec. 31, 2010. The independent auditors noted that a December 2010 jury verdict in a product liability suit apportions a significant amount of liability to the Company. "The Company does not have the resources to satisfy a judgment in this matter that has not been substantially reduced from the jury verdict, which raises substantial doubt about the Company's ability to continue as a going concern." D&R PRINTING: Case Summary & 4 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: D&R Printing, Inc. 2410 Iorio Court Union, NJ 07083 Bankruptcy Case No.: 11-43167 Chapter 11 Petition Date: November 16, 2011 Court: United States Bankruptcy Court District of New Jersey (Newark) Judge: Rosemary Gambardella Debtor's Counsel: Nancy Isaacson, Esq. GREENBAUM, ROWE, SMITH & DAVIS, LLP 75 Livingston Ave Roseland, NJ 07068 Tel: (973) 535-1600 E-mail: nisaacson@greenbaumlaw.com Scheduled Assets: $791,860 Scheduled Debts: $1,705,355 A list of the Company's four largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/njb11-43167.pdf The petition was signed by Dorothy Dubrow, president. Affiliate that filed separate Chapter 11 petition: Petition Debtor Case No. Date ------ -------- ---- Dubrow, Inc. t/a Prestige Graphics 10-37465 09/03/10 DADDY'S JUNKY: To File for Bankruptcy After Closing All 12 Outlets ------------------------------------------------------------------ Cameron Kittle at Nashua Telegraph reports that James Boffetti, Senior Assistant Attorney General of New Hampshire, said Daddy's Junky Music abruptly closed all 12 stores on Oct. 26, 2011, and is planning to file for bankruptcy. According to the report, once Daddy's Junky Music files for bankruptcy, customers with unspent gift certificates can fill out a form to be listed as a creditor. Mr. Boffetti said to contact his office, the Consumer Protection and Antritrust Bureau, at DOJ-CPB@doj.nh.gov with any questions. Daddy's Junky Music had four locations in New Hampshire. DALLAS STARS: Get Approval to Sell Hockey Team to Gaglardi ---------------------------------------------------------- Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports that the Dallas Stars won court approval to sell itself to hotelier Tom Gaglardi for about $50 million in cash and $100 million in new debt. U.S. Bankruptcy Judge Peter Walsh said Nov. 18 at a hearing in Wilmington, Delaware, that he will approve the sale as part of the Stars' prepackaged restructuring plan. The plan was negotiated with creditors before the hockey team sought bankruptcy protection about two months ago. The report relates that Mr. Gaglardi, a Vancouver-based businessman, and his family own Sandman Hotels, Inns & Suites, Denny's Restaurants and the Western Hockey League's Kamloops Blazers, according to court documents. Under his offer, an NHL affiliate will be repaid about $51 million it loaned the Stars. Senior lenders owed $250.9 million will be given a new $100 million note, plus an amount of cash to be calculated later. Another group of lenders owed $146.2 million will get $500,000 in cash. The Stars canceled a bankruptcy auction that was set to take place Nov. 21 after failing to receive any other offers. About Dallas Stars Frisco, Texas-based Dallas Stars, L.P. -- http://stars.nhl.com/-- operates as a professional men's ice hockey team. The company was formerly known as Minnesota North Stars and changed its name to Dallas Stars, L.P. in 1993. Dallas Stars and three affiliates filed for Chapter 11 bankruptcy (Bankr. D. Del. Case Nos. 11-12935 to 11-12938) on Sept. 15, 2011. The affiliates are Dallas Arena LLC, Dallas Stars U.S. Holdings Corporation, and StarCenters LLC. Judge Peter J. Walsh presides over the cases. Martin A. Sosland, Esq., and Ronit J. Berkovich, Esq., at Weil, Gotshal & Manges LLP, serve as bankruptcy counsel to the Debtors. John H. Knight, Esq., at Richards Layton & Finger, P.A., serves as the Debtors' Delaware counsel. The Garden City Group, Inc., as their notice, claims, and solicitation agent. KPMG LLP serves as the Debtors' auditor, tax advisor, and bankruptcy administration consultant. Dallas Stars LP scheduled $52,035,457 in total assets and $363,569,191 in liabilities. StarCenters LLC listed $0 in assets and $149,640,000 in liabilities. Dallas Arena LLC listed $49,017,082 in assets and said debts are undetermined. Dallas Stars U.S. Holdings Corp. scheduled $13,036 in assets and $149,640,000 in debts. The petitions were signed by Robert L. Hutson, chief financial officer. The team is owned by Dallas businessman Thomas O. Hicks' HSG Sports Group. Mr. Hicks was the former owner of the Texas Rangers. The Texas Rangers were sold in a bankruptcy court- supervised auction to a group led by Hall of Fame pitcher Nolan Ryan for $593 million. The Stars are the second NHL team to file for bankruptcy since 2009, after the Phoenix Coyotes. Counsel to JP Morgan Chase Bank, N.A., as Prepetition First Lien Agent, is Mitchell A. Seider, Esq., and Joseph Fabiani, Esq., at Latham & Watkins LLP. Its Delaware counsel is Michael R. Lastowski, Esq., at Duane Morris LLP. First lien lender Monarch Alternative Capital LLC is represented by Andrew M. Leblanc, Esq., at Milbank Tweed Hadley and McCloy LLP. Counsel to the NHL are Thomas W. Gowan, Esq., and J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP. Counsel to GSP Finance LLC, as successor in interest to Barclays Bank PLC, as Prepetition Second Lien Agent, is Jason Young, Esq., at Clifford Chance US LLP. DALLAS STARS: Plan Confirmation Hearing Wednesday ------------------------------------------------- The bankruptcy court is set to hold a hearing on Nov. 23, 2011, to consider approval of the disclosure statement and confirmation of the Joint Prepackaged Plan of Reorganization proposed by Dallas Stars L.P. and its affiliated debtors. The primary purpose of the prepackaged plan is to effectuate the sale of the NHL Stars franchise and certain related assets. Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that the Dallas Stars received two objections to confirmation of the prepackaged Chapter 11 plan in advance of the Oct. 25 deadline. One was from the Internal Revenue Service. The second was by General Electric Capital Corp. Mr. Rochelle notes that GECC has a $6.8 million loan on the team's practice facility owned by an affiliate not in bankruptcy. The property sustained water damage that the insurance company declined to cover. GECC, based in Stamford, Connecticut, contends that the plan improperly cuts off claims against the insurance company and the affiliate that owns the practice facility. The IRS believes that the plan incorrectly cuts off the taxing authority's rights of setoff and recoupment. The IRS is also worried that its priority claims won't be paid in full. Bloomberg News notes that to achieve status as a prepack, the team solicited acceptances of the plan from creditors before bankruptcy and signed Vancouver businessman Tom Gaglardi to a contract where he will purchase the hockey club. To test if there is a better offer, other bids were due initially by Oct. 22. The Stars, however, canceled a bankruptcy auction that was set to take place Nov. 21 after failing to receive any other offers. The contract calls for Mr. Gaglardi to pay off the $51.4 million loan from the National Hockey League and give a $100 million term loan payable to holders of the $250.9 million in first-lien debt. The reorganization plan provides for the holders of $146.2 million in second-lien debt to share $500,000 cash. Before the bankruptcy filing, the plan was accepted by all holders of the first-lien debt and holders of 89.6% of the second-lien obligation. About Dallas Stars Frisco, Texas-based Dallas Stars, L.P. -- http://stars.nhl.com/-- operates as a professional men's ice hockey team. The company was formerly known as Minnesota North Stars and changed its name to Dallas Stars, L.P. in 1993. Dallas Stars and three affiliates filed for Chapter 11 bankruptcy (Bankr. D. Del. Case Nos. 11-12935 to 11-12938) on Sept. 15, 2011. The affiliates are Dallas Arena LLC, Dallas Stars U.S. Holdings Corporation, and StarCenters LLC. Judge Peter J. Walsh presides over the cases. Martin A. Sosland, Esq., and Ronit J. Berkovich, Esq., at Weil, Gotshal & Manges LLP, serve as bankruptcy counsel to the Debtors. John H. Knight, Esq., at Richards Layton & Finger, P.A., serves as the Debtors' Delaware counsel. The Garden City Group, Inc., as their notice, claims, and solicitation agent. 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. DEGAETANO CONCRETE: Case Summary & 19 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: DeGaetano Concrete Company, Inc. aka DeGaetano Concrete Contractor aka DeGaetano's Concrete Company, Inc. 1010 North Chew Road Hammonton, NJ 08037 Bankruptcy Case No.: 11-43163 Chapter 11 Petition Date: November 16, 2011 Court: United States Bankruptcy Court District of New Jersey (Camden) Judge: Gloria M. Burns Debtor's Counsel: Ronald Kinzler, Esq. 564 Shore Rd. Somers Point, NJ 08244 Tel: (609) 927-7965 Fax: (609) 927-5191 E-mail: kinzlex@aol.com Scheduled Assets: $250,000 Scheduled Debts: $1,291,606 A list of the Company's 19 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/njb11-43163.pdf The petition was signed by Sherry DeGaetano, president. DIABETES AMERICA: Wants Plan Confirmation Hearing Reset to Dec. 5 ----------------------------------------------------------------- Diabetes America, Inc., asks the U.S. Bankruptcy Court for the Southern District of Texas to: i) continue the hearing on confirmation of the Plan until Dec. 5, 2011; ii) approve the replacement of the date of "Oct. 19, 2011" with "Dec. 7, 2011" in Section 9.8 of the EDG Asset Purchase Agreement dated Aug. 17, 2011; and iii) approve the replacement of the date of "Oct. 31, 2011" with "Dec. 16, 2011" in Section 9.11 of the APA. The Debtor states that it has reached an agreement with EDG Partners Fund II, L.P., the proposed purchaser under the Debtor's Chapter 11 plan, on an adjusted purchase price, consistent with the terms of the APA, and a closing to occur in mid-December 2011. The Debtor seeks continuance of the hearing due to scheduling conflicts and the need to satisfy certain closing requirements before confirmation. The Debtor notes that the Official Committee of Unsecured Creditors and creditors who filed plan objections conferred to the requested continuance. The Debtor believes the relief requested is necessary to further its efforts to obtain plan confirmation. According to the Troubled Company Reporter on Sept. 5, 2011, under the Plan, the Debtor is selling substantially all of its operating assets. The Debtor has accepted an offer from EDG Partners Fund II, L.P. for $4,750,000 cash plus the assumption of up to $925,000 in certain postpetition accrued liabilities. The offer is subject to a court-approved bidding process that will determine the highest and best offer. A full-text copy of the Disclosure Statement is available for free at http://bankrupt.com/misc/DIABETESAMERICA_Aug19DS.pdf About Diabetes America Houston, Texas-based Diabetes America, Inc., fka Diabetes Centers of America, Inc., operates a network of 17 centrally-managed medical clinics that provide comprehensive outpatient medical care, primarily to patients with Type 1, Type 2 and Gestational Diabetes. The company's clinics are located in Texas and Houston and generate 51,000 patient visits per year. Diabetes America filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 10-41521) on Dec. 21, 2010. H. Joseph Acosta, Esq., and Micheal W. Bishop, Esq., at Looper Reed & McGraw, P.C., in Dallas; and Joshua Walton Wolfshohl, Esq., at Porter Hedges, L.L.P., in Houston, represent the Debtor as bankruptcy counsel. The Debtor estimated its assets and debts at $10 million to $50 million as of the Petition Date. Judy A. Robbins, the U.S. Trustee for Region 7, appointed three members to the Official Committee of Unsecured Creditors in Diabetes America's Chapter 11 case. The Committee has tapped Butler, Snow, O'Mara, Stevens & Cannada, PLLC, as its counsel. DIABETES AMERICA: Court Approves Porter Hedges as New Counsel ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas for authorized Diabetes America, Inc., to employ Porter Hedges LLP as counsel. PH will assume responsibility for all aspects of this case from Looper Reed & McGraw P.C. Porter Hedges' services as counsel include: -- advising the Debtor with respect to its powers and duties; -- advising the Debtor with respect to the rights and remedies of the estate's creditors and other parties in interest; -- conducting appropriate examinations of witnesses, claimants and other parties in interest; -- preparing all additional appropriate pleadings and other legal instruments required to be filed in this case; -- representing the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding in which the rights of the Debtor or the estate may be affected; -- advising the Debtor in connection with the formulation, solicitation, confirmation and consummation of any plan or plan of reorganization which the Debtor may propose; and -- performing any other legal services which may be appropriate In connection with the continued operation of the Debtor's business. The firm will charge the Debtor based on the hourly rates of its professionals: Designations Hourly Rates ------------ ------------ Partners $375 - $600 Counsel $400 - $425 Associates/Staff Attorneys $225 - $375 Legal Assistants/Law Clerks $135 - $195 The Debtor assures the Court that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. About Diabetes America Houston, Texas-based Diabetes America, Inc., fka Diabetes Centers of America, Inc., operates a network of 17 centrally-managed medical clinics that provide comprehensive outpatient medical care, primarily to patients with Type 1, Type 2 and Gestational Diabetes. The company's clinics are located in Texas and Houston and generate 51,000 patient visits per year. Diabetes America filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 10-41521) on Dec. 21, 2010. H. Joseph Acosta, Esq., and Micheal W. Bishop, Esq., at Looper Reed & McGraw, P.C., in Dallas, represent the Debtor as bankruptcy counsel. The Debtor estimated its assets and debts at $10 million to $50 million as of the Petition Date. Judy A. Robbins, the U.S. Trustee for Region 7, appointed three members to the Official Committee of Unsecured Creditors in Diabetes America's Chapter 11 case. The Committee has tapped Butler, Snow, O'Mara, Stevens & Cannada, PLLC, as its counsel. DIAMOND RANCH: Incurs $126,990 Net Loss in Third Quarter -------------------------------------------------------- Diamond Ranch Foods, Ltd., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, reporting a net loss of $126,990 on $109,325 of revenue for the three months ended Sept. 30, 2011, compared with net income of $79,913 on $1.92 million of revenue for the same period during the prior year. The Company also reported a net loss of $430,796 on $1.36 million of revenue for the six months ended Sept. 30, 2011, compared with a net loss of $213,068 on $4.13 million of revenue for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $974,206 in total assets, $6.46 million in total liabilities, and a $5.48 million total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/leQDzu About Diamond Ranch Diamond Ranch Foods, Ltd. -- http://www.diamondranchfoods.com/-- is a meat processing and distribution company now located in the Hunts Point Coop Market, Bronx, New York. The Company's operations consist of packing, processing, labeling, and distributing products to a customer base, including, but not limited to; in-home food service businesses, retailers, hotels, restaurants, and institutions, deli and catering operators, and industry suppliers. The Company reported a net loss of $547,732 on $7.16 million of net revenues for the fiscal year ended March 31, 2011, compared with a net loss of $829,823 on $8.54 million of net revenues during the prior year. Gruber & Company, LLC, in Lake Saint Louis, Missouri, noted that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. DOG SOLUTIONS: Files for Chapter 11 Bankruptcy Protection --------------------------------------------------------- Vicky Garza, staff writer at Austin Business Journal, reports that A Dog Solutions Inc., an AlphaGraphics Inc. franchisee with locations in Austin and San Antonio, sought Chapter 11 protection, citing rocky relationship between a local printer and a bank that yielded a lawsuit. According to the report, the struggling printing company owes $1.4 million to its largest creditor, Utah-based Celtic Bank Corp., for a small business administration loan. That loan is at the crux of a lawsuit filed by A Dog Solutions alleging unreasonable debt collection, defamation, malice and tortious interference. Based in Austin, Texas, A Dog Solutions Inc., dba AlphaGraphics #371, filed for Chapter 11 protection on Nov. 9, 2011 (Bankr. W.D. Tex. Case No. 11-12777). Judge H. Christopher Mott presides over the case. Barbara M. Barron, Esq., and Stephen W. Sather, Esq., at Barron & Newburger, P.C., represent the Debtor. The Debtor listed assets of $511,036, and liabilities of $3,244,572. DZF PROPERTIES: Case Summary & Largest Unsecured Creditor --------------------------------------------------------- Debtor: DZF Properties, LLC P.O. Box 33014 Los Gatos, CA 95031 Bankruptcy Case No.: 11-60649 Chapter 11 Petition Date: November 17, 2011 Court: United States Bankruptcy Court Northern District of California (San Jose) Judge: Arthur S. Weissbrodt Debtor's Counsel: Charles B. Greene, Esq. LAW OFFICES OF CHARLES B. GREENE 84 W Santa Clara St. #770 San Jose, CA 95113 Tel: (408) 279-3518 E-mail: cbgattyecf@aol.com Scheduled Assets: $12,750,000 Scheduled Debts: $8,661,625 The petition was signed by David Feece, Sr., managing member. In its list of 20 largest unsecured creditors, the Company placed only one entry: Entity Nature of Claim Claim Amount ------ --------------- ------------ Franchise Tax Board Gross receipts $8,191 Special Procedures taxes P.O. Box 2952 Sacramento, CA 95812 EASTMAN KODAK: Soliciting Offers for Kodak Gallery -------------------------------------------------- In an effort to raise money to fund its turnaround, Eastman Kodak Co. is trying to sell its online photo-sharing business, Kodak Gallery, Deal Journal's Dana Mattioli reports, citing people familiar with the matter. According to the report, the people say the one-time film giant has approached photo-sharing Web sites, competitors, private equity firms and retailers about buying the unit, which lets users store their digital photos and print them out into scrapbooks, cards and calendars. The Rochester-based company is seeking "hundreds of millions of dollars" for Kodak Gallery, according to one person who has been approached to buy the business. But the site has been shedding users in recent years, and the drop in traffic is a big deterrent to potential buyers, people who were approached say. Bondholders According to Bill Rochelle, the bankruptcy columnist for Bloomberg News, second-lien lenders in October wrote a letter reminding Kodak's board of their fiduciary duty to sell the patent portfolio for not less than fair market value. The letter warns the board that its members could face lawsuits if second-lien creditors later deem the price too low. Second, the letter similarly warns prospective purchasers that they too could be sued for receipt of a fraudulent transfer if Kodak later ends up in bankruptcy. About Eastman Kodak Headquartered in Rochester, New York, Eastman Kodak Company (NYSE:EK) -- http://www.kodak.com/-- provides imaging technology products and services to the photographic and graphic communications markets. Kodak's balance sheet at Sept. 30, 2011, showed $5.10 billion in total assets, $6.75 billion in total liabilities and a $1.65 billion total deficit. Kodak had sales of $7.2 billion last year. Sales declined by 24 percent since 2008. The net loss last year was $687 million. During the first nine month of this year, the net loss was $647 million on sales of $4.27 billion. In July 2011, the Company announced that it is exploring strategic alternatives, including a potential sale, related to its digital imaging patent portfolios. Kodak has hired Jones as legal adviser and investment bank Lazard Ltd., but denied rumors it is filing for bankruptcy. It also has enlisted FTI Consulting Inc. A group of Kodak's bondholders have formed an informal committee and hired law firm Akin Gump Strauss Hauer & Feld LLP for advise. * * * As reported by the TCR on Nov. 3, 2011, Fitch Ratings affirmed and then withdrew the 'CC' long-term Issuer Default Rating and issue ratings of Eastman Kodak Company. Fitch decided to discontinue the rating, which is uncompensated. Moody's Investors Service said in a report Nov. 7, 2011, that Kodak will run out of cash in the U.S. around the second or third quarters of 2012. ELEPHANT & CASTLE: Court Sets Dec. 15, 2011 as Claims Bar Date -------------------------------------------------------------- Massachusetts Elephant & Castle Group Inc. and its debtor- affiliates ask the Bankruptcy Court to approve a Revised Bar Date Notice. The Official Committee of Unsecured Creditors assents to the revised Bar Date Notice. The Bankruptcy Court entered an order fixing Dec. 15, 2011, as the last date for all persons and entities, including, but not limited to, individuals, partnerships, corporations, estates, trusts, and indenture trustees, except for those governmental units, who have or assert, or believe they may have or assert any claim to file proofs of claim against the estate of the Debtors. The Bar Date for filing proofs of claim apply to all claims against the Debtors' estate that arose on or before June 28, 2011. For any governmental unit holding a Prepetition Claim, the Court has set Jan. 5, 2012, as the deadline for these entities to file a proof of claim. About Massachusetts Elephant & Castle Group Boston-based Massachusetts Elephant & Castle Group and its affiliates operates 21 British-style restaurant pubs in the U.S. and Canada. The chain, with 10 locations in the U.S., generated revenue of $47.5 million in 2010, throwing off $3.9 million of earnings before interest, taxes, depreciation, amortization, and foreign exchange gains or losses. Elephant & Castle filed for Chapter 11 protection (Bankr. D. Mass. Lead Case No. 11-16155) on June 28, 2011. Bankruptcy Judge Henry J. Boroff presides over the case. Repechage Investments' estimated assets and debts at $10 million to $50 million. Other Debtors' estimated assets and debts at $0 to $10 million. Eckert Seamans Chein & Mellott, LLC, represent the Debtors as counsel and BellMark Partners, LLC as financial advisor. Epiq Bankruptcy Solutions, LLC as claims, noticing and balloting agent. Phoenix Management serves as the Company's Chief Restructuring Advisor. FTI Consulting, Inc., is the Official Committee of Unsecured Creditors' financial advisors. Goulston & Storrs, P.C., is the Committee's counsel. EMMIS COMMUNICATIONS: Buys 645,504 Preferred Shares --------------------------------------------------- Pursuant to the terms of purchase agreements with certain holders of its 6.25% Series A Cumulative Convertible Preferred Stock, Emmis Communications Corporation has purchased 645,504 shares at a weighted average price of $15.25 per share, which constitutes approximately 23% of the total outstanding shares of the Preferred Stock. Most of the shares were purchased pursuant to the terms of total return swaps, and these sellers have also entered into agreements to vote their shares in accordance with the prior written instructions of Emmis. Emmis may enter into additional transactions to purchase its Preferred Stock in the future. Including fees and expenses, Emmis has drawn $11.7 million of the $35.0 million available to it under the Note Purchase Agreement with Zell Credit Opportunities Master Fund, L.P., dated Nov. 10, 2011. About Emmis Communications Headquartered in Indianapolis, Indiana, Emmis Communications Corporation -- http://www.emmis.com/-- owns and operates 22 radio stations serving New York, Los Angeles, Chicago, St. Louis, Austin, Indianapolis, and Terre Haute, as well as national radio networks in Slovakia and Bulgaria. The company also publishes six regional and two specialty magazines. The Company reported a consolidated net loss of $11.54 million on $251.31 million of net revenues for the year ended Feb. 28, 2011, compared with a consolidated net loss of $118.49 million on $242.56 million of net revenues during the prior year. The Company's balance sheet at Aug. 31, 2011, showed $471.19 million in total assets, $479.49 million in total liabilities, $140.45 million in Series A cumulative convertible preferred stock, and a $148.75 million total deficit. * * * In November 2010, Moody's Investors Service affirmed the 'Caa2' Corporate Family Rating and 'Caa3' Probability of Default rating for Emmis Communications Corporation, as well as its SGL-4 speculative grade liquidity rating. Operating performance improved with the economic recovery, but absent debt reduction with proceeds from an asset sale or equity infusion Emmis will likely breach its leverage covenant when the covenant suspension period ends for the quarter ending November 30, 2011, in Moody's opinion. Emmis' CFR and PDR incorporate expectations for a covenant breach in November 2011. Moody's considers the Company's capital structure unsustainable, and its operations in the cyclical advertising business magnify this challenge. Furthermore, Emmis relies on two markets, Los Angeles and New York, for approximately 50% of its revenue, although its ownership of stations in top markets including Chicago as well as NY and LA, support the rating. The negative outlook incorporates Moody's expectations that Emmis will not comply with its maximum leverage covenant when effective for the quarter ending Nov. 30, 2011. EMMIS COMMUNICATIONS: Joseph Siegelbaum Resigns from Board ---------------------------------------------------------- Joseph R. Siegelbaum, a director of Emmis Communications Corporation, who was nominated by holders of Emmis' 6.25% Series A Cumulative Convertible Preferred Stock, informed Emmis that he was resigning from the Board effective immediately. The resignation was not due to any disagreement with Emmis on any matter relating to Emmis' operations, policies or practices. About Emmis Communications Headquartered in Indianapolis, Indiana, Emmis Communications Corporation -- http://www.emmis.com/-- owns and operates 22 radio stations serving New York, Los Angeles, Chicago, St. Louis, Austin, Indianapolis, and Terre Haute, as well as national radio networks in Slovakia and Bulgaria. The company also publishes six regional and two specialty magazines. The Company reported a consolidated net loss of $11.54 million on $251.31 million of net revenues for the year ended Feb. 28, 2011, compared with a consolidated net loss of $118.49 million on $242.56 million of net revenues during the prior year. The Company also reported a net loss attributable to common shareholders of $13.14 million on $125.76 million of net revenues for the six months ended Aug. 31, 2011, compared with a net loss attributable to common shareholders of $6.24 million on $126.91 million of net revenues for the same period a year ago. The Company's balance sheet at Aug. 31, 2011, showed $471.19 million in total assets, $479.49 million in total liabilities, $140.45 million in Series A cumulative convertible preferred stock, and a $148.75 million total deficit. * * * In November 2010, Moody's Investors Service affirmed the 'Caa2' Corporate Family Rating and 'Caa3' Probability of Default rating for Emmis Communications Corporation, as well as its SGL-4 speculative grade liquidity rating. Operating performance improved with the economic recovery, but absent debt reduction with proceeds from an asset sale or equity infusion Emmis will likely breach its leverage covenant when the covenant suspension period ends for the quarter ending November 30, 2011, in Moody's opinion. Emmis' CFR and PDR incorporate expectations for a covenant breach in November 2011. Moody's considers the Company's capital structure unsustainable, and its operations in the cyclical advertising business magnify this challenge. Furthermore, Emmis relies on two markets, Los Angeles and New York, for approximately 50% of its revenue, although its ownership of stations in top markets including Chicago as well as NY and LA, support the rating. The negative outlook incorporates Moody's expectations that Emmis will not comply with its maximum leverage covenant when effective for the quarter ending Nov. 30, 2011. ENCORIUM GROUP: Delays Filing of Sept. 30 Quarter Form 10-Q ----------------------------------------------------------- Encorium Group, Inc., notified the U.S. Securities and Exchange Commission that it could not file its quarterly report on Form 10-Q for the fiscal quarter ended Sept. 30, 2011, within the prescribed period without unreasonable effort and expense because during the fiscal quarter ended Sept. 30, 2011, the Company's management devoted considerable time and resources to the preparation of the Company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2010. Management's efforts related to the preparation of the Form 10-K have required a significant amount of management time and other Company resources that normally would be devoted to the preparation of the Form 10-Q and related matters during this period of time. For these reasons, the Company's unaudited condensed consolidated financial statements for the fiscal quarter ended Sept. 30, 2011, remain subject to review and further analysis at this time. The Company anticipates that the notes to the consolidated financial statements for the fiscal quarter ended Sept. 30, 2011, that will be included in the Form 10-Q are likely to contain an explanatory paragraph indicating substantial doubt about the Company's ability to continue as a going concern. About Encorium Group Encorium Group, Inc., is a clinical research organization that engages in the design and management of complex clinical trials for the pharmaceutical, biotechnology and medical device industries. The Company was initially incorporated in August 1998 in Nevada. In June 2002, the Company changed its state of incorporation to Delaware. In November 2006, it expanded its international operations with the acquisition of its wholly-owned subsidiary, Encorium Oy, a clinical research organization founded in 1996 in Finland, which offers clinical trial services to the pharmaceutical and medical device industries. Since 2006 the Company has conducted substantially all of its European operations through Encorium Oy and its wholly-owned subsidiaries located in Denmark, Estonia, Sweden, Lithuania, Romania, Germany and Poland. On July 16, 2009 the Company sold substantially all of the assets relating to the Company's US line of business to Pierrel Research USA, Inc., the result of which the Company no longer has any employees or significant operations in the United States. Due to this sale, for the three and nine months ended Sept. 30, 2010 and 2009, the results of the U.S. business have been presented as discontinued operations in the consolidated condensed financial statements. The Company reported a net loss of $9.08 million on $15.37 million of total revenue for the year ended Dec. 31, 2010, compared with a net loss of $3.87 million on $21.16 million of total revenue during the prior year. The Company's balance sheet at Dec. 31, 2010, showed $7.97 million in total assets, $11.73 million in total liabilities and a $3.76 million total stockholders' deficit. Asher & Company, LTD, in Philadelphia, Pennsylvania, noted that the Company's recurring losses from operations, current available cash, and anticipated level of capital requirements necessary to fund its current operations raise substantial doubt about its ability to continue as a going concern. ENER1 INC: Aspire Terminates Common Stock Purchase Agreement ------------------------------------------------------------ Ener1, Inc., received from Aspire Capital Fund, LLC, written notice of termination of the Common Stock Purchase Agreement, dated Aug. 3, 2011, between Aspire and the Company. The termination was effective as of Nov. 8, 2011. The Purchase Agreement provided that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital would be committed to purchase up to an aggregate of $50.0 million of shares of the Company's common stock over the two-year term of the Purchase Agreement. Prior to termination of the Purchase Agreement, the Company issued to Aspire Capital a total of 2,325,581 Purchase Shares for a purchase price of $2.0 million, and an additional 2,690,441 shares as consideration for Aspire Capital's obligations under the Purchase Agreement. The Purchase Agreement could be terminated by Aspire Capital any time an Event of Default, as defined under the Purchase Agreement, existed. Among other things, the Company's delisting from NASDAQ on Oct. 28, 2011, and the unavailability of the registration statement relating to the resale by Aspire Capital of the Purchase Shares constituted Events of Default under the Purchase Agreement. No early termination penalties are incurred by the Company in connection with termination of the Purchase Agreement. On Nov. 9, 2011, the Company received from Jefferies & Company, Inc., written notice of termination of the Open Market Sale Agreement, dated Jan. 25, 2010, between Jefferies and the Company. The termination was effective on Nov. 11, 2011. The Sale Agreement provided that, upon the terms and subject to the conditions and limitations set forth therein, the Company could issue and sell shares of the Company?s common stock having an aggregate offering price of up to $60.0 million through Jefferies for a period of up to three years. The Company issued and sold a total of 9,729,864 shares of common stock, for aggregate net proceeds of approximately $21.8 million pursuant to the Sale Agreement prior to its termination. The Sale Agreement provided that either party was permitted to terminate the Sale Agreement at any time upon one trading day's prior written notice to the other party. No early termination penalties are incurred by the Company in connection with the termination of the sales Agreement. About Ener1 Ener1 Inc. (OTCBB: ENEI) -- http://www.ener1.com/-- has three business lines, which the company conducts through three operating subsidiaries. EnerDel, an 80.5% owned subsidiary, which is 19.5% owned by Delphi, develops Li-ion batteries, battery packs and components such as Li-ion battery electrodes and lithium electronic controllers for lithium battery packs. EnerFuel develops fuel cell products and services. NanoEner develops technologies, materials and equipment for nanomanufacturing. On Aug. 15, 2011, Ener1 disclosed that the Company's financial statements for the year ended December 31, 2010 and for the quarterly period ended March 31, 2011 should no longer be relied upon and should be restated. The determination was made following an assessment of certain accounting matters related to the loans receivable owed to Ener1 by Think Holdings and accounts receivable owed to Ener1 by Think Global held by the Company, and the timing of the recognition of the impairment charge related to the Company's investment in Think Holdings originally recorded during the quarter ended March 31, 2011. Ener1 in September 2011 announced that it has entered into an agreement to restructure its 8.25% Senior Amortizing Notes with Goldman Sachs Asset Management, L.P., and other holders of the Notes. Ener1 also announced that its primary shareholder, BzinFin S.A., has extended the maturity of its $15-million line of credit from November 2011 to July 2013. The Company and Bzinfin S.A., on Sept. 12, 2011, entered into an amendment to the Line of Credit Agreement dated June 29, 2011. Under the LOC Agreement, Bzinfin established a line of credit for the Company in the aggregate principal amount of $15,000,000, of which approximately $11,241,000 has been borrowed by the Company. Under the terms of the Amendment, the maturity date for the repayment of all advances under the LOC Agreement and all unpaid accrued interest thereon was extended to July 2, 2013, and the interest rate at which all outstanding advances will bear interest from and after Sept. 12, 2011, was increased to 15% per year. ENERGY COMPOSITES: Delays Filing of Form 10-Q for Sept. 30 Qtr. --------------------------------------------------------------- Trailblazer Resources, Inc., formerly known as Energy Composites Corporation, notified the U.S. Securities and Exchange Commission that the Company's recent activities have delayed the preparation and review of its quarterly report on form 10-Q for the period ended Sept. 30, 2011. About Energy Composites Wisconsin Rapids, Wisconsin-based Energy Composites Corporation is a manufacturer of composite structures and vessels for a range of clean technology industries. Based on its research of companies in this sector, the Company believe it has the Midwest's largest and most automated manufacturing capabilities with its world- class, automated 73,000 square foot climate-controlled manufacturing facility in Wisconsin Rapids, Wisconsin. At June 30, 2011, the Company's balance sheet showed $10.95 million in total assets, $9.26 million in total liabilities, and stockholders' equity of $1.69 million. As reported in the TCR on April 27, 2011, Moquist Thorvilson Kaufmann Kennedy & Pieper LLC, in Edina, Minnesota, expressed substantial doubt about Energy Composites' ability to continue as a going concern, following the Company's 2010 results. The independent auditors noted that the Company had net losses for the years ended Dec. 31, 2010, and 2009, and had an accumulated deficit at Dec. 31, 2010. EPAZZ INC: Delays Filing of 3rd Quarter Form 10-Q ------------------------------------------------- Epazz, Inc., notified the U.S. Securities and Exchange Commission that it has experienced delays in completing its financial statements for the quarter ended Sept. 30, 2011, as its auditor has not had sufficient time to review the financial statements for the quarter. As a result, the Company is delayed in filing its Form 10-Q for the quarter ended Sept. 30, 2011. About EPAZZ Inc. Chicago, Ill.-based EPAZZ, Inc., was incorporated in the State of Illinois on March 23, 2000, to create software to help college students organize their college information and resources. The idea behind the Company was that if the information and resources provided by colleges and universities was better organized and targeted toward each individual, the students would encounter a personal experience with the college or university that could lead to a lifetime relationship with the institution. This concept is already used by business software designed to retain relationships with clients, employees, vendors and partners. The Company's balance sheet at March 31, 2011, showed $1.9 million in total assets, $1.3 million in total liabilities, and stockholders' equity of $557,841. Bankruptcy Warning The Company currently anticipates that it will need approximately $100,000 to continue its operations for the next 12 months, including any funds the Company will need to make the monthly payments on its promissory note with Mr. Arthur A. Goes (the seller of Desk Flex, Inc., and Professional Resource Management, Inc.), the June 2008 note due to Star Financial Corporation, the IntelliSys promissory note and the Third Party Lender Note. "In the event that we are unable to repay our current and long- term obligations as they come due, we could be forced to curtail or abandon our business operations, and/or file for bankruptcy protection; the result of which would likely be that our securities would decline in value and/or become worthless," the Company said in the filing. Going Concern As reported in the TCR on April 26, 2011, Lake & Associates, CPA's LLC, in Schaumburg, Illinois, expressed substantial doubt about EPAZZ, Inc.'s ability to continue as a going concern, following the Company's 2010 results. The independent auditors noted that the Company has a significant accumulated deficit and continues to incur losses. EVERGREEN SOLAR: Court Sets Dec. 30, 2011 as Claims Bar Date ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware has established these bar date in relation to the Chapter 11 case of Evergreen Solar, Inc.: a. Dec. 30, 2011, at 4:00 p.m. prevailing Eastern time as the last day for the filing of proofs of claim in the case for all claims against the Debtor arising prior to Aug. 15, 2011; b. Feb. 13, 2012, at 4:00 p.m. as the last day for all governmental units to assert claims arising before the Petition Date; c. Dec. 30, 2011, at 4:00 p.m. as the last day for all parties asserting administrative expenses against the Debtor's estate as of Nov. 30, 2011; and d. Dec. 30, 2011, at 4:00 p.m. as the last day for all parties asserting administrative expenses against the Debtor's estate arising under the WARN Act (or any other similar state law worker notification statute) as of Nov. 30, 2011, to file a request for payment of the administrative expense. Proofs of claim must be filed with claims agent, Epiq Bankruptcy Solutions, LLC in these addresses: By First-Class Mail: Evergreen Solar, Inc. Claims Processing Center c/o Epiq Bankruptcy Solutions, LLC FDR Station, P.O. Box 5015 New York, NY 10150-5015 By Hand-Delivery or Overnight Mail: Evergreen Solar, Inc. Claims Processing Center c/o Epiq Bankruptcy Solutions, LLC 757 Third Avenue, 3rd Floor New York, NY 10017 About Evergreen Solar Evergreen Solar, Inc. -- http://www.evergreensolar.com/-- develops, manufactures and markets String Ribbon solar power products using its proprietary, low-cost silicon wafer technology. The Company's patented wafer manufacturing technology uses significantly less polysilicon than conventional processes. Evergreen Solar's products provide reliable and environmentally clean electric power for residential and commercial applications globally. The Marlboro, Mass.-based Company filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No. 11-12590) on Aug. 15, 2011, before Judge Mary F. Walrath. The Company's balance sheet at April 2, 2011, showed $373,972,000 in assets, $455,506,000 in total liabilities, and a stockholders' deficit of $81,534,000. Ronald J. Silverman, Esq., and Scott K. Seamon, Esq., at Bingham McCutchen LLP, serve as general bankruptcy counsel to the Debtor. Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as co-counsel. Hilco Industrial LLC serves as exclusive marketing and sales agent. Klehr Harrison Harvey Branzburg serves as special conflicts counsel. Zolfo Cooper LLC is the financial advisor. UBS Securities, LLC, serves as investment banker. Epiq Bankruptcy Solutions has been tapped as claims agent. In conjunction with the Chapter 11 filing, the Company entered into a restructuring support agreement with certain holders of more than 70% of the outstanding principal amount of the Company's 13% convertible senior secured notes. As part of the bankruptcy process the Company will undertake a marketing process and will permit all parties to bid on its assets, as a whole or in groups pursuant to 11 U.S.C. Sec. 363. An entity formed by the supporting noteholders, ES Purchaser, LLC, entered into an asset purchase agreement with the Company to serve as a 'stalking-horse" and provide a "credit-bid" pursuant to the Bankruptcy Code for assets being sold. The supporting noteholders are represented by Michael S. Stainer, Esq., and Natalie E. Levine, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York. An official committee of unsecured creditors has retained Pepper Hamilton and Kramer Levin Naftalis & Frankel as counsel. The Committee tapped Garden City Group as communications services agent. Evergreen Solar is at least the fourth solar company to seek court protection from creditors since August 2011. Other solar firms are start-up Spectrawatt Inc., which also filed in August, Solyndra Inc., which filed early in September, and Stirling Energy Systems Inc., which filed for Chapter 7 bankruptcy late in September. EVERGREEN SOLAR: Inks First Amendment to Support Agreement ---------------------------------------------------------- As reported in the TCR on Aug. 16, 2011, Evergreen Solar, Inc., entered, on Aug. 15, 2011, into (1) a Restructuring Support Agreement with certain holders of its 13% Convertible Senior Secured Notes due 2015 and (2) an Asset Purchase Agreement with ES Purchaser, LLC, an entity formed by the Supporting Noteholders. As part of the Support Agreement and the Stalking Horse Agreement, the Company filed a motion on Sept. 9, 2011, with the U.S. Bankruptcy Court for the District of Delaware for, among other things, establishing bidding procedures ("Bidding Procedures") to permit higher and better bids, setting a date for an auction (an "Auction") should such bids be received and setting a hearing date for the approval of the sale of the assets to the winning bidder. On Nov. 7, 2011, the Company completed an Auction, pursuant to the Bidding Procedures, as amended, previously approved by the Bankruptcy Court, for the sale of (1) all or substantially all of the Company's core wafer business, including all or substantially all of its intellectual property (the "Core Assets"), (2) the Company's claims against Lehman Brothers International Europe and Lehman Brothers Holdings Inc. arising out of (a) the Share Lending Agreement between Lehman Brothers International (Europe) and the Company, dated June 26, 2008, and (b) Guarantee of Lehman Brothers Holdings Inc. of the Share Lending Agreement between Lehman Brothers International (Europe) and the Company, dated June 26, 2008 and (3) all or substantially all of the Company's assets solar panel inventory. An auction for the Company's assets relating to its Devens, Massachusetts facility and its remaining non-core assets will be held at a later date. As a result of the Auction, in consultation with the official committee of unsecured creditors appointed in the Company's Bankruptcy Case, the Company selected highest and best bids for the Core Assets, LBIE Claims and Solar Panels. The Company and Max Era Properties Limited, or its permitted assigns, as purchaser (the "Core Assets Purchaser"), entered into an Asset Purchase Agreement, dated as of Nov. 10, 2011, pursuant to which the Company agreed to sell the Core Assets to the Core Assets Purchaser. Pursuant to the terms of the Core Assets Purchase Agreement, the Core Assets Purchaser has agreed to purchase the Core Assets for $6,000,000 in cash and $3,200,000 in unrestricted Ordinary Shares of China Private Equity Investment Holdings Ltd., a British Virgin Islands limited company listed on the Alternative Investment Market of London Stock Exchange. The Core Assets Purchaser also agreed to pay cure costs for assumed contracts and to assume various liabilities of the Company. The Company and the Stalking Horse, or its permitted assigns, as purchaser, entered into an Assignment of Claim Agreement, dated as of Nov. 10, 2011. Pursuant to the terms of the LBIE Claims Purchase Agreement, the LBIE Claims Purchaser has agreed to purchase the LBIE Claims for $21,500,000 via a credit bid. The Company also agreed to sell the Solar Panels to Kimball Holdings, LLC, for a total of $3,834,000. The assets are to be sold pursuant to Sections 105, 363 and 365 of the Bankruptcy Code, subject to Bankruptcy Court approval and require the satisfaction of certain conditions set forth in such agreements. These agreements are binding on the Company upon issuance by the Bankruptcy Court of an order approving the transaction. The Company also selected the highest and best back-up bids for the Core Assets and the LBIE Claims. The Company entered into an Asset Purchase Agreement, dated as of Nov. 10, 2011, with the Stalking Horse, whereby the Stalking Horse agreed to pay $15,884,000 pursuant to its credit bid rights, in cash or a combination of its credit bid rights and cash for the Core Assets. The Stalking Horse also agreed to pay cure costs for assumed contracts and to assume various liabilities of the Company. The Company also entered into an Assignment of Claim Agreement, dated as of Nov. 10, 2011, with Jackson Canyon Partners, L.L.C, as purchaser (the "LBIE Claims Back-Up Bidder"), whereby the LBIE Claims Back-Up Bidder agreed to pay $21,000,000 in cash for the LBIE Claims. On Nov. 10, 2011, the Bankruptcy Court issued the Sale Order approving such sales. Consummation of the sales of the Core Assets and the LBIE Claims are subject to a number of customary conditions, including, among others, conditions related to compliance with federal antitrust regulations; accuracy of the representations and warranties of the parties; material compliance by the parties with their obligations under the governing agreements; and compliance with the Bankruptcy Code. The Core Assets Purchase Agreement, the LBIE Claims Purchase Agreement, the Back-Up Core Assets Purchase Agreement and the Back-Up LBIE Claims Agreement may be terminated by under a number of circumstances, including breach of certain representations and covenants and the revocation of the Sale Order. Also on Nov. 10, 2011, the Company entered into a First Amendment to Restructuring Support Agreement (the "First Amendment"), which, among other things, requires that if the Core Assets Purchase Agreement has not closed by Nov. 18, 2011, the Company must terminate the employment of substantially all of its employees and required the Company to seek a court order, which the Company obtained, permitting the Stalking Horse to be considered a third party purchaser for purposes of its key employee incentive plan if the Stalking Horse purchases the Core Assets. The foregoing description of the transactions contemplated by the Core Assets Purchase Agreement, the LBIE Claims Purchase Agreement, the Back-Up Core Assets Purchase Agreement and the Back-Up LBIE Claims Purchase Agreement and the description of the First Amendment do not purport to be complete and are qualified in their entirety by reference to the Core Assets Purchase Agreement, the LBIE Claims Purchase Agreement, the Back-Up Core Assets Purchase Agreement, the Back-Up LBIE Claims Purchase Agreement and the First Amendment. A copy of the Core Assets Purchase Agreement is available for free at http://is.gd/BjmF3Y A copy of the LBIE Claims Purchase Agreement is available for free at http://is.gd/KyIRhH A copy of the Back-Up Core Assets Purchase Agreement is available for free at http://is.gd/M6A7Z6 A copy of the Back-Up LBIE Claims Purchase Agreement is available for free at http://is.gd/YFV6Hn A copy of the First Amendment to Restructuring Support Agreement is available for free at http://is.gd/Mg0nJd Other Events As reported in the TCR on Nov. 15, 211, the Company entered, on Nov. 3, 2011, into amended and restated confidentiality agreements (the "Amended and Restated Confidentiality Agreements") with certain Supporting Noteholders, which expire upon the public disclosure of certain confidential information that has been provided to the Supporting Noteholders and, upon termination, require certain confidential information, including, but not limited to, information pertaining to the bids received in connection with the Auction and a supplemental final budget with respect to the Company's cash collateral order, to be to disclosed to the public via a Current Report on Form 8-K. In connection with marketing the Company?s assets and the Auction, the Company provided the Supporting Noteholders with certain confidential information about the Company, which may be deemed material. On November 9, 2011, the Company filed certain information with the Bankruptcy Court, which, as a result, pursuant to the terms of the Amended and Restated Confidentiality Agreements, requires that the Company disclose to the public via a Current Report on Form 8-K certain information provided to the Supporting Noteholders. This Form 8-K contains certain information provided to the Supporting Noteholders and required to be disclosed pursuant to the terms of the Amended and Restated Confidentiality Agreements. A copy of a final version of the 3-week supplemental budget with respect to the Company's cash collateral order is available for free at http://is.gd/lSpEZz The Company notes that the information set forth in the final version of the 3-week supplemental budget with respect to the Company's cash collateral order and disclosed above was delivered to the Supporting Noteholders in the past, in connection with marketing the Company's assets and the Auction. This information should not be viewed as being current or as presenting a complete disclosure of the Company's business and prospects. Accordingly, investors should not place undue reliance on this information. About Evergreen Solar Evergreen Solar, Inc. -- http://www.evergreensolar.com/-- develops, manufactures and markets String Ribbon solar power products using its proprietary, low-cost silicon wafer technology. The Company's patented wafer manufacturing technology uses significantly less polysilicon than conventional processes. Evergreen Solar's products provide reliable and environmentally clean electric power for residential and commercial applications globally. The Marlboro, Mass.-based Company filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No. 11-12590) on Aug. 15, 2011, before Judge Mary F. Walrath. The Company's balance sheet at April 2, 2011, showed $373,972,000 in assets, $455,506,000 in total liabilities, and a stockholders' deficit of $81,534,000. Ronald J. Silverman, Esq., and Scott K. Seamon, Esq., at Bingham McCutchen LLP, serve as general bankruptcy counsel to the Debtor. Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as co-counsel. Hilco Industrial LLC serves as exclusive marketing and sales agent. Klehr Harrison Harvey Branzburg serves as special conflicts counsel. Zolfo Cooper LLC is the financial advisor. UBS Securities, LLC, serves as investment banker. Epiq Bankruptcy Solutions has been tapped as claims agent. In conjunction with the Chapter 11 filing, the Company entered into a restructuring support agreement with certain holders of more than 70% of the outstanding principal amount of the Company's 13% convertible senior secured notes. As part of the bankruptcy process the Company will undertake a marketing process and will permit all parties to bid on its assets, as a whole or in groups pursuant to 11 U.S.C. Sec. 363. An entity formed by the supporting noteholders, ES Purchaser, LLC, entered into an asset purchase agreement with the Company to serve as a 'stalking-horse" and provide a "credit-bid" pursuant to the Bankruptcy Code for assets being sold. The supporting noteholders are represented by Michael S. Stainer, Esq., and Natalie E. Levine, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York. An official committee of unsecured creditors has retained Pepper Hamilton and Kramer Levin Naftalis & Frankel as counsel. The Committee tapped Garden City Group as communications services agent. Evergreen Solar is at least the fourth solar company to seek court protection from creditors since August 2011. Other solar firms are start-up Spectrawatt Inc., which also filed in August, Solyndra Inc., which filed early in September, and Stirling Energy Systems Inc., which filed for Chapter 7 bankruptcy late in September. FANNIE MAE: Bans Baum Law Firm From New Foreclosures ---------------------------------------------------- Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports that Fannie Mae and Freddie Mac, the mortgage-finance companies operating under U.S. conservatorship, dropped Steven J. Baum PC from their list of law firms eligible to handle foreclosures and bankruptcies. "After Nov. 15, 2011, servicers may not refer any new Fannie Mae foreclosure or bankruptcy cases in New York to Steven J. Baum PC," Fannie Mae said in servicing notice that day. Freddie Mac announced its ban Nov. 10. According to the report, both companies said the Baum firm would continue to work on matters referred before the effective dates. Neither said why the firm was being suspended. Last month, Steven J. Baum PC, one of the largest foreclosure law firms in New York state, agreed to pay the U.S. $2 million and change its practices to resolve a probe of its foreclosure filings. The settlement didn't constitute a finding of wrongdoing. Brad German, a spokesman for Freddie Mac, said the company doesn't comment on why it drops law firms from its list. "We add and subtract designated counsel all the time," he said in a phone interview Nov. 18. 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. 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. About Freddie Mac Based in McLean, Virginia, the Federal Home Loan Mortgage Corporation, known as Freddie Mac (OTCBB: FMCC) -- http://www.FreddieMac.com/-- was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. Freddie Mac is under conservatorship and is dependent upon the continued support of Treasury and the Federal Housing Finance Agency acting as conservator to continue operating its business. FENTURA FINANCIAL: Incurs $700,000 Third Quarter Net Loss --------------------------------------------------------- Fentura Financial, Inc., filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $700,000 on $3.32 million of total interest income for the three months ended Sept. 30, 2011, compared with a net loss of $2.33 million on $3.90 million of total interest income for the same period during the prior year. The Company reported a net loss of $5.38 million on $13.87 million of interest income for the year ended Dec. 31, 2010, compared with a net loss of $16.98 million on $16.24 million of interest income during the prior year. The Company also reported a net loss of $635,000 on $9.96 million of total interest income for the nine months ended Sept. 30, 2011, compared with a net loss of $5.60 million on $12.11 million of total interest income for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $307.10 million in total assets, $291.42 million in total liabilities and $15.67 million in total shareholders' equity. As reported in the Troubled Company Reporter on March 22, 2010, Crowe Horwath LLP, in Grand Rapids, Mich., expressed substantial doubt about the Company's ability to continue as a going concern, following its 2009 results. The independent auditors noted that the Company incurred net losses in 2009 and 2008, primarily from higher provisions for loan losses, and non-compliance with the higher capital requirements of the Consent Orders. A full-text copy of the Form 10-Q is available for free at: http://is.gd/LZa2a1 About Fentura Financial Based in Fenton, Michigan, Fentura Financial, Inc., is a registered bank holding company, owns and controls The State Bank, Fenton, Michigan, and West Michigan Community Bank, Hudsonville, Michigan, both state nonmember banks, and two nonbank subsidiaries. Fentura Financial shares are traded over the counter under the FETM trading symbol. Fentura Financial, Inc., entered into a Written Agreement with the Federal Reserve Bank of Chicago on Nov. 4, 2010. Among other things, the Written Agreement requires that the Company obtain the approval of the FRB prior to paying a dividend; requires that the Company obtain the approval of the FRB prior to making any distribution of interest, principal, or other sums on subordinated debentures or trust preferred securities; prohibits the Company from purchasing or redeeming any shares of its stock without the prior written approval of the FRB; requires the submission of a written capital plan by Jan. 3, 2011, and; requires the Company to submit cash flow projections for the Company to the FRB on a quarterly basis. FIDDLERS CREEK: Region Bank Wants Property Conveyance Completed --------------------------------------------------------------- Creditor Regions Bank, asks the U.S. Bankruptcy Court for the Middle District of Florida to clarify the memorandum opinion and order confirming Fiddler's Creek, LLC, et al.'s Second Amended Plans of Reorganization as Modified. As reported in the Troubled Company Reporter on Sept. 16, 2011, Fiddler's Creek implemented the Chapter 11 plan confirmed on Aug. 29, 2011. The plan was consummated four days later. The plan incorporated agreements with the official creditors' committee, an ad hoc group of homeowners and two lenders, Regions Bank NA and Fifth Third Bank. Regions Bank was a prepetition mortgage lender to two of the Debtors, GBFC Development, LTD. and 951 Land Holdings, LTD. A third debtor, Fiddler's Creek, LLC, guaranteed the payment of the Regions Bank mortgage debt. In connection with the plans of reorganization for those Debtors, Regions Bank agreed to accept the conveyance to it or its designee certain real estate which had previously been mortgaged to the Bank, mostly residential units but including some buildable lots. Regions Bank states that the Court must grant its motion for clarification and enter an order which separately approves the conveyance of the property to Regions Bank so that Regions Bank can complete the conveyance as called for under the plan. Alternatively, in the event that this Court concludes that it does not have jurisdiction to enter the order, the Court must enter an order which indicates that it would grant Regions Bank's request for relief under Fed. R. Civ. P. 60(a) in the event the District Court agrees to relinquish jurisdiction for that limited purpose. About Fiddler's Creek Fiddler's Creek, LLC, and its affiliates each owns, operates or is otherwise affiliated with the premier, fully integrated, master planned residential community known as "Fiddler's Creek" in southwestern Florida. Fiddler's Creek is located in Collier County, Florida, approximately 12 miles southeast of the city of Naples and six miles north of Marco Island. The Fiddler's Creek development is comprised of nearly 4,000 zoned acres of prime land in Naples, Florida, and is planned for and capable of accommodating up to 6,000 residences upon projected build-out, which is estimated to be in 2020. Fiddler's Creek contains five distinctive neighborhoods known as: Fiddler's Creek, Veneta, Aviamar, Marsh Cove and Meadow Run. Fiddler's Creek filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 10-03846) on Feb. 23, 2010. Paul J. Battista, Esq., Heather L. Harmon, Esq., and Mariaelena Gayo-Guitian, Esq., at Genovese Joblove & Battista, P.A., Miami; Bart A. Houston, Esq., at Kopelowitz Ostrow; and Mark Woodward, Esq., serve as counsel to the Debtors. Judge Alexander L. Paskay presides over the case. The Company estimated assets and debts at $100 million to $500 million. Paul S. Singerman, Esq., Jordi Guso, Esq., and Debi Evans Galler, Esq., at Berger Singerman P.A., represent the Official Unsecured Creditors Committee as counsel. At the end of August 2011, Fiddler's Creek LLC was given formal approval for its Chapter 11 plan following an eight-day confirmation hearing. The Plan incorporates agreements with the official creditors' committee, an ad hoc group of homeowners, and two lenders, Regions Bank NA and Fifth Third Bank. FREDDIE MAC: Bans Baum Law Firm From New Foreclosures ----------------------------------------------------- Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports that Fannie Mae and Freddie Mac, the mortgage-finance companies operating under U.S. conservatorship, dropped Steven J. Baum PC from their list of law firms eligible to handle foreclosures and bankruptcies. "After Nov. 15, 2011, servicers may not refer any new Fannie Mae foreclosure or bankruptcy cases in New York to Steven J. Baum PC," Fannie Mae said in servicing notice that day. Freddie Mac announced its ban Nov. 10. According to the report, both companies said the Baum firm would continue to work on matters referred before the effective dates. Neither said why the firm was being suspended. Last month, Steven J. Baum PC, one of the largest foreclosure law firms in New York state, agreed to pay the U.S. $2 million and change its practices to resolve a probe of its foreclosure filings. The settlement didn't constitute a finding of wrongdoing. Brad German, a spokesman for Freddie Mac, said the company doesn't comment on why it drops law firms from its list. "We add and subtract designated counsel all the time," he said in a phone interview Nov. 18. 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. 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. About Freddie Mac Based in McLean, Virginia, the Federal Home Loan Mortgage Corporation, known as Freddie Mac (OTCBB: FMCC) -- http://www.FreddieMac.com/-- was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. Freddie Mac is under conservatorship and is dependent upon the continued support of Treasury and the Federal Housing Finance Agency acting as conservator to continue operating its business. FUSION TELECOMMUNICATIONS: Incurs $1-Mil. 3rd Qtr. Net Loss ----------------------------------------------------------- Fusion Telecommunications International, Inc., filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.11 million on $9.93 million of revenue for the three months ended Sept. 30, 2011, compared with a net loss of $1.25 million on $11.15 million of revenue for the same period a year ago. Fusion Telecommunications reported a net loss of $5.8 million on $41.8 million of revenues for 2010, compared with a net loss of $9.6 million on $40.9 million of revenues for 2009. The Company also reported a net loss of $3.54 million on $30.77 million of revenue for the nine months ended Sept. 30, 2011, compared with a net loss of $4.37 million on $30.46 million of revenue for the same period during the prior year. The Company's balance sheet at Sept. 30, 2011, showed $4.71 million in total assets, $14.99 million in total liabilities and a $10.28 million total stockholders' deficit. As reported by the TCR on April 26, 2011, Rothstein, Kass & Company, P.C., in Roseland, New Jersey, expressed substantial doubt about Fusion Telecommunications' ability to continue as a going concern. The independent auditors noted that the Company the Company has negative working capital balances, incurred negative cash flows from operations and net losses since inception, and has limited capital to fund future operations. A full-text copy of the Form 10-Q is available for free at: http://is.gd/ySHAbc About Fusion Telecommunications New York City-based Fusion Telecommunications International, Inc. (OTC BB: FSNN) is a provider of Internet Protocol ("IP") based digital voice and data communications services to corporations and carriers worldwide. GENERAL MARITIME: Wins Interim Access of $30MM From DIP Loans ------------------------------------------------------------- Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports that General Maritime Corp. can draw $30 million of a $75 million loan that will require it to file a plan of reorganization in 75 days or sell all its assets. The report relates that U.S. Bankruptcy Judge Martin Glenn in Manhattan court approved on Nov. 18 the Company's request to borrow funds from Nordea Bank Finland Plc and other lenders. According to the report, General Maritime hopes to file a reorganization plan in January, its bankruptcy counsel, Kenneth Eckstein said Nov. 18. If the Company doesn't outline the terms of a plan within 75 days from its Nov. 17 filing, it must sell all its assets through an auction, under the requirements of its $75 million loan, he said. Oaktree Capital Management LP, a lender, would be the so-called stalking horse for that auction. Bloomberg relates that a group of General Maritime noteholders opposed the loan, saying its terms would "serve to prematurely limit or foreclose the rights of unsecured creditors or any official committee appointed to represent their interests." The ad-hoc group, which doesn't have formal standing in the case, owns more than $185 million in 12% senior notes due 2017. It includes Capital Research and Management Company, J.P. Morgan Investment Management, Inc., J.P. Morgan Securities LLC, Stone Harbor Investment Partners LP and Third Avenue Focused Credit Fund. About General Maritime Based in New York City, General Maritime Corporation through its subsidiaries provides international transportation services of seaborne crude oil and petroleum products. The Company's fleet is comprised of VLCC, Suezmax, Aframax, Panamax and product carrier vessels. The fleet consisted of thirty owned vessels and three chartered vessels. The Company reported a net loss of $216.66 million on $387.16 million of voyage revenue for the year ended Dec. 31, 2010, compared with a net loss of $11.99 million on $350.52 million of voyage revenue during the prior year. General Maritime, along with its subsidiaries, filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 11-15285) on Nov. 17, 2011 Douglas Mannal, Esq., and Adam C. Rogoff, Esq., at Kramer Levin Naftalis & Frankel LLP, in New York, serve as counsel to the Debtors. Moelis & Company is the financial advisor. Garden City Group Inc. is the claims and notice agent. General Maritime disclosed $1,718,598,000 in assets and $1,412,900,000 in liabilities as of Sept. 30, 2011. General Maritime's publicly held securities include 121.5 million common shares and $300 million in unsecured 12 percent notes due 2017. Prepetition, General Maritime reached agreements with its key senior lenders, including its bank group, led by Nordea Bank Finland plc, New York Branch as administrative agent, as well as affiliates of Oaktree Capital Management, L.P., on the terms of a restructuring. Under terms of the agreements, Oaktree will provide a $175 million new equity investment in General Maritime and convert its prepetition secured debt to equity. In conjunction with the filing, General Maritime has received a commitment for up to $100 million in new DIP financing from a group of lenders led by Nordea as administrative agent. GENMED HOLDING: Delays Filing of 3rd Quarter Form 10-Q ------------------------------------------------------ Genmed Holding Corp. notified the U.S. Securities and Exchange Commission that the compilation, dissemination and review of the information required to be presented in the form 10-Q for the period ended Sept. 30, 2011, has imposed time constraints that have rendered timely filing of the Form 10-Q impracticable without undue hardship and expense to the Company. The Company undertakes the responsibility to file such quarterly report no later than 5th calendar day after its original date. About Genmed Holding Based in The Netherlands, Genmed Holding Corp. through its wholly owned Dutch subsidiary Genmed B.V. is focusing on the delivery of low cost generic medicines directly to distribution chains throughout Europe. The Company is currently in the development stage of its generic drug distribution business and is attempting to develop and maintain relationships with generic drug manufacturers, retail entities, and government regulatory authorities. At June 30, 2011, the Company's balance sheet showed $1.6 million in total assets, $2.9 million in total liabilities, and a stockholders' deficit of $1.3 million. As reported in the TCR on April 27, 2011, Meyler & Company, LLC, in Middletown, N.J., expressed substantial doubt about Genmed Holding's ability to continue as a going concern, following the Company's 2010 results. The independent auditors noted that the Company has incurred cumulative net losses of $69.99 million since inception, and had net losses of $7.73 million and $8.59 million for the years ended Dec. 31, 2010, and 2009. GIORDANO'S ENTERPRISES: Court OKs Sale to VPC Pizza Holdings ------------------------------------------------------------ VPC Pizza Holdings, LLC, disclosed the U.S. Bankruptcy Court for the Northern District of Illinois has granted an order approving the sale of substantially all of Giordano's Enterprises, Inc.'s assets, business and goodwill out of bankruptcy in a Section 363 purchase. VPC was also granted an order approving the sale of 740 North Rush Street, Giordano's flagship property in Chicago's Gold Coast. A closing of the sale is expected on November 30, 2011. VPC's winning bid of $52 million is deeply-rooted in Chicago. It combines the operational orientation and strengths of VPC, a firm with a track record of successfully restructuring businesses, and the industry and brand knowledge of Bill and George Apostolou, part of Giordano's founding family. Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports Philip Martino, the court-appointed trustee in the case, confirmed that the sale was approved at a hearing Nov. 18 in the U.S. Bankruptcy Court in Chicago. Private equity company Victory Park Capital's unit, VPC Pizza Holdings, LLC, obtained approval of its winning bid of $52 million for two lots at a bankruptcy auction for restaurant assets and real estate, which included property at the famed Rush Street flagship location of Giordano's Pizza. The report relates that the sale is expected to close on Nov. 30, 2011, according to Chicago-based Victory Park Capital's statement. The sale, which raised a total of $61.6 million, will enable Giordano Pizza to pay its largest secured creditors and leave funds available for unsecured creditors, Mr. Martino said in an interview with Bloomberg News on Nov. 16. The first lot purchased by VPC Pizza Holdings was restaurant assets, which included eight company-owned locations and 30 franchise locations. The other lot purchased by VPC Pizza Holdings was the so-called Rush Street property, which Mr. Martino described as "a half-block of Chicago." The Rush Street property is the location of Giordano's flagship restaurant, which the Debtor will continue to operate, according to Mr. Martino. The remaining lot, purchased by Origin Funding LLC, was comprised of three company-owned locations and five franchise locations. According to the statement by VPC, unlike "stalking horse" bids for Giordano's assets submitted by other groups, VPC's provided the only buyout offer with the support of members of the management team who recognized the value inherent in maintaining and operating all of Giordano's tangible equity and intellectual property, including its iconic Giordano's brand. It is thus well- positioned to export the World's Greatest Deep Dish Pizza franchise throughout the U.S., while protecting the thousands of valuable and loyal employees the Company and its franchisees have in the Chicagoland area as well as Florida. Richard Levy, chairman of VPC Pizza Holdings, LLC and managing partner of Victory Park Capital, said, "Giordano's has been a symbol of Chicago for almost 40 years and has held the title of Greatest Deep Dish Pizza for most of that time. Our solution combines the critical funding and operational expertise needed to make the necessary investments and management changes that will reposition Giordano's for long-term growth and continue to build on an iconic brand for generations to come." Mr. Levy added, "As a Chicago-based firm with expertise in providing specialized financing solutions to small and middle market companies, we feel very fortunate that we had the opportunity to invest in such an iconic hometown brand. Our investment will preserve Giordano's unique brand philosophy, which hundreds of thousands of its customers still trust today, and provide the critical financing necessary to stabilize and grow the business and create jobs." Mr. Levy added "We have partnered with Bill and George Apostolou to preserve a long tradition of success and know-how in building the preeminent Chicago deep dish pizza Company. Their knowledge of the Company's operations and adherence to the quality of produce and ingredients that have made Giordano's so famous are an integral part of making sure our loyal customers receive the same quality they deserve and have come to expect. We appreciate the continued commitment and service of Giordano's franchisees and employees throughout this process and look forward to working together to grow our brand and make the customer experience even more enjoyable." Becky Yerak, writing for the Chicago Tribune, reports that Mr. Martino said during the official sales process, 61 entities signed confidentiality agreements that gave them full access to data for the restaurants, or both the real estate and restaurants. Another 38 entities got full access to data about the real estate alone. When time came for the auction, Giordano's had 14 qualified bidders, which were represented by almost 100 individuals in the offices of Quarles & Brady, Martino's law firm. Another 20 individuals on hand worked for such entities as: William Blair and Hilco, the two firms hired to help sell the assets; Development Specialists Inc., a Chicago-based firm that managed Giordano's during bankruptcy; and key secured lender Fifth Third Bank. According to the Chicago Tribune, Blair and Hilco will receive $1.6 million. Fifth Third is a secured creditor owed the bulk of the $55 million. Smaller secured creditors include Bank of America and Bridgeview Bank. All are expected to be made whole. The Chicago Tribune relates Mr. Martino said that, after administrative expenses, more than $2 million will be available to pay priority claims, such as wages and taxes, and unsecured claims. About Victory Park Founded in 2007, Victory Park Capital provides direct financing solutions to small cap and middle market companies across a wide range of industries. With over 175 years of combined experience across a broad range of financial, operating, advisory, and legal disciplines, VPC focuses on complex situations and seeks to build long term sustainable value in its companies. VPC is based in Chicago and has offices in Boston and San Francisco. About Giordano's Enterprises Chicago, Illinois-based Giordano's Enterprises, Inc., was founded in 1974 in Chicago, Illinois, by two Argentinean immigrants, Efren and Joseph Boglio. In 1988, John and Eva Apostolou purchased control of Giordano's. Although this casual dining eatery offers a broad array of fine Italian cuisine, it is primarily know for its "Chicago's World Famous Stuffed Pizza". At present, Giordano's operates six company owned stores in Chicagoland, four joint venture stores, and thirty-five franchisee locations. In addition, Giordano's operates Americana Foods, Inc., located in Mount Prospect, Illinois, that serves as the commissary for the majority of food products purchased by the Illinois locations. An affiliated real estate holding company, Randolph Partners, LP, owns 12 restaurant buildings that are leased to four of the company-owned locations, two of the joint venture locations and six of the franchisee locations. The other 33 locations are leased from third party landlords; two for the Giordano's locations, two for the joint venture locations and 29 for the franchise locations. Giordano's is the lessee and subleases the restaurant facility for 22 of the 29 franchise third party leases. JBA Equipment Finance, Inc, another affiliated entity, leases restaurant equipment packages to eight franchisee locations. Giordano's Enterprises and 26 affiliates filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Lead Case No. 11-06098) on Feb. 16, 2011. Six additional affiliates filed for Chapter 11 protection on Feb. 17, 2011. Michael L. Gesas, Esq., David A. Golin, Esq., Miriam R. Stein, Esq., and Kevin H. Morse, at Arnstein & Lehr, LLP, in Chicago, serve as the Debtors' bankruptcy counsel. Giordano's Enterprises disclosed $59,387 in assets and $45,538,574 in liabilities as of the Chapter 11 filing. Certain of the Debtors owe Fifth Third Bank not than $13,560,662, pursuant to loans and financial accommodations, and $31,927,998 under a business loan as of the Petition Date. Fifth Third has agreed to provide DIP financing of up to $35,983,563 to the Debtors. Philip V. Martino was appointed as Chapter 11 trustee in the Debtors' bankruptcy cases, at the behest of the U.S. Trustee. Mr. Martino filed a $3,000,000 bond. GLEN ROSE: Posts $1.2 Million Net Income in June 30 Quarter ----------------------------------------------------------- Glen Rose Petroleum Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting net income of $1.26 million on $322,997 of total operating revenues for the three months ended June 30, 2011, compared with net income of $1.85 million on $27,560 of total operating revenues for the same period a year ago. The Company's balance sheet at June 30, 2011, showed $7.82 million in total assets, $26.69 million in total liabilities and a $18.87 million total shareholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/wEi9N2 Sept. 30 Qtr. Form 10-Q Delayed Glen Rose Petroleum Corporation filed a Form 12b-25 with respect to its Report on Form 10-Q for the quarter ended Sept. 30, 2011, because it has encountered delays in the completion of its financial statements for the quarter ended Sept. 30, 2011, related to changes to the financial statements for the quarter ended Sept. 30, 2010, referred to in its Form 10-K for the year ended March 31, 2011. The Company was not able to file its Form 10-Q in a timely manner without unreasonable effort or expense. About Glen Rose Glen Rose Petroleum Corporation presently is focused on the development of on-shore U.S. oil and gas assets. Glen Rose has five leases covering 10,500 gross acres in the Wardlaw Field and 5,400 gross acres in the Adamson Field, both located in Edwards County, TX. The Company's net loss for the 2011 Fiscal Year was $14,662,555, as compared to a restated net loss of $12,176,826 for the 2010 Fiscal Year. The net loss for the restated 2010 Fiscal Year and the increase in net loss for the 2011 Fiscal Year was affected significantly by the non-cash charges related to changes in fair value for certain warrant liabilities and other derivative securities, which added non-cash charges of $8,731,562 for the 2011 Fiscal Year compared to non-cash charges of $6,931,936 for the restated 2010 Fiscal Year, or an increase of $1,799,626. GLOBAL SHIP: Incurs $935,000 Net Loss in Third Quarter ------------------------------------------------------ Global Ship Lease, Inc., reported a net loss of US$935,000 on US$38.67 million of time charter revenue for the three months ended Sept. 30, 2011, compared with a net loss of US$3.52 million on US$40.04 million of time charter revenue for the same period a year ago. The Company also reported a net loss of US$1.79 million on US$116.55 million of time charter revenue for the nine months ended Sept. 30, 2011, compared with a net loss of US$5.19 million on US$118.80 million of time charter revenue for the same period during the prior year. The Company's balance sheet at Sept. 30, 2011, showed US$954.12 million in total assets, US$630.89 million in total liabilities and US$323.23 million total stockholders' equity. Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "Third quarter results once again demonstrated the strength of our business model in generating sizeable, stable cash flows. With our fleet of 17 vessels operating on long-term fixed rate charters and utilization levels high, we achieved EBITDA of $25.2 million for the quarter, despite the challenging economic environment and four vessels being in drydock during the quarter. Given our fully time-chartered fleet has a weighted average remaining term of 8.6 years providing contracted revenue stream of over $1.2 billion, we maintain a positive long-term outlook on our future business prospects." A full-text copy of the press release is available for free at: http://is.gd/zYz7uA About Global Ship Lease London, England-based Global Ship Lease (NYSE: GSL, GSL.U and GSL.WS) -- http://www.globalshiplease.com/-- is a containership charter owner. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under long-term, fixed rate charters to world class container liner companies. Global Ship Lease owns 17 vessels with a total capacity of 66,297 TEU with a weighted average age at June 30, 2010, of 6.3 years. All of the current vessels are fixed on long-term charters to CMA CGM with an average remaining term of 8.6 years. The Company has contracts in place to purchase two 4,250 TEU newbuildings from German interests for approximately $77 million each that are scheduled to be delivered in the fourth quarter of 2010. The Company also has agreements to charter out these newbuildings to Zim Integrated Shipping Services Limited for seven or eight years at charterer's option. GMX RESOURCES: To Swap 11.375% Sr. Notes for 11.00% Sr. Notes ------------------------------------------------------------- GMX Resources Inc. commenced an exchange offer of its existing 11.375% Senior Notes due 2019 in exchange for new 11.00% Senior Secured Notes due 2017. Pursuant to the terms of the exchange offer, holders of the Existing Notes will be entitled to exchange, for each $1,000 principal amount of Existing Notes tendered by such holder, either: (a) $750.00 principal amount of New Notes; or (b) $971.40 principal amount of New Notes, if the holder subscribes to purchase for cash an additional $600.00 principal amount of New Notes, to be issued at par, in a private placement being made to the holders in connection with the Exchange Offer for each $1,000 principal amount of Existing Notes tendered by such holder. The New Notes will mature in December 2017, be secured by substantially all of the assets of the Company and accrue cash interest at 11.0% per annum. The Company plans to use the cash proceeds from the issuance of the additional New Notes in connection with the exchange offer (i) to repay all outstanding indebtedness under its existing revolving credit agreement, (ii) to fund a portion of its drilling program capital expenditures and (iii) for general working capital purposes. The notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws; and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. About GMX Resources GMX Resources Inc. -- http://www.gmxresources.com/-- is an independent natural gas production company headquartered in Oklahoma City, Oklahoma. GMXR has 53 producing wells in Texas & Louisiana, 24 proved developed non-producing reservoirs, 48 proved undeveloped locations and several hundred other development locations. GMXR has 9,000 net acres on the Sabine Uplift of East Texas. GMXR has 7 producing wells in New Mexico. The Company's strategy is to significantly increase production, revenues and reinvest in increasing production. GMXR's goal is to grow and build shareholder value every day. The Company reported a net loss of $138.29 million on $96.52 million of oil and gas sales for the year ended Dec. 31, 2010, compared with a net loss of $181.08 million on $94.29 million of oil and gas sales during the prior year. The Company also reported a net loss of $129.53 million on $90.62 million of oil and gas sales for the nine months ended Sept. 30, 2011, compared with net income of $8.58 million on $69.34 million of oil and gas sales for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $575.98 million in total assets, $432.65 million in total liabilities and $143.32 million in total equity. * * * GMX Resources got a first time 'Caa1' Corporate Family Rating and SGL-3 Speculative Grade Liquidity rating from Moody's Investors Service in February 2011. GMX's 'Caa1' CFR reflects its small size, limited diversification, production that is 97% natural gas in a low gas price environment, high leverage on production and reserves, and the risks inherent in developing its newly acquired oil focused Bakken and Niobrara acreage while outspending cash flow," commented Jonathan Kalmanoff, Moody's Analyst. "The rating also considers the potential for improvement in both profitability and diversification if GMX is successful in developing its newly acquired acreage, the pre-funding of the majority of 2011 capital spending through both debt and equity offerings, a lack of required drilling to hold acreage in the company's East Texas properties, and hedges in place which add support to realized prices for gas production through 2012." As reported by the TCR on April 25, 2011, Standard & Poor's Ratings Services said it assigned its 'B-' corporate credit rating to Oklahoma City-based GMX Resources Inc. The outlook is stable. "The ratings on GMX Resources Inc. reflect the company's limited scale of operations, meaningful exposure to weak natural gas prices, a very aggressive near-term spending plan, limited liquidity beyond 2011, and elevated debt leverage," said Standard & Poor's credit analyst Paul B. Harvey. "Near-term credit quality will benefit from the liquidity provided by GMX's $200 million senior unsecured note issuance and concurrent $100 million common equity offering, as well as expectations for growing production from its Haynesville Shale development," S&P related. GOMERA GOVI: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Gomera Govi, Inc. 65th Infanteria Station P.O. Box 29618 Rio Piedras, PR 00929 Bankruptcy Case No.: 11-09970 Chapter 11 Petition Date: November 17, 2011 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Jacqueline Hernandez Santiago, Esq. P.O. Box 366431 San Juan, PR 00936-6431 Tel: (787) 751-1836 E-mail: quiebras1@gmail.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/prb11-09970.pdf The petition was signed by Alfredo Gonzalez, president. GRACEWAY PHARMACEUTICALS: Hearing Today to Approve Medicis Sale --------------------------------------------------------------- Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports that Medicis Pharmaceutical Corp. won a bankruptcy auction for Graceway Pharmaceuticals LLC with a $455 million bid. Medicis, based in Scottsdale, Arizona, still must obtain approval from Graceway's board and the bankruptcy court in Wilmington, Delaware, to complete the acquisition. Graceway will ask U.S. Bankruptcy Judge Peter J. Walsh to approve the sale at a hearing scheduled for Nov. 22. Switzerland's Galderma SA was the stalking horse bidder with a $275 million offer. 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. 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. 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 claims and notice agent. Lowenstein Sandler PC serves as the committee counsel. GREAT ATLANTIC: Oppenheimer Analysts Lift EPS Estimates ------------------------------------------------------- LocalizedUSA reports that equities research analysts at Oppenheimer raised their earnings per share estimates on shares of The Great Atlantic & Pacific Tea Company in a research note issued to investors on Nov. 18, 2011. They currently have a "market perform" rating on the company's shares. About Great Atlantic & Pacific Founded in 1859, Montvale, New Jersey-based Great Atlantic & Pacific is a supermarket retailer, operating under a variety of well-known trade names, or "banners" across the mid-Atlantic and Northeastern United States. Before filing for bankruptcy in 2010, A&P operated 429 stores in 8 states and the District of Columbia under the following trade names: A&P, Waldbaum's, Pathmark, Pathmark Sav-a-Center, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh and Food Basics. A&P had 41,000 employees prior to the bankruptcy filing. A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, in White Plains, New York. In its petition, A&P reported total assets of $2.5 billion and liabilities of $3.2 billion as of Sept. 11, 2010. Paul M. Basta, Esq., James H.M. Sprayregen, Esq., and Ray C. Schrock, Esq., at Kirkland & Ellis, LLP, in New York, and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, serve as counsel to the Debtors. Kurtzman Carson Consultants LLC is the claims and notice agent. Lazard Freres & Co. LLC is the financial advisor. Huron Consulting Group is the management consultant. Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and Abhilash M. Raval, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represent the Official Committee of Unsecured Creditors. A&P obtained court approval for a new contract with C&S Wholesale Grocers Inc., its principal supplier. The contract is designed to save A&P $50 million a year when the supermarket operator emerges from Chapter 11 reorganization. A&P sold 12 Super-Fresh stores in the Baltimore-Washington area for $37.83 million, plus the value of inventory. Thirteen other locations didn't attract buyers at auction and were closed mid- July 2011. GREENSHIFT CORP: Delays Filing of Third Quarter Form 10-Q --------------------------------------------------------- GreenShift Corporation was unable to file its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2011, within the required time because there was a delay in completing the adjustments necessary to close its books for the quarter. About Greenshift Corporation Headquartered in New York, GreenShift Corporation develops and commercializes clean technologies designed to integrate into and leverage established production and distribution infrastructure to address the financial and environmental needs of its clients by decreasing raw material needs, facilitating co-product reuse, and reducing waste and emissions. The Company reported a net loss of $12.14 million on $7.73 million of revenue for the twelve months ended Dec. 31, 2010, compared with a net loss of $19.73 million on $3.87 million of revenue during the prior year. The Company's balance sheet at June 30, 2011, showed $6.74 million in total assets, $50.97 million in total liabilities and a $44.23 million total stockholders' deficit. As reported by the TCR on April 8, 2011, Rosenberg Rich Baker Berman & Company, in Somerset, New Jersey, expressed substantial doubt about the Company's ability to continue as a going concern, following the Company's 2010 financial results. The independent auditors noted that the Company has suffered recurring losses from operations and its total liabilities exceed its total assets. GUITAR CENTER: Incurs $27.4 Million Net Loss in Third Quarter ------------------------------------------------------------- Guitar Center Holdings, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, reporting a net loss of $27.38 million on $488.12 million of net sales for the three months ended Sept. 30, 2011, compared with a net loss of $23.05 million on $465.01 million of net sales for the same period a year ago. The Company also reported a net loss of $64.78 million on $1.46 billion of net sales for the nine months ended Sept. 30, 2011, compared with a net loss of $54.17 million on $1.41 billion of net sales for the same period during the prior year. The Company's balance sheet at Sept. 30, 2011, showed $2.06 billion in total assets, $1.97 billion in total liabilities and $93.78 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/uViaIc About Guitar Center Guitar Center, Inc., headquartered in Westlake Village, Calif., is the largest musical instrument retailer with 312 stores and a direct response segment, which operates its websites. It operates three distinct musical retail business - Guitar Center (about 70% of revenue), Music & Arts (about 7% of revenue), and Musician's Friend (its direct response subsidiary with 24% of revenue). Total revenue is about $2 billion. * * * As reported in the Troubled Company Reporter on Feb. 28, 2011, Moody's Investors Service affirmed Guitar Center, Inc.'s Caa2 Corporate Family Rating and the $622 million existing term loan rating of Caa1 due October 2014. The Probability of Default Rating was revised to Caa2/LD from Caa2 while the Speculative Grade Liquidity assessment was changed to SGL-2 from SGL-3. The rating outlook remains stable. The Caa2/LD Probability of Default rating reflects Moody's view that the extended deferral of interest on the Holdco notes constitutes a distressed exchange under Moody's definition and also anticipates that additional exchanges of this nature are possible over the near term. The Limited Default designation was prompted by the company's executed amendment of the HoldCo notes, which allows for a deferral of 50% of the interest payments for 18 months. Moody's views this as a distressed exchange that provides default avoidance. This LD designation applies to the proposed follow-on amendment to defer the HoldCo note interest payments by another six months. Subsequent to the actions, Moody's will remove the LD designation and the PDR will be Caa2 going forward. HANMI FINANCIAL: To Sell 87.5-Mil. Common Shares at $0.80 Apiece ---------------------------------------------------------------- Hanmi Financial Corporation announced the pricing of its previously announced underwritten public offering of its common stock, raising aggregate gross proceeds of approximately $70 million (not including the potential exercise by the underwriter of its over-allotment option). The offering consisted of 87,500,000 shares of common stock at a price to the public of $0.80 per share. FBR Capital Markets & Co. is the underwriter for this offering. The Company also granted the underwriter a 30-day option to purchase up to 13,125,000 additional shares of common stock, solely to cover over-allotments, if any. The Company expects issuance and delivery of the shares of common stock to occur on Nov. 18, 2011, subject to customary closing conditions. The Company intends to contribute a substantial portion of the net proceeds form the offering to Hanmi Bank as additional capital and to support future organic growth and future acquisition driven growth. The Company intends to retain the remaining net proceeds at the Company level for use as working capital and other general corporate purposes. A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and has become effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The public offering of the Company's common stock may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained by from FBR Capital Markets & Co., Prospectus Department, 1001 19th Street, North, Arlington, VA 22209, or by email at prospectuses@fbr.com. About Hanmi Financial Headquartered in Los Angeles, California, Hanmi Financial Corp. (Nasdaq: HAFC) -- http://www.hanmi.com/-- is the holding company for Hanmi Bank, a state chartered bank with headquarters located at 3660 Wilshire Boulevard, Penthouse Suite A, in Los Angeles. Hanmi Bank provides services to the multi-ethnic communities of California, with 27 full-service offices in Los Angeles, Orange, San Bernardino, San Francisco, Santa Clara and San Diego counties, and a loan production office in Washington State. The Company reported a net loss of $88.01 million on $144.51 million of total interest and dividend income for the year ended Dec. 31, 2010, compared with a net loss of $122.27 million on $184.14 million during the prior year. The Company's balance sheet at Sept. 30, 2011, showed $2.68 billion in total assets, $2.48 billion in total liabilities, and $203.20 million in total stockholders' equity. Going Concern The Company is required by federal regulatory authorities to maintain adequate levels of capital to support its operations. Hanmi Bank is also required to increase its capital and maintain certain regulatory capital ratios prior to certain dates specified in a Final Order issued by the California Department of Financial Institutions. By July 31, 2010, the Bank was required to increase its contributed equity capital by not less than an additional $100 million and maintain a ratio of tangible stockholders' equity to total tangible assets of at least 9.0%. In addition, the Bank was also required to maintain a ratio of tangible stockholders' equity to total tangible assets of at least 9.5 percent at Dec. 31, 2010 and until the Final Order is terminated. As a result of the successful completion of the registered rights and best efforts offering in July 2010, the capital contribution requirement set forth in the Final Order was satisfied. However, the tangible capital ratio requirement set for in the Final Order has not been satisfied at Dec. 31, 2010. Further, should the Company's asset quality continue to erode and require significant additional provision for credit losses, resulting in added future net operating losses at the Bank, or should the Company otherwise fail to be profitable, the Company's capital levels will additionally decline requiring the raising of more capital than the amount currently required to satisfy the Company' agreements with its regulators. The Company said an inability to raise additional capital when needed or comply with the terms of the Final Order or the Written Agreement with the Board of Governors of the Federal Reserve System, raises substantial doubt about its ability to continue as a going concern. The Company's independent registered public accounting firm in their audit report for fiscal year 2010 has expressed substantial doubt about the Company's ability to continue as a going concern. Continued operations may depend on the Company's ability to comply with the regulatory orders the Company is subject to. HARRISBURG, PA: PCEDD Chief Counsel Named as Receiver ----------------------------------------------------- Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports that David Unkovic, chief lawyer for the Pennsylvania Community and Economic Development Department, is set to run the finances of the city of Harrisburg after Governor Tom Corbett nominated him as the state's first municipal receiver. According to the report, once approved by a state court, the overseer may act without consent of the capital city's elected officials. Mr. Unkovic's appointment may be reviewed as soon as Nov. 28. Mr. Corbett on Oct. 24 declared a fiscal emergency because of debt arising from Harrisburg's incinerator project. Most council members said bankruptcy is the solution and that is should supersede a receivership. A federal judge will consider the validity of Harrisburg's bankruptcy filing on Nov. 23. Mark Schwartz, the council's bankruptcy lawyer, said a receiver's appointment would violate a legal prohibition against lawsuits or other legal actions against a debtor. About Harrisburg, Pennsylvania 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. Two days after the Chapter 9 filing on Oct. 11, the state of Pennsylvania filed a motion to dismiss the case as being unauthorized. Later, the state adopted a new law allowing the governor to appoint a receiver who may join those seeking dismissal. 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. HAWKER BEECHCRAFT: Reduction Program Affects 300 Employees ---------------------------------------------------------- Hawker Beechcraft Acquisition Company, LLC, on Nov. 11, 2011, provided approximately 300 affected employees with 60-day notices pursuant to the Worker Adjustment and Retraining Notification Act (WARN) or, as applicable, notices pursuant to foreign statutory requirements. The Company first notified employees that it expected to implement a reduction in force program affecting all levels of the Company on Nov. 4, 2011. This reduction program was implemented in order to resize and align the Company to a smaller market with projected slower growth in response to continued adverse market conditions affecting the Business and General Aviation market and pressure on defense spending by US and foreign governments. It is expected that this reduction program will be completed by the end of January 2012. Affected employees will receive certain one-time termination benefits, including severance payments and payment for non-working notice periods. The Company expects that it will record charges for one-time termination benefits related to the reduction program in the current quarter and the first quarter of 2012. The Company estimates that these charges will be approximately $6.9 million in the aggregate. The Company expects the cash impact to be consistent with the amount of these charges. The Company does not anticipate other material costs to be incurred in connection with this reduction program. About Hawker Beechcraft Hawker Beechcraft Acquisition Company, LLC, headquartered in Wichita, Kan., is a manufacturer of business jets, turboprops and piston aircraft for corporations, governments and individuals worldwide. The Company's balance sheet at June 30, 2011, showed $3.01 billion in total assets, $3.33 billion in total liabilities, and a $317.30 million deficit. Hawker Beechcraft reported a net loss of $304.3 million on $2.80 billion of total sales for 12 months ended Dec. 31, 2010. Net loss in 2009 and 2008 was $451.3 million and $157.2 million, respectively. The Company reported a net loss of $126 million on $1.14 billion of total sales for the six months ended June 30, 2011, compared with a net loss of $120 million on $1.20 billion of total sales for the six months ended June 27, 2010. To reduce the cost of operations, in October 2010, the Company announced it would implement a cost reduction and productivity program. The first part of the program consisted of the immediate termination of approximately 8% of salaried employees while the second part involves reducing the Company's factory and shop work forces by approximately 800 employees by end of August 2011. * * * As reported by the TCR on Sept. 16, 2011, Moody's Investors Service has lowered all the credit ratings, including the corporate family rating to Caa3 from Caa2, of Hawker Beechcraft Acquisition Company LLC. The rating outlook is negative. The downgrades reflect Hawker Beechcraft's mounting retained deficit and Moody's view that the soft economy dims chances for profitability anytime soon. Although limited near-term debt maturities exist, with the prospect of further losses Moody's views the capital structure to be unsustainable. Pronounced risk that some form of restructuring of the company's debt obligations may occur underscores the negative rating outlook. Softness in most developed economies should constrain demand for the smaller and mid-sized cabin aircraft that comprise the company's Business and General Aviation product portfolio. While management has aggressively lowered overhead and cut production costs, the revenue outlook seems weak. As of June 30, 2011, the debt to book capital ratio was 114% and the trailing 12-month EBITDA to interest ratio was 0.2x (Moody's adjusted basis) HERITAGE CONSOLIDATED: Has Deal for Cash Access Until Nov. 30 ------------------------------------------------------------- Heritage Consolidated, LLC, et al., ask the U.S. Bankruptcy Court for the Northern District of Texas to approve a stipulation authoring cash collateral use until Nov. 30, 2011. The stipulation was entered with the Official Committee of Unsecured Creditors. About Heritage Consolidated Heritage Consolidated LLC is a privately held company whose core operations consist of exploration for, and acquisition, production, and sale of, crude oil and natural gas. Heritage Consolidated filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 10-36484) on Sept. 14, 2010, in Dallas, Texas. Its affiliate, Heritage Standard Corporation, also filed for Chapter 11 protection (Bankr. N.D. Tex. Case No. 10-36485). The Debtors each estimated assets and debts of $10 million to $50 million. The Debtors tapped Malouf & Nockels LLP's as special counsel; Munsch Hardt Kopf & Harr, P.C.; Rochelle McCullough, LLP; HSC, RM LLP as special bankruptcy counsel to HSC; and Bridge Associates, LLC, as financial advisor and designate Scott Pinsonnault as interim chief restructuring officer. The U.S. Trustee for Region 6 formed an Official Committee of Unsecured Creditors in the Chapter 11 cases of Heritage Consolidated LLC and its debtor-affiliates. HERITAGE CONSOLIDATED: Informs Parties of Mailing Address Change ---------------------------------------------------------------- Heritage Consolidated, LLC, et al., notified the U.S. Bankruptcy Court for the Northern District of Texas and all parties-in- interest of the change in their mailing address. The Debtors' new address is: Heritage Consolidated, LLC Heritage Standard Corporation 3131 McKinney Avenue, Suite 710 Dallas, TX 75204 Tel: (214) 526-8118 Fax: (214) 522-7182 About Heritage Consolidated Heritage Consolidated LLC is a privately held company whose core operations consist of exploration for, and acquisition, production, and sale of, crude oil and natural gas. Heritage Consolidated filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 10-36484) on Sept. 14, 2010, in Dallas, Texas. Its affiliate, Heritage Standard Corporation, also filed for Chapter 11 protection (Bankr. N.D. Tex. Case No. 10-36485). The Debtors each estimated assets and debts of $10 million to $50 million. The Debtors tapped Malouf & Nockels LLP's as special counsel; Munsch Hardt Kopf & Harr, P.C.; Rochelle McCullough, LLP; HSC, RM LLP as special bankruptcy counsel to HSC; and Bridge Associates, LLC, as financial advisor and designate Scott Pinsonnault as interim chief restructuring officer. The U.S. Trustee for Region 6 formed an Official Committee of Unsecured Creditors in the Chapter 11 cases of Heritage Consolidated LLC and its debtor-affiliates. HMC/CAH CONSOLIDATED: Panel Taps Kilpatrick Townsend as Counsel --------------------------------------------------------------- The Official Committee of Unsecured Creditors in the Chapter 11 cases of HMC/CAH Consolidated, Inc. et al., asks the U.S. Bankruptcy Court for the Western District of Missouri for permission to retain the law firm of Kilpatrick Townsend & Stockton LLP as its counsel. The hourly rates of Kilpatrick Townsend's personnel are: Partners $475 - $740 Counsel $475 Associates $265 - $420 Paralegals $220 Attorneys who will be primarily responsible for representing the Committee and their hourly rates are: Todd C. Meyers $725 Colin M. Bernardino $475 Jeffrey P. Fuller $390 Kilpatrick Townsend has agreed that, for purposes of these cases, Mr. Meyers' hourly rate will be voluntarily reduced to $650. About HMC/CAH Consolidated Kansas City, Missouri-based HMC/CAH Consolidated, Inc., is in the business of acquiring and operating a system of acute care hospitals located in rural communities that are certified by The Centers for Medicare and Medicaid Services as Critical Access Hospitals or CAHs. The core focus of HMC/CAH's business plan is to replace the technologically out of date and operationally inefficient medical facilities of its CAHs with newly constructed state-of-the art facilities. Since its incorporation, HMC/CAH has purchased 12 rural hospitals certified as Critical Access Hospitals. These CAH Hospitals are located in Kansas (3), Oklahoma (5), Missouri (1), Tennessee (1) and North Carolina (2). The CAH Hospitals are the lifeline of the communities that they serve. The CAH Hospitals provide critical health services to rural residents, including emergency medical services. HMC/CAH and 12 affiliates filed for Chapter 11 bankruptcy (Bankr. W.D. Mo. Case Nos. 11-44738 to 11-44750) on Oct. 10, 2011. Judge Dennis R. Dow presides over the case. Mark T. Benedict, Esq., at Husch Blackwell Sanders LLP, represents the Debtors as counsel. In its petition, the Debtors estimated $10 million to $50 million in assets and debts. The petition was signed by Dennis Davis, chief legal officer. Nancy J. Gargula, U.S. Trustee for Region 13, appointed five unsecured creditors to serve on the Official Committee of Unsecured Creditors of HMC/CAH Consolidated, Inc. HMC/CAH CONSOLIDATED: Court Rules Patient Care Umpire Not Needed ---------------------------------------------------------------- The Hon. Dennis R. Dow of the U.S. Bankruptcy Court for the Western District of Missouri determined that appointment of a patient care ombudsman in the Chapter 11 cases of HMC/CAH Consolidated, Inc., et al., is not necessary. The entry of the order will be without prejudice to the rights of parties-in-interest to seek appointment of a patient care ombudsman at a later date. As reported in the Troubled Company Reporter on Oct. 27, 2011, the Debtors said there are numerous reasons why the appointment of a patient care ombudsman is not warranted. The Debtors' bankruptcy filing has been wholly driven by ordinary debt issues. None of the debt issues which have precipitated this bankruptcy filing relate to patient care issues. Rather, the bankruptcy filing represents the Debtors' best chance to resolve the debt issues which have stalled their efforts to expand and upgrade certain of their medical care facilities. The achievement of these goals will inure to the benefit of patients by raising the level of patient care and cementing the long-term availability of medical care to otherwise underserved rural communities. The Debtors also pointed out that all of the agencies, groups, and associations are supervising entities which actively assess patient care issues at the Debtors' facilities. The Debtors are currently in good standing with all entities related to surveys conducted within the last 15 months. The Debtors also noted that all of the Hospital Debtors have had on-site original surveys or follow-up surveys in 2011 and all of the Hospital Debtors are accredited or compliant with all conditions. The Hospital Debtors' history of patient care is excellent. All relevant surveys and other data reveal high patient satisfaction scores. Any deficiencies have been satisfactorily resolved. About HMC/CAH Consolidated Kansas City, Missouri-based HMC/CAH Consolidated, Inc., is in the business of acquiring and operating a system of acute care hospitals located in rural communities that are certified by The Centers for Medicare and Medicaid Services as Critical Access Hospitals or CAHs. The core focus of HMC/CAH's business plan is to replace the technologically out of date and operationally inefficient medical facilities of its CAHs with newly constructed state-of-the art facilities. Since its incorporation, HMC/CAH has purchased 12 rural hospitals certified as Critical Access Hospitals. These CAH Hospitals are located in Kansas (3), Oklahoma (5), Missouri (1), Tennessee (1) and North Carolina (2). The CAH Hospitals are the lifeline of the communities that they serve. The CAH Hospitals provide critical health services to rural residents, including emergency medical services. HMC/CAH and 12 affiliates filed for Chapter 11 bankruptcy (Bankr. W.D. Mo. Case Nos. 11-44738 to 11-44750) on Oct. 10, 2011. Judge Dennis R. Dow presides over the case. Mark T. Benedict, Esq., at Husch Blackwell Sanders LLP, represents the Debtors as counsel. In its petition, the Debtors estimated $10 million to $50 million in assets and debts. The petition was signed by Dennis Davis, chief legal officer. Nancy J. Gargula, U.S. Trustee for Region 13, appointed five unsecured creditors to serve on the Official Committee of Unsecured Creditors of HMC/CAH Consolidated, Inc. HOMELAND SECURITY: Delays Filing Form 10-Q for Sept 30 Qtr. ----------------------------------------------------------- Homeland Security Capital Corporation has been unable to complete the required financial statements for the fiscal quarter ended Sept. 30, 2011, on a timely basis without unreasonable effort or expense due to the recent completion of several transactions by the Company. It is anticipated that the Quarterly Report on Form 10-Q, along with the financial statements, will be filed no later than the fifth calendar day following the prescribed due date. About Homeland Security Homeland Security Capital Corporation is an international provider of specialized technology-based radiological, nuclear, environmental disaster relief and electronic security solutions to government and commercial customers. At Dec. 31, 2009, the Company had total assets of $35,815,519 against total liabilities of $38,018,448 and Warrants Payable -- Series H Preferred Stock of $169,768. Stockholders' deficit was $2,372,697 at December 31, 2009. The Company reported a net loss of $3.98 million on $0 of revenue for the year ended June 30, 2011, compared with net income of $2.04 million on $0 of revenue during the prior year. The Company's balance sheet at June 30, 2011, showed $33.73 million in total assets, $40.35 million in total liabilities, $169,768 in warrants payable, and a $6.79 million total stockholders' deficit. Coulter & Justus, P.C., in Knoxville, Tennessee, noted that related party senior notes payable totaling $19,725,040 are due and payable, the Company has incurred a loss from operations for year ended June 30, 2011, and has a net capital deficiency in addition to a working capital deficiency, which raises substantial doubt about its ability to continue as a going concern. In March 2008, the Company entered into a stock purchase agreement with YA Global Investments, L.P. pursuant to which the Company sold to YA 10,000 shares of its Series H Convertible Preferred Stock. The Series H Stock is convertible into shares of Common Stock at an initial ratio of 33,333 shares of Common Stock for each share of Series H Stock, subject to adjustments -- including the Company's wholly owned subsidiary, Safety & Ecology Holdings Corporation, achieving certain earnings milestones, as defined, for the calendar years ending December 31, 2009 and 2008. Safety operates its business on a fiscal year ending June 30. Safety achieved the first milestone for the calendar year ending December 31, 2008. However, the second financial milestone for the calendar year ended December 31, 2009, has not been satisfied, resulting in a potential adjustment to the conversion ratio yielding approximately 56,300 shares of Common Stock for each share of Series H Stock, or approximately a potential additional 230,000,000 shares of the Company's Common Stock in the aggregate. Management is discussing with YA the possibility of a waiver or amendment of any adjustment to the Series H Stock conversion ratio, however there can be no assurances YA will waive or amend the adjustment, if any, to the Series H Stock conversion ratio. YA has not exercised its conversion rights as of February 22, 2010. In June 2009 the Company entered into an agreement YA extending the due date on its senior notes payable, and accrued interest, to YA from March 14, 2010, until October 1, 2010, for $2,500,000 and April 1, 2011, for $10,560,000. In exchange, the Company agreed to an increase in the interest rate, from 13% to 15%, on the senior notes payable and certain other debt due to YA, effective January 1, 2010, if the Company failed to secure a certain contract by March 2010. In December 2009, the Company was informed that it had been eliminated from the award process for this contract. Accordingly, the Company will begin recording interest expense at the increased rate effective Jan. 1, 2010. As reported by the TCR on Aug. 10, 2011, Homeland Security entered into a Forbearance Agreement by and among YA Global Investments, L.P., as lender, Homeland Security Advisory Services, Inc., Celerity Systems, Inc., and Nexus Technology Group, Inc., pursuant to which the Lender agreed to forbear from exercising its rights and remedies under the Financing Documents and applicable law with respect to one or more Events of Default that have occurred and are continuing as a consequence of the Company having failed to pay, when due at maturity, all outstanding principal and accrued and unpaid interest under the Company's outstanding debt with the Lender. HUNTER HELICOPTERS: Case Summary & 2 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Hunter Helicopters LLC 9562 County Rd 2434 Royse City, TX 75189 Bankruptcy Case No.: 11-62172 Chapter 11 Petition Date: November 16, 2011 Court: United States Bankruptcy Court District of Montana (Butte) Judge: Ralph B. Kirscher Debtor's Counsel: James A. Patten, Esq. PATTEN PETERMAN BEKKEDAHL & GREEN Ste 300, The Fratt Bldg 2817 2nd Ave N Billings, MT 59101 Tel: (406) 252-8500 Fax: (406) 294-9500 E-mail: japatten@ppbglaw.com Scheduled Assets: $1,745,122 Scheduled Debts: $1,874,350 A list of the Company's two largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/mtb11-62172.pdf The petition was signed by Hunter Glass, managing member. HUSSEY COPPER: Files Schedules of Assets and Liabilities -------------------------------------------------------- Hussey Copper Corp. and certain of its affiliates have filed their respective schedules of assets and liabilities with the U.S. Bankruptcy Court for the District of Delaware. Hussey Copper Ltd.'s schedules disclosed: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $1,801,703 B. Personal Property $78,958,593 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $40,570,958 E. Creditors Holding Unsecured Priority Claims Unknown F. Creditors Holding Unsecured Non-priority Claims $31,548,878 ----------- ----------- TOTAL $80,760,296 $72,119,837 A copy of Hussey Copper Ltd.'s schedules is available for free at: http://bankrupt.com/misc/husseycopperltd.sal.pdf Hussey Copper Corp.'s schedules disclosed: Name of Schedule Assets Liabilities ---------------- -------- ----------- A. Real Property $0 B. Personal Property $445,832 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $0 E. Creditors Holding Unsecured Priority Claims Unknown F. Creditors Holding Unsecured Non-priority Claims Unknown -------- ----------- TOTAL $445,832 $0 A copy of Hussey Copper's schedules is available for free at: http://bankrupt.com/misc/husseycopper.sal.pdf Cougar Metals, Inc.'s schedules disclosed: Name of Schedule Assets Liabilities ---------------- ---------- ----------- A. Real Property $0 B. Personal Property $1,112,474 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $0 E. Creditors Holding Unsecured Priority Claims Unknown F. Creditors Holding Unsecured Non-priority Claims $39,968,436 ---------- ----------- TOTAL $1,112,474 $39,968,436 A copy of Cougar Metals' schedules is available for free at: http://bankrupt.com/misc/cougarmetals.sal.pdf OAP Real Estate, LLC's schedules disclosed: Name of Schedule Assets Liabilities ---------------- ---------- ----------- A. Real Property $327,028 B. Personal Property $1,199,445 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $2,400,000 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $40,570,958 ---------- ----------- TOTAL $1,526,473 $42,970,598 A copy of OAP Real Estate's schedules is available for free at: http://bankrupt.com/misc/oaprealestate.sal.pdf Hussey Exports Ltd.'s schedules disclosed: Name of Schedule Assets Liabilities ---------------- ---------- ----------- A. Real Property $0 B. Personal Property $0 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $0 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $38,170,958 ---------- ----------- TOTAL $0 $38,170,958 A copy of Hussey Exports' schedules is available for free at http://bankrupt.com/misc/husseyexports.sal.pdf Orbie Trading, L.P.'s schedules disclosed: Name of Schedule Assets Liabilities ---------------- ---------- ----------- A. Real Property $0 B. Personal Property $262,531 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $0 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $38,170,958 ---------- ----------- TOTAL $262,531 $38,170,958 A copy of Orbie Trading's schedules is available for free at: http://bankrupt.com/misc/orbietrading.sal.pdf About Hussey Copper Hussey Copper Corp., based in Leetsdale, Pennsylvania, is one of the leading manufacturers of copper products in the United States. Hussey Copper was founded in Pittsburgh in 1848. The Company and its affiliates, which operate one manufacturing facility in Leetsdale and two facilities in Eminence, Kentucky, manufacture "a wide range of value-added copper products and copper-nickel products. The Company has more than 500 full-time employees. Hussey Copper Corp. filed a Chapter 11 petition (Bankr D. Del. Case No. 11-13010) on Sept. 27, 2011. Five other affiliates also filed separate petitions (Case Nos. 11-13012 to 11-13016). Hussey Copper Ltd. estimated $100 million to $500 million in assets and debts. Hussey Copper Corp. estimated up to $50,000 in assets and up to $100 million in debts. Mark Minuti, Esq., at Saul Ewing LLP, serves as counsel to the Debtors. Donlin Recano & Company Inc. is the claims and notice agent. An official creditors' committee with seven members was appointed. Lowenstein Sandler PC serves as the committee counsel. HUSSEY COPPER: Court Okays Klehr as Committee Counsel ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized Hussey Copper Corp.'s official committee of unsecured creditors to retain Klehr Harrison Harvey Branzburg LLP as counsel. Upon retention, the firm will, among other things: a. advise the Creditors' Committee with respect to its rights, powers and duties in these cases; b. attend meetings and negotiate with the representatives of the Debtors and other consultants; and c. assist and advise the Creditors' Committee in the examination and analysis of the conduct of the Debtors' affairs. The firm's rates are: Personnel Rates --------- ----- Partners $325-$600/hour Associates $205-$365/hour Paralegals $120-$190/hour Domenic E. Pacitti, a partner of Klehr Harrison, attests that the firm is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code. About Hussey Copper Hussey Copper Corp., based in Leetsdale, Pennsylvania, is one of the leading manufacturers of copper products in the United States. Hussey Copper was founded in Pittsburgh in 1848. The Company and its affiliates, which operate one manufacturing facility in Leetsdale and two facilities in Eminence, Kentucky, manufacture "a wide range of value-added copper products and copper-nickel products. The Company has more than 500 full-time employees. Hussey Copper Corp. filed a Chapter 11 petition (Bankr D. Del. Case No. 11-13010) on Sept. 27, 2011, with a deal to sell substantially all assets. Five other affiliates also filed separate petitions (Case Nos. 11-13012 to 11-13016). Hussey Copper Ltd. estimated $100 million to $500 million in assets and debts. Hussey Copper Corp. estimated up to $50,000 in assets and up to $100 million in debts. Mark Minuti, Esq., at Saul Ewing LLP, serves as counsel to the Debtors. Donlin Recano & Company Inc. is the claims and notice agent. An official creditors' committee has been appointed in the case. The panel selected Lowenstein Sandler PC as counsel. The panel selected FTI Consulting, Inc. as restructuring and financial advisor. The stalking horse bidder, KHC Acquisitions LLC, a unit of Kataman Metals LLC, is represented in the case by David D. Watson, Esq., and Scott Opincar, Esq., at McDonald Hopkins LLC, in Cleveland. Counsel to PNC Bank NA, as lender, issuer and agent for the Debtors' secured lenders, are Lawrence F. Flick II, Esq., Blank Rome LLP, in New York, and, Regina Stango Kelbon, Esq., at Blank Rome LLP, in Wilmington, serves as counsel. HUSSEY COPPER: Court OKs Lowenstein Sandler as Committee's Counsel ------------------------------------------------------------------ Hussey Copper Corp.'s official committee of unsecured creditors obtained permission from the U.S. Bankruptcy Court for the District of Delaware to retain Lowenstein Sandler PC counsel. Upon retention, the firm will, among other things: a. provide legal advice necessary with respect to the Committee's powers and duties as an official committee appointed under Sec. 1102 of the Bankruptcy Code; b. assist the Committee in negotiating favorable terms for unsecured creditors with respect to (i) any proposed asset purchased agreement for the sale of substantially all of the Debtor's assets, (ii) the Debtor's request for final approval for financing or for the use of its cash collateral, and (iii) other request for relief which would impact unsecured creditors; and c. prepare on behalf of the Committee, as necessary, applications, motions, complaints, answers, orders, agreements and other legal papers. The firm's rates are: Personnel Rates --------- ----- Partners $435-$895/hour Senior Counsel $390-$660/hour Counsel $350-$630/hour Associates $250-$470/hour Legal Assistants $145-$245/hour Sharon L. Levine, member of Lowenstein Sandler, attests that the firm is a "disinterested person," as that term is defined in Section 101(14) of the Bankruptcy Code. About Hussey Copper Hussey Copper Corp., based in Leetsdale, Pennsylvania, is one of the leading manufacturers of copper products in the United States. Hussey Copper was founded in Pittsburgh in 1848. The Company and its affiliates, which operate one manufacturing facility in Leetsdale and two facilities in Eminence, Kentucky, manufacture "a wide range of value-added copper products and copper-nickel products. The Company has more than 500 full-time employees. Hussey Copper Corp. filed a Chapter 11 petition (Bankr D. Del. Case No. 11-13010) on Sept. 27, 2011, with a deal to sell substantially all assets. Five other affiliates also filed separate petitions (Case Nos. 11-13012 to 11-13016). Hussey Copper Ltd. estimated $100 million to $500 million in assets and debts. Hussey Copper Corp. estimated up to $50,000 in assets and up to $100 million in debts. Mark Minuti, Esq., at Saul Ewing LLP, serves as counsel to the Debtors. Donlin Recano & Company Inc. is the claims and notice agent. An official creditors' committee has been appointed in the case. The panel selected FTI Consulting, Inc. as restructuring and financial advisor. The panel selected Klehr Harrison Harvey Branzburg LLP as counsel. The stalking horse bidder, KHC Acquisitions LLC, a unit of Kataman Metals LLC, is represented in the case by David D. Watson, Esq., and Scott Opincar, Esq., at McDonald Hopkins LLC, in Cleveland. Counsel to PNC Bank NA, as lender, issuer and agent for the Debtors' secured lenders, are Lawrence F. Flick II, Esq., Blank Rome LLP, in New York, and, Regina Stango Kelbon, Esq., at Blank Rome LLP, in Wilmington, serves as counsel. IMPERIAL CAPITAL: Court Sets Dec. 20 Disclosure Statement Hearing ----------------------------------------------------------------- On Oct. 27, 2011, Imperial Capital Bancorp, Inc. and Holdco Advisors L.P. filed with the U.S. Bankruptcy Court for the Southern District of California a proposed new plan of reorganization and a proposed disclosure statement regarding the New Plan. A copy of the proposed New Plan is available for free at: http://is.gd/RG6Pf6 A copy of the New Disclosure Statement is available for free at: http://is.gd/YX8VPr As described in the proposed New Plan and the New Disclosure Statement, if the New Plan is confirmed by an order of the Bankruptcy Court, based upon assets available for distribution, creditors of the Company will not be paid in full under the New Plan. Consequently, the Company predicts that, after payment to the Company's unsecured creditors, there will be no assets available for distribution to the holders of the Company's common stock. Holders of equity interests in the Company (including the Stockholders) will not receive or retain any property or assets under the New Plan and are therefore deemed to have rejected the New Plan and are not entitled to vote. With no available assets to distribute to the Stockholders, as contemplated in the New Plan, the Company expects the Bankruptcy Court to extinguish the Company's common stock upon approval of the New Plan. Promptly after the extinguishment, the Company will seek to terminate its registration under Section 12(g) of the Securities Exchange Act of 1934 by filing a Form 15 with the Securities and Exchange Commission. A hearing on the proposed New Disclosure Statement is scheduled for 2:00 p.m., PDT, on Tuesday, Dec. 20, 2011. A hearing to confirm the New Plan is scheduled for 2:00 p.m., PDT on Tuesday, Feb. 28, 2012, at the same location, if the New Disclosure Statement is approved. About Imperial Capital Bancorp La Jolla, California-based Imperial Capital Bancorp, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Calif. Case No. 09-19431) on Dec. 18, 2009. Gregory K. Jones, Esq., at Stutman, Treister & Glatt, P.C., serves as the Company's bankruptcy counsel. FTI Consulting Inc. serves as its financial advisor. The Company disclosed $40.4 million in assets and $98.7 million in liabilities. Tiffany L. Carroll, the U.S. Trustee for Region 15, appointed three members to the official committee of unsecured creditors in the Debtor's case. The Debtor's proposed Liquidating Plan of Reorganization provides that based upon assets available for distribution, creditors of the Company will not be paid in full under the Plan. The Company predicts that, after payment to the Company's unsecured creditors, there will be no assets available for distribution to the holders of the Company's common stock. INTERNATIONAL TEXTILE: Incurs $14.5 Million 3rd Quarter Net Loss ---------------------------------------------------------------- International Textile Group, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, reporting a net loss of $14.51 million on $193.75 million of net sales for the three months ended Sept. 30, 2011, compared with a net loss of $12.79 million on $157.44 million of net sales for the same period during the prior year. The Company reported a net loss of $46.30 million on $616.13 million of net sales for the year ended Dec. 31, 2010, compared with a net loss of $216.97 million on $659.26 million of net sales during the prior year. The Company also reported a net loss of $40.26 million on $527.45 million of net sales for the nine months ended Sept. 30, 2011, compared with a net loss of $30 million on $466.35 million of net sales for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $486.71 million in total assets, $631.21 million in total liabilities and a $144.50 million total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: http://is.gd/2oHUbc About International Textile International Textile Group, Inc., is a global, diversified textile manufacturer headquartered in Greensboro, North Carolina, with current operations principally in the United States, China, Mexico, and Vietnam. ITG's long-term focus includes the realization of the benefits of its global expansion, including reaching full production at ITG facilities in China and Vietnam, and continuing to seek other strategic growth opportunities. IVEDCO LLC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Ivedco, LLC 2310 Lyndon B. Johnson Frwy., Suite 100 Dallas, TX 75234 Bankruptcy Case No.: 11-37310 Chapter 11 Petition Date: November 17, 2011 Court: United States Bankruptcy Court Northern District of Texas (Dallas) Judge: Harlin DeWayne Hale Debtor's Counsel: Christopher J. Moser, Esq. QUILLING SELANDER LOWNDS WINSLETT & MOSER 2001 Bryan Street Suite 1800 Dallas, TX 75201-4240 Tel: (214) 880-1805 Fax: (214) 871-2111 E-mail: cmoser@qsclpc.com Estimated Assets: $100,001 to $500,000 Estimated Debts: $1,000,001 to $10,000,000 A list of the Company's 20 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/txnb11-37310.pdf The petition was signed by Mohammed Balila, for EDCO Holdings, Inc. KAD INCORPORATED: Case Summary & 15 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: KAD, Incorporated 1025 Ridge Drive Clayton, NC 27520 Bankruptcy Case No.: 11-08828 Chapter 11 Petition Date: November 17, 2011 Court: United States Bankruptcy Court Eastern District of North Carolina (Wilson) Debtor's Counsel: R. Dannette Underwood, Esq. UNDERWOOD LAW OFFICE 2523 Government Road Clayton, NC 27520 Tel: (919) 585-6260 Fax: (919) 585-6266 E-mail: rduatty@yahoo.com Scheduled Assets: $886,400 Scheduled Debts: $1,890,439 A list of the Company's 15 largest unsecured creditors filed together with the petition is available for free at http://bankrupt.com/misc/nceb11-08828.pdf The petition was signed by Kevin L. Bunn. LAS VEGAS MONORAIL: Judge Markell Rejects Chapter 11 Exit Plan -------------------------------------------------------------- U.S. Bankruptcy Court Judge Bruce Markell rejected on Nov. 18, 2011, Las Vegas Monorail's plan to exit Chapter 11 bankruptcy because the terms "doom it to failure." The Associated Press, citing report from Las Vegas Review-Journal, reports that Monorail officials had projected that if their savings plan was approved the monorail would still come up $38.4 million short in eight years. The Troubled Company Reporter on Sept. 20, 2011, said that under the Plan, bondholders, owed $500.2 million, will be repaid with three sets of new bonds totaling $44.5 million. The legal disputes between these bondholders and another set of bondholders owed $158.7 million were settled in August. Class 3 General Unsecured Claims will receive the lesser of 100% of its Allowed General Unsecured Claim and its Pro Rata share of an aggregate of $175,000. But in no event will the total payment to the holders of all Allowed General Unsecured Claims exceed $175,000, it being understood that if the total payment would exceed $175,000, the holders of Allowed General Unsecured Claims will instead receive their pro rata share of $175,000. A full-text copy of the Third Amended Disclosure Statement, dated Sept. 15, is available for free at: http://ResearchArchives.com/t/s?7717 About Las Vegas Monorail Las Vegas, Nevada-based Las Vegas Monorail Company, organized by the State of Nevada in 2000 as a nonprofit corporation, owns and manages the Las Vegas Monorail. The Monorail is a seven-stop, elevated train system that travels along a 3.9-mile route near the Las Vegas Strip. LVMC has contracted with Bombardier Transit Corporation to operate the Monorail. Though it benefits from its tax-exempt status due to being a nonprofit entity, LVMC claims to be the first privately-owned public transportation system in the nation to be funded solely by fares and advertising. LVMC says it receives no governmental financial support or subsidies. The Company filed for Chapter 11 bankruptcy protection (Bankr. D. Nev. Case No. 10-10464) on Jan. 13, 2010. Gerald M. Gordon, Esq., at Gordon Silver, assists the Company in its restructuring effort. Alvarez & Marsal North America, LLC, is the Debtor's financial advisor. Stradling Yocca Carlson & Rauth is the Debtor's special bond counsel. Jones Vargas is the Debtor's special corporate counsel. The Company disclosed $395,959,764 in assets and $769,515,450 in liabilities as of the Petition Date. In April 2010, bondholder Ambac Assurance Corp. lost in its bid to halt the bankruptcy after U.S. Bankruptcy Judge Bruce A. Markell ruled that Monorail isn't a municipality and is therefore entitled to reorganize in Chapter 11. U.S. District Judge James Mahan in Reno upheld the ruling in October 2010. LEHR CONSTRUCTION: Ch. 11 Trustee Hires Glanstein as Counsel ------------------------------------------------------------ Lehr Construction Corp.'s Chapter 11 trustee, Jonathan L. Flaxer, asks the U.S. Bankruptcy Court for the Southern District of New York to employ Glanstein LLP as special labor and employment law counsel. The Debtor is currently winding down its business operations, which will result in the discontinuance of the Debtor's various employment benefit programs and termination of employees. Upon retention, the firm will, among other things: -- advise the Chapter 11 Trustee to the proper procedures to terminate various employment benefit programs, -- properly notify participants in the various employment benefit programs of their rights; and -- counsel the Chapter 11 Trustee concerning labor and employment law issues as they arise. David Glanstein, a member of Glanstein LLP, attests that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The Chapter Trustee 11 understands that Gianstein LLP will charge for services rendered on an hourly basis, and for reimbursement for reasonable expenses incurred in connection with performing such services. About Lehr Construction New York-based Lehr Construction Corp. was founded in 1979. It specializes in interior construction and serves clients mainly throughout the New York metropolitan area. It serves as construction manager and general contractor for its clients Lehr filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 11-10723) on Feb. 21, 2011. James A. Beldner, Esq., at Cooley LLP, serves as the Debtor's bankruptcy counsel. The Debtor estimated its assets and debts at $10 million to $50 million. Jonathan Flaxer is the Chapter 11 Trustee for Lehr Construction. He is represented by Douglas L. Furth, Esq., at Goldenbock Eiseman Assor Bell & Peskoe LLP, in New York. Wolf Haldenstein Adler Freeman & Hertz serves as conflicts counsel to the trustee. Tracy Hope Davis, the U.S. Trustee for Region 2, appointed five creditors to serve on the Official Committee of Unsecured Creditors in the Debtor's case. LITHIUM TECHNOLOGY: Delays Filing of 3rd Quarter Form 10-Q ---------------------------------------------------------- Lithium Technology Corporation notified the U.S. Securities and Exchange Commission that it requires additional time to complete its quarterly financial statements and corresponding narratives for management's discussion and analysis. As a result of these factors, the Company has been unable to complete and file its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2011, without unreasonable effort and expense. About Lithium Technology Plymouth Meeting, Pa.-based Lithium Technology Corporation is a mid-volume production stage company that develops large format lithium-ion rechargeable batteries to be used as a new power source for emerging applications in the automotive, stationary power, and national security markets. The Company reported a net loss of $7.25 million on $6.35 million of products and services sales for the year ended Dec. 31, 2010, compared with a net loss of $10.51 million on $7.37 million of product and services sales during the prior year. The Company's balance sheet at June 30, 2011, showed $10.29 million in total assets, $37.44 million in total liabilities and a $27.15 million total stockholders' deficit. $7 Mil. Funding Needed As reported by the TCR on April 8, 2011, the Company entered into a number of financing transactions and is continuing to seek other financing initiatives. The Company said it will need to raise additional capital to meet its working capital needs and to complete its product commercialization process. Such capital is expected to come from the sale of securities and debt financing. The Company believes that if it raises approximately $7 million in debt and equity financings, the Company would have sufficient funds to meet its needs for working capital and capital expenditures and to meet expansion plans during 2011. If the Company is not able to raise such additional capital, the Company will assess all available alternatives including a sale of the Company's assets or merger, the suspension of operations and possibly liquidation, auction, bankruptcy, or other measures. Going Concern As reported by the TCR on April 8, 2011, Amper, Politziner & Mattia, LLP, Edison, New Jersey, after auditing the Company's financial statements for the year ended Dec. 31, 2010, noted that the Company has recurring losses from operations since inception and has a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. In the Form 10-Q, the Company acknowledged that as of March 31, 2011, it had an accumulated deficit of approximately $158,555,000. The Company has financed its operations since inception primarily through equity financings, loans from shareholders and other related parties, loans from silent partners and bank borrowings secured by assets. The Company has recently entered into a number of financing transactions and are continuing to seek other financing initiatives. The Company will need to raise additional capital to meet its working capital needs and to complete its product commercialization process. Such capital is expected to come from the sale of securities and debt financing. Continuation of the Company's operations in the future is dependent upon obtaining consent from the lenders to extend the respective maturity date of the debentures. LITTLETON APARTMENTS: Court Denies Request for Case Dismissal ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas denied TPG (Alexan) Note Acquisition, LLC, and Zions Bancorporation's motion to dismiss the Chapter 11 cases of Littleton Apartments LLC and MS 128 Littleton Limited Partnership or, in the alternative, for abstention. Based in Dallas, Texas, Littleton Apartments LLC, owns a newly constructed 350-unit luxury apartment property in downtown Littleton, Colorado, known as the "Alexan Downtown Littleton". MS 128 Littleton Limited Partnership owns 100% of the membership interests in Littleton and has no other assets. Neither Littleton nor MS 128 have any employees. The Property is managed by GREP Southwest, LLC d/b/a Greystar, pursuant to a Management Agreement. Littleton and MS 128 filed separate Chapter 11 petitions (Bankr. N.D. Tex. Case Nos. 11-34564 and 11-34563) on July 14, 2011. The cases are jointly administered. Judge Stacey G. Jernigan presides over the cases. Patrick J. Neligan, Jr., Esq., at Neligan Foley LLP, serves as counsel. Littleton Apartments disclosed $571,814 in assets and $54,293,432 in liabilities. Affiliate MS 128 Littleton Limited Partnership also filed its schedules disclosing assets of $100 and liabilities of $0. The petitions were signed by Timothy J. Hogan, vice president. LITTLETON APARTMENTS: Neligan Foley OK'd to Handle Chapter 11 Case ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas authorized Littleton Apartments LLC and MS 128 Littleton Limited Partnership to employ Neligan Foley LLP as their counsel under a general retainer. As reported in the Troubled Company Reporter on Aug. 10, 2011, Neligan Foley is performing legal services that will be necessary during the Chapter 11 cases. Nicholas A. Foley, a partner in Neligan Foley told the Court that prior to the Petition Date, Neligan Foley received a deposit of $150,000 from the Debtors. Neligan Foley applied $30,361 of the funds to prepetition fees and expenses. Thus, Neligan Foley is now holding $119,638 in trust for the Debtors. To the best of the Debtors' knowledge, Neligan Foley is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Littleton Apartments Based in Dallas, Texas, Littleton Apartments LLC, owns a newly constructed 350-unit luxury apartment property in downtown Littleton, Colorado, known as the "Alexan Downtown Littleton". MS 128 Littleton Limited Partnership owns 100% of the membership interests in Littleton and has no other assets. Neither Littleton nor MS 128 have any employees. The Property is managed by GREP Southwest, LLC d/b/a Greystar, pursuant to a Management Agreement. Littleton and MS 128 filed separate Chapter 11 petitions (Bankr. N.D. Tex. Case Nos. 11-34564 and 11-34563) on July 14, 2011. The cases are jointly administered. Judge Stacey G. Jernigan presides over the cases. Patrick J. Neligan, Jr., Esq., at Neligan Foley LLP, serves as counsel. Littleton Apartments disclosed $571,814 in assets and $54,293,432 in liabilities. Affiliate MS 128 Littleton Limited Partnership also filed its schedules disclosing assets of $100 and liabilities of $0. The petitions were signed by Timothy J. Hogan, vice president. LITTLETON APARTMENTS: Wins Court OK to Hire Apartment Realty ------------------------------------------------------------ Littleton Apartments LLC and MS 128 Littleton Limited Partnership sought and obtained authority from the U.S. Bankruptcy Court for the Northern District of Texas to retain and employ Apartment Realty Advisors LLLP to provide real estate listing and brokerage services to the Debtor. Prior to the Petition Date, Littleton retained ARA to serve as the exclusive broker to market and sell a newly-constructed 350-unit luxury apartment property in downtown Littleton, Colorado known as the "Alexan Downtown Littleton" under the terms of a Listing Contract, dated June 22, 2011. Under the terms of the Listing Contract, ARA will serve as Littleton?s agent for the marketing and sale of the Property during the period of June 27, 2011 through Dec. 31, 2011. If a sale is consummated during the Listing Period, ARA will be entitled to a commission of 0.50% (.005) of the gross purchase price of the Property. Littleton has the right to refuse any offer received by ARA and may cancel the Listing Agreement on 30 days' written notice to ARA. To the best of the Debtors' knowledge, is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Littleton Apartments Based in Dallas, Texas, Littleton Apartments LLC, owns a newly constructed 350-unit luxury apartment property in downtown Littleton, Colorado, known as the "Alexan Downtown Littleton". MS 128 Littleton Limited Partnership owns 100% of the membership interests in Littleton and has no other assets. Neither Littleton nor MS 128 have any employees. The Property is managed by GREP Southwest, LLC d/b/a Greystar, pursuant to a Management Agreement. Littleton and MS 128 filed separate Chapter 11 petitions (Bankr. N.D. Tex. Case Nos. 11-34564 and 11-34563) on July 14, 2011. The cases are jointly administered. Judge Stacey G. Jernigan presides over the cases. Patrick J. Neligan, Jr., Esq., at Neligan Foley LLP, serves as counsel. In its petition, Littleton Apartments estimated assets and debts of $50 million to $100 million. The petitions were signed by Timothy J. Hogan, vice president. LOS GATOS: Plaintiffs Say Hotel May be Lost to Foreclosure ---------------------------------------------------------- Eli Segall at San Jose Business Journal notes that a lawsuit filed in September 2011 has one side of the Hotel Los Gatos ownership group accusing the other side of extortion and interfering with the hotel's Chapter 11 bankruptcy reorganization. The plaintiffs -- real estate developers and brothers Alan and David Pinn -- said the hotel is now likely to be lost in a foreclosure auction. About Los Gatos San Jose, California-based Los Gatos Hotel Corporation, dba Hotel Los Gatos, was formed in 2000 to build and operate Hotel Los Gatos, a full-service boutique hotel in downtown Los Gatos, California. Los Gatos Hotel filed for Chapter 11 bankruptcy protection on December 27, 2010 (Bankr. N.D. Calif. Case No. 10-63135). The Debtor disclosed $17,191,277 in assets and $12,896,468 in liabilities as of the Chapter 11 filing. Affiliate Blossom Valley Investors, Inc., filed a separate Chapter 11 petition on September 10, 2009 (Bankr. N.D. Calif. Case No. 09-57669). Jeffry A. Davis, Esq., at Mintz Levin Cohn Ferris Glovsky Popeo, serves as the Debtor's bankruptcy counsel. The Debtor has tapped OSAS Inc. as financial advisor and investment banker. LSL INVESTMENTS: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: LSL Investments, LLC 428 Highway 6E, Suite 308 Batesville, MS 38606 Bankruptcy Case No.: 11-15343 Chapter 11 Petition Date: November 16, 2011 Court: United States Bankruptcy Court Northern District of Mississippi (Aberdeen) Debtor's Counsel: Russell W. Savory, Esq. GOTTEN, WILSON, SAVORY & BEARD, PLLC 88 Union Avenue, 14th Floor Memphis, TN 38103 Tel: (901) 523-1110 E-mail: russell.savory@gwsblaw.com Estimated Assets: $0 to $50,000 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 Rodney Lancaster, member. Affiliate that filed separate Chapter 11 petition: Petition Debtor Case No. Date ------ -------- ---- Rodney B. Lancaster 11-14330 09/22/2011 LTS NUTRACEUTICALS: Incurs $1.1 Million Net Loss in 3rd Quarter --------------------------------------------------------------- LTS Nutraceuticals, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, reporting a net loss of $1.11 million on $1.19 million of net sales for the three months ended Sept. 30, 2011, compared with a net loss of $126,333 on $249,761 of net sales for the same period during the previous year. The Company also reported a net loss of $2.96 million on $1.75 million of net sales for the nine months ended Sept. 30, 2011, compared with a net loss of $471,235 on $997,657 of net sales for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $3.48 million in total assets, $8.03 million in total liabilities, and a $4.55 million total stockholders' deficiency. On Nov. 10, 2011, the Company had $37,633 in cash. The current operating plan indicates that losses from operations may be incurred for all of fiscal 2011. Consequently the Company said it may not have sufficient liquidity necessary to sustain operations for the next twelve months and this raises substantial doubt that the Company will be able to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: http://is.gd/mnRNYU About LTS Nutraceuticals Ft. Lauderdale, Fla.-based LTS Nutraceuticals, Inc., develops and sells high-quality nutritional products that are distributed throughout North America through a network marketing system, which is a form of direct selling. MAGUIRE GROUP: May Pursue Claims vs. Former Owners -------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reported that Maguire Group Inc., a civil engineering firm based in Miami, filed for Chapter 11 protection to work out issues related to the company's acquisition in 2009. Maguire provides architectural, engineering, planning and construction management services mostly for federal, state and local governmental entities. Revenue in 2010 was $27.8 million. So far this year, revenue has been $19.3 million, according to court filings. There is less than $1 million in secured debt. Unsecured creditors have claims for more than $40 million, court papers say. According to the report, the Company says that former owners didn't make accurate disclosure when the company was sold. The new owners resorted to Chapter 11 to find solutions to lawsuits and claims for and against the company. Maguire Group Holdings, Inc., along with affiliates, sought Chapter 11 proteoction (Bankr. S.D. Fla. Case No. 11-39347) on Oct. 24, 2011. Attorneys at Berger Singerman, P.A., serve as Kurtzman Carson Consultants LLC is the claims and notice agent. Rasky Baerlein Strategic Communications, Inc., is the communications consultant. MANISTIQUE PAPERS: Committee Hires J.H. Cohn as Financial Advisors ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware authorized the Official Committee of Unsecured Creditors in the Chapter 11 case of Manistique Papers, Inc., to retain J.H. Cohn LLP as financial advisors. To the best of the Committee's knowledge, J.H. Cohn is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. About Manistique Papers Manistique Papers Inc. operates a landfill in Manistique, Michigan, whereby residuals resulting from paper production are deposited. Manistique Papers filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 11-12562) on Aug. 12, 2011. Godfrey & Kahn, S.C. represents the Debtor in its restructuring effort. Morris, Nichols, Arsht & Tunnell LLP serves as its Delaware bankruptcy co-counsel. Vector Consulting, L.L.C., serves as its financial advisor. Baker Tilly Virchow Krause, LLC, serves as its accountant. The Official Committee of Unsecured Creditors appointed in the Chapter 11 cases of Manistique Papers is represented by Lowenstein Sandler PC as lead counsel and Ashby & Geddes, P.A., as Delaware counsel. J.H. Cohn LLC serves as the panel's financial advisor. Manistique Papers disclosed $19,688,471 in assets and $24,633,664 in liabilities as of the Chapter 11 filing. MAQ MANAGEMENT: Wants Plan Exclusivity Extended Until April 10 -------------------------------------------------------------- MAQ Management, Inc., and its affiliated debtors ask the Court to grant a 120-day extension of their exclusivity period -- to and including April 10, 2012 -- in which to confirm an amended consolidated plan of reorganization and disclosure statement. Super Stop Petroleum I Inc. and Super Stop Petroleum IV Inc. filed their plans of liquidation on Sept. 13, 2011. The Debtors filed their consolidated plan of reorganization on Oct. 13, 2011, but did not file a disclosure statement because more information was needed to adequately prepare the disclosure statement. The Debtors filed notices of withdrawal of the liquidating plans on Oct. 14. The Debtors were given until Nov. 14 to file the disclosure statement. About MAQ Management Based in Boca Raton, Florida, MAQ Management, Inc., and three other affiliates serve as commercial landlords to convenience stores and gas stations in primarily in South Florida. They filed for Chapter 11 bankruptcy (Bankr. S.D. Fla. Cases No. 11-26571 to 11-26574) on June 15, 2011. Affiliates that sought Chapter 11 protection are Super Stop Petroleum, Inc., Super Stop Petroleum I, Inc., and Super Stop Petroleum IV, Inc. Judge Erik P. Kimball presides over the case. MAQ Management estimated assets and debts of $1 million to $10 million. Super Stop estimated assets and debts of $10 million to $50 million. The petitions were signed by Mahammad A. Qureshi, CEO. Richard J. McIntyre, Esq., and Chirstopher C. Todd, Esq., at McIntyre, Panzarella, Thanasides, Hoffman, Bringgold & Todd, P.L., in Tampa, Florida, serve the Debtors as substitute counsel. The U.S. Trustee announced that until further notice, it will not appoint a committee of creditors for the Debtors' cases. stores and gas stations in primarily in South Florida. As reported in the TCR on Oct. 21, 2011, MAQ Management, Inc., et al., filed their Consolidated Chapter 11 Plan of Reorganization, with the U.S. Bankruptcy Court for the Southern District of Florida, in compliance with the Court's Order. MAYSVILLE INC: Can Hire Scott Allan Orth as Counsel --------------------------------------------------- The Honorable Laurel M. Isicoff has approved, on a final basis, the application of Maysville, Inc. to employ Scott Alan Orth, Esq., and the Law Offices of Scott Alan Orth, P.A., as its counsel. Scott Alan Orth, Esq., holds no interest adverse to the Debtor or its estate in the matters upon which they are to be engaged. Mr. Orth is a disinterested person as the term is defined pursuant to Section 101(14) of the Bankruptcy Code. Counsel can be contacted at: Scott Alan Orth, Esq. Law Offices of Scott Alan Orth, P.A. 3880 Sheridan Street Hollywood, Florida 33021 Tel: (305) 757-3300 Fax: (305) 757-0071 E-mail: scott@orthlawoffice.com About Maysville, Inc. Maysville, Inc., owns and rents condominium and apartment units in a property called the Platinum Condominium located at Biscayne Boulevard and 29th Street in Miami, Florida. Maysville filed its second voluntary petition under Chapter 11 on Aug. 11, 2011, with the U.S. Bankruptcy Court for the Southern District of Florida (Miami) before the Hon. Laurel M. Isicoff. The bankruptcy case is Maysville, Inc., Case No. 11-32532. Jeffrey P. Bast, Esq., at Bast Amron LLP, in Miami, Florida -- jbast@bastamron.com -- serves as the Debtor's bankruptcy counsel. Jeffery J. Pardo, Esq., at Pardo Gainsburg P.L., in Miami, Florida, is the Debtor's special litigation counsel. The Debtor disclosed $17,590,927 in assets and $25,076,637 in liabilities as of the Chapter 11 filing. Deadline to file a complaint to determine dischargeability of certain debts is Nov. 14, 2011. Proofs of Claim are due by Dec. 12, 2011. MERCANTILE BANCORP: Incurs $10.2 Million Net Loss in 3rd Quarter ---------------------------------------------------------------- Mercantile Bancorp, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, reporting a net loss of $10.21 million on $8.69 million of total interest and dividend income for the three months ended Sept. 30, 2011, compared with a net loss of $25.08 million on $11.35 million of total interest and dividend income for the same period during the prior year. The Company also reported a net loss of $11.25 million on $27.28 million of total interest and dividend income for the nine months ended Sept. 30, 2011, compared with a net loss of $30.68 million on $34.13 million of total interest and dividend income for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $868.26 million in total assets, $885.67 million in total liabilities, and a $17.41 million total stockholders' deficit. As reported in the TCR on April 26, 2011, BKD, LLP, in Decatur, Illinois, expressed substantial doubt about Mercantile Bancorp's ability to continue as a going concern, following the Company's 2010 results. The independent auditors noted that the Company has suffered recurring losses resulting from the effects of the economic downturn causing its subsidiary banks to be undercapitalized and resulting in consent orders to be issued by their primary regulators. A full-text copy of the Form 10-Q is available for free at: http://is.gd/KbJqtw About Mercantile Bancorp Mercantile Bancorp -- http://www.mercbanx.com/-- is a Quincy, Illinois-based bank holding company with wholly owned subsidiaries consisting of one bank in Illinois and one each in Kansas and Florida, where the Company conducts full-service commercial and consumer banking business, engages in mortgage banking, trust services and asset management, and provides other financial services and products. The Company also operates Mercantile Bank branch offices in Missouri and Indiana. On Aug. 10, 2011, the Illinois Division of Banking released a Consent Order that Mercantile Bank, the Federal Deposit Insurance Corporation, and the Division entered into as of July 28, 2011. Under the Order, Mercantile Bank will cease operating with all money transmitters and currency businesses providing brokerage, sale or exchange of non-United States currency for deposit customers. Furthermore, Mercantile Bank may not enter into a new line of business without the prior written consent of the FDIC and the Division. MERCED FALLS: Pearson Realty Approved as Real Estate Broker ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California authorized Merced Falls Ranch, LLC to employ Pearson Realty, Inc. as real estate broker to sell the Debtor's property. Merced Falls Ranch LLC filed a Chapter 11 petition (Bankr. E.D. Calif. Case No. 11-19212) on Aug. 16, 2011, in Fresno, California. The Debtor disclosed $439,670,200 in assets and $12,465,503 in liabilities as of the Chapter 11 filing. Judge W. Richard Lee presides over the case. Walter & Wilhelm Law Group serves as the Debtor's bankruptcy counsel. Cappello and Noel LLP acts as special litigation counsel. Atherton & Associates acts as accountants. The petition was signed by Stephen W. Sloan, the Debtor's member. The U.S. Trustee said that an official committee has not been appointed in the bankruptcy case of Merced Falls Ranch 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 MF GLOBAL: Robbins Geller Files Class Action Suit Against Officers ------------------------------------------------------------------ Robbins Geller Rudman & Dowd LLP disclosed that a class action has been commenced on behalf of institutional investors in the United States District Court for the Southern District of New York on behalf of purchasers of the publicly traded securities of MF Global Holdings Ltd. between February 3, 2011 and October 31, 2011, inclusive, including those who purchased MF Global's 1.875% Convertible Senior Notes due 2016, 3.375% Convertible Senior Notes due 2018, and 6.25% Senior Notes due 2016, pursuant or traceable to the Company's false and misleading Registration Statement and Prospectuses issued in connection with its February 11, 2011 offering of the 1.875% Convertible Senior Notes, August 2, 2011 offering of the 3.375% Convertible Senior Notes, and August 8, 2011 offering of the 6.25% Senior Notes. The complaint charges certain officers and directors of MF Global and the underwriters of the Offerings with violations of the Securities Exchange Act of 1934 and the Securities Act of 1933. MF Global was a holding company that acted as a broker in markets for commodities and listed derivatives. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, MF Global's exposure to European sovereign debt was not fully described for investors. As a result of defendants' false statements, MF Global's stock traded at artificially inflated prices during the Class Period, reaching a high of $8.84 per share on April 1, 2011. While the extent of MF Global's exposure to European sovereign debt was concealed, defendants were able to raise $900 million in the Offerings. On October 25, 2011, MF Global disclosed information about its $6.3 billion exposure to European sovereign debt and also issued a press release announcing disappointing second quarter fiscal 2012 results, including a net loss of $191.6 million, or ($1.16) diluted earnings for share. On this news, MF Global stock declined $1.69 per share to close at $1.86 per share and the MF Global Notes declined to below 50% of par. In the following days, MF Global's credit ratings were also reduced to "junk" status. Subsequently, on October 28, 2011, the NYSE halted trading in MF Global stock at $1.20 per share. Then on October 31, 2011, MF Global announced that the New York Federal Reserve had suspended the Company's designation as a primary dealer and that the Company had filed for Chapter 11 bankruptcy. The MF Global Notes have defaulted and MF Global has admitted to federal investigators that money is missing from its customer accounts. According to the complaint, the true facts, which were known to defendants but concealed from the investing public during the Class Period and were omitted from the Registration Statement, included that: (a) MF Global had been misstating its capital ratios by misrepresenting the Company's exposure to European debt instruments; (b) MF Global's leverage was so extreme that the true valuation of the European debt instruments would cause the Company to become insolvent; and (c) MF Global was not properly segregating client assets, leading to comingled funds. Plaintiffs seek to recover damages on behalf of all purchasers of MF Global publicly traded securities during the Class Period, including those persons or entities who acquired MF Global Notes pursuant or traceable to the Registration Statement and Prospectuses issued in connection with the Offerings. The plaintiffs are represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. Robbins Geller -- http://www.rgrdlaw.com/-- a 180-lawyer firm with offices in New York, San Diego, San Francisco, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. About MF Global New York-based MF Global (NYSE: MF) -- http://www.mfglobal.com/-- is one of the world's leading brokers of commodities and listed derivatives. MF Global provides access to more than 70 exchanges around the world. The firm is also one of 22 primary dealers authorized to trade U.S. government securities with the Federal Reserve Bank of New York. MF Global's roots go back nearly 230 years to a sugar brokerage on the banks of the Thames River in London. MF Global Holdings Ltd. and MF Global Finance USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15059 and 11-5058) on Oct. 31, 2011, after a planned sale to Interactive Brokers Group collapsed. As of Sept. 30, 2011, MF Global had $41,046,594,000 in total assets and $39,683,915,000 in total liabilities. It is easily the largest bankruptcy filing so far this year. Judge Honorable Martin Glenn presides over the Chapter 11 case. J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve as bankruptcy counsel. The Garden City Group, Inc., serves as claims and noticing agent. The petition was signed by Bradley I. Abelow, Executive Vice President and Chief Executive Officer of MF Global Finance USA Inc. The Securities Investor Protection Corporation commenced liquidation proceedings against MF Global Inc. to protect customers. James W. Giddens was appointed as trustee pursuant to the Securities Investor Protection Act. He is a partner at Hughes Hubbard & Reed LLP in New York. Jon Corzine, the former New Jersey governor and co-CEO of Goldman Sachs Group Inc., stepped down as chairman and chief executive officer of MF Global just days after the bankruptcy filing. U.S. regulators are investigating about $633 million missing from MF Global customer accounts, a person briefed on the matter said Nov. 3, according to Bloomberg News. Bankruptcy Creditors' Service, Inc., publishes MF GLOBAL BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding undertaken by MF Global Holdings and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) MICHAEL MAZZEO: Owes $10.4-Mil. to Signature Bank ------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reported that Michael Mazzeo Electric Corp., an electrical contractor working primarily in Manhattan, listed assets of $5.5 million against $17.5 million in debt, including $10.4 million owing to secured lender Signature Bank. Michael Mazzeo filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 11-14888) on Oct. 21, 2011, to reorganize the business. Michael Mazzeo was a victim of the decline in construction. At its peak, the firm employed more than 200 unionized electricians and generated $58 million of revenue in 2008. Currently, there are 80 electricians on the payroll, and the contract backlog is $20 million, according to court papers. MONEYGRAM INT'L: Thomas Lee Discloses 55% Equity Stake ------------------------------------------------------ In an amended Schedule 13D filing with the U.S. Securities and Exchange Commission, Thomas H. Lee Advisors, LLC, and its affiliates disclosed that they beneficially own 39,325,150 shares of common stock of MoneyGram International, Inc., representing 55% of the shares outstanding. A full-text copy of the amended Schedule 13D is available for free at http://is.gd/Y2FqUV About MoneyGram International MoneyGram International, Inc. (NYSE: MGI) -- http://www.moneygram.com/-- is a global payment services company. The Company's major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers. MoneyGram is a New York Stock Exchange-listed company with 203,000 global money transfer agent locations in 191 countries and territories. The Company's balance sheet at Sept. 30, 2011, showed $5 billion in total assets, $5.10 billion in total liabilities and a $108.16 million total stockholders' deficit. * * * As reported by the TCR on Nov. 15, 2011, Fitch Ratings has affirmed and simultaneously withdrawn the 'B+' Issuer Default Rating (IDR) of MoneyGram International Inc. Fitch has withdrawn the rating for business reasons. The ratings is no longer relevant to the agency's coverage. MONEYGRAM INT'L: Silver Point Discloses 1.6% Equity Stake --------------------------------------------------------- Silver Point Capital, L.P., and its affiliates filed with the U.S. Securities and Exchange Commission an amended Schedule 13D disclosing that they beneficially own 794,447 shares of common stock of MoneyGram International, Inc., representing 1.6% of the shares outstanding. This percentage is calculated based upon 49,841,017 outstanding shares of Common Stock as of Nov. 10, 2011. A full-text copy of the amended Schedule 13D is available for free at http://is.gd/6mIp0x About MoneyGram International MoneyGram International, Inc. (NYSE: MGI) -- http://www.moneygram.com/-- is a global payment services company. The Company's major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers. MoneyGram is a New York Stock Exchange-listed company with 203,000 global money transfer agent locations in 191 countries and territories. The Company's balance sheet at Sept. 30, 2011, showed $5 billion in total assets, $5.10 billion in total liabilities and a $108.16 million total stockholders' deficit. * * * As reported by the TCR on Nov. 15, 2011, Fitch Ratings has affirmed and simultaneously withdrawn the 'B+' Issuer Default Rating (IDR) of MoneyGram International Inc. Fitch has withdrawn the rating for business reasons. The ratings is no longer relevant to the agency's coverage. MONEYGRAM INT'L: Inks Fifth Supplemental Indenture with Worldwide ----------------------------------------------------------------- MoneyGram Payment Systems Worldwide, Inc., entered into the Fifth Supplemental Indenture with MoneyGram International, Inc., the other guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee and collateral agent, which supplements the Indenture, dated as of March 25, 2008, by and among Worldwide, the Company, the other guarantors party thereto and the Trustee, governing Worldwide's 13.25% Senior Secured Second Lien Notes due 2018. The Fifth Supplemental Indenture amends the definition of "Qualified Equity Offering" in the Indenture to refer to a primary or secondary public offering of equity of the Company or its direct or indirect parent in which Goldman, Sachs & Co., or any of its affiliates participates as a selling stockholder and any subsequent primary or secondary public offerings, in each case for aggregate cash proceeds of at least $50.0 million. The Fifth Supplemental Indenture also amends the Indenture to permit Worldwide to make one or more optional redemptions of up to an aggregate of 35% of the aggregate principal amount of the originally issued Second Lien Notes, at a redemption price equal to 113.25% of the then outstanding principal amount thereof, plus accrued and unpaid interest thereon, at any time prior to March 25, 2012, and after a Qualified Equity Offering; provided that any such redemption must be in an aggregate principal amount of no less than $50.0 million and may not exceed the aggregate cash proceeds (net of underwriting discounts and commissions) received in all Qualified Equity Offerings by the Company or any participating selling stockholders. The Fifth Supplemental Indenture also amends the Indenture to, among other things: (i) allow the Company and its subsidiaries increased flexibility in intercompany transactions, including intercompany loans, asset transfers and investments; (ii) increase the size of the general basket for investments from $25.0 million to $50.0 million; (iii) increase the aggregate amount of indebtedness defaults or final judgments that will constitute an Event of Default under the Indenture from $15.0 million to $25.0 million; and (iv) expand the definition of Highly Rated Investments in the Indenture to provide increased flexibility with respect to permitted investments. On Nov. 14, 2011, Worldwide, as borrower, the Company, MoneyGram Payment Systems, Inc., and MoneyGram of New York LLC, entered into a First Incremental Amendment and Joinder Agreement with Bank of America, N.A., as administrative agent, and the financial institutions party thereto as lenders. The Incremental Amendment provides for an incremental term loan facility to be made available to Worldwide under that certain Credit Agreement dated as of May 18, 2011, among Worldwide, the Company, the Administrative Agent and the lenders party thereto. The Incremental Amendment includes commitments from the Tranche B-1 Lenders signatory thereto to make term loans in an aggregate amount of $140 million and includes a mechanism for the aggregate principal amount of the Tranche B-1 Term Loan Facility to be increased to $150 million if Worldwide obtains additional commitments from existing or other lenders. The funding of each Tranche B-1 Lender's commitment is subject to the satisfaction of certain conditions precedent set forth in the Incremental Amendment. The proceeds of the Tranche B-1 Term Loan Facility will be used to partially redeem Worldwide's existing Second Lien Notes in the manner contemplated by the Fifth Supplemental Indenture and to pay any fees, expenses and premiums payable in connection with such redemption. The loans under the Tranche B-1 Term Loan Facility will bear interest, at Worldwide's election, at either the base rate or LIBOR, in each case plus a spread above the base rate or LIBOR rate, as applicable. The spread for base rate loans will be either 2.00% or 2.25% per annum and the spread for LIBOR loans will be either 3.00% or 3.25% per annum. The LIBOR rate for the Tranche B-1 Term Loan Facility will at all times be deemed to be not less than 1.25%. These pricing terms are identical to the pricing in place for Worldwide's existing term loans under the Credit Agreement. The Tranche B-1 Term Loan Facility will also have the same maturity date as Worldwide's existing term loans under the Credit Agreement, which is Nov. 18, 2017. The Tranche B-1 Term Loan Facility will be deemed to have been made under the Credit Agreement such that all representations, warranties and covenants contained in the Credit Agreement and the related security documents will apply to the Tranche B-1 Term Loan Facility in all respects and the collateral pledged by the Company, Worldwide and certain of its subsidiaries to secure their respective obligations under the Credit Agreement will secure the Tranche B-1 Term Loan Facility on a pari passu basis. On Nov. 15, 2011, the Company entered into a consent agreement with certain affiliates and co-investors of Thomas H. Lee Partners, L.P., and affiliates of Goldman, Sachs & Co., who are parties to the Amended and Restated Purchase Agreement, dated as of March 17, 2008. Pursuant to the Equity Consent Agreement, and as required by the Equity Purchase Agreement, the Investors have consented to the changes to the definition of Highly Rated Investments contained in the Fifth Supplemental Indenture and to any resulting changes in the Company's investment policy relating to the investment portfolio of the Company and its subsidiaries. A full-text copy of the Firth Supplemental Indenture is available for free at http://is.gd/SGavbj A full-text copy of the First Incremental Amendment and Joinder Agreement is available for free at http://is.gd/aABmSY A full-text copy of the Consent Agreement is available at no charge at http://is.gd/AeeEkR About MoneyGram International MoneyGram International, Inc. (NYSE: MGI) -- http://www.moneygram.com/-- is a global payment services company. The Company's major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers. MoneyGram is a New York Stock Exchange-listed company with 203,000 global money transfer agent locations in 191 countries and territories. The Company's balance sheet at Sept. 30, 2011, showed $5 billion in total assets, $5.10 billion in total liabilities and a $108.16 million total stockholders' deficit. * * * As reported by the TCR on Nov. 15, 2011, Fitch Ratings has affirmed and simultaneously withdrawn the 'B+' Issuer Default Rating (IDR) of MoneyGram International Inc. Fitch has withdrawn the rating for business reasons. The ratings is no longer relevant to the agency's coverage. MONEYGRAM INT'L: Goldman Sachs Discloses 30.3% Equity Stake ----------------------------------------------------------- In an amended Schedule 13D filing with the U.S. Securities and Exchange Commission, The Goldman Sachs Group, Inc., and its affiliates disclosed that they beneficially own 21,650,904 shares of common stock of MoneyGram International, Inc., representing 30.3% of the shares outstanding. The calculation of percentage ownership is based upon a total of 71,489,709 shares of Common Stock outstanding, which is the sum of (a) 49,841,017 shares of Common Stock outstanding as of Nov. 10, 2011, as set forth in the Preliminary Prospectus Supplement, filed Nov. 14, 2011, plus (b) 21,648,692 shares of Common Stock issuable upon the conversion by a holder other than the Reporting Persons or their affiliates, subject to certain limitations, of the 173,189.5678 shares of Series D Participating Convertible Preferred Stock of the Issuer issued to the Reporting Persons pursuant to the Recapitalization Agreement. The shares of Common Stock reflects a one-for-eight reverse stock split of the Company's issued and outstanding Common Stock, which was effected by the Company on Nov. 14, 2011. The shares of Series D participating Convertible Preferred Stock held by the Reporting Persons do not vote as a class with the Common Stock. A full-text copy of the amended Schedule 13D is available for free at http://is.gd/nAJEfB About MoneyGram International MoneyGram International, Inc. (NYSE: MGI) -- http://www.moneygram.com/-- is a global payment services company. The Company's major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers. MoneyGram is a New York Stock Exchange-listed company with 203,000 global money transfer agent locations in 191 countries and territories. The Company's balance sheet at Sept. 30, 2011, showed $5 billion in total assets, $5.10 billion in total liabilities and a $108.16 million total stockholders' deficit. * * * As reported by the TCR on Nov. 15, 2011, Fitch Ratings has affirmed and simultaneously withdrawn the 'B+' Issuer Default Rating (IDR) of MoneyGram International Inc. Fitch has withdrawn the rating for business reasons. The ratings is no longer relevant to the agency's coverage. MONTANA ELECTRIC: Co-op Board Open to Chapter 7 Liquidation ----------------------------------------------------------- Richard Ecke at greatfallstribune.com reports that the Southern Montana Electric Generation & Transmission Cooperative's bankruptcy filing has the co-op's full board approved. However, the board dropped a reference to Chapter 11 in its latest resolution, suggesting that it was open to the possibility the co- op could be liquidated under Chapter 7 of the federal bankruptcy code. The report says that U.S. Bankruptcy Court Judge Ralph B. Kirscher eventually will decide whether the six-member co-op will reorganize or be dissolved. Creditors will have much say over which route the case will take. The report relates that SME's board of directors held a pair of telephone conference calls on Nov. 18 to discuss issues before Judge Kirscher at a Nov. 21 hearing. City Attorney James Santoro said the issues include: -- Whether a trustee should be appointed to run SME, a move now supported by its board. -- Whether utilities providing service to SME, including PPL and the Western Area Power Administration, should be required to continue to serve the rural co-op, despite the bankruptcy. -- Whether cash collateral should be posted to satisfy Prudential, the lender for the $85 million Highwood Generating Station east of Great Falls. Prudential is the largest secured creditor in the bankruptcy, at $75 million. According to the report, Mr. Santoro said the court will consider an initial 30-day term for the collateral agreement "to keep the lights on." "Without the use of the cash collateral, the debtor will not have sufficient liquidity to be able to continue to operate its business," the report quotes temporary SME attorney Malcolm H. Goodrich of Billings as saying. Mr. Goodrich asked Judge Kirscher for an emergency interim order to dip into the cash collateral. The report adds that both WAPA and PPL EnergyPlus objected to an interim order prohibiting them from halting or changing service to SME. Victoria L. Francis, assistant U.S. attorney, said WAPA provides very low-cost power to SME. She said SME's assurances of payment were inadequate. The report says PPL also objected for a variety of reasons, including that it should not be considered a utility; that SME is in breach of its contract; and that PPL stands to lose about $1 million per month as a result of that breach. greatfallstribune.com also reports that a long-hidden power contract between PPL EnergyPlus and SME was released in bankruptcy court documents filed by the PPL arm last week. According to the report, in a contract set to end June 30, 2019, SME agreed to buy 245 megawatt-hours of electricity in peak periods and 162 mwh in off-peak times in the last two years of the contract. SME's actual total needs earlier this year were about 150 mwh, state Public Service Commission Chairman Travis Kavulla estimated Thursday, a figure that dropped in recent months as customers left the rural co-op. The report says facing unfavorable terms of the contract and flagging demand, SME's fall came quickly. Its debts increased from $7.2 million at the end of June to an estimated $9.6 million by the end of July. About Southern Montana Based in Billings, Montana, Southern Montana Electric Generation And Transmission Cooperative, Inc., was formed to serve five other electric cooperatives. The city of Great Falls later joined as the sixth member. Including the city, the co-op serves a population of 122,000. In addition to Great Falls, the service area includes suburbs of Billings, Montana. Southern Montana filed for Chapter 11 bankruptcy (Bankr. D. Mont. Case No. 11-62031) on Oct. 21, 2011. Southern Montana estimated assets of $100 million to $500 million and estimated debts of $100 million to $500 million. Timothy Gregori signed the petition as general manager. Jon E. Doak, Esq., at Doak & Associates, P.C., in Billings, Montana, serves as the Debtor's counsel. Standard & Poor's Ratings Services in October lowered its issuer credit rating on SME to 'CC' from 'BBB', and placed the rating on CreditWatch with developing implications. These actions follow the cooperative's Oct. 21 bankruptcy filing under Chapter 11 of the U.S. Bankruptcy Code. According to SME, the filing was in response to failure on the part of some of its members to honor contractual obligations, including payment to the cooperative for services. MONTANA ELECTRIC: Members Vote to Roll Back 20% Rate Hike ---------------------------------------------------------- Richard Ecke at greatfallstribune.com reports that members of Southern Montana Electric Generation & Transmission Cooperative Inc. have voted to roll back a 20% rate hike and generally endorsed a filing of bankruptcy during a special meeting on Nov. 17, 2011 in Billings, Montana. "There will be no rate increase of 20 percent," the report quotes Great Falls City Commissioner Bob Jones as saying. The rate hike by Southern Montana Electric Generation & Transmission Cooperative, of which the city is a member, would have been retroactive to Sept. 1. The report says representatives of the six-member co-op, including the city of Great Falls, showed rare unanimity on Nov. 17, 2011, in voting 6-0 for a series of resolutions, including the rate hike reversal. According to the report, half of the SME board voted for a 20% rate hike on Oct. 21, 2011, after the three other board members walked out of the meeting in protest of the board not seating a new member who was nominated by her respective member co-op. Later, the three members also voted to file for Chapter 11 bankruptcy protection with the federal bankruptcy court in Butte. About Southern Montana Based in Billings, Montana, Southern Montana Electric Generation And Transmission Cooperative, Inc., was formed to serve five other electric cooperatives. The city of Great Falls later joined as the sixth member. Including the city, the co-op serves a population of 122,000. In addition to Great Falls, the service area includes suburbs of Billings, Montana. Southern Montana filed for Chapter 11 bankruptcy (Bankr. D. Mont. Case No. 11-62031) on Oct. 21, 2011. Southern Montana estimated assets of $100 million to $500 million and estimated debts of $100 million to $500 million. Timothy Gregori signed the petition as general manager. Jon E. Doak, Esq., at Doak & Associates, P.C., in Billings, Montana, serves as the Debtor's counsel. Standard & Poor's Ratings Services in October lowered its issuer credit rating on SME to 'CC' from 'BBB', and placed the rating on CreditWatch with developing implications. These actions follow the cooperative's Oct. 21 bankruptcy filing under Chapter 11 of the U.S. Bankruptcy Code. According to SME, the filing was in response to failure on the part of some of its members to honor contractual obligations, including payment to the cooperative for services. MRS. FIELDS: Is Near Deal to Refinance With Creditors ----------------------------------------------------- Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports that Mrs. Fields Famous Brands LLC plans to cede control to creditors including Carlyle Group LP and Z Capital Partners LLC as the cookie chain refinances debt to return to profitability. The company, which also owns frozen-yogurt maker TCBY, started the refinancing process Oct. 21 and expects it to conclude Dec. 5, according to a statement Nov. 18. Mrs. Fields hired Houlihan Lokey to advise on a proposed exchange of debt for equity, said four people with knowledge of the plan. Mrs. Fields, based in Salt Lake City, may file for a prepackaged bankruptcy if the swap isn't approved by next month, said the people, who declined to be named as terms are private. Private-equity firms Carlyle and Z Capital hold the majority of the treat vendor's about $65 million in senior secured notes, they said. The lenders support the refinancing and will become the largest shareholders, Mrs. Fields said. Mrs. Fields emerged from bankruptcy three years ago and has more than 950 stores under its brand and the TCBY frozen-yogurt banner. About Mrs. Fields' Headquartered in Salt Lake City, Utah, Mrs. Fields' Original Cookies, Inc. -- http://www.mrsfields.com/-- operates a chain of cookie and baked goods. The company and 13 of its affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-11953) on Aug. 24, 2008. David R. Hurst, Esq., at Montgomery McCracken Walker & Rhoads LLP, represented the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Services LLC as their claims agent. Mrs. Fields' consolidated balance sheet at March 29, 2008, showed $147.2 million in total assets and $247.2 million in total liabilities, resulting in a $100.0 million member's deficit. Mrs. Fields emerged from its two-month-long Chapter 11 restructuring in October 2008. As of March 29, 2008, the company's franchise systems operated through a network of 1,278 retail concept locations throughout the United States and in 21 foreign countries. Now, Mrs. Fields has 280 stores in the U.S. NEBRASKA BOOK: Posts $91.7-Mil. Net Loss in Sept. 30 Quarter ------------------------------------------------------------ NBC Acquisition Corp. filed its quarterly report on Form 10-Q, reporting a net loss of $91.7 million on $236.2 million of revenues for the quarter ended Sept. 30, 2011, compared with net income of $16.5 million on $272.8 million of revenues for the quarter ended Sept. 30, 2010. Consolidated revenues for the quarter ended Sept. 30, 2011, decreased $36.6 million, or 13.4%, from the quarter ended Sept. 30, 2010. The decrease was primarily due to a decrease in revenues in the Bookstore Division primarily due to a decrease in same-store sales, which excludes $14.6 million of deferred rental textbook revenue (which will be recognized during the following quarter), and to closed stores, which was partially offset by additional revenue from new bookstores. Gross profit for the quarter ended Sept. 30, 2011, decreased $12.1 million, or 11.8%, to $90.6 million from $102.7 million for the quarter ended Sept. 30, 2010. As a result of underperformance of the Company's Bookstore Division, the Company revised its financial projections of future periods. These revisions indicated a potential impairment of goodwill and, as required, the estimated fair value of the Company's reporting units was assessed to determine if their book value exceeded their estimated fair value at Sept. 30, 2011. As a result of this assessment, the Company recognized a $121.8 million goodwill impairment charge. Costs directly attributable to the Chapter 11 proceedings were $8.7 million for the quarter ended Sept. 30, 2011, and primarily are advisor fees related to the bankruptcy proceedings. For the six months ended Sept. 30, 2011, the Company reported a net loss of $115.4 million on $305.8 million of revenues, compared with net income of $3.8 million on $345.2 million of revenues for the same period of 2010. The Company's balance sheet at Sept. 30, 2011, showed $547.1 million in total assets, $701.9 million in total liabilities, $14.1 million in Series A redeemable preferred stock, and a stockholders' deficit of $168.8 million. As of Sept. 30, 2011, the Company had $120.2 million in cash available to help fund working capital requirements. Cash and cash equivalents were $56.4 million at March 31, 2011. Plan of Reorganization On July 17, 2011, the Company filed a joint plan of reorganization and related disclosure statement with the Court. On Aug. 22, 2011, the Company filed with the Court a first amended disclosure statement, which contained a first amended proposed plan of reorganization (the "Amended Plan"). The Amended Plan calls for the issuance of (i) new senior secured notes, (ii) new senior unsecured notes, (iii) new common equity interests in an amount equal to 78% of the Company to the holders of the Pre-Petition Senior Subordinated Notes, and (iv) new common equity interests in an amount equal to 22% of the Company to the holders of the Pre-Petition Senior Discount Notes. The Amended Plan allows for the issuance of pro rata share of new warrants to holders of the Company's existing equity securities to purchase up to three percent or five percent of new common equity interests in the Company exercisable at certain strike prices as outlined in the Amended Plan. The Company continues to have ongoing discussions and negotiations with the noteholders supporting the Amended Plan and other stakeholders. In addition, the Company is continuing to address objections received to the Amended Plan. Discussions with these parties will likely continue until a plan of reorganization is approved by the Bankruptcy Court. Those discussions and negotiations may lead to substantial revisions and amendments to the terms of the Amended Plan and resubmission of the plan to the Bankruptcy Court. The ultimate recovery to creditors and/or the Company's shareholders, if any, will not be determined until confirmation of a plan of reorganization. A hearing to consider the Amended Plan is currently scheduled for Nov. 30, 2011. A full-text copy of the Disclosure Statement is available for free at http://bankrupt.com/misc/NEBRASKA_DS.pdf A full-text copy of the Chapter 11 Plan is available for free at http://bankrupt.com/misc/NEBRASKA_PLAN.pdf A copy of the Form 10-Q is available for free at: http://is.gd/FAr9zF 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. However, Nebraska Book has been unable to secure a $250 million loan required for confirming and implementing the plan. 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. NEUROLOGIX INC: Delays Filing of Form 10-Q for Sept. 30 Qtr. ------------------------------------------------------------ Neurologix, Inc., was unable to file its Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2011, by Nov. 14, 2011. As disclosed in its Current Report on Form 8-K filed with the Securities and Exchange Commission on Oct. 31, 2011, the Company will need to obtain additional funds to be able to continue its operations, and may not be in a position to continue beyond the end of November 2011 without those funds. The Company's management has had to devote substantially all of its efforts to raising additional capital and the Company did not have adequate time to complete the preparation of its financial statements for the quarter ended Sept. 30, 2011, by the Filing Deadline without unreasonable effort or expense. If the Company's capital raising efforts are successful, the Company will file the 10-Q as soon as practicable. About Neurologix, Inc. Fort Lee, N.J.-based Neurologix, Inc. (OTC Bulletin Board: NRGX) -- http://www.neurologix.net/-- is a clinical-stage biotechnology company dedicated to the discovery, development, and commercialization of gene transfer therapies for serious disorders of the brain and the central nervous system. The Company's current programs address such conditions as Parkinson's disease, epilepsy, depression and Huntington's disease, all of which are large markets not adequately served by current therapeutic options. The Company reported a net loss of $10.16 million on $0 of revenue for the year ended Dec. 31, 2010, compared with a net loss of $13.46 million on $0 of revenue during the prior year. The Company's balance sheet at June 30, 2011, showed $4.96 million in total assets, $13.62 million in total liabilities, and a $8.66 million total stockholders' deficit. BDO USA, LLP, in New York, raised substantial doubt about the Company's ability to continue as a going concern. BDO noted that the Company has suffered recurring losses from operations, expects to incur future losses for the foreseeable future and has deficiencies in working capital and capital. NEWPAGE CORP: Committee Taps Moelis & Company as Investment Banker ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of NewPage Corporation, et al., asks the U.S. Bankruptcy Court for the District of Delaware for authorization to retain Moelis & Company as the Committee's investment banker, effective as of Sept. 23, 2011. Moelis & Company will: -- assist the Committee in conducting a customary business and financial analysis of the Debtors; -- assist the Committee in evaluating the Debtors' debt capacity and in the determination of an appropriate capital structure for the Debtors; -- assist the Committee in reviewing and analyzing proposals for any Restructuring, and, to the extent requested, assist the Committee in soliciting and developing alternative proposals for a Restructuring; -- advise and assist the Committee, and if the Committee requests, participate, in negotiations of any Restructuring; -- assist the Committee in valuing the Debtors' business; -- be available to meet with the Committee, the Debtors? management, the Debtors' board of directors and other creditor groups, equity holders or other parties in interest (in each case who are institutional parties or represented by an advisor) to discuss any Restructuring; -- participate in hearings before the Bankruptcy Court and provide testimony on matters regarding valuation and/or debt capacity and other matters mutually agreed upon in good faith; and -- provide other investment banking services in connection with a Restructuring as Moelis and the Committee may agree. Contemporaneously with the filing of this application, the Committee also has filed an application for authority to retain Alvarez & Marsal North America, LLC as its financial advisor in these Chapter 11 cases. The investment banking services that Moelis is to provide to the Committee are separate and distinct from the restructuring and financial advisory services that A&M will be providing to the Committee. The Engagement Letter provides for the following compensation to be paid by the Debtors to Moelis: -- Monthly Fee. A non-refundable cash fee of $125,000 per month, which is payable in advance on the first day of each month beginning on Sept. 23, 2011, until the expiration or termination of the Engagement Letter. -- Restructuring Fee. A non-refundable cash fee of $2 million, which is payable upon consummation of a Restructuring. The Restructuring Fee will be offset by one-half of the aggregate Monthly Fees actually paid in cash, commencing with the fifth full Monthly Fee. The Engagement Letter includes a customary "tail" provision that provides that if, at any time during the 12 months following the expiration or termination of the Engagement Letter, either (a) a Restructuring is consummated or (b) the Debtors or any entity formed or invested in to consummate a Restructuring enters into an agreement for a Restructuring or a plan of reorganization is filed and a Restructuring is subsequently consummated at any time, then the Debtors and their bankruptcy estates would be obligated to pay Moelis the Restructuring Fee in full, and in cash, immediately upon the consummation of the Restructuring. Moelis has informed the Committee that it does not represent in connection with the Debtors' Chapter 11 cases any other entity having an adverse interest to the Committee or the Debtors, and therefore believes it is eligible to represent the Committee under Section 1103(b) of the Bankruptcy Code. About NewPage Corporation Headquartered in Miamisburg, Ohio, NewPage Corporation is the leading producer of printing and specialty papers in North America, based on production capacity, with $3.6 billion in net sales for the year ended December 31, 2010. The company's product portfolio is the broadest in North America and includes coated freesheet, coated groundwood, supercalendered, newsprint and specialty papers. These papers are used for corporate collateral, commercial printing, magazines, catalogs, books, coupons, inserts, newspapers, packaging applications and direct mail advertising. NewPage owns paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota, Wisconsin and Nova Scotia, Canada. These mills have a total annual production capacity of approximately 4.1 million tons of paper, including approximately 2.9 million tons of coated paper, approximately 1.0 million tons of uncoated paper and approximately 200,000 tons of specialty paper. NewPage Corporation, along with affiliates, filed Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 11-12804) on Sept. 7, 2011. Martin J. Bienenstock, Esq., Judy G.Z. Liu, Esq., and Philip M. Abelson, Esq., Dewey & Leboeuf LLP, in New York, serve as counsel. Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, serves as co-counsel. Lazard Freres & Co. LLC is the investment banker, and FTI Consulting Inc. is the financial advisor. Kurtzman Carson Consultants LLC is the claims and notice agent. In its balance sheet, the Debtors disclosed $3.4 billion in assets and $4.2 billion in total liabilities as of June 30, 2011. At an organizational meeting of creditors held on Sept. 21, 2011, the Committee selected Paul Hastings LLP as its bankruptcy counsel. On Sept. 21, 2011, the Committee also selected Young Conaway Stargatt & Taylor, LLP to act as its Delaware and conflicts counsel. NewPage Corp. prevailed over most objections from the official creditors' committee and won agreement from the bankruptcy judge on final approval of $600 million in secured financing. Moody's Investors Service assigned a Ba2 rating to the $350 million first-out revolving debtor-in-possession credit facility and a B2 rating to the $250 million second-out debtor-in- possession term loan for NewPage. NO FEAR: Court OKs RSM McGladrey as Accountant ---------------------------------------------- No Fear Retail Stores, Inc., Simo Holdings, Inc., and No Fear MX, Inc. sought and obtained permission from the U.S. Bankruptcy Court for the Southern District of California to employ the accounting firm RSM McGladrey, Inc., to act as their accountant, effective as of Feb. 24, 2011, for the purposes of preparing consolidated tax returns and providing other accounting services as necessary. At the present time, the Debtors need accountants to prepare their federal income tax return (IRS Form 1120) and state income tax return (FTB Form 100) for fiscal year ended Aug. 31, 2010. RSM has prepared the federal and state tax returns for the Debtors since 2004. The Debtors now wish to employ RSM to prepare their consolidated tax returns for the fiscal year ended August 31, 2010. RSM will be paid a flat fee of $25,000 for the preparation of the consolidated federal and state 2010 tax returns for the Debtors, plus expenses relating to the services provided at the Firm's normal rates. This is the same fee RSM charged the Debtors prepetition to prepare their 2009 tax returns. Matthew L. Bradvica, a managing director at RSM, assures the Court that neither his Firm, nor any of the professionals comprising or employed by it, represent or hold an interest adverse to the interest of the estate with respect to the matter on which it is to be employed, and RSM is a "disinterested person" as that term is defined in the Bankruptcy Code. Mr. Bradvica further disclosed that RSM prepares the taxes for FMF International, a creditor for the Debtors, and has prepared the individual tax return of Mark Simo for the last three years including 2010. About No Fear Retail Carlsbad, California-based No Fear Retail Stores, Inc., is a retailer of action, sports, and casual youth lifestyle apparel and accessories, targeting young adults and teens. It operates 41 retail locations in California, Oregon, Arizona, Florida, Nevada, North Carolina, and Texas. No Fear filed for Chapter 11 bankruptcy protection (Bankr. S.D. Calif. Case No. 11-02896) on Feb. 24, 2011. David S. Kupetz, Esq., at Sulmeyer, Kupetz, A Professional Corp, serves as the Debtor's bankruptcy counsel. The Debtor tapped Jones Day as special intellectual property counsel; Avant Advisory Group's George Blanco as chief restructuring officer, and Venturi & Company LLC, as financial advisors. The Debtor estimated disclosed $31,648,063 in assets and $12,552,985 in liabilities as of the Chapter 11 filing. Affiliates No Fear MX, Inc. (Bankr. S.D. Calif. Case No. 11-02897) and Simo Holdings, Inc. (Bankr. S.D. Calif. Case No. 11-02898) filed separate Chapter 11 petitions on Feb. 24, 2011. Tiffany L. Carroll, the Acting U.S. Trustee for Region 15, appointed three creditors to serve on an Official Committee of Unsecured Creditors of No Fear MX, Inc. Pachulski Stang Ziehl & Jones LLP represents the Committee. BDO USA LLP serves as financial advisor to provide financial advisory services to the Committee. Gibson Dunn & Crutcher LLP is the counsel for the Debtors' creditors panel. Lapidus & Lapidus acts as special litigation Counsel for the Debtors. NORTHWEST PARTNERS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Northwest Partners, a Nevada Limited Partnership dba Austin Crest Apts 380 Linden Street Reno, NV 89502 Bankruptcy Case No.: 11-53528 Chapter 11 Petition Date: November 17, 2011 Court: United States Bankruptcy Court District of Nevada (Reno) Debtor's Counsel: Alan R. Smith, Esq. THE LAW OFFICES OF ALAN R. SMITH 505 Ridge St. Reno, NV 89501 Tel: (775) 786-4579 E-mail: mail@asmithlaw.com Scheduled Assets: $13,513,361 Scheduled Debts: $14,135,158 The petition was signed by Robert F. Nielsen, president, IDN I, a NV Corp., general partner. Debtor's List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Nevada Housing Division 26 Unit Apartment $13,100,000 1535 Old Hot Springs Property Road, Suite 50 Carson City, NV 89706 Washoe County Home 268 Unit Apartment $750,000 Consortium Property P.O. Box 1900 Reno, NV 89505 Shelter Properties, Partnership Loans $109,500 Inc. 380 Linden Street Reno, NV89502 Community Services Partnership Loans $109,500 Development Corp. P.O. Box 10167 Reno, NV City of Reno Goods/Services $21,018 Truckee Meadows Goods/Services $7,496 Water Authority Manage Inc. Goods/Services $6,339 Carpets of America Goods/Services $4,392 NV Energy Goods/Services $3,834 HD Supply Facilities Goods/Services $3,686 Maintenance Waste Mgmt-Reno Goods/Services $3,438 Disposal Cruz Painting Goods/Services $2,970 Signature Landscapes, Goods/Services $2,477 LLC Suzie Q's Stain Busters Goods/Services $1,535 Reno Apartment Guide Goods/Services $1,432 AE Janitorial Goods/Services $1,125 Solutions, Inc. Masco Paint Goods/Services $853 Manufacturing, Inc. M & S Air Cond and Goods/Services $727 Heating RK Property Services Goods/Services $695 ESI Security Services Goods/Services $608 OPEN RANGE: FTI Consulting OK'd to Provide Restructuring Officers ----------------------------------------------------------------- The Hon Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware authorized Open Range Communications Inc., to employ FTI Consulting, Inc. to provide chief restructuring officer, an associate chief restructuring officer and hourly temporary staff. As reported in the Troubled Company Reporter on Oct. 31, 2011, FTI Consulting, Inc., is providing a chief restructuring officer, Michael E. Katzenstein; an associate chief restructuring officer, Chris Lewand; and hourly temporary staff. The services to be rendered by the CRO and the Associate CRO will include the provision of crisis and turnaround management services to the Debtor, together with other duties as the Debtor's board of directors, or any authorized committee of the board, may from time to time determine. The Debtor will pay FTI Consulting a monthly, non-refundable advisory fee of $190,000 per month for the services of Messrs. Katzenstein and LeWand, $675 per hour for Carl Jenkins, and $410 per hour for Daniel Gallagher. The Debtor will also reimburse FTI Consulting for its reasonable and customary out-of-pocket expenses. If during the term of the Engagement Letter or during three months following the termination of the Engagement Letter, the Debtor completes a restructuring or sale, FTI Consulting will earn a Completion Fee of $400,000, payable in cash on the later of the effective date of the Restructuring or on closing of the sale, as the case may be. In addition, the Engagement Letter provides for an evergreen retainer to be paid to FTI Consulting in the amount of $600,000, to be held as continuing security for the payment of fees and expenses to FTI Consulting and applied to any unpaid amounts due to FTI Consulting at the completion of the engagement, with the unused portion to be returned to the Debtor upon payment in full of all fees and expenses. The Debtor will indemnify and hold harmless FTI Consulting and its shareholders, directors, officers, managers, employees, contractors, agents and controlling persons against from and against any losses, claims, damages or expenses. About Open Range Greenwood Village, Colo.-based Open Range Communications Inc., a provider of wireless broadband services to 26,000 rural customers in 12 states, filed a Chapter 11 petition (Bankr. D. Del. Case No. 11-13188) on Oct. 6, 2011, to either sell the business or shut down and liquidate. Open Range listed about $114 million in assets and $110 million in debts. Open Range started its WiMax broadband and voice service in late 2009, backed by a $267 million loan from the U.S. Department of Agriculture's Rural Utility Service and $100 million invested by One Equity Partners, a financing arm of JPMorgan Chase & Co. Judge Kevin J. Carey presides over the case. Marion M. Quirk, Esq., at Cole, Schotz, Meisel, Forman & Leonard, serves as bankruptcy counsel. Logan & Co. serves as claims agent. FTI Consulting, Inc., will provide a chief restructuring officer, Michael E. Katzenstein; an associate chief restructuring officer, Chris Lewand; and hourly temporary staff. The petition was signed by Chris Edwards, chief financial officer. Roberta A. DeAngelis, the United States Trustee for Region 3, pursuant to 11 U.S.C. Sec. 1102(a) and (b), appointed seven unsecured creditors to serve on the Official Committee of Unsecured Creditors of Open Range Communications Inc. OPEN RANGE: Court Approves Employment of Cole Schotz as Counsel --------------------------------------------------------------- The Hon. Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware authorized Open Range Communications Inc., to employ Cole, Schotz, Meisel, Forman & Leonard, P.A., as bankruptcy counsel. As reported in the Troubled Company Reporter on Nov. 10, 2011, Cole Schotz will, among other things: -- advise the Debtor of its rights, power and duties as debtor-in-possession; -- advise the Debtor regarding matters of bankruptcy law; and -- represent the Debtor in proceedings and hearings in the United States Bankruptcy Court for the District of Delaware. In exchange for its services, Cole Schotz will be paid on an hourly basis and will be reimbursed for its expenses. The firm's hourly rates are: Professionals Hourly Rates ------------- ------------ Members and Special Counsel $340-$775 Associates $210-$425 Paralegals $160-$245 The hourly rates of the Cole Schotz members, associates and paralegal expected to perform significant work in this case are: Norman L. Pernick, member $750 Marion M. Quirk, member $575 Sanjay Bhatnagar, associate $325 Therese Scheuer, associate $285 Pauline Ratkowiak, paralegal $230 Cole Schotz was retained by the Debtor pursuant to an engagement agreement executed on Sept. 23, 2011. Cole Schotz received a retainer in the initial amount of $200,000 in connection with the planning and preparation of initial documents for the Debtor's Chapter 11 case. On Oct. 5, 2011, Cole Schotz received an additional $450,000 (the second payment), $50,000 of which was on account of fees and expenses incurred prior to the Petition date. To date, $196,069.07 in fees and expenses has been applied to outstanding balances existing as of the Petition date. On Oct. 13, 2011, Cole Schotz returned to the Debtor $53,930.93 on account of funds from the Initial payment and second payment in excess of $400,000 which were not used prior to the Petition date. The remaining $400,000 constitutes a general or "evergreen" retainer as security for Cole Schotz's post-petition services. Marion M. Quirk, Esq., a member of Cole Schotz, assured the Court that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. About Open Range Greenwood Village, Colo.-based Open Range Communications Inc., a provider of wireless broadband services to 26,000 rural customers in 12 states, filed a Chapter 11 petition (Bankr. D. Del. Case No. 11-13188) on Oct. 6, 2011, to either sell the business or shut down and liquidate. Open Range listed about $114 million in assets and $110 million in debts. Open Range started its WiMax broadband and voice service in late 2009, backed by a $267 million loan from the U.S. Department of Agriculture's Rural Utility Service and $100 million invested by One Equity Partners, a financing arm of JPMorgan Chase & Co. Judge Kevin J. Carey presides over the case. Marion M. Quirk, Esq., at Cole, Schotz, Meisel, Forman & Leonard, serves as bankruptcy counsel. Logan & Co. serves as claims agent. FTI Consulting, Inc., will provide a chief restructuring officer, Michael E. Katzenstein; an associate chief restructuring officer, Chris Lewand; and hourly temporary staff. The petition was signed by Chris Edwards, chief financial officer. Roberta A. DeAngelis, the United States Trustee for Region 3, pursuant to 11 U.S.C. Sec. 1102(a) and (b), appointed seven unsecured creditors to serve on the Official Committee of Unsecured Creditors of Open Range Communications Inc. OPEN SOLUTIONS: Bank Debt Trades at 14% Off in Secondary Market --------------------------------------------------------------- Participations in a syndicated loan under which Open Solutions, Inc., is a borrower traded in the secondary market at 86.00 cents- on-the-dollar during the week ended Friday, Nov. 18, 2011, an increase of 0.32 percentage points from the previous week according to data compiled by Loan Pricing Corp. and reported in The Wall Street Journal. The Company pays 212.5 basis points above LIBOR to borrow under the facility. The bank loan matures on Jan. 18, 2014, and carries Moody's B1 rating and Standard & Poor's BB- rating. The loan is one of the biggest gainers and losers among 126 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday. About Open Solutions Headquartered in Glastonbury, Conn., Open Solutions, Inc., is a privately held provider of core data processing and information management software solutions for financial institutions including community banks / thrifts and credit unions. In January 2007, the company was acquired by The Carlyle Group and Providence Equity Partners in a leveraged transaction of roughly $1.4 billion including the assumption of debt. * * * The Troubled Company Reporter, on Nov. 4, 2011, reported that Moody's affirmed Open Solutions, Inc.'s B3 Corporate Family Rating (CFR) and Probability of Default Rating, and the ratings for the company's existing debt. As part of the ratings action, Moody's maintained the negative rating outlook for the company's debt ratings, as the company remains in the midst of a protracted turnaround amid challenging market conditions. The affirmation of Open Solutions' B3 rating reflects Moody's belief that the company's revenue should stabilize during the second half of 2011, and subsequently its revenue and free cash flow should resume organic growth in 2012. Moody's expectations for a rebound in Open Solutions' revenue and free cash flow are mainly supported by the company's improving revenue retention rates, growth in new unit sales and higher backlog of revenue. The negative outlook reflects Open Solutions' challenges in maintaining strong sales performance of its new DNA core platform to replace the declining revenue from its legacy data processing platforms, which the company does not actively market. The TCR reported on Nov. 4, 2011, that Standard & Poor's revised its outlook on Open Solutions, Inc., to negative from stable. "We also affirmed our 'B' corporate credit rating on the company and our 'CCC+' issue rating on its $325 million senior subordinated notes. The '6' recovery rating on the notes remains unchanged," S&P said. "In addition, we lowered the bank loan rating on the company's first-lien credit facilities to 'B+' from 'BB-' and revised the recovery rating to '2' from '1'. The '2' recovery rating indicates substantial (70%-90%) recovery in the event of a payment default," S&P stated. "The outlook revision reflects that revenues have been declining since 2008, restricting the company's ability to reduce debt from current elevated levels," said Standard & Poor's credit analyst Jacob Schlanger. OPTI CANADA: Minister of Industry OKs Proposed CNOOC Acquisition ---------------------------------------------------------------- OPTI Canada Inc. announced that the Minister of Industry, under the Investment Canada Act, has approved the proposed acquisition of OPTI by indirect wholly-owned subsidiaries of CNOOC Limited upon determination that the transaction is likely to be of net benefit to Canada. Completion of the Acquisition remains conditional on satisfaction of other customary conditions. Subject to the satisfaction or waiver of all conditions precedent, it is anticipated that the Acquisition will be completed prior to Dec. 1, 2011. About OPTI Canada OPTI Canada Inc. (TSXV: OPC) -- http://www.opticanada.com/-- is a Calgary, Alberta-based company focused on developing major oil sands projects in Canada. Its first project, the Long Lake Project, has a design capacity for 72,000 barrels per day (bbl/d), on a 100 percent basis, of SAGD (steam assisted gravity drainage) oil production integrated with an upgrading facility. The Upgrader uses the Company's proprietary OrCrude(TM) process, combined with commercially available hydrocracking and gasification. Through gasification, this configuration substantially reduces the exposure to and the need to purchase natural gas. On a 100 percent basis, the Project is designed to produce up to 58,500 bbl/d of products, primarily 39 degree API Premium Sweet Crude (PSC(TM)). Due to its premium characteristics, the Company expects PSC(TM) to sell at a price similar to West Texas Intermediate (WTI) crude oil. The Long Lake Project is a joint venture between OPTI and Nexen Inc. OPTI holds a 35 percent working interest in the joint venture. Nexen is the sole operator of the Project. The Company's balance sheet at Sept. 30, 2011, showed C$3.98 billion in total assets, $3.23 billion in total liabilities and C$749.16 million in total equity. On July 13, 2011, the Company announced that it had commenced a creditor protection proceeding (the CCAA Proceeding) in the Court under the CCAA. The transaction will be effected by way of a plan of reorganization, compromise and arrangement (the Master Plan) through concurrent proceedings under the Companies' Creditors Arrangement Act (the CCAA) and the Canada Business Corporations Act (the CBCA). OPTIONS MEDIA: Reports $710,000 Net Income in Third Quarter ----------------------------------------------------------- Options Media Group Holdings, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, reporting net income of $710,169 on $4,052 of net revenues for the three months ended Sept. 30, 2011, compared with a net loss of $2.47 million on $294,098 of net revenues for the same period during the prior year. The Company also reported a net loss of $11.93 million on $525,103 of net revenues for the nine months ended Sept. 30, 2011, compared with a net loss of $5.79 million on $633,208 of net revenues for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $3.37 million in total assets, $5.76 million in total liabilities, and a $2.39 million total stockholders' deficit. As reported in the TCR on May 31, 2011, Salberg & Company, P.A., in Boca Raton, Florida, expressed substantial doubt about Options Media Group Holdings' ability to continue as a going concern, following the Company's 2010 results. The independent auditors noted that the Company has a net loss of $9.86 million, and net cash used in operations of $2.02 million for the year ended Dec. 31, 2010, and a working capital deficit and an accumulated deficit of $524,157, and $22.74 million respectively at Dec. 31, 2010. The independent auditors noted that the Company has also discontinued certain operations. A full-text copy of the Form 10-Q is available for free at: http://is.gd/JiESEH About Options Media Boca Raton, Fla.-based Options Media Group Holdings, Inc., had historically been an Internet marketing company providing e-mail services to corporate customers. Additionally, Options Media has a lead generation business and disposed of its SMS text messaging delivery business. In 2010, Options Media transitioned by changing its focus to smart phones and acquiring a robust anti- texting program that prohibits people in vehicles from texting, e- mailing, and reading such communications while moving. As part of its focus on mobile software applications, Options Media has also broadened its suite of products by continuing to improve the features of its Drive Safe(TM) anti-texting software. In conjunction with this change of focus, in February 2011, Options Media sold its e-mail and SMS businesses. Options Media retains its lead generation business. OVERLAND STORAGE: Incurs $5.3 Million Net Loss in Sept. 30 Qtr. --------------------------------------------------------------- Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $5.35 million on $14.07 million of net revenue for the three months ended Sept. 30, 2011, compared with a net loss of $6.49 million on $17.57 million of net revenue for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed $37.97 million in total assets, $34.44 million in total liabilities and $3.53 million in total shareholders' equity. "We are very excited about the tremendous customer response to our new SnapServer DX storage solution, which we introduced worldwide - the week of October 10th," said Eric Kelly, President and CEO of Overland Storage. "SnapServer DX was built on the premise that the next generation of storage provisioning is no storage provisioning at all. Customers are quickly recognizing that with our DX series they no longer need to worry about provisioning storage by department or user in advance because DX dynamically allocates storage to whoever needs it most, seamlessly and without interruption or downtime." A full-text copy of the Form 10-Q is available for free at: http://is.gd/AP4JGr About Overland Storage San Diego, Calif.-based Overland Storage, Inc. (Nasdaq: OVRL) -- http://www.overlandstorage.com/-- is a global provider of unified data management and data protection solutions designed to enable small and medium enterprises (SMEs), corporate departments and small and medium businesses (SMBs) to anticipate and respond to change. The Company reported a net loss of $14.50 million on $70.19 million of net revenue for the fiscal year ended June 30, 2011, compared with a net loss of $12.96 million on $77.66 million of net revenue during the prior fiscal year. Moss Adams LLP, in San Diego, California, noted that the Company's recurring losses and negative operating cash flows raise substantial doubt about the Company's ability to continue as a going concern. OVERLAND STORAGE: Files Form S-8; Registers 3.8MM Common Shares --------------------------------------------------------------- Overland Storage, Inc., filed with the U.S. Securities and Exchange Commission a Form S-8 registration statement to register 3.8 million shares of common stock issuable under the 2009 Equity Incentive Plan and the 2006 Employee Stock Purchase Plan. A full- text copy of the filing is available for free at: http://is.gd/QEBwgi About Overland Storage San Diego, Calif.-based Overland Storage, Inc. (Nasdaq: OVRL) -- http://www.overlandstorage.com/-- is a global provider of unified data management and data protection solutions designed to enable small and medium enterprises (SMEs), corporate departments and small and medium businesses (SMBs) to anticipate and respond to change. The Company reported a net loss of $14.50 million on $70.19 million of net revenue for the fiscal year ended June 30, 2011, compared with a net loss of $12.96 million on $77.66 million of net revenue during the prior fiscal year. The Company's balance sheet at Sept. 30, 2011, showed $37.97 million in total assets, $34.44 million in total liabilities and $3.53 million in total shareholders' equity. Moss Adams LLP, in San Diego, California, noted that the Company's recurring losses and negative operating cash flows raise substantial doubt about the Company's ability to continue as a going concern. OXYSURE SYSTEMS: Delays of Form 10-Q for Sept. 30 Quarter --------------------------------------------------------- OxySure Systems, Inc., notified the U.S. Securities and Exchange Commission that it requires additional time to finalize certain required disclosures and documentation for its Form 10-Q for the fiscal quarter ended Sept. 30, 2011. About OxySure Systems Frisco, Tex-based OxySure Systems, Inc., was formed on Jan. 15, 2004, as a Delaware "C" Corporation for the purpose of developing products with the capability of generating medical grade oxygen "on demand," without the necessity of storing oxygen in compressed tanks. The Company developed a unique technology that generates medically pure (USP) oxygen from two dry, inert powders. Other available chemical oxygen generating technologies contain hazards that the Company believes make them commercially unviable for broad-based emergency use by lay rescuers or the general public. The Company's launch product is the OxySure Model 615 portable emergency oxygen system. The Company believes that the OxySure Model 615 is currently the only product on the market that can be safely pre-positioned in public and private venues for emergency administration of medical oxygen by lay persons, without the need for training. The Company's balance sheet at June 30, 2011, showed $1.1 million in total assets, $3.9 million in total liabilities, and a stockholders' deficit of $2.8 million. The Company has an accumulated deficit of $12,735,715 and $11,898,260 at June 30, 2011, and Dec. 31, 2010, respectively, and stockholders' deficit of $2,781,836 and $2,325,967 as of June 30, 2011, and Dec. 31, 2010, respectively. The Company requires substantial additional funds to manufacture and commercialize its products. "Management is actively seeking additional sources of equity and/or debt financing; however, there is no assurance that any additional funding will be available," the Company said in the filing. "These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern." OXYSURE SYSTEMS: Reaches Pacts to Modify Maturities of Notes ------------------------------------------------------------ OxySure Systems, Inc., on Nov. 14, 2011, reached agreement to modify each of the maturities of that certain Agave First Note and that certain JTR Second Note to April 15, 2013. During March 2008, the Company completed a $1 million financing transaction consisting of a promissory note for $750,000 and a promissory note with a draw down provision for up to $250,000. As at Dec. 31, 2008, the amount outstanding on the JTR Second Note was $250,000. The Notes are subordinated, convertible notes and were due and payable on the earlier to occur of (i) completion of the next financing round completed by the Company; or (ii) one year after the Notes were issued. In March 2009 the Agave First Note and the JTR Second Note were modified by extending the maturity date in each case to April 15, 2010. On Dec. 31, 2009, the Agave First Note and the JTR Second Note were further modified by extending the maturity date in each case to April 15, 2011. In August 2010, the Agave First Note and the JTR Second Note were further modified by extending the maturity date in each case to April 15, 2012. On Nov. 14, 2011, the Agave First Note and the JTR Second Note were further modified by extending the maturity date in each case to April 15, 2013. The holder of the First Note is Agave Resources, LLC, and the President of Agave is Donald Reed, one of the Company's Directors. The holder of the Second Note is JTR Investments, Limited a company controlled by Julian T. Ross, the Company's President and Chief Financial Officer. About OxySure Systems Frisco, Tex-based OxySure Systems, Inc., was formed on Jan. 15, 2004, as a Delaware "C" Corporation for the purpose of developing products with the capability of generating medical grade oxygen "on demand," without the necessity of storing oxygen in compressed tanks. The Company developed a unique technology that generates medically pure (USP) oxygen from two dry, inert powders. Other available chemical oxygen generating technologies contain hazards that the Company believes make them commercially unviable for broad-based emergency use by lay rescuers or the general public. The Company's launch product is the OxySure Model 615 portable emergency oxygen system. The Company believes that the OxySure Model 615 is currently the only product on the market that can be safely pre-positioned in public and private venues for emergency administration of medical oxygen by lay persons, without the need for training. The Company's balance sheet at June 30, 2011, showed $1.1 million in total assets, $3.9 million in total liabilities, and a stockholders' deficit of $2.8 million. The Company has an accumulated deficit of $12,735,715 and $11,898,260 at June 30, 2011, and Dec. 31, 2010, respectively, and stockholders' deficit of $2,781,836 and $2,325,967 as of June 30, 2011, and Dec. 31, 2010, respectively. The Company requires substantial additional funds to manufacture and commercialize its products. "Management is actively seeking additional sources of equity and/or debt financing; however, there is no assurance that any additional funding will be available," the Company said in the filing. "These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern." PACIFIC AVENUE: Blue Air 2010 Files Bankruptcy Plan --------------------------------------------------- Susan Stabley, staff writer at Charlotte Business Journal, reports that Blue Air 2010 LLC, which bought the EpiCentre's $93.97 million construction debt, filed on Nov. 14, 2011, its take on a bankruptcy plan for the companies that own and operate EpiCentre. Business Journal, citing court document, says Afshin Ghazi already faces the loss of his prized development, the 302,000-square-foot EpiCentre complex uptown. Soon, he may also lose the home of his EpiCentre Theaters, which is poised for eviction under a new bankruptcy plan proposed by the owners of the project's debt. About Pacific Avenue Pacific Avenue, LLC, is a North Carolina limited liability company whose principal place of business is located in Charlotte, North Carolina. Together with Pacific Avenue II, LLC, the Company owns and operates the EpiCentre, a mixed-use commercial development consisting of approximately 302,000 rentable square feet of office and retail/entertainment space, plus an underground parking deck, located at 210 E. Trade St. in the city block surrounded by the light rail line, Fourth Street, College Street, and Trade Street in uptown Charlotte, North Carolina. The companies were led by Afshin Ghazi. Pacific Avenue LLC filed for Chapter 11 bankruptcy protection (Bankr. W.D. N.C. Case No. 10-32093) on July 22, 2010. Joseph W. Grier, III, Esq., at Grier, Furr & Crisp, P.A., assists the Company in its restructuring effort. The Company estimated up to $50,000 in assets and $50 million to $100 million in debts in its bankruptcy petition. The Company's affiliate, Pacific Avenue II, filed a separate Chapter 11 petition. Linda W. Simpson, the U.S. Bankruptcy Administrator for the Western District of North Carolina, appointed six members to the official committee of unsecured creditors in the Chapter 11 case of Pacific Avenue LLC. PAVILION PROPERTIES: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Pavilion Properties, LLC P.O. Box 5629 Brandon, MS 39047 Bankruptcy Case No.: 11-03994 Chapter 11 Petition Date: November 17, 2011 Court: United States Bankruptcy Court Southern District of Mississippi (Jackson Divisional Office) Judge: Edward Ellington Debtor's Counsel: Richard A. Montague, Jr., Esq. WELLS, MOORE, SIMMONS, & HUBBARD P.O. Box 1970 Jackson, MS 39215-1970 Tel: 601 354-5400 E-mail: rmontague@wellsmoore.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 Albert R. Garner, member. Affiliate that filed separate Chapter 11 petition: Petition Debtor Case No. Date ------ -------- ---- RTC Properties, LLC 11-02754 08/08/11 PLAINFIELD BUSINESS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Plainfield Business Center 2004, LLC 7252 Benton Drive Frankfort, IL 60423 Bankruptcy Case No.: 11-46994 Chapter 11 Petition Date: November 19, 2011 Court: U.S. Bankruptcy Court Northern District of Illinois (Chicago) Judge: Pamela S. Hollis Debtor's Counsel: Ariel Weissberg, Esq. WEISSBERG & ASSOCIATES, LTD 401 S. LaSalle Street, Suite 403 Chicago, IL 60605 Tel: (312) 663-0004 Fax: (312) 663-1514 E-mail: ariel@weissberglaw.com Estimated Assets: $100,001 to $500,000 Estimated Debts: $10,000,001 to $50,000,000 The Company?s list of its 20 largest unsecured creditors filed with the petition is available for free at: http://bankrupt.com/misc/ilnb11-46994.pdf The petition was signed by Joseph Ardovitch, manager. POOLS AND SPAS: Files for Chapter 11 Bankruptcy Protection ---------------------------------------------------------- Aaron Nathans at the News Journal reports that Pools and Spas Unlimited sought on Nov. 16, 2011, Chapter 11 protection in U.S. Bankruptcy Court in Delaware as it looks to reorganize to keep the business open. The report, citing court documents, says the business had long been profitable, but the recession "resulted in a significant decline in the consumer purchase of nonessential recreation goods, such as pools and spas." In addition, manufacturing costs increased, and workdays were lost to severe weather in recent years. According to report, the company has $1.25 million in unsecured liabilities. The report notes that the company closed its store at 3420 Kirkwood Highway near Prices Corner in Wilmington, Delaware, last year. The company started at the Kirkwood location in 1981; the current location, at 19 S. Broad St. in Middletown, Delaware, opened in 2005. The report adds that another Pools and Spas Unlimited location in Milford is under a different corporation and is not included in the proposed reorganization. Pools and Spas Unlimited sells pool and spa equipment, accessories, chemicals, patio furniture and gazebos and offers installation and maintenance services. POWER BALANCE: Class Suits Force Wristband Maker Into Bankruptcy ---------------------------------------------------------------- Power Balance LLC, the maker of $30 athletic wristbands that promise to alter the body?s natural energy flow to make it stronger, well-balanced and more flexible, filed for Chapter 11 bankruptcy protection on Friday with the U.S. Bankruptcy Court in Santa Ana, Calif., amid litigation and plummeting sales. Katy Stech, writing for Dow Jones' Daily Bankruptcy Review, relates the company plans to sell its business for $6 million to a company that?s related to the Chinese manufacturer that makes the bracelets. Under the proposal, the company would conduct an auction to see if any higher bidders emerge. DBR relates that questions arose last year when Australia's consumer-protection watchdog investigated the California company?s so-called "holographic technology," which claims to tune the body's frequency for optimal athletic performance when the wristband's two dime-sized holographs align around your wrist. A round of class-action lawsuits followed, reciting the commission's findings and spreading negative publicity that deflated consumer interest in the bracelets, which are sold in more than 3,300 retail stores and on the company?s Web site. According to the Sacramento Bee, Power Balance recently settled a $57.4 million class-action lawsuit with its customers for false advertising. SacBee relates that under terms of the agreement, "anybody who was foolish enough to pay for a Power Balance Bracelet can get their money back plus up to $5 to cover the costs of shipping and handling." Garrick Hollander, Esq. -- ghollander@winthropcouchot.com -- at Winthrop Couchot, represents the company in the bankruptcy case. He said the company?s revenue topped $52 million last year, but has since slowed, hitting just $20 million through the end of October. Power Balance LLC was founded by brothers Troy and Josh Rodarmel and employs about 40 people at its Lake Forest, Calif., headquarters. POWER BALANCE: Case Summary & 21 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Power Balance, LLC, a Delaware limited liability company 30012 Ivy Glenn Drive, Suite 180 Laguna Niguel, CA 92677 Bankruptcy Case No.: 11-25982 Chapter 11 Petition Date: November 18, 2011 Court: U.S. Bankruptcy Court Central District of California (Santa Ana) Judge: Theodor Albert Debtor's Counsel: Garrick A. Hollander, Esq. WINTHROP COUCHOT 660 Newport Center Drive, Suite 400 Newport Beach, CA 92660 Tel: (949) 720-4150 Fax: (949) 720-4111 E-mail: ghollander@winthropcouchot.com Estimated Assets: $1,000,001 to $10,000,000 Estimated Debts: $10,000,001 to $50,000,000 The Company?s list of its 21 largest unsecured creditors filed with the petition is available for free at: http://bankrupt.com/misc/cacb11-25982.pdf The petition was signed by Henry G. Adamanym, Jr., chairman. RAY WILLIAMS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Ray Williams Sheet Metal Company Inc. 2535 St. Clair Street Jacksonville, FL 32254 Bankruptcy Case No.: 11-08446 Chapter 11 Petition Date: November 18, 2011 Court: U.S. Bankruptcy Court Middle District of Florida (Jacksonville) Debtor's Counsel: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER 5452 Arlington Expressway Jacksonville, FL 32211 Tel: (904) 725-0822 Fax: (904) 725-0855 E-mail: court@planlaw.com Scheduled Assets: $498,227 Scheduled Debts: $1,708,342 The Company?s list of its 20 largest unsecured creditors filed with the petition is available for free at: http://bankrupt.com/misc/flmb11-08446.pdf The petition was signed by Raymond O. Williams, Jr., president. SARGENT RANCH: Case Summary & 14 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Sargent Ranch, LLC, a Calif. Limited Liability Company 8038 Gilman Court San Diego, CA 92037 Bankruptcy Case No.: 11-18853 Chapter 11 Petition Date: November 18, 2011 Court: U.S. Bankruptcy Court Southern District of California (San Diego) Judge: Laura S. Taylor Debtor's Counsel: Brendan K. Ozanne, Esq. DAWSON & OZANNE 7938 Ivanhoe Avenue, 2nd Floor La Jolla, CA 92037 Tel: (760) 877-9552 Fax: (619) 491-9205 Estimated Assets: $500,000,001 to $1 billion Estimated Debts: $50,000,001 to $100,000,000 The petition was signed by Wayne F. Pierce, managing member. Debtor's List of Its 14 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Mike Baldridge Consulting $1,774,250 335 Sutton Circle Danville, CA 94506 Manaslan & Rougeau, LLP Legal Fees $750,000 400 Montgomery Street, Suite 1000 San Francisco, CA 94104 Chester Spiering Consulting Fees $500,000 1235 Christobal Privada Mountain View, CA 94040 Santa Clara County -- $489,220 Tax Collector 70 W. Hedding Street San Jose, CA 95110 Pillsbury Winthrop Legal Fees $411,000 2300 N. Street NW, Room 6182 Washington, DC 20037 Barnes & Thornberg Legal Fees $200,000 McNally Temple Consulting Fees $84,000 Miller Starr Regalla Legal Fees $83,674 Clark & Weinstock Legal Fees $75,000 Santa Cruz County -- $53,034 Live Oak Associates Biological Surveys $30,000 Morrison Foerster Legal Fees $13,000 Luhdorff & Scalmanini Engineering Fees $9,500 Ruggeri Jensen Azar Engineering Fees $8,170 SBARRO INC: Judge Confirms First Amended Chapter 11 Plan -------------------------------------------------------- The Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York confirmed the first amended joint Chapter 11 plan of reorganization of Sbarro Inc. and its debtor- affiliates. "[The] ruling marks an important milestone in our efforts to emerge from the bankruptcy process as a stronger business that will be better positioned to serve our customers," PizzaMarketPlace.com quotes Nicholas McGrane, interim president and CEO of Sbarro Inc., as saying. PizzaMarketPlace.com relates Mr. McGrane added that when the company emerges from bankruptcy, its debts will have been reduced by about 70% and Sbarro Inc. will have access to $35 million in capital provided by its new ownership group. According to the Troubled Company Reporter on Oct. 13, 2011, Nicholas McGrane, Interim President and Chief Executive Officer of Sbarro, said, "The amended plan is a positive development for Sbarro that will allow the Company to emerge from bankruptcy in the very near term with significantly reduced debt. The plan also provides the Company with approximately $35 million of new capital to continue our turnaround effort, which has already increased same store sales year-to-date, including continued improvement in the third quarter. In addition, through this process, the Company has been able to improve lease terms at a number of locations and close some underperforming restaurants. We appreciate the support of our first lien lenders and believe the ample liquidity they have provided -- combined with our reduced debt and operating expenses -- will position Sbarro for accelerated growth going forward." Key terms of the Amended Plan include: -- Converting up to $35 million of loans outstanding under Sbarro's DIP Facility into new first-out rollover term loans, which together with the new money term loans of up to $35 million will comprise the "First-Out Exit Term Loan Facilities" of the reorganized company. -- Converting a portion of the Prepetition First Lien Credit Facility into a $75 million "last-out" exit term facility; -- Converting the remaining approximately $100 million in secured indebtedness outstanding under the Prepetition First Lien Credit Facility into substantially all of the common equity of Reorganized Sbarro; and -- Eliminating all other outstanding debt. The exit financing package provided by the first lien lenders allows the Company to exit bankruptcy in the fourth quarter with significant cash interest coverage. As the Company enters the fourth quarter -- historically its busiest period -- it expects to be able to generate positive cash flow before year-end, resulting in net leverage below $100 million and expected liquidity of approximately $40 million by the end of 2011. About Sbarro Inc. The Sbarro family started its business after moving to Brooklyn, New York, from Naples, Italy, in 1956. Today Sbarro is a leading, global Italian quick service restaurant concept with approximately 5,170 employees, 1,045 restaurants throughout 42 countries, and annual revenues in excess of $300 million. Sbarro Inc. sought bankruptcy protection under Chapter 11 (Bankr. S.D.N.Y. Lead Case No. 11-11527) to eliminate about $200 million in debt. The Debtor disclosed $51,537,899 in assets and $460,975,646 in liabilities as of the Chapter 11 filing. Sbarro said it has reached an agreement with all of its second- lien secured lenders and approximately 70% of its senior noteholders on the terms of a reorganization plan that will eliminate more than half of the Company's total indebtedness. Edward Sassower, Esq., and Nicole Greenblatt, Esq., at Kirkland & Ellis, LLP, serve as the Debtors' general bankruptcy counsel. Rothschild, Inc., is the Debtors' investment banker and financial advisor. PriceWaterhouseCoopers LLP is the Debtors' bankruptcy consultants. Marotta Gund Budd & Dzera, LLC, is the Debtors' special financial advisor. Curtis, Mallet-Prevost, Colt & Mosle LLP serves as the Debtors' conflicts counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' claims agent. Sard Verbinnen & Co is the Debtors' communications advisor. TERRESTAR CORP: Challenges $25.5-Mil. in Elektrobit Claims ---------------------------------------------------------- Reuters reports that Elektrobit Corporation has been informed that TerreStar Corporation and certain of its preferred shareholders, filed on Nov. 17, 2011, objections to claims asserted by EB's subsidiary, Elektrobit Inc., in the Chapter 11 reorganization case of TerreStar Corporation. According to the Reuters, EB's claims are partly based on a guarantee issued by TerreStar Corporation on EB's accounts receivable from TerreStar Corporation's subsidiary, TerreStar Networks Inc, and partly based on TerreStar Corporation's direct contractual obligations towards EB. The objection includes a request to the U.S. Bankruptcy Court to disallow the portion of claims based on the guarantee and reduce the portion of claim based on the TerreStar Corporation's direct contractual obligations towards EB. Specifically, the objectors seek to disallow a portion of EB's claims against TerreStar Corporation totaling $25.5 million -- including $24.8 million in obligations that were guaranteed by TerreStar Corporation and $650,890 for goods supplied to and payable by TerreStar Networks in due course on a priority basis in its Chapter 11 liquidation case -- as well as claims by EB for payment of attorneys' fees, costs and interest in unliquidated amounts. Reuters says, under the United States Bankruptcy Code, with limited exceptions a creditor's filed claim is presumed to be valid in the amount filed unless another party objects. The filing of an objection commences a litigation process in which the creditor is generally required to prove to the Bankruptcy Court the validity and amount of its claim. Thus, due to the objection filed by TerreStar Corporation and the joint objection filed by the preferred shareholder group, EB's claims will be subject to litigation in U.S. Bankruptcy Court. EB expects to vigorously defend its claims against the objections, but speculation regarding the likely outcome of the dispute is premature at this time. Reuters relates that EB has lodged objections to proposed plan and related creditor disclosures submitted by TerreStar Corporation to the Bankruptcy Court, and the parties objecting to EB's claim have scheduled the hearing on their objections on Jan. 10, 2012, the date scheduled for a hearing on TerreStar Corporation's proposed creditor disclosures. About TerreStar Corp. and TerreStar Networks TerreStar Corporation and TerreStar Holdings, Inc., filed voluntary Chapter 11 petitions with the U.S. Bankruptcy Court for the Southern District of New York on Feb. 16, 2011. TSC's Chapter 11 filing joins the bankruptcy proceedings of TerreStar Networks Inc. and 12 other affiliates, which filed on Oct. 19, 2010. The October Chapter 11 cases are procedurally consolidated under TSN's Case No. 10-15446 under Judge Sean H. Lane. TSC is the parent company of each of the October Debtors. TSC has four wholly owned direct subsidiaries: TerreStar Holdings, Inc., TerreStar New York Inc., Motient Holdings Inc., and MVH Holdings Inc. TSC's case is jointly administered with the cases of seven of the October Debtors under the caption In re TerreStar Corporation, et al., Case No. 11-10612 (SHL). The seven Debtor entities who sought joint administration with TSC are TerreStar New York Inc., Motient Communications Inc., Motient Holdings Inc., Motient License Inc., Motient Services Inc., Motient Ventures Holdings Inc., and MVH Holdings Inc. TSC is a Delaware corporation whose main asset is the equity in non-Debtor TerreStar 1.4 Holdings LLC, which has the right to use a "1.4 GHz terrestrial spectrum" pursuant to 64 licenses issued by the Federal Communication Commission. TSC also has an indirect 89.3% ownership interest in TerreStar Network, Inc., which operates a separate and distinct mobile communications business. TerreStar Holdings is a Delaware corporation that directly holds 100% of the interests in 1.4 Holdings LLC. TerreStar Networks -- TSN -- the principal operating entity of TSC, developed an innovative wireless communications system to provide mobile coverage throughout the United States and Canada using satellite-terrestrial smartphones. The system, however, required an enormous amount of capital expenditures and initially produced very little in the way of revenue. TSN's available cash and borrowing capacity were insufficient to cover its funding; thus, forcing TSN to seek bankruptcy protection in October 2010. TSC estimated assets and debts of $100 million to $500million in its Chapter 11 petition. Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, in New York, serves as counsel for the TSC and TSN Debtors. Garden City Group is the claims and notice agent. Blackstone Advisory Partners LP is the financial advisor. The Garden City Group, Inc., is the claims and noticing agent in the Chapter 11 cases. Otterbourg Steindler Houston & Rosen P.C. is the counsel to the Official Committee of Unsecured Creditors formed in TSN's Chapter 11 cases. FTI Consulting, Inc., is the Committee's financial advisor. TerreStar has signed a contract to sell its business to Dish Network Corp. for $1.38 billion. TerreStar cancelled a June 30 auction because there were no competing bids submitted by the deadline. TEUFEL NURSERY: Creditors Get 100% Recovery ------------------------------------------- Andy Giegerich, staff writer at the Portland Business Journal, reports that Teufel Nursery Inc. said it is on the road to a full recovery, saying that it repaid 100% of its $10 million worth of outstanding debts. "The bankruptcy stigma is there, and we don?t shy away from it," the report quotes Rick Christensen, Teufel's landscape division manager, as saying. "It was part of our past, something that was unavoidable, and we prepared for it in a way that provided the most positive outcome possible." Headquartered in Portland, Oregon, Teufel Nursery, Inc. -- http://www.teufel.com/-- aka Teufel Landscape offers lawn and gardening services. The Company filed for Chapter 11 on June 24, 2009, (Bankr. D. Ore. Case No. 09-34880) Robert J. Vanden Bos, Esq., at Vanden Bos & Chapman represents the Debtor in its restructuring efforts. The Debtor has assets and debts both ranging from $10 million to $50 million. The Company successfully exited court supervision on Feb. 1, 2010, with a plan to repay its creditors. TOWNS REAL: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Towns Real Estate & Appraisal Service, Inc. 101 Hickory Avenue Oneonta, AL 35121 Bankruptcy Case No.: 11-05875 Chapter 11 Petition Date: November 18, 2011 Court: U.S. Bankruptcy Court Northern District of Alabama (Birmingham) Judge: Thomas B Bennett Debtor's Counsel: William A. Ellis, III, Esq. 223 2nd Avenue East Oneonta, AL 35121 Tel: (205) 274-2394 E-mail: ellislawfirm@aol.com Scheduled Assets: $1,580,000 Scheduled Debts: $1,438,932 The Company?s list of its largest unsecured creditors filed with the petition does not contain any entry. The petition was signed by William M Towns, president/CEO. WEST END FINANCIAL: Founder Landberg Pleads Guilty to Fraud ----------------------------------------------------------- Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports that William Landberg, the founder of the bankrupt New York-based investment firm West End Financial Advisors LLC, pleaded guilty to federal charges of securities fraud. Sentencing is set for March 16. According to the report, prosecutors said Mr. Landberg sought money from West LB for a loan related to property in Alabama. When the transaction didn't close, Mr. Landberg failed to tell West LB and didn't return the money, according to court papers. He entered his plea Nov. 18 before U.S. Judge Laura Taylor Swain in Manhattan. The criminal case is U.S. v. Landberg, 10-cr-00538, U.S. District Court, Southern District of New York (Manhattan). About West End Financial West End Financial Advisors LLC, Sentinel Investment Management Corp. and a number of affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 11-11152) in Manhattan on March 15, 2011. New York-based West End estimated its assets and debts at $1 million to $10 million. Arnold Mitchell Greene, Esq., at Robinson Brog Leinwand Greene Genovese & Gluck, P.C., serves as the Debtors' bankruptcy counsel. William Landberg created WEFA in 2000 as an investment and financial management company. Subsequently he purchased Sentinel Investment Management Corp., a boutique investment advisory company. Sentinel and WEFA targeted individual private clients for investments in fixed income funds and alternative investment products. Mr. Landberg's ultimately resigned from all West End related entities effective June 2, 2009, following a probe on misappropriation of funds. Schedules of assets and liabilities for West End and its funds showed assets of $400,000 and debt of $6.7 million, not including $66 million from investors who may or may not be considered creditors. Debt includes $5.5 million in secured claims, according to the schedules. Secured creditors with the largest claims are DZ Bank ($118.1 million), West LB ($41 million), Iberia Bank ($11.3 million), and Suffolk County National Bank ($8.3 million). West End Financial filed a plan of liquidation in bankruptcy court in August. WILLIAM LYON: Luxor Set to Take Control of Restructuring -------------------------------------------------------- Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports that Luxor Capital Group LP is poised to gain control of William Lyon Homes after the builder filed a plan with regulators for a prepackaged bankruptcy. According to the report, Luxor, a New York-based hedge fund, leads creditors that will own 51.5% of William Lyon's equity after the proposed reorganization, according to a filing Nov. 17 with the U.S. Securities and Exchange Commission. The Lyon family, which took the homebuilder private in 2006, will reduce its stake to 20% from 94.6%, the company said. The report relates that the reorganization plan comes after weeks of negotiations with creditors as the company's cash supply dwindled amid slowing home sales. Billionaire Thomas Barrack's Colony Financial Inc., which gave the builder a $206 million secured loan in 2009, and investors holding a majority of its $283 million of unsecured bonds agreed to the plan, William Lyon said in the filing. About William Lyon Homes Based in Newport Beach, California, William Lyon Homes and subsidiaries -- http://www.lyonhomes.com/-- are primarily engaged in designing, constructing and selling single family detached and attached homes in California, Arizona and Nevada. The Company's balance sheet at June 30, 2011, showed $611.15 million in total assets, $610.25 million in total liabilities and $896,000 in equity. William Lyon reported a $22.4 million net loss for the six months ended June 30, 2011, on revenue of $101.9 million. The operating loss for the half year was $12.5 million. The company didn't make the $7.5 million interest payment that was due Oct. 1 on $138.8 million in 10.75% senior notes due 2013. In November 2011, William Lyon announced an exchange offer that will swap senior notes for equity while generating $85 million in new cash. Holders of 64% of the $284 million in senior unsecured notes support the arrangement where the existing debt will be exchanged for $75 million in new secured notes plus 28.5% of the common equity. The Lyon family will invest $25 million in return for 20% of the common stock and warrants for another 9.1%. Senior secured lenders are to receive a 10.25%, three-year note for $235 million. Moody's Investors Service assigned a Ca/LD probability of default rating to William Lyon after the Company missed a required interest payment on its 10.75% senior unsecured notes within the 30-day grace period. * 11th Circuit Writes Ponzi Opinion Helpful for Madoff Trustee -------------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that the U.S. Court of Appeals in Atlanta handed down a decision in October that the trustee for Bernard L. Madoff Investment Securities LLC will find useful in trying to overturn a September decision by U.S. District Judge Jed Rakoff applying the so-called safe harbor in Section 546(e) of the Bankruptcy Code to Ponzi schemes. According to the report, the Eleventh Circuit case in Atlanta involved an interlocutory appeal of a bankruptcy court's order that refused to grant a trustee summary judgment for the return of fictitious profits and principal paid out in a Ponzi scheme. Mr. Rochelle relates that the case involved a hedge fund that in reality was a Ponzi scheme. The investors believed they were buying equity in the funds. The trustee contended that as equity investors, even the principal they took from the Ponzi scheme didn't represent "value." The circuit court in Atlanta disagreed, taking sides with the U.S. Court of Appeals in San Francisco. If the Ponzi scheme was already operating when the supposed equity investments were made, the courts of appeal say the investor immediately had a fraud claim that could offset later lawsuits to recover principal, although not fictitious profits. Mr. Rochelle notes that the language useful for the Madoff trustee appears late in the opinion, where the circuit court describes how the trustee wanted the court to "focus solely on the form" of the equity investment and "ignore the reality of how Ponzi schemes operate." The Eleventh Circuit said, "no court to date has applied this form over substance rule in fraudulent transfer actions involving Ponzi schemes." According to Mr. Rochelle, the statements are useful for the Madoff trustee because Judge Rakoff ruled in a lawsuit with New York Mets owner Fred Wilpon that the safe harbor for brokers applied even though it was a Ponzi scheme. Judge Rakoff applied the safe harbor applicable to stockbrokers without analyzing whether the Madoff firm was a broker in form only. The Eleventh Circuit decision was written by U.S. District Judge William T. Hodges, sitting by designation. The case is Perkins v. Haines, 10-10683, U.S. Court of Appeals for the Eleventh Circuit (Atlanta). * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE ABT CN 116.7 (13.2) (2.9) ACCO BRANDS CORP ABD US 1,050.3 (32.6) 298.7 ALASKA COMM SYS ALSK US 608.6 (51.3) 15.0 AMC NETWORKS-A AMCX US 2,121.5 (1,065.5) 519.5 AMER AXLE & MFG AXL US 2,232.8 (373.3) 125.6 AMERISTAR CASINO ASCA US 2,039.6 (105.7) (50.8) ANOORAQ RESOURCE ARQ SJ 1,016.8 (119.1) 20.8 AUTOZONE INC AZO US 5,869.6 (1,254.2) (638.5) BLUEKNIGHT ENERG BKEP US 320.8 (12.5) (69.9) BOSTON PIZZA R-U BPF-U CN 146.9 (105.3) (2.0) CABLEVISION SY-A CVC US 6,740.1 (5,525.9) (886.1) CANADIAN SATEL-A XSR CN 174.4 (29.8) (55.9) CAPMARK FINANCIA CPMK US 20,085.1 (933.1) - CC MEDIA-A CCMO US 16,508.9 (7,456.0) 1,531.3 CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1) CENVEO INC CVO US 1,407.1 (331.1) 222.9 CHENIERE ENERGY CQP US 1,803.0 (524.1) 67.7 CHENIERE ENERGY LNG US 2,651.4 (446.9) (282.7) CHOICE HOTELS CHH US 467.9 (14.4) 28.0 CINCINNATI BELL CBB US 2,683.8 (626.1) 22.7 CLOROX CO CLX US 4,077.0 (76.0) (30.0) CUMULUS MEDIA-A CMLS US 367.2 (322.5) 46.4 DEAN FOODS CO DF US 5,911.2 (58.1) 327.7 DENNY'S CORP DENN US 280.6 (95.5) (40.1) DIRECTV-A DTV US 18,232.0 (2,471.0) 103.0 DOMINO'S PIZZA DPZ US 438.2 (1,221.0) 118.2 DUN & BRADSTREET DNB US 1,767.1 (567.8) (483.7) ECOSYNTHETIX INC ECO CN 45.2 (346.7) 32.2 FNB UNITED CORP FNBND US 1,643.9 (129.9) - FRANCESCAS HOLDI FRAN US 69.7 (0.1) 22.8 FREESCALE SEMICO FSL US 3,596.0 (4,488.0) 1,386.0 GENCORP INC GY US 994.2 (143.4) 102.2 GLG PARTNERS INC GLG US 400.0 (285.6) 156.9 GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9 GOLDEN QUEEN MNG GQM CN 6.9 (2.0) 5.3 GOLDEN QUEEN MNG GQMNF US 6.9 (2.0) 5.3 GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5 GROUPON INC GRPN US 795.6 (15.6) (301.0) HANDY & HARMAN L HNH US 380.4 (0.9) 35.6 HCA HOLDINGS INC HCA US 23,756.0 (9,062.0) 2,422.0 HUGHES TELEMATIC HUTCU US 94.0 (111.8) (39.0) HUGHES TELEMATIC HUTC US 94.0 (111.8) (39.0) IDENIX PHARM IDIX US 88.8 (2.3) 54.6 IMPERVA INC IMPV US 42.5 (6.6) (5.8) INCYTE CORP INCY US 371.2 (181.0) 225.5 IPCS INC IPCS US 559.2 (33.0) 72.1 ISTA PHARMACEUTI ISTA US 137.5 (34.8) (7.5) JUST ENERGY GROU JE CN 1,584.2 (242.2) (215.6) JUST ENERGY GROU JSTEF US 1,584.2 (242.2) (215.6) LEVEL 3 COMM INC LVLT US 9,254.0 (523.0) 1,058.0 LIN TV CORP-CL A TVL US 815.8 (115.0) 56.6 LIZ CLAIBORNE LIZ US 1,144.0 (420.0) (97.3) LORILLARD INC LO US 3,152.0 (1,174.0) 1,299.0 MAINSTREET EQUIT MEQ CN 475.2 (10.5) - MANNKIND CORP MNKD US 224.0 (280.8) 9.7 MEAD JOHNSON MJN US 2,580.0 (144.8) 678.3 MEDIVATION INC MDVN US 188.3 (3.9) 89.4 MERITOR INC MTOR US 2,838.0 (963.0) 226.0 MOODY'S CORP MCO US 2,521.3 (174.2) 525.1 MORGANS HOTEL GR MHGC US 480.8 (77.2) (4.1) NATIONAL CINEMED NCMI US 807.9 (346.2) 56.6 NEXSTAR BROADC-A NXST US 582.7 (187.0) 26.2 NPS PHARM INC NPSP US 237.4 (38.6) 183.5 NYMOX PHARMACEUT NYMX US 7.6 (5.1) 4.3 OTELCO INC-IDS OTT-U CN 316.1 (10.1) 22.9 OTELCO INC-IDS OTT US 316.1 (10.1) 22.9 PALM INC PALM US 1,007.2 (6.2) 141.7 PDL BIOPHARMA IN PDLI US 270.5 (243.2) 44.6 PETROALGAE INC PALG US 5.8 (70.4) (72.0) PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9) PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9) PRIMEDIA INC PRM US 208.0 (91.7) 3.6 PROTECTION ONE PONE US 562.9 (61.8) (7.6) QUALITY DISTRIBU QLTY US 304.3 (105.9) 44.1 QWEST COMMUNICAT Q US 16,849.0 (1,560.0) (2,828.0) RAPTOR PHARMACEU RPTP US 20.5 (14.6) (21.4) REGAL ENTERTAI-A RGC US 2,262.0 (555.7) (25.8) RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4) RENTECH NITROGEN RNF US 111.3 (79.5) (16.0) REVLON INC-A REV US 1,081.7 (685.1) 148.6 RSC HOLDINGS INC RRR US 3,075.9 (50.7) (199.1) RURAL/METRO CORP RURL US 303.7 (92.1) 72.4 SALLY BEAUTY HOL SBH US 1,725.5 (260.7) 429.3 SINCLAIR BROAD-A SBGI US 1,563.8 (125.4) 45.7 SINCLAIR BROAD-A SBTA GR 1,563.8 (125.4) 45.7 SMART TECHNOL-A SMA CN 514.9 (9.4) 171.8 SMART TECHNOL-A SMT US 514.9 (9.4) 171.8 SUN COMMUNITIES SUI US 1,328.6 (72.4) - TAUBMAN CENTERS TCO US 2,518.2 (467.9) - THERAVANCE THRX US 283.3 (59.2) 229.4 TOWN SPORTS INTE CLUB US 445.1 (3.2) (30.8) UNISYS CORP UIS US 2,566.9 (594.5) 464.7 VECTOR GROUP LTD VGR US 931.0 (66.7) 252.6 VERISIGN INC VRSN US 1,657.7 (166.7) 724.5 VERISK ANALYTI-A VRSK US 1,379.9 (158.9) (234.2) VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3) WARNER MUSIC GRO WMG US 3,583.0 (289.0) (630.0) WEIGHT WATCHERS WTW US 1,086.5 (470.5) (292.3) WESTMORELAND COA WLB US 769.0 (174.4) (5.9) ********* 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 ***