TCR_Public/111222.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

           Thursday, December 22, 2011, Vol. 15, No. 354

                            Headlines

141 ROUTE: Voluntary Chapter 11 Case Summary
9701 LLC: Case Summary & 15 Largest Unsecured Creditors
ACCENTIA BIOPHARMA: Posts $15.7MM Net Loss in Fiscal 2011
AES EASTERN: Fitch Cuts Ratings on Two Certificate Series to 'C'
ALLEGHENY COUNTY, PA: Fitch Lowers Rating on Revenue Bonds to 'B'

AMERICANWEST BANCORP: Wants to Hire BDO Seidman as Tax Accountant
ANNA PERRETTA: ARE LIX Has Green Light to Foreclose
APOLLO MEDICAL: Reports $58,000 Net Income in Oct. 31 Quarter
BANKUNITED FINANCIAL: Headed to Feb. 21 Confirmation Hearing
BAYVIEW FOUR: Case Summary & 2 Largest Unsecured Creditors

BEACON POWER: Taps Potter Anderson as Bankruptcy Counsel
BEACON POWER: Taps Brown Rudnick as Bankruptcy Co-Counsel
BEACON POWER: Wants to Hire CRG Partners as Financial Advisors
BEACON POWER: Taps Pluritas LLC as Intellectual Property Advisors
BERNARD L. MADOFF: Controller Pleads Guilty to Helping Hide Fraud

BERNARD L MADOFF: Kingate Sues Deutsche Bank Over Sale of Claim
BIOVEST INTERNATIONAL: Incurs $15.3-Mil. Net Loss in Fiscal 2011
BIOZONE PHARMACEUTICALS: Amends 8.3MM Common Shares Offering
CAFFEY PLACE: Case Summary & 3 Largest Unsecured Creditors
CAGLE'S INC: Proposes $250,000 in Bonuses for 13 Workers

CANO PETROLEUM: Hein & Associates Resigns as Accountants
CENTRAL EUROPEAN: Needs to Address Debt Load
CENTRAL FALLS, R.I.: Pensions Chopped, But Investors to Get Paid
CENTRAL FALLS, R.I.: Retirees Support Pension Cuts & Payment Plan
CHARTER COMMUNICATIONS: Former Cablevision Exec. Takes Helm

CHINA TEL GROUP: To Acquire Serbian Broadband Operator Verat
CIRCLE ENTERTAINMENT: Borrows $900,000 from Directors, et al.
CITIZENS DEVELOPMENT: Plan Outline Hearing Scheduled for Jan. 13
CITY OF ORLANDO, FA: Fitch Affirms 'BB+' Rating on Revenue Bonds
CLAYTON PLAZA: Case Summary & 5 Largest Unsecured Creditors

CLEVELAND SPEEDWAY: Files for Chapter 11 Bankruptcy Protection
COMCAM INTERNATIONAL: SEC Suspended Stock Trading for 2 Weeks
CONOLOG CORP: Incurs $618,000 Net Loss in Oct. 31 Quarter
DANNY'S FAMILY: Emerges From Chapter 11 Bankruptcy Protection
DELPHI CORP: Hedge Funds Sue Firm, Backers Over $300M Payment

DELTA AGGRIGATE: Case Summary & 6 Largest Unsecured Creditors
DEWITT REHABILITATION: Files Plan, Disclosure Statement
DETROIT, MI: State treasurer Calls for Financial-Review Team
DRINKS AMERICAS: Inks Forbearance Agreement on $4-Mil. Debenture
DTF CORPORATION: Files List of 20 Largest Unsecured Creditors

EAST PROVIDENCE, RI: Issues $10MM Debt Thru Private Placement
EL-KHOURY ENTERPRISES: Voluntary Chapter 11 Case Summary
ELBIT VISION: Annual Shareholders' Meeting Set for Jan. 17
EMMIS COMMUNICATIONS: DJD Group Owns 187,416 Common Shares
ENCINAL DEL MONTE: Case Summary & 2 Largest Unsecured Creditors

EVERGREEN SOLAR: Sells Substantially All Devens Tangible Assets
EVERGREEN SOLAR: Sells Equipment & Machinery for $9-Mil.
FIRST NATIONAL: Can Use Lenders' Cash Collateral Until Feb. 29
FULTON SCIENCE: Fitch Cuts Ratings on Two Bond Series to 'BB-'
G&A REALTY: Voluntary Chapter 11 Case Summary

GATORLAND CROSSINGS: Voluntary Chapter 11 Case Summary
GENERAL GROWTH: Expects to Close Rouse Spinoff January 12
GRUBB & ELLIS: Extends Exclusivity of C-III Loan Pact to Jan. 14
GSW HOLDINGS: Top Unsecured Creditors' List Has One Entity
GUIDED THERAPEUTICS: Obtains Marketing Approval for LuViva

HAMPTON ROADS: Files Form S-8; Registers 2.75-Mil. Common Shares
HANMI FINANCIAL: To Effect a 1-for-8 Reverse Stock Split
HARRISBURG, PA: Receiver Seeks More Time to File Recovery Plan
HAWAII MEDICAL: Beginning 'Orderly Wind Down'
HAWAII MEDICAL: Shuts Down Emergency Room as Part of Wind-Down

HORIZON LINES: Beach Point Discloses 14.5% Equity Stake
INNOVIDA HOLDINGS: Soneet Kapila Appointed as Chapter 7 Trustee
INOVA TECHNOLOGY: Posts $263,000 Net Income in Oct. 31 Quarter
IRVINE SENSORS: Special Meeting of Stockholders Set for Jan. 19
JER/JAMESON MEZZ: Amends List of Largest Unsecured Creditors

KV PHARMACEUTICAL: Incurs $54.8-Mil. Net Loss in Sept. 30 Qtr.
KV PHARMACEUTICAL: Files Form S-8; Registers 4MM Class A Shares
LARIAT ORGANIZATION: Case Summary & 20 Largest Unsecured Creditors
LESLIE CONTROLS: Summary Judgments in Bradberry Case Affirmed
LL MURPHREY: Debt to DAN Joint Venture Totals $6.2MM, Not $11MM

M WAIKIKI: Marriott Sues Aqua Hotels et al. for Breach of Contract
MERCER RUG: Sold to Hadeed Carpet for $1.26 Million
METROPARK USA: Wants Access to Wells Fargo's Cash Collateral
M. F. GOMES: Case Summary & 20 Largest Unsecured Creditors
MIDWEST BEEF: Case Summary & 9 Largest Unsecured Creditors

MMH INC: Case Summary & 12 Largest Unsecured Creditors
MMRGLOBAL INC: Signs Deal Memo on Possible Merger with JER
MONEYGRAM INT'L: Fraud Investigations Near Completion
MONEY TREE: Financial Woes Prompt Chapter 11 Bankruptcy Filing
MOUNTAIN CITY: Counsel to Auction Meat Processing Assets

MRA PELICAN: Files Disclosures for Second Amended Plan
NAKNEK ELECTRIC: Wants Access to Cash Collateral Until March 31
NAVISTAR INTERNATIONAL: Board OKs 2012 Annual Incentive Awards
NAVISTAR INTERNATIONAL: Jeffrey Altman Holds 8.5% Equity Stake
N.L.C. UNITRUST: Reorganization Plan Hearing Commences

OCEAN PLACE: Access to AFP 104 Cash Collateral Expires on Jan. 31
PACIFIC INTERVENTURES: Case Summary & Largest Unsecured Creditor
PARK AVENUE: US Insurance Group Trustee's Suit v. FDIC Dismissed
PECAN SQUARE: Files List of 16 Largest Unsecured Creditors
PHILADELPHIA ORCHESTRA: Plan Filing Period Extended to Feb. 10

PMI GROUP: Seeks Nod for Executive Salaries, Pension Freeze
PROFESSIONAL VETERINARY: Completes Sale of Headquarters/Warehouse
QUIZNOS CORP: Avenue Capital Leads Talks to Restructure Debt
REAL MEX: Has Green Light to Pay $3MM in Sale-Related Bonuses
REAL MEX: Asks Court to Extend Plan Filing Deadline to June 1

ROBB & STUCKY: Hearing on Case Dismissal, et al., Set for Jan. 11
ROBERTS HOTELS: Voluntary Chapter 11 Case Summary
SAND SPRING: Joseph J. Farnan Appointed as Mediator for Disputes
SAPPINGTON FARMERS: Files for Chapter 11 Bankruptcy Protection
SHOPPES OF LAKESIDE: Creditor J Properties Wants Case Dismissed

SINCLAIR BROADCAST: Raises $530 Million of Incremental Term Loans
SOLYNDRA LLC: Wants Plan Filing Period Extended to April 3
SOUTHERN ELECTRIC COIL: Bankr. Court to Hear Suit v. FirstMerit
SOUTHWEST GEORGIA: Court Confirms Restated Plan of Reorganization
SP NEWSPRINT: Judge Allows Firm to Begin Spending $25MM Loan

SPARTA COMMERCIAL: Incurs $644,000 Net Loss in Oct. 31 Quarter
STOCKDALE TOWER: Amends List of Largest Unsecured Creditors
STRATEGIC AMERICAN: Incurs $4.2 Million Net Loss in Oct. 31 Qtr.
STRATHMORE SQUARE: Case Summary & 3 Largest Unsecured Creditors
SUMMIT LAKE: Case Summary & 12 Largest Unsecured Creditors

SUMO DEVELOPMENT: Set for Feb. 3 Plan Confirmation
TALON THERAPEUTICS: Board Appoints Cecilia Gonzalo as Director
TAYLOR & BISHOP: BBG to Receive Lump Sum of $6.5MM and HOF Note
THOMAS J EGGETT: Ohio Appeals Court Rules on Child Support
TRAILER BRIDGE: Gains Approval to Tap $15MM Bankruptcy Loan

US INSURANCE GROUP: Ch. 7 Trustee's Suit v. FDIC Dismissed
VENETIAN TOWNHOMES: Voluntary Chapter 11 Case Summary
VISICON SHAREHOLDERS: Court to Hear Dismissal Motion on Jan. 18
VUANCE LTD: Shareholders Approve Fahn Kanne & Co. as Accountants
VUZIX CORP: Defers $309,502 Interest Payment on LC Loan to 2014

WASHINGTON MUTUAL: Fails to Dismiss Tranquility's $49MM Claim
WENTWORTH HILLS: Court Rejects Mansfield Bank's Plan Objection
WEST END: Becomes Test Case for Time Record Lumping
WINECELLAR RESTAURANT: Case Summary & 14 Largest Unsec. Creditors
WINGATE AIRPORT: Seeks OK of $2MM Bridge From Lenders Mortgage

WINTERS SHEET: Cash Collateral Use Extended Thru Jan. 4

* Shop's Closing, Owner's Bankruptcy Complicate Overhaul Argument
* Survey Reveals One in Three Lawyers Plans to Add Staff in 1Q
* Investors Seek More Data on Bank Loans to Municipalities
* Fitch Expects Beverages Sector to Have Stable Outlook in 2012

* Sidley Austin Names 3 New Bankruptcy Partners
* Rust Consulting Acquires Omni Management

* Restructuring Troubled Media Firms: Practical Tips for Creditors

* Recent Small-Dollar & Individual Chapter 11 Filings



                            *********

141 ROUTE: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: 141 Route 69, LLC
        141 South State Route 69
        Prescott Valley, AZ 86314

Bankruptcy Case No.: 11-33728

Chapter 11 Petition Date: December 13, 2011

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

Judge: Redfield T. Baum PCT Sr.

Debtor's Counsel: John J. Hebert, Esq.
                  POLSINELLI SHUGHART, P.C.
                  One East Washington Street
                  CityScape Building, Suite 1200
                  Phoenix, AZ 85004
                  Tel: (602) 650-2011
                  Fax: (602) 391-2546
                  E-mail: jhebert@polsinelli.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 Rod Spray, member.


9701 LLC: Case Summary & 15 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: 9701, LLC
        10100 West Sample Road, 3rd Floor
        Coral Springs, FL 33065

Bankruptcy Case No.: 11-44319

Chapter 11 Petition Date: December 15, 2011

Court: United States Bankruptcy Court
       Southern District of Florida (Fort Lauderdale)

Judge: Raymond B. Ray

Debtor's Counsel: Susan D. Lasky, Esq.
                  SUSAN D LASKY, PA
                  2101 N Andrews Ave #405
                  Wilton Manors, FL 33311
                  Tel: (954) 565-5854
                  Fax: (954) 462-8411
                  E-mail: ECF@suelasky.com

Scheduled Assets: $1,788,473

Scheduled Liabilities: $4,157,981

A list of the Company's 15 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/flsb11-44319.pdf

The petition was signed by Andrew Ponnock, managing member.


ACCENTIA BIOPHARMA: Posts $15.7MM Net Loss in Fiscal 2011
---------------------------------------------------------
Accentia Biopharmaceuticals, Inc., filed on Dec. 19, 2011, its
annual report on Form 10-K for the fiscal year ended Sept. 30,
2011.

Cherry, Bekaert & Holland, L.L.P., in Tampa, Fla., expressed
substantial doubt about Accentia Biopharmaceuticals' ability to
continue as a going concern.  The independent auditors noted that
the Company incurred cumulative net losses of approximately
$63.9 million during the two years ended Sept. 30, 2011, and had a
working capital deficiency of approximately $29.0 million at
Sept. 30, 2011.

The Company reported a net loss of $15.7 million on $4.0 million
of sales for the fiscal year ended Sept. 30, 2011, compared with a
net loss of $48.2 million on $5.4 million of sales for the fiscal
year ended Sept. 30, 2010.

The Company has recognized gains of $12.7 million and $59,188 for
the years ended Sept. 30, 2011 and 2010, respectively, as a result
of the settlement the Company's prepetition claims through the
Company's Chapter 11 proceedings.

The Company's balance sheet at Sept. 30, 2011, showed $5.9 million
in total assets, $93.0 million in total liabilities, and a
stockholders' deficit of $87.1 million.

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

                       http://is.gd/3K4fAT

Headquartered in Tampa, Florida, Accentia Biopharmaceuticals, Inc.
(OTC QB: "ABPI") -- http://www.Accentia.net/-- is committed to
advancing the autoimmune disease therapy, Revimmune(TM), as a
comprehensive system of care and drug regimen designed for the
treatment of autoimmune diseases.  Revimmune therapy includes an
ultra-high-dose regimen of Cytoxan(R) (cyclophosphamide),
exclusively supplied via a strategic agreement with Baxter
Healthcare Corporation.  Clinical trials for Revimmune are being
planned for the treatment of multiple autoimmune indications.

Accentia holds a majority-ownership stake in Biovest
International, Inc. (OTC QB: "BVTI"), an emerging leader in the
field of active personalized immunotherapies.  In collaboration
with the National Cancer Institute, Biovest has developed a
patient-specific cancer vaccine, BiovaxID(R), with three clinical
trials completed, including a Phase III study for the treatment of
follicular non-Hodgkin's lymphoma.

On Nov. 10, 2008, the Company and its wholly-owned subsidiaries,
Analytica, TEAMM Pharmaceuticals, Inc. d/b/a Accentia
Pharmaceuticals, AccentRx, Inc., and Accentia Specialty Pharmacy
filed voluntary petitions for reorganization under Chapter 11 of
the United States Bankruptcy Code in the U.S. Bankruptcy Court for
the Middle District of Florida, Tampa Division.

On Nov. 2, 2010, the Bankruptcy Court entered an order confirming
the Debtors' Joint Plan of Reorganization.  The Company emerged
from Chapter 11 protection, and the Plan became effective, on
Nov. 17, 2010.


AES EASTERN: Fitch Cuts Ratings on Two Certificate Series to 'C'
----------------------------------------------------------------
Fitch Ratings has downgraded a total of $433.1 million outstanding
secured debt serviced by cash flow from AES Eastern Energy LP
(AEE) to 'C' from 'CC.'  The downgrade is due to a likely default
on AEE's next lease payment due Jan. 3, 2012.

Fitch has taken the following rating actions:

AES Eastern Energy LP

  -- $165 million outstanding Series 1999-A certificates, due
     2017, downgraded to 'C' from 'CC';

  -- $268 million outstanding Series 1999-B certificates, due
     2029, downgraded to 'C' from 'CC'.

There is a high probability that AEE will not have sufficient
liquidity to pay the debt portion of its January lease payment, as
disclosed to Fitch by AEE management in early December 2011.
Recent AEE quarterly financial statements similarly warn of a
strong likelihood of default by June 30, 2012 and re-classified
all debt service as a current obligation.

In addition, collateral under the leases is currently in jeopardy.
As of Dec. 7, 2011, AEE failed to make payments or to obtain a
forbearance extension on its $30 million Additional Liquidity
Facility provided by an AEE affiliate, AES New York Surety, LLC.
These failures allow the affiliate the right to take 100% limited
partner ownership of AEE's interest in the project leases. A
reduction in any of AEE's ownership of the lease partnership below
51% would be an event of default under the lease agreements.

AEE is a special purpose entity that is indirectly wholly owned by
AES Corp, rated 'B+' with a Stable Outlook by Fitch.  AEE operates
four coal-fired electricity generating facilities with a gross
capacity of 1,169 MW, and of those four plants AEE leases two.
AEE sells electricity into the spot market at prevailing New York
Independent System Operator wholesale market prices.


ALLEGHENY COUNTY, PA: Fitch Lowers Rating on Revenue Bonds to 'B'
-----------------------------------------------------------------
As part of its continuous surveillance effort, Fitch Ratings takes
the following rating action on Allegheny County, PA Redevelopment
Authority's (the authority) tax increment revenue bonds:

  -- $7.3 million outstanding tax increment financing district
     revenue bonds (Robinson Mall project), series 2000A, affirmed
     at 'BB+';

  -- $2.3 million outstanding tax increment financing district
     revenue bonds (Robinson Mall project), series 2000B,
     downgraded to 'B' from 'BB-'.

The Rating Outlook for both the series 2000A and 2000B bonds is
revised to Negative from Stable.

The 2000A bonds are secured by the tax increment revenue derived
from the mall properties, excluding the two parcels owned by Sears
and J.C. Penney.  As additional security, the mall developer and
owner, Robinson Mall-JCP Associates, LTD, a subsidiary of Forest
City Enterprises (not rated by Fitch), has entered into a minimum
payment agreement pursuant to which it has agreed to make annual
payments in an amount up to $235,920, or approximately 15% of
maximum annual debt service, in the event pledged tax increment
revenue is insufficient.  The 2000A bonds are additionally secured
by a cash funded debt service reserve fund.

The 2000B bonds are secured by tax increment revenue generated
against the Sears and J.C. Penney properties and a junior lien on
tax increment revenue from the mall properties.  Additionally,
Sears and J.C. Penney have each entered into a minimum payment
agreement securing their respective pro-rata share of debt service
on the 2000B bonds in the event that pledged tax increment revenue
is insufficient.

Allegheny County, Montour School District, and the Township of
Robinson adopted a tax increment financing plan to provide funding
through the issuance of tax increment bonds for the construction
of roadways, utility and infrastructure improvements benefiting a
regional shopping mall in Robinson Township, Pennsylvania.  The
Mall at Robinson opened in fall 2001 along a bustling corridor
connecting the Pittsburgh International Airport and the downtown
business district.  Unlike regional competitors, the mall has the
advantage of direct interstate access, which helps to attract
shoppers from a wider trade area including portions of eastern
Ohio and western West Virginia.  The area immediately surrounding
the mall exhibits strong population growth, favorable income
characteristics, and low levels of unemployment relative to the
state and nation.  The mall's anchor tenants are Macy's (Fitch IDR
'BBB-'), J.C. Penney, Sears and Dick's Sporting Goods (not rated
by Fitch).  The mall also houses approximately 120 'in-line'
retailers and eateries under long-term triple-net leases that
generally extend from five to 10 years.  The authority reports
there are no additional capital needs at the mall that would
require debt financing.

Pledged tax increment revenues received in 2010 provided adequate
maximum annual debt service coverage of 1.08x on the 2000A bonds
after failing to fully cover annual debt service in 2008 (0.96x)
and in 2006 (0.89x) as a result of various adjustments for
municipal overpayments and refunds stemming from assessment
appeals.  According to the authority's project consultant, the
Mall Building appealed its assessed value and received a reduction
in 2009 from $104,742,900 to $93,500,000.  The real estate taxes
paid to each taxing jurisdiction in 2010 were based on the higher
assessed value of $104,742,000.  The reduction has been appealed
by Robinson Twp. and the Montour School District.  If the assessed
value is finalized at $93,500,000 the excess 2010 taxes will total
$265,976.  It is unclear as to the tax increment district's
obligation to refund the taxing jurisdictions.  According to
management at the authority, the county is performing a countywide
tax revaluation and is working with the mall owner and taxing
jurisdictions to determine proper assessed values and treatment of
refunds to help ensure sufficient tax revenues to support debt
service on the bonds.  Mitigating a loss in tax increment revenues
from a downward assessment is the minimum payment agreement with
the mall owner which has not been called upon to date.

JCP Associates, the mall owner, is responsible for a significant
78% of the tax increment revenues and relies primarily upon lease
rental payments from the mall tenants to make tax payments.
Consistent with previous years, tax increment revenue generated
from the Sears and J.C. Penney properties in 2010 provided debt
service coverage of 0.54x on the series 2000B bonds and is not
expected to fully cover debt service going forward.  Surplus
pledged tax increment revenue generated during the interest only
period following issuance accumulated in the redemption fund
pursuant to the trust indenture provides a cushion to service debt
in years when pledged revenue is insufficient.  The availability
of these funds has historically negated the need to call upon the
minimum payment agreements provided by Sears and J.C. Penney.

It is expected that these minimum payment agreements will be
called upon going forward, especially since Sears successfully
appealed its property value in 2009.  The amounts payable under
the minimum payment agreements provided 0.98x coverage on 2008B
debt service in 2010. When combined with 2010 surplus tax
increment revenues of $143,034, after payment of the series 2000A
bonds, coverage improves to 1.28x.  In 2010, Sear's paid $127,920
to the Series B debt service account representing its overdue and
unpaid amounts for years 2007-2010 under the minimum payment
agreement.  Excess tax increment revenues held by the trustee in
the revenue and redemption funds totaling $1.4 million, although
not pledged to bondholders, help mitigate any delays in
collections from the minimum payment agreements or shortfalls in
coverage.


AMERICANWEST BANCORP: Wants to Hire BDO Seidman as Tax Accountant
-----------------------------------------------------------------
AmericanWest Bancorporation asks the U.S. Bankruptcy Court for the
Eastern District of Washington for permission to employ BDO
Seidman, LLP, as tax accountants.

BDO Seidman was not promised compensation from the Debtor or some
other entity for services rendered in the case.

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

                About AmericanWest Bancorporation

Headquartered in Spokane, Washington, AmericanWest Bancorporation
(OTC BB: AWBC) -- http://www.awbank.net/-- was a bank holding
company whose principal subsidiary was AmericanWest Bank, which
included Far West Bank in Utah operating as an integrated division
of AmericanWest Bank.  AmericanWest Bank was a community bank with
58 financial centers located in Washington, Northern Idaho and
Utah.

AmericanWest Bancorporation filed for Chapter 11 protection
(Bankr. E.D. Wash. Case No. 10-06097) on Oct. 28, 2010.  The
banking subsidiary was not included in the Chapter 11 filing.

Christopher M. Alston, Esq., and Dillon E. Jackson, Esq., at
Foster Pepper Shefelman PLLC, in Seattle, Washington, serve as
bankruptcy counsel.  G. Larry Engel, Esq., at Morrison & Foerster
LLP, also serves as counsel.

The Debtor estimated assets of $1 million to $10 million and debts
of $10 million to $50 million in its Chapter 11 petition.
AmericanWest Bancorporation's estimates exclude its banking unit's
assets and debts.  In its Form 10-Q filed with the Securities and
Exchange Commission before the Petition Date, AmericanWest
Bancorporation reported consolidated assets -- including its bank
unit's -- of $1.536 billion and consolidated debts of
$1.538 billion as of Sept. 30, 2010.

In December 2010, AmericanWest Bancorporation completed the sale
of all outstanding shares of AmericanWest Bank to a wholly owned
subsidiary of SKBHC Holdings LLC, in a transaction approved by the
U.S. Bankruptcy Court.


ANNA PERRETTA: ARE LIX Has Green Light to Foreclose
---------------------------------------------------
Bankruptcy Judge Arthur N. Votolato granted the request of
American Residential Equities, LIX LLC, for leave to foreclose a
mortgage on real property owned by Michele and Anna Perretta, who
contend, based on alleged chain of title questions, that LIX lacks
standing to bring such a motion.  The Debtors' objection also
raises the issue of whether a secured creditor has standing to
challenge the validity of a mortgage assignment, where the
mortgagor is neither a party to, nor a third party beneficiary of
that assignment.  Judge Votolato said LIX has established a
colorable claim to property of the estate, and thus has standing
to request relief from stay.

Michele and Anna Perretta own property at 380 Pippin Orchard Road
in Cranston, Rhode Island.  On July 2, 2004, the Perrettas filed a
Chapter 11 case which was later converted to one under Chapter 7,
and in May 2005, the Perrettas received a Chapter 7 discharge.
The following month, the recently discharged Debtors filed again,
this time, under Chapter 13.  That case was dismissed in March
2006 for failure to make plan payments.

On Oct. 25, 2006, the Perrettas executed a note and mortgage
granting a security interest in their property to Zurich Mortgage
Solutions LLC.  On Nov. 28, 2006, the mortgage was assigned by
Zurich to American Residential Equities.  On Nov. 14, 2007, two
weeks prior to the Zurich assignment, ARE assigned its mortgage to
GMAC.  At the time, GMAC was the loan servicer for ARE.

On Sept. 14, 2007, the assignments by Zurich to ARE, and ARE to
GMAC, were recorded.  In April 2010, the Perrettas filed a second
Chapter 13 case, which was dismissed on June 25, 2010 "without
prejudice."  In August 2010, the Perrettas filed yet another
Chapter 13 case (Bankr. D. R.I. Case No. 10-13531).

GMAC transferred the mortgage to American Residential Equities LIX
via an assignment recorded on Nov. 10, 2010.  LIX was one of a
number of LLCs formed by ARE, and ARE was authorized to act on
LIX's behalf.

A copy of Judge Votolato's Dec. 16, 2011 decision is available at
http://is.gd/FncuBVfrom Leagle.com.

Attorney for American Residential Equities LIX LLC is:

          John T. Precobb, Esq.
          ORLANS MORAN PLLC
          P.O. Box 962169
          Boston, MA 02196
          E-mail: jprecobb@orlansmoran.com

Attorney for the Debtors is:

          Russell D. Raskin, Esq.
          RASKIN & BERMAN
          116 East Manning Street
          Providence, RI 02906


APOLLO MEDICAL: Reports $58,000 Net Income in Oct. 31 Quarter
-------------------------------------------------------------
Apollo Medical Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, reporting
net income of $58,204 on $1.43 million of revenue for the three
months ended Oct. 31, 2011, compared with a net loss of $41,015 on
$1.02 million of revenue for the same period a year ago.

The Company reported a net loss of $156,331 on $3.89 million of
revenue for the year ended Jan. 31, 2011, compared with a net loss
of $196,280 on $2.44 million of revenue during the prior year.

The Company reported a net loss of $293,559 on $3.56 million of
revenue for the nine months ended Oct. 31, 2011, compared with a
net loss of $101,988 on $2.86 million of revenue for the same
period during the prior year.

The Company's balance sheet at Oct. 31, 2011, showed $1.91 million
in total assets, $1.89 million in total liabilities and $23,232 in
total stockholders' equity.

As reported in the Troubled Company Reporter on June 2, 2010,
Kabani & Company, Inc., in Los Angeles, expressed substantial
doubt about the Company's ability to continue as a going concern,
following the Company's results for the fiscal year ended
Jan. 31, 2010.  The independent auditors noted that the Company
has an accumulated deficit of $1.24 million as of Jan. 31, 2010,
working capital of $1.07 million and cash flows used in operating
activities of $338,141.

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

                       http://is.gd/Qquf52

                       About Apollo Medical

Glendale, Calif.-based Apollo Medical Holdings, Inc., provides
hospitalist services in the Greater Los Angeles, California area.
Hospitalist medicine is organized around the admission and care of
patients in an inpatient facility such as a hospital or skilled
nursing facility and is focused on providing, managing and
coordinating the care of hospitalized patients.


BANKUNITED FINANCIAL: Headed to Feb. 21 Confirmation Hearing
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the bankruptcy court in Miami will hold a
confirmation hearing on Feb. 21 for approval of the Chapter 11
plan proposed for BankUnited Financial Corp. by the official
creditors' committee.

The report relates that confirming a plan was precluded by the
Federal Deposit Insurance Corp.'s $1.47 billion claim based on the
bank's capital deficiency.  There is a separate dispute over
ownership of a $50 million tax refunds. The plan is based on a
partial settlement with the FDIC.  The disclosure statement says
that holders owed $321 million on senior notes will recover about
1% to as much as 14.3%. Holders owed $245 million on subordinated
notes won't receive anything as the result of a subordination
agreement.  There is almost nothing in the way of unsecured
claims, the committee believes.  Almost all unsecured claims are
against the bank subsidiary, in the committee's judgment.

Aside from the tax refund claim, a principal asset is the $4.25
billion net tax loss carryforward.  The bankruptcy judge ruled
that the tax refund claim belongs to BankUnited. The FDIC is
appealing.

                   About BankUnited Financial

BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) --
http://www.bankunited.com/-- was the holding company for
BankUnited FSB, the largest banking institution headquartered in
Coral Gables, Florida.  On May 21, 2009, BankUnited FSB was closed
by regulators and the Federal Deposit Insurance Corporation
facilitated a sale of the bank to a management team headed by John
Kanas, a veteran of the banking industry and former head of North
Fork Bank, and a group of investors led by W.L. Ross & Co.
BankUnited, FSB, had assets of $12.8 billion and deposits of
$8.6 billion as of May 2, 2009.

The Company and its affiliates filed for Chapter 11 protection
(Bankr. S.D. Fla. Lead Case No. 09-19940) on May 22, 2009.
Stephen P. Drobny, Esq., and Peter Levitt, Esq., at Shutts & Bowen
LLP; Mark D. Bloom, Esq., and Scott M. Grossman, Esq., at
Greenberg Traurig, LLP; and Michael C. Sontag, at Camner, Lipsitz,
P.A., represent the Debtors as counsel.  Corali Lopez-Castro,
Esq., David Samole, Esq., at Kozyak Tropin & Throckmorton, P.A.;
and Todd C. Meyers, Esq., at Kilpatrick Stockton LLP, serve as
counsel to the official committee of unsecured creditors.

In its bankruptcy petition, BankUnited Financial Corp. disclosed
$37,729,520 in assets against $559,740,185 in debts.  Aside from
those assets, BankUnited said that a "valuable" asset is its $3.6
billion net operating loss carryforward.

Wilmington Trust Co., U.S. Bank, N.A., and the Bank of New York
were listed among the company's largest unsecured creditors in
their roles as trustees for security issues.  BankUnited estimated
the Bank of New York claim tied to convertible securities at
$184 million.  U.S. Bank and Wilmington Trust are owed
$120 million and $118.171 million on account of senior notes.


BAYVIEW FOUR: Case Summary & 2 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Bayview Four Land Trust Number 0743
        3470 Bayshore Dr.
        Naples, FL 34112

Bankruptcy Case No.: 11-22669

Chapter 11 Petition Date: December 13, 2011

Court: United States Bankruptcy Court
       Middle District of Florida (Ft. Myers)

Judge: Barry S. Schermer

Debtor's Counsel: Patrick H. Neale, Esq.
                  PATRICK NEALE & ASSOCIATES
                  5470 Bryson Court, Ste 103
                  Naples, FL 34109
                  Tel: (239) 642-1485
                  Fax: (239) 642-1487
                  E-mail: pneale@patrickneale.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 two largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/flmb11-22669.pdf

The petition was signed by Kenneth A. Main II and Stephen C. Main,
co-successor trustees.


BEACON POWER: Taps Potter Anderson as Bankruptcy Counsel
--------------------------------------------------------
Beacon Power Corporation, et al., in a modified application, ask
the U.S. Bankruptcy Court for the District of Delaware for
permission to employ Potter Anderson & Corroon LLP as counsel.

Potter Anderson and Brown Rudnick LLP will work together to insure
work done by both firms is not duplicative.

Potter Anderson will defer payment on account of any fees incurred
in connection with services rendered until the time as the Debtors
receive the sale proceeds or other value realized from the assets
of Beacon's and SRS' estates.

Brown Rudnick, CRG Partners Group, LLC and Potter Anderson &
Corroon LLP will collectively charge a risk premium to be
calculated as a percentage of the gross sale proceeds or other
value realized from all assets of Beacon's and SRS' estates, which
percentage will be calculated as: (x) 15% of the first $10 million
of gross proceeds; (y) 10% of the next $10 million of gross
proceeds; and (z) 3% of the remainder of gross proceeds.

Potter Anderson will charge the Debtor:

         Partners                $465 - $640
         Associates              $240 - $380
         Paraprofessionals        $70 - $210

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

                        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).  Brown Rudnick and
Potter Anderson & Corroon serve as the Debtor's counsel.  Beacon
disclosed assets of $72 million and debt totaling $47 million,
including a $39.1 million loan guaranteed by the U.S. Energy
Department.  Beacon built a $69 million facility with 20 megawatts
of balancing capacity in Stephentown, New York, funded mostly by
the DoE loan.

The Debtors tapped Miller Wachman, LLP as auditors, Pluritas, LLC
as intellectual property advisors, CRG Partners Group LLC as
financial advisors.

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.

Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed four unsecured creditors to serve on the Official
Committee of Unsecured Creditors of Beacon Power Corporation.


BEACON POWER: Taps Brown Rudnick as Bankruptcy Co-Counsel
---------------------------------------------------------
Beacon Power Corporation, et al., in a modified application, ask
the U.S. Bankruptcy Court for the District of Delaware for
authorization to employ Brown Rudnick LLP as co-counsel.

The Debtor related that prepetition, it engaged Brown Rudnick to
provide regulatory advise in connection with certain federal and
state regulatory requirements before the Federal energy Regulatory
Commission, the New York Independent System Operator, ISO-New
England, PJM Interconnection, LLC, the California Independent
System Operator Corporation, the Midwest Independent Transmission
System Operator, Inc., the Electric Reliability Council of Texas,
the California Public Service Commission, the New York Public
Services Commission, the Pennsylvania Public Service Commission,
the Massachusetts Department of Public Utilities, the Texas Public
Service Commission, the Washington DC Public Service Commission,
and other federal and state agencies on issues related to opening
the markets for ancillary services providers to bid, provide and
be paid on a comparable basis with traditional generators and
other non-generators.

The Debtors understand that Brown Rudnick intends to work closely
with other professional retained by the Debtors to ensure that
there is no necessary duplication of services performed for or
charged to the Debtors' estate.

Brown Rudnick will defer payment on account of any fees incurred
in connection with services rendered until the time as the Debtor
receive the sale proceeds or other value realized from all assets
of the Beacon's and SRS' estates.

Brown Rudnick will charge the Debtors:

         Partners                   $625 - $1,055
         Associates                 $375 -   $650
         Paraprofessionals          $265 -   $370

Brown Rudnick, CRG Partners Group, LLC and Potter Anderson &
Corroon LLP will collectively charge a risk premium to be
calculated as a percentage of the gross sale proceeds or other
value realized from all assets of Beacon's and SRS' estates, which
percentage will be calculated as: (x) 15% of the first $10 million
of gross proceeds; (y) 10% of the next $10 million of gross
proceeds; and (z) 3% of the remainder of gross proceeds.

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

                        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 (Bankr. D. Del. Case
No. 11-13450) on Oct. 30, 2011.  Brown Rudnick and Potter Anderson
& Corroon serve as the Debtor's counsel.  Beacon disclosed assets
of $72 million and debt totaling $47 million, including a
$39.1 million loan guaranteed by the U.S. Energy Department.
Beacon built a $69 million facility with 20 megawatts of balancing
capacity in Stephentown, New York, funded mostly by the DoE loan.

The Debtors tapped Miller Wachman, LLP, as auditors, Pluritas, LLC
as intellectual property advisors, CRG Partners Group LLC as
financial advisors.

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.

Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed four unsecured creditors to serve on the Official
Committee of Unsecured Creditors of Beacon Power Corporation.


BEACON POWER: Wants to Hire CRG Partners as Financial Advisors
--------------------------------------------------------------
Beacon Power Corporation, et al., in a modified application, ask
the U.S. Bankruptcy Court for the District of Delaware for
permission to employ CRG Partners Group LLC as financial advisors.

CRG will, among other things:

   -- assist in relationships with the Debtors' existing lenders
   and creditors and finalizing the restructuring of the Debtors'
   debts;

   -- secure new capital to facilitate the Debtors' restructuring;
   and

   -- manage the process of marketing certain assets of the
   Debtors.

CRG will defer payment on account of any fees incurred in
connection with services rendered until the time as the Debtors
receive the sale proceeds or other value realized from the assets
of Beacon's and SRS' estates.

CRG will charge the Debtors:

         Managing Partners          $575 - $675
         Partners                   $525 - $575
         Managing Directors         $450 - $495
         Directors                  $395 - $435
         Senior Consultants             $395
         Consultants                    $250

Brown Rudnick, CRG Partners Group, LLC and Potter Anderson &
Corroon LLP will collectively charge a risk premium to be
calculated as a percentage of the gross sale proceeds or other
value realized from all assets of Beacon's and SRS' estates, which
percentage will be calculated as: (x) 15% of the first $10 million
of gross proceeds; (y) 10% of the next $10 million of gross
proceeds; and (z) 3% of the remainder of gross proceeds.

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

                        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).  Brown Rudnick and
Potter Anderson & Corroon serve as the Debtor's counsel.  Beacon
disclosed assets of $72 million and debt totaling $47 million,
including a $39.1 million loan guaranteed by the U.S. Energy
Department.  Beacon built a $69 million facility with 20 megawatts
of balancing capacity in Stephentown, New York, funded mostly by
the DoE loan.

The Debtors tapped Miller Wachman, LLP as auditors, Pluritas, LLC
as intellectual property advisors, CRG Partners Group LLC as
financial advisors.

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.

Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed four unsecured creditors to serve on the Official
Committee of Unsecured Creditors of Beacon Power Corporation.


BEACON POWER: Taps Pluritas LLC as Intellectual Property Advisors
-----------------------------------------------------------------
Beacon Power Corporation, et al., ask the U.S. Bankruptcy Court
for the District of Delaware for permission to employ Pluritas,
LLC as intellectual property advisors.

The Debtors had conceived the idea of using energy storage systems
to provide an essential reliability service (now called frequency
regulation) to the grid.  The Debtors had invested over
$200 million to date on research and development for the flywheel
system and other products.  The resulting intellectual property
includes 22 existing U.S. and 11 foreign patents along with six
U.S. and 17 foreign patents pending.

Pluritas will provide advisory services in connection with the
deployment and disposition or other resolution of the Debtors'
intellectual property.

The Debtors understand that Pluritas intends to work closely with
other professional retains by the Debtors to ensure that there is
no unnecessary duplication of services for or charged to the
Debtors' estates.

The Debtors has agreed to pay Pluritas a fixed fee of $50,000 to
perform all of the services.  In addition, Pluritas will also be
reimbursed for reasonable expenses, not to exceed $5,000, plus
additional amounts.

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

                        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).  Brown Rudnick and
Potter Anderson & Corroon serve as the Debtors' counsel.  Beacon
disclosed assets of $72 million and debt totaling $47 million,
including a $39.1 million loan guaranteed by the U.S. Energy
Department.  Beacon built a $69 million facility with 20 megawatts
of balancing capacity in Stephentown, New York, funded mostly by
the DoE loan.

The Debtors tapped Miller Wachman, LLP as auditors, Pluritas, LLC
as intellectual property advisors, CRG Partners Group LLC as
financial advisors.

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.

Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed four unsecured creditors to serve on the Official
Committee of Unsecured Creditors of Beacon Power Corporation.


BERNARD L. MADOFF: Controller Pleads Guilty to Helping Hide Fraud
-----------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that more than three
years after Bernard Madoff's multibillion-dollar fraud came to
light, a former employee at the convicted Ponzi-scheme operator's
firm admitted to falsifying business records, which helped hide
the decades-long scam.

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.


BERNARD L MADOFF: Kingate Sues Deutsche Bank Over Sale of Claim
---------------------------------------------------------------
The Wall Street Journal's Michael Rothfeld reports that hedge
funds Kingate Global Fund Ltd. and Kingate Euro Fund Ltd. filed a
lawsuit in New York federal court accusing a Deutsche Bank AG unit
of reneging on a $1 billion deal to buy their claims for losses in
Bernard L. Madoff's Ponzi scheme.  The lawsuit filed by Kingate
alleges that Deutsche Bank Securities Inc. has been dragging its
feet since Aug. 24, when both parties signed a letter confirming
terms of its deal to purchase Madoff claims from Kingate.  The
lawsuit seeks a judgment stating that the confirmation letter is
binding and that Deutsche Bank hasn't negotiated in good faith.
The hedge funds alleged the value of the claims is down by more
than $90 million since late August.

The Journal says the lawsuit is a sign of the negative
consequences of recent court decisions against the trustee
overseeing the bankruptcy of Mr. Madoff's firm.  Courts have
handed down recently a series of unfavorable decisions to Irving
Picard that limit his ability to further recover money.  Those
decisions have pushed down the value of Madoff-related claims to
60 cents or less on the dollar, according to the lawsuit.  Such
claims traded near 75 cents about six months ago.

Richard I. Werder Jr., Esq., represents the Kingate funds.

The Journal notes the Kingate funds have been sued by Mr. Picard
for allegedly ignoring signs of the Ponzi scheme.  The Deutsche
Bank deal would allow the funds to complete a legal settlement
with Mr. Picard and distribute some money to its own investors,
the Kingate lawsuit says.

                    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.


BIOVEST INTERNATIONAL: Incurs $15.3-Mil. Net Loss in Fiscal 2011
----------------------------------------------------------------
Biovest International, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, reporting a
net loss of $15.28 million on $3.88 million of total revenue for
the year ended Sept. 30, 2011, compared with a net loss of $8.58
million on $5.35 million of total revenue during the prior year.

The Company's balance sheet at Sept. 30, 2011, showed
$5.41 million in total assets, $37.96 million in total liabilities
and a $32.54 million total stockholders' deficit.

CHERRY, BEKAERT, & HOLLAND L.L.P., in Tampa, Fla., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred cumulative net losses since inception of approximately
$161 million and cash used in operating activities of
approximately $4.6 million during the two years ended Sept. 30,
2011, and had a working capital deficiency of approximately $2.2
million at Sept. 30, 2011.

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

                        http://is.gd/Figg0L

                    About Biovest International

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

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

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

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


BIOZONE PHARMACEUTICALS: Amends 8.3MM Common Shares Offering
------------------------------------------------------------
Biozone Pharmaceuticals, Inc., filed with the U.S. Securities and
Exchange Commission amendment no. 1 to Form S-1 registration
statement relating to the sale by Aero Pharmaceuticals, Inc., of
up to 8,345,310 shares of the Company's Common stock.  All of
these shares of the Company's Common stock are being offered for
resale by the selling stockholder.

The prices at which the selling stockholder may sell shares will
be determined by the prevailing market price for the shares or in
negotiated transactions.  The Company will not receive any
proceeds from the sale of these shares by the selling stockholder.

The Company will bear all costs relating to the registration of
these shares of the Company's Common stock, other than any selling
stockholder's legal or accounting costs or commissions.

The Company's Common stock is quoted on the Over-the-Counter
Bulletin Board under the symbol "BZNE.OB".  The last reported sale
price of the Company's common stock as reported by the OTC
Bulletin Board on Oct. 27, 2011, was $3.90 per share.

A full-text copy of the amended prospectus is available at:

                        http://is.gd/zqbuja

                           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.

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.

The Company's balance sheet at Sept. 30, 2011, showed
$10.70 million in total assets, $10.88 million in total
liabilities, and a $177,712 total shareholders' deficiency.

"Our current balances of cash will not meet our working capital
and capital expenditure needs for the next twelve months.  In
addition, as of September 30, 2011, we have a shareholder
deficiency of $177,712 and negative working capital of $1,740,163.
Because we are not currently generating sufficient cash to fund
our operations and we have debt that is in default, we may need to
rely on external financing to meet future operating, debt
repayment and capital requirements.  These conditions raise
substantial doubt about our ability to continue as a going
concern."


CAFFEY PLACE: Case Summary & 3 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Caffey Place, LLC
        2446 Caffey Street
        Hernando, MS 38632

Bankruptcy Case No.: 11-15765

Chapter 11 Petition Date: December 15, 2011

Court: United States Bankruptcy Court
       Northern District of Mississippi (Aberdeen)

Debtor's Counsel: James W. Amos, Esq.
                  2430 Caffey Street
                  Hernando, MS 38632
                  Tel: (662) 429-7873
                  E-mail: jwamosattorney@aol.com

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

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

A list of the Company's three largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/msnb11-15765.pdf

The petition was signed by William P. Myers, managing member.


CAGLE'S INC: Proposes $250,000 in Bonuses for 13 Workers
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Cagle's Inc. is proposing an incentive bonus program
that could cost as much as $250,000.  Cagle's designated the bonus
pool for three executives and 10 other employees. The bonuses
would range between $5,000 and $60,000 a person. To qualify for a
bonus, revenue must meet the target in the agreement with lenders
funding the Chapter 11 case. No members of the Cagle family will
be eligible for bonuses, the papers say.

                           About Cagle's

Cagle's Farms (NYSE: CGL.A) -- http://www.cagles.net/-- engages
in the production, marketing, and distribution of fresh and frozen
poultry products in the United States.

Cagle's Inc. and its wholly owned subsidiary Cagle's Farms filed
on Oct. 19, 2011, voluntary petitions for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 11-80202 and
11-80203).  Paul K. Ferdinands, Esq., at King & Spalding, in
Atlanta, Georgia, serves as counsel.  FTI Consulting, Inc., serves
as the Debtors' financial advisors.  Kurtzman Carson LLC serves as
their claims, noticing, and balloting agent.  Cagle's Inc.
estimated assets of up to $100 million and debts of up to
$50 million.  Cagle's Farms estimated assets and debts of up to
$50 million.

The Official Committee of Unsecured Creditors is represented by
McKenna Long & Aldridge LLP as local counsel, and Lowenstein
Sandler's Bankruptcy and Creditors' Rights Group as counsel.  J.H.
Cohn LLP serves as its financial advisors.

No trustee or examiner has been appointed in the Debtors'
bankruptcy cases.


CANO PETROLEUM: Hein & Associates Resigns as Accountants
--------------------------------------------------------
Hein & Associates LLP notified Cano Petroleum, Inc., that it was
resigning as Cano's independent accounting firm, effective on
Dec. 13, 2011.  Hein issued reports dated Sept. 22, 2010, and
Oct. 20, 2011, with respect to Cano's financial statements for the
fiscal years ended June 30, 2010, and June 30, 2011, respectively,
that stated that Cano's significant losses from operations and net
capital deficiency raised substantial doubt as to Cano's ability
to continue as a going concern.  Other than such going concern
qualifications, Hein's reports on Cano's financial statements for
the fiscal years ended June 30, 2011, and June 30, 2010, did not
contain an adverse opinion or a disclaimer of opinion and were not
otherwise qualified or modified as to uncertainty, audit scope or
accounting principles.  Cano has had no disagreements with Hein on
any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure.  Hein advised
the audit committee of Cano's board of directors that the
following material weaknesses in internal control existed as of
June 30, 2011:

   -- Cano's review of its valuation of commodity derivatives did
      not detect errors in the unrealized loss on commodity
      derivatives that resulted in a material audit adjustment to
      Cano's financial statements.

   -- Cano's review of certain other computations did not detect
      errors in those calculations that resulted in adjustments to
      its financial statements that were less than material, but
      important enough to merit attention by those responsible for
      Cano's financial reporting oversight.  The aggregate effect
      of this deficiency when combined with the material weakness
      constitutes a material weakness in internal control over
      financial reporting.

   -- Cano was unable to complete its internal control procedures
      over financial reporting in a sufficient amount of time to
      allow it to include its consolidated financial statements in
      its annual report on Form 10-K for the fiscal year ended
      June 30, 2011, and file it within the time periods specified
      in the rules and forms of the Securities and Exchange
      Commission.

The audit committee of Cano's board of directors neither
recommended nor approved Hein's decision to resign.  The Audit
Committee is currently evaluating its options with respect to the
appointment of a new independent accounting firm.

                       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.


CENTRAL EUROPEAN: Needs to Address Debt Load
--------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that faced with
tightening liquidity, Central European Distribution Corp. needs to
refinance a convertible bond that matures in early 2013 for some
breathing room, unless spirit sales in its main markets of Russia
and Poland recover and efforts to support the business
materialize, said analysts.

Standard & Poor's Ratings Services in early December 2011 lowered
its long-term corporate credit rating on U.S.-based Central
European, the parent company of Poland-based vodka manufacturer
CEDC International sp. z o.o., to 'B-' from 'B'.


CENTRAL FALLS, R.I.: Pensions Chopped, But Investors to Get Paid
----------------------------------------------------------------
Dow Jones' DBR Small Cap reports that retired firefighters and
police officers in Central Falls, R.I., agreed to cut their
pensions and support a plan that will give bondholders everything
they are owed by the struggling city.

As reported in the Troubled Company Reporter on Dec. 14, 2011, Dow
Jones' DBR Small Cap reports that the receiver running Central
Falls, R.I., is seeking bankruptcy-court approval of new labor
agreements struck with unions representing city workers, police
and firefighters, an essential step in the city's restructuring.

                         About Central Falls

Central Falls is a city in Providence County, Rhode Island.  The
population was 18,928 at the 2000 census.  Central Falls is the
smallest and most densely populated city in Rhode Island.

Central Falls sought bankruptcy protection under Chapter 9 of the
U.S. Bankruptcy Code (Bankr. D. R.I. Case No. 11-13105) on Aug. 1,
2011.  The Chapter 9 filing was made after former Rhode Island
Supreme Court Judge Robert Flanders, who serves as state-appointed
receiver for the city, was unable to negotiate significant
concessions from unions representing police officers, firefighters
and other city workers.  The city grappled with an $80 million
unfunded pension and retiree health benefit liability that is
nearly quadruple its annual budget of $17 million.  Judge Robert
Flanders succeeded the role from retired Superior Court Associate
Justice Mark A. Pfeiffer, who was appointed in July 2010.  The
Central Falls receivership, the state's first, has left the mayor
and council without any power to govern.

Judge Frank Bailey presides over the Chapter 9 case.  Theodore
Orson, Esq., at Orson and Brusini Ltd., serves as bankruptcy
counsel to the receiver.

The receiver is negotiating new contracts with unions representing
city workers.  The receiver filed a proposed debt adjustment plan
for the city in September.  It won't affect bondholders.


CENTRAL FALLS, R.I.: Retirees Support Pension Cuts & Payment Plan
-----------------------------------------------------------------
The Wall Street Journal's Michael Corkery reports that a majority
of the retired firefighters and police officers in Central Falls,
Rhode Island, agreed to cut their pensions and support a plan that
would likely pay bondholders in full.

The WSJ says the deal could spare Central Falls from a costly
legal battle with retirees, while giving bond investors more
clarity about the security of their investments.

Central Falls has about $20.5 million in bond debt and $47 million
in pension liabilities, according to state officials.

According to the WSJ, as of Dec. 19, 82 of about 130 Central Falls
workers had agreed to support the pension cuts, said Matthew
McGowan, Esq., a lawyer for about 100 police and fire retirees. A
minimum of 75 retirees had to support the proposed agreement.

The pension cuts will total 25% over the next five years for many
recipients.  According to the WSJ, Mr. McGowan said the retirees
backed the deal partly because the state director of revenue will
ask lawmakers to appropriate about $2.6 million to help them cope
with smaller pensions.  Without the state aid, the cuts would be
55% for some.

According to the report, state officials said the aid -- which
would be distributed to pensioners annually for the next five
years -- would give former Central Falls employees time to adjust
their lifestyles to meet lower pension payments.  Some pensions in
Central Falls have been cut to $12,000 a year from about $27,000 a
year.

"We have many strong legal arguments," Mr. McGowan said, according
to the WSJ.  "But in a practical sense, they don't get you very
far if the city has no money."

Before the city's financial collapse, Rhode Island lawmakers
passed a law that puts bondholders first in line among all
creditors of municipalities in the state.  The report notes the
retirees vowed not to challenge the state law as part of the
agreement.

The WSJ relates Theodore Orson, Esq., a lawyer for the state, said
the state-appointed receiver overseeing Central Falls is expected
in the next few days to ask a bankruptcy judge to approve the
agreement with retirees.

According to the WSJ, Central Falls has kept making its bond
payments since the bankruptcy filing.  But officials faced a
potential court fight from retired workers over pension cuts
sought as part of the bankruptcy.  The report relates some
officials said the deal would help Central Falls emerge from
bankruptcy in as soon as a year.

The WSJ notes the unusual arrangement is being watched closely by
municipal-bond investors and government officials across the U.S.
because it could be cloned in an effort to keep borrowing costs
from spiraling higher in municipalities near financially shaky
cities and counties.

                        About Central Falls

Central Falls is a city in Providence County, Rhode Island.  The
population was 18,928 at the 2000 census.  Central Falls is the
smallest and most densely populated city in Rhode Island.

Central Falls sought bankruptcy protection under Chapter 9 of the
U.S. Bankruptcy Code (Bankr. D. R.I. Case No. 11-13105) on Aug. 1,
2011.  The Chapter 9 filing was made after former Rhode Island
Supreme Court Judge Robert Flanders, who serves as state-appointed
receiver for the city, was unable to negotiate significant
concessions from unions representing police officers, firefighters
and other city workers.  The city grappled with an $80 million
unfunded pension and retiree health benefit liability that is
nearly quadruple its annual budget of $17 million.  Judge Robert
Flanders succeeded the role from retired Superior Court Associate
Justice Mark A. Pfeiffer, who was appointed in July 2010.  The
Central Falls receivership, the state's first, has left the mayor
and council without any power to govern.

Judge Frank Bailey presides over the Chapter 9 case.  Theodore
Orson, Esq., at Orson and Brusini Ltd., serves as bankruptcy
counsel to the receiver.

The receiver is negotiating new contracts with unions representing
city workers.  The receiver filed a proposed debt adjustment plan
for the city in September.  It won't affect bondholders.


CHARTER COMMUNICATIONS: Former Cablevision Exec. Takes Helm
-----------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Cable-industry
veteran Tom Rutledge will become president and chief executive of
Charter Communications Inc., the country's fourth-largest cable
operator.

                  About Charter Communications

Based in St. Louis, Missouri, Charter Communications, Inc. (Pink
OTC: CHTRQ) -- http://www.charter.com/-- is a broadband
communications company and the fourth-largest cable operator in
the United States.

Charter Communications and more than a hundred affiliates filed
voluntary Chapter 11 petitions on March 27, 2009 (Bankr. S.D.N.Y.
Case No. 09-11435).

The Hon. James M. Peck presides over the cases.  Richard M. Cieri,
Esq., Paul M. Basta, Esq., and Stephen E. Hessler, Esq., at
Kirkland & Ellis LLP, in New York, served as counsel to the
Debtors, excluding Charter Investment Inc.  Albert Togut, Esq., at
Togut, Segal & Segal LLP in New York, served as Charter
Investment, Inc.'s bankruptcy counsel.

Charter Communications emerged from Chapter 11 under its pre-
arranged Joint Plan of Reorganization, which was confirmed by the
Court on Nov. 17, 2009.  The Plan was declared effective Nov. 30,
2009.


CHINA TEL GROUP: To Acquire Serbian Broadband Operator Verat
------------------------------------------------------------
U.S.-based VelaTel Global Communications, formerly known as China
Tel Group, Inc., entered into a Business Cooperation Agreement
with the shareholders of Cyprus holding company Kerseyco Trading
Limited to acquire at least a 51% controlling interest in Kerseyco
and its Serbian operating subsidiary, VeratNet d.o.o.  The
transaction is expected to close in February 2012, in order to
allow sufficient time for VelaTel's auditors to conduct the work
needed to report the financial results of Kerseyco and its
subsidiary on VelaTel's consolidated financial statements going
forward.

Verat is one of the leading telecommunications operator and
internet service providers in Serbia, offering a full range of
telecommunication services, including ADSL broadband service
nationwide and wireless broadband access (WBA) in three cities
where it holds radio frequency licenses, including Belgrade,
Serbia's capital and largest city.  Verat also offers specialty
services to business customers, such as international private
leased circuit services, dedicated wireless internet lines, and
dedicated web server hosting.  Verat currently owns a data center,
a network core, and 11 base transceiver stations (BTS).  Verat has
more than 50 employees who serve more than 10,000 subscribers.

In exchange for its 51% equity stake, VelaTel will contribute
CAPEX and OPEX necessary to continue Verat's existing operations
and to upgrade Verat's existing WBA infrastructure equipment with
higher capacity equipment, which will more than double the
subscriber capacity of Verat's WBA network and allow Verat to add
new wireless customers.  The equipment, which has been already
manufactured by ZTE, will be part of the existing strategic
agreement that VelaTel has in place with ZTE.  Based on an
estimated equipment delivery date during March 2012, VelaTel
expects to complete the deployment of the new equipment during the
summer of 2012.  VelaTel very recently acquired companies with WBA
assets in the neighboring Balkan countries of Croatia and
Montenegro, and plans to deploy all three markets simultaneously,
which VelaTel projects will result in significant expense savings
and strategic synergies.

Under the parties' agreement, VelaTel has the opportunity to
expand its equity stake from 51% to 75% in exchange for a further
expansion of the WBA network to at least 50 BTS.  The potential
network expansion may occur as a result of subscriber growth
within Verat's existing license territory, or if Verat is awarded
WBA licenses covering additional geographic regions in Serbia.

A full-text copy of the Standby Business Agreement is available
for free at http://is.gd/UvhHp2

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through its
controlled subsidiaries, the Company provides fixed telephony,
conventional long distance, high-speed wireless broadband and
telecommunications infrastructure engineering and construction
services.  ChinaTel is presently building, operating and deploying
networks in Asia and South America: a 3.5GHz wireless broadband
system in 29 cities across the People's Republic of China with and
for CECT-Chinacomm Communications Co., Ltd., a PRC company that
holds a license to build the high speed wireless broadband system;
and a 2.5GHz wireless broadband system in cities across Peru with
and for Perusat, S.A., a Peruvian company that holds a license to
build high speed wireless broadband systems.

Since the Company's inception until June 30, 2011, it has incurred
accumulated losses of approximately $242.36 million.  The Company
expects to continue to incur net losses for the foreseeable
future.

The Company's independent accountants have expressed substantial
doubt about the Company's ability to continue as a going concern
in their audit report, dated April 15, 2011, for the period ended
Dec. 31, 2010.  As reported by the TCR on April 21, 2011, Mendoza
Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has incurred a net
loss of $56,041,182 for the year ended Dec. 31, 2009, cumulative
losses of $165,361,145 since inception, a negative working capital
of $68,760,057, and a stockholders' deficit of $63,213,793.

The Company reported a net loss of $66,623,130 on $955,311 of
revenue for the year ended Dec. 31, 2010, compared with a net loss
of $56,065,029 on $657,876 of revenue during the prior year.

The Company also reported a net loss of $17.97 million on $488,476
of revenue for the nine months ended Sept. 30, 2011, compared with
a net loss of $38.22 million on $729,701 of revenue for the same
period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed $11.57
million in total assets, $22.22 million in total liabilities and a
$10.64 million total stockholders' deficit.


CIRCLE ENTERTAINMENT: Borrows $900,000 from Directors, et al.
-------------------------------------------------------------
Certain of Circle Entertainment Inc.'s directors, executive
officers and greater than 10% stockholders made unsecured demand
loans to the Company totaling $900,000, bearing interest at the
rate of 6% per annum on December 15 through Dec. 16, 2011, .

The Company intends to use the proceeds to fund working capital
requirements and for general corporate purposes.  Because certain
of the directors, executive officers and greater than 10%
stockholders of the Company made the Loans, a majority of the
Company's independent directors approved the transaction.

                    About Circle Entertainment

Circle Entertainment Inc. (CEXE.PK), formerly FX Real Estate and
Entertainment Inc., owns 17.72 contiguous acres of land located at
the southeast corner of Las Vegas Boulevard and Harmon Avenue in
Las Vegas, Nevada.  The Las Vegas Property is currently occupied
by a motel and several commercial and retail tenants with a mix of
short and long-term leases.  On June 23, 2009, as a result of the
default under the first mortgage loan, the first lien lenders had
a receiver appointed to take control of the property.  The Company
is headquartered in New York City.

The Company disclosed in its Form 10-Q for the quarter ended
June 30, 2010, that it has no current cash flow and cash on hand
as of Aug. 13, 2010, is not sufficient to fund its short-term
liquidity requirements, including its ordinary course obligations
as they come due.  On April 21, 2010, the Company's remaining Las
Vegas subsidiary, namely FX Luxury Las Vegas I, LLC, filed for
Chapter 11 in the U.S. Bankruptcy Court for the District of Nevada
(Case No. 10-17015).

The Company's Las Vegas subsidiary filed for Chapter 11 bankruptcy
on April 21, 2010, and a plan of liquidation or reorganization
will eventually be implemented under which the Company will
surrender ownership of the Las Vegas Property.  Under such a plan,
it is extremely unlikely the Company will receive any material
interest or benefit.

The Company reported net income of $346.81 million on $0 of
revenue for the year ended Dec. 31, 2010, compared with a net loss
of $114.68 million on $0 of revenue during the prior year.  The
net profit generated in the year was primarily on account of a
$390.75 million gain from discharge of net assets due to
bankruptcy plan.  The Company's operating subsidiary sought
Chapter 11 protection last year.

As reported by the TCR on April 11, 2011, L.L. Bradford & Company,
LLC, in Las Vegas, Nevada, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company has limited available cash, has a
working capital deficiency and will need to secure new financing
or additional capital in order to pay its obligations.

The Company also reported a net loss of $4.14 million on $0 of
revenue for the nine months ended Sept. 30, 2011, compared with a
net loss of $33.59 million on $0 of revenue for the same period
during the prior year.

The Company's balance sheet at Sept. 30, 2011, showed
$4.62 million in total assets, $9.40 million in total liabilities,
and a $4.77 million total stockholders' deficit.


CITIZENS DEVELOPMENT: Plan Outline Hearing Scheduled for Jan. 13
----------------------------------------------------------------
The Hon. Laura S. Taylor the U.S. Bankruptcy Court for the
Southern District of California has continued until Jan. 13, 2012,
at 10:00 a.m., the hearing to consider adequacy of the Disclosure
Statement explaining Citizens Development Corp., et al.'s Plan of
Reorganization.

Previously, the Debtor and Telesis Community Credit Union entered
into a stipulation regarding (1) the Disclosure Statement hearing;
and (2) the Debtor's use of any cash collateral in which Telesis
asserts a security interest.

The parties continue to discuss the settlement agreement and hope
to finalize and execute a settlement agreement in December 2011.
Pursuant to the progress made between the parties, and in order to
allow the parties adequate time to finalize the settlement
agreement and avoid litigation regarding the Debtor's Disclosure
Statement and use of cash collateral, the parties have agreed to:

   1. continue the Disclosure Statement hearing to Jan. 13,
   Telesis will have until Jan. 6, 2012, to object to the Debtor's
   Disclosure Statement; and

   2. the Debtor will be authorized to continue to use any cash
   collateral in which Telesis asserts a security interest until
   Jan. 31, pursuant to the terms of the Telesis cash collateral
   order.

As reported in the Troubled Company Reporter on Aug. 18, 2011,
according to the Disclosure Statement, the funding for the Plan
will come from a $250,000 new value contribution to be made by LDG
Golf Marketing, LLC; the $200,000 cash received by the estate
pursuant to the Symphony Settlement Agreement; and the Debtor's
unrestricted cash on hand which is estimated to be $50,000.  The
amount of funding collectively equates to $500,000.

In exchange for the new value contribution, the new investor will
receive 100% of the equity interests in the Reorganized Debtor.
The new investor is a newly formed limited liability company (LDG
Golf Marketing LLC) whose managing member is Christopher DiNofia
(who is a family member of the Debtor's principal Matthew C.
DiNofia, and a creditor of the Debtor's estate).  The new investor
will be funded by Chris DiNofia and Matthew C. DiNofia.

Under the Plan, general unsecured creditors will receive on the
Plan Effective Date an estimated cash payment of $50,000 which
will be funded from the exit cash.  They will also be entitled to
a distribution from any recoveries minus expenses obtained from
any avoidance actions brought by the Debtor or the Reorganized
Debtor.

All of the existing equity interests will be canceled.

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

                 About Citizens Development Corp.

San Marcos, California-based Citizens Development Corp., owns and
operates the Lake San Marcos Resort and Country Club located in
San Diego County.  The Company filed a voluntary petition for
relief under Chapter 11 (Bankr. S.D. Calif. Case No. 10-15142) on
August 26, 2010.  Ron Bender, Esq., at Levene, Neale, Bender, Yoo
& Brill LLP, represents the Debtor.  The Debtor estimated its
assets and debts at $10 million to $50 million.

Chapter 11 petitions were also filed by affiliates LSM Executive
Course, LLC (Bankr. S.D. Calif. Case No. 10-07480), and LSM Hotel,
LLC (Bankr. S.D. Calif. Case No. 10-13024).


CITY OF ORLANDO, FA: Fitch Affirms 'BB+' Rating on Revenue Bonds
----------------------------------------------------------------
Fitch Ratings has affirmed the following bonds for the city of
Orlando, Florida (the city):

  -- $185 million senior lien tourist development tax (TDT)
     revenue bonds (sixth cent contract payments) series 2008A at
     'BB+';

  -- $33.4 million second lien TDT revenue bonds (sixth cent
     contract payments) series 2008B at 'B'.

The Rating Outlook is Stable.

The TDT revenue bonds are limited obligations of the city secured
by the discrete trust estate, including pledged funds, for each
respective series of bonds.  Pledged funds include TDT revenues
provided from 50% of a one cent collected countywide and remitted
to the city according to an interlocal agreement, levied county-
wide on hotel stays, plus a fixed annual installment payment equal
to $2.8 million available through fiscal 2018.  Fitch does not
rate series 2008C bonds.  Each series of bonds is separately
secured by a liquidity reserve equal to 1/2 maximum annual debt
service (MADS) and a debt service reserve account (DSRA) equal to
1/2 MADS.

This decade has been the first since at least 1980 to show annual
declines in countywide TDT revenues, at 3.1% in fiscal 2001, 12.6%
in fiscal 2002, and 15.4% in fiscal 2009.  The recovery after the
recent economic decline has been solid and rapid, boosted
according to city officials by the opening of the Harry Potter
attraction at the Universal Theme Park.  TDT revenues have
increased a significant 23.6% since fiscal 2009.  This figure
includes proceeds of a confidential settlement between the county
and Expedia.com; adjusting for the estimated payment results in
still healthy growth of 17.3% since the recession.  Year-over-year
monthly revenue growth has been consistent since February 2010.

Some medium-term revenue stability is attributable to an annual
installment payment equal to $2.8 million, which is to be received
in monthly installments through November 15, 2018.  In bond year
2010 - 2011, the installment payments equalled 17% of pledged
revenues.

Revenue collections have historically been more robust in the
summer months.  Accordingly, the annual principal repayment is
scheduled for November.  Both on a historical and projected basis,
coverage has been narrower for the November dates, and Fitch rates
to these lower ratios rather than annualized debt service
coverage.

Debt service coverage for the senior lien series 2008A bonds is
expected to remain very slim.  TDT revenues provided 1.1x coverage
for the November 2010 payment, though the uptick in TDT
collections resulted in 1.2x coverage for the November 2011
payment.  Coverage for the May payments were higher at 1.5x in
2010 and 1.7x in 2011.  Modest TDT growth coupled with the
installment payment when applicable is necessary to cover debt
service without use of the liquidity reserve through at least
November 2020.  Under the Fitch base case scenario of 2.3% annual
growth, equal to the average annual growth since fiscal 2000, TDT
revenues would provide coverage for the November payment ranging
from 1.2x - 1.4x.  Were revenues to remain flat, sufficient
liquidity reserves would be available to avert default through at
least November 2020.

Fitch stress scenarios that mirror the revenue declines of the
past decade, followed by an anemic recovery and then baseline
growth, demonstrate that available liquidity reserves would need
to augment pledged revenues.  Revenue drops equal to 150% of
historical declines would result in a default by the end of this
decade.  The rating on the series 2008A bonds incorporates this
default risk.

For the subordinate lien series 2008B bonds, TDT revenues failed
to provide sum-sufficient coverage for the November, 2010 payment,
with actual coverage at 0.97x.  The liquidity reserve was drawn
for the remainder.  The subsequent year's revenue uptick resulted
in exceedingly slim 1.04x coverage in November 2011. Coverage for
the May payments was somewhat better but still slim at 1.2x in
2010 and 1.4x in 2011.  Under the Fitch base case scenario,
coverage from revenues alone would range from 1.0x - 1.1x for
November payments through 2020.  All of the Fitch stress scenarios
described above would result in a default of these bonds by 2016.

Both the series 2008A and the series 2008B have fully funded
liquidity reserves and DSRAs, each equal to ? of MADS. The
liquidity reserve was established to compensate for expected
fluctuations in TDT collections.  Use of the liquidity reserve
does not constitute a material event, and use of the DSRA does not
constitute a default.  The series 2008A liquidity reserve has been
fully funded since the middle of 2009, when it was replenished
subsequent to a draw to compensate for lower than anticipated
capitalized interest earnings.  The series 2008B liquidity reserve
was replenished this past July, with the payment of $392,000 of
construction proceeds that became available upon financially
closing and reconciling project costs. THE DSRA has not been
utilized for either series of bonds.

The one-cent TDT is a component of the total of the six cent TDT
that is levied county-wide for a variety of purposes.  Pledged
funds are allocated to each trust estate of the three series of
bonds according to a flow of funds with revenues distributed to
each trust estate according to the seniority of the series.

Legal provisions include a cross-default provision, which
stipulates that the default of one series of bonds under the
indenture is an event of default under all indentures.  It is
likely that a cross-default will occur during the life of the
bonds, given that average annual revenue growth of a strong 6.8%
is required to generate sufficient income to avoid default on the
series 2008C through 2020.

However, due to the protections that remain for series 2008A and
2008B bondholders, Fitch does not consider the likelihood of a
default on the series C bonds to be a negative credit
consideration.  Upon default, the flow of funds directs payment of
principal and interest to the holders of the series 2008A bonds
and subsequently to the owners of the 2008B bonds, prior to any
payments to third lien bondholders.  This differs from the current
flow of funds, which directs contract revenues to first-
installment interest payments for all three liens prior to any
principal payments.

Additional debt is prohibited under the indenture, except for
refundings. Additional bonds for refunding purposes may be issued
if, during any consecutive 12 of the previous 25 months, contract
revenues equaled at least 1.33x MADS on all existing and proposed
debt and 1.10x MADS on all senior and second-lien bonds. The
calculation excludes installment payment revenues.

The Orlando metropolitan statistical area (MSA) employment base is
dominated by the leisure and hospitality sector, which accounts
for 20% of all jobs (approximately two times the national
average).  Disney, located adjacent to the city of Orlando
(implied general obligations rated 'AAA' Stable Outlook by Fitch)
is the dominant player, employing more than 62,000 or 5.5% of the
MSA's labor force.  Universal Studios employs 13,000.  The tourism
sector is rebounding well, aided by the June 2010 opening of the
Harry Potter attraction at Universal, which has softened
additional declines in construction and financial activities.
Overall, Orange county has posted an employment gain of 1.3%
during the prior 12 months although unemployment remains high at
10.1% in September, compared to 10.6% in Florida and 8.8%
nationally.

Economic diversification continues to take hold, most notably
within the education and health services sectors.  A growing
biotechnology and life sciences cluster is anchored by The
University of Central Florida's (UCF) Health Sciences Campus,
which is home to its College of Medicine and the Burnett College
of Biomedical Sciences, in addition to M.D. Anderson Cancer Center
and Sanford-Burnham Medical Research Institute.  In addition,
opening in 2012 will be the Nemours Children's Hospital and a new
Veteran's Administration hospital.  Arden, Laffer & Moore
Econometrics estimates the creation of 30,000 jobs and $2.8
billion in annual wages by 2017 as a result of activity at the UCF
campus and the life sciences cluster.

Global Insight and Property and Portfolio Research forecast strong
job growth in 2012 through 2016 of 2.8% and 3.1% respectively, on
an average annual basis.  Unemployment is expected to remain
elevated relative to the nation due to anticipated population
gains.  Over the long term Fitch expects that Orlando's economy
will continue to grow and attract a wide variety of residents and
businesses.


CLAYTON PLAZA: Case Summary & 5 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Clayton Plaza LLC
        107 S. Meramec
        Saint Louis, MO 63107

Bankruptcy Case No.: 11-52891

Chapter 11 Petition Date: December 14, 2011

Court: United States Bankruptcy Court
       Eastern District of Missouri (St. Louis)

Judge: Charles E. Rendlen III

Debtor's Counsel: Joel A. Kunin, Esq.
                  THE KUNIN LAW OFFICES
                  1500 Eastport Plaza Drive, Suite 200
                  Collinsville, IL 62234-6135
                  Tel: (618) 215-4841
                  Fax: (888) 519-6105
                  E-mail: jkunin@kuninlaw.com

Estimated Assets: $0 to $50,000

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

A list of the Company's five largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/moeb11-52891.pdf

The petition was signed by Kerry Klarfeld, manager.


CLEVELAND SPEEDWAY: Files for Chapter 11 Bankruptcy Protection
--------------------------------------------------------------
Larry C. Bowers at Cleveland Daily Banner reports that Cleveland
Speedway Inc. has filed for Chapter 11 protection in bankruptcy
court in Chattanooga, Tennessee, blocking foreclosure auction to
sell the one-third-mile banked oval.

According to the report, Robert G. Norred Jr., who was appointed
successor trustee on a deed of trust on the property, had
published a legal notice in the Cleveland Daily Banner recently,
stating the property would be sold on Dec. 18, 2011, during a
foreclosure auction on the steps of the Bradley County Courthouse,
in Tennessee.

The report says that the note was secured by a deed of trust
recorded by Cleveland Speedway unto James S. Webb.

Richard Banks, Esq., represents the Company.

Cleveland Speedway Inc. -- http://clevelandspeedway.com/--
operates a race track in Cleveland, Ohio.


COMCAM INTERNATIONAL: SEC Suspended Stock Trading for 2 Weeks
-------------------------------------------------------------
The Securities and Exchange Commission suspended the trading of
ComCam International, Inc.'s common stock from Dec. 1, 2011, until
Dec. 14, 2011, in connection with parallel cases filed in federal
court against several individuals that allege the use of kickbacks
or other schemes to trigger investments in various thinly-traded
stocks.  The trading suspension was predicated on questions that
have arisen regarding the adequacy and accuracy of publicly
available information about the Company.

                     About ComCam International

West Chester, Pa.-based ComCam International, Inc. is both a
network solutions innovator and a provider of fusion technologies
for security products and modern networks.  The Company's
proprietary digital wireless camera systems and security
integration solutions address complex command-and-control
applications for rapid-deployment military situations, borders,
ports, airports, and detention facilities.

The Company reported a net loss of $1.35 million on $3.55 million
of revenue for the year ended Dec. 31, 2010, compared with a net
loss of $430,648 on $24,086 of revenue during the prior year.

The Company also reported a net loss of $1.47 million on $2.75
million of net revenues for the nine months ended Sept. 30, 2011,
compared with a net loss of $1.07 million on $2.52 million of net
revenues for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed $1.71
million in total assets, $1.94 million in total liabilities and a
$228,902 total stockholders' deficit.

As of Sept. 30, 2011, the Company has negative working capital and
has incurred losses since inception.  These factors taken alone
raise substantial doubt about the Company's ability to continue as
a going concern.  However, management is in the process of
procuring additional financing to expand marketing efforts and
product development, which actions, if successful, will enable the
Company to continue as a going concern.  Nevertheless, there can
be no assurance that sufficient financing will be available to the
Company to successfully pursue its marketing and product
development efforts.


CONOLOG CORP: Incurs $618,000 Net Loss in Oct. 31 Quarter
---------------------------------------------------------
Conolog Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
applicable to common shares of $618,372 on $58,437 of product
revenue for the three months ended Oct. 31, 2011, compared with a
net loss applicable to common shares of $831,585 on $526,911 of
product revenue for the same period a year ago.

The Company reported a net loss applicable to common shares of
$4.32 million on $1.69 million of product revenue for the year
ended July 31, 2011, compared with a net loss applicable to common
shares of $24.91 million on $1.17 million of product revenue
during the prior year.

The Company's balance sheet at Oct. 31, 2011, showed $831,055 in
total assets, $1.61 million in total liabilities and a $785,573
total stockholders' deficiency.

WithumSmith+Brown, PC, in Somerville, New Jersey, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has had recurring losses from operations of $3,532,645 and
$1,620,877 and used cash from operations in the amounts of
$1,636,745 and $1,264,121 for the years ended July 31, 2010, and
2009, respectively.  At July 31, 2010, the Company had cash
equivalents of $713,005.

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

                        http://is.gd/BsQg76

                        About Conolog Corp.

Somerville, N.J.-based Conolog Corporation is in the business of
design, manufacturing and distribution of small electronic and
electromagnetic components and subassemblies for use in telephone,
radio and microwave transmissions and reception and other
communication areas.  The Company's products are used for
transceiving various quantities, data and protective relaying
functions in industrial, utility and other markets.  The Company's
customers include primarily industrial customers, which include
power companies located primarily throughout the United States,
and various branches of the military.


DANNY'S FAMILY: Emerges From Chapter 11 Bankruptcy Protection
-------------------------------------------------------------
Jan Buchholz, reporter at Phoenix Business Journal, reports that
Danny's Family Cos. has emerged from Chapter 11 bankruptcy with a
reorganization plan that was approved by the U.S. Bankruptcy Court
in Arizona.

According to the report, the plan provides for all vendors and
suppliers to be paid in full, plus interest.  The company has been
reorganized and its debt restructured to make it a more profitable
entity.

"Many of the suppliers we use are also Arizona businesses that
were hit hard by the recession and have struggled to stay afloat.
It was very important to me that we make good on our commitment to
take care of them," the report quotes Danny Hendon, founder and
CEO of Danny's, as saying.

The report says, as part of the reorganization plan, Mr. Hendon's
personal bankruptcy plan was also confirmed.  As a result, the
company will remain family-owned.

Danny's Family Companies LLC, which owns a chain of retail stores,
along with 11 affiliates, filed for Chapter 11 on March 4, 2010.
Another affiliate, Danny's Scottsdale & Shea, L.L.C., fka
Barcelona Restaurants IV, L.L.C., filed for Chapter 11 bankruptcy
protection on Feb. 3, 2010 (Bankr. D. Ariz. Case No. 10-02799).
Bert L. Roos, Esq., in Phoenix, Arizona, serves as the Debtors'
counsel.  Scottsdale & Shea estimated $1 million to $100 million
in assets and debts.

Daniel Hendon, himself, filed for personal chapter 11 bankruptcy
protection (Bankr. D. Ariz. Case No. 11-21164) on July 25, 2011,
disclosing about $317 million in debts and personal net worth of
$10.5 million, based on equity in the two homes.

The personal bankruptcy case was merged with 24 other Chapter 11
reorganization efforts filed by various Hendon-owned companies,
most of them in the first quarter of 2010.


DELPHI CORP: Hedge Funds Sue Firm, Backers Over $300M Payment
-------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that a handful of hedge
fund companies that specialize in buying up the distressed debt of
bankrupt businesses are suing Delphi Automotive PLC and some of
its biggest backers, claiming the newly public auto-parts supplier
is shortchanging them on a potential recovery of up to $300
million.

As reported in the Troubled Company Reporter-Europe on Nov. 21,
2011, Dow Jones' Daily Bankruptcy Review reports that Auto parts
maker Delphi Automotive PLC failed to gain traction with investors
during its IPO debut.  TCR reported that New York hedge fund
manager John Paulson plans to sell as much as $580 million in
stock of Delphi Automotive PLC in the auto parts maker's proposed
initial public offering, the only of its four biggest investors to
sell.

                       About Delphi Corp.

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

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

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

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

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

Delphi Automotive PLC is UK-based company formed in May 2011 as a
holding company for US-based automotive parts manufacturer Delphi
Automotive LLP.  Delphi Automotive LLP is the successor to the
former Delphi Corporation.  At the time of its formation, Delphi
Automotive PLC filed an initial public offering seeking to raise
at least $100 million.

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


DELTA AGGRIGATE: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Delta Aggrigate, LLC
        6462 NW 63rd Way
        Parkland, FL 33067

Bankruptcy Case No.: 11-44171

Chapter 11 Petition Date: December 14, 2011

Court: United States Bankruptcy Court
       Southern District of Florida (Fort Lauderdale)

Judge: John K. Olson

Debtor's Counsel: Mark D Cohen, Esq.
                  MARK D. COHEN, P.A.
                  4000 Hollywood Blvd #435S
                  Hollywood, FL 33021
                  Tel: (954) 962-1166
                  Fax: (954) 962-1779
                  E-mail: mdcohenpa@yahoo.com

Scheduled Assets: $3,371,640

Scheduled Debts: $1,536,120

A copy of the list of six largest unsecured creditors is
available for free at http://bankrupt.com/misc/flsb11-44171.pdf

The petition was signed by Michael De Simone, managing member.


DEWITT REHABILITATION: Files Plan, Disclosure Statement
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that DeWitt Rehabilitation & Nursing Center Inc. filed a
proposed reorganization plan this week promising to pay unsecured
creditors at least 30% on their $18.6 million in claims.  There
will be a Jan. 25 hearing for approval of the explanatory
disclosure statement.

The report relates that the plan proposes to pay the $5.5 million
claim of the Internal Revenue Service over five years with
interest.  Marilyn Lichtman, who owns the nursing home business
and the building, will defer 25% of the $40,000 monthly rental
until all payments are made under the plan.  In return for rent
concessions, Ms. Lichtman will own the nursing home business when
it emerges from Chapter 11.  Unsecured creditors are being offered
15% in cash on confirmation, with another 15% paid in
installments.  Unsecured creditors will also be entitled to
receive a portion of excess cash flow.

According to the report, secured lenders Metropolitan National
Bank and Israel Discount Bank, with liens on all assets to cover
$10 million owing on a term loan according to an earlier court
filing, will receive a $236,500 payment each month, with the debt
maturing in November 2014.  The disclosure statement says the
maturing debt creates a risk the remainder of the plan payments
won't be made.  The $1.1 million owing to the union pension fund
will be paid in full, although the disclosure statement says the
claim is "subject to further evaluation."

                    About Dewitt Rehabilitation

New York-based DeWitt Rehabilitation and Nursing Center runs a
499-bed nursing home on East 79th Street in Manhattan.  The
nursing home is owned by Marilyn Lichtman, who has been the
operator since the facility opened in 1967.

DeWitt Rehabilitation filed for Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 11-10253) on Jan. 25, 2011.  Marc A.
Pergament, Esq., at Weinberg, Gross & Pergament, LLP, serves as
the Debtor's bankruptcy counsel.  The Debtor estimated its assets
at up to $50,000 and debts at $10 million to $50 million.


DETROIT, MI: State treasurer Calls for Financial-Review Team
------------------------------------------------------------
Matthew Dolan, writing for The Wall Street Journal, reports that
Michigan's treasurer called for a financial-review team to examine
Detroit's troubled finances, another step toward a potential
takeover of the city by a state-appointed manager.

WSJ relates state officials insist no decision has been made to
appoint a manager for Detroit.  Republican Gov. Rick Snyder and
members of his administration have expressed frustration that
Mayor Dave Bing, the city council and unions representing city
workers have failed to agree on a plan to stave off a fiscal
disaster.

The Journal says the move Wednesday will ratchet up pressure on
the city's mayor and unions, who are negotiating over $40 million
in proposed spending cuts to prevent the city from running out of
cash by the spring.  It could also fuel opposition to the state's
strengthened emergency-manager law, which is being challenged in a
repeal campaign.

According to WSJ, Michigan's stronger emergency-manager law,
enacted this year, gives a state-appointed manager powers to
nullify labor contracts and take other actions to help a city's
finances.  Critics of the law call it undemocratic and are seeking
to get the law tabled until a November 2012 referendum aimed at
repealing it.

The Journal relates a more informal, two-week state review earlier
this month found Detroit hadn't filed adequate plans to reduce its
deficit. The financial-review team, to be appointed by the
governor, will take up to 90 days to detail how financially
strapped the city is.  The governor would then decide whether to
take no action, to craft a consent decree with the city's
leadership whereby a plan would be agreed on to improve Detroit's
finances, or to appoint an emergency manager.

Detroit, the 18th-largest city in the U.S., has a deficit of $155
million in its current fiscal year, the Journal notes.


DRINKS AMERICAS: Inks Forbearance Agreement on $4-Mil. Debenture
----------------------------------------------------------------
Drinks Americas Holdings, Ltd., on June 19, 2009, sold to one
accredited investor a $4,000,000 non-interest bearing debenture
pursuant to a Securities Purchase Agreement.  The Company's
obligations under the Debenture and the SPA were secured by a
Pledge Agreement.

On Dec. 13, 2011, the Company and the Investor entered into a
Forbearance Agreement whereby the Investor agreed to forbear from
enforcing the Investor's remedial rights under the Loan Documents
until Jan. 1, 2013.  Pursuant to the Forbearance Agreement, the
Debenture will remain in full force and effect and, as a result of
certain defaults under the Loan Documents, the outstanding amount
owed under the Debenture, including interest, fees, penalties and
legal fees, was agreed to be no less than $2,000,000, with
interest, fees and penalties continuing to accrue.
Notwithstanding the Debenture Balance, the Company and the
Investor agreed to a payoff balance of $1,126,360, which
Forbearance Amount will accrue interest at a rate of 8% per annum,
commencing on Dec. 13, 2011.  So long as the Company complies with
the terms of the Forbearance Agreement and no further defaults
occur under the Loan Documents, the Company's obligation will be
entirely satisfied upon due payment of the Forbearance Amount in
accordance with the following schedule of fixed cash payments:

   -- $285,360 upon execution of the Forbearance Agreement, which
      payment was made on Dec. 13, 2011;

   -- $50,000 to be paid on or before March 1, 2012;

   -- $283,000 to be paid on or before June 1, 2012;

   -- $50,000 to be paid on or before Sept. 1, 2012;

   -- $50,000 to be paid on or before Nov. 1, 2012; and

   -- $408,000 plus all accrued and unpaid interest to be paid on
      or before Jan. 1, 2013.

Furthermore, in the event the Company is able to pay the entire
Forbearance Amount, less $100,000, on or before June 30, 2012, the
remaining $100,000 will be discounted from the Forbearance Amount
due.  On Oct. 5, 2011, the Company paid the Investor $50,000.00
and shortly thereafter a final issuance of 19,320,000 shares of
Common Stock which payment and issuance were credited to the
Debenture Balance and the Forbearance Amount and were reflected in
the amounts owed under the Debenture Balance and the Forbearance
Amount.

In the event that the Company does not comply with all of its
obligations or a default occurs under the Forbearance Agreement or
the Loan Documents, the outstanding balance under the Debenture
will be deemed to be the Debenture Balance with all accrued
interest, fees and penalties, less any payments made in accordance
with the payment schedule.  In the event of a Future Default, the
Investor will have a right to convert all or part of the Debenture
Balance for shares of Common Stock.  Accordingly, the Company
agreed to reserve 100,000,000 shares of Common Stock for issuance
to the lender upon such conversion.  In addition, the Company
entered into an Escrow Agreement whereby the Company agreed to
deliver 100,000,000 shares to be held in escrow.  In the event of
certain defaults under the Forbearance Agreement or the Debenture,
the Investor will have the right to receive the Forbearance
Conversion Shares, which right was memorialized in that certain
letter containing Irrevocable Instructions to Transfer Agent,
dated Dec. 13, 2011.  Pursuant to the Forbearance Agreement, the
Company also consented to a Judgment by Confession whereby the
Company agreed to allow a court of proper jurisdiction to enter a
Judgment against the Company in favor of the Investor.

                       About Drinks Americas

Headquartered in Wilton, Conn., Drinks Americas Holdings, Ltd. --
http://www.drinksamericas.com/-- through its majority-owned
subsidiaries, Drinks Americas, Inc., Drinks Global, LLC, D.T.
Drinks, LLC, and Olifant U.S.A Inc., imports, distributes and
markets unique premium wine and spirits and alcoholic beverages
associated with icon entertainers, celebrities and destinations,
to beverage wholesalers throughout the United States.

The Company reported a net loss of $4.58 million on $497,453 of
net sales for the year ended April 30, 2011, compared with a net
loss of $5.61 million on $890,380 of net sales during the prior
year.

Bernstein & Pinchuk, in New York, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred
significant losses from operations since its inception and has a
working capital deficiency.

The Company's balance sheet at July 31, 2011, showed $1.09 million
in total assets, $5.10 million in total liabilities and a $4.01
million total stockholders' deficiency.


DTF CORPORATION: Files List of 20 Largest Unsecured Creditors
-------------------------------------------------------------
DTF Corporation has filed with the U.S. Bankruptcy Court for the
Northern District of Texas a list of its 20 largest unsecured
creditors.

Debtor's List of 20 Largest Unsecured Creditors:

  Entity                        Nature of Claim      Claim Amount
  ------                        ---------------      ------------
Minerva Partners, Ltd.
c/o David Bennet               Equity Interests in
Thompson & Knight, LLC         Hospital Privado    $15,000,000.00
1722 Routh Street, Suite 1500  de Monterrey, S.A.  ($8,610,000.00
Dallas, TX 75201               de C.V.              secured)

Estate of Michael H. Jordan
c/o John DeGroote,
Temporary Admin
100 Crescent Court, Suite 700  Disputed
Dallas, TX 75201               Indemnity Claims      $6,000,000.00

BOKF, NA
7060 South Yale
Suite 301
Attn: Eric Ernst
Tulsa, OK 74136                Bank Loan             $3,158,447.19

Highlands Bank of Dallas       Co-Obligor - Bank
                               Loan                  $1,825,000.00

Plains Capital Bank            Bank Loan and
                               Guaranty              $1,361,174.78

Walter O'Cheskey, Trustee      Disputed Fraudulent
                               Transfer Claim          $373,040.85

Grupo Ing Arq GIA              Disputed Architectural
                               Fees                     $50,786.82

Michael A. Burns & Assoc.      Professional Services -
                               Public Relations         $36,866.22

Ernst & Young                  Professional Services    $20,000.00

The Beck Group                 Professional Services    $15,051.50

Vinson & Elkins                Professional Services    $10,904.07

Locke Lord Liddell & Sapp,
LLP                            Professional Services    $10,166.19

Galaz, Gomez Morfin            Professional Services    $10,000.00

Marin Mendez                   Professional Fees        $10,000.00

Jones Day Reavis & Pogue       Professional Services     $5,950.00

Cowan Liebowitz & Latman, PC   Professional Fees         $5,826.60

John Wiley & Sons              Software and Internet     $4,356.87

Jaime Alberto Vela Benavides   Professional Services     $3,800.00

Gibson Dunn & Crutcher, LLP    Professional Services     $3,383.26

Bank of America Securities,
LLC                            Professional Fees         $2,187.62

DTF Corporation filed for Chapter 11 bankruptcy (Bankr. N.D. Tex.
Case No. 11-37362) on Nov. 21, 2011.  In its schedules, the Debtor
disclosed $28,692,980 in total assets and $38,947,695 in total
liabilities. The petition was signed by Gary B. Wood, CEO and
director.  Judge Stacey G. Jernigan presides the case. The Debtor
is represented by John P. Lewis, Jr., who has an office in Dallas,
Texas.


EAST PROVIDENCE, RI: Issues $10MM Debt Thru Private Placement
-------------------------------------------------------------
The Wall Street Journal's Michael Corkery reports that the city of
East Providence, Rhode Island, on Dec. 15 issued $10 million in
debt through a private placement with Bank of America Corp. rather
than tap the public bond market, partly because of its low credit
rating.  A bank spokeswoman declined to comment.

As reported by the Troubled Company Reporter on Dec. 14, 2011,
Moody's Investors Service downgraded to Ba1 from Baa1 the city of
East Providence's general obligation bond rating, affecting
roughly $22.4 million in outstanding debt.  The bonds are secured
by a general obligation unlimited tax pledge.

Moody's also downgraded the Rhode Island Health and Education
Building Corporation Bond Issue, Series 2007C to Baa2 from A2, of
which East Providence's portion represents 8.4%.

Both ratings remain under review for possible downgrade.

According to Moody's, the downgrade reflects East Providence's
ongoing financial strain, compounded by the growing accumulated
deficit in the school unrestricted fund; a heavy reliance on cash
flow borrowing; and increasing fixed costs related to pension and
OPEB liabilities.  The downgrade also incorporates the recent
appointment of a fiscal overseer by the state, which signals the
severity of the city's fiscal challenges.

During the review, which Moody's anticipates completing within the
next 90 days, Moody's will evaluate the city's fiscal 2012 cash
flow projections, its success in addressing its accumulated
deficit, and its ability to produce a structurally balanced fiscal
2012 budget.


EL-KHOURY ENTERPRISES: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: El-Khoury Enterprises, LLC
        348 East Street
        Sharon, MA 02067

Bankruptcy Case No.: 11-21559

Chapter 11 Petition Date: December 13, 2011

Court: United States Bankruptcy Court
       District of Massachusetts (Boston)

Judge: William C. Hillman

Debtor's Counsel: John M. McAuliffe, Esq.
                  MCAULIFFE & ASSOCIATES, P.C.
                  430 Lexington Street
                  Newton, MA 02466
                  Tel: (617) 558-6889
                  E-mail: mcauliffeassociates@hotmail.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 Badih G. El-Khoury, manager.

Affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
G&A Realty, LLC                        11-21557   12/13/11


ELBIT VISION: Annual Shareholders' Meeting Set for Jan. 17
----------------------------------------------------------
Elbit Vision Systems Ltd., will hold its Annual Special and
General Meeting of Shareholders on Jan. 17, 2012, at 11:00 a.m.
(Israel time) at the offices of Yigal Arnon & Co., 1 Azrieli
Center, Tel-Aviv, Israel.  In connection with this meeting, the
Company will mail to shareholders a Notice of the Annual Special
and General Meeting of Shareholders and Proxy Statement and Proxy
Card.

                        About Elbit Vision

Based in Caesarea, Israel, Elbit Vision Systems Ltd. (OTC BB:
EVSNF.OB) offers a broad portfolio of automatic State-of-the-Art
Visual Inspection Systems for both in-line and off-line
applications, and process monitoring systems used to improve
product quality, safety, and increase production efficiency.
Brightman Almagor Zohar & Co., in Tel Aviv, Israel, expressed
substantial doubt about Elbit Vision Systems' ability to continue
as a going concern.  The independent auditors noted that of the
Company's recurring losses from operations and accumulated
deficit.

The Company's balance sheet at Sept. 30 2011, showed
US$2.59 million in total assets, US$4.51 million in total
liabilities, and a US$1.92 million shareholders' deficit.


EMMIS COMMUNICATIONS: DJD Group Owns 187,416 Common Shares
----------------------------------------------------------
In a Schedule 13D filing with the U.S. Securities and Exchange
Commission, DJD Group LLLP and Don DeFosset disclosed that, as of
Dec. 12, 2011, they beneficially own 76,810 shares of preferred
Stock and 187,416 shares of common stock of Emmis Communications
Corporation representing 2.94% and 0.56% of the outstanding
preferred and common shares.  A full-text copy of the filing is
available for free at http://is.gd/e82Rgc

                     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.


ENCINAL DEL MONTE: Case Summary & 2 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Encinal Del Monte Plant 48 Reuse, LLC
        1278 Reamwood Avenue
        Sunnyvale, CA 94089

Bankruptcy Case No.: 11-61445

Chapter 11 Petition Date: December 15, 2011

Court: United States Bankruptcy Court
       Northern District of California (San Jose)

Judge: Charles Novack

Debtor's Counsel: Ralph P. Guenther, Esq.
                  DUFFY & GUENTHER LLP
                  149 Bonifacio Pl.
                  Monterey, CA 93940
                  Tel: (831) 649-5100
                  E-mail: rguenther@duffyguenther.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 two largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/canb11-61445.pdf

The petition was signed by Chengben Wang, president of managing
member.

Affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Encinal Real Estate, Inc.              11-61446  12/15/2011


EVERGREEN SOLAR: Sells Substantially All Devens Tangible Assets
---------------------------------------------------------------
In a Form 8-K filing Monday, Evergreen Solar, Inc., discloses that
pursuant to bidding procedures approved by the U.S. Bankruptcy
Court for the District of Delaware, on Dec. 13, 2011, the Company
held an auction for the sale of all or substantially all of the
Company's equipment and machinery located at its Devens,
Massachusetts facility.  As a result of the auction, the Company
sold substantially all of its Devens Tangible Assets for
$9,000,000 in cash to various purchasers, including Max Era
Properties Limited and Sovello AG.  The Company may also sell
additional Devens Tangible Assets for approximately $500,000 in
cash, or, in the alternative, retain these Devens Tangible Assets
to be sold together with the Devens facility and plant at a later
date.  This sale was conducted pursuant to Sections 105, 363 and
365 of the Bankruptcy Code and was approved by the Bankruptcy
Court on Dec. 15, 2011.

There are no material relationships between the purchasers of a
significant amount of the Devens Tangible Assets, on the one hand,
and the Company or any of its affiliates, or any of the Company's
directors or officers, or associates of such directors or
officers, on the other hand.

                       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.

At an auction in November, Evergreen Solar sold some of its core
assets to Max Era Properties Limited.


EVERGREEN SOLAR: Sells Equipment & Machinery for $9-Mil.
--------------------------------------------------------
Citybizlist reports that, pursuant to bidding procedures approved
by the Bankruptcy Court, on Dec. 13, 2011, Evergreen Solar Inc.
held an auction for the sale of all or substantially all of the
Company's equipment and machinery located at its Devens,
Massachusetts facility.

According to the report, as a result of the auction, the Company
sold substantially all of its Devens Tangible Assets for roughly
$9 million in cash to various purchasers, including Max Era
Properties Limited and Sovello AG.

The Company may sell additional Devens Tangible Assets for roughly
$500,000 in cash, or, in the alternative, retain the Devens
Tangible Assets to be sold together with the Devens facility and
plant at a later date.

The report notes the sale was conducted pursuant to Sections 105,
363 and 365 of the Bankruptcy Code and was approved by the
Bankruptcy Court on Dec. 15, 2011.

The report notes that there are no material relationships between
the purchasers of a significant amount of the Devens Tangible
Assets, on the one hand, and the Company or any of its affiliates,
or any of the Company's directors or officers, or associates of
such directors or officers, on the other hand.

                       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.

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.

As part of the bankruptcy process, the Company agreed to undertake
a marketing process and sell assets, as a whole or in groups.  ES
Purchaser LLC, an entity formed by the supporting noteholders
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.

In November, the Bankruptcy Court approved $34.5 million worth of
sales, including the sale of some of the Debtor's core wafer
business to Max Era Properties Limited.

On Dec. 1, 2011, Evergreen Solar completed the sale of its 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.  The
LBIE Claims were sold pursuant to an Assignment of Claim
Agreement, dated Nov. 10, 2011, by and among the Company and ES
Purchaser.  The aggregate consideration received by the Company
was $21.5 million in the form of a credit bid.

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.


FIRST NATIONAL: Can Use Lenders' Cash Collateral Until Feb. 29
--------------------------------------------------------------
The Hon. Niles Jackson of the U.S. Bankruptcy Court for the
Western District of Oklahoma approved a stipulation authorizing
First National Building I, LLC, and First National Building II,
LLC, to access the cash collateral until Feb. 29, 2012.

The stipulation with secured creditors Capmark Bank and Capmark
CDF Subfund VI LLC, provides for:

   1. the Debtors' continued use of the rent revenue generated
   from the lease of space in a real property commonly known as
   the first National Center located at 120 N. Robinson Avenue in
   Oklahoma City, to maintain the property and pay operating
   expenses relating to the property;

   2. the Debtors to deviate from the line items contained in the
   budget by not more than 5% on both a line item and aggregate
   basis with any unused portion from a week to be carried over
   into the following week;

   3. the Debtors to pay all quarterly fees owing to the Office of
   the U.S. Trustee and all expenses owing to the Clerk of the
   Bankruptcy Court; and

   4. during the months of January and February 2012, the Debtors
   are authorized to pay managing agent Milbank Real Estate
   Services, Inc., a management fee equal to 3% of all gross
   revenues collected from the property.

                      About First National

Sherman Oaks, California-based First National Building I, LLC, and
First National Building II, LLC, are the co-owners of the real
property commonly known as the First National Center and located
at 120 N. Robinson Avenue in Oklahoma City.  The property is a 33-
story historic office building located in the central business
district in Oklahoma City and contains approximately 950,000
square feet of rentable space.

The Honorable Geraldine Mund entered an order directing the
transfer of the Chapter 11 cases of First National Building I,
LLC, and First National Building II, LLC, from the Central
District of California to the Western District of Oklahoma.
Lender Capmark Bank and Capmark CDF Subfund VI LLC made the
request, and Judge Mund agreed to the venue change.

First National Building I, LLC, filed a Chapter 11 petition
(Bankr. C.D. Calif. Case No. 10-22745) in Woodland Hills, Calif.,
on Oct. 7, 2010, and the case was transferred (Bankr. W.D. Okla.
Case No. 10-16334) to Oklahoma City on Oct. 13, 2010.  First
National Building II, LLC, filed a Chapter 11 petition (Bankr.
C.D. Calif. Case No. 10-22747) in Woodland Hills, Calif. on
Oct. 7, 2010, and the case was transferred (Bankr. W.D. Okla. Case
No. 10-16335) to Oklahoma City on Oct. 13, 2010.  Keith M.
Aurzada, Esq., and John C. Leininger, Esq., at Bryan Cave LLP, in
Dallas, Tex., and Rob F. Robertson, Esq., at GableGotwals, in
Oklahoma City, Okla., represent Capmark as counsel.

The Debtors each estimates assets and debts at $10 million to
$50 million.

The Debtors are affiliated with Roosevelt Lofts, LLC (Bankr. C.D.
Calif. Case No. 09-14214).

David L. Neale, Esq., and Juliet Y. Oh, Esq., at Levene, Neale,
Bender, Yoo & Brill L.L.P., in Los Angeles; and Mark B. Toffoli,
Esq., at Andrews Davis, P.C., in Oklahoma City, Okla., represent
the Debtors as counsel.


FULTON SCIENCE: Fitch Cuts Ratings on Two Bond Series to 'BB-'
--------------------------------------------------------------
Fitch Ratings downgrades to 'BB-' from 'BBB' the rating on
following series of bonds issued by the Development Authority of
Alpharetta, Georgia on behalf of Fulton Science Academy (FSA):

  -- $18,930,000 Development Authority of Alpharetta (Georgia)
     educational facilities revenue bonds (FSA Project), series
     2011A;

  -- $350,000 Development Authority of Alpharetta (Georgia)
     educational facilities revenue bonds (FSA Project), taxable
     series 2011B.

In addition, Fitch places the bonds on Rating Watch Negative.

Joint and several general obligation of Fulton Science Academy,
Inc. (Fulton Science Academy Middle School, or the middle school),
Fulton Educational Services, Inc. (Fulton Science Academy High
School, or the high school), and Fulton Sunshine Academy (Fulton
Science Academy Elementary School, or the elementary school;
collectively with the middle school and high school, the borrowers
or the schools), payable from all legally available revenues and
secured by a first mortgage lien on the new campus.

The downgrade to 'BB-' reflects Fitch's heightened concerns
regarding Fulton Science Academy Middle School's (FSAMS) ability
to effectively manage the charter renewal process; a fundamental
credit characteristic of investment grade ratings in this sector.
Last week, Fulton County School District's (FCSD, the local
charter authorizer) superintendent recommended that the FCSD board
deny FSAMS' current petition to renew its charter, expiring June
30, 2012.  Fitch views recent events as a significant, rapid and
unexpected deterioration in the authorizer relationship.  This
level of uncertainty over the charter renewal is more reflective
of a 'BB-' rating.

The Rating Watch Negative reflects Fitch's concern that the FSAMS
charter may not be renewed. The FCSD board is scheduled to vote on
the renewal petition this evening (December 20).  Based on
discussions with FCSD and FSAMS staff, Fitch believes rejection of
the petition is a real possibility.  In that event, FSAMS' charter
would be scheduled to expire on June 30, 2012.

Fitch notes that on a consolidated basis, the borrowers generated
solid debt service coverage in fiscal 2011 and academic
performance generally exceeds state and district averages.
However, these factors, which drive enrollment trends, do not
fully offset the real possibility of failed renewal given the
increasingly volatile and combative relationship with FCSD.

In research published on Sept. 15, 2011, Fitch identified the
mixed relationship between FSAMS and the local charter authorizer,
Fulton County School District (FCSD) as a key credit driver.
Based on extensive discussions with management and FCSD staff at
the time, Fitch concluded that the above-average charter renewal
risk, offset by financial and operational strengths of the
schools, was consistent with the 'BBB' rating.  Fitch believed
that overall relations had improved since 2009 when FCSD approved
the high school charter despite the staff's opposing
recommendation.

However, on Tuesday, December 13, FCSD's superintendent made a
formal recommendation that the FCSD board deny FSAMS' petition for
renewal of their charter.  The recommendation cites two specific
deficiencies with FSAMS' petition.  First that the petition is for
a 10 year charter term rather than FCSD's preference for a three-
year term; second, that the petition requests a blanket waiver
from Title 20 (state public school regulations) while FCSD
determined several years ago that it would only grant waivers of
specific portions of Title 20.

FSAMS' governing board provided Fitch with a written response to
the formal recommendation.  In that response, the governing board
indicates its concerns regarding FCSD's proposed three-year
charter renewal, and its reasoning for requesting broad
flexibility under Title 20.  In its renewal petition, FSAMS
specifically requests the continuation of the 'broad flexibility,
including all permissible waivers from Title 20', which its
current charter contract allows.

Since last week, both FSAMS and FCSD's superintendent have been
engaged in a very public dispute about the impasse.  FSAMS parents
have participated in public meetings held by several FCSD board
members over the past few days.  On Monday December 19, the FCSD
superintendent (who is also an ex-officio FCSD board member) held
a press briefing reiterating his position recommending rejection
of the current renewal petition. Fitch believes both parties
continue to negotiate and an 11th-hour agreement is still
possible.

Fitch will monitor the outcome of tonight's FCSD vote on FSAMS'
charter renewal petition.  In the event the board rejects the
petition, FSAMS' statutory alternatives are unclear.  FSAMS staff
intends to resubmit their petition to FCSD.  Fitch notes that FCSD
and state department of education staff indicated that a
resubmitted petition may not receive final approval before the
current charter's expiration.

Another option would be to apply for status as a state chartered
special school.  Such status would substantially reduce FSAMS'
funding and threaten the borrowers' ability to meet debt service
obligations.  Fitch will assess FSAMS' next steps.  If the school
is unable to file a revised petition that would allow it to remain
open after June 30, 2012, further negative rating action is highly
likely.


G&A REALTY: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: G&A Realty, LLC
        248 East Street
        Sharon, MA 02067

Bankruptcy Case No.: 11-21557

Chapter 11 Petition Date: December 13, 2011

Court: United States Bankruptcy Court
       District of Massachusetts (Boston)

Judge: Frank J. Bailey

Debtor's Counsel: John M. McAuliffe, Esq.
                  MCAULIFFE & ASSOCIATES, P.C.
                  430 Lexington Street
                  Newton, MA 02466
                  Tel: (617) 558-6889
                  E-mail: mcauliffeassociates@hotmail.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 Badih El-Khoury, manager.

Affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
El Khoury Enterprises, LLC             11-21559   12/13/11


GATORLAND CROSSINGS: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Gatorland Crossings, LLC
        P.O. Box 916655
        Longwood, FL 32791

Bankruptcy Case No.: 11-18716

Chapter 11 Petition Date: December 15, 2011

Court: United States Bankruptcy Court
       Middle District of Florida (Orlando)

Debtor's Counsel: Kevin E. Mangum, Esq.
                  MANGUM & ASSOCIATES PA
                  5100 Highway 17-92, Suite 300
                  Casselberry, FL 32707
                  Tel: (407) 478-1555
                  Fax: (407) 478-1552
                  E-mail: kevin@mangum-law.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 Bassam Mnayarji, managing member.


GENERAL GROWTH: Expects to Close Rouse Spinoff January 12
---------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that General Growth
Properties Inc. expects to complete its planned spinoff of Rouse
Properties Inc. on Jan. 12 and has set the distribution rate.

General Growth's board of directors announced approval of the
spin-off of its subsidiary, Rouse Properties, Inc.

The spin-off will be completed through a pro rata taxable dividend
of voting common stock of Rouse Properties held by GGP on
Thursday, Jan. 12, 2012 to GGP stockholders of record as of the
close of business on the New York Stock Exchange on Friday,
Dec. 30, 2011.  On the Distribution Date, for every share of GGP
common stock owned as of the Record Date, GGP stockholders will
receive approximately 0.0375 shares of Rouse Properties' common
stock representing a distribution ratio of 1:26.66.  Approximately
35.5 million shares of Rouse Properties' common stock are expected
to be outstanding immediately following the spin-off.  The
distribution of these shares will be made in book-entry form,
which means no physical share certificates will be issued.

Rouse Properties filed an amendment to its Registration Statement
on Form 10 with the Securities and Exchange Commission.  Exhibit
99.1 to the Form 10 includes information about Rouse Properties'
financial results, business and strategy, and other important
information.

As previously disclosed in the Form 10, Rouse Properties had
historical core net operating income of approximately $113.1
million for the nine months ended Sept. 30, 2011.  As further
discussed in the Form 10, this amount does not represent a
complete measure of Rouse Properties' anticipated results as a
stand-alone public company once the spin-off is completed.

On the Distribution Date, Rouse Properties is expected to have
approximately $1.16 billion of debt outstanding with a weighted
average interest rate of approximately 5.6% comprised of
approximately $724.0 million of existing mortgage debt and a new
three year senior secured term loan of approximately $433.5
million.  The senior secured term loan will be provided by a
syndicate of lenders with Wells Fargo Bank, N.A., as
administrative agent, and Wells Fargo Securities, LLC, RBC Capital
Markets, LLC, and U.S. Bank National Association as joint lead
arrangers.  The senior secured facility also includes a revolving
credit facility in the amount of $50 million.  In addition, Rouse
Properties finalized the terms of a three and a half year
subordinated unsecured revolving credit facility with an affiliate
of Brookfield Asset Management, Inc. that will provide borrowings
on a revolving basis of up to $100 million.

Rouse Properties entered into a standby purchase agreement with an
affiliate of Brookfield relating to the previously announced
rights offering that Rouse Properties plans to commence following
the completion of the spin-off, pursuant to which Brookfield has
agreed to purchase at the rights offering price of $15.00 per
share (i) its pro rata share of the common stock of Rouse
Properties and (ii) any remaining shares of Rouse Properties
common stock not otherwise subscribed for in the rights offering.

           Additional Information About The Spin-Off

No fractional shares of Rouse Properties common stock will be
issued.  Fractional shares of Rouse Properties common stock to
which GGP stockholders of record would otherwise be entitled will
be aggregated and, after the distribution, sold in the public
market by the distribution agent.  The aggregate net cash proceeds
will be distributed ratably to those holders of record who would
otherwise have received fractional shares of Rouse Properties
common stock.

GGP intends to report the distribution of Rouse Properties common
stock (including cash in lieu of fractional shares) as a taxable
dividend for U.S. federal income tax purposes and, therefore, the
distribution of Rouse Properties common stock is expected to
satisfy a portion of GGP's 2011 and 2012 REIT taxable income
distribution requirements.

Following the spin-off, GGP's common stock will continue to trade
on the NYSE under the symbol GGP.  Rouse Properties intends to
have its common stock listed on the NYSE under the symbol "RSE".
An information statement concerning the details regarding the
distribution of Rouse Properties common stock and its business and
management following the spin-off will be mailed to GGP
stockholders prior to the distribution date.

GGP shares will continue to trade "regular way" on the NYSE under
the symbol "GGP" through and after the Jan. 12, 2012 Distribution
Date.  Any holders of shares of GGP common stock who sell GGP
common stock "regular way" on or before Jan. 12, 2012, will also
sell their right to receive shares of Rouse Properties common
stock.  In addition, it is anticipated that GGP common stock will
trade ex-distribution (without the right to receive shares of
Rouse Properties common stock) on or about Dec. 28, 2011, and
continue through the Distribution Date under the symbol "GGP WI".
Investors are encouraged to consult with their financial advisors
regarding the specific implications of buying or selling GGP
common stock on or before the Distribution Date.

A "when-issued" public trading market for Rouse Properties common
stock is expected to begin on or about Dec. 28, 2011 on the NYSE
under the symbol "RSE WI" and will continue through the
Distribution Date.  GGP also anticipates "regular way" trading of
Rouse Properties common stock under the symbol "RSE" will begin on
Friday, Jan. 13, 2012, the first trading day following the
Distribution Date.  Before the spin-off, GGP and Rouse Properties
will enter into a separation agreement and various other
agreements related to the spin-off.

The distribution of Rouse Properties common stock is subject to
the satisfaction or waiver of certain conditions, including, but
not limited to, the Form 10 being declared effective by the SEC,
Rouse Properties' common stock being accepted for listing on the
NYSE, the senior secured credit facility and subordinated
revolving credit facility being in full force and effect and funds
being available there under on the Distribution Date, and the
other conditions described in the Information Statement included
in the Form 10.  GGP and Rouse Properties fully expect all
conditions to the spin-off will be satisfied on or before the
Distribution Date. However, in order to ensure that GGP satisfies
its remaining REIT taxable income distribution requirements for
2011, in the event the conditions to the spin-off are not
satisfied on or before the Distribution Date, GGP will not
distribute the shares of Rouse Properties common stock on Jan. 12,
2012, but will instead pay a special cash dividend on Tuesday,
Jan. 17, 2012, to GGP's stockholders of record as of the close of
business of the NYSE on Friday, Dec. 30, 2011.

                       About General Growth

Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings.  The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide.  General Growth is a self-
administered and self-managed real estate investment trust.  The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.

General Growth Properties Inc. and its affiliates filed for
Chapter 11 protection on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977).  Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, serve as bankruptcy counsel.  Kirkland &
Ellis LLP is co-counsel.  Kurtzman Carson Consultants LLC has been
engaged as claims agent.  The Company also hired AlixPartners LLP
as financial advisor and Miller Buckfire Co. LLC, as investment
bankers.  The Debtors disclosed $29,557,330,000 in assets and
$27,293,734,000 in debts as of Dec. 31, 2008.

General Growth Properties on Nov. 9, 2010, successfully completed
the final steps of its financial restructuring and emerged from
Chapter 11.  GGP successfully restructured approximately
$15 billion of project-level debt Recapitalized with $6.8 billion
in new equity capital Paid all creditor claims in full achieved
substantial recovery for equity holders.

As part of its plan of reorganization, GGP has split itself into
two separate and independent publicly traded corporations.  GGP
shareholders as of the record date of Nov. 1, 2010, received
common stock in both companies.  The new GGP, which will commence
trading Nov. 10 on The New York Stock Exchange under the ticker
symbol "GGP," is the second-largest shopping mall owner and
operator in the country, with more than 183 regional malls in 43
states.  The spin-off company, The Howard Hughes Corporation,
consists of GGP's portfolio of master planned communities and
other strategic real estate development opportunities.  This
company will trade under the ticker symbol "HHC" on The New York
Stock Exchange.

Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates.  (http://bankrupt.com/newsstand/or
215/945-7000)


GRUBB & ELLIS: Extends Exclusivity of C-III Loan Pact to Jan. 14
----------------------------------------------------------------
In accordance with the terms of that certain, previously disclosed
letter agreement dated Oct. 16, 2011, by and among Grubb & Ellis
Company, C-III Investments LLC and ColFin GNE Loan Funding, LLC,
on Dec. 15, 2011, the "Exclusivity Period" was extended until and
through Jan. 14, 2012.

Each of Grubb & Ellis and its wholly-owned subsidiary, Grubb &
Ellis Management Services, Inc., entered into the second amendment
increasing from $18 million to $28 million the size of its senior
secured term loan facility previously entered into by and among
the Company, GEMS, ColFin GNE Loan Funding, LLC, and the several
lenders from time to time party thereto, pursuant to which C-III
Investments LLC agreed to become a lender under the Credit
Facility and to provide an additional $10 million term loan under
the existing terms and conditions of the Credit Facility, as
amended by Credit Facility Amendment No. 2.

                    About Grubb & Ellis Company

Grubb & Ellis Company -- http://www.grubb-ellis.com/-- is one of
the largest and most respected commercial real estate services and
investment companies in the world. Our 5,200 professionals in more
than 100 company-owned and affiliate offices draw from a unique
platform of real estate services, practice groups and investment
products to deliver comprehensive, integrated solutions to real
estate owners, tenants and investors.  The firm's transaction,
management, consulting and investment services are supported by
highly regarded proprietary market research and extensive local
expertise.  Through its investment management business, the
company is a leading sponsor of real estate investment programs.

The Company reported a net loss of $69.7 million on $575.5 million
of revenues for 2010, compared with a net loss of $80.5 million on
$527.9 million of revenues for 2009.

The Company also reported a net loss of $28.61 million on
$378.90 million of total revenue for the nine months ended Sept.
30, 2011, compared with a net loss of $58.56 million on
$372.38 million of total revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed
$149.77 million in total assets, $152.74 million in total
liabilities, $98.89 million in preferred stock, and a
$101.85 million total deficit.

The Company said it may seek additional financing prior to the
completion of its review of strategic alternatives.  It is
anticipated that any strategic alternative would include
provisions to extend, retire or refinance the Colony credit
facility at or prior to maturity.  If the Company is unable to
extend, retire or refinance the Colony credit facility prior to
maturity, it could create substantial doubt about the Company's
ability to continue as a going concern for the twelve month period
following the date of these financial statements.  The Company
believes that upon completion of its strategic alternative process
the Company will have sufficient liquidity to operate in the
normal course over the next twelve month period.


GSW HOLDINGS: Top Unsecured Creditors' List Has One Entity
----------------------------------------------------------
GSW Holdings, LLC, has filed with the U.S. Bankruptcy Court for
the Southern District of Mississippi a list of its largest
unsecured creditors.

The list contains a single entry:

  Entity                        Nature of Claim      Claim Amount
  ------                        ---------------      ------------
Wright, Moore, DeHart, Dupuis
& Hutchins
P.O. Box 80569
Lafayette, LA 70598            Regarding BP Claim       $1,228.31

                      About GSW Holdings LLC

Gulfport, Mississippi-based GSW Holdings LLC filed for Chapter 11
bankruptcy (Bankr. S.D. Miss. Case No. 11-52338) on Oct. 11, 2011.
Judge Katharine M. Samson presides over the case.  Wheeler &
Wheeler serves as its local bankruptcy counsel.  The Debtor
disclosed $22,225,500 in assets and $8,851,228 in liabilities.


GUIDED THERAPEUTICS: Obtains Marketing Approval for LuViva
----------------------------------------------------------
Guided Therapeutics, Inc., announced that Health Canada has
granted marketing approval for the LuViva Advanced Cervical Scan.

The approval by Health Canada provides LuViva access to the United
States' largest trading partner and to other markets that
recognize Canadian device approval.

"Receiving Health Canada marketing approval for LuViva is a
significant milestone for the product and the company," said Mark
L. Faupel, Ph.D., CEO and president of Guided Therapeutics, Inc.
"We are in discussions with potential distributors in Canada and
expect this approval to advance the process.  Additionally, the
Health Canada approval helps to jumpstart and support the
regulatory process in some Latin America and Southeast Asian
countries."

Each year, about 5.7 million women in Canada undergo Pap test
screening for cervical cancer, with as many as 400,000 receiving
an abnormal Pap result.  These women are then scheduled for a
follow-up exam, called a colposcopy, which typically includes a
biopsy.  The wait times for colposcopy examinations in Canada are
two to six months.  LuViva is designed to reduce wait times and
provide results immediately at the point of care.

"We believe that LuViva has the potential to bring a new level of
efficiency to women's healthcare in Canada and improve the
standard of care by providing immediate results with a painless,
one-minute test," said Dr. Faupel.

LuViva scans the cervix with light to identify cancer and pre-
cancer painlessly and non-invasively.  Guided Therapeutics'
patented biophotonic technology is able to distinguish between
normal and diseased tissue by detecting changes at the cellular
level.  Unlike Pap or human papillomavirus (HPV) tests, LuViva
does not require laboratory analysis or a tissue sample.

The Health Canada application was filed under the former name,
"LightTouch" and will be amended to reflect the name change to
LuViva.

Guided Therapeutics appointed Eurosurgical Ltd as the exclusive
distributor of the LuViva Advanced Cervical Scan in the United
Kingdom.

"We are very pleased to have Eurosurgical as our LuViva partner in
the United Kingdom," said Mark L. Faupel, Ph.D., CEO and president
of Guided Therapeutics, Inc.  "Eurosurgical is a leading U.K.
distributor within the gynaecology industry.  While a number of
distributors were eager to carry LuViva, Eurosurgical impressed us
with its market reach and strong reputation.  We believe that
Eurosurgical is ideally positioned to propel LuViva to become the
gold standard of care for cervical disease detection in the U.K."

"With more than 20 years of experience in women's healthcare,
Eurosurgical is known for bringing new products and cost-saving
innovations to the medical community.  We believe LuViva will be
an excellent addition to our gynaecology product offerings," said
George Cranstone, chairman of Eurosurgical Ltd.

In the United Kingdom, LuViva is initially intended as a follow-up
test after a positive Pap test. Today, approximately 400,000 U.K.
women annually are referred to more than 170 institutions for a
follow-up or colposcopy examination, which often involves a biopsy
of the cervix.  Based on its clinical trial results, LuViva could
eliminate approximately 40 percent of unnecessary follow-up
procedures and could identify serious cervical disease up to two
years earlier than the standard of care.

                     About Guided Therapeutics

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

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

The Company also reported a net loss of $3.88 million on $2.70
million of service revenue for the nine months ended Sept. 30,
2011, compared with a net loss of $2.56 million on $2.30 million
of service revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed
$2.84 million in total assets, $5 million in total liabilities,
and a $2.16 million total stockholders' deficit.

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


HAMPTON ROADS: Files Form S-8; Registers 2.75-Mil. Common Shares
----------------------------------------------------------------
Hampton Roads Bankshares, Inc., filed with the U.S. Securities and
Exchange Commission a Form S-8 registration statement registering
2,750,000 shares of common stock issuable under the Company's 2011
Omnibus Incentive Plan.  The proposed maximum offering price is
$7.56 million.  A full-text copy of the prospectus is available
for free at http://is.gd/qsbxSF

                          About MMRGlobal

Los Angeles, Calif.-based MMR Global, Inc. (OTC BB: MMRF)
-- http://www.mmrglobal.com/-- through its wholly-owned operating
subsidiary, MyMedicalRecords, Inc., provides secure and easy-to-
use online Personal Health Records (PHRs) and electronic safe
deposit box storage solutions, serving consumers, healthcare
professionals, employers, insurance companies, financial
institutions, and professional organizations and affinity groups.

The Company reported a net loss of $17.9 million on $972,988 of
revenues for 2010, compared with a net loss of $10.3 million on
$619,249 of revenues for 2009.

The Company also reported a net loss of $6.24 million on
$1.08 million of total revenues for the nine months ended
Sept. 30, 2011, compared with a net loss of $16.01 million on
$556,648 of total revenues for the same period during the prior
year.

The Company's balance sheet at Sept. 30, 2011, showed $2.13
million in total assets, $6.66 million in total liabilities and a
$4.53 million total stockholders' deficit.

As reported by the TCR on April 7, 2011, Rose, Snyder & Jacobs, in
Encino, Calif., expressed substantial doubt about MMRGlobal's
ability to continue as a going concern.  The independent auditors
noted that the Company has incurred significant operating losses
and negative cash flows from operations during the year ended Dec.
31, 2010, and 2009.


HANMI FINANCIAL: To Effect a 1-for-8 Reverse Stock Split
--------------------------------------------------------
Hanmi Financial Corporation filed an amendment to its Amended and
Restated Certificate of Incorporation with the Secretary of State
of the State of Delaware to effect a 1-for-8 reverse stock split
of its common stock, $0.001 par value per share.  The reverse
stock split, which was approved by Hanmi's stockholders at its
annual meeting of stockholders held on Aug. 17, 2011, will be
effective with respect to stockholders of record as of the close
of business on Dec. 16, 2011.  At the Effective Time, every eight
shares of Hanmi's pre-split common stock will automatically be
consolidated into one share of Hanmi's post-split common stock.

"The reverse stock split is an important step in making our common
stock more attractive to institutional investors and reducing
administrative costs related to the large number of shares issued
and outstanding," said Jay S. Yoo, President and Chief Executive
Officer,

It is expected that Hanmi's common stock will begin trading on a
split-adjusted basis on the NASDAQ Global Select Market at the
opening of trading on Dec. 19, 2011.  Hanmi's common stock will
continue to trade on the NASDAQ Global Select Market under the
symbol "HAFC" with the letter "D" added to the end of the trading
symbol for a period of 20 trading days to indicate that the
reverse stock split has occurred. Following the 20 day period, the
ticker symbol will revert to "HAFC."  In addition, Hanmi's common
stock will also trade under a new CUSIP number (410495204).

No fractional shares of Hanmi's post-split common stock will be
issued as a result of the reverse stock split.  Instead, a
stockholder who otherwise would have been entitled to receive a
fractional share as a result of the reverse stock split will
receive a rounded up share of Hanmi's post-split common stock for
such fractional share.

The reverse stock split will reduce the number of shares of common
stock outstanding from approximately 251.9 million shares to
approximately 31.5 million shares.  The number of authorized
shares of common stock will be reduced from 500,000,000 to
62,500,000.  Proportional adjustments will also be made to the
conversion or exercise rights under Hanmi's outstanding stock
options, warrants and other securities entitling their holders to
purchase or receive shares of common stock so that the reverse
stock split will not materially affect any of the rights of
holders of those securities.

Stockholders with certificated shares of pre-split common stock
will be required to exchange their stock certificates for new
stock certificates representing the appropriate number of shares
of post-split common stock resulting from the reverse stock split.
Hanmi's exchange and transfer agent, Computershare Trust Company,
N.A., will mail a letter of transmittal to registered stockholders
holding certificated shares with instructions on how to complete
the exchange.  The number of shares of Hanmi's common stock held
in book entry form will be adjusted to reflect the reverse stock
split ratio without any action on the part of the stockholders
holding such shares in book entry form.

                      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: Receiver Seeks More Time to File Recovery Plan
--------------------------------------------------------------
Mark Shade, writing for Reuters, reports that David Unkovic, who
was appointed three weeks ago as receiver for the city of
Harrisburg, has petitioned the Commonwealth Court in Pennsylvania
to give him an additional 30 days to submit his recovery plan for
Harrisburg, which would give him until early February, if
approved.

Reuters relates the receiver initially faced a barrage of
criticism, particularly regarding his past relationships with
large creditors of the city.  However, he appears to be converting
critics while maintaining his pledge that everyone will feel pain
when he unveils his recovery plan for the city.

According to Reuters, Mr. Unkovic, 57, was applauded by 150 people
who visited a city bookstore Monday evening to hear what he had to
say about his work in developing that plan.

Reuters relates Mr. Unkovic said he plans to stay on as receiver
only as long as it takes to turn around the city.  Mr. Unkovic has
created a Web site -- http://www.pa.gov/harrisburgreceiver-- to
give people a chance to share ideas about how to get the city out
of debt.

                  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.

The Harrisburg city council voted 4-3 on Oct. 11, 2011, to
authorize the filing of a Chapter 9 municipal bankruptcy (Bankr.
M.D. Pa. Case No. 11-06938).  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.

Judge Mary D. France presided over the Chapter 9 case.  Mark D.
Schwartz, Esq. -- markschwartz6814@gmail.com -- and David A.
Gradwohl, Esq., served as Harrisburg's 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.

Harrisburg 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.

The Commonwealth of Pennsylvania, the County of Dauphin, and
Harrisburg city mayor Linda D. Thompson and other creditors and
interested parties objected to the Chapter 9 petition.  The state
later adopted a new law allowing the governor to appoint a
receiver.

Kenneth W. Lee, Esq., Christopher E. Fisher, Esq., Beverly Weiss
Manne, Esq., and Michael A. Shiner, Esq., at Tucker Arensberg,
P.C., represented Mayor Thompson in the Chapter 9 case. Counsel to
the Commonwealth of Pennsylvania was Neal D. Colton, Esq., Jeffrey
G. Weil, Esq., Eric L. Scherling, Esq., at Cozen O'Connor.

In November 2011, the Bankruptcy Judge dismissed the Chapter 9
case because (1) the City Council did not have the authority under
the Optional Third Class City Charter Law and the Third Class City
Code to commence a bankruptcy case on behalf of Harrisburg and (2)
the City was not specifically authorized under state law to be a
debtor under Chapter 9 as required by 11 U.S.C. Sec. 109(c)(2).

That same month, the state governor appointed David Unkovic as
receiver for Harrisburg.  Mr. Unkovic is represented by the
Municipal Recovery & Restructuring group of McKenna Long &
Aldridge LLP, led by Keith Mason, Esq. -- kmason@mckennalong.com
-- co-chair of the group.


HAWAII MEDICAL: Beginning 'Orderly Wind Down'
---------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Hawaii Medical Center LLC couldn't agree with a buyer
on a price for the 342-bed hospital, so the facility is beginning
an "orderly wind down of operations," court records show.

The report relates that an agreement for St. Francis Healthcare
System of Hawaii to buy the hospital previously fell apart.
Hawaii Medical's motion for approval of sale procedures will
nonetheless reappear on the Jan. 9 bankruptcy court calendar.

St. Francis has a $39.2 million secured claim.

                    About Hawaii Medical Center

The Hawaii Medical Center, along with its affiliates, filed for
Chapter 11 bankruptcy (Bankr. D. Hawaii Lead Case No. 11-01746) on
June 21, 2011, just a year after exiting court protection.  Hawaii
Medical Center owns two hospital campuses -- HMC East in North
Honolulu and HMC West in Ewa Beach.  The two hospitals have 342
licensed beds and have a total of more than 1,000 employees.  The
hospitals were known as St. Francis Medical Center before Hawaii
Medical purchased the hospitals in 2007.

Judge Robert J. Faris presides over the 2011 case.  Lawyers at
Moseley Biehl Tsugawa Lau & Muzzi, in Honolulu, Hawaii, and
McDonald Hopkins LLC, in Cleveland, Ohio, serve as the Debtors'
counsel.  The Debtors' financial advisors are Scouler & Company,
LLC.  In its petition, Hawaii Medical Center estimated $50 million
to $100 million in assets and $100 million to $500 million in
debts.  The petitions were signed by Kenneth J. Silva, member of
the board of directors.

Attorneys at Wagner Choi & Verbrugge, in Honolulu, Hawaii, and
Pachulski Stang Ziehl & Jones LLP, in Los Angeles, represent the
Official Committee of Unsecured Creditors as counsel.

The Debtors' prepetition debt structure is comprised of (i) the
Prepetition Revolving Loan with MidCap Financial, LLC, and the
Prepetition Term Loan with St. Francis Healthcare Systems of
Hawaii.  As of the Petition Date, the aggregate outstanding
principal on the Prepetition MidCap Revolving Loan and the
Prepetition St. Francis Term Loan is $46,851,772.  The principal
balance of the Prepetion MidCap Revolving Loan is $7,676,495.  The
amount owed under the Prepetition St. Francis Term Loan is
$39,175,277, secured by St. Francis's first priority lien on,
among other things, all real property of the Debtors.

Through the Chapter 11 filing, the Debtors plan to return the
hospitals to the control of St. Francis.

In the prior case, HMC and its affiliated debtors were converted
to new, Hawaii non-profit corporations.  CHA Hawaii, one of HMC's
affiliated debtors and a subsidiary of Cardiovascular Hospitals of
America LLC, discontinued management of the reorganized Debtors.

Wichita, Kansas-based CHA Hawaii LLC, and its affiliates --
including Hawaii Medical Center LLC -- filed for Chapter 11
protection on Aug. 29, 2008 (Bankr. D. Del. Case No. 08-12027).
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP
represented the Debtors in their restructuring efforts.  CHA
Hawaii estimated assets of up to $10 million and debts between
$50 million and $100 million when it filed for bankruptcy.  The
Debtors obtained confirmation of their Chapter 11 plan in May 2010
and emerged from bankruptcy in August 2010.

The Debtor disclosed $74,713,475 in assets and $91,599,563 in
liabilities as of the Chapter 11 filing.

St. Francis Healthcare System of Hawaii is represented by Jonathan
H. Steiner, Esq. -- steiner@m4law.com -- at McCorriston Miller
Mukai Mackinnon LLP; and Joshua M. Mester, Esq. -- jmester@dl.com
-- at Dewey & LeBoeuf LLP.


HAWAII MEDICAL: Shuts Down Emergency Room as Part of Wind-Down
--------------------------------------------------------------
Pacific Business News reports that Hawaii Medical Center shut down
the emergency rooms at its two Oahu hospitals as part of the first
phase of the wind-down of operations at Hawaii Medical Center East
in Liliha, Hawaii, and Hawaii Medical Center West in Ewa, Hawaii,
over the next several weeks.

According to the report, an HMC spokeswoman confirmed that both
emergency rooms closed Monday morning.  That means City and County
of Honolulu's Emergency Medical Services Division is transporting
any emergency patients by ambulance to other Oahu hospitals.
Three days ago, Hawaii Medical Center announced that it would
close its two bankrupt hospitals after failing to reach an
agreement to sell the facilities to a California hospital
operator, which was the most interested buyer.

The report notes that the shutdowns, which will take up to four
weeks to complete, will leave approximately 990 people jobless and
casts a cloud of uncertainty over an already-burdened Hawaii
health-care system.

The report says Hawaii Medical Center officials found a potential
buyer in California-based Prime Healthcare Services, which put in
a minimum bid of $25 million earlier this month.  But all the
parties involved could not agree on terms of a final deal,
particularly after St. Francis objected to the deal as it was
proposed.  The sisters of the Roman Catholic religious order sold
the hospitals to Hawaii Medical Center in 2007 for $68 million.

                    About Hawaii Medical Center

The Hawaii Medical Center, along with its affiliates, filed for
Chapter 11 bankruptcy (Bankr. D. Hawaii Lead Case No. 11-01746) on
June 21, 2011, just a year after exiting court protection.  Hawaii
Medical Center owns two hospital campuses -- HMC East in North
Honolulu and HMC West in Ewa Beach.  The two hospitals have 342
licensed beds and have a total of more than 1,000 employees.  The
hospitals were known as St. Francis Medical Center before Hawaii
Medical purchased the hospitals in 2007.

Judge Robert J. Faris presides over the 2011 case.  Lawyers at
Moseley Biehl Tsugawa Lau & Muzzi, in Honolulu, Hawaii, and
McDonald Hopkins LLC, in Cleveland, Ohio, serve as the Debtors'
counsel.  The Debtors' financial advisors are Scouler & Company,
LLC.  In its petition, Hawaii Medical Center estimated $50 million
to $100 million in assets and $100 million to $500 million in
debts.  The petitions were signed by Kenneth J. Silva, member of
the board of directors.

Attorneys at Wagner Choi & Verbrugge, in Honolulu, Hawaii, and
Pachulski Stang Ziehl & Jones LLP, in Los Angeles, represent the
Official Committee of Unsecured Creditors as counsel.

The Debtors' prepetition debt structure is comprised of (i) the
Prepetition Revolving Loan with MidCap Financial, LLC, and the
Prepetition Term Loan with St. Francis Healthcare Systems of
Hawaii.  As of the Petition Date, the aggregate outstanding
principal on the Prepetition MidCap Revolving Loan and the
Prepetition St. Francis Term Loan is $46,851,772.  The principal
balance of the Prepetion MidCap Revolving Loan is $7,676,495.  The
amount owed under the Prepetition St. Francis Term Loan is
$39,175,277, secured by St. Francis's first priority lien on,
among other things, all real property of the Debtors.

Through the Chapter 11 filing, the Debtors plan to return the
hospitals to the control of St. Francis.

In the prior case, HMC and its affiliated debtors were converted
to new, Hawaii non-profit corporations.  CHA Hawaii, one of HMC's
affiliated debtors and a subsidiary of Cardiovascular Hospitals of
America LLC, discontinued management of the reorganized Debtors.

Wichita, Kansas-based CHA Hawaii LLC, and its affiliates --
including Hawaii Medical Center LLC -- filed for Chapter 11
protection on Aug. 29, 2008 (Bankr. D. Del. Case No. 08-12027).
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP
represented the Debtors in their restructuring efforts.  CHA
Hawaii estimated assets of up to $10 million and debts between
$50 million and $100 million when it filed for bankruptcy.  The
Debtors obtained confirmation of their Chapter 11 plan in May 2010
and emerged from bankruptcy in August 2010.

The Debtor disclosed $74,713,475 in assets and $91,599,563 in
liabilities as of the Chapter 11 filing.

St. Francis Healthcare System of Hawaii is represented by Jonathan
H. Steiner, Esq. -- steiner@m4law.com -- at McCorriston Miller
Mukai Mackinnon LLP; and Joshua M. Mester, Esq. -- jmester@dl.com
-- at Dewey & LeBoeuf LLP.


HORIZON LINES: Beach Point Discloses 14.5% Equity Stake
-------------------------------------------------------
In a Schedule 13G filing with the U.S. Securities and Exchange
Commission, Beach Point SCF I LP and its affiliates disclosed
that, as of Dec. 7, 2011, they beneficially own 376,270 shares of
common stock of Horizon Lines, Inc., representing 14.55% of the
shares outstanding.  A full-text copy of the filing is available
for free at http://is.gd/5bd4Qm

                        About Horizon Lines

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

The Company's balance sheet at Sept. 25, 2011, showed
$677.4 million in total assets, $801.7 million in total
liabilities, and a stockholders' deficit of $124.3 million.

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

"The Company believes the Oct. 5, 2011 refinancing transactions
more fully described in Note 18 to these financial statements have
resolved the concern as to compliance with debt covenants
throughout the remainder of 2011," the Company said in the filing.
"In addition, the Company believes it will be in compliance with
its debt covenants through 2012."

                           Refinancing

The Company was not in compliance with the maximum senior secured
leverage ratio and the minimum interest coverage ratio under its
Senior Credit Facility at the close of its third fiscal quarter
ended Sept. 25, 2011.  Non-compliance with these financial
covenants constituted an event of default, which could have
resulted in acceleration of the maturity.  None of the
indebtedness under the Senior Credit Facility or Notes was
accelerated prior to the completion of a comprehensive refinancing
on Oct. 5, 2011.

The Senior Credit Facility and 99.3% of the 4.25% Convertible
Senior Notes were repaid as part of the refinancing.  In addition,
as a result of the completion of the refinancing, the short-term
obligations under the Senior Credit Facility, the Notes and the
Bridge Loan have been classified as long-term debt.

As a result of the efforts to refinance the Company's debt and the
2011 amendments to the Senior Credit Facility, the Company paid
$17.3 million in financing costs and recorded a loss on
modification of debt of $0.6 million during 2011.

                          *     *     *

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

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


INNOVIDA HOLDINGS: Soneet Kapila Appointed as Chapter 7 Trustee
---------------------------------------------------------------
Paul Brinkmann, reporter at South Florida Business Journal,
reports Soneet Kapila, Fort Lauderdale accountant and court-
appointed fiduciary, was named new Chapter 7 trustee for the case
of Claudio Osorio, replacing Chapter 11 trustee Mark Meland.

The appointment came after the U.S. Bankruptcy Judge Robert Mark
converted Mr. Osorio's Chapter 11 cases to Chapter 7 liquidations
in a harshly worded ruling from the bench Friday. Judge Mark
called Mr. Osorio's bankruptcy plan 'nonsense.'

The report says Mr. Kapila said he set to work immediately on the
controversial cases, where multimillion-dollar fraud has been
alleged.

Mr. Kapila has been a trustee and bankruptcy administrator of
several high-profile cases, including Chapter 11 trustee for the
cases surrounding boy band mogul Lou Pearlman's Ponzi scheme in
Orlando, and chief administrator of homebuilder Levitt and Sons,
where Mr. Kapila oversaw the recovery of about $105 million from
the sale of real property.

Mr. Kapila may be reached at:

         KAPILA & COMPANY
         Certified Public Accountants
         1000 South Federal Highway, Suite 200
         Fort Lauderdale, FL 33316
         Tel: 954-761-1011
         Fax: 954-761-1033
         E-mail: kapilaco@kapilaco.com

                   About InnoVida and Osorio

Receiver Mark S. Meland, at Meland Russin & Budwick, PA, filed a
Chapter 11 petition for InnoVida Holdings, LLC, fdba COEG, LLC
(Bankr. S.D. Fla. Case No. 11-17702) on March 24, 2011.  Separate
Chapter 11 petitions were filed for these affiliates: InnoVida
MRD, LLC (Case No. 11-17704), InnoVida Services, Inc. (Case No.
11-17705), and InnoVida Southeast, LLC (Case No. 11-17706).  Peter
D. Russin, Esq., at Meland Russin & Budwick, P.A., serves as
bankruptcy counsel.  InnoVida Holdings has under $50,000 in assets
and $10 million to $50 million in debts, according to the
petition.

Founder Claudio Eleazar and Amarilis Osorio filed a separate
Chapter 11 petition (Bankr. S.D. Fla. Case No. 11-17075) on
March 17, 2011.  Mr. Osorios is being accused of fraud and
mismanagement.

Bankruptcy Judge Robert A. Mark in Miami authorized the
appointment of Mark S. Meland as trustee for InnoVida.
Mr. Meland, who had been serving as a receiver for the business in
the wake of the allegations against Mr. Osorio, was the one who
ushered InnoVida into bankruptcy.


INOVA TECHNOLOGY: Posts $263,000 Net Income in Oct. 31 Quarter
--------------------------------------------------------------
Inova Technology Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting net income
of $263,229 on $5.65 million of revenue for the three months ended
Oct. 31, 2011, compared with a net loss of $379,968 on
$4.80 million of revenue for the same period during the prior
year.

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

The Company reported net income of $170,635 on $10.70 million of
revenue for the six months ended Oct. 31, 2011, compared with net
income of $1.79 million on $12.67 million of revenue for the same
period a year ago.

The Company's balance sheet at Oct. 31, 2011, showed $7.90 million
in total assets, $17.85 million in total liabilities and a $9.95
million total stockholders' deficit.

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

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

                        http://is.gd/wfdSKQ

                       About Inova Technology

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


IRVINE SENSORS: Special Meeting of Stockholders Set for Jan. 19
---------------------------------------------------------------
Irvine Sensors Corporation notified the Company's stockholders
that a special meeting will be held on Jan. 19, 2012, at 2:00
p.m., Pacific Time at the offices of Dorsey & Whitney LLP, located
at 600 Anton Boulevard, Suite 2000, Costa Mesa, California, for
these purposes:

   (1) To approve the sale of substantially all of the assets used
       or held for use in connection with, necessary for or
       relating to the Company's Thermal Imaging Business pursuant
       to that certain Asset Purchase Agreement dated Oct. 17,
       2011, with Vectronix Inc.;

   (2) To approve an amendment to the Company's Certificate of
       Incorporation to increase the number of authorized shares
       of the Company's Common Stock to 800,000,000;

   (3) To approve an amendment to the Company's Certificate of
       Incorporation to change the Company's name from "Irvine
       Sensors Corporation" to "ISC8 Inc."; and

   (4) To transact such other business as may properly come before
       the Special Meeting of Stockholders or any adjournments or
       postponements thereof.

                        About Irvine Sensors

Headquartered in Costa Mesa, Calif., Irvine Sensors Corporation
(OTC BB: IRSN) -- http://www.irvine-sensors.com/-- is a vision
systems company engaged in the development and sale of
miniaturized infrared and electro-optical cameras, image
processors and stacked chip assemblies and sale of higher level
systems incorporating said products.  Irvine Sensors also conducts
research and development related to high density electronics,
miniaturized sensors, optical interconnection technology, high
speed network security, image processing and low-power analog and
mixed-signal integrated circuits for diverse systems applications.

The Company reported a net loss of $11.16 million on
$11.72 million of revenues for the fiscal year ended Oct. 3, 2010,
compared with a net loss of $914,700 on $11.54 million of revenues
for the fiscal year ended Sept. 27, 2009.

The Company's balance sheet at July 3, 2011, showed $12.16 million
in total assets, $29.49 million in total liabilities, and a
$17.32 million total stockholders' deficit.

Squar, Milner, Peterson, Miranda & Williamson, LLP, in Irvine,
Calif., expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
as of Oct. 3, 2010, the Company has negative working capital of
$10.1 million and a stockholders deficit of $10.1 million.


JER/JAMESON MEZZ: Amends List of Largest Unsecured Creditors
------------------------------------------------------------
Jer/Jameson Mezz Borrower II LLC, et al., filed with the U.S.
Bankruptcy Court for the District of Delaware an amended list of
their largest unsecured creditors.  The Debtors increased the
number of their largest unsecured creditors to 30 from 20, adding
World Cinema Inc., Southern Company, InnPoints Worldwide Inc., The
Biando Group, AT&T, Oakleaf Waste Management, Travelport LP,
PAETEC, Duke Power, Lakeland Electric, Windstream Communications,
Progress Energy, Lamar Texas Limited Partnership, Indiana Michigan
Power, Citizens Water, INFOMART, South Carolina Dept. of Revenue,
Bernil Industries Corporation, CBS Outdoor, Market America, LLC.
The Debtors took out the City of Oak Ridge, Vanderburgh County
Treasurer, City of Jeffersontown KY, Hamilton County Treasurer,
Gulf Power, Upson County Tax Commissioner, Madison County Sheriff,
Sylacauga Utilities Board, Floyd County Tax Office, and First
Energy Solutions Corp. from the list.

Debtors' List of Their 30 Largest Unsecured Creditors:

  Entity                        Nature of Claim      Claim Amount
  ------                        ---------------      ------------
World Cinema Inc.
9801 Westheimer Road
Suite 409
Houston, TX 77042-3953               Trade              $68,028.78

Southern Company
P.O. Box 105090
Atlanta, GA 30348-5090               Utility Services   $64,783.04

InnPoints Worldwide Inc.
8612 Paseo alameda NE
Suite F
Albuquerque, NM 87113-1551           Trade              $40,711.81

The Biando Group                     Trade              $20,191.85

AT&T                                 Utility Services   $18,369.22

Oakleaf Waste Management             Trade              $18,182.45

Marion County Treasurer              Tax                $17,624.36

Travelport LP                        Trade              $15,378.32

PAETEC                               Trade              $11,127.71

Duke Power                           Utility Services   $10,187.86

Elkhart County Treasurer             Tax                 $8,593.65

Lakeland Electric                    Utility Services    $8,241.76

Windstream Communications            Utility Services    $8,166.11

Knoxville Utility Board              Utility Services    $8,088.56

Entergy (Louisiana)                  Utility Services    $8,000.94

Progress Energy                      Utility Services    $7,471.42

Lamar Texas Limited Partnership      Trade               $7,169.85

Indiana Michigan Power               Utility Services    $6,636.24

St. Joseph County Treasurer          Tax                 $6,629.46

Citizens Water                       Utility Services    $6,218.47

INFOMART                             Trade               $6,077.35

South Carolina Dept. of Revenue      Tax                 $5,906.47

Bernil Industries Corporation        Trade               $5,778.30

SCANA Energy                         Utility Services    $5,168.72

Louisville Gas & Electric Co.        Utility Services    $4,991.12

CBS Outdoor                          Trade               $4,885.00

McGuire Woods LLP                    Legal Services      $4,837.29

Market America, LLC                  Trade               $4,760.00

Rockdale County Tax Commissioner     Tax                 $4,698.83

Decatur Utilities                    Utility Services    $4,028.48

                       About Jameson Inns

Founded in 1987, Jameson is a chain of 103 small, budget hotels
operating under the Jameson brand in the Southeast and Midwest.
The Jameson properties are operated under the names Jameson Inn
and Signature Inn.  The hotels are based in Smyrna, Georgia.

The chain was taken private in a 2006 buyout by JER Partners, a
unit of real-estate investor J.E. Robert Cos.  JER then put
$330 million of debt on the chain to finance the buyout.  At the
top of the list is a $175 million mortgage loan with Wells Fargo
Bank NA serving as special servicer.  There are four tranches of
mezzanine loans, each for $40 million.  The collateral for each of
the Mezz Loans is the equity interest in the entity or entities
immediately below the borrower of each Mezz Loan.  All of the
mezzanine loans matured in August.

JER/Jameson NC Properties LP and JER/Jameson Properties LLC are
borrowers under the loan with Wells Fargo.  The mortgage loan is
secured by mortgages on hotel properties.  The first set of
foreclosure sales were set for Nov. 1, 2011.  The Mortgage
Borrowers have not sought bankruptcy protection.

Colony Capital affiliates, CDCF JIH Funding LLC and ColFin JIH
Funding LLC, hold the first and second mezzanine loans.  The First
Mezz Loan is secured by a pledge of JER/Jameson Mezz Borrower I
LLC's 100% interest in the Mortgage Borrowers.

Prior to the maturity default, the Colony JIH Lenders purchased
the Second Mezz Loan from a previous holder.  The Second Mezz Loan
is secured by a pledge of JER/Jameson Mezz Borrower II's 100%
membership interest in the First Mezz Borrower.

Gramercy Warehouse Funding I LLC and Gramercy Loan Services LLC
hold a controlling participation interest in the Third Mezz and
Fourth Mezz Loans.  JER Investors Trust Inc. holds the remaining
participation interests in the Third Mezz and Fourth Mezz Loans.
JER/Jameson Holdco LLC, an affiliate of the Mortgage Borrowers,
owns the 100% equity interest in the Fourth Mezz Borrower.
Gramercy took over its mezzanine borrower in August.

JER/Jameson Mezz Borrower II LLC filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case No. 11-13338) on Oct. 18, 2011, to prevent
foreclosure by Colony.  The Chapter 11 filing had the effect of
preventing Colony from wiping out Gramercy's interest.

Seven days later, JER/Jameson Mezz Borrower I LLC filed for
bankruptcy (Bankr. D. Del. Case No. 11-13392) on Oct. 25, 2011.

Judge Mary F. Walrath presides over the case.  Laura Davis Jones,
Esq., at Pachulski Stang Ziehl & Jones LLP, serves as counsel to
both Debtors.  Epiq Bankruptcy Solutions, LLC, serves as its
noticing, claims and balloting agent, and Houlihan Lokey
Howard & Zukin Capital Inc. serves as its investment banker.

Each of the Debtors estimated $100 million to $500 million in
assets and $10 million to $50 million in debts.  The petitions
were signed by James L. Gregory, vice president.

Colony specializes in real estate and has roughly $34 billion of
assets under management.  Colony is represented in the case by
Pauline K. Morgan, Esq., John T. Dorsey, Esq., Margaret Whiteman
Greecher, Esq., and Patrick A. Jackson, Esq., at Young Conaway
Stargatt & Taylor LLP; and Lindsee P. Granfield, Esq., Sean A.
O'Neil, Esq., and Jane VanLare, Esq., at Cleary Gottlieb Steen &
Hamilton LLP.


KV PHARMACEUTICAL: Incurs $54.8-Mil. Net Loss in Sept. 30 Qtr.
--------------------------------------------------------------
K-V Pharmaceutical Company filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $54.80 million on $4.50 million of net revenues for
the three months ended Sept. 30, 2011, compared with a net loss of
$34.50 million on $3 million of net revenues for the same period
during the prior year.

K-V Pharmaceutical's restated statement of operations reflects a
net loss of $271.70 million on $27.30 million of net revenues for
the year ended March 31, 2011, compared with a net loss of $283.60
million on $9.10 million of net revenues during the prior year.

The Company reported a net loss of $31.90 million on $10.50
million of net revenues for the six months ended Sept. 30, 2011,
compared with a net loss of $69.10 million on $7 million of net
revenues for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed $348.80
million in total assets, $759.70 million in total liabilities and
a $410.90 million total stockholders' deficit.

KPMG LLP, in St. Louis, Missouri, expressed substantial doubt
about K-V Pharmaceutical's ability to continue as a going concern.
The independent auditors noted that the Company has suspended the
shipment of all products manufactured by it and must comply with a
consent decree with the FDA before approved products can be
reintroduced to the market.  Significant negative impacts on
operating results and cash flows from these actions including the
potential inability of the Company to raise capital; suspension of
manufacturing; significant uncertainties related to litigation and
governmental inquiries; and debt covenant violations.

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

                        http://is.gd/drXDv9

                 About KV Pharmaceutical Company

KV Pharmaceutical Company (NYSE: KVa/KVb) --
http://www.kvpharmaceutical.com/-- is a fully integrated
specialty pharmaceutical company that develops, manufactures,
markets, and acquires technology-distinguished branded and
generic/non-branded prescription pharmaceutical products.  The
Company markets its technology distinguished products through
ETHEX Corporation, a subsidiary that competes with branded
products, and Ther-Rx Corporation, the company's branded drug
subsidiary.


KV PHARMACEUTICAL: Files Form S-8; Registers 4MM Class A Shares
---------------------------------------------------------------
K-V Pharmaceutical Company filed with the U.S. Securities and
Exchange Commission a Form S-8 registration statement registering
4 million shares of Class A common stock issuable under the
Company's Long-Term Incentive Plan.  The proposed aggregate
offering price is $5.94 million.  A full-text copy of the
prospectus is available for free at http://is.gd/AcwlaR

                  About KV Pharmaceutical Company

KV Pharmaceutical Company (NYSE: KVa/KVb) --
http://www.kvpharmaceutical.com/-- is a fully integrated
specialty pharmaceutical company that develops, manufactures,
markets, and acquires technology-distinguished branded and
generic/non-branded prescription pharmaceutical products.  The
Company markets its technology distinguished products through
ETHEX Corporation, a subsidiary that competes with branded
products, and Ther-Rx Corporation, the company's branded drug
subsidiary.

K-V Pharmaceutical's restated statement of operations reflects a
net loss of $271.70 million on $27.30 million of net revenues for
the year ended March 31, 2011, compared with a net loss of $283.60
million on $9.10 million of net revenues during the prior year.

The Company reported a net loss of $31.90 million on $10.50
million of net revenues for the six months ended Sept. 30, 2011,
compared with a net loss of $69.10 million on $7 million of net
revenues for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed $348.80
million in total assets, $759.70 million in total liabilities and
a $410.90 million total stockholders' deficit.

KPMG LLP, in St. Louis, Missouri, expressed substantial doubt
about K-V Pharmaceutical's ability to continue as a going concern.
The independent auditors noted that the Company has suspended the
shipment of all products manufactured by it and must comply with a
consent decree with the FDA before approved products can be
reintroduced to the market.  Significant negative impacts on
operating results and cash flows from these actions including the
potential inability of the Company to raise capital; suspension of
manufacturing; significant uncertainties related to litigation and
governmental inquiries; and debt covenant violations.


LARIAT ORGANIZATION: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Lariat Organization Company
        502 Kanuga Drive
        West Palm Beach, FL 33401

Bankruptcy Case No.: 11-44059

Chapter 11 Petition Date: December 13, 2011

Court: United States Bankruptcy Court
       Southern District of Florida (West Palm Beach)

Judge: Erik P. Kimball

Debtor's Counsel: Eric A Rosen, Esq.
                  Kaleb R Bell, Esq.
                  ROSEN & WINIG, P.A.
                  2925 PGA Blvd # 100
                  Palm Beach Gardens, FL 33410
                  Tel: (561) 799-6040
                  Fax: (561) 799-4047
                  E-mail: erosen@rosenwinig.com
                          kbell@rosenwinig.com

Estimated Assets: $0 to $50,000

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/flsb11-44059.pdf

The petition was signed by Mark J. Maher, president.


LESLIE CONTROLS: Summary Judgments in Bradberry Case Affirmed
-------------------------------------------------------------
The Supreme Court of Alabama affirmed a trial court's summary
judgments in an asbestos wrongful death lawsuit involving Leslie
Controls Inc., pursuant to a Dec. 16, 2011 decision available at
http://is.gd/AJ2JNTfrom Leagle.com.  Betty Bradberry and Inez T.
Jones, as the "personal representatives of the heirs-at-law1
and/or wrongful death beneficiaries of" the decedents, Roland E.
Bradberry and George D. Jones, appeal from summary judgments in
favor of Carrier Corporation and multiple other defendants in the
plaintiffs' wrongful-death action based on their decedents'
exposure to asbestos in their work environment.  The case is Betty
Bradberry and Inez T. Jones, v. Carrier Corporation et al., No.
1100994.

                      About Leslie Controls

Based in Tampa, Florida, Leslie Controls manufacturers process
control valves, severe service control valves, on-off valves,
regulators, steam water heaters, actuators and controls.
Leslie is a unit of CIRCOR International, Inc.

Leslie Controls sought Chapter 11 bankruptcy protection (Bankr.
D. Del. Case No. 10-12199) on July 12, 2010.  Marion M. Quirk,
Esq., and Norman L. Pernick, Esq., at Cole, Schotz, Meisel,
Forman & Leonard, assist the Company in its restructuring
effort.  Natalie Ramsey, Esq., at Montgomery, McCracken,
Walker & Rhodes, LLP, represents the Asbestos Claimants
Committee, and Edwin J. Heron, Esq., at Young, Conaway,
Stargatt & Taylor, LLP, represents the Future Claimants'
Representative.  William R. Hanlon, Esq., at Goodwin Procter
LLP advises CIRCOR International, Inc.  The Company estimated
its assets at $10 million to $50 million and its debts at
$50 million to $100 million at that the time of the filing.

The Bankruptcy Court entered an order on Oct. 28, 2010, confirming
the amended pre-negotiated Chapter 11 reorganization plan filed by
Leslie Controls.  The reorganization plan is intended to
permanently resolve Leslie's asbestos liability through the
creation of a trust pursuant to Section 524(g) of the U.S.
Bankruptcy Code.  All current and future asbestos claims against
Leslie would be channeled to the trust for review and payment,
thus providing both Leslie and CIRCOR with permanent court
protection from such claims.

In February 2011, the U.S. District Court for the District of
Delaware affirmed the U.S. Bankruptcy Court's confirmation of the
amended pre-negotiated Chapter 11 reorganization plan filed by
Leslie Controls.  Leslie Controls emerged from Chapter 11 in April
2011.


LL MURPHREY: Debt to DAN Joint Venture Totals $6.2MM, Not $11MM
---------------------------------------------------------------
Bankruptcy Judge J. Rich Leonard ruled on cross motions for
summary judgment filed in the lawsuit, L.L. MURPHREY COMPANY,
LARRY BARROW, LOIS BARROW, and DORIS MURPHREY, v. D.A.N. JOINT
VENTURE III, L.P., Adv. Proc. No. 11-00139 (Bankr. E.D.N.C.).  The
plaintiffs instituted the adversary proceeding on April 25, 2011,
seeking declaratory judgment, pursuant to 28 U.S.C. Sec. 2201, for
the purpose of determining the plaintiffs' liability for the
obligations specified in the Plan.  DAN filed a counterclaim,
asking the court to determine whether a certain herd of swine is
in fact collateral for LLM's obligation to DAN.

Larry Barlow, Lois Barlow, and Doris Murphrey are citizens and
residents of Greene County, North Carolina and principals of LLM.
When LLM filed its bankruptcy petition, LLM owed Wachovia Bank,
N.A., a total of $12,790,522, pursuant to various notes.  Wachovia
also asserted claims against LLM based on two guaranty agreements
signed by its principals.  The guarantors had previously executed
guaranty agreements to Wachovia in connection with the loans
evidencing Wachovia's claim.

Pursuant to the Plan, the treatment of Wachovia's claims was
divided into two notes: Note A and Note B.  Note A was an
amortizing note in the amount of $8,000,000 and called for monthly
payments of $70,500.  Note B was a cash flow note in the amount of
$3,500,000, less any payments from certain hog sales netting more
than $3,000,000, and provided for an excess cash flow based
payment.

In 2003, Wachovia sold its notes and other loan documents to
Cadlerock Joint Venture, L.P., and these obligations were later
sold or assigned to DAN in 2008.  In accordance with Note A, LLM
made monthly payments to Wachovia and later to DAN.  However,
because the excess cash flow has been insufficient, there have
been no payments made on Note B.  Both notes had a maturity date
of Sept. 30, 2011.  The Plan provided that following the maturity
date, Note A and Note B would be recapitalized.  The Plan also
provided that the obligations of the guarantors would be limited
to the amount of the recapitalized debt.

As of Sept. 30, 2011, the balance due on Note A is $6,186,361, and
that the Plan provides the appropriate formula for calculating the
recapitalized debt.  However, there is a vast disparity in what
the parties believe to be the appropriate figure for the
recapitalization cash flow, which results in similarly disparate
figures for the appropriate amount of recapitalized debt.  As an
ancillary issue, DAN filed a counterclaim, asking the court to
determine whether a certain herd of swine is in fact collateral
for LLM's obligation to DAN pursuant to a U.C.C. financing
statement.

In support of its motion for summary judgment, LLM argues that the
amount of recapitalized debt must be equal to the balance of Note
A upon the maturity date.  LLM argues that the amount of debt
remaining unpaid on Note A and Note B be recapitalized in the
amount of $6,186,362.002 and that the liability of the Guarantors
also be limited to that amount.

DAN argues that based on the amounts owed on the notes and in
accordance with the language of the Plan, the amount of debt to be
recapitalized is $11,095,484.08.

In a Dec. 16, 2011 Order available at http://is.gd/dcUgEUfrom
Leagle.com, the Court denied the defendant's motion for summary
judgment and granted the plaintiffs' motion for summary judgment.
The Court said DAN presented no evidence which raises a genuine
issue as to any material fact, and the debt is recapitalized at
the amount stated in the plaintiffs' complaint -- $6,186,362.  In
regard to whether the herd of swine is in fact collateral for
LLM's obligation to DAN, the Court said because there has yet to
be a default, the issue presents no justiciable controversy at
this time.  In the future, if there is a default, DAN is free to
raise the issue again, but so long as LLM's payments remain
current, the issue is not ripe for decision.

                        About L.L. Murphrey

L.L. Murphrey Company is North Carolina corporation engaged in the
swine business, with its principal place of business in Greene
County, North Carolina.  LLM filed for chapter 11 bankruptcy
(Bankr. E.D.N.C. Case No. 00-03213) on June 8, 2000.  On July 13,
2001, the Court entered an order confirming the debtor's fourth
amended plan of reorganization.


M WAIKIKI: Marriott Sues Aqua Hotels et al. for Breach of Contract
------------------------------------------------------------------
Jason Q. Freed at HotelNewsNow.com reports that, in the lawsuit
filed in the U.S. District Court in Hawaii, Marriott International
claimed that M Waikiki LLC was enticed by reduced costs to ditch
Marriott's management and franchise services and instead sign a
management agreement with Aqua Hotels & Resorts, which resulted in
a loss of at least US$65 million Marriott would have collected
over the length of the initial 30-year management contract.

According to the report, the lawsuit names as defendants: Aqua
Hotels & Resorts, Modern Management Services and W. Christian
Oles, who was Marriott's head of security at The Waikiki Edition.

The report says Marriott alleged Mr. Oles acted as Aqua's "inside
man" during an overnight takeover on the evening of Aug. 27, 2011.
The lawsuit says Aqua planted senior executives as fake guests of
the hotel that waited for nightfall to take action.

The report further says that Marriott claims, on the night of the
"takeover," the Aqua team assembled all the employees at the hotel
in the hotel lobby and told them the hotel was under new
management and would be called the "Modern Honolulu" moving
forward.

                          About M Waikiki

M Waikiki owns the Modern Honolulu, a world-class, luxury hotel
property located close to Waikiki Beach in Hawaii.  The hotel is
being managed by Modern Management Services LLC, an affiliate of
Aqua Hotels and Resorts.

M Waikiki is a Hawaii limited liability company with its principal
place of business located in San Diego, California.  It is a
special purpose entity, having roughly 75 indirect investors,
which was formed to acquire the Hotel.

The Company filed for Chapter 11 protection (Bankr. D. Hawaii Case
No. 11-02371) on Aug. 31, 2011.  Judge Robert J. Faris presides
over the case.  Patrick J. Neligan, Esq., at Neligan Foley LLP,
and Simon Klevansky, Esq., at Klevansky Piper, LLP, represent the
Debtor.  The Debtor tapped XRoads Solutions Group, LLC and XRoads
Case Management Services, LLC, as its financial and restructuring
advisor.  Klevansky Piper LLP serves as its general counsel.  The
Debtor disclosed $216,116,142 in assets and $135,085,843 in
liabilities as of the Chapter 11 filing.

Modern Management is represented by Christopher J. Muzzi, Esq.,
atMoseley Biehl Tsugawa Lau & Muzzi LLC.

Marriott Hotel Services, which used to provide management
services, is represented by Susan Tius, Esq., at Rush Moore LLP
LLP, and Carren B. Shulman, Esq., at Sheppard Mullin Richter &
Hampton LLP.


MERCER RUG: Sold to Hadeed Carpet for $1.26 Million
---------------------------------------------------
Carol Hazard at Richmond Times Dispatch reports that Mercer Rug
Cleansing was sold at auction to Hadeed Carpet for $1.265 million
by sealed bid Dec. 19.  Hadeed Carpet is a family-owned rug
cleaning and repair business based in Northern Virginia.

According to the report, the bid is contingent upon approval by
the U.S. Bankruptcy Court, which ordered the sale of the business.

Mercer Rug Cleansing, Inc., filed a Chapter 11 petition (Bankr.
E.D. Va. Case No. 11-32775) on April 26, 2011.

The Company is part of the bankruptcy proceedings of Allen Mead
Ferguson and his wife, Mary Rutherford Mercer Ferguson, a
prominent Richmond couple known for their philanthropy.  The
couple filed for Chapter 11 bankruptcy reorganization March 31 and
converted the filing to a Chapter 7 liquidation June 28.

The report says the Hadeeds' bid is for the business, the building
and machinery at 3116 W. Moore St. and another property across the
street at 3115 W. Moore St.  A parcel in Oregon Hill, which also
is part of the Ferguson bankruptcy, sold separately at a live
auction for $600,000 to a developer.


METROPARK USA: Wants Access to Wells Fargo's Cash Collateral
------------------------------------------------------------
Metropark USA, Inc., asks the U.S. Bankruptcy Court for the
Southern District of New York to approve a sixth interim agreed
order authorizing the use of cash collateral.

The Debtor will use the cash collateral to facilitate the
reorganization or sale of its business.

As reported in the Troubled Company Reporter on Oct. 24, 2011,
prepetition secured parties to the Debtors are (1) Wells Fargo
Bank, National Association, as prepetition agent, and certain
lenders pursuant to a April 2008 Prepetition Senior Credit
Agreement; and (2) Bricoleur Capital Partners, LP, as second lien
agent, and certain lenders pursuant to a March 2011 Prepetition
Subordinated Credit Agreement.

As partial adequate protection for any use or diminution in the
value of the Prepetition Secured Parties' Interest in the
Prepetition Collateral and Cash Collateral, the Debtor grants the
Prepetition Agents valid and perfected replacement liens and
additional liens and security interests, of the highest available
priority in and upon all of the properties and assets of the
Debtor.

As additional partial adequate protection, the Debtor will make
these payments to the prepetition agent: (a) payment of interest
on the first day of each month on the Prepetition Senior Claim;
(b) payment of all proceeds from the store closing sale; and (c)
reimbursement to the prepetition agent of all costs, expenses and
costs of collection, including reasonable attorneys' fees and
expenses.

The Court also ordered that the Debtor is not allowed to sell
properties outside the ordinary course of business, unless the
Prepetition Lender, or the agent for the Second Lien Lenders, will
have given its prior written consent, or as may be ordered by the
Court.

The Debtor proposed a Jan. 5, 2012, final hearing at 10:00 a.m. on
its request to access cash collateral.  Objections, if any, are
due Dec. 30, 2011.

                        About Metropark USA

Metropark USA, Inc. -- http://www.metroparkusa.com/-- is a Los
Angeles retail chain with 70 stores in 21 states.  Metropark was
founded in 2004 to capitalize on the large Gen Y segment (the 25-
35 year old customer) in demand for fashion-forward apparel and
accessories.  Its headquarters, distribution centers, and e-
commerce site located in Los Angeles, California.

Metropark filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 11-22866) on April 26, 2011.  Cathy Hershcopf,
Esq., Jeffrey L. Cohen, Esq., and Alex R. Velinsky, Esq., at
Cooley LLP, in New York, serve as the Debtor's bankruptcy counsel.
CRG Partners Group, LLC, is the Debtor's financial advisor.  The
Debtor also tapped Great American Group Real Estate, LLC doing
business as GA Keen Realty Advisors as special real estate
advisor.

The Debtor disclosed total assets of $28,933,805 and total debts
of $28,697,006 as of April 2, 2011.

Blakeley & Blakeley LLP represents the Official Committee of
Unsecured Creditors.


M. F. GOMES: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: M. F. Gomes and Sons
        dba M.F. Gomes & Sons Dairy
        dba Gomes and Gomes
        20433 Road 28
        Tulare, CA 93274

Bankruptcy Case No.: 11-63345

Chapter 11 Petition Date: December 13, 2011

Court: United States Bankruptcy Court
       Eastern District of California (Fresno)

Judge: W. Richard Lee

Debtor's Counsel: Hagop T. Bedoyan, Esq.
                  KLEIN, DENATALE, GOLDNER,
                  COOPER, ROSENLIEB & KIMBALL, LLP
                  5260 N Palm Ave #201
                  Fresno, CA 93704
                  Tel: (559) 438-4374
                  Fax: (559) 432-1847
                  E-mail: hbedoyan@kleinlaw.com

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

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

A copy of the list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/caeb11-63345.pdf

The petition was signed by Daniel S. Gomes, partner.


MIDWEST BEEF: Case Summary & 9 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Midwest Beef LLC
        107 S. Meramec
        Saint Louis, MO 63105

Bankruptcy Case No.: 11-52892

Chapter 11 Petition Date: December 14, 2011

Court: United States Bankruptcy Court
       Eastern District of Missouri (St. Louis)

Judge: Charles E. Rendlen III

Debtor's Counsel: Joel A. Kunin, Esq.
                  THE KUNIN LAW OFFICES
                  1500 Eastport Plaza Drive, Suite 200
                  Collinsville, IL 62234-6135
                  Tel: (618) 215-4841
                  Fax: (888) 519-6105
                  E-mail: jkunin@kuninlaw.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 nine largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/moeb11-52892.pdf

The petition was signed by Kerry Klarfeld, manager.


MMH INC: Case Summary & 12 Largest Unsecured Creditors
------------------------------------------------------
Debtor: MMH, Inc.
        2233 N. Cicero Avenue
        Chicago, IL 60639

Bankruptcy Case No.: 11-49951

Chapter 11 Petition Date: December 13, 2011

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Eugene R. Wedoff

Debtor's Counsel: Brett M. Scheive, Esq.
                  LAW OFFICES OF BRETT SCHEIVE
                  17 N State St., Suite 990
                  Chicago, IL 60602
                  Tel: (312) 269-0009
                  E-mail: bscheive@scheivelaw.com

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

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

A copy of the list of 12 largest unsecured creditors is
available for free at http://bankrupt.com/misc/ilnb11-49951.pdf

The petition was signed by Steven Bahary, secretary.


MMRGLOBAL INC: Signs Deal Memo on Possible Merger with JER
----------------------------------------------------------
MMRGlobal, Inc., on Dec. 16, 2011, entered into a Deal Memorandum
with JER, Inc., and Skin Cancer & Reconstructive Surgery
Specialist of Beverly Hills, two distinct but affiliated entities.
Pursuant to the Memorandum, the parties have agreed to the
principal terms of a transaction to be negotiated and potentially
consummated by the parties.

JER is in the business of, among other things, purchasing medical
and Workman's compensation insurance?accounts?receivable and
plans to continue to do so on an ongoing basis in addition to the
business of MMR.  JER currently has at least $150,000,000 in
accounts receivable, which would be contributed to MMR on closing
of the Transaction.

Reconstructive is a Health IT company that has its own proprietary
patent pending electronic health records and practice management
software.  Reconstructive has annual gross revenues under
generally accepted accounting principles in 2010 of approximately
$8,000,000 and EBITDA of approximately $3,500,000, and comparable
or better annual gross revenues and EBITDA for 2011.

JER and Reconstructive at a minimum will transfer all of the
assets including but not limited to all of its business, goodwill,
real property, accounts, assets, tangible and intangible personal
property, all ownership interests in its business and assets,
including stock, or property to which it has a right to acquire in
the future, to MMR in exchange for the issuance of preferred stock
of MMR, with?the terms?of such Preferred Stock to be negotiated
between the parties.  The Preferred Stock is intended to represent
a fair portion of MMR's equity as determined by one or more
independent investment banking firms.

The Transaction and its final structure is subject to a number of
conditions and contingencies, including, but not limited to,
independent valuations and a fairness opinion by a top tier
investment banking firm selected by MMR, as well as the
negotiation and acceptance of a definitive Merger Agreement or
Asset Purchase Agreement, a final audit of JER and Reconstructive,
satisfactory completion of due diligence and the receipt of
corporate approvals for the Transaction to the extent required
therefor.

JER and Reconstructive have also agreed to pay all outstanding
balances under MMR's credit line with The RHL Group and to
immediately replace such credit line with a substantially similar
JER and Reconstructive credit line upon execution of the
Memorandum.

On closing the Company will operate under the name of MMRGlobal.
The parties plan on Robert Lorsch remaining as Chief Executive
Officer after the closing of the Transaction.

The parties have agreed to use their best efforts to close the
transaction as soon as reasonable possible given the time for
audits, fairness opinions due diligence, proxies and other SEC
filings to the extent necessary.

                          About MMRGlobal

Los Angeles, Calif.-based MMR Global, Inc. (OTC BB: MMRF)
-- http://www.mmrglobal.com/-- through its wholly-owned operating
subsidiary, MyMedicalRecords, Inc., provides secure and easy-to-
use online Personal Health Records (PHRs) and electronic safe
deposit box storage solutions, serving consumers, healthcare
professionals, employers, insurance companies, financial
institutions, and professional organizations and affinity groups.

The Company reported a net loss of $17.9 million on $972,988 of
revenues for 2010, compared with a net loss of $10.3 million on
$619,249 of revenues for 2009.

The Company also reported a net loss of $6.24 million on
$1.08 million of total revenues for the nine months ended
Sept. 30, 2011, compared with a net loss of $16.01 million on
$556,648 of total revenues for the same period during the prior
year.

The Company's balance sheet at Sept. 30, 2011, showed $2.13
million in total assets, $6.66 million in total liabilities and a
$4.53 million total stockholders' deficit.

As reported by the TCR on April 7, 2011, Rose, Snyder & Jacobs, in
Encino, Calif., expressed substantial doubt about MMRGlobal's
ability to continue as a going concern.  The independent auditors
noted that the Company has incurred significant operating losses
and negative cash flows from operations during the year ended Dec.
31, 2010, and 2009.


MONEYGRAM INT'L: Fraud Investigations Near Completion
-----------------------------------------------------
As previously disclosed, MoneyGram International, Inc., has been
served with subpoenas to produce documents and testify before a
grand jury in the U.S. District Court for the Middle District of
Pennsylvania.  The subpoenas sought information related to, inter
alia, MoneyGram's U.S. and Canadian agents, as well as certain
transactions involving those agents, fraud complaint data, and
MoneyGram's consumer anti-fraud program during the period from
2004 to 2009.  MoneyGram has provided information requested
pursuant to the subpoenas and continues to provide additional
information relating to the investigation.  In addition, the
Company has been provided with subpoenas for the testimony of
certain current and former employees in connection with the
investigation.

Also, as previously disclosed, the U.S. Department of Treasury
Financial Crimes Enforcement Network requested information, which
information was subsequently provided by MoneyGram, concerning
MoneyGram's reporting of fraudulent transactions during this
period.  In November 2010, MoneyGram met with representatives from
the U.S. Attorney's Office for the Middle District of Pennsylvania
and representatives of FinCEN to discuss the investigation.  In
July 2011, MoneyGram had further discussions with the MDPA USAO
and representatives of the Asset Forfeiture and Money Laundering
Section of the U.S. Department of Justice.  MoneyGram has been
informed that it is being investigated by the federal grand jury
in connection with these matters for the period 2004 to early 2009
as well as MoneyGram's anti-money laundering program during that
period.  MoneyGram is cooperating with the MDPA USAO and the US
DOJ in connection with the subpoenas and the related
investigation.

The Company believes the investigation is nearing completion.  In
December 2011, a meeting was scheduled for the first quarter of
2012 between representatives of the Company, the MDPA USAO and
representatives of the Criminal Division of the US DOJ to discuss
the investigation.  Also in December 2011, the Company was
notified of a request by representatives of the MDPA USAO for
interviews of one current executive officer and one former chief
executive officer of the Company.  No conclusions can be drawn at
this time as to the outcome of the investigation, which could
include the MDPA USAO seeking criminal or civil penalties against
the Company.

                  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.


MONEY TREE: Financial Woes Prompt Chapter 11 Bankruptcy Filing
--------------------------------------------------------------
The Board of Directors of The Money Tree Inc. said the company and
certain of its subsidiaries filed on Dec. 19, 2011, a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
in the U.S. Bankruptcy Court for the Middle District of Alabama.
The Company will continue to operate its business as a debtor-in-
possession.

As with nearly all consumer lenders throughout the country, The
Money Tree has been impacted greatly by the financial collapse and
continued related economic downturn.  Many of The Money Tree's
customers are unable to pay their obligations when due, which,
along with the losses created by these troubled loans, increased
governmental regulations and increased investor redemptions,
placed increased pressure on The Money Tree's liquidity and
financial position.

The Money Tree retained Warren, Averett, Kimbrough & Marino, LLC,
a Birmingham, Alabama-based accounting and financial consulting
firm, as an advisor to guide the restructuring and began
implementing a series of cost-cutting measures, including the
merging of marginally-profitable branches, from 92 to 46 branches,
which the Company intends to continue as part of its
reorganization.

Bradley D. Bellville, the Company's President, commented "It is
with great regret that we made the Chapter 11 filing late Friday.
However, this filing allows The Money Tree to enhance its short-
term liquidity while we confront this historically difficult
environment for our business.  We tirelessly pursued many
different potential solutions to the challenges facing the
Company.  We have done everything possible to try and protect the
integrity of our investors and the Company."  He added "We will
continue to focus on our core business and restructuring The Money
Tree to fully realize our long-term strategy.  We want to thank
our customers, investors and employees for their loyalty, support
and continued patience.  We remain very proud of our contributions
to our communities.  In particular, we look forward to continuing
our strong relationship with the Decatur County and the
surrounding area."

The Company's subsidiary, Best Buy Autos of Bainbridge Inc., is
not a party to the bankruptcy filing and intends to operate its
business in the ordinary course.

On Dec. 14, 2011, Best Buy Autos entered into a purchase and sale
agreement with Innovate Loan Servicing Corporation, a third party,
whereby Best Buy sold approximately $5.2 million of net vehicle
finance receivables to Innovate for a purchase price of
approximately $4.4 million.  The receivables sold represent
approximately 35% of the total net finance receivables held by
Best Buy on the date of the sale.  The purchase price for the
receivables was 85% of the total par value.

The Company's consolidated balance sheet reported $34,859,189 in
assets, $92,655,010 in liabilities, and $57,795,821 in total
stockholders' deficit.  The Company said it experienced
significant liquidity issues over the past two years due to
significant loan and operating losses and the lack of net sales in
our debt offerings.  Because of its liquidity issues and the
current economic environment, to preserve cash, the Company
significantly reduced the volume of loans made and implemented
tighter risk management controls on the loans extended beginning
in fiscal year 2009, which continued through June 25, 2011.

Money Tree Inc. -- http://www.moneytreeinc.com/-- operates a
network of lending branches across the Southeast, concentrated in
Georgia, Florida and Alabama.


MOUNTAIN CITY: Counsel to Auction Meat Processing Assets
--------------------------------------------------------
Counsel RB Capital Inc., a leader in distressed and surplus
capital asset transactions, disclosed that two upcoming auctions
of the remaining surplus capital and manufacturing assets of
Mountain City Meat, a former top company in the meat processing
industry.  Counsel RB, acting as one of three principals together
with Harry Davis & Company and BidItUp, acquired these assets
following recent bankruptcy proceedings.

Counsel RB Co-CEO Adam Reich stated, "We expect our positive
momentum to continue in early 2012 with sales at auctions
resulting from this recent high-profile bankruptcy.  Together with
auction house partner Harry Davis & Company and BidItUp, we will
be selling Mountain City Meat's state-of-the-industry production
and IS systems in Nashville, TN (1/18) and Denver, CO (1/25).  We
anticipate very strong demand at both auctions -- which will
feature in-person and worldwide on-line bidding via a live
webcast."

Mountain City Meat (Modern and Efficient Meat Operations and
Processing)

Live On-Site and Webcast Global Auction details:

-- Key assets: State-of-the-industry production and IS systems for
   both ground beef and steak processing; core drill sampler and
   foss food scan analyzer, etc.; further details available at
   http://www.harrydavis.com/

-- In-person Auction registration: January 18, 2012 in Nashville,
   TN and Jan. 25, 2012 in Denver, CO

-- Online registration: via http://www.bidspotter.com

-- Contact: Harry Davis & Company +1 (412) 765-1170

                         About Counsel RB

Counsel RB Capital Inc. (CRBN) is a value-driven, innovative
leader in distressed and surplus capital asset transactions. The
Company focuses on identifying, acquiring and monetizing
distressed and surplus capital assets. It specializes in acquiring
turnkey manufacturing facilities, surplus industrial machinery and
equipment, industrial inventories, accounts receivable portfolios
and related intellectual property.

                     About Mountain City Meat

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

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

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

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

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

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

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

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

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


MRA PELICAN: Files Disclosures for Second Amended Plan
------------------------------------------------------
MRA Pelican Pointe Apartments, LLC, has filed a disclosure
statement for its Second Amended Chapter 11 Plan of
Reorganization, dated as of Nov. 16, 2011.

The Debtor believes that confirmation of the Plan provides the
best opportunity for maximizing recoveries for its creditors.

Through the Plan, the Debtor will provide a 100% disbursement to
the Allowed Fannie Mae Secured Claim, Allowed Other Lenders
Secured Claims, Allowed Lien Holders Secured Claims, Allowed
Secured Taxing Authority Claims, Allowed Unsecured Priority Claim,
Allowed General Unsecured Claims, and Allowed Subordinated
Unsecured Claims.  The holders of Allowed Pre-Petition Lender
Claims will waive their Claims and receive no distribution on
account of their Allowed Claims.  In exchange for waiving the
Allowed Pre-Petition Lender Claims and providing the New Value
Payments totaling $1,370,000, Samuel Weiss, or his designee, will
be issued 100% of New Equity in the Reorganized Debtor.

The Plan further provides that a third party insider will provide
the Debtor with: a) $970,000 on or before the Effective Date
("First New Value Payment"); b) $200,000 on or before the
Effective Date ("Second New Value Payment"); and $200,000 on or
before six (6) months after the Effective Date ("Third New Value
Payment").  Also, on or before the Effective Date, a third party
insider will provide the Debtor with the Settlement Funds in the
amount of $30,000.

The Allowed Fannie Mae Secured Claim in Class 1 (with an estimated
allowed amount of $14,629,030) will receive, on the Effective
Date:

  i) retention of a lien equal to the total amount of the Allowed
     Fannie Mae Secured Claim;

ii) payment of the First New Value Payment of $970,000 on the
     Effective Date, which amount will be applied to the principal
     balance of the loan;

iii) payment of $360,000 from funds from the Debtor's operations
     held by the Receiver on the Effective Date, which amount
     will be applied to the principal balance of the loan;

iv) payment of the Settlement Funds in the amount of $30,000 on
     the Effective Date, which amount will be applied to the
     principal balance of the loan;

  v) beginning one month after the Effective Date, monthly
     payments, with an interest rate of 4%, or as otherwise
     determined by the Court, on the principal balance of the
     loan, amortized over thirty (30) years, for a period of seven
     (7) years, with a balloon payment at the end of the seventh
     year in an amount that provides Fannie Mae with the total
     amount of its Allowed Fannie Mae Secured Claim; provided
     that, for the first three (3) years, the monthly payments
     will constitute interest only, and for the remaining four (4)
     years, the monthly payments will constitute principal and
     interest, or repaid pursuant to other terms determined by the
     Court; and

vi) 15 days after the anniversary of the Effective Date, and each
     year thereafter until the total amount of the Allowed Fannie
     Mae Secured Claim has been paid, annual payments of any
     profit earned by the Debtor after the Debtor pays for
     operating expenses, reasonable capital expenditures, debt
     service, taxes, and any other obligation set forth in the
     Plan, which amount will be applied to the principal balance
     of the loan.

The Class 1 Claim is Impaired.

On the Effective Date, Allowed General Unsecured Claims in Class 6
(estimated at $100,000) will receive quarterly payments of
principal and interest, with an interest rate of 4%, or as
otherwise determined by the Court, for a period of three years in
an amount that provides each holder of an Allowed General
Unsecured Claim the total amount of its Allowed General Unsecured
Claim, with no prepayment penalty, generated from the Debtor's
business operations.  The Class 6 Claims are Impaired.

On the Effective Date, each holder of an Allowed Pre-Petition
Lender Claim in Class 8 will waive its Allowed Pre-Petition Lender
Claim and will receive no Distribution under the Plan on account
of such Claim.  The holder of a Class 8 Claim will be deemed to he
rejected the Plan.  The Class 8 Claim is Impaired.

On the Effective Date, in exchange for waiving its Allowed Pre-
Petition Lender Claims, and providing the New Value Payments
totaling $1,370,00, the Debtor will cancel all Class 9 Old Equity
Interests held by any and all owners, and issue 100% of New Equity
to Samuel Weiss, or his designee.  The New Equity will be held in
escrow until all payments under the Plan have been provided to
Fannie Mae.  The holders of any Old Equity Interest will receive
no Distribution under the Plan on account of such Old Equity
Interests.  The Class 9 Claims are Impaired.

A copy of the Disclosure Statement for the Debtor's Second Amended
Plan of Reorganization is available for free at:

          http://bankrupt.com/misc/mrapelican.dkt171.pdf

                    Fannie Mae Filed Objection

Fannie Mae asked the Court to deny approval of the disclosure
statement in support of its amended Chapter 11 Plan of
Reorganization, as filed on Oct. 27, 2011, citing that the
disclosure statement contains inadequate information of:

   i. Events Leading to Bankruptcy Filing
  ii. Future Management of Debtor
iii. Source of New Value Payments
  iv. Fannie Mae's Unsecured Claim
   v. Condition of Property
  vi. Propriety of Proposed Interest Rate on Fannie Mae's Class 1
      Claim
vii. Projections Not Being Based Upon or Otherwise Related to
      Property's Recent Actual Revenue and Expenses
viii. Fannie Mae's Claim to Funds Held By Receiver
  ix. Release Provisions

A copy of Fannie Mae's objection is available for free at:

          http://bankrupt.com/misc/mrapelican.dkt166.pdf

                         About MRA Pelican

MRA Pelican Pointe Apartments, LLC, owns an apartment complex
commonly known as Whispering Isles Apartments in Pompano Beach,
Florida.  As of the Petition Date, the mangers of the Debtor are
Aryeh Kieffer and Samuel Weiss.  As of the Petition Date, the
shareholders of the Debtor are as follows: (i) 1087 Flushing
Avenue Properties, Inc., who owns 38.99% of the Debtor, and (ii)
Samuel Weiss, who owns 61.01% of the Debtor.

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

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

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

The U.S. Trustee said that until further notice, an official
committee under 11 U.S.C. Sec. 1102 will not be appointed in the
bankruptcy case of MRA Pelican Pointe Apartments, LLC.  The U.S.
Trustee reserves the right to appoint such a committee should
interest developed among the creditors.


NAKNEK ELECTRIC: Wants Access to Cash Collateral Until March 31
---------------------------------------------------------------
Naknek Electric Association, Inc., asks the U.S. Bankruptcy Court
for the District of Alaska to approve a stipulation authorizing
access to cash collateral until March 31, 2012.

The stipulation was entered among the Debtor, the United States,
on behalf of the United States Department of Agriculture, Rural
Utilities Service, and National Rural Utilities Cooperative
Finance Corporation.

As of the Petition Date, RUS has a claim for an amount exceeding
$3 million on obligations secured by the mortgage.

Pursuant to the stipulation, the Debtor represents that:

   1) the aggregate amount of cash in Debtor's possession as of
   Oct. 31, 2011, was $247,000, and $85,000 on Dec. 1;

   2) the Debtor would use up to $300,155 of the cash collateral
   to pay its employees' wages and salaries, related payroll
   taxes, essential suppliers, lessors, and other necessary
   operating expenses;

   3) the Debtor relates that it has been unable to obtain
   sufficient unsecured credit or unsecured debt allowable as an
   administrative expense or unsecured financing, and Debtor has
   no alternative source of funds to operate its business other
   than the cash collateral;

   4) the collateral is deposited at Wells Fargo Bank, N.A.;

   5) to afford RUS adequate protection of its interest in the
   collateral, the Debtor will continue to make adequate
   protection payments of $18,000 by the last date of each month
   except that every third month that payment will be $60,100 to
   RUS;

   6) to afford CFC adequate protection of its interest in the
   collateral, the Debtor will continue to make adequate
   protection payments under the terms of the DIP loan agreement
   to CFC;

   7) as further adequate protection of RUS' security interest in
   the cash collateral, the Debtor will grant RUS and CFC
   replacement liens on all of the estate's property purchased or
   acquired with cash collateral, and the replacement lien granted
   will relate back to the Petition Date, and the replacement lien
   granted will be perfected to the same extent that the RUS'
   liens in Debtor's property were perfected immediately;

   8) as further adequate protection, the Debtor will grant RUS
   and CFC security interests in all cash and accounts receivable
   generated by Debtor after the Petition Date, and in any other
   of the collateral's proceeds, product, offspring, or profits
   acquired by the estate after the commencement of the case, to
   any extent that their Mortgages and Security Interests do not
   already grant such security interests.  RUS' security interest
   will be senior to the security interest of CFC granted.

A full-text copy of the Firth Stipulated Order is available for
free at http://bankrupt.com/misc/NAKNEKELECTRIC_cashcoll_fifthstipulation.pdf

On Nov. 9, 2011, the Debtor asked the Court for authorization to
access the cash collateral until June 30, 2012.

The Debtor relates that the proposed 2012 $500,000 plan payment
will be made from July and August receivables.

                 About Naknek Electric Association

Naknek, Alaska-based Naknek Electric Association, Inc., operates a
diesel power generation plant, storage and distribution system
on approximately 9.34 acres of land it owns in Naknek, Alaska.
It provides electricity to 591 members of the cooperative.  It
also is developing a geothermal well.

Naknek Electric filed for Chapter 11 bankruptcy protection (Bankr.
D. Alaska Case No. 10-00824) on Sept. 29, 2010.  Erik LeRoy,
Esq., at Erik Leroy P.C., assists the Debtor in its restructuring
effort.  The Debtor estimated its assets and debts at $10 million
to $50 million as of the Petition Date.


NAVISTAR INTERNATIONAL: Board OKs 2012 Annual Incentive Awards
--------------------------------------------------------------
The Compensation Committee of the Board of Directors of Navistar
International Corporation approved the Annual Incentive Plan
Criteria for fiscal year 2012 for certain employees, including its
principal executive officer, principal financial officer and other
named executive officers.  The performance criteria applicable to
the 2012 Annual Incentive Awards are available for free at:

                        http://is.gd/0LNsvR

On Dec. 12, 2011, the Nominating and Governance Committee of
the Board recommended, and on Dec. 13, 2011, the Board
approved, the fiscal year 2012 non-employee director stock option
grants.  The terms applicable to the Non-Employee Director Stock
Option Grants are available for free at http://is.gd/xVv7a7

The 2012 Annual Incentive Awards and the Non-Employee Director
Stock Option Grants will be awarded under, and are subject to the
terms and conditions of, the Corporation's 2004 Performance
Incentive Plan, as amended and restated as of April 19, 2010.

                   About Navistar International

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

The Company's balance sheet at July 31, 2011, showed $11.17
billion in total assets, $10.42 billion in total liabilities, $5
million in redeemable equity securities and $752 million in total
stockholders' equity.

                           *     *     *

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

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


NAVISTAR INTERNATIONAL: Jeffrey Altman Holds 8.5% Equity Stake
--------------------------------------------------------------
In a Schedule 13D filing with the U.S. Securities and Exchange
Commission, Jeffrey A. Altman and his affiliates disclosed that,
as of Dec. 9, 2011, they beneficially own 6,153,303 shares of
commons stock of Navistar International Corporation representing
8.48% of the shares outstanding.  A full-text copy of the filing
is available for free at http://is.gd/T3N1MF

                    About Navistar International

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

The Company's balance sheet at July 31, 2011, showed $11.17
billion in total assets, $10.42 billion in total liabilities, $5
million in redeemable equity securities and $752 million in total
stockholders' equity.

                           *     *     *

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

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


N.L.C. UNITRUST: Reorganization Plan Hearing Commences
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
approved the proposed disclosure statement related to the Plan of
Reorganization proposed by N.L.C. Unitrust Partneers.

The Confirmation Hearing commenced on Dec. 19, 2011, which date
may be continued from time to time by the Court or the Debtor
without further notice other than adjournments announced in open
court.

As reported in the TCR on Oct. 13, 2011, N.L.C. Unitrust Partners
filed with the U.S. Bankruptcy Court for the District of Delaware
a Chapter 11 plan of reorganization and an accompanying disclosure
statement.

Class 3 Unsecured Claims are impaired.  On the Effective Date, the
Debtor will pay to holders of Class 3 Allowed Claims $100,000, the
source of which will be funds recovered from Unicon Holding, Inc.,
an entity that is indebted to the Debtor and which has agreed to
pay the amount to the Debtor on the Effective Date.  Thereafter,
Holders of Allowed Class 3 Claims will receive pro rata
distributions until paid in full.

Class 4 Liberty Ventures Partners II, LP Claim is impaired.
Pursuant to a prepetition limited partnership agreement, the
Debtor became obligated to, but was unable to, fund three separate
$1,500,000 capital contributions to the holder of the Class 4
claim.  The holder of the Class 4 claim will be paid, in full, in
this manner:

   a. On the Effective Date, the Debtor will pay to the holder of
      the Class 4 claims $750,000, the source of which will be
      funds recovered from Unicon Holding.

   b. The balance of the amount due to the holder of the Class 4
      claims, in the approximate amount of $3,750,000, will be
      paid from three separate sources as and when funds are
      available or made available to the Debtor, as the case may
      be.

Class 5 Interest Holders are not impaired.  After payment in full
of Class 3 and Class 4, Class 5 will be paid any and all remaining
assets and will retain all interests in the Debtor.

A full-text copy of the Disclosure Statement, dated Sept. 29, is
available for free at http://ResearchArchives.com/t/s?7728

Sedona, Arizona-based N.L.C. Unitrust Partners filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case No. 10-14074) on
Dec. 15, 2010.  The Debtor estimated its assets at $10 million to
$50 million and debts at $1 million to $10 million at the Petition
Date.  Ciardi Ciardi & Astin is retained as counsel to the Debtor.


OCEAN PLACE: Access to AFP 104 Cash Collateral Expires on Jan. 31
-----------------------------------------------------------------
U.S. Bankruptcy Judge Michael B. Kaplan has extended Ocean Place
Development LLC's right to use cash collateral of AFP 104 Corp.,
pursuant to the terms of the final order authorizing use of cash
collateral and providing adequate protection on Aug. 1, 2011, as
set in a budget, through and including Jan. 31, 2012.

A copy of the Second Consent Order extending the Debtor's use of
cash collateral is available for free at:

          http://bankrupt.com/misc/oceanplace.doc355.pdf

As reported in the TCR on Aug. 22, 2011, Judge Kaplan authorized,
on a final basis, Ocean Place Development LLC, to use the cash
collateral of AFP 104 Corp., until Oct. 18, 2011.

The Debtor would use the cash collateral to pay ordinary and
reasonable operating expenses.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant AFP a replacement lien in the
Debtor's postpetition property and proceeds thereof, and a
superpriority administrative claims status.

As reported in the TCR on Nov. 30, 2011, Judge Kaplan entered a
First Consent Order extending Debtor's use of cash collateral of
AFP 104 Corp., through and including Nov. 30, 2011.

                  About Ocean Place Development

Ocean Place Development, LLC, owns a beachfront resort property in
Long Branch, New Jersey.  The Ocean Place resort is sited on 17-
acres featuring 1,000 feet of ocean frontage and is improved with
a 254-room hotel that includes 40,000 square feet of meeting
space, three restaurants, a bar/lounge, a full-service spa, and
numerous resort amenities.  It employs between 95 and 340
employees, depending upon the season, through the property
management entity West Paces Hotel Group, LLC.

Ocean Place filed a voluntary Chapter 11 petition (Bankr. D. N.J.
Case No. 11-14295) on Feb. 15, 2011.  Kenneth Rosen, Esq., John K.
Sherwood, Esq., and Wojciech F. Jung, Esq., at Lowenstein Sandler,
in Roseland, N.J., serves as the Debtor's bankruptcy counsel.  The
Debtor estimated its assets and debts at $50 million to
$100 million.

As of the petition date, the Debtor owed $57,245,372 to AFP 104
Corp. pursuant to a Loan Agreement dated April 25, 2006, as
amended from time to time, entered into by and between the Debtor
as borrower and Barclays Capital Real Estate Inc. as lender.

Joseph L. Schwartz, Esq., and Kevin J. Larner, Esq., at Riker,
Danzig, Scherer, Hyland & Perretti LLP, in Morristown, New Jersey,
represents AFP 104 as counsel.


PACIFIC INTERVENTURES: Case Summary & Largest Unsecured Creditor
----------------------------------------------------------------
Debtor: Pacific Interventures Inc.
        dba Prime Investings
        10225 Hillhaven Ave #101
        Tujunga, CA 91042

Bankruptcy Case No.: 11-60946

Chapter 11 Petition Date: December 15, 2011

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

Judge: Sandra R. Klein

Debtor's Counsel: Donald E. Cooper, Esq.
                  2015 Montrose Ave.
                  Montrose, CA 91020
                  Tel: (818) 249-4440
                  Fax: (818) 249-4050

Scheduled Assets: $3,627,760

Scheduled Debts: $1,214,136

In its list of 20 largest unsecured creditors, the Company placed
only one entry:

Entity                   Nature of Claim        Claim Amount
------                   ---------------        ------------
American Express          Business expenses      $2,131
Box 0001
Los Angeles,
CA 90096-8000

The petition was signed by Yoonji Kim, corporate secretary.


PARK AVENUE: US Insurance Group Trustee's Suit v. FDIC Dismissed
----------------------------------------------------------------
RICHARD P. JAHN, JR., as CHAPTER 7 TRUSTEE for U.S. INSURANCE
GROUP, LLC, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as RECEIVER
for THE PARK AVENUE BANK, Civil Action No. 10-1364 (D. D.C.), pits
the bankruptcy trustee for a defunct company, U.S. Insurance
Group, LLC, against the Federal Deposit Insurance Corporation,
acting as receiver for a defunct bank, the Park Avenue Bank.
USIG, through its trustee, seeks to recover $6.5 million from the
Bank based on theories of fraudulent transfer, civil conspiracy to
deceive and defraud, and conversion.  The FDIC has moved to
dismiss the Complaint, arguing that it has a superior right to the
funds at issue and that the plaintiff failed to exhaust
administrative remedies for the conspiracy and conversion claims.
District Judge Beryl A. Howell granted the FDIC's motion to
dismiss in a Dec. 15, 2011 Memorandum Opinion available at
http://is.gd/c9gsxefrom Leagle.com.

                    About U.S. Insurance Group

Based in Chattanooga, Tennessee, U.S. Insurance Group, LLC, dba
U.S. Transportation Insurance Agency, LLC, filed for Chapter 11
bankruptcy protection (Bankr. E.D. Tenn. Case No. 09-12487) on
April 22, 2009.  Judge R. Thomas Stinnett presides over the case.
Thomas E. Ray, Esq., at Samples, Jennings, Ray & Clem, served
as bankruptcy counsel.  The Debtor estimated $1 million to
$10 million in assets and $10 million to $50 million in debts.
The case was converted to chapter 7 on June 18, 2009, and Richard
P. Jahn, Jr. was appointed the chapter 7 trustee.

                      About Park Avenue Bank

The Park Avenue Bank was closed March 12, 2010, by the New York
State Banking Department, which appointed the Federal Deposit
Insurance Corporation as receiver.  To protect the depositors, the
FDIC entered into a purchase and assumption agreement with Valley
National Bank, Wayne, New Jersey, to assume all of the deposits of
The Park Avenue Bank.


PECAN SQUARE: Files List of 16 Largest Unsecured Creditors
----------------------------------------------------------
Pecan Square, Ltd., has filed with the U.S. Bankruptcy Court for
the Northern District of Texas a list of its 16 largest unsecured
creditors.

Debtor's List of Its 16 Largest Unsecured Creditors:

  Entity                        Nature of Claim      Claim Amount
  ------                        ---------------      ------------
TXU Electric
P.O. Box 650638
Dallas, TX 75265                   Utility            $48,106.16

Kuhn & Koviak, Inc., CPA's
7676 Hazard Center, #700
San Diego, CA 92108                Trade Debt          $3,241.95

Star Tex Power
PO Box 4802
Houston, TX 77210                  Trade Debt          $2,984.39

Sigma Relocation                   Trade Debt            $676.00

Apartment Legal Service            Trade Debt            $623.00

Munoz Carpet, Inc.                 Trade Debt            $571.58

Apt. Assoc. of Greater Dallas      Trade Debt            $448.35

Case Glass & Mirror                Trade Debt            $440.00

Mid American Specialties           Trade Debt            $323.46

Apartment Locating Spec.           Trade Debt            $312.98

G & K Services Corp.               Trade Debt            $197.63

Phone-Jet Telecom, Inc.            Trade Debt            $194.95

HICO, Inc.                         Trade Debt            $178.61

ADT Security Services, Inc.        Trade Debt             $76.42

Wells Fargo Financial Leasing      Equipment Lease        $57.84

Panini North America, Inc.         Trade Debt             $42.92

                      About Pecan Square, Ltd.

Dallas, Texas-based Pecan Square, Ltd., filed for Chapter 11
protection (Bankr. N.D. Tex. Case No. 11-37391) on Nov. 22, 2011.
Bankruptcy Judge Barbara J. Houser presides over the case.
Illyssa Iona Fogel, Esq., at the Law Office of Illyssa I. Fogel
represents the Debtor in its restructuring effort.  The Debtor
estimated assets and debts at $10 million to $50 million.  The
Company did not file a list of creditors together with its
petition.  The petition was signed by Barry S. Nussbaum, president
of managing corporation.

On March 31, 2011, the Debtor filed its voluntary petition (Bankr.
Case No. 11-05359) before the Hon. Laura S. Taylor of the San
Diego Bankruptcy Court.  On Oct. 17, 2011, the Court dismissed the
Chapter 11 case.


PHILADELPHIA ORCHESTRA: Plan Filing Period Extended to Feb. 10
--------------------------------------------------------------
U.S. Bankruptcy Judge Eric L. Frank has extended The Philadelphia
Orchestra Association and Academy of Music of Philadelphia, Inc.'s
exclusive right to file a plan through and including Feb. 10,
2012, and the Debtors' exclusive right to solicit acceptances of a
plan through and including April 11, 2012.

As reported in the TCR on Nov. 16, 2011, Philadelphia Orchestra is
requesting for a second time an extension of the exclusive right
to propose a bankruptcy reorganization plan.  The orchestra and
the musicians' pension fund may be near resolution of disputes
over documents and information the fund can obtain from donors.

The Debtor said it has reached agreement with the musicians' union
on a new labor contract.  The motion didn't say when a plan would
be filed.  The orchestra did say it still needs a new lease for
the Kimmel Center, where it performs.

                    About Philadelphia Orchestra

The Philadelphia Orchestra -- http://www.philorch.org/-- claims
to be among the world's leading orchestras.  Bloomberg News says
the orchestra became the first major U.S. symphony to file for
bankruptcy protection, surprising the music world.

Previous conductors include Fritz Scheel (1900-07), Carl Pohlig
(1907-12), Leopold Stokowski (1912-41), Eugene Ormandy (1936-80),
Riccardo Muti (1980-92), Wolfgang Sawallisch (1993-2003), and
Christoph Eschenbach (2003-08). Charles Dutoit is currently chief
conductor, and Yannick Nezet-Seguin has assumed the title of music
director designate until he takes up the baton as The Philadelphia
Orchestra's next music director in 2012.

The Philadelphia Orchestra Association, Academy of Music of
Philadelphia, Inc., and Encore Series, Inc., filed separate
Chapter 11 petitions (Bankr. E.D. Pa. Case Nos. 11-13098 to
11-13100) on April 16, 2011. Judge Eric L. Frank presides over
the case. The Philadelphia Orchestra Association is being advised
by Dilworth Paxson LLP, its legal counsel, and Alvarez & Marsal,
its financial advisor. Curley, Hessinger & Johnsrud serves as its
special counsel. Philadelphia Orchestra disclosed $15,950,020 in
assets and $704,033 in liabilities as of the Chapter 11 filing.

Encore Series, Inc., tapped EisnerAmper LLP as accountants and
financial advisors.

Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed
seven members to the official committee of unsecured creditors in
the Debtors' case. Reed Smith LLP serves as the Committee's
counsel.

The orchestra postpetition signed a new contract with musicians
and authority to terminate the existing musicians' pension plan.


PMI GROUP: Seeks Nod for Executive Salaries, Pension Freeze
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that PMI Group Inc. arranged a Jan. 6 hearing in
bankruptcy court for approval of employment agreements with the
two remaining officers.   At the same hearing, PMI will seek
permission to freeze the pension plan for workers at the insurance
company.

The report relates that PMI is proposing that L. Stephen Smith be
chief executive at an annual base salary of $1.25 million, with
$250,000 paid "up front."  He is also to be eligible for a
$360,000 bonus and a severance payment as much as $650,000 if he
is terminated without cause.  Donald P. Lofe Jr., chief financial
officer, is to have a $700,000 annual base salary along with the
possibility of a $180,000 bonus.  His severance payment would also
be a maximum of $650,000.  From his salary, $125,000 would be paid
up front.

According to the report, in the motion to freeze the pension plan,
PMI explained how it can be liable for payment of future benefits
to workers at the insurance company although control of the
subsidiary has been taken away by regulators in Arizona.  If the
bankruptcy judge goes along, PMI would freeze accrual of further
benefits.

                          About PMI Group

The PMI Group filed for Chapter 11 bankruptcy (Bankr. D. Del. Case
No. 11-13730) on Nov. 23, 2011.  The Debtor had total assets of
$225 million and total debts of $736 million.  Young Conaway
Stargatt & Taylor LLP represents the Debtor in its restructuring
efforts.  Sullivan & Cromwell, LLP, and Osborn & Maledon, P.A.,
serve as special counsel to the Debtor.  Kurtzman Carson
Consultants LLC serves as its notice, claims, and solicitation
agent.  Stephen Smith signed the petition as chairman, chief
executive officer, president and chief operating officer.

The Debtor said in the filing that it does not have the financial
resources to pay the outstanding principal amount of the 4.50%
Convertible Senior Notes, 6.000% Senior Notes and the 6.625%
Senior Notes if those amounts were to become due and payable.


PROFESSIONAL VETERINARY: Completes Sale of Headquarters/Warehouse
----------------------------------------------------------------
On Dec. 16, 2011, Professional Veterinary Products, Ltd., and
Sergeant's Pet Care Products, Inc., a Nevada corporation,
completed the transactions contemplated by the Real Estate
Purchase and Sale Agreement dated Oct. 31, 2011, between the
Company and the Purchaser.  Pursuant to the Real Estate Sale
Agreement, the Company sold the corporate headquarters and
warehouse facility of the Company located in Omaha, Nebraska and
related assets for $4,662,500.

A copy of the Real Estate Sale Agreement is available for free at:

                         http://is.gd/zfRMWR

As reported in the TCR on Nov. 8, 2011, pursuant to the Real
Estate Sale Agreement, the Company sold the corporate headquarters
and warehouse facility of the Company located in Omaha, Nebraska
and related assets for $4.9 million, subject to adjustment in
accordance with the terms of the Real Estate Sale Agreement.

              About Professional Veterinary Products

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

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

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

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

As reported in the TCR on Dec. 20, 2011, the Bankruptcy Court
confirmed the First Amended Joint Chapter 11 Plan of Liquidation
proposed by the Debtors and the Official Committee of Unsecured
Creditors.  The effective date of the Plan is Jan. 26, 2012.  The
Bankruptcy Court confirmed the Debtors' and the Committee's First
Amended Joint Disclosure Statement on Nov. 1, 2011.


QUIZNOS CORP: Avenue Capital Leads Talks to Restructure Debt
------------------------------------------------------------
The Wall Street Journal's Mike Spector reports that people
familiar with the matter said the Quiznos sandwich chain is close
to a deal to restructure its roughly $870 million debt load.

According to the report, the sources said the deal being discussed
involves:

     -- Avenue Capital Group, the company's biggest lender,
        converting its debt to equity and investing cash in
        Quiznos as part of a tentative deal that would give the
        hedge fund more than a 70% ownership stake in the chain;

     -- cutting Quiznos' more than $870 million in debt by about
        $281 million;

     -- Avenue providing $150 million, with the proceeds evenly
        split between paying down some senior Quiznos debt and
        providing the chain with more working capital, and Quiznos
        using some of the new money for a new marketing campaign;

     -- Quiznos' remaining $570 million in senior debt staying on
        the company's books in two new tranches and coming due in
        about five years; and

     -- creditors getting about 30 days to decide whether to
        accept the deal, or face a prepackaged bankruptcy.

Quiznos' debts had been set to mature in 2012 and 2013.

According to the report, creditors holding more than two-thirds of
Quiznos' senior debt and second-lien debt already support the
deal, giving the chain leverage to force a restructuring plan on
others during bankruptcy proceedings.

The sources said Quiznos' current owners -- private-equity firm
CCMP Capital Advisors LLC and Consumer Capital Partners, an
investment firm owned by Rick Schaden -- aren't likely to get any
recovery on their investments under the deal.

The Journal's sources also said creditors could fare worse if
Quiznos filed for bankruptcy-court protection.  Senior lenders
would likely get less of their debt paid back, and other creditors
would end up owning less of Quiznos if the deal gets done in
bankruptcy court, the people said.

The report notes Quiznos wants to pay reduced rent on its Denver
headquarters.  The company plans to pay its landlord some money in
consideration for reduced rent, the people said. But if the
landlord doesn't agree, Quiznos would reject the lease in
bankruptcy proceedings.

Quiznos also wants more than 40 former executives to make
concessions on deferred compensation owed to them.  The chain also
wants to reduce payouts to middlemen who help develop franchises
in various regions of the U.S.  Those creditors would likely get
wiped out in bankruptcy.

WSJ notes representatives for both Quiznos and Avenue declined to
comment.  A representative for Consumer Capital had no immediate
comment.  A CCMP spokeswoman declined to comment.

Avenue is the hedge fund controlled by billionaire Marc Lasry.  In
the wake of the financial crisis, WSJ notes, Mr. Lasry has led
investors to gain control of three Atlantic City, N.J., casinos
bearing Donald Trump's name and broadcaster ION Media Networks
Inc., among other companies.

                        About Quiznos Corp.

Quiznos Corp. operates the #2 sub sandwich chain (behind Subway),
with more than 4,500 franchised quick-service restaurants popular
for their made-to-order, oven-toasted sandwiches.  The company has
locations in more than 20 countries.  The chain has about 2,900
stores in the U.S. and 600 international locations.  Quiznos
started getting toasty in 1981 as a single Denver area restaurant.
Founder Rick Schaden and his family control the company with
backing from investment firms CCMP Capital and Cervantes Capital.

Quiznos warned lenders over the summer that sales were coming in
below projections, which would likely cause the chain to violate
loan terms and put it in default.  The Journal relates Quiznos is
being advised by law firm Paul, Weiss, Rifkind, Wharton & Garrison
and investment bank Moelis & Co.  Quiznos' lenders are being
advised by law firm Akin Gump Strauss Hauer & Feld and investment
bank Lazard Ltd.


REAL MEX: Has Green Light to Pay $3MM in Sale-Related Bonuses
-------------------------------------------------------------
Rachel Feintzeig, writing for Dow Jones' Daily Bankruptcy Review,
reports that Bankruptcy Judge Brendan L. Shannon on Monday signed
off on the request of Real Mex Restaurants Inc. to institute an
incentive plan for employees it says are key to its sale efforts.
Real Mex won permission to dole out up to nearly $3 million in
bonuses.

DBR relates that under the plan, nine employees are eligible for
one level of bonuses, totaling up to $316,000.  That level hinges
on the closing of the sale.  Eight employees are also eligible for
a second tier of bonuses, which could total $1.1 million to $2.7
million, depending on the actual price of the transaction.  The
more money the sale brings in, the bigger the bonuses the
employees will take home.

Real Mex's auction and sale hearing are on tap for next month and
the company hopes to close a transaction by the end of February.

                          About Real Mex

Based in Cypress, California, Real Mex Restaurants, Inc., owns and
operates restaurants, primarily through its major subsidiaries El
Torito Restaurants, Inc., Chevys Restaurants, LLC, and Acapulco
Restaurants, Inc.  It has 178 restaurants, with 149 in California.
There are also 30 franchised locations. It acquired Chevys Inc.
for $90 million through confirmation of Chevy's Chapter 11 plan in
2004.

Real Mex Restaurants and 16 of its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Case Nos. 11-13122 to
11-13138) on Oct. 4, 2011.  Judge Brendan Linehan Shannon oversees
the case.  Judge Peter Walsh was initially assigned to the case.

The Debtors are represented by Mark Shinderman, Esq., Fred
Neufeld, Esq., and Haig M. Maghakian, Esq., at Milbank, Tweed,
Hadley & McCloy LLP; and Laura Davis Jones, Esq., and Curtis A.
Helm, Esq., at Pachulski Stang Ziehl & Jones LLP as counsel.  The
Debtors' financial advisors are Imperial Capital, LLC.  The
Debtors' claims, noticing, soliciting and balloting agent is Epiq
Bankruptcy Solutions, LLC.

Assets are $272.2 million while debt totals $250 million,
according to the Chapter 11 petition.  The petitions were signed
by Richard P. Dutkiewiez, chief financial officer and executive
vice president.

Counsel to GE Capital Corp., the DIP Agent and the Prepetition
First Lien Secured Agent, are Jeffrey G. Moran, Esq., and Peter P.
Knight, Esq., at Latham & Watkins LLP; and Kurt F. Gwynne, Esq.,
at Reed Smith LLP as counsel.

Counsel to the Prepetition Secured Second Lien Trustee are Mark F.
Hebbeln, Esq., and Harold L. Kaplan, Esq., at Foley & Lardner LLP.

Counsel to the Majority Prepetition Second Lien Secured
Noteholders are Adam C. Harris, Esq., and David M. Hillman, Esq.,
at Schulte Roth & Zabel LLP; and Russell C. Silberglied, Esq., at
Richards Layton & Finger.

Z Capital Management LLC, which holds nearly 70% of the Opco term
loan, is represented by Derek C. Abbott, Esq., and Chad A. Fights,
Esq., at Morris Nichols Arsht & Tunnell LLP; and Lee R. Bogdanoff,
Esq., and Whitman L. Holt, Esq., at Klee Tuchin Bogdanoff & Stern
LLP.


REAL MEX: Asks Court to Extend Plan Filing Deadline to June 1
-------------------------------------------------------------
Real Mex Restaurants Inc. on Monday asked the Bankruptcy Court to
extend the period within which it has the exclusive right to file
a plan of reorganization and solicit votes for that plan.  Rachel
Feintzeig, writing for Dow Jones' Daily Bankruptcy Review, reports
that Real Mex's right to introduce a plan without the threat of
competing proposals is set to expire on Feb. 1, and its right to
solicit votes for the plan is set to expire on April 1.  Real Mex
wants the plan filing deadline extended until June 1 and the right
to solicit votes extended until Aug. 1.

"The debtors' proposed extension of the exclusivity periods . . .
will add certainty and stability as the debtors work to conclude
the sale process, and allow management to focus fully on marketing
the business and maintaining value for all stakeholders," Real Mex
said.

The Bankruptcy Court will consider the request at a Jan. 17
hearing.

                          About Real Mex

Based in Cypress, California, Real Mex Restaurants, Inc., owns and
operates restaurants, primarily through its major subsidiaries El
Torito Restaurants, Inc., Chevys Restaurants, LLC, and Acapulco
Restaurants, Inc.  It has 178 restaurants, with 149 in California.
There are also 30 franchised locations. It acquired Chevys Inc.
for $90 million through confirmation of Chevy's Chapter 11 plan in
2004.

Real Mex Restaurants and 16 of its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Case Nos. 11-13122 to
11-13138) on Oct. 4, 2011.  Judge Brendan Linehan Shannon oversees
the case.  Judge Peter Walsh was initially assigned to the case.

The Debtors are represented by Mark Shinderman, Esq., Fred
Neufeld, Esq., and Haig M. Maghakian, Esq., at Milbank, Tweed,
Hadley & McCloy LLP; and Laura Davis Jones, Esq., and Curtis A.
Helm, Esq., at Pachulski Stang Ziehl & Jones LLP as counsel.  The
Debtors' financial advisors are Imperial Capital, LLC.  The
Debtors' claims, noticing, soliciting and balloting agent is Epiq
Bankruptcy Solutions, LLC.

Assets are $272.2 million while debt totals $250 million,
according to the Chapter 11 petition.  The petitions were signed
by Richard P. Dutkiewiez, chief financial officer and executive
vice president.

Counsel to GE Capital Corp., the DIP Agent and the Prepetition
First Lien Secured Agent, are Jeffrey G. Moran, Esq., and Peter P.
Knight, Esq., at Latham & Watkins LLP; and Kurt F. Gwynne, Esq.,
at Reed Smith LLP as counsel.

Counsel to the Prepetition Secured Second Lien Trustee are Mark F.
Hebbeln, Esq., and Harold L. Kaplan, Esq., at Foley & Lardner LLP.

Counsel to the Majority Prepetition Second Lien Secured
Noteholders are Adam C. Harris, Esq., and David M. Hillman, Esq.,
at Schulte Roth & Zabel LLP; and Russell C. Silberglied, Esq., at
Richards Layton & Finger.

Z Capital Management LLC, which holds nearly 70% of the Opco term
loan, is represented by Derek C. Abbott, Esq., and Chad A. Fights,
Esq., at Morris Nichols Arsht & Tunnell LLP; and Lee R. Bogdanoff,
Esq., and Whitman L. Holt, Esq., at Klee Tuchin Bogdanoff & Stern
LLP.


ROBB & STUCKY: Hearing on Case Dismissal, et al., Set for Jan. 11
-----------------------------------------------------------------
The Hon. Caryl E. Delano the U.S. Bankruptcy Court for the Middle
District of Florida will convene a final evidentiary hearing on
Jan. 11, 2012, at 1:30 p.m., to consider the motion to dismiss or
convert the Chapter 11 case of Robb & Stucky Limited LLLP; and
approval of the settlement agreement among the Debtor, the Collier
Lenders, and the Official Committee of Unsecured Creditors.

At the final hearing, the Court will also consider these
applications for compensation:

   a) first and final fee application by:

      * AlixPartners, LLP as communication consultants for Debtor
      for the period from Feb. 18, 2011 until March 15, 2011;

      * BDO Consulting, a Division of BDO USA, LLP, as financial
      advisor to the Committee for the period March 1, 2011, until
      June 30, 2011;

       * local counsel to Committee;

       * LarsonAllen, LLP as external accountant for Debtor;

       * Berger Singerman, P.A., as counsel to the Debtor;

       * FTI Consulting, Inc., as chief restructuring officer to
       the Debtor;

       * Cooley LLP, as counsel to Committee;

   b) the Committee's supplemental application for reimbursement
   of Florida attorney's fees and costs;

   c) second interim application of:

       * BDO Consulting, a Division of BDO USA, LLP, for interim
       compensation for services rendered and reimbursement of
       expenses as financial advisor to the Committee for the
       period July 1, 2011 until Sept. 30, 2011;

       * local counsel to Committee; and

       * Berger Singerman, P.A., as counsel to the Debtor.

The deadline to object to any of the applications for compensation
is extended until Jan. 6, 2012, without prejudice to the Court
further extending the deadline for cause shown.

In a separate filing, Ray Valdes, Seminole County Tax Collector
joins in the U.S. Trustee's motion to convert Chapter 11 case to
Chapter 7.

Seminole County states that the motion essentially asserts that
the estate is now insolvent and that enormous administrative fees
and expenses to a select few have played a significant role in
that development.

Mr. Valdes is represented by:

         Arnold W. Schneider, Esq.
         Assistant County Attorney
         Seminole County Services Bldg.
         1101 East First Street
         Sanford, FL 32771
         Tel: (407) 665-7254
         Fax: (407) 665-7259
         E-mail: ASchneider@seminolecountyfl.gov

                       About Robb & Stucky

Sarasota, Florida-based Robb & Stucky Limited LLLP -- dba Robb &
Stucky; Robb & Stucky Interiors; Fine Design Interiors, a division
of Robb & Stucky; Robb & Stucky Patio; R&S Home of Fine
Decorators; and Home of Fine Design by Robb & Stucky --
operated a chain of 24 retail stores offering "high-end home
furnishings" in five states.

Robb & Stucky filed for Chapter 11 bankruptcy protection (Bankr.
M.D. Fla. Case No. 11-02801) on Feb. 18, 2011.  Paul S. Singerman,
Esq., and Jordi Guso, Esq., at Berger Singerman PA, serve as the
Debtor's bankruptcy counsel.  FTI Consulting, Inc., is the
Debtor's advisor and Kevin Regan is the Debtor's chief
restructuring officer.  Bayshore Partners, LLC, is the Debtor's
investment banker.  AlixPartners, LLP, serves as the Debtor's
communications consultants.  Epiq Bankruptcy Solutions, LLC,
serves as the Debtor's claims and notice agent.  In its schedules,
the Debtor disclosed $77,705,081 in assets and $91,859,125 in
liabilities as of the Chapter 11 filing.

Donald F. Walton, U.S. Trustee for Region 21, appointed the
Official Committee of Unsecured Creditors in the Debtor's case.
The Committee tapped Cooley LLP as its lead counsel; Broad and
Cassel as its local bankruptcy counsel; and BDO USA LLP as its
financial advisor.


ROBERTS HOTELS: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Roberts Hotels Jackson, LLC
        1408 N. Kingshighway, Ste 300
        Saint Louis, MO 63113

Bankruptcy Case No.: 11-04341

Chapter 11 Petition Date: December 15, 2011

Court: United States Bankruptcy Court
       Southern District of Mississippi
       (Jackson Divisional Office)

Debtor's Counsel: John D. Moore, Esq.
                  JOHN D. MOORE, P.A.
                  301 Highland Park Cv, Suite B (39157)
                  P.O. Box 3344
                  Ridgeland, MS 39158-3344
                  Tel: (601) 853-9131
                  Fax: (601) 853-9139
                  E-mail: john@johndmoorepa.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 Steven C. Roberts, member.

Affiliates that filed separate Chapter 11 petitions:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Roberts Broadcasting Company           11-50744   10/07/11
Roberts Broadcasting Company           11-50747   10/07/11
of Columbia, SC, LLC
Roberts Broadcasting Company of        11-50746   10/07/11
Evansville, IN, LLC
Roberts Broadcasting Company of        11-50745   10/07/11
Jackson, MS, LLC


SAND SPRING: Joseph J. Farnan Appointed as Mediator for Disputes
----------------------------------------------------------------
The Hon. Brendan Shannon of the U.S. Bankruptcy Court for the
District of Delaware appointed Joseph J. Farnan, Jr., as mediator
in the Chapter 11 case of Sand Spring Capital III, LLC, et al.

The Debtors are involved with dispute among (i) Joseph N. Broyles,
et al., (ii) Cantor Fitzgerald & Co., et al., and (iii) CA High
Yield Fund, LLC, et al.

The Court approved the tolling agreement dated Nov. 30, 2011,
which provided for a mediation with Mr. Farnan, Jr. with respect
to all matters pending.

The Debtor will pay the mediator's normal fee and reasonable
expenses, for which the mediator may bill on a monthly basis  or
regular basis of his choosing.

The mediation of the parties is set to commence Dec. 12, 2011, at
the law offices of Young Conaway Stargatt & Taylor, 1270 Avenue of
the Americas, Suite 2210, New York City.  The parties are required
to have attorneys and business people with authority to settle at
the mediation.

At the conclusion of the work, the mediator will file a report
advising the Court only that the matter has or has not settled,
without any further detail.

                About Sand Spring Capital III, LLC

Sand Spring Capital III, LLC, filed a Chapter 11 petition
(Bankr. D. Del. Case No. 11-13393) on Oct. 25, 2011 in Delaware,
Kenneth J. Enos, Esq., at Young, Conaway, Stargatt & Taylor,
Wilmington, Delaware serves as counsel to the Debtor.  Affiliates,
Sand Spring Capital III, LLC, CA Core Fixed Income Fund, LLC, CA
Core Fixed Income Offshore Fund, Ltd., CA High Yield Fund, LLC, CA
High Yield Offshore Fund, Ltd., CA Strategic Equity Fund, LLC, CA
Strategic Equity Offshore Fund, Ltd., Sand Spring Capital III,
Ltd., Sand Spring Capital III Master Fund, LLC, sought Chapter 11
protection on the same day.


SAPPINGTON FARMERS: Files for Chapter 11 Bankruptcy Protection
--------------------------------------------------------------
South County Times reports that Sappington Farmers Market filed on
Dec. 16, 2011, for Chapter 11 bankruptcy protection.

"The reorganization of Sappington Farmers Market will allow the
store to remain open and viable," co-owner Nancy Smith said,
according to the report.  "We won't be closed at all, and no
employees will lose their jobs. Gift certificates, coupons -- they
will all still be honored."

Under the reorganization, new owners will consist of an outside
investor and three of the original farmers: Ron McNear, president
of Missouri's Best Beef; Russ Kremer, founder and chief operating
officer of Heritage Acres Pork; and Smith, an herb grower and
business consultant, the report says.

Sappington Farmers Market in Missouri will continue to fulfill its
mission of facilitating the distribution of local farm goods to
St. Louis residents.


SHOPPES OF LAKESIDE: Creditor J Properties Wants Case Dismissed
---------------------------------------------------------------
Secured Creditor J Properties IV, LLC, tells the Bankruptcy Court
that Shoppes of Lakeside, Inc.'s Chapter 11 case should be
dismissed as a bad faith filing.

The Debtor is indebted to J Properties under a promissory note
executed and delivered on Oct. 18, 2006, by The Silver Pearl, LLC,
to VyStar Credit Union, J Properties' predecessor in interest.

The Note is secured by a lien on real property commonly known as
1310 N. Laura Street and related personal property.  The Note is
further secured by an Assignment of Rents and Leases executed by
Silver Pearl on Oct. 18, 2006, in favor of VyStar.  The Note was
guaranteed by the owner and managing member of Silver Pearl, Chris
Hionides, along with his spouse.

Pursuant to the terms of the Note, as of the Petition Date, J
Properties is owed the principal sum of $282,894, accrued interest
of $5,557 and late charges in the amount of $911, for a total of
$289,362.

Beginning on May 5, 2010, and continuing on June 11, 2010, Mr.
Hionides merged 21 of his real estate entities, including Silver
Pearl, with the Debtor.  Creditors of these entities were not
provided with notice of the mergers.

On June 15, 2010, two business days after the mergers were
completed and the day before the hearing on the motion for summary
in a foreclosure action filed against one of the Hionides Entities
by Royal Bank, the Debtor filed for bankruptcy.

J Properties states in support of its motion to dismiss:

  (i) The Debtor's only asset, until a matter of days before the
      Petition Date, was a single piece of real property.
      Similarly, the majority of the Hionides Entities held a
      single piece of real property as their only asset until the
      mergers occurred, shortly before the Petition Date.

(ii) The Debtor has few unsecured creditors, whose claims are
      small in relation to the claims of secured creditors.

(iii) The Debtor has no employees.

(iv) At the time of the merger and the Petition Date, several of
      the Hionides Entities were in default on loans secured by
      real estate which, as a result, was at the time or was
      anticipated to be, the subject of foreclosure actions.

  (v) The Debtor's financial problems involve essentially disputes
      between the Hionides Entities and their respective lenders,
      which can be resolved in pending or future state court
      actions.

(vi) The timing of the Debtor's filing evidences an intent to
      delay and frustrate lenders' legitimate efforts to enforce
      their rights through state court actions.  Several
      foreclosure actions were pending or imminent as of the
      Petition Date. In fact, the petition was filed on the day
      before the hearing on the Summary Judgment Motion in the
      foreclosure action filed by Royal Bank.

In addition, according to J Properties, the two Chapter 11 plans
(Dec. 31, 2010, and April 20, 2011) proposed by the Debtor both
allow the Debtor to stave off secured creditors for seven years
with only minimal payments.  Both plans also provide for an
improper release of Mr. Hionides' guarantee liabilities as to
those same creditors.

"Rather than a legitimate effort to reorganize an existing
business, this case is an effort by [Mr.] Hionides to hang onto
all of his troubled real estate holdings to await a hoped-for
change in the market, while simultaneously discharging almost
$37,000,000 in guaranty liabilities -- all  without submitting his
personal assets to the bankruptcy process."

J Properties adds: "Finally, having twice continued the disclosure
statement hearing in the face of objections by creditors, the
Debtor was given until Oct. 19, 2011, to file a second amended
plan and disclosure statement.  The Debtor's failure to comply
with this deadline further evidences the lack of a sincere
intention to reorganize and the abuse of the bankruptcy process."

Counsel for J Properties may be reached at:

         E. Lanny Russell, Esq.
         Leanne McKnight Prendergast, Esq.
         SMITH HULSEY AND BUSEY
         225 Water Street, Suite 1800
         Jacksonville, FL 32202
         Tel: (904) 359-7700
         Fax: (904) 359-7708
         E-mail: lprendergast@smithhulsey.com

                   About Shoppes of Lakeside Inc.

Neptune Beach, Florida-based Shoppes of Lakeside, Inc., filed for
Chapter 11 bankruptcy protection on June 15, 2010 (Bankr. M.D.
Fla. Case No. 10-05199).  Bryan K. Mickler, Esq., who has an
office in Jacksonville, Florida, assisted the Company in its
restructuring effort.  The Company disclosed $39,894,050 in assets
and $37,748,101 in liabilities.

As reported in the Troubled Company Reporter on Sept. 21, 2011,
the Debtor disclosed $39,128,747 in assets and $37,748,101 in
liabilities.


SINCLAIR BROADCAST: Raises $530 Million of Incremental Term Loans
-----------------------------------------------------------------
Sinclair Broadcast Group, Inc., announced that its wholly-owned
subsidiary, Sinclair Television Group, Inc., has raised additional
commitments under, and amended certain terms of, its existing bank
credit facility.

Sinclair raised $530.0 million of incremental term loans, which
consist of an additional $372.5 million term loan added to its
existing $222.5 million tranche B term loan maturing October 2016
and priced at LIBOR plus 3.00% with a LIBOR floor of 1.00%; and an
additional $157.5 million added to its existing $115.0 million
tranche A term loan maturing March 2016 and priced at LIBOR plus
2.25%.  In addition, Sinclair increased its existing revolving
line of credit from $75.4 million to $97.5 million and extended
the maturity of the revolving line of credit from 2013 to be
coterminous with the term loan A maturity of March 2016.  Pricing
on the revolving line of credit was reduced from LIBOR plus 4%
with a 2.00% floor to LIBOR plus 2.25%.  The additional term
loans, along with cash on hand or a draw under the revolving line
of credit, will be used to fund the previously announced
acquisitions of Four Points Media and the television stations of
Freedom Communications which are currently expected to close in
early January 2012 and late March 2012, respectively.  Due to
timing related to the closing and funding of the acquisitions,
approximately $350.0 million of the new commitments is expected to
be drawn on a delayed basis.  Sinclair also amended certain terms
of the bank credit facility, including increased incremental loan
capacity, increased television station acquisition capacity and
more flexibility under the restrictive covenants.

                      About Sinclair Broadcast

Based in Baltimore, Maryland, Sinclair Broadcast Group, Inc.
(Nasdaq: SBGI) -- http://www.sbgi.net/-- one of the largest and
most diversified television broadcasting companies, currently owns
and operates, programs or provides sales services to 58 television
stations in 35 markets.  The Company's television group reaches
roughly 22% of U.S. television households and includes FOX,
ABC, CBS, NBC, MNT, and CW affiliates.

The Company's balance sheet at Sept. 30, 2011, showed $1.56
billion in total assets, $1.68 billion in total liabilities and a
$125.35 million total deficit.

                           *     *     *

As reported by the TCR on Feb. 24, 2011, Standard & Poor's Ratings
Services raised its corporate credit rating on Hunt Valley, Md.-
based TV broadcaster Sinclair Broadcast Group Inc. to 'BB-' from
'B+'.  The rating outlook is stable.  "The 'BB-' rating on
Sinclair reflects S&P's expectation that the company could keep
its lease-adjusted debt to EBITDA below historical levels
throughout the election cycle, absent a reversal of economic
growth, meaningful debt-financed acquisitions, or significant
shareholder-favoring measures," explained Standard & Poor's credit
analyst Deborah Kinzer.

Moody's raised its ratings for Sinclair Broadcast Group, Inc., and
subsidiary Sinclair Television Group, Inc., including the
Corporate Family Rating and Probability-of-Default Rating, each to
Ba3 from B1, and the ratings for individual debt instruments,
concluding its review for possible upgrade as initiated on
Aug. 5, 2010.  Moody's also assigned a B2 (LGD 5, 87%) rating to
the proposed $250 million issuance of Senior Unsecured Notes due
2018 by STG.  The Speculative Grade Liquidity Rating remains
unchanged at SGL-2.  The rating outlook is now stable.

As reported by the Troubled Company Reporter on Feb. 24, 2011,
Standard & Poor's Ratings Services raised its corporate credit
rating on Hunt Valley, Md.-based TV broadcaster Sinclair Broadcast
Group Inc. to 'BB-' from 'B+'.  The rating outlook is stable.

"The 'BB-' rating on Sinclair reflects S&P's expectation that the
company could keep its lease-adjusted debt to EBITDA below
historical levels throughout the election cycle, absent a reversal
of economic growth, meaningful debt-financed acquisitions, or
significant shareholder-favoring measures," explained Standard &
Poor's credit analyst Deborah Kinzer.


SOLYNDRA LLC: Wants Plan Filing Period Extended to April 3
----------------------------------------------------------
Solyndra LLC, et al, ask the U.s. Bankruptcy Court for the
District of Delaware to extend the exclusivity period for filing a
plan through and including April 3, 2012, and the exclusivity
period for solicitation of a plan through and including June 4,
2012, without prejudice to the Debtors' rights to request further
extensions.

The Debtors' current exclusivity Period for proposing a plan of
reorganization expires Jan. 4, 2012, and the Debtors' current
exclusivity period for obtaining acceptances of the proposed plan
of reorganization expires March 4, 2012.

The requested additional time will permit the Debtors to conduct
the Turnkey Sale and sell additional non-core assets.  The Debtors
will also continue to assess their current contractual obligations
and determine whether to reject additional contracts.  In
addition, the Debtors will continue to focus on the winding down
of their business.

"In light of the relatively short time that this case has been
pending and the myriad of pressing matters with which the Debtors
have had to deal (including the core and non-core asset sale
processes), the Debtors have not had sufficient time to prepare a
plan or the adequate disclosures to accompany a plan."

                        About Solyndra LLC

Founded in 2005, Solyndra LLC is a U.S. manufacturer of solar
photovoltaic solar power systems specifically designed for large
commercial and industrial rooftops and for certain shaded
agriculture applications.  The Company had 968 full time employees
and 211 temporary employees.  Solyndra has sold more than 500,000
of its panels since 2008 and generated cumulative sales of over
$250 million.

Fremont, California-based Solyndra and affiliate 360 Degree Solar
Holdings Inc. sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Lead Case No. 11-12799) on Sept. 6, 2011.  Solyndra is at
least the third solar company to seek court protection from
creditors since August 2011.

Solyndra owed secured lenders $783.8 million, including
$527.8 million to the U.S. government pursuant to a federal loan
guarantee, and held assets valued at $859 million as of the
Petition date.  The U.S. Federal Financing Bank, owned by the U.S.
Treasury Department, is the Company's biggest lender.

In the Chapter 11 cases, the Debtors are pursuing a two-pronged
strategy to effectuate either a sale of their business to a
"turnkey" buyer who may acquire substantially all of Solyndra's
assets or, if the Debtors are unable to identify any such
potential buyers, an orderly liquidation of the Debtors' assets
for the benefit of their creditors.

Judge Mary F. Walrath presides over the Debtors' cases.  The
Debtors are represented by Pachulski Stang Ziehl & Jones LLP as
legal adviser.  AlixPartners LLP serves as noticing claims and
balloting agent.  Imperial Capital LLC serves as the company's
investment banker and financial adviser.  The Debtors also tapped
former Massachusetts Governor William F. Weld, now with the law
firm McDermott Will & Emery, to represent the company in
government investigations and related litigation.  BDO Consulting,
a division of BDO USA, LLP, as financial advisor and BDO Capital
Advisors, LLC, serves as investment banker for the creditors'
panel.

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed seven
unsecured creditors to serve on the Official Committee of
Unsecured Creditors of Solyndra LLC.  The Committee has tapped
Blank Rome LLP as counsel.

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


SOUTHERN ELECTRIC COIL: Bankr. Court to Hear Suit v. FirstMerit
---------------------------------------------------------------
U.S. District Judge Virginia M. Kendall denied the request of
FirstMerit Bank, N.A., as successor in interest to Midwest Bank &
Trust Company, to withdraw the reference of an adversary
proceeding from the U.S. Bankruptcy Court for the Northern
District of Illinois pursuant to 28 U.S.C. Sec. 157(d).

The case is SOUTHERN ELECTRIC COIL, LLC, and Indiana limited
liability company, and CLAIRE NARDONI, v. FIRSTMERIT BANK, N.A.
f/k/a/MIDWEST BANK & TRUST COMPANY, or as successor to MIDWEST
BANK & TRUST COMPANY, and d/b/a/MIDWEST BANK, BERNARDI SECURITIES,
INC., PERSHING, LLC, and PNC FINANCIAL SERVICES GROUP, INC., Case
No. 11 C 6135 (N.D. Ill.).  The plaintiffs commenced the action
pre-bankruptcy in the Circuit Court of Cook County-Chancery
Division, Case No. 11 CH 26133, seeking declaratory judgment and
injunctive relief against FirstMerit and other financial services
firms.

Ms. Nardoni owns two securities accounts at Bernardi and at PNC
Bank, N.A., collectively in excess of $2 million, as a joint
tenant with rights of survivorship after her husband's death.  Her
husband was a partial owner of the Debtor, and those securities
were pledged as secured collateral for FirstMerit's loans to the
Debtor.  FirstMerit sought to liquidate the Securities Accounts
after the loans to the Debtor, as well as to Ms. Nardoni's husband
individually, became due and payable in full and remained unpaid,
and after Ms. Nardoni's husband died.

On Aug. 17, 2011, the Debtor removed the state court lawsuit to
the Bankruptcy Court, arguing that the proceeding would affect the
liquidation of the assets of the estate or the adjustment of the
debtor-creditor or the debtor-equity security holder relationship,
pursuant to 28 U.S.C. Sec. 157(b)(2)(O).

FirstMerit, however, argues that the Bankruptcy Court does not
have jurisdiction.

In her Dec. 16, 2011 Memorandum Opinion and Order available at
http://is.gd/xVURASfrom Leagle.com, Judge Kendall held that
withdrawal of the reference at this stage of the proceeding is not
warranted.

                   About Southern Electric Coil

Southern Electric Coil LLC, based in Hammond, Indiana, filed for
Chapter 11 bankruptcy (Bankr. N.D. Ill. Case No. 11-32840) on Aug.
11, 2011.  Judge Pamela S. Hollis presides over the case.  Gregory
K. Stern P.C. -- gstern1@flash.net -- serves as the Debtor's
counsel.  In its petition, the Debtor estimated $500,001 to
$1 million in assets and $1 million to $10 million in debts.  The
petition was signed by Richard A. Skurka, member.


SOUTHWEST GEORGIA: Court Confirms Restated Plan of Reorganization
-----------------------------------------------------------------
On Dec. 9, 2011, the U.S. Bankruptcy Court for the Middle District
of Georgia confirmed Southwest Georgia Ethanol, LLC's First
Amended and Restated Plan of Reorganization Under Chapter 11 of
the Bankruptcy Code dated Oct. 4, 2011.

The Court also approved the appointment of Christopher Tierney of
Hays Financial Consulting, LLC, by the Official Committee of
Unsecured Creditors to serve as Litigation trustee, in accordance
with terms of the Litigation Trust Agreement described in the
Plan.

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

John Deere Construction & Forestry Company, as a holder of one or
more Allowed Class 4 Other Secured Claims against the Debtor, will
receive, in full and final satisfaction, settlement, release, and
extinguishment of any and all of its Claims against the Debtor,
reinstatement of the following Pre-Petition Secured Claims held by
John Deere:

(i) Loan Contract - Security Agreement: Contract *7934, dated on
or about Aug. 8, 2008, whereby the Debtor financed the purchase of
a John Deere 544J Wheel Loader, Serial No. 619683;

(ii) Loan Contract - Security Agreement: Contract *7935, dated on
or about Aug. 8, 2008, whereby the Debtor financed the purchase of
a John Deere 544J Wheel Loader, Serial No. 619675; and

(iii) Loan Contract - Security Agreement: Contract *7215, dated on
or about Aug. 8, 2008, whereby the Debtor financed the purchase of
a John Deere 320 Skid Steer Loader, Serial No. 145524.

The Reorganized Debtor will continue to perform under the terms of
the Equipment Financing Agreements, and John Deere will retain its
liens on the First Wheel Loader, Second Wheel Loader, and Skid
Steer Loader until all three Equipment Financing Agreements are
satisfied in full.  The Reorganized Debtor will remit $8,000 to
John Deere in full and final satisfaction of any and all
attorney's fees and other costs that John Deere incurred during
the administration of the Debtor's bankruptcy case, through the
Effective Date of the Plan.

A copy of the Confirmation Order, dated Dec. 12, 2011, is
available for free at:

       http://bankrupt.com/misc/southwestgeorgia.dkt402.pdf

As reported in the TCR on Oct. 19, 2011, Southwest Georgia
Ethanol, LLC, filed a first amended and restated disclosure
statement for the Debtor's first amended and restated plan of
reorganization dated Oct. 4, 2011.

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

As reported in the TCR on Oct. 14, 2011, the Bankruptcy Court
approved the disclosure statement on Oct. 11.

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

                       3 Exit Lenders

On Nov. 13, 2011, Southwest Georgia Ethanol, LLC, filed a Second
Plan Supplement to its First Amended and Restated Plan of
Reorganization under Chapter 11 of the Bankruptcy Code dated
Oct. 4, 2011.

The Second Plan Supplement provides the following information
supplemental to the Plan:

The Debtor's Financial Advisor who has been actively contacting
potential exit financing lenders reports that a number are very
interested.  The Debtor is currently negotiating with three
lenders who have gone to final credit committee and should be
submitting commitment letters to the Debtor.  Once the Financial
Advisor receives those commitment letters, it will work with the
Debtor to identify the lender that will offer the best Exit
Financing terms.  This process is not yet complete.  However, the
Debtor intends to complete this process in order to be in a
position to file an Exit Financing term sheet on or before the
Dec. 7, 2011 hearing on confirmation of its Plan.

                About Southwest Georgia Ethanol

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

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

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

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

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


SP NEWSPRINT: Judge Allows Firm to Begin Spending $25MM Loan
------------------------------------------------------------
Dow Jones' DBR Small Cap reports that SP Newsprint Holdings LLC
got court permission to start spending a $25 million loan that
will keep the paper giant in business while it looks for a buyer
to rescue its financially struggling operations.

SP Newsprint won approval to borrow $12 million to keep its mills
running and fund the sale of the company's assets, despite an
objection from potential bidder Waste Management Inc.

                     About SP Newsprint

Greenwich, Conn.-based SP Newsprint Holdings LLC -- aka Bulldog
Acquisition I LLC, Bulldog Acquisition II LLC, Publishers Papers,
Southeastern Paper Recycling and SP Newsprint Merger LLC -- and
three affiliates, SP Newsprint Co. LLC, SP Recycling Corporation
and SEP Technologies L.L.C, filed for Chapter 11 bankruptcy
(Bankr. D. Del. Lead Case No. 11-13649) on Nov. 15, 2011.

SP Newsprint Holdings LLC is a newsprint company controlled by
polo-playing mogul Peter Brant.  It is one of the largest
producers of newsprint in North America.  SP Recycling
Corporation, a Georgia corporation and the Debtors' other
operating company, was established in 1980 as a means for SP to
secure a ready supply of recycled fiber, a key raw material for
its newsprint.

SP Newsprint is the second Brant-owned newsprint company to tumble
into bankruptcy proceedings in recent years.  Current and former
affiliated entities are Bear Island Paper Company, L.L.C., Brant
Industries, Inc., F.F. Soucy, Inc., Soucy Partners Newsprint,
Inc., White Birch Paper Company.

Judge Christopher S. Sontchi presides over the case.  Joel H.
Levitin, Esq., Maya Peleg, Esq., and Richard A. Stieglitz Jr.,
Esq. -- jlevitin@cahill.com , mpeleg@cahill.com and
rstieglitz@cahill.com -- at Cahill Gordon & Reindel LLP serve as
the Debtors' lead counsel.  Lee E. Kaufman, Esq., and Mark D.
Collins, Esq. -- kaufman@rlf.com and collins@RLF.com -- at
Richards, Layton & Finger, P.A., serve as the Debtors' Delaware
counsel.  AlixPartners LLP serves as the Debtors' financial
advisors and The Garden City Group Inc. serves as the Debtors'
claims and noticing agent.  In its petition, SP Newsprint Holdings
estimated $100 million to $500 million in assets and debts.  The
petitions were signed by Edward D. Sherrick, executive vice
president and chief financial officer.


SPARTA COMMERCIAL: Incurs $644,000 Net Loss in Oct. 31 Quarter
--------------------------------------------------------------
Sparta Commercial Services, Inc., filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q
reporting a net loss of $644,639 on $149,338 of total revenues for
the three months ended Oct. 31, 2011, compared with a net loss of
$444,342 on $164,835 of total revenues for the same period a year
ago.

The Company reported a net loss of $978,761 on $299,337 of total
revenues for the six months ended Oct. 31, 2011, compared with a
net loss of $1.75 million on $296,982 of total revenues for the
same period during the prior year.

The Company's balance sheet at Oct. 31, 2011, showed $1.12 million
in total assets, $4.51 million in total liabilities and a $3.39
million total deficit.

RBSM LLP, in New York, noted that the company has suffered
recurring losses from operations that raises substantial doubt
about the company's ability to continue as a going concern.

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

                       http://is.gd/0ScWk4

                     About Sparta Commercial

Based in New York, Sparta Commercial Services, Inc.
-- http://www.spartacommercial.com/-- is a nationwide financial
services company offering financing and leasing products to
consumers and retail powersports dealers.  Sparta also serves
municipal and governmental agencies nationwide with its Municipal
Lease Program, which offers financing for essential equipment for
the law enforcement and emergency response communities.

The Company's subsidiary, Specialty Reports, Inc. d/b/a Cyclechex,
is in the business of offering online access to detailed product
ownership and usage reports for various classes of previously
owned assets.  Cyclechex's initial product release is the
Cyclechex Motorcycle History Report.


STOCKDALE TOWER: Amends List of Largest Unsecured Creditors
-----------------------------------------------------------
Stockdale Tower 1, LLC, has filed with the U.S. Bankruptcy Court
for the Eastern District of California an amended list of its
largest unsecured creditors.  The Debtor added 16 creditors to the
list.

Debtor's List of 19 Largest Unsecured Creditors:

  Entity                        Nature of Claim      Claim Amount
  ------                        ---------------      ------------
Randy L. and Mary J. Molina
6701 Borahpeak Road
Bakersfield, CA 93306           Bonus Payments         $250,000.00

Pacific Gas & Electric
P.O. Box 997300
Sacramento, CA 95899            Business Debt          $238,527.12

Ashok Malladi Reddy             Commercial Office      $172,274.00
G. Malladi & Gita Susan         Building located   ($17,100,000.00
Malladi Reddy                   at 5060 California  secured)
2398 Baycrest Dr                Avenue,            ($17,103,508.02
Houston, TX 77058               Bakersfield,        senior lien)
                                CA 93309

Otis elevator Company           Judgment against
                                Stockdale Tower LLC
                                May make claim against
                                Debtor                  $50,897.29

Franchise Tax Board             Tax Lien                 $9,024.85

Sandra Kuhn McCormack           Business Debt            $8,442.92

Johnson Controls                Business Debt            $6,621.62

Chemsearch                      Business Debt            $5,833.26

Vortex Industries Inc.          Business Debt            $4,602.76

Control Fire                    Business Debt            $3,635.96

LBUS 2004-C6 Stockdale          Commercial Office   $17,100,000.00
Office Ltd Pshp                 Building located   ($17,100,000.00
c/o LNR Partners LLC            at 5060 California        secured)
1601 Washington Avenue          Avenue,                 ($3,508.02
Suite 700                       Bakersfield, CA       senior lien)
Miami Beach, FL 33139-3164      93309

Tel Tec                         Business Debt            $3,273.70

City of Bakersfield             Business Debt            $3,069.24

Cleansource                     Business Debt            $2,593.94

California Water Service        Business Debt            $2,085.53

Servicemaster at Bakersfield    Business Debt            $1,884.31

Living Interiors                Business Debt            $1,775.00

Bakersfield Pool Supply         Business Debt            $1,140.39

Pro Air                         Business Debt            $1,022.80

                        About Stockdale Tower

Bakersfield, California-based Stockdale Tower 1, LLC, filed for
Chapter 11 bankruptcy (Bankr. E.D. Calif. Case No. 11-62167) on
Nov. 7, 2011.  Judge W. Richard Lee presides over the case.  Jacob
L. Eaton, Esq., serves as the Debtor's counsel.  In its petition,
the Debtor estimated $10 million to $50 million in assets.


STRATEGIC AMERICAN: Incurs $4.2 Million Net Loss in Oct. 31 Qtr.
----------------------------------------------------------------
Strategic American Oil Corporation filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q,
reporting a net loss of $4.19 million on $1.56 million of revenue
for the three months ended Oct. 31, 2011, compared with a net loss
of $965,644 on $112,873 of revenue for the same period during the
prior year.

The Company's balance sheet at Oct. 31, 2011, showed
$24.79 million in total assets, $12.03 million in total
liabilities, and $12.75 million in total stockholders' equity.

MaloneBailey, LLP, in Houston, Texas, the Company's auditors, did
not include a "going concern" qualification in its report on the
Company's financial statements.

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

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

                        http://is.gd/pZKbAH

                      About Strategic American

Corpus Christi, Tex.-based Strategic American Oil Corporation (OTC
BB: SGCA) -- http://www.strategicamericanoil.com/-- is a growth
stage oil and natural gas exploration and production company with
operations in Texas, Louisiana, and Illinois.  The Company's team
of geologists, engineers, and executives leverage 3D seismic data
and other proven exploration and production technologies to locate
and produce oil and natural gas in new and underexplored areas.
Strategic American a net loss of $10.28 million on $3.41 million
of revenue for the year ended July 31, 2011, compared with a net
loss of $3.49 million on $531,736 of revenue for the same period
during the prior year.


STRATHMORE SQUARE: Case Summary & 3 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Strathmore Square, LLC
        5028 W. Coyle
        Skokie, IL 60077

Bankruptcy Case No.: 11-50209

Chapter 11 Petition Date: December 15, 2011

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Jacqueline P. Cox

Debtor's Counsel: Erica Crohn Minchella, Esq.
                  ERICA CROHN MINCHELLA, LTD.
                  7538 St. Louis Ave.
                  Skokie, IL 60076
                  Tel: (847) 677-6772
                  E-mail: erica.minchella@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 three largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/ilnb11-50209.pdf

The petition was signed by Andrew Mourikes, managing member.


SUMMIT LAKE: Case Summary & 12 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Summit Lake Winery, L.L.C.
        1707 S. Summit Drive
        Holts Summit, MO 65043

Bankruptcy Case No.: 11-22099

Chapter 11 Petition Date: December 15, 2011

Court: United States Bankruptcy Court
       Western District of Missouri (Jefferson City)

Judge: Dennis R. Dow

Debtor's Counsel: Bryan Bacon, Esq.
                  VAN MATRE HARRISON HOLLIS & TAYLOR P.C.
                  1103 E Broadway
                  P.O. Box 1017
                  Columbia, MO 65201
                  Tel: (573) 874-7777
                  Fax: (573) 875-0017
                  E-mail: bryan@vanmatre.com

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

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

A list of the Company's 12 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/mowb11-22099.pdf

The petition was signed by John F. Ferrier, manager.


SUMO DEVELOPMENT: Set for Feb. 3 Plan Confirmation
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Sumo Development Corp. scheduled a Feb. 3
confirmation hearing when the U.S. Bankruptcy Court in Newark, New
Jersey, gave conditional approval to the disclosure statement this
week.

The report relates that secured lender Newark Revolving Co. Inc.
is intended to have its $7 million claim paid in full with new
debt paying interest at 3.5%.  The loan will mature in 15 years
with amortization on a 25-year schedule.

As part of a settlement, Newark Revolving carved out $500,000 to
finance payment to unsecured creditors, with $12,500 being paid
every quarter for 10 years.  Unsecured creditors include the $6.8
million claim of Royal Golf Course Construction.

Sumo Development Company Inc., a golf course and residential
development in Colorado, filed a Chapter 11 bankruptcy petition
(Bankr. D. N.J. Case No. 11-43096) on Nov. 15, 2011.  Richard D.
Trenk, Esq., at Trenk, Dipasquale, Webster, serves as counsel to
the Debtor.  Sumo Development did not disclose its assets but said
debts total $15,756,438.

Affiliate Sumo Golf Course Company, Inc., filed for Chapter 11 on
the same day (Bankr. D. N.J. Case No. 11-43096), disclosing
$13,900,974 in debts.


TALON THERAPEUTICS: Board Appoints Cecilia Gonzalo as Director
--------------------------------------------------------------
The Board of Directors of Talon Therapeutics, Inc., appointed
Cecilia Gonzalo as a director of the Company.  Ms. Gonzalo was
also appointed to serve as a member of the Board's Compensation
and Nominating & Corporate Governance Committees.  As a non-
employee director of the Company, Ms. Gonzalo will receive the
standard compensation applicable to the Company's non-employee
directors, the terms of which are described in the Company's
Registration Statement on Form S-1 filed on May 5, 2011.

Ms. Gonzalo, age 37, is a Managing Director at Warburg Pincus LLC
and a General Partner of Warburg Pincus & Co., where she focuses
on healthcare investments in the biotechnology, pharmaceuticals
and healthcare services sectors.  Prior to joining Warburg Pincus
in 2001, Ms. Gonzalo worked at Goldman Sachs in the Investment
Banking Division focusing on corporate finance and mergers and
acquisitions transactions in Latin America, as well as in the
Principal Investment Area focusing on investments in the region.
Ms. Gonzalo received a B.A., cum laude, in Biochemical Sciences
from Harvard College and an M.B.A. from Harvard Business School.
Ms. Gonzalo also serves as a director of LaVie Care Centers
(formerly known as Florida Healthcare Properties) and Rib-X
Pharmaceuticals.  There are no family relationships between Ms.
Gonzalo and any other member of the Board or any executive officer
of the Company.

Effective as of the appointment of Ms. Gonzalo as a director,
Nishan de Silva resigned from the Board.

As previously disclosed, pursuant to the terms of the Investment
Agreement dated June 7, 2010, entered into among the Company and
Warburg Pincus Private Equity X, L.P., and Warburg Pincus X
Partners, L.P., Warburg Pincus has the right to designate five of
nine members of the Board.  As also previously disclosed, Warburg
Pincus previously designated Jonathan Leff, Andrew Ferrer, Robert
J. Spiegel and Dr. de Silva for appointment.  Following the
appointment of Ms. Gonzalo, who was designated for appointment by
Warburg Pincus, and the resignation of Dr. de Silva, Warburg
Pincus has the right to designate one additional person for
appointment to the Board.

                      About Talon Therapeutics

Formerly known as Hana Biosciences, Inc., Talon Therapeutics Inc.
(TLON.OB.) -- http://www.talontx.com/-- is a biopharmaceutical
company dedicated to developing and commercializing new,
differentiated cancer therapies designed to improve and enable
current standards of care.  The company's lead product candidate,
Marqibo, potentially treats acute lymphoblastic leukemia and
lymphomas.  The Company has additional pipeline
opportunities some of which, like Marqibo, improve delivery and
enhance the therapeutic benefits of well characterized, proven
chemotherapies and enable high potency dosing without increased
toxicity.

Effective Dec. 1, 2010, Hana Biosciences Inc. changed its name to
Talon Therapeutics Inc.  The name change was effected by merging
Talon Therapeutics, Inc., a wholly-owned subsidiary of the
Company, with and into the Company, with the Company as the
surviving corporation in the merger.

The Company's balance sheet at June 30, 2011, showed
$11.58 million in total assets, $38.08 million in total
liabilities, $30.64 million in redeemable convertible preferred
stock, and a $57.14 million total stockholders' deficit.

The Company reported a net loss of $25.98 million for the year
ended Dec. 31, 2010, compared with a net loss of $24.14 million
during the prior year.  The Company does not generate any
recurring revenue and will require substantial additional capital
before it will generate cash flow from its operating activities,
if ever.  The Company does not currently have sufficient capital
to fund its entire development plan beyond 2011.

As reported by the TCR on April 1, 2011, BDO USA, LLP, in San
Francisco, Calif., expressed substantial doubt about the Company's
ability to continue as a going concern.  BDO noted that the
Company suffered recurring losses from operations and has a net
capital deficiency.


TAYLOR & BISHOP: BBG to Receive Lump Sum of $6.5MM and HOF Note
---------------------------------------------------------------
Taylor & Bishop, LLC, has filed a Third Amended Plan of
Reorganization that contemplates the continued existence of the
Debtor following the Effective Date of the Plan.

Pursuant to the Plan terms, Bridgeview Bank Group, the only
secured creditor of T&B (Class 4) will, in accordance with the
Bridgeview Settlement, receive a lump sum cash payment in the
total amount of $6,500,000 and the HOF Note in satisfaction of all
obligations of T&B to Bridgeview.  The BBG Settlement Payment will
be paid within 5 days after the Effective Date, and will be
structured in a manner to provide optimal business and tax
advantages to Bridgeview and to T&B, its members, and guarantors.

In addition, Bridgeview will receive a promissory note in the
amount of $800,000 from the National Italian American Sports Hall
of Fame (HOF), secured by the Memorabilia pledged by the Debtor as
collateral for the HOF Note pursuant to documents and filings in
form and substance acceptable to Bridgeview.  The HOF Note will be
amortized over a 10 year period, with interest at the rate of 6%
p.a. beginning 30 days after the Effective Date of the Plan, with
a final balloon payment due
36 months after the Effective Date.  Bridgeview will retain its
lien on the Memorabilia collateral of T&B as security pending
payment in full of the HOF Note.

The BBG Settlement Payment will come from a variety of sources
including but not limited to: additional contributions from
Members, cash on hand, and the sale of the Building and Parking
Lot to a third party.  At the option of the third party purchaser,
the Building and Parking Lot will be sold free and clear of all
liens and encumbrances pursuant to 11 U.S.C. Section 1123(a)(5).

The Reorganized Debtor will continue to be managed by its Senior
Manager, Jerry Colangelo, and its authorized agent, Thomas
O'Malley.

Classification Summary

The Plan, dated as of Nov. 4, 2011, segregates the various claims
against the Debtor into six (6) classes:

Class 1. Administrative Expense Claims
Class 2. Priority Tax Claims
Class 3. Secured Tax Claims
Class 4. Bridgeview Bank Secured Claims
Class 5. Unsecured Claims.
Class 6. Membership Interests

Class 1 Claims will be paid in full.

Membership Interests in Class 6 will retain their respective
interests in T&B.  In accordance with the operating agreement of
T&B, members that fail to make their annual contributions to T&B
will have their membership interests diluted or eliminated.

Class 1 and Class 6 are not impaired under the Plan and are deemed
to have accepted the Plan under the provisions of Section 1126(f)
of the Bankruptcy Code.

To the extent Class 2 Priority Tax Claims exist on the Effective
Date, holders of Priority Tax Claims will be paid from Cash held
by the Estate over a period not exceeding five (5) years after the
Petition Date.  Class 2 Claims are impaired, and holders of
Allowed Class 2 Claims will be entitled to vote to accept or
reject the Plan.

Based on the nonprofit status of the HOF, the Debtor expects to be
exempt from the taxes.  If an exemption is not obtained, the
Allowed Class 3 Claims (estimated in the amount of approximately
$2,500) will be paid quarterly in equal installments of principal
and interest, over a period of 12 months after the Effective Date.
Class 3 Claims are impaired and holders of Allowed Class 3 Claims
will be entitled to vote to accept or reject the Plan.

With respect to the General Unsecured Claim of Lancelot Lending,
LLC, in Class 5(a), the contract terms  will be modified to
provide an extension of the loan maturity date, and will otherwise
be paid according to the terms of the existing loan agreement
(which calls for monthly interest only payments, with the
principal balance now due Jan. 1, 2012).  The remaining monthly
interest payments from April ? June 2011 will be deferred and paid
upon maturity.  In exchange, T&B will pay Lancelot additional
consideration of $5,000 upon maturity.   Class 5(a) Claims are
impaired and holders of Allowed Class 5(a) Claims will be entitled
to vote to accept or reject the Plan.

General Unsecured Claims in Class 5(b), which are estimated in the
aggregate amount of approximately $30,000, will receive annual
payments of interest only at the 3% p.a. beginning 30 days after
the Effective Date of the Plan for 3 years.  All unpaid principal
and interest owing to the holders of Allowed Class 5(b) Claims
will be paid on the third anniversary of the Effective Date of the
Plan.  Class 5(b) Claims are impaired and holders of Allowed Class
5(b) Claims will be entitled to vote to accept or reject the Plan.

Convenience Class Claims in Class 5(c) ($500 or less, or any
General Unsecured Claim that is reduced to $500 by election of the
holder as provided on the Ballot) will be paid 60 days following
the Effective Date of the Plan.  Holders of Class 5(c) Claims are
impaired by the Plan.

A copy of the Third Amended Plan is available for free at:

        http://bankrupt.com/misc/taylor&bishop.doc168.pdf

                       About Taylor & Bishop

Phoenix, Arizona-based Taylor & Bishop, LLC, was formed in 2007
solely for the purpose of owning and maintaining the real property
located at 1431 West Taylor Street, Chicago, Illinois, in order to
house the National Italian American Sports Hall of Fame.  From its
inception, Taylor & Bishop has operated much like a non-profit
company, its fundamental purpose being to pay tribute to Italian-
American athletes and raise money for scholarships and other
charitable causes.

Taylor & Bishop filed for Chapter 11 bankruptcy protection (Bankr.
D. Ariz. Case No. 10-32563) on Oct. 8, 2010.  John R. Clemency,
Esq., Julie Rystad, Esq., and Lindsi M. Weber, Esq., at Gallagher
& Kennedy, P.A., in Phoenix, Ariz., assist Taylor & Bishop in its
restructuring effort.  In its schedules, Taylor & Bishop disclosed
$16,040,393 in total assets and $9,934,149 in total liabilities at
the Petition Date.


THOMAS J EGGETT: Ohio Appeals Court Rules on Child Support
----------------------------------------------------------
The Court of Appeals of Ohio, Eleventh District, Geauga County,
affirmed, in part, and reversed, in part, a July 1, 2010 judgment
of the Geauga County Court of Common Pleas, Juvenile Division,
ordering Thomas J. Eggett to pay child support based on an imputed
annual income of $60,000.  A copy of the appeals court's Dec. 19,
2011 opinion is available at http://is.gd/zeKPPrfrom Leagle.com.

Thomas J. Eggett, in Aurora, Ohio, filed for Chapter 11 bankruptcy
(Bankr. N.D. Ohio Case No. 09-55033) on Nov. 1, 2009.  Judge
Marilyn Shea-Stonum presides over the case.  Steven S. Davis, Esq.
-- sdavis@epitrustee.com -- serves as the Debtor's counsel.  In
the petition, the Debtor scheduled assets of $2,732,100, and debts
of $1,906,612.


TRAILER BRIDGE: Gains Approval to Tap $15MM Bankruptcy Loan
-----------------------------------------------------------
Dow Jones' DBR Small Cap reports that Trailer Bridge Inc. received
bankruptcy-court approval to use a $15 million loan on Monday,
allowing the freight company to continue its operations as it
restructures under Chapter 11 protection.

                       About Trailer Bridge

Jacksonville, Fla.-based Trailer Bridge, Inc. --
http://www.trailerbridge.com/-- provides integrated trucking and
marine freight service to and from all points in the lower 48
states and Puerto Rico and Dominican Republic.  This total
transportation system utilizes its own trucks, drivers, trailers,
containers and U.S. flag vessels to link the mainland with Puerto
Rico via marine facilities in Jacksonville, San Juan and Puerto
Plata.

Trailer Bridge filed a voluntary Chapter 11 petition (Bankr. M.D.
Fla. Case No. 11-08348) on Nov. 16, 2011, one day after its
$82.5 million 9.25% Senior Secured Notes became due.

Judge Jerry A. Funk presides over the case.  Gardner F. Davis,
Esq., at Foley & Lardner LLP, and DLA Piper LLP (US) serve as the
Debtor's counsel.  Global Hunter Securities LLC serves as the
Debtor's investment banker.  RAS Management Advisors LLC serves as
the Debtor's financial advisor.  In its petition, the Debtor
estimated $100 million to $500 million in assets and debts.  The
petition was signed by Mark A. Tanner, co-chief executive officer.


US INSURANCE GROUP: Ch. 7 Trustee's Suit v. FDIC Dismissed
----------------------------------------------------------
RICHARD P. JAHN, JR., as CHAPTER 7 TRUSTEE for U.S. INSURANCE
GROUP, LLC, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as RECEIVER
for THE PARK AVENUE BANK, Civil Action No. 10-1364 (D. D.C.), pits
the bankruptcy trustee for a defunct company, U.S. Insurance
Group, LLC, against the Federal Deposit Insurance Corporation,
acting as receiver for a defunct bank, the Park Avenue Bank.
USIG, through its trustee, seeks to recover $6.5 million from the
Bank based on theories of fraudulent transfer, civil conspiracy to
deceive and defraud, and conversion.  The FDIC has moved to
dismiss the Complaint, arguing that it has a superior right to the
funds at issue and that the plaintiff failed to exhaust
administrative remedies for the conspiracy and conversion claims.
District Judge Beryl A. Howell granted the FDIC's motion to
dismiss in a Dec. 15, 2011 Memorandum Opinion available at
http://is.gd/c9gsxefrom Leagle.com.

                      About Park Avenue Bank

The Park Avenue Bank was closed March 12, 2010, by the New York
State Banking Department, which appointed the Federal Deposit
Insurance Corporation as receiver.  To protect the depositors, the
FDIC entered into a purchase and assumption agreement with Valley
National Bank, Wayne, New Jersey, to assume all of the deposits of
The Park Avenue Bank.

                    About U.S. Insurance Group

Based in Chattanooga, Tennessee, U.S. Insurance Group, LLC, dba
U.S. Transportation Insurance Agency, LLC, filed for Chapter 11
bankruptcy protection (Bankr. E.D. Tenn. Case No. 09-12487) on
April 22, 2009.  Judge R. Thomas Stinnett presides over the case.
Thomas E. Ray, Esq., at Samples, Jennings, Ray & Clem, served
as bankruptcy counsel.  The Debtor estimated $1 million to
$10 million in assets and $10 million to $50 million in debts.
The case was converted to chapter 7 on June 18, 2009, and Richard
P. Jahn, Jr. was appointed the chapter 7 trustee.


VENETIAN TOWNHOMES: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Venetian Townhomes, LLC
        920 Sevilla Avenune
        915 Palmermo
        Coral Gables, FL 33134

Bankruptcy Case No.: 11-44185

Chapter 11 Petition Date: December 14, 2011

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Laurel M. Isicoff

Debtor's Counsel: Brandy Gonzalez-Abreu, Esq.
                  LAW OFFICE OF BRANDY GONZALEZ-ABREU
                  7385 SW 87 Ave # 100
                  Miami, FL 33173
                  Tel: (305) 441-9530
                  Fax: (305) 585-5086
                  E-mail: bgabreu@abreulaw.org

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 Jorge Redondo, managing member.


VISICON SHAREHOLDERS: Court to Hear Dismissal Motion on Jan. 18
---------------------------------------------------------------
Secured prepetition creditor GCCFC 2002-C1 Dayton Hotel Conference
Center, LLC, asks the U.S. Bankruptcy Court for the Southern
District of Ohio to dismiss The Visicon Shareholders Trust, an
Ohio Trust, U/A/D Nov. 11, 2002's bankruptcy case under Section
1112(b) of Title 11 of the United States Code.

The hearing on Lender's Motion to Dismiss will be held on Jan. 18,
2012, at 9:30 a.m.

On Nov. 25, 2002, Trustee David A. Meyers and Amanda L. Meyers, on
behalf of Debtor, executed and delivered to Greenwich Capital
Financial Products, Inc., a certain Promissory Note in the
principal sum of $9,000,000, which has been subsequently assigned
to Lender.  The Note is secured by a mortgage on the Hope Hotel.

As of Feb. 1, 2010, the total amount owed to Lender was the
principal sum of $7,411,843, plus due and unpaid interest of
$476,754.

The Lender states in support of its Motion To Dismiss:

A. Cause Exists Under Section 1112(b).

  1. There is substantial or continuing loss to the estate and the
  Debtor does not have a reasonable likelihood of being able to
  reorganize.

  2. There is gross mismanagement of the estate and the Hope
  Hotel.

  3. Debtor has failed to maintain appropriate insurance at the
  Hope Hotel.

  4.  Debtor has impermissibly utilized Lender's cash collateral
  to pay for the personal expenses of the insiders of Debtor.

  5.  As admitted to by Debtor in its September MOR, it has
  completely failed to pay any sales taxes post-petition, which
  has resulted in a significant post-petition liability.

B. There Exists No Unusual Circumstances.

  The Debtor can provide no evidence supporting an exception to
  dismissal under Section 1112(b)(1) or (b)(2).  Further cannot
  meet its burden of showing a reasonable justification for its
  blatant misconduct.  Rather, its is in the best interest of
  Debtor's creditors and the estate to dismiss this proceeding.

C. The Court Should Dismiss this Case.

  Dismissal is appropriate in this case given that this is a
  single asset real estate case, and all of Debtor's assets are
  encumbered by Lender.  Thus, there will more than likely not be
  a distribution to any unsecured creditors.

Counsel for Lender may be reached at:

         Walter Reynolds, Esq.,
         Tami Hart Kirby, Esq.,
         PORTER WRIGHT MORRIS & ARTHUR LLP
         One South Main Street, Suite 1600
         Dayton, OH 45402-2028
         Tel: (937) 449-6714
              (937) 449-6721
         Fax: (937) 449-6820
         E-mail: wreynolds@porterwright.com
                 tkirby@porterwright.com

Naples, Florida-based The Visicon Shareholders Trust, an Ohio
Trust, U/A/D Nov. 11, 2002 owns and operates the Hope Hotel and
Conference Center, which is located at Chidlaw Road and Spruce
Way, Wright-Patterson AFB, in Greene County, Ohio.  The Debtor
filed for Chapter 11 bankruptcy protection (Bankr. S.D. Ohio Case
No. 10-33736) on June 8, 2010.  Ira H. Thomsen, Esq., who has an
office in Springboro, Ohio, represents the Debtor.  The Debtor
estimated assets at $10 million to $50 million and debts at
$1 million to $10 million as of the Petition Date.


VUANCE LTD: Shareholders Approve Fahn Kanne & Co. as Accountants
----------------------------------------------------------------
Vuance Ltd. held its General Meeting of Shareholders on Dec. 8,
2011.  At the General Meeting, the shareholders appointed Fahn
Kanne & Co., as the Company's independent public accountant for
the fiscal year 2011.  The shareholders also authorized the
Company's Audit Committee to fix the remuneration of that
independent public accountant in accordance with the volume and
nature of their services.  Shareholders approved the election of
Tsviya Trabelsi and Arie Trabelsi, Menachem Mirski and David Mimon
to serve as directors of the Company for the coming year until the
next annual general meeting of the Company's shareholders.  Mr.
Avi Ayash was elected to the Board of Directors of the Company, to
serve as an "external director" for a three-year term upon the
fixed remuneration terms provided under applicable law.

                          About Vuance Ltd.

Qadima, Israel-based Vuance Ltd. is a leading provider of Wireless
Identification Solutions.  The Company currently offers an Active
RFID technology, a long, active radio frequency identification
equipment that utilizes active radio frequency communications to
track assets, people and objects for potential governmental agency
and commercial customers.

Fahn Kanne & Co., in Tel Aviv, Israel, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred
substantial losses and negative cash flows from operations since
its inception and, as of Dec. 31, 2010, the Company had an
accumulated deficit of $49.3 million and a shareholders' deficit
of $7.9 million.

The Company reported a net loss of $2.0 million on $7.4 million of
revenue for 2010, compared with a net loss of $5.1 million on
$9.3 million of revenue for the same period of 2009.

The Company's balance sheet at June 30, 2011, showed US$1.64
million in total assets, US$8.86 million in total liabilities and
a US$7.22 million total shareholders' deficit.


VUZIX CORP: Defers $309,502 Interest Payment on LC Loan to 2014
---------------------------------------------------------------
Vuzix Corporation entered into a Supplemental Agreement dated as
of Dec. 8, 2011, with LC Capital Master Fund Ltd.  Pursuant to the
Supplemental Agreement, payment of interest in the amount of
$309,502 payable to the Lender on Dec. 23, 2011, pursuant to a
Convertible Loan and Security Agreement dated as of Dec. 23, 2010,
between the Lender and the Company was deferred until the maturity
of the loan made by the Lender to the Company pursuant to the Loan
Agreement.  The stated maturity date of that loan is Dec. 23,
2014.  Repayment of the loan can be accelerated upon the
occurrence of an Event of Default, as described in the Loan
Agreement.

Meanwhile, on Dec. 13, 2011, Richard F. Conway resigned as a
Director of the Company.  In addition to being a member of the
Board of Directors of the Company, at the time of his resignation
Mr. Conway was a member of the Audit Committee and of the
Compensation Committee of the Board of Directors of the Company.

                         About Vuzix Corp.

Rochester, New York-based Vuzix Corporation (TSX-V: VZX)
OTC BB: VUZI) -- http://www.vuzix.com/-- is a supplier of Video
Eyewear products in the defense, consumer and media &
entertainment markets.

The Company reported a net loss of $4.55 million on $12.25 million
of total sales for the year ended Dec. 31, 2010, compared with a
net loss of $3.25 million on $11.88 million of total sales during
the prior year.

The Company also reported a net loss of $2.26 million on
$9.24 million of total sales for the nine months ended Sept. 30,
2011, compared with a net loss of $4.08 million on $6.70 million
of total sales for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2011, showed
$6.90 million in total assets, $12.35 million in total
liabilities, and a $5.45 million total stockholders' deficit.

As reported by the TCR on April 6, 2011, EFP Rotenberg, LLP, in
Rochester, New York, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company has incurred substantial losses
from operations in recent years.  In addition, the Company is
dependent on its various debt and compensation agreements to fund
its working capital needs.  According to the independent auditors,
some of these obligations include financial covenants which the
company must comply with.


WASHINGTON MUTUAL: Fails to Dismiss Tranquility's $49MM Claim
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Washington Mutual Inc. failed in its initial effort
to have the bankruptcy court dismiss a $49 million claim by
Tranquility Master Fund Ltd.  The claim is based on Tranquility's
purchase of mortgage-backed securities sold with offering
materials that allegedly contained material misrepresentations.

Mr. Rochelle relates that Kevin Starke from CRT Capital
Group LLC said in a report the 21-page opinion Dec. 20 by U.S.
Bankruptcy Judge Mary F. Walrath in Delaware is a "decided
negative" for holders of WaMu securities known as Piers.  If Judge
Walrath's opinion holds up in the event of appeal, it could be a
precedent useful for purchasers of mortgage-backed securities
aiming to sue affiliates of companies that sold or originated the
mortgages.

Mr. Rochelle relates that WaMu's bank subsidiary originated the
mortgages that were packaged and sold to Tranquility by WaMu Asset
Acceptance Corp., a subsidiary of the bank. Tranquility contends
the WaMu holding company is liable as a so-called control person
under Section 15 of the Securities Act of 1933 and a similar
California law.

According to the report, WaMu filed papers asking Judge Walrath to
dismiss the claim as legally insufficient on its face.  Although
she ruled against WaMu, the judge didn't rule definitively that
WaMu is liable on the $49 million claims.  She concluded that
Tranquility's claim withstands initial attack by laying out a
valid theory and sufficient facts to sustain the claim at the
early stages of litigation.

Judge Walrath, the report relates, said Tranquility established
the holding company's liability as a "control person."  Reading
the law, she said that the question of "culpable participation"
isn't an issue until the facts have been developed in pretrial
discovery.  Judge Walrath also ruled against WaMu in her
conclusion that Tranquility sufficiently stated facts showing
material assistance.  On a second question of importance in other
bankruptcies, Judge Walrath concluded that Tranquility's claim
can't be subordinated under Section 510(b) of the Bankruptcy Code
because the WaMu parent was not the issuer of the securities. That
section provides that claims for damages arising from the sale of
securities are subordinated to claims on the securities
themselves.

                     About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- was the holding company for Washington
Mutual Bank as well as numerous non-bank subsidiaries.

Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators. The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). WaMu owns
100% of the equity in WMI Investment. When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695. WMI Investment
estimated assets of $500 million to $1 billion with zero debts.

WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP. The Debtor tapped Valuation Research Corporation as
valuation service provider for certain assets.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Fled LLP in New
York, and David B. Stratton, Esq., at Pepper Hamilton LLP in
Wilmington, Del., represent the Official Committee of Unsecured
Creditors. Stephen D. Susman, Esq., at Susman Godfrey LLP and
William P. Bowden, Esq., at Ashby & Geddes, P.A., represent the
Equity Committee. The official committee of equity security
holders also tapped BDO USA as its tax advisor. Stacey R.
Friedman, Esq., at Sullivan & Cromwell LLP and Adam G. Landis,
Esq., at Landis Rath & Cobb LLP in Wilmington, Del., represent
JPMorgan Chase, which acquired the WaMu bank unit's assets prior
to the Petition Date.

On Jan. 7, 2011, the Bankruptcy Court entered a 107-page opinion
determining that the global settlement agreement, among certain
parties including WMI, the Federal Deposit Insurance Corporation
and JPMorgan, upon which the Plan is premised, and the
transactions contemplated therein, are fair, reasonable, and in
the best interests of WMI. However, the Opinion and related order
denied confirmation, but suggested certain modifications to the
Company's Sixth Amended Joint Plan of Affiliated Debtors that, if
made, would facilitate confirmation.

WaMu filed a Modified Sixth Amended Joint Plan and a related
Supplemental Disclosure Statement, which it believes would address
the Bankruptcy Court's concerns.

On Sept. 13, 2011, Judge Walrath denied confirmation of WaMu's
Modified Sixth Amended Plan and granted equity committee standing
to prosecute claims for equitable disallowance but stayed the
ruling pending mediation.

WaMu said it would seek confirmation of a revised plan "as soon as
practicable."

The Plan proposes to pay more than $7 billion to creditors and
incorporates a global settlement agreement resolving issues among
the Debtors, JPMorgan Chase, the Federal Deposit Insurance Corp.
in its corporate capacity and as receiver for WaMu Bank, certain
large creditors, certain WMB senior noteholders, and the
creditors' committee. The Settlement Noteholders are Appaloosa
Management, L.P., Aurelius Capital Management LP, Centerbridge
Partners, LP, and Owl Creek Asset Management, L.P.


WENTWORTH HILLS: Court Rejects Mansfield Bank's Plan Objection
--------------------------------------------------------------
Wentworth Hills, LLC and Wentworth Hills Property Operator, LLC,
have proposed a joint chapter 11 plan under which the secured
claim of Mansfield Cooperative Bank would be "crammed down" to the
value of its collateral -- $1.3 million by the Debtors' reckoning,
$2.45 million by Mansfield's -- and paid monthly payments thereon
for five years at 5% interest according a 25-year amortization
schedule, with the balance due on the fifth anniversary of
confirmation.  Mansfield (i) takes issue with the Debtors'
valuation of its collateral and has objected to confirmation on
the grounds that (ii) the interest rate for payment of its secured
claim should be 7% instead of 5%, (iii) the plan is not feasible,
and (iv) the plan was not proposed in good faith.

In his Dec. 16, 2011 Memorandum of Decision and Order available at
http://is.gd/PYKMSEfrom Leagle.com, Bankruptcy Judge Frank J.
Bailey determine the value of the secured claim to be $1,953,000,
concluded that the Debtors have appropriately fixed the rate of
interest at 5%, found that the plan is feasible, and held that the
plan has been proposed in good faith.  The Court overruled
Mansfield's objections to confirmation and issued a procedural
order governing the sale of the Debtors' equity interests.

Boston, Massachusetts-based Wentworth Hills LLC owns a golf
course.  Wentworth Hills LLC and Wentworth Hills Property Operator
LLC filed for Chapter 11 bankruptcy protection (Bankr. D. Mass.
Case No. 11-11448) on Feb. 24, 2011.  Kathleen R. Cruickshank,
Esq., Murphy & King P.C. represents the Debtors.  In its petition,
Wentworth Hills LLC estimated both assets and debts of between
$1 million and $10 million.


WEST END: Becomes Test Case for Time Record Lumping
---------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that New York law firm Robinson Brog Leinwand Greene
Genovese & Gluck PC finds itself in the unenviable position of
being the test case deciding whether strict rules about time-
keeping in bankruptcy cases can be applied to force a law firm to
pay back fees received before bankruptcy.  The issue will be
decided by U.S. Bankruptcy Judge Stuart M. Bernstein in the
Chapter 11 reorganization of fund adviser West End Financial
Advisors LLC.

The report relates that Judge Bernstein appointed New York lawyer
Albert Togut in June to serve as a fee examiner.  He charged Mr.
Togut with issuing a report on whether Robinson Brog should be
required to pay back allegedly excessive fees received before the
Chapter 11 filing.

Mr. Rochelle says that Mr. Togut issued his report, concluding
that Robinson Brog should give back $163,500 in pre-bankruptcy
fees, largely on account of what's known in bankruptcy circles as
"lumping."  Mr. Togut also determined that the firm should give
back $254,000 as a preference on account of overdue fees paid
within 90 days before bankruptcy.

Mr. Rochelle notes that in bankruptcy cases, lawyers won't be paid
fees if they commit a sin known as lumping.  Lumping occurs when a
lawyer aggregates time records without breaking down how much time
was spent on each assignment each day.  A preference is a payment
on an overdue due within 90 days of bankruptcy.

Robinson Brog, according to the Bloomberg report, objected to Mr.
Togut's conclusions and scheduled a Jan. 10 hearing.  Compared
with Mr. Togut's demand for a total of $417,500, Robinson Brog is
prepared to give up $132,500.  Mr. Togut admitted that Robinson
Brog's client was "extremely satisfied" with the services for
which the firm was paid $2.6 million.  Mr. Togut recommended
forcing the firm to pay back $163,500 on account of faulty time
records on pre-bankruptcy work.  Mr. Togut didn't contend the
records were inadequate.  He mostly found them deficient for
"lumping."  By way of compromise, Robinson Brog is willing to give
up $16,000 for lumping.  The case thus gives Judge Bernstein a
chance to rule on whether post-bankruptcy standards for time
records apply to pre-bankruptcy work.  The firm calculates its
preference liability at $132,500, compared with Mr. Togut's demand
for $254,000.

                     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 has a hearing scheduled for Jan. 26, 2012, on
confirmation of the Chapter 11 plan.


WINECELLAR RESTAURANT: Case Summary & 14 Largest Unsec. Creditors
-----------------------------------------------------------------
Debtor: Winecellar Restaurant, Inc.
        17307 Gulf Blvd.
        North Redington Beach, FL 33708-1300

Bankruptcy Case No.: 11-22805

Chapter 11 Petition Date: December 15, 2011

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Judge: Michael G. Williamson

Debtor's Counsel: Marshall G. Reissman, Esq.
                  THE REISSMAN LAW GROUP
                  5150 Central Ave
                  St. Petersburg, FL 33707
                  Tel: (727) 322-1999
                  Fax: (727) 327-7999
                  E-mail: marshall@reissmanlaw.com

Scheduled Assets: $2,694,241

Scheduled Debts: $1,509,401

A list of the Company's 14 largest unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/flmb11-22805.pdf

The petition was signed by Kai Sonnenschein, director.


WINGATE AIRPORT: Seeks OK of $2MM Bridge From Lenders Mortgage
--------------------------------------------------------------
Wingate Airport South, LLC, has filed an amended motion for
authorization to obtain postpetition bridge financing from Lenders
Mortgage in the amount of $2,000,000 with the U.S. Bankruptcy
Court for the District of Nevada.

The Debtor also asks the Court for authorization to make the
payments to both secured and unsecured creditors pursuant to the
Disclosure Statement and Plan filed on Oct. 17, 2011, and as
amended on Nov. 8, 2011, upon approval of the same by the
Bankruptcy Court.

The Debtor says the bridge loan will allow its Plan of
Reorganization to be fully funded and allow, upon completion of
the Plan, for it to move to dismiss its Chapter 11 case and to
complete its project.

The Debtor has obtained approval for two separate loans, one a
bridge loan to fund its Chapter 11 Plan of Reorganization and
another to complete its project.

The bridge loan will be funded by Lenders Mortgage.  The amount of
the loan is $2,000,000 and has a term of one year.  The interest
rate will be 15% p.a., interest only monthly payments, with a
minimum of 4 months interest to be paid.  A five-point loan fee
will be paid to Lenders Mortgage at funding ($100,000).  This loan
is dependent upon the $1,100,000 existing Deed Trust and all other
monetary liens being released.  Ron Robinson, Energy Trust, uta
dated March 16, 1983, and The Scotsman Trust, uta dated June 1,
1996, will be guarantors of the loan.

The final loan for the construction of the project will be funded
through Fundamentum Capital Solutions, LLC, and is for the
principal sum of $22,000,000.  The security for this loan "shall
be liens on all existing and future Land, Buildings, and
Infrastructure, and Fixtures".  The interest rate will be a fixed
rate of 7%, as computed on the loan balance.  The term loan is for
five (5) years.  An origination fee of 2.5% is due to be paid in
full at closing.  No interest or principal payments are to be made
during the initial 18 month period.

                      About Wingate Airport

Las Vegas, Nevada-based Wingate Airport South, LLC, owns real
property located at 355 E. Warm Springs Road, Las Vegas, Nevada,
consisting of a partially completed Wyndham Hotel and land.  The
Company filed for Chapter 11 bankruptcy protection (Bankr. D. Nev.
Case No. 11-11950) on Feb. 11, 2011.  In its schedules, the Debtor
disclosed $12,000,000 in assets and $9,497,529 in liabilities as
of the Petition Date.  Neil J. Beller, Esq., at Neil J. Beller,
Ltd., in Las Vegas, represents the Debtor as counsel.

On June 20, 2011, the Bankruptcy Court entered an order
determining that the Debtor is a "Single Asset Real Estate" Debtor
pursuant to 11 U.S.C. Sections 101(51B) and 362(D)(3).

As reported in the TCR on Nov. 25, 2011, the Debtor filed a
disclosure statement explaining its Chapter 11 Plan of
Reorganization.

The secured claim of Multibank 2009-1 CRE Venture, LLC will be
paid the sum of $1,100,000 for a full release of all claims it has
against Debtor.  Allowed Equity interest holders will retain their
interest.


WINTERS SHEET: Cash Collateral Use Extended Thru Jan. 4
-------------------------------------------------------
Bankruptcy Judge Paul Mannes signed off on a Sixth Interim
Stipulation and Consent Order authorizing Winters Sheet Metal
Inc., Redgate Properties LLC, and Lightfoot Group LLC to use cash
collateral and granting adequate protection to PNC Bank, N.A.
Winters is authorized, for the period beginning nunc pro tunc to
the Petition Date (expressly including Oct. 1, 2011 through Oct.
31, 2011) and ending Jan. 4, 2012, to use Cash Collateral in the
ordinary course of their business, and to meet Winters' ordinary
cash needs, in accordance with an Interim Budget.  PNC is granted
adequate protection liens for Winters' use of the Cash Collateral
and any diminution of the value of the Cash Collateral.  The
Stipulation says by no later than Oct. 25, 2011, Winters was to
file a disclosure statement.  Should Winters fail to file timely
such Disclosure Statement, then the automatic stay pursuant to 11
U.S.C. Sec. 362 will immediately terminate as to the property
covered by the parties' Security Agreement without further Court.
A subsequent/final hearing on the use of Cash Collateral is set
for Jan. 4, 2012, at 10:00 a.m.  A copy of the Dec. 16, 2011 Sixth
Interim Stipulation and Consent is available at
http://is.gd/jrYoZHfrom Leagle.com.

        About Winters Sheet, Redgate and Lightfoot Group

Winters Sheet Metal, Inc., Redgate Properties, LLC, and Lightfoot
Group, LLC, each filed a voluntary Chapter 11 petition (Bankr. D.
Md. Case Nos. 11-17931, 11-17933 and 11-17945) on April 15, 2011.
The Debtors sought the joint administration of the three cases.
Winters listed under $1 million in assets and debts in its
petition.  Redgate disclosed $1 million to $10 million in assets
and under $1 million in debts.  The Debtors are represented by
John Douglas Burns, Esq., at The Burns Law Firm, LLC.

PNC asserts a $797,274 claim against Winters under a prepetition
commercial loan.  PNC further asserts that the loan obligations
are secured by a lien on all of Winters' inventory, accounts,
general intangibles.

PNC also asserts a $518,394 claim against Redgate under a
prepetition commercial loan.  PNC asserts Redgate's obligations
are secured by a lien on Redgate's real property at 22100 Point
Lookout Road, in Leonardtown, Maryland; and a lien on Lightfoot's
real properties at 43660 Pump House Lane, 43860 Web Lane, and
Point Lookout Road, in Leonardtown, Maryland.

Lightfoot and Redgate are guarantors under a prepetition loan
extended by Maryland Bank & Trust Company, N.A., to Mr. James A.
Winters, Sr. and Mr. William E. Winters, Jr.  Old Line Bank later
assumed MB&T's rights under the loan.  Old Line Bank asserts a
claim against Lightfoot and Redgate for the MB&T Loan in an amount
in excess of $1,632,000.

PNC and OLB assert that Redgate and Lightfoot are "single asset
real estate" entities as defined in 11 U.S.C. Sec. 101(51B), which
both Debtors contest.

Marc E. Shach, Esq. -- marc.shach@weinstocklegal.com -- at
Weinstock Friedman & Friedman, P.A., in Baltimore, Maryland,
argues for PNC.

James M. Greenan, Esq., and Leah V. Lerman, Esq. --
llerman@mhlawyers.com -- at McNamee Hosea Jernigan Kim Greenan &
Lynch, P.A., in Greenbelt, Maryland, represent Old Line Bank.


* Shop's Closing, Owner's Bankruptcy Complicate Overhaul Argument
-----------------------------------------------------------------
Dow Jones' DBR Small Cap reports that the woman chosen to
represent the legal challenge to the Obama administration's
health-care overhaul filed for bankruptcy in September after her
business failed, a move that could pose problems for the high-
profile lawsuit.


* Survey Reveals One in Three Lawyers Plans to Add Staff in 1Q
--------------------------------------------------------------
Approximately one in three (31%) lawyers interviewed for the
quarterly Robert Half Legal Hiring Index plans to add legal staff
in the first quarter of 2012, while 4% plan reductions in
personnel.  The net 27% increase in projected hiring activity is
up three points from the previous quarter's forecast.  Law firms
are expected to do the majority of the hiring in the next three
months.

The survey was developed by Robert Half Legal, a premier legal
staffing firm specializing in lawyers, paralegals and other highly
skilled legal professionals.  It was conducted by an independent
research firm and is based on telephone interviews with 100
lawyers at law firms with 20 or more employees, and 100 corporate
lawyers at companies with 1,000 or more employees.  All of the
respondents have hiring authority within their organizations.

                            Key Findings

The net 27% of lawyers expecting to hire is up three points from a
net 24% increase in hiring activity projected last quarter.
Lawyers interviewed plan to add an average of two full-time
positions.

Lawyers, paralegals and legal secretaries are the three most in-
demand positions.

Bankruptcy and foreclosure, litigation, and labor and employment
law are the practice areas expected to see the most growth in the
first quarter.

More than half (51 percent) of lawyers said it is challenging to
find skilled legal professionals, up two points from the previous
quarter.

Seventy-three percent of lawyers are somewhat or very confident in
their companies' prospects for growth in the next three months;
this represents a nine-point drop from the fourth quarter of 2011.

Hiring Trends"Although law firms continue to have a cautious
hiring outlook, they're optimistic enough about their prospects to
want to add full-time staff in key legal and support positions
that bolster growth," said Charles Volkert, executive director of
Robert Half Legal.  "They continue to focus on hiring senior- and
partner-level lawyers with substantial books of business and
expertise in high-demand practice areas, such as bankruptcy and
foreclosure, litigation, and labor and employment law."

Twenty-nine percent of lawyers identified bankruptcy and
foreclosure as the area of law that will experience the most
growth in the next three months.  Litigation received 23 percent
of the response, followed by labor and employment law (12
percent).

"Corporations are hiring full-time legal staff and project
professionals in an ongoing effort to bring more work in-house and
reduce outside legal spending," said Volkert.  "General counsel
are handling more matters internally in areas such as corporate
transactional, labor and employment, intellectual property,
litigation and regulatory law."

Law firms and corporate legal departments expect to hire an
average of two full-time positions in the first quarter of 2012,
according to survey respondents.  Those interviewed indicated they
will most likely hire lawyers (88 percent), paralegals (39%) and
legal secretaries (35%).

"Law firms and corporate legal departments place a premium on
candidates with proven skills and relevant experience who can fill
gaps in expertise and make immediate contributions," Volkert
added. "Experienced lawyers continue to have a hiring edge, while
employers also value seasoned paralegals and legal secretaries."

               About The Robert Half Legal Hiring Index

The Robert Half Legal Hiring Index is based on 200 telephone
interviews with lawyers: 100 of the respondents are employed at
firms with 20 or more employees, and 100 are employed at companies
with 1,000 or more employees.

The interviews were conducted by an independent research firm.
Information from the study is featured in The Robert Half
Professional Employment Report, launched in 2010 and the first
study of its kind to monitor the hiring environment for
professional-level positions exclusively.  Based on more than
4,000 telephone interviews with executives throughout the United
States, it provides insight on employment trends to help
businesses and job seekers prepare for the upcoming quarter.


* Investors Seek More Data on Bank Loans to Municipalities
----------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that investors and
rating agencies are clamoring for more information about a small
but growing corner of municipal finance: bank loans.


* Fitch Expects Beverages Sector to Have Stable Outlook in 2012
---------------------------------------------------------------
Fitch Ratings expects the U.S. Beverage sector to have a mostly
stable outlook in 2012 despite the potential risk of transactional
events.

Fitch forecasts that credit statistics will improve in 2012 as
companies' operating incomes grow.  As commodity pricing
moderates, Fitch expects non-alcoholic beverage companies to
experience margin expansion in the second half of 2012 along with
slightly higher volume growth.

Alcoholic beverage companies within Fitch's rated universe have
reduced debt materially, and forecasted operating income growth
will lead to even better credit metrics.  Upgrades are possible
for the alcoholic beverage companies if they sustain credit
profiles commensurate with higher rating categories.

While Fitch's rated universe consists of mature companies in a
mature industry that historically have been reluctant to issue
equity to fund acquisitions, the agency believes acquisitions that
are unpredictable in size, frequency or funding may pose
additional risk for ratings, particularly if those events initiate
an arms race of acquisitions among competitors.

Negative rating action could also result from shareholder-friendly
activities such as large debt-financed share buyback programs,
which may push leverage higher if undertaken to a significant
degree.

The following is a list of Fitch-rated issuers and their current
Issuer Default Ratings:

  -- Beam, Inc. ('BBB-'; Outlook Positive)
  -- The Coca-Cola Company ('A+'; Outlook Stable)
  -- Coca-Cola Enterprises, Inc. ('BBB+'; Outlook Stable)
  -- Constellation Brands, Inc. ('BB'; Outlook Stable)
  -- PepsiCo, Inc. ('A'; Outlook Stable)


* Sidley Austin Names 3 New Bankruptcy Partners
-----------------------------------------------
Sidley Austin* has elected 33 new partners in five U.S. and two
international offices, effective as of Jan. 1, 2012.  The new
partners practice in a broad range of transactional, litigation
and regulatory practices.

"Welcoming the new class of partners is a great privilege and one
I look forward to every year," said Thomas A. Cole, chair of the
firm's Executive Committee.  "This is a talented and dedicated
group of professionals."

"Our 33 new partners are committed to the ideals and values that
are core to Sidley's mission and represent the diversity of
practice, background and geographic location that make Sidley so
strong," added Charles W. Douglas, chair of the firm's Management
Committee.

The new partners with expertise in corporate reorganization and
bankruptcy are Benjamin M. Klinger, Jeremy E. Rosenthal, and Alex
R. Rovira.

Sidley Austin LLP is one of the world's premier full-service law
firms, with approximately 1700 lawyers practicing in 17 U.S. and
international cities, including Beijing, Brussels, Frankfurt,
Geneva, Hong Kong, London, Shanghai, Singapore, Sydney and Tokyo.
Repeating its performance in the inaugural 2010 survey, Sidley
received the most first-tier national rankings of any U.S. law
firm in the 2011/12 U.S.News -- Best Lawyers "Best Law Firms"
survey.  Sidley was also named the U.S.News -- Best Lawyers "Law
Firm of the Year" in both Corporate Law and Securities Regulation
in the 2011/12 survey (the first year of such designations).  BTI,
a Boston-based research and consulting firm, has named Sidley as
one of only three firms to have been in the top ten of the BTI
Client Service rankings every year since the inception of those
rankings in 2001, and as number one in three of those years.


* Rust Consulting Acquires Omni Management
------------------------------------------
Rust Consulting, Inc., has acquired Omni Management Group, a Los
Angeles and New York-based bankruptcy administration services
provider with more than 40 years of experience.

The acquisition allows Rust Consulting to enter the bankruptcy
administration services market while leveraging the established
reputation and expertise of Omni.  Conversely, Rust Consulting
will bring Omni the benefit of its significant resources including
systems capacity, operational expertise, brand recognition and
relationships with major law firms nationwide.

"We are very excited to bring the exceptional people from the Omni
team on board," Rust Consulting President Galen Vetter said.  "For
us to enter the bankruptcy administration services market, we
wanted to be sure we had the best team for the job.  We have that
team in Omni."

"The strategic synergies between Rust and Omni create a perfect
combination for sustainable growth into the foreseeable future,"
Brian Osborne, President of Omni, said.  "We are thrilled at the
prospect of combining Omni's expertise and technology platform in
bankruptcy administration services with the significant resources
and opportunities Rust provides."

                     About Rust Consulting

Clients in the legal, public, and business sectors trust Rust
Consulting to design, implement, and manage complex and time-
sensitive projects.  With experience on more than 3,000 cases
worth billions of dollars, Rust Consulting is the national leader
in class action settlement administration, and is an expanding
presence in the mass tort, public sector, and business sectors.
Rust Consulting and its partner, Kinsella Media, LLC (Washington,
D.C.) offer a full complement of services including project
management, data management, notification, claims processing,
contact center services, fund distribution, and tax reporting.  A
SourceHOV company headquartered in Minneapolis, Rust Consulting
also has offices in Faribault, Minn., Los Angeles, Melville, N.Y.,
Palm Beach Gardens, Fla., San Francisco, and Washington D.C.

                     About Omni Management

Group Omni Management Group, is a nationally recognized leader in
bankruptcy administrative services with offices in Los Angeles and
New York.  Since the firm's inception in 1969, Omni has been
involved in some of the nation's most successful and complex
chapter 11 proceedings, with clients such as Perkins Marie
Callender's, Mervyn's Holdings, Blockbuster, Inc. (Committee),
Innkeeper USA Trust, Borders Group (Committee), Owens Corning,
Harry & David (Committee), Refco Inc., eToys Direct LLC, Monaco
Coach Corporation, Sizzler Restaurant Corporation and Global
Crossing.


* Restructuring Troubled Media Firms: Practical Tips for Creditors
------------------------------------------------------------------
Written by: David M. Hillman, Esq.
            James T. Bentley, Esq.
            SCHULTE ROTH & ZABEL LLP
            919 Third Avenue
            New York, NY 10022
            Telephone (212) 756-2000
            E-mail: david.hillman@srz.com
                    james.bentley@srz.com

Broadcast media companies have been hard hit by the recession.  As
a result, creditors are forced to evaluate strategic alternatives
in and outside of bankruptcy.  The key asset of a broadcast media
company is its broadcast license issued by the Federal
Communications Commission ("FCC").  Before restructuring of a
broadcast media company can be consummated, FCC regulations
present various obstacles that must be cleared.  This article
identifies some of the practical issues that arise in
restructuring a troubled broadcast media company in chapter 11 and
some tips to effectively deal with these issues.

     A. Sale Strategy:  Potential Delay and Credit Bidding Risks

A common strategy to deal with a distressed business is to sell
the company's assets (or its equity) to a strategic or financial
buyer.  The sale of a broadcast license (or the equity of the
direct or indirect owner of the license), however, requires FCC
approval, thus complicating an otherwise straightforward
transaction.  The length of the FCC's approval process depends, in
large part, on whether the sale is contested.  If the sale is
uncontested, the approval process generally takes 45-90 days.  If,
however, the sale is contested, the approval process can take
several months (even years).

Potential delay in the sale context can be mitigated by entering
into a local marketing agreement with the seller/licensee.  Under
a local marketing agreement, or "LMA," the seller/licensee sells
blocks of broadcast time to the proposed purchaser, which then
supplies the programming and sells commercials.[1]  While the
broadcast license itself and ultimate control of all programming
decisions must remain with the seller/licensee, an LMA can provide
a prospective purchaser, as LMA broker, with a substantial portion
of the benefits and burdens of operating the business.  Once the
FCC approves the sale, the LMA is terminated.

An additional wrinkle in the sale strategy concerns the secured
creditor's ability to credit bid for the broadcast license.  As a
general matter, a secured creditor cannot obtain a lien on a
broadcast license, but can obtain a lien on the proceeds of the
sale of that license.[2]  The lack of a lien on the license itself
presents a potential problem in the credit bid context because a
secured creditor can only credit bid for "property that is subject
to a lien."   See 11 U.S.C. Sec. 363(k), see also U.C.C. 9-620.[3]
This problem, however, is often mitigated by the fact that many
media companies hold their broadcast license in a single purpose
subsidiary, the stock of which is pledged to the secured lender of
the operating company.  Under this structure, the secured creditor
may credit bid for the stock of the licensee subsidiary.

     B. Debt to Equity Conversion

Another common restructuring strategy involves de-levering the
company's balance sheet through bankruptcy by converting debt to
equity under a reorganization plan.  For broadcast companies, this
strategy (like the sale strategy) requires FCC approval for the
change in control of the FCC licensee.  Thus, the reorganization
plan strategy can suffer from the same extensive delays associated
with the sale strategy if FCC approval is contested.

Potential delay in the plan context can be mitigated by using a
liquidating trust.[4]  Under this structure, the reorganization
plan contemplates the transfer of the broadcast license to a
liquidating trust pending FCC approval of the transfer of the
change in the equity ownership of the FCC licensee.  The FCC
permits the temporary transfer of a broadcast license (or the
equity of a company that controls the broadcast license) to a
liquidating trust using a so-called "short form" application, thus
eliminating (at least in the short run) the public review period
and potential transfer objections.[5]  Once the short form
application is approved by the FCC, the reorganized debtor issues
beneficial interests in the liquidating trust to creditors who
have agreed to take equity under the reorganization plan (to the
extent the creditors comply with the FCC's ownership restrictions,
discussed below).  After the broadcast license is transferred to
the liquidating trust, the debtor may close its bankruptcy case
(even though FCC approval of the transfer to the purchaser is
still pending), thus saving the costs associated with maintaining
its bankruptcy estate.[6]

To ultimately transfer control of the broadcast license from the
trust to the proposed purchaser, the trust must file a so-called
"long-form" application with the FCC.  Once filed, the FCC
provides the public with a 30 day period to object to the license
transfer.[7]  If there are no objections to the transfer, and the
FCC considers the proposed new owner qualified, the application
may be approved shortly after the notice period ends.  There is no
limit, though, on how long the FCC may review an application.
If the FCC does not approve the transfer, then the purchaser may
direct the trustee to sell the broadcast license and distribute
the proceeds to the trust beneficiaries.  Because a liquidating
trust may exist for five years (or longer) under U.S. tax law,
lenders should not be required to sell the license at fire sale
prices.[8]

The transfer of the broadcast license to a liquidating trust under
a reorganization plan is beneficial because it allows the debtor
to confirm its plan without being paralyzed by potential delays
associated with the FCC approval process.  This strategy, however,
may be complicated because it requires a well-drafted trust
agreement and authorizations from the FCC, the bankruptcy court,
and the IRS.  In addition to FCC approval of the short-form
application, the debtor should also request an advance ruling from
the IRS that the trust will qualify as a "liquidating trust."[9]
The IRS has provided a list of conditions which, if met, should
ensure that the trust is treated as a liquidating trust for U.S.
tax purposes.[10]

     C. Other Key Issues

          1. Ownership Limitations

When restructuring a broadcast media company, careful
consideration must be given to FCC regulations regarding ownership
eligibility.  The FCC's ownership rules are designed to ensure
diversity in media markets.  To accomplish this, the FCC limits
the aggregate number of radio and television stations any entity
(or group of entities under common control) can own or control (a)
by market ("Multiple Ownership Rules") and (b) by media property
type ("Cross Ownership Rules").[11]   These rules may implicate
media properties that are not even regulated by the FCC.  For
example, an entity that owns a newspaper generally may not hold a
broadcast license in the same market.[12]

Additionally, a potential purchaser's financial interests in other
media properties-whether equity, debt, or both-are also considered
by the FCC.  The FCC's so-called "attribution" rules are designed
to identify entities with interests in or relationships with
broadcast licensees that confer a degree of influence or control
such that the entity could potentially affect the licensees'
programming decisions.[13]  The FCC views any entity with an
attributable interest in a media property as an owner of that
property for purposes of applying its Multiple and Cross Ownership
rules.

          2. FCC Foreign Ownership Rules Further Restrict
Ownership

The FCC also restricts foreign ownership or control of any
broadcast license.[14]  Foreign entities may hold no more than 20%
of a licensee's ownership or voting rights directly, and either
25% of the equity or voting rights of a corporation that controls
the licensee.[15]  Determining foreign ownership can be
particularly challenging for purchasers whose stock is publicly
traded or who have off-shore funds that participated in the
debtor's financing.  Publicly traded companies have used a variety
of means to satisfy the FCC's foreign ownership analysis,
including employment of a separate restrictive class of stock for
alien owners, and the compiling of citizenship information for
each stockholder by the corporation's stock transfer agent.[16]
Off-shore funds have devised several solutions to these foreign
ownership restrictions, including issuing warrants to foreign
members that are exercisable only upon a subsequent sale of the
reorganized debtor.

     D. Conclusion

Debt for equity exchanges in media companies are complex.  Lenders
with attributable interests in media properties that do not meet
the FCC's stringent ownership requirements can doom a sale or a
debtor's reorganization plan.  Thus, it is critical for lenders to
work with counsel early in the process.

                              *   *   *

David M. Hillman is a Partner and James T. Bentley is Special
Counsel in the Business Reorganization Group at Schulte Roth &
Zabel LLP.  Mr. Hillman concentrates his practice in corporate
restructuring, creditors' rights litigation, distressed mergers &
acquisitions, and debtor-in-possession financing.  Mr. Bentley?s
practice is focused on corporate restructuring, financings, and
distressed mergers and acquisitions.
__________

     [1] Public Notice of Federal Communication Commission, DA 97-
1246, released Jun. 17, 1997.

     [2] While courts routinely hold that lenders cannot obtain a
security interest in a broadcast license itself, there is a split
regarding whether a lender can obtain a security interest in
proceeds from the sale of a broadcast license.  See In re Ridgely
Communications, Inc., 139 B.R. 374, 377 (Bankr. D. Md. 1992)
(held, licensee has limited right to grant security interest in
proceeds of an FCC-approved transfer of a broadcast license), MLQ
Investors, L.P. v. Pacific Quadracasting, Inc., 146 F.3d 746, 748
(9th Cir. 1998) (same), but see Spectrum Scan LLC v. Valley Bank &
Trust Co. (In re Tracy Broad. Corp.), 438 B.R. 323, 328 (Bankr. D.
Colo. 2010), aff'd, No. 10-02522-WYD, 2011 U.S. Dist. LEXIS 97786
(D. Col. Aug. 31, 2011) (held, lender had no prepetition security
interest in broadcast license or proceeds from sale thereof to a
third party approved by the FCC).  The scope of a secured lender's
security interest in the proceeds of a broadcast license sale is
beyond the scope of this article; however, it is an important
issue for lenders to consider when documenting prepetition loan
agreements and working with borrowers in restructuring scenarios.

     [3] Although the UCC does not explicitly authorize a secured
creditor to credit bid instead of paying cash for assets on which
it has a lien, it does grant it a right to buy the collateral
without limiting the form of acceptable payment.  See In re Finova
Capital Corp., 61 UCC Rep. 2d 413, 2006 WL 3512084 (Bankr. D. Del.
2006).  The UCC, however, restricts a secured lender to purchasing
its collateral in a public sale.  This restriction contrasts with
the Bankruptcy Code, which provides that "unless the court for
cause orders otherwise" a secured lender the may credit bid its
claim.  See 11 U.S.C. Sec. 363(k); but see In re Philadelphia
Newspapers, 599 F.3d 298 (3d Cir. 2010).

     [4] See, e.g., Regent Communications, Inc. No. 10-10632
(Bankr. D. Del. Apr. 12, 2010) [Dkt No. 225] (confirming plan of
reorganization and finding that a liquidating trust to hold FCC
licenses was an "essential element of the Plan"); In re ION Media
Networks, Inc., No. 09-13125 (Bankr. S.D.N.Y. Dec. 3, 2009) [Dkt
No. 453] (same).

     [5] 47 C.F.R. Sec. 75.3540(f)(4).  Practically speaking, a
party could object to the transfer of the license in the
bankruptcy case; however, a bankruptcy court's review of those
objections will be considerably faster than the FCC's public
review process.

     [6] See, e.g., 28 U.S.C. Sec. 1930(a)(6) (quarterly fees
payable to the United States Trustee cease when the case is
dismissed).  In addition, professional fees for committees also
stop accruing.

     [7] The FCC provides public notice of the filing of a long
form application to assign the license within seven days of
receipt of the application.  The applicant must also provide
notice of the filing via local media.  See 47 C.F.R. 73.3580.

     [8] See Revenue Procedure 94-95, Sec. 3.06 ("The trust
instrument must contain a fixed or determinable termination date
that is generally not more than 5 years from the date of creation
of the trust and that is reasonable based on all the facts and
circumstances . . . .").

     [9] The IRS is bound by an advance ruling unless the taxpayer
misrepresents facts in its advance ruling request.  The IRS ruling
references plans of reorganization only; thus, it appears that a
trust mechanism is unavailable in a sale under Section 363 of the
Bankruptcy Code.

     [10] See IRS Revenue Procedure 94-95.

     [11] See 47 C.F.R. Sec. 75.3555.

     [12] See 47 C.F.R. Sec. 75.3555(e), see also Prometheus Radio
Project v. FCC, 2011 U.S. App. LEXIS 13855 (3d Cir. July 7, 2011)

     [13] FCC Report and Order FCC 99-207, adopted Aug. 5, 1999,
at 2 (citations omitted).

     [14] See Communications Act Sec. 310(b).

     [15] Id. at (b)(3)-(4).

     [16] See Instruction for FCC 314, Application for Consent to
Assignment of Broadcast Station Construction Permit or License,
June 2010.


* Recent Small-Dollar & Individual Chapter 11 Filings
-----------------------------------------------------

In Re Elk Mountain Co
   Bankr. N.D. Ga. No. 11-25078
      Chapter 11 Petition filed December 7, 2011
         filed pro se

In Re Mathuros, LLC
   Bankr. D. Mass. Case No. 11-21394
      Chapter 11 Petition filed December 7, 2011
         See http://bankrupt.com/misc/mab11-21394.pdf
         represented by: John F. Sommerstein, Eq.
                         Law Offices of John F. Sommerstein
                         E-mail: jfsommer@conversent.net

In Re AFAJATO EXPRESS DELIVERY INC.
   Bankr. D. Md. Case No. 11-33884
      Chapter 11 Petition filed December 7, 2011
         See http://bankrupt.com/misc/mdb11-33884.pdf
         represented by: Taiwo A. Agbaje
                         Agbaje Law Firm, PC
                         E-mail: agbajelaw1@aol.com

In Re C.L. Moore Properties, LLC
   Bankr. W.D. Mich. Case No. 11-12084
      Chapter 11 Petition filed December 7, 2011
         See http://bankrupt.com/misc/miwb11-12084.pdf
         represented by: Karl A. H. Bohnhoff
                         Bohnhoff & Mahoney, PLC
                         E-mail: Documents@BohnhoffMahoney.com

In Re TD Custom Coatings, Inc.
   Bankr. M.D.N.C. Case No. 11-11848
      Chapter 11 Petition filed December 7, 2011
         Filed pro se

In Re NYC Supreme LLC
   Bankr. S.D.N.Y. Case No. 11-15637
      Chapter 11 Petition filed December 7, 2011
         See http://bankrupt.com/misc/nysb11-15637.pdf
         represented by: Sarit Shmulevitz, Esq.
                         Shmulevitz Law
                         E-mail: shmulevitz@shmulevitzlaw.com

In Re Yates Excavating, LLC
   Bankr. E.D. Okla. Case No. 11-81880
      Chapter 11 Petition filed December 7, 2011
         See http://bankrupt.com/misc/okeb11-81880.pdf
         represented by: Kathy Tibbits, Esq.
                         E-mail: ktibbits@lrec.org

In Re Evans Coal Company
   Bankr. E.D. Tenn. Case No. 11-35468
      Chapter 11 Petition filed December 7, 2011
         See Bankr. E.D. Tenn. Case No. 11-35468
         represented by: Jimmy Terry
                         The Law Offices of Jim Terry
                         E-mail: jterrylaw@att.net

In Re The Hospice Center, Inc.
   Bankr. S.D. Tex. Case No. 11-40496
      Chapter 11 Petition filed December 7, 2011
         See Bankr. S.D. Tex. Case No. 11-40496
         represented by: Margaret Maxwell McClure
                         Attorney at Law
                         E-mail: margaret@mmmcclurelaw.com

In Re Hernandez Petroleum, Inc.
   Bankr. S.D. Tex. Case No. 11-50291
      Chapter 11 Petition filed December 7, 2011
         See http://bankrupt.com/misc/txsb_11-50291.pdf
         represented by: Adolfo Campero, Jr., Esq.
                         E-mail: acampero@cblawfirm.net

In Re 1850 County Route 1, LLC
   Bankr. D. Utah Case No. 11-37323
      Chapter 11 Petition filed December 7, 2011
         See http://bankrupt.com/misc/utb11-37323.pdf
         represented by: Knute Rife, Esq.
                         Wrona law Firm
                         E-mail: karife@rifelegal.com

In Re Canyon Crest Development LLC
   Bankr. W.D. Wash. Case No. 11-49470
      Chapter 11 Petition filed December 7, 2011
         filed pro se

In Re Gordon's Auto Body, Inc.
   Bankr. S.D.N.Y. Case No. 11-38365
      Chapter 11 Petition filed December 8, 2011
         See http://bankrupt.com/misc/nysb11-38365.pdf
         represented by: Robert S. Lewis, Esq.
                         E-mail: robert.lewlaw1@gmail.com

In Re ROAH Forwarding, L.L.C.
   Bankr. S.D. Tex. Case No. 11-50292
      Chapter 11 Petition filed December 8, 2011
         See http://bankrupt.com/misc/txsb11-50292.pdf
         represented by: Adolfo Campero, Jr., Esq.
                         E-mail: acampero@cblawfirm.net

In Re Mattix Prairie View, LLC
   Bankr. W.D. Wisc. Case No. 3-11-17368
      Chapter 11 Petition filed December 8, 2011
         See http://bankrupt.com/misc/wiwb11-17368.pdf
         represented by: Craig E. Stevenson
                         Krekeler Strother, S.C.
                         E-mail: cstevenson@ks-lawfirm.com



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise
Marie Varquez, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


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