TCR_Public/120706.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, July 6, 2012, Vol. 16, No. 186

                            Headlines

10717 LLC: Taps Rosenberg Musso as Bankruptcy Counsel
38 STUDIOS: EDC to Go After 3rd Parties Linked With Loan Guarantee
ACCENTIA BIOPHARMACEUTICALS: Registers 1.6 Million Common Shares
AE BIOFUELS: AAFK Sells $400,000 Subordinated Notes to Third Eye
AIRTOUCH COMMUNICATIONS: Issues $1MM Unsecured Promissory Note

AMERICAN AIRLINES: To Pay $3.6MM to FMIC for Jet Fuel Depot Fire
AMERICAN APPAREL: A. Chehebar & W. Mauer Elected to Board
AMERICAN ORIENTAL: Pomerantz Law Files Class Action Suit
AMERICAN BABY: UK Manufacturer to Cover Product-Liability Claims
AMERICAN REALTY FUNDS: Posts $140,900 Net Loss in March 31 Quarter

AMERICAN WEST: Wants Access to Cash Collateral Until Aug. 28
AMERICAN WEST: Resolves Construction Defect Litigation
ARMAND ASSANTE: Wants to Auction 100 Acres of New York Property
AURA SYSTEMS: Amends Fiscal 2012 Annual Report
AUSTRALIAN-CANADIAN OIL: Posts $69,900 Net Loss in Q1 2012

BALL GROUND: Has Until Friday to Stop Operations & Vacate Lease
BERNARD L. MADOFF: Court Snubs Investors' Appeal on Money Recovery
BIOFUEL ENERGY: Douglas Anderson Promoted to COO
BLAST ENERGY: Issues 81.8MM Shares to Extinguish $1.6MM Debt
BROADWAY FINANCIAL: Sells Common Shares to Execs. for $150,000

BROWNIE'S MARINE: Posts $441,200 Net Loss in Q1 2012
CASPIAN SERVICES: Posts $3.8 Million Net Loss in March 31 Quarter
CELL THERAPEUTICS: Estimates $7.2 Million Net Loss in May
CHINA CEETOP.COM: Posts $238,300 Net Loss in Q1 2012
CITY NATIONAL: P. Pinkett & H. Williams Elected to Board

CLARE AT WATER: OK'd to Obtain $12MM DIP Loan from Redwood Capital
CLARE OAKS: Pays $15,000 to Extend Auction Deadline to Aug. 21
COMMERCETEL CORP: Posts $1.69 Million Net Loss in Q1 2012
COMMUNITY SHORES: Bruce Essex Owns 8.5% of Total Shares
CONTRACT RESEARCH: Wants Until Nov. 21 to Propose Chapter 11 Plan

CROATAN SURF: Plan Outline Hearing Continued Until Aug. 23
CYBERDEFENDER: Changes Name to CYDE Liquidating Co.
DELTA PETROLEUM: Lays Off EVP Stanley Freedman, Other Employees
DEWEY & LEBOEUF: US Trustee Tries to Block Hiring of Law Firms
DEWEY & LEBOEUF: Former Partners' Panel Taps KBT&F as Counsel

DYNEGY HOLDINGS: Disclosures Okayed; Confirmation Hearing Sept. 5
EAST COAST: Wins Confirmation of Reorganization Plan
EASTMAN KODAK: Wins Approval of Deloitte as Tax Advisor
EASTMAN KODAK: Wins Approval to Expand PwC Work
EASTMAN KODAK: Files Rule 2015.3 Report as of March 31

ENERGY CONVERSION: Auction of Uni-Solar Set July 12-13
ENERGY FUTURE: James Huffines Resign from Board of Directors
FIELD FAMILY: Involuntary Chapter 11 Case Summary
FLETCHER INT'L: Fund Fights Bermuda Liquidation in New York
FR 160: Section 341(a) Meeting Scheduled for July 26

GIBRALTAR KENTUCKY: Robert Derderian Approved as Accountant
GORDIAN MEDICAL: Wants Exclusive Plan Filing Stretched to Oct. 31
GRANDPARENTS.COM INC: Posts $4.5 Million Net Loss in Q1 2012
GRANITE DELLS: Hearing on Case Dismissal Plea Set for July 27
GRANITE DELLS: Tri-City Investment Wants to File Alternative Plan

GULF, COLORADO & SAN SABA: Railway Files for Chapter 11 in Austin
H&M OIL: Prospect Capital Wants DIP/Cash Collateral Motions Denied
H&M OIL: Court Approves Anderson Tobin as Chapter 11 Counsel
HAMPTON ROADS: Anchorage Has 24.9% Ownership as of June 27
HAMPTON ROADS: Carlyle Group Hikes Stake to 24.9%

HARRISBURG, PA: May Run Out of Cash by October
HAWKER BEECHCRAFT: Akin Gump Approved as Committee's Legal Counsel
HAWKER BEECHCRAFT: Crowe & Dunlevy OK'd as Committee's FAA Counsel
HAWKER BEECHCRAFT: FTI Approved as Committee's Advisor
HAWKER BEECHCRAFT: Kurtzman Carson Approved as Information Agent

HOLDINGS OF EVANS: SFG Venture Wants Deal Lifting Stay Approved
HOLDINGS OF EVANS: Allowed to Use Cash Collateral Until Aug. 31
HRK HOLDINGS: Port Manatee Wants to Be Paid Before Employees
HUGHES TELEMATICS: Waiting Period of Proposed Merger Terminated
INKSURE TECHNOLOGIES: Posts $470,000 Net Loss in Q1 2012

INNER CITY: Plan Filing Exclusivity Expires July 17
INTELLIPHARMACEUTICS: Posts $1.4-Mil. Net Loss in May 31 Quarter
INTERNATIONAL TEXTILE: Authorized Series A Shares Hiked to 13MM
JOHN D. OIL: Exclusive Plan Filing Period Extended to Sept. 7
LDK SOLAR: Exec. Director Y. Shao Resigns for Personal Reasons

LEE'S FORD DOCK: Files for Chapter 11 in London, Ky
LEHMAN BROTHERS: To Reap $1.5-Bil. From Aurora Sale
LEHMAN BROTHERS: JPMorgan Fails to Strike Objection to Claim
LEHMAN BROTHERS: Elliot Demands $3.2-Bil. Payment to Creditors
LEHMAN BROTHERS: LBI Trustee Seeks to Sell Invicta Notes

LEHMAN BROTHERS: Seeks Revision of Claims Resolution Orders
LIBERTY FLAG: $272,000 Judgment Prompts Chapter 11 Filing
LSP ENERGY: Withdraws Plea to Hire PA Consulting as Energy Expert
M WAIKIKI: Marriott Settles With Modern Honolulu Hotel Over Plan
MARIANA RETIREMENT: Counsel Says Chapter 11 Talks Started in 2011

MEDIA GENERAL: Closes $142MM Sale of Newspapers to World Media
METRO TOWER: Files for Chapter 11 to Avoid Foreclosure
MPG OFFICE: To Issue 724,264 Shares Under 2003 Incentive Plan
MMRGLOBAL INC: Terminates Investment Agreement with Dutchess
MORGAN INDUSTRIES: Files Schedules of Assets and Liabilities

NEW WESTERN ENERGY: Posts $105,900 Net Loss in Q2 2012
NEWPAGE CORP: Says Lenders Not Interested in Verso's Offer
NEWPAGE CORP: Court OKs Extension of PwC's Scope of Retention
NEWPAGE CORP: Quinn Emanuel Approved as Panel's Conflicts Counsel
PACIFIC MONARCH: July 12 Hearing on Exclusivity Extension

PACIFIC MONARCH: Taps Gibson Dunn and ST&G as Bankruptcy Counsel
PETTERS COMPANY: Trustee Consents to PBE's Cash Collateral Use
PITTSBURGH CORNING: Court OKs League Park as Financial Advisor
PITTSBURG CORNING: July 20 Hearing on DIP Loan Extension to 2015
PLC SYSTEMS: Secures $1 Million Financing from Genesis

QUANTUM FUEL: D. Mazaika Named Exec. Director of Strategic Dev.
RANCHER ENERGY: Seeks Court Approval of GasRock Settlement
RESIDENTIAL CAPITAL: Committee Hiring Kramer Levin as Counsel
RESIDENTIAL CAPITAL: Committee Proposes AlixPartners as Advisor
RESIDENTIAL CAPITAL: Green Planet Sues GMAC Mortgage

RESIDENTIAL CAPITAL: Residential Funding Files Schedules
RG STEEL: To Abandon Sparrows Point Cleanup, Environmentalists Say
RITE AID: Files Form 10-Q, Posts $28.1MM Net Loss in June 2 Qtr.
ROBERTS HOTELS: Gets Final OK to Use Lender's Cash Collateral
SAINT VINCENTS: Court Confirms Second Amended Chapter 11 Plan

SAAB CARS: Wants to Hire Donlin Recano as Balloting Agent
SB PARTNERS: Incurs $280,500 Net Loss in First Quarter
SHENGDATECH INC: Plan Confirmation Hearing Scheduled for Aug. 30
STANFORD FINANCIAL: SIPC Won't Pay Defrauded Investors
STOCKTON, CA: Sets Aside More Than $3MM for 1st Year in Case

TALON THERAPEUTICS: Joseph Landy Discloses 92.4% Equity Stake
TIBET PHARMACEUTICALS: Howard G. Smith Launches Class Suit
TRIDENT MICROSYSTEMS: Wants Until Aug. 31 to Propose Ch. 11 Plan
UNIVERSAL BIOENERGY: Gets Final OK to Distribute Stock Dividend
VIEW SYSTEMS: Agrees to Buy ESG for 2 Million Shares

VITRO SAB: Bondholders Request Ability to Seize Assets
VOLKSWAGEN-SPRINGFIELD: Wants BB&T's Stay Relief Motion Denied
VUZIX CORP: Borrows $619,122 from LC Capital Under Amended Pact
WPCS INTERNATIONAL: Appoints C. Benton to Board of Directors

* McKooL Smith Co-Founder Named 2012 "Trial Lawyer of the Year"
* Kramer Levin's Wins Healthcare Services Turnaround Atlas Award
* Pearson Butler Recognized by National Trial Lawyers Top 40

* BOOK REVIEW: Performance Evaluation of Hedge Funds

                            *********

10717 LLC: Taps Rosenberg Musso as Bankruptcy Counsel
-----------------------------------------------------
10717 LLC asks the U.S. Bankruptcy Court for the Eastern District
of New York for permission to employ Rosenberg, Musso & Weiner as
counsel.

The Debtor desires to employ R, M & W under a general retainer
because of the extensive legal services required.  A retainer of
$5,000 has been paid by Robert Young, president and secretary of
Hewitt Associates, which owns 49% of the Debtor.

To the best of the Debtor's knowledge, R, M & W represents no
interest adverse to the Debtor or the estate.

                          About 10717 LLC

Brooklyn, New York-based 10717 LLC filed a Chapter 11 bankruptcy
petition (Banrk. E.D.N.Y. Case No. 12-41998) on March 21, 2012.
10717 LLC says it has total assets of $14.0 million and total
debts of $14.35 million. It owns 18 acres of land in the town of
Thompson, Sullivan County, New York. The property secures a
$1.3 million debt.

Judge Jerome Feller presides over the case. The Debtor is
represented by Bruce Weiner, Esq., at Rosenberg Musso & Weiner
LLP, in Brooklyn.

The U.S. Trustee has appointed Henry Fulton, Elizabeth Van Oss and
Isiah Milian to the Official Committee of Unsecured Creditors.
Charles Petri is the person who runs the day to day
operations of the debtor. He is the managing member of 10717 LLC.

The Official Committee of Unsecured Creditors is represented by
the law office of Ira R. Abel, Esq.


38 STUDIOS: EDC to Go After 3rd Parties Linked With Loan Guarantee
------------------------------------------------------------------
Gov. Lincoln D. Chafee has announced that the R.I. Economic
Development Corporation has hired Wistow & Barylick as special
counsel to pursue legal action against third parties connected
with the 38 Studios LLC loan guarantee, Patrick Anderson at
PBN.com reports.

According to PBN.com, Max Wistow said that his firm would work
with the state-commissioned 38 Studios forensic audit team to
search for liable third parties and try to recoup some lost
taxpayer money.  PBN.com states that Wistow & Barylick have been
retained on a contingency basis, and will be paid 16.66% of funds
recovered.

PBN.com relates that Wistow & Barylick will be independent from
Shechtman Halperin Savage LLP, which is representing the state in
38 Studios bankruptcy proceedings.

38 Studios LLC, a video-game developer founded by former Boston
Red Sox pitcher Curt Schilling, filed for liquidation last week
without attempting to reorganize.  Although based in Providence,
Rhode Island, the company filed the Chapter 7 petition in Delaware
(Case No. 12-11743).


ACCENTIA BIOPHARMACEUTICALS: Registers 1.6 Million Common Shares
----------------------------------------------------------------
Accentia Biopharmaceuticals, Inc., filed with the U.S. Securities
and Exchange Commission a Form S-1 covering an aggregate of up to
1,607,148 shares of the Company's common stock, $0.001 par value
per share, that may be offered from time to time by Ken Chan,
Arnie Jessick, Lewis Kaufman, et al.  The shares being offered by
this prospectus consist of:

   * up to 1,071,432 shares currently held by the selling
     shareholders; and

   * up to 535,716 shares issuable upon the exercise of the common
     stock purchase warrants issued by the Company to the selling
     shareholders.

The proposed maximum aggregate offering price is $369,645.

This prospectus also covers any additional shares of common stock
that may become issuable upon any anti-dilution adjustment
pursuant to the terms of the common stock purchase warrants issued
to the selling shareholders by reason of stock splits, stock
dividends, and similar events.  The shares and common stock
purchase warrants were acquired by the selling shareholders in a
private placement by the Company that closed on June 15, 2012.

The selling shareholders will receive all of the proceeds from the
sale of the common stock offered by this prospectus.  The Company
will not receive any of the proceeds from the sale of common stock
by the selling shareholders, although the Company may receive
proceeds from the exercise of the common stock purchase warrants
by the selling shareholders, if exercised.

A copy of the prospectus is available for free at:

                        http://is.gd/vj8gH6

                About Accentia Biopharmaceuticals

Headquartered in Tampa, Florida, Accentia Biopharmaceuticals, Inc.
(PINK: "ABPI") -- http://www.Accentia.net/-- is a biotechnology
company that is developing Revimmune as a system of care for the
treatment of autoimmune diseases.  Through subsidiary, Biovest
International, Inc., it is developing BiovaxID as a therapeutic
cancer vaccine for treatment of follicular non-Hodgkin?s lymphoma
(FL) and mantle cell lymphoma (MCL).  Through subsidiary,
Analytica International, Inc., it conducts a health economics
research and consulting business, which it market to the
pharmaceutical and biotechnology industries, using its operating
cash flow to support its corporate administration and product
development activities.

Accentia BioPharmaceuticals and nine affiliates filed for
Chapter 11 protection (Bankr. M.D. Fla. Lead Case No. 08-17795) on
Nov. 10, 2008.  Accentia emerged from bankruptcy on Nov. 17, 2012,
after receiving confirmation of a reorganization plan on Nov. 2,
2010.

The Company's balance sheet at March 31, 2012, showed
$4.63 million in total assets, $88.97 million in total
liabilities, and a $84.34 million total stockholders' deficit.

Cash and cash equivalents at March 31, 2012, was $1.9 million.
The Company intends to meet its cash requirements through the use
of cash on hand, strategic transactions such as collaborations and
licensing, short-term borrowings, and debt and equity financings.
The Company's independent registered public accounting firm's
report included a "going concern" qualification on the financial
statements for the year ended Sept. 30, 2011, citing significant
losses and working capital deficits at that date, which raised
substantial doubt about the Company's ability to continue as a
going concern.


AE BIOFUELS: AAFK Sells $400,000 Subordinated Notes to Third Eye
----------------------------------------------------------------
Aemetis Advanced Fuels Keyes, Inc. (AAFK), a subsidiary of
Aemetis, Inc., formerly known as AE Biofuels, Inc., entered into a
Note Purchase Agreement with Third Eye Capital Corporation
pursuant to which AAFK sold 15% Subordinated Promissory Notes in
the aggregate principal amount of $400,000.  The Promissory Notes
are guaranteed by Aemetis and are due and payable upon the earlier
of:

   (i) July 6, 2012;

  (ii) completion of an equity financing by AAFK or Aemetis in an
       amount of not less than $25,000,000;

(iii) the completion of an Initial Public Offering by AAFK or
       Aemetis;

  (iv) the completion of a revolving credit facility upon the
       acquisition of an ethanol facility; or

   (v) after the occurrence of an Event of Default, including
       failure to pay interest or principal when due; breaches of
       note covenants; false, incorrect, misleading or incorrect
       representations and warranties; voluntary bankruptcy or
       insolvency proceedings not discharged within 60 days.

A copy of the Note Purchase Agreement is available for free at:

                        http://is.gd/F5da6U

                         About AE Biofuels

AE Biofuels, Inc. (OTC BB: AEBF) -- http://www.aebiofuels.com/--
is a biofuels company based in Cupertino, California, developing
sustainable solutions to address the world's renewable energy
needs.  The Company is commercializing its patent-pending next-
generation cellulosic ethanol technology that enables the
production of biofuels from both non-food and traditional
feedstocks.  Its wholly-owned Universal Biofuels subsidiary built
and operates a nameplate 50 million gallon per year biodiesel
production facility on the east coast of India.

The Company reported a net loss of $1.72 million on $1.59 million
of sales for the three months ended Sept. 30, 2010, compared with
a net loss of $3.78 million on $4.05 million of sales for the same
period a year earlier.

BDO Seidman, LLP, in San Jose, Calif., expressed substantial doubt
about AE Biofuels' ability to continue as a going concern,
following the Company's 2009 results.  The independent auditors
noted that the Company has incurred recurring losses, and has a
working capital deficit and total stockholders' deficit as of
December 31, 2009.

The Company's balance sheet at Sept. 30, 2010, showed
$20.23 million in total assets, $29.03 million in total
liabilities, all current, and a stockholders' deficit of
$8.80 million.  The Company has not filed financial reports after
filing its Form 10-Q for the quarter ended Sept. 30, 2010.


AIRTOUCH COMMUNICATIONS: Issues $1MM Unsecured Promissory Note
--------------------------------------------------------------
AirTouch Communications, Inc., on June 25, 2012, entered into a
Note Purchase Agreement with an unaffiliated investor pursuant to
which the Company issued and sold an unsecured promissory note for
$1,000,000.  The note is in the original principal amount of
$1,000,000 and bears interest on the unpaid principal amount at
the rate of 10% per annum.  Upon the maturity of the note, the
Company is required to pay the holder a loan fee in the amount of
$100,000.  All principal, interest and loan fees are due and
payable on the one year anniversary of the note and may be prepaid
by the Company without penalty.

On the same day, the Company also entered into a consulting
agreement with the note holder pursuant to which the Company
agreed to issue 363,636 shares of the Company's common stock in
consideration of certain consulting services to be rendered.  In
the event that the Company does not sell at least 100,000 units of
its SmartLinX product during the first 12 months following the
date of the consulting agreement, the Company shall be required to
issue to the holder an additional 140,000 shares of the Company's
common stock.

                          About Airtouch

Newport Beach, Calif.-based AirTouch Communications, Inc.,
develops and markets communication devices capable of amplifying
the wireless signal as a core enabling technology platform and
converging them with other services and applications for consumers
based on our patent portfolio.  The Company currently offers its
DM1000 (cell@home) and HomeConneX(R) X1500 products through
various channels, including a major U.S. carrier, and is working
to bring its higher performance, lower cost next generation
SmartLinX(TM) series of products to the global market.

In the auditors' report accompanying the financial statements for
year ended Dec. 31, 2011, Anton & Chia, LLP, in Irvine,
California, expressed substantial doubt about Waxess Holdings'
ability to continue as a going concern.  The independent auditors
noted that the Company has sustained accumulated losses from
operations totaling $16 million at Dec. 31, 2011.

The Company reported a net loss of $9.4 million on $326,270 of net
revenue in 2011, compared with a net loss of $4.8 million on
$160,441 of net revenue in 2010.

The Company's balance sheet at March 31, 2012, showed $5.69
million in total assets, $1.15 million in total liabilities and
$4.53 million in total stockholders' equity.


AMERICAN AIRLINES: To Pay $3.6MM to FMIC for Jet Fuel Depot Fire
----------------------------------------------------------------
AMR Corp. and its affiliates and Factory Mutual Insurance Company
entered into a Court-approved stipulation providing that American
Airlines, Inc., is entitled to a final payment in the sum of
$3,615,560 on account of all claims associated with a prepetition
loss resulting from a fire at a jet fuel depot at the Miami
International Airport, which caused property damage to prepaid
fuel owned by American, as well as time element damage to
American in the form of cancelled flights.

                      About American Airlines

AMR Corp. and its subsidiaries including American Airlines, the
third largest airline in the United States, filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan
on Nov. 29, 2011, after failing to secure cost-cutting labor
agreements.

AMR, previously the world's largest airline prior to mergers by
other airlines, is the last of the so-called U.S. legacy airlines
to seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnection
carrier serve 260 airports in more than 50 countries and
territories with, on average, more than 3,300 daily flights.  The
combined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on $18.02 billion
of total operating revenues for the nine months ended Sept. 30,
2011.  AMR recorded a net loss of $471 million in the year 2010, a
net loss of $1.5 billion in 2009, and a net loss of $2.1 billion
in 2008.

AMR's balance sheet at Sept. 30, 2011, showed $24.72 billion
in total assets, $29.55 billion in total liabilities, and a
$4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtors.  Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law
Group, Chartered, are on board as special counsel.  Rothschild
Inc., is the financial advisor.   Garden City Group Inc. is the
claims and notice agent.

Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., and
Jay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP
serve as counsel to the Official Committee of Unsecured Creditors
in AMR's chapter 11 proceedings.  Togut, Segal & Segal LLP is the
co-counsel for conflicts and other matters; Moelis & Company LLC
is the investment banker, and Mesirow Financial Consulting, LLC,
is the financial advisor.

Bankruptcy Creditors' Service, Inc., publishes AMERICAN AIRLINES
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by AMR Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).


AMERICAN APPAREL: A. Chehebar & W. Mauer Elected to Board
---------------------------------------------------------
American Apparel, Inc., held its 2012 annual meeting of
stockholders on June 28, 2012.  Alberto Chehebar and William Mauer
were elected to the Board of Directors, each to serve for a term
of three years and until his successor is duly elected and
qualified, or that director's earlier death, resignation or
removal.  The stockholders ratified the appointment of Marcum LLP
as the Company's independent auditors for the fiscal year ending
Dec. 31, 2012, and approved an amendment to the Existing Lion
Warrants to:

   (i) extend the expiration date of the Existing Lion Warrants
       from Feb. 18, 2018, to Feb. 18, 2022; and

  (ii) reduce the exercise price thereof, as that price may be
       adjusted from time to time pursuant to the adjustments
       specified in each respective Existing Lion Warrant or the
       Lion Credit Agreement, by $0.25 per share in the event of
       the Company's failure to achieve certain specified
       quarterly levels of EBITDA.

                      About American Apparel

Los Angeles, Calif.-based American Apparel, Inc. (NYSE Amex: APP)
-- http://www.americanapparel.com/-- is a vertically integrated
manufacturer, distributor, and retailer of branded fashion basic
apparel.  As of September 2010, American Apparel employed over
10,000 people and operated 278 retail stores in 20 countries,
including the United States, Canada, Mexico, Brazil, United
Kingdom, Ireland, Austria, Belgium, France, Germany, Italy, the
Netherlands, Spain, Sweden, Switzerland, Israel, Australia, Japan,
South Korea and China.

Amid liquidity problems and declining sales, American Apparel in
early 2011 reportedly tapped law firm Skadden, Arps, Slate,
Meagher & Flom and investment bank Rothschild Inc. for advice on a
restructuring.

In April 2011, American Apparel said it raised $14.9 million in
rescue financing from a group of investors led by Canadian
financier Michael Serruya and private equity firm Delavaco Capital
Corp., allowing the casual clothing retailer to meet obligations
to its lenders for the time being.  Under the deal, the investors
were buying 15.8 million shares of common stock at 90 cents
apiece.  The deal allows the investors to purchase additional
27.4 million shares at the same price.

The Company reported a net loss of $39.31 million in 2011 and a
net loss of $86.31 million in 2010.

The Company's balance sheet at March 31, 2012, showed $331.38
million in total assets, $288.97 million in total liabilities and
$42.41 million in total stockholders' equity.


AMERICAN ORIENTAL: Pomerantz Law Files Class Action Suit
--------------------------------------------------------
Pomerantz Haudek Grossman & Gross LLP has filed a federal
securities class action 12-cv-05789-JAK-RZx in United States
District Court, Central District of California, on behalf of all
persons who purchased or otherwise acquired American Oriental
Bioengineering, Inc. securities between Nov. 9, 2009 and June 15,
2012, inclusive. This securities class action seeks to recover
damages caused by the Company's violations of the federal
securities laws and to pursue remedies under Sec. 10(b) and 20(a)
of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder against the Company and certain of its top officials.

          Rachelle R. Boyle
          E-mail: rrboyle@pomlaw.com
          Tel No.: 888.476.6529

AOBI is a pharmaceutical company dedicated to improving health
through the development, manufacture and commercialization of a
broad range of pharmaceutical and healthcare products.  The
Complaint alleges that, throughout the Class Period, defendants
made false and/or misleading statements, as well as failed to
disclose that: (1) certain of the Company's capsule products
maintained chrome levels far exceeding humanly tolerable limits;
(2) the Company's financial statements contained material
inconsistencies; (3) the Company's internal controls over
financial reporting were deficient; and (4) as a result of the
foregoing, the Company's statements were materially false and
misleading at all relevant times.

On March 16, 2012, the Company's independent registered public
accounting firm, Ernst & Young Hua Ming informed the Company's
Audit Committee of certain inconsistencies in the Company's
financial statements during its audit for the fiscal year 2011.

On April 19, 2012, the Company disclosed that four of its five
manufacturing subsidiaries were undergoing "onsite short notice
inspections" by the Chinese State Food and Drug Administration
after discovering thirteen types of capsule products with chrome
levels far exceeding humanly tolerable limits.

After being delisted by the New York Stock Exchange on May 25,
2012, the Company's common stock plummeted $0.94 or nearly 62%, to
close at $0.58 when it resumed trading over the counter on May 29,
2012.

On June 15, 2012, the Company disclosed that it had dismissed E&Y
as its independent registered public accounting firm.  In
addition, the Company announced that E&Y had withdrawn its audit
reports for the Company's financial statements for the years ended
2009 and 2010, after E&Y concluded that it could no longer rely on
management's representations in connection with (a) its audits of
the financial statements for years ended December 2009 and 2010;
(b) its audit of the effectiveness of the Company's internal
control over financial reporting as of December 31, 2009 and 2010;
and (c) its review of the Company's unaudited interim financial
statements for the quarters from September 30, 2009 through
September 30, 2011.

The Pomerantz Firm -- http://www.pomerantzlaw.com/-- with offices
in New York and Chicago, is acknowledged as one of the premier
firms in the areas of corporate, securities, and antitrust class
litigation. Founded by the late Abraham L. Pomerantz, known as the
dean of the class action bar, the Pomerantz Firm pioneered the
field of securities.


AMERICAN BABY: UK Manufacturer to Cover Product-Liability Claims
----------------------------------------------------------------
Stephanie Gleason at Bankruptcy Beat reports that U.K.
manufacturer Maclaren will cover product-liability claims against
American Baby Products, Inc., doing business as Maclaren USA.

Maclaren said in a news release "In a cooperative effort with the
bankruptcy trustee and American Baby Products' insurers, Maclaren
is making arrangements to cover any money owed by American Baby
Products on all product liability claims pending against the
Company as of May 1, 2012, the bankruptcy claim cut-off date."
According to the news release, Maclaren will cover the insurance
deductibles for the product liability claims as well as "any
uninsured claims where appropriate."

Maclaren has also decided to start distributing its products
directly, Ms. Gleason relates.

Court documents show that since Maclaren ended its distribution
agreement with Maclaren USA/American Baby Products, it had started
distributing its products in the U.S. through a company called
Maclaren NA Inc.

                  About American Baby Products

American Baby Products, Inc., doing business as Maclaren USA,
filed for Chapter 7 bankruptcy (Bankr. D. Conn. Case No. 11-52541)
on Dec. 29, 2011, listing under $50,000 in assets and between
$10 million to $50 million in debts.  American Baby Products is
the U.S. unit of the high-end stroller manufacturer Maclaren.  The
bankruptcy filing halted seven pending lawsuits against it.

The Debtor listed the parents of nine children as top unsecured
creditors with unknown claim amounts.  The Debtor listed its
largest unsecured creditor, owed $13.1 million of the company's
total $15.9 million in liabilities, as Maclaren (HK) Limited,
Maclaren's Chinese subsidiary.


AMERICAN REALTY FUNDS: Posts $140,900 Net Loss in March 31 Quarter
------------------------------------------------------------------
American Realty Funds Corporation filed its quarterly report on
Form 10-Q, reporting a net loss of $140,878 on $0 revenue for the
three months ended March 31, 2012, compared with a net loss of
$55,954 on $0 revenue for the three months ended March 31, 2011.

For the nine months ended March 31, 2012, the Company reported a
net loss of $213,959 on $52,387 of revenues, compared with a net
loss of $133,248 on $0 revenue for the nine months ended March 31,
2011.

The Company's balance sheet at March 31, 2012, showed $2,460,013
in total assets, $2,253,799 in total liabilities, and
stockholders' equity of $206,214.

McConnell & Jones, LLP, in Houston, Texas, expressed substantial
doubt about American Realty's ability to continue as a going
concern, following the Company's results for the fiscal year ended
June 30, 2011.  The independent auditors noted that the Company
had incurred a substantial loss, had negative cash flow from
operations and no revenues.

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

                       http://is.gd/yr58t9

Bay City, Michigan-based American Realty Funds Corporation
purchases, renovates and resells residential real estate in the
United States.  The Company typically sells its properties under a
land contract to buyers who do not have sufficient cash to
purchase a property outright and are unable to obtain mortgage
financing from third-parties.




AMERICAN WEST: Wants Access to Cash Collateral Until Aug. 28
------------------------------------------------------------
American West Development, Inc., asks the U.S. Bankruptcy Court
for the District of Nevada to approve the second stipulated
agreement regarding the use of cash collateral.

Pursuant to the agreement between the Debtor and its prepetition
secured lenders -- California Bank & Trust, as administrative
agent and lead arranger, and the lenders party thereto -- the
Debtor will have access to the cash collateral until Aug. 28,
2012.

A copy of the agreed budget is available for free at:
http://bankrupt.com/misc/AMERICANWEST_cashcoll_2ndstipulation.pdf

As reported in the Troubled Company Reporter on March 23, 2012,
the Debtor is a borrower pursuant to a December 2009 term loan
credit agreement among California Bank & Trust (as administrative
agent and lead arranger), the lenders party thereto, and certain
guarantors.  The total outstanding principal debt under the Credit
Agreement was $177,506,450 as of the Petition Date, along with
interest, fees and charges accrued and accruing thereon and
chargeable with respect thereto.  The borrowings under the Credit
Agreement had an initial maturity date of Oct. 6, 2011, with the
potential for two additional one year extensions at the Borrowers'
option.  The Borrowers exercised their option for the first one
year extension through Oct. 6, 2012.

As security for borrowings under the Credit Agreement, the
Borrowers granted the Prepetition Lenders, among other liens, a
security interest in all of their personal property.  The portions
of the collateral that are owned by Debtor primarily consists of
utility, bond and similar security deposits, general intangibles,
furniture, fixtures and equipment, contract rights and the right
of Debtor to receive deferred payments due from certain affiliates
of Debtor, representing amounts due for lot development, unit
construction and other services for which Debtor has acted as
general contractor pursuant to agreements memorialized as
(i) various Marketing and Administrative Services Agreements
between Debtor and certain affiliated home-selling entities, and
(ii) various Design-Build Agreements between Debtor, certain
affiliated land-owning entities, and certain affiliated home-
selling entities.  As of Nov. 30, 2011, the book value of the
Receivable was $78,177,097.

The Debtor told the Bankruptcy Court that its ability to use cash
collateral is critical to Debtor's ability to continue as a going
concern during the course of this Chapter 11 case.  The Debtor
will use cash collateral to fund the costs of administering
Debtor's estate, including, without limitation, (i) funding the
operations of Debtor's business, (ii) making adequate protection
payments to the Prepetition Lenders, (iii) paying expenses
incurred for the administration of the Chapter 11 case, including
compensation of professional fees and expenses, (iv) paying
contractual obligations consistent with the final court order, and
(v) repaying borrowings under any debtor-in-possession financing.
Without the ability to use cash collateral, Debtor and its estate
would suffer immediate and irreparable harm.

On March 1, 2012, the Debtor entered with the Administrative Agent
and the Prepetition Lenders into a cash collateral agreement.  A
copy of the cash collateral agreement, along with the budget, is
available for free at:

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

The Debtor projected that it will need to use more than
$10,800,000 of cash collateral (exclusive of its existing cash as
of the Petition Date and any debtor-in-possession financing
borrowings) during the first 13 weeks following the Petition Date
in order to meet its operating expenses and make interest-only
adequate protection payments to the Prepetition Lenders.  The
Initial Cash Budget is based on Debtor's internally prepared
projections of home sales and development expenses -- if actual
home sales and development expenses do not match projections, then
Debtor's need to use cash collateral and borrow under the DIP
Financing may differ from the amounts set forth in the Initial
Cash Budget.  In addition, Debtor estimates that it will incur
approximately $1,521,000 in expenses associated with the Chapter
11 case during this same period.  With this necessity in mind,
Debtor negotiated the Cash Collateral Agreement with the
Prepetition Lenders.

As adequate protection, the Prepetition Lenders will receive:

           (a) monthly, on or before the first day of each month
               and continuing during the pendency of the Chapter
               11 case, adequate protection payments made by the
               Debtor to the Administrative Agent for the benefit
               of the Prepetition Lenders in an amount equal to
               the highest non-default rate of interest applicable
               from time to time to amounts outstanding under the
               Credit Agreement multiplied by $49,635,000, and the
               automatic stay will be vacated and modified to the
               extent necessary to permit Debtor to make Adequate
               Protection Payments and the Prepetition Lenders to
               apply them against the Prepetition Lenders' Claims;

           (b) replacement liens to secure the amount of any Value
               Diminution, which Replacement Liens will: (i) be
               subject and junior only to the carve-out, liens to
               secure the debtor-in-possession Financing and any
               prior liens, (ii) attach to: (x) the Debtor
               Collateral and any proceeds thereof, and (y) causes
               of action under Chapter 5 of the Bankruptcy Code
               and the proceeds thereof, and any other assets of
               Debtor, and (iii) be in addition to the Prepetition
               Lenders' Claims and liens;

           (c) a superpriority claim against Debtor's estate,
               subject and junior only to the Carve-Out and any
               superpriority claim and lien of the DIP Financing
               lender.

The Prepetition Lenders will consent to and not oppose the
Debtor's request for approval of DIP Financing to be provided by
AWH Ventures, Inc., consisting of a revolving credit facility in
an amount not to exceed $10 million, and secured by (i) a first
priority lien on the avoidance actions and any other previously
unencumbered assets of Debtor, and (ii) a junior lien on the
collateral and any other assets of Debtor that are subject to a
valid and perfected lien as of the Petition Date; provided,
however, that the DIP Financing will be subject to a subordination
and inter-creditor agreement agreed upon by the Prepetition
Lenders and the DIP Lender.

The Prepetition Lenders have agreed to a carve-out for (i) all
fees required to be paid to the Clerk of the Bankruptcy Court and
to the Office of the U.S. Trustee, and (ii) only to the extent
amounts are not available under the Cash Budget, an amount not
exceeding $3 million in the aggregate, which amount may be used
after the occurrence and during the continuation of an event of
default, to pay the fees and expenses of professionals retained by
Debtor and any Committee of Unsecured Creditors that are allowed
by the Court.

Upon written notice from Administrative Agent on behalf of
the Prepetition Lenders, the events of default include, among
other things, the (i) appointment of a Chapter 11 trustee with
respect to the Chapter 11 case; (ii) appointment of an examiner
with expanded powers with respect to the Chapter 11 Case;
(iii) approval of a motion granting a party (other than the DIP
financing lender) any lien, superpriority claim, or other
administrative expense claim which is senior to or pari passu with
the Prepetition Lenders' Superpriority Claim; (vii) reversal,
vacatur or stay of the effectiveness of the interim court order;
(viii) the interim court order being amended, supplemented or
otherwise modified without the prior written consent of the
Prepetition Lenders; and (ix) any use of cash collateral to make a
payment.

                        About American West

American West Development, Inc. -- fdba Castlebay 1, Inc., et al.
-- is a homebuilder in Las Vegas, Nevada, founded on July 31,
1984.  Initially, AWDI was known as CKC Corporation, but later
changed its name.

AWDI filed for Chapter 11 bankruptcy protection (Bankr. D. Nev.
Case No. 12-12349) on March 1, 2012.  Judge Mike K. Nakagawa
presides over the case.  Brett A. Axelrod, Esq., and Micaela
Rustia Moore, Esq., at Fox Rothschild LLP, serve as AWDI's
bankruptcy counsel.  Nathan A. Schultz, P.C., is AWDI's conflicts
counsel.  AWDI hired Garden City Group as its claims and notice
agent.  American West disclosed $55.39 million in assets and
$208.5 million in liabilities as of the Chapter 11 filing.


AMERICAN WEST: Resolves Construction Defect Litigation
------------------------------------------------------
American West Development, Inc., asks the U.S. Bankruptcy Court
for the District of Nevada for an order:

   i) approving the use of estate property for contribution to and
      partial satisfaction of the settlement payment; and

  ii) approving the settlement agreement that resolves the
      construction defect litigation pending in the Eighth
      Judicial District Court, Clark County, Nevada, and
      contemplates payments totaling $902,895 in the aggregate
      payable to the trust account of counsel for the plaintiffs.

The Debtor relates that the use of estate property is pursuant to
settlement agreement between American West Homes, Inc., and
plaintiffs Michael D. Colford, Sr., and Dora Colford, et. al., in
State Court Case No. A593923.

The Debtor also seeks the Court's (i) approval of the use of the
insurance policies under which Debtor is an insured, as is AWH,
and the proceeds to be paid; and (ii) authorization to the extent
necessary for Debtor and the parties to the settlement agreement
to take the actions contemplated by the settlement agreement,
which provides for the dismissal of the Colford Litigation with
prejudice in consideration of the settlement payment.

A full-text copy of the settlement is available for free at:

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

                        About American West

American West Development, Inc. -- fdba Castlebay 1, Inc., et al.
-- is a homebuilder in Las Vegas, Nevada, founded on July 31,
1984.  Initially, AWDI was known as CKC Corporation, but later
changed its name.

AWDI filed for Chapter 11 bankruptcy protection (Bankr. D. Nev.
Case No. 12-12349) on March 1, 2012.  Judge Mike K. Nakagawa
presides over the case.  Brett A. Axelrod, Esq., and Micaela
Rustia Moore, Esq., at Fox Rothschild LLP, serve as AWDI's
bankruptcy counsel.  Nathan A. Schultz, P.C., is AWDI's conflicts
counsel.  AWDI hired Garden City Group as its claims and notice
agent.  American West disclosed $55.39 million in assets and
$208.5 million in liabilities as of the Chapter 11 filing.


ARMAND ASSANTE: Wants to Auction 100 Acres of New York Property
---------------------------------------------------------------
Jacqueline Palank at Bankruptcy Beat reports that Armand Assante
is seeking Chief U.S. Bankruptcy Court Judge Cecelia G. Morris'
permission to sell 100 acres of his New York property through an
auction in August.

According to court papers, Four Square Development LLC is offering
$2.25 million for the property, and rival bids would have to
exceed that by at least $25,000.  Court papers say that Four
Square is planning to divide the property into at least 40 two-
acre lots to build luxury homes.

Mr. Assante owns a total of three properties on Hulsetown Road in
Campbell Hall, New York.  He had five mortgage notes on the
properties, which his financial advisers recommended he refinance
in 2005, Bankruptcy Beat relates.  Mr. Assante, says the report,
obtained a $1.5 million loan from Eastern Savings Bank, making
required payments until January 2009.

Bankruptcy Beat states that Mr. Assante expects the sale will
raise enough money to satisfy the Eastern debt, and even have some
left over for unsecured creditors.

Judge Morris will hold a hearing on July 24 to consider the
auction request, Bankruptcy Beat reports.

Irish-Italian actor Armand Assante filed for Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 11-37823) on Oct. 7, 2011, to
halt the foreclosure sale of his 145-acre horse farm.  Mr. Assante
often plays a tough guy on film and has been nominated for several
Golden Globe awards.  Mr. Assante is represented by Josh Denbeaux,
Esq.

Mr. Assante's bankruptcy petition says he owed $12,138 to the
Screen Actors' Guild's credit union, based in Burbank, California.
It also said that he owes $36,574 for unpaid taxes for 2006, 2007
and 2009.


AURA SYSTEMS: Amends Fiscal 2012 Annual Report
----------------------------------------------
Aura Systems, Inc., filed amendment No. 1 on Form 10-K/A to the
Company's annual report on Form 10-K for the fiscal year ended
Feb. 29, 2012, originally filed with the U.S. Securities and
Exchange Commission on May 29, 2012.

The amendment was filed to clarify certain statements appearing in
the seventh paragraph of the Company's Liquidity and Capital
Resources section on page 23 of the Company's Original Report,
which stated that in a subsequent event occurring in April 2012,
the Company raised $5 million in a private placement of units.

     "In April 2012 we entered into a securities purchase
      agreement with an accredited investor for the purchase of
      units with each unit consisting of (1) one share of common
      stock of the Company, par value $0.0001, and (2) one share
      purchasable under a warrant, exercisable for 60 months at an
      exercise price of $1.25 per share, at a purchase price of
      $0.76 per unit and an aggregate purchase amount of $5
      million.  We believe the forgoing financing agreement is
      valid and binding, and we currently anticipate a closing on
      $5 million of our offered units in the near future, however,
      we cannot provide any assurances at this time as to whether
      and closing will occur or when it will occur.  Other than
      the above, we have not yet received commitments as to the
      remainder of the $10 million offering, and no assurances can
      be given as to if or when we will be able to raise the full
      amount of the offering."

A copy of the amendment is available for free at:

                        http://is.gd/QQHLxt

                        About Aura Systems

El Segundo, Calif.-based Aura Systems, Inc., designs, assembles,
tests and sells its proprietary and patented Axial Flux induction
machine known as the AuraGen(R) for industrial and
commercial applications and VIPER for military applications.

Aura Systems reported a net loss of $14.15 million on $3.33
million of net revenues for the year ended Feb. 29, 2012, compared
with a net loss of $11.19 million on $3.43 million of net revenues
for the year ended Feb. 28, 2011.

The Company's balance sheet at Feb. 29, 2012, showed $4.13 million
in total assets, $15.73 million in total liabilities and a $11.60
million total stockholders' deficit.

Kabani & Company, Inc., issued a "going concern" qualification on
the financial statements for the fiscal year ended Feb. 29, 2012.
The independent auditors noted that the Company has historically
incurred substantial losses from operations, and may not have
sufficient working capital or outside financing available to meet
its planned operating activities over the next twelve months which
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


AUSTRALIAN-CANADIAN OIL: Posts $69,900 Net Loss in Q1 2012
----------------------------------------------------------
Australian-Canadian Oil Royalties Ltd. filed its quarterly report
on Form 10-Q, reporting a net loss of US$69,878 on US$19,781 of
oil and gas revenues for the three months ended March 31, 2012,
compared with a net loss of US$40,971 on US$33,100 of oil and gas
revenues for the same period last year.

The Company's balance sheet at March 31, 2012, showed
US$10.85 million in total assets, US$3.62 million in total current
liabilities, and stockholders' equity of US$7.23 million.

As reported in the TCR on April 16, 2012, KWCO, P.C., in Odessa,
Texas, expressed substantial doubt about Australian-Canadian Oil
Royalties' ability to continue as a going concern, following the
Company's results for the fiscal year ended Dec. 31, 2011.  The
independent auditors noted that the Company has suffered recurring
losses from operations and has limited capital resources.

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

                       http://is.gd/nEqS9d

Cisco, Texas-based Australian-Canadian Oil Royalties Ltd. was
incorporated in British Columbia, Canada, in April of 1997.  The
business of ACOR during 2011 was to work on its existing Working
Interest projects as well as study the oil and gas exploration
acreage available in Australia in basins that demonstrate a high
probability of success with the maximum rate of return for dollars
invested.


BALL GROUND: Has Until Friday to Stop Operations & Vacate Lease
---------------------------------------------------------------
Kristal Dixon at Cherokee Tribune reports that Ball Ground
Recycling has until July 6, 212, to cease operations and vacate
property it leases from Cherokee County.

According to the report, Judge Margaret H. Murphy of the U.S.
Bankruptcy Court for the Northern District of Georgia signed a
consent order, fulfilling a request from the county and the
Resource Recovery Development Authority to lift the automatic stay
imposed by the company's Chapter 11 bankruptcy filing.

The report says the motion also orders the company's owner Jimmy
Bobo to turn over keys to the property and any other software and
documents relating to operating the business.  Mr. Bobo said the
stay was lifted through a negotiated agreement between Ball Ground
Recycling and the county.

The report adds County Attorney Angela Davis added the county will
"continue to seek re-payment of the debt through the bankruptcy
process."  The consent order also terminates the RRDA's lease
agreement with Ball Ground Recycling, which has come under
scrutiny from some members in the public.

The report says County Manager Jerry Cooper said the county is
still in the process of finding an operator to take over the site.

                         About Ball Ground

Based in Canton, Georgia, Ball Ground Recycling LLC, a wood
recycling company, filed for Chapter 11 protection (Bankr. N.D.
Ga. Case No. 12-63101) on May 25, 2012.  Judge Margaret Murphy
presides over the case.  The Debtor estimated both assets and
debts of between $10 million and $50 million.


BERNARD L. MADOFF: Court Snubs Investors' Appeal on Money Recovery
------------------------------------------------------------------
Andrew Seidman and Brent Kendall at The Wall Street Journal report
that the U.S. Supreme Court refused on July 2 to consider an
appeal from a group of Bernard Madoff investors who sought to
challenge trustee Irving Picard's decision to allow claims from
victims based on how much they lost in principal deposits, not how
much they lost in the profits Mr. Madoff fabricated.  The
investors, according to WSJ, wanted to recover all the money
listed on their last account statements in 2008.

Relying on customers' last account statements would have been
flawed because they reflected securities transactions that could
never have occurred, as well as securities that the customers had
not in fact paid for with real dollars, WSJ relates, citing
Mr. Picard.

                     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.)

The SIPA Trustee has said that as of March 31, 2012, through
prepetition litigation and other settlements, he has successfully
recovered, or reached agreements to recover, more than $9 billion
-- over 50% of the principal lost in the Ponzi scheme by those who
filed claims -- for the benefit of all customers of BLMIS.
The liquidation has so far has cost the Securities Investor
Protection Corp. $1.3 billion, including $791 million to pay a
portion of customers' claims.

Mr. Picard has so far made only one distribution in October of
$325 million for 1,232 customer accounts.  Uncertainty created by
the appeals has limited Mr. Picard's ability to distribute
recovered funds.  Outstanding appeals include the $5 billion
Picower settlement and the $1.025 billion settlement.


BIOFUEL ENERGY: Douglas Anderson Promoted to COO
------------------------------------------------
Douglas M. Anderson, BioFuel Energy Corp.'s Executive Vice
President, Operations, has been promoted to the additional role of
Chief Operating Officer, effective immediately.  No other terms of
Mr. Anderson's employment have changed.

                       About Biofuel Energy

Denver, Colo.-based BioFuel Energy Corp. (Nasdaq: BIOF) --
http://www.bfenergy.com/-- aims to become a leading ethanol
producer in the United States by acquiring, developing, owning and
operating ethanol production facilities.  It currently has two
115 million gallons per year ethanol plants in the Midwestern corn
belt.

The Company reported a net loss of $10.36 million in 2011,
compared with a net loss of $25.22 million during the prior year.
The Company's balance sheet at March 31, 2012, showed $286.61
million in total assets, $197.36 million in total liabilities and
a $89.25 million in total equity.

                         Bankruptcy Warning

According to the Form 10-K for the year ended Dec. 31 2011,
commodity margins have narrowed since the end of 2011 and, should
current commodity margins continue for an extended period of time,
the Company may not generate sufficient cash flow from operations
to both service its debt and operate the Company's plants.  The
Company is required to make, under the terms of its Senior Debt
Facility, quarterly principal payments in a minimum amount of
$3,150,000, plus accrued interest.  The Company cannot predict
when or if crush spreads will fluctuate again or if the current
commodity margins will improve or worsen.  If crush spreads were
to remain at current levels for an extended period of time, the
Company may expend all of its sources of liquidity, in which event
the Company would not be able to pay principal and interest on its
debt.  Any inability to pay principal and interest on the
Company's debt would lead to an event of default under its Senior
Debt Facility, which, in the absence of forbearance, debt service
abeyance or other accommodations from the Company's lenders, could
require the Company to seek relief through a filing under the U.S.
Bankruptcy Code.


BLAST ENERGY: Issues 81.8MM Shares to Extinguish $1.6MM Debt
------------------------------------------------------------
Blast Energy Services, Inc., on June 26, 2012, provided Berg
McAfee Companies, LLC, and Clyde Berg, an individual, notice of
its intent to exercise its rights under the BMC Debt Conversion
Agreement.

Blast Energy on Jan. 13, 2012, entered into an Agreement and Plan
of Reorganization with Blast Acquisition Corp., a newly formed
wholly-owned Nevada subsidiary of the Company, and Pacific Energy
Development Corp., pursuant to which MergerCo will be merged with
and into PEDCO, with PEDCO being the surviving entity and becoming
a wholly-owned subsidiary of the Company.

In connection with the Merger Agreement, the Company entered into
other agreements, including the Debt Conversion Agreement with BMC
and Clyde.  The Company had previously entered into: (1) a Secured
Promissory Note Agreement, dated Feb. 27, 2008, as amended on
Jan. 5, 2011, with BMC in the aggregate principal amount of
$1,120,000; and (2) a Promissory Note, dated May 19, 2011, with
Berg in the aggregate principal amount of $100,000.

On June 27, 2012, all amounts of principal and accrued interest
under the Notes, which totaled $1,636,253, were extinguished in
connection with the issuance of shares of common stock in the
Company.  The shares were issued at a conversion price of $0.02
per share of common stock as provided for in the Debt Conversion
Agreement, and represent 49% of the total outstanding shares of
common stock of the Company.

As a result of the issuance of 81,812,650 shares of common stock,
Eric A. McAfee now beneficially owns 94,954,184 shares of common
stock of Company, or 57% of the Company's outstanding common
stock.  Clyde Berg now beneficially owns 100,501,086 shares of
common stock of the Company, or 60% of the Company's outstanding
common stock.  Collectively, Mr. McAfee and Mr. Berg own 67% of
the Company's outstanding common stock.

In anticipation of the submission to the Company's stockholders
for a vote in connection with the approval of the Merger
Agreement, the approval of the amended and restated certificate of
formation and the amended and restated certificate of
designations, the Board of Directors has called a special meeting
of shareholders of the Company.  The Special Meeting has been
scheduled for July 27, 2012.  The record date for the Special
Meeting has been set as the close of business on June 27, 2012.

                        About Blast Energy

Houston, Texas-based Blast Energy Services, Inc., is seeking to
become an independent oil and gas producer with additional revenue
potential from its applied fluid jetting technology.  The Company
plans to grow operations initially through the acquisition of oil
producing properties and then eventually, to acquire oil and gas
properties where its applied fluid jetting process could be used
to increase the field production volumes and value of the
properties in which it owns an interest.

In the auditors' report accompanying the financial statements for
year ended Dec. 31, 2011, GBH CPAs, PC, in Houston, Texas,
expressed substantial doubt about Blast Energy Services' ability
to continue as a going concern.  The independent auditors noted
that Blast incurred a loss from continuing operations for 2011,
and has an accumulated deficit at Dec. 31, 2011.

The Company reported a net loss of $4.14 million for 2011,
compared with a net loss of $1.51 million for 2010.

The Company's balance sheet at March 31, 2012, showed $1.86
million in total assets, $3.98 million in total liabilities and a
$2.11 million total stockholders' deficit.


BROADWAY FINANCIAL: Sells Common Shares to Execs. for $150,000
--------------------------------------------------------------
Broadway Financial Corporation entered into individual stock
purchase agreements on July 2, 2012, with certain of its directors
and with its President and Chief Executive Officer providing for
purchases by those persons of the Corporation's common stock at a
per share purchase price of $1.30, in each case paid in cash on
July 2, 2012.  The Company sold an aggregate of 115,386 shares of
common stock for an aggregate purchase price of $150,000.

                     About Broadway Financial

Los Angeles, Calif.-based Broadway Financial Corporation was
incorporated under Delaware law in 1995 for the purpose of
acquiring and holding all of the outstanding capital stock of
Broadway Federal Savings and Loan Association as part of the
Bank's conversion from a federally chartered mutual savings
association to a federally chartered stock savings bank.  In
connection with the conversion, the Bank's name was changed to
Broadway Federal Bank, f.s.b.  The conversion was completed, and
the Bank became a wholly owned subsidiary of the Company, in
January 1996.

The Company is currently regulated by the Board of Governors of
the Federal Reserve System ("FRB").  The Bank is currently
regulated by the Office of the Comptroller of the Currency ("OCC")
and the Federal Deposit Insurance Corporation ("FDIC").

Crowe Horwath LLP, in Costa Mesa, California, issued a "going
concern" qualification on the financial statements for the year
ended Dec. 31, 2011.  The independent auditors noted that the
Company has a tax sharing liability to its consolidated subsidiary
that exceeds its available cash.  The liability will be settled
pursuant to the tax sharing agreement on or before April 2, 2012,
at which point the Company will run out of operating cash.  "In
addition, the Company is in default under the terms of a $5
million line of credit with another financial institution lender.
Finally, the Company has sustained recurring operating losses
mainly caused by elevated levels of loan losses, and as discussed
in Note 15, the Company and its Bank subsidiary, Broadway Federal
Bank are both under formal regulatory agreements."

The Company's balance sheet at March 31, 2012, showed $413.38
million in total assets, $390.59 million in total liabilities and
$22.79 million in total stockholders' equity.


BROWNIE'S MARINE: Posts $441,200 Net Loss in Q1 2012
----------------------------------------------------
Brownie's Marine Group, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $441,201 on $608,126 of revenues for
the three months ended March 31, 2012, compared with a net loss of
$273,404 on $362,900 of revenues for the comparable period last
year.

The Company's balance sheet at March 31, 2012, showed
$1.94 million in total assets, $2.70 million in total liabilities,
and a stockholders' deficit of $757,489.

As reported in the TCR on April 2, 2012, L.L. Bradford & Company,
LLC, in Las Vegas, Nevada, expressed substantial doubt about
Brownie's Marine Group's ability to continue as a going concern,
following the Company's results for the fiscal year ended Dec. 31,
2011.  The independent auditors noted that the Company has a
working capital deficiency and recurring losses and will need to
secure new financing or additional capital in order to pay its
obligations.

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

                       http://is.gd/9n0xvm

Brownie's Marine Group, Inc., does business through its wholly
owned subsidiary, Trebor Industries, Inc., d/b/a Brownie's Third
Lung, a Florida corporation.  The Company designs, tests,
manufactures and distributes recreational hookah diving, yacht
based scuba air compressor and nitrox generation systems, and
scuba and water safety products.  BWMG sells its products both on
a wholesale and retail basis, and does so from its headquarters
and manufacturing facility in Fort Lauderdale, Florida.  The
Company's common stock is quoted on the OTC BB under the symbol
"BWMG".  The Company's website is www.browniesmarinegroup.com.


CASPIAN SERVICES: Posts $3.8 Million Net Loss in March 31 Quarter
-----------------------------------------------------------------
Caspian Services, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $3.76 million on $4.39 million of revenues
for the three months ended March 31, 2012, compared with a net
loss of $2.14 million on $10.97 million of revenues for the three
months ended March 31, 2011.

For the six months ended March 31, 2012, the Company reported a
net loss of $8.26 million on $12.62 million of revenues, compared
with a net loss of $3.65 million on $26.14 million of revenues for
the six months ended March 31, 2011.

The Company's balance sheet at March 31, 2012, showed
$92.96 million in total assets, $82.30 million in total
liabilities, and stockholders equity of $10.66 million.

"The ability of the Company to continue as a going concern is
dependent upon, among other things, the Company's ability to reach
agreement with EBRD to restructure the EBRD financing agreements
and successfully close the Loan Restructuring Agreement or to
repay its debt obligations by obtaining additional financing or
selling business segments or assets," the Company said in the
filing.  "Uncertainty as to the outcome of these factors raises
substantial doubt about the Company?s ability to continue as a
going concern.

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

                       http://is.gd/Jy3q78

Hansen, Barnett & Maxwell, P.C., in Salt Lake City, Utah,
expressed substantial doubt about Caspian Services' ability to
continue as a going concern, following the Company's results for
the fiscal year ended Sept. 30, 2011.  The independent auditors
noted that a Company creditor has indicated that it believes the
Company may be in violation of certain covenants of certain
substantial financing agreements.  "The financing agreements have
acceleration right features that, in the event of default allow
for the loan and accrued interest to become immediately due and
payable.  As a result of this uncertainty, the Company has
included the note payable and all accrued interest as current
liabilities at Sept. 30, 2011.  At Sept. 30, 2011, the Company had
negative working capital of $50,454,000.  Uncertainty as to the
outcome of these factors raises substantial doubt about the
Company's ability to continue as a going concern."

About Caspian Services

Salt Lake City, Utah-based Caspian Services, Inc.'s business
consists of three major business segments:

Vessel Operations -- Vessel operations consist of chartering a
fleet of shallow draft offshore support vessels to customers
performing oil and gas exploration activities in the Kazakhstan
Sector of the North Caspian Sea.

Geophysical Services -- Geophysical services consist of providing
seismic data acquisition services to oil and gas companies
operating both onshore in Kazakhstan and offshore in the
Kazakhstan sector of the North Caspian Sea and the adjacent
transition zone.

Marine Base Services -- Marine Base Services consists of operating
a marine base located at the Port of Bautino on the North Caspian
Sea.


CELL THERAPEUTICS: Estimates $7.2 Million Net Loss in May
---------------------------------------------------------
Cell Therapeutics, Inc., provided information pursuant to a
request from the Italian securities regulatory authority, CONSOB,
pursuant to Article 114, Section 5 of the Unified Financial Act,
that the Company issue at the end of each month a press release
providing a monthly update of certain information relating to the
Company's management and financial situation.

The Company estimated a net loss attributable to common
shareholders of US$7.23 million on US$0 of net revenue for the
month ended May 31, 2012, compared with a net loss attributable to
common shareholders of US$5.15 million on US$0 of net revenue
during the prior month.

Estimated research and development expenses were $2.3 million for
the month of April 2012 and $2.5 million for the month of May
2012.

                    NASDAQ Noncompliance Notice

On June 29, 2012, the Company received a notice from The NASDAQ
Stock Market indicating that for 30 consecutive business days the
closing bid price of the Company's common stock was below the
minimum $1.00 per share requirement for continued listing of the
Company's common stock on The NASDAQ Capital Market under NASDAQ
Listing Rule 5550(a)(2).  This notification has no immediate
effect on the listing of or the ability to trade the Company's
common stock on The NASDAQ Capital Market.

NASDAQ Listing Rule 5810(c)(3)(A) provides the Company with a
grace period of 180 calendar days, or until Dec. 26, 2012, to
regain compliance.  The Company will achieve compliance if the
closing bid price of the Company's common stock is $1.00 per share
or more for a minimum of 10 consecutive business days before
Dec. 26, 2012.

                      About Cell Therapeutics

Headquartered in Seattle, Washington, Cell Therapeutics, Inc.
(NASDAQ and MTA: CTIC) -- http://www.CellTherapeutics.com/-- is a
biopharmaceutical company committed to developing an integrated
portfolio of oncology products aimed at making cancer more
treatable.

Cell Therapeutics reported a net loss attributable to CTI of
$62.36 million in 2011, compared with a net loss attributable to
CTI of $82.64 million in 2010.

The Company's balance sheet at March 31, 2012, showed $44.15
million in total assets, $18.50 million in total liabilities
$13.46 million in common stock purchase warrants, and $12.18
million in total shareholders' equity.

                     Going Concern Doubt Raised

The report of Marcum LLP, in San Francisco, Calif., dated March 8,
2012, expressed an unqualified opinion, with an explanatory
paragraph as to the uncertainty regarding the Company's ability to
continue as a going concern.

The Company's available cash and cash equivalents are $47.1
million as of Dec. 31, 2011.  The Company's total current
liabilities were $17.8 million as of Dec. 31, 2011.  The Company
does not expect that it will have sufficient cash to fund its
planned operations beyond the second quarter of 2012, which raises
substantial doubt about the Company's ability to continue as a
going concern.

                        Bankruptcy Warning

The Form 10-K for the year ended Dec. 31, 2011, noted that if the
Company receives approval of Pixuvri by the EMA or the FDA, it
would anticipate significant additional commercial expenses
associated with Pixuvri operations.  Accordingly, the Company will
need to raise additional funds and are currently exploring
alternative sources of equity or debt financing.  The Company may
seek to raise that capital through public or private equity
financings, partnerships, joint ventures, disposition of assets,
debt financings or restructurings, bank borrowings or other
sources of financing.  However, the Company has a limited number
of authorized shares of common stock available for issuance and
additional funding may not be available on favorable terms or at
all.  If additional funds are raised by issuing equity securities,
substantial dilution to existing shareholders may result.  If the
Company fails to obtain additional capital when needed, it may be
required to delay, scale back, or eliminate some or all of its
research and development programs and may be forced to cease
operations, liquidate its assets and possibly seek bankruptcy
protection.


CHINA CEETOP.COM: Posts $238,300 Net Loss in Q1 2012
----------------------------------------------------
China Ceetop.com, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $238,299 on $1.31 million of sales for the
three months ended March 31, 2012, compared with a net loss of
$393,458 on $3.45 million of sales for the same period last year.

The Company's balance sheet at March 31, 2012, showed
$1.23 million in total assets, $457,858 in total current
liabilities, and stockholders' equity of $776,737.

As reported in the TCR on April 23, 2012, Clement C. W. Chan &
Co., in Hong Kong, expressed substantial doubt about China
Ceetop.com's ability to continue as a going concern, following the
Company's results for the fiscal year ended Dec. 31, 2011.  The
independent auditors noted that the Company incurred a net loss of
$1.65 million for the year ended Dec. 31, 2011, and has an
accumulated deficit of $4.32 million at Dec. 31, 2011.

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

                       http://is.gd/ty2Z7g

Shenzhen, China-based China Ceetop.com, Inc., an Oregon-registered
corporation, is a leading Business-to-Consumer ("B2C") e-commerce
company.  The Company owns and operates the online platform
http://www.ceetop.com/

The Company mainly focuses on selling Computers/
Communications/Consumer roducts online and providing a trading
information platform for both buyers and sellers as software as a
service.  The Company carries a wide range of products in assorted
categories, including mainstream digital products, home
appliances, kitchen appliances, personal care, and lifestyle
products, etc. under well-known international and Chinese brands.


CITY NATIONAL: P. Pinkett & H. Williams Elected to Board
--------------------------------------------------------
City National Bancshares Corporaion held its annual meeting of
shareholders at which the shareholders voted for the (i) election
of Preston D. Pinkett, III and H. O'Neil Williams to serve until
the Company's 2015 Annual Meeting of Shareholders, (ii) approval
of the Company's executive compensation in a non-binding advisory
vote; and (iii) ratification of the appointment of KPMG LLP as the
Company's independent registered public accounting firm for the
2012 fiscal year ending Dec. 31, 2012.

                   About City National Bancshares

Newark, New Jersey-based City National Bancshares Corporation is a
New Jersey corporation incorporated on Jan. 10, 1983.  City
National Bank, a wholly-owned subsidiary of CNBC, is a national
banking association chartered in 1973 under the laws of the United
States of America and has one subsidiary, City National
Investments, Inc., an investment company which holds, maintains
and manages investment assets for CNB.  CNB provides a wide range
of retail and commercial banking services through its retail
branch network, although the primary focus is on establishing
commercial and municipal relationships.

The Company reported a net loss of $3.67 million in 2011, a net
loss of $7.45 million in 2010, and a net loss of $7.82 million in
2009.

The Company's balance sheet at Dec. 31, 2011, showed
$358.44 million in total assets, $338.67 million in total
liabilities and $19.77 million in total stockholders' equity.

KPMG LLP, in Short Hills, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the
period ended Dec. 31, 2011.  The independent auditors noted that
the Company has suffered recurring losses from operations and has
entered into a consent order with the Office of the Comptroller of
the Currency that raise substantial doubt about its ability to
continue as a going concern.


CLARE AT WATER: OK'd to Obtain $12MM DIP Loan from Redwood Capital
------------------------------------------------------------------
The Hon. Timothy A. Barnes of the U.S. Bankruptcy Court for the
Northern District of New York, in an amended final order,
authorized The Clare at Water Tower to:

   -- obtain postpetition financing in the form of a multiple draw
      term loan made available to the Debtor in a principal amount
      of up to $12,000,000 from Redwood Capital Investments, LLC
      or its assignee;

   -- use cash collateral; and

   -- grant the lender superpriority claims and first priority
      senior to any prepetition or postpetition liens, subject to
      carve out on certain expenses.

The Court also ordered that in accordance with the Debtor's Fifth
Amended Plan of Reorganization, the lender will be paid in cash at
closing from the proceeds of the asset sale.

As reported in the Troubled Company Reporter on Jan. 13, 2012,
on Dec. 21, 2011, the Court entered a final order authorizing the
Debtor to obtain up to $12,000,000 in postpetition financing on a
senior secured superpriority basis from Redwood Capital, or its
designee.

The DIP Facility maturity terminates by May 11, 2012, and requires
the Debtor to pursue a sale of its assets.

                  About The Clare at Water Tower

The Clare at Water Tower is an upscale 334-unit high-rise
continuing-care retirement community in Chicago, Illinois.  The
project is only 42% occupied because the target population either
hasn't been able to sell homes or lacks sufficient cash to make
required deposits as the result declining investments following
the recession.  The facility is a 53-story building on land rented
from Loyola University of Chicago.  The facility is managed and
developed by a unit of the Franciscan Sisters of Chicago, who
invested more than $14 million.  The project opened in December
2008.  Residents must make partially refundable deposits ranging
from $263,000 to $1.2 million.  Monthly fees are an additional
$2,700 to $5,500.

The Clare filed for Chapter 11 protection (Bankr. N.D. Ill. Case
No. 11-46151) on Nov. 14, 2011, after defaulting on $229 million
in tax-exempt bond financing used to build the project.

Matthew M. Murphy, Esq., at DLA Piper LLP, serves as the Debtor's
counsel.  Houlihan Lokey Capital, Inc., as its investment banker
and financial advisor.  Deloitte Financial Advisory Services LLP
serves as restructuring advisor.  Epiq Bankruptcy Solutions serves
as claims and noticing agent.  The Debtor, in its amended
schedules, disclosed $56.8 million in assets and $321.7 million in
liabilities.  The petition was signed by Judy Amiano, president.

The Official Committee of Unsecured Creditors proposed to retain
SNR Denton US LLP as counsel.  The Committee also tapped FTI
Consulting, Inc., as its financial advisor.


CLARE OAKS: Pays $15,000 to Extend Auction Deadline to Aug. 21
--------------------------------------------------------------
Clare Oaks asks the U.S. Bankruptcy Court for the Northern
District of Illinois to approve a fourth amendment to its senior
secured superpriority debtor-in-possession loan agreement.

The Debtor has agreed to pay a fee of $15,000 to the DIP Lender
for the amendment.  The bank and the Master Trustee have consented
to the proposed amendments to the budget and the final order.

Pursuant to the amendment, the Debtor agrees to market and sell
substantially all of their assets, in consultation with their
advisors, and to meet these milestones, among other things:

   (i) if applicable, by Aug. 21, 2012, the Debtor will have
       conducted an auction for the purchase of all or
       substantially all of the Debtor's assets;

  (ii) not later than Aug. 23, 2012, the Court will have held a
       hearing to approve the sale of Debtor's assets to the
       stalking horse bidder or other bidder making a higher and
       better offer for the assets;

(iii) the Debtor will close the sale of all or substantially all
       of the Debtor's assets by Sept. 30, 2012.

On June 13, the Court approved the Third Amendment to senior
secured superpriority debtor-in-possession loan agreement.
That amendment extended the loan maturity to Aug. 31, and extended
the deadline to conduct an auction by Aug. 14.

A full-text copy of the amendment is available for free at:

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

                         About Clare Oaks

Clare Oaks, an Illinois not-for-profit corporation organized under
section 501(c)(3) of the Internal Revenue Code, operates a
namesake continuing care retirement community in Bartlett,
Illinois.  Its members are the Sisters of St. Joseph of the Third
Order of St. Francis, a Roman Catholic religious institute, who
are elected and serving as the members of the Central Board of the
Congregation.  Clare Oaks is managed by CRSA/LCS Management LLC,
an affiliate of Life Care Services LLC.

Clare Oaks filed for Chapter 11 bankruptcy (Bankr. N.D. Ill. Case
No. 11-48903) on Dec. 5, 2011.  Judge Pamela S. Hollis presides
over the case.  David R. Doyle, Esq., George R. Mesires, Esq., and
Patrick F. Ross, Esq., at Ungaretti & Harris LLP, in Chicago,
serve as the Debtor's counsel.  North Shores Consulting serves as
the Debtor's operations consultant.  Continuum Development
Services and Alvarez & Marsal Healthcare Industry Group LLC serve
as advisors.  Alvarez & Marsal's Paul Rundell serves as the Chief
Restructuring Officer.  Sheila King Marketing + Public Relations
serves as communications advisors.  CliftonLarsonAllen is the
Debtor's accountants.  B.C. Ziegler and Company is the Debtor's
proposed investment banker and financial advisor.  In its
petition, Clare Oaks estimated $100 million to $500 million in
assets and debts.  The petition was signed by Michael D. Hovde,
Jr., president.

Attorneys at Neal Wolf & Associates, LLC, represent the Official
Committee of Unsecured Creditors as counsel.

Wells Fargo, as master trustee and bond trustee, is represented by
Daniel S. Bleck, Esq., and Charles W. Azano, Esq., at Mintz Levin
Cohen Ferris Glovsky and Popeo PC; and Robert M. Fishman, Esq.,
and Allen J. Guon, Esq., at Shaw Gussis Fishman Glantz Wolfson &
Towbin LLC.  Sovereign Bank, the letters of credit issuer, is
represented by John R. Weiss, Esq., at Duane Morris LLP.  Senior
Care Development LLC, the DIP Lender, is represented by William S.
Fish, Jr., Esq., and Sarah M. Lombard, Esq., at Hinckley Allen &
Snyder LLP.


COMMERCETEL CORP: Posts $1.69 Million Net Loss in Q1 2012
---------------------------------------------------------
CommerceTel Corporation filed its quarterly report on Form 10-Q,
reporting a net loss of $1.69 million on $1.01 million of revenues
for the three months ended March 31, 2012, compared with a net
loss of $1.31 million on $140,638 of revenues for the comparable
period in 2011.

The Company's balance sheet at March 31, 2012, showed
$4.57 million in total assets, $9.19 million in total liabilities,
and a stockholders' deficit of $4.62 million.

M&K CPAs, PLLC, in Houston, Texas, expressed substantial doubt
about CommerceTel Corporation's ability to continue as a going
concern, following the Company's results for the fiscal year ended
Dec. 31, 2011.  The independent auditors noted that the Company
has incurred recurring operating losses and negative cash flows
from operations and is dependent on additional financing to fund
operations.

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

                       http://is.gd/6i2y3h

CommerceTel Corporation, headquartered in Chandler, Ariz., is a
provider of technology that enables major brands and enterprises
to engage consumers via their mobile phone.


COMMUNITY SHORES: Bruce Essex Owns 8.5% of Total Shares
-------------------------------------------------------
In a Schedule 13G filing with the U.S. Securities and Exchange
Commission, Bruce J. Essex, Jr., disclosed that, as of June 25,
2012, he beneficially owns 125,250 shares of common stock of
Community Shores Bank Corporation which represents 8.5% of the
shares outstanding.  Mr. Essex is the President and Chief
Executive Officer of Port City.

A copy of the filing is available at:

                        http://is.gd/OacfI3

                       About Community Shores

Muskegon, Mich.-based Community Shores Bank Corporation, organized
in 1998, is a Michigan corporation and a bank holding company.
The Company owns all of the common stock of Community Shores Bank.
The Bank was organized and commenced operations in January 1999 as
a Michigan chartered bank with depository accounts insured by the
FDIC to the extent permitted by law.  The Bank provides a full
range of commercial and consumer banking services primarily in the
communities of Muskegon County and Northern Ottawa County.

After auditing the 2011 results, Crowe Horwath LLP, in Grand
Rapids, Michigan, expressed substantial doubt about the Company's
ability to continue as a going concern.  The independent auditors
noted that the Company has incurred significant recurring
operating losses, is in default of its notes payable
collateralized by the stock of its wholly-owned bank subsidiary,
and the subsidiary bank is undercapitalized and is not in
compliance with revised minimum regulatory capital requirements
under a formal regulatory agreement which has imposed limitations
on certain operations.

The Company reported a net loss of $2.46 million in 2011, compared
with a net loss of $8.88 million in 2010.

The Company's balance sheet at March 31, 2012, showed
$219.42 million in total assets, $220.94 million in total
liabilities, and a $1.52 million total shareholders' deficit.


CONTRACT RESEARCH: Wants Until Nov. 21 to Propose Chapter 11 Plan
-----------------------------------------------------------------
Contract Research Solutions, Inc., et al., ask the U.S. Bankruptcy
Court for the District of Delaware to extend their exclusive
periods to file and solicit acceptances for the proposed chapter
11 Plan until Nov. 21, 2012, and Jan. 20, 2013, respectively.

According to the Debtors, cause exists to extend the exclusive
periods, because, among other things:

   1. the Chapter 11 cases are large and complex;

   2. the Debtors need additional time to negotiate and prepare
      adequate information; and

   3. the cases have been pending for less than three months.

The Debtors relate that allowing other parties to propose
competing plans could potentially undo their progress relating to
the Global Settlement with the prepetition secured lenders and the
Committee in support of the sale and providing for the orderly
wind down.

As reported in the Troubled Company Reporter on June 22, 2012,
Cetero Research disclosed the completion of a major milestone in
its reorganization efforts.  Following the company filing for
reorganization under Chapter 11 and the U.S. District Bankruptcy
Court's approval of the sale of Cetero to its investor group, led
by Freeport Financial, the sale of the company was finalized on
June 20.

The Debtors set a hearing on Aug. 8, at 11 a.m. (ET).  Objections,
if any, are due July 11, at 4 p.m.

                           About Cetero

Contract Research Solutions Inc., doing business as Cetero, a
provider of early-phase clinical research services for
pharmaceutical and biotechnology firms, filed a Chapter 11
petition (Bankr. D. Del. Case No. 12-11004) on March 26, 2012.
Cetero's 19 affiliates also sought bankruptcy protection (Bankr.
D. Del. Case Nos. 12-11005 to 12-11023).

Cetero plans to sell the business, including their rights to
pursue avoidance actions, to first-lien secured lenders in
exchange for $50 million in debt, absent higher and better offers.
Cetero has filed a motion seeking approval of procedures that will
govern the bidding and auction.  The first-lien lenders have
formed entities that will acquire the business -- CSRI Holdings
LLC, as U.S. Purchaser, and 0935867 B.C. Ltd and 0935870 B.C. Ltd,
as Canadian Purchasers.  Together, they will serve as stalking
horse bidders and have offered to exchange $50 million in secured
debt and assume $30 million in liabilities to buy the assets.
First lien lenders are also providing a $15 million loan to
finance the Chapter 11 effort.

Assets are $205 million, with debt total $248 million.  There is
$185 million in debt for borrowed money, including $116 million on
a first-lien term loan and revolving credit.  The second-lien loan
is $25 million.  Second-lien lenders have agreed to the sale.

Freeport Financial LLC serves as the sole lead arranger and
bookrunner, and as U.S. administrative agent and collateral agent
under the first lien facility.  Bank of Montreal serves as the
Canadian agent.  Freeport is also the agent under the second lien
facility.

Judge Kevin Gross oversees the case.  Lawyers at Young Conaway
Stargatt & Taylor, LLP, and Paul Hastings LLP serve as the
Debtors' counsel.  Stikeman Elliott LLP serves as Canadian
counsel.  Carl Marks Advisory Group LLC serves as restructuring
advisor.  Epiq Bankruptcy Solutions serves as claims and notice
agent.  The petitions were signed by Michael T. Murren, CFO.

The first lien lenders and the stalking horse buyers are
represented by Peter Knight, Esq., at Latham & Watkings, LLP; and
Wael Rostom, Esq., at McMillan LLP.

Roberta A. Deangelis, U.S. Trustee for Region 3 appointed three
persons to the Official Committee of Unsecured Creditors in the
Chapter 11 cases of Contract Research.


CROATAN SURF: Plan Outline Hearing Continued Until Aug. 23
----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina has continued until Aug. 23, 2012, at 10 a.m., the
hearing to consider adequacy of the Disclosure Statement
explaining Croatan Surf Club, LLC's Second Amended Chapter 11
Plan.

According to the Disclosure Statement, unsecured creditors holding
claims will be paid in full as set forth in the Plan.  A copy of
the Second Amended Disclosure Statement is available for
free at http://bankrupt.com/misc/CroatanSurf_AmendedDS.pdf

Croatan Surf Club, LLC owns a 36-unit condominium complex in Kill
Devil Hills, North Carolina.  It filed for Chapter 11 bankruptcy
protection (Bankr. E.D.N.C. Case No. 11-00194) on Jan. 10, 2011.
Walter L. Hinson, Esq., at Hinson & Rhyne, P.A., in Wilson, N.C.,
serve as counsel to the Debtor.  Kevin J. Silverang, Esq., and
Philip S. Rosenzweig, Esq., at Silverang & Donohoe, LLC, in St.
Davids, Pa., serve as co-counsel to the Debtor.  No creditors
committee has been formed in the case.  In its schedules, the
Debtor disclosed $26,151,718 in assets and $19,350,000 in
liabilities.


CYBERDEFENDER: Changes Name to CYDE Liquidating Co.
---------------------------------------------------
The Hon. Brendan L. Shannon of the Bankruptcy Court for the
District of Delaware has approved motion of CyberDefender
Corporation to change its name to CYDE Liquidating Co.

As reported in the Troubled Company Reporter on May 31, 2012,
CyberDefender obtained authority to sell the business to GR Match
LLC for $12 million in debt and $250,000 cash.  There were no
competing bids, so an auction was canceled.  The buyer will also
cure the Debtor's obligation to Oracle America Inc., successor-in-
interest to RightNow Technologies Inc.

                        About CyberDefender

Los Angeles, Calif.-based CyberDefender Corporation provides
remote LiveTech services and security and computer optimization
software to the consumer and small business market.  The Company's
mission is to bring to market advanced solutions to protect
computer users against Internet viruses, spyware, identity theft
and related security threats.

In regulatory filings, the Company disclosed $7.96 million in
total assets, $42.54 million in total liabilities, and a $34.58
million total stockholders' deficit, as of Sept. 30, 2011.

CyberDefender filed for Chapter 11 protection (Bankr. D. Del. Case
No. 12-10633) on Feb. 23, 2012.  The Company entered into an asset
purchase agreement with GR Match LLC, an affiliate of Guthy-
Renker, to sell substantially all of its assets as a going concern
to GR Match, the senior secured lender.  The buyer committed to
provide up to $4.6 million in debtor-in-possession financing.

XRoads Solutions Group, LLC serves as financial advisor to the
Company and Pachulski Stang Ziehl & Jones LLP (James E. O'Neill)
serves as bankruptcy counsel.

An official committee of unsecured creditors has been appointed in
the case.


DELTA PETROLEUM: Lays Off EVP Stanley Freedman, Other Employees
---------------------------------------------------------------
In connection with its ongoing Chapter 11 proceedings, Delta
Petroleum Corporation implemented a reduction in force of certain
of its employees and officers, which included Stanley F. Freedman,
the Company's then acting Executive Vice President, General
Counsel and Secretary.

                       About Delta Petroleum

Delta Petroleum Corporation (NASDAQ: DPTR) is an independent oil
and gas company engaged primarily in the exploration for, and the
acquisition, development, production, and sale of, natural gas and
crude oil.  Natural gas comprises over 90% of Delta's production
services.  The core area of its operations is the Rocky Mountain
Region of the United States, where the majority of the proved
reserves, production and long-term growth prospects are located.

Delta and seven of its subsidiaries sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Case Nos. 11-14006 to 11-14013,
inclusive) on Dec. 16, 2011, roughly six weeks before the Jan. 31,
2012 scheduled maturity of its $38.5 million secured credit
facility with Macquarie Bank Limited and after several months of
unsuccessful attempts to sell the business.  Delta disclosed
$375,498,248 in assets and $310,679,157 in liabilities, which also
include $152,187,500 in outstanding obligations on account of the
7% senior unsecured notes issued in March 2005 with US Bank
National Association indenture trustee; and $115,527,083 in
outstanding obligations on account of 3-3/4% Senior Convertible
Notes due 2037 issued in April 2007.  In its amended schedules,
the Delta Petroleum disclosed $373,836,358 in assets and
$312,864,788 in liabilities.

W. Peter Beardsley, Esq., Christopher Gartman, Esq., Kathryn A.
Coleman, Esq., and Ashley J. Laurie, Esq., at Hughes Hubbard &
Reed LLP, in New York, N.Y., represent the Debtors as counsel.
Derek C. Abbott, Esq., Ann C. Cordo, Esq., and Chad A. Fights,
Esq., at Morris, Nichols, Arsht & Tunnel LLP, in Wilmington, Del.,
represent the Debtors as co-counsel.  Conway Mackenzie is the
Debtors' restructuring advisor.  Evercore Group L.L.C. is the
financial advisor and investment banker.  The Debtors selected
Epiq Bankruptcy Solutions, LLC as claims and noticing agent.  The
petition was signed by Carl E. Lakey, chief executive officer and
president.

Laramie Energy II LLC has been approved by the Court to serve as
the sponsor for Delta's reorganization plan.

Roberta A. Deangelis, U.S. Trustee for Region 3, appointed three
creditors to serve on the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Delta Petroleum.


DEWEY & LEBOEUF: US Trustee Tries to Block Hiring of Law Firms
--------------------------------------------------------------
Erin Geiger Smith at Reuters reports that Hope Davis, the U.S.
Trustee in the Dewey & LeBoeuf bankruptcy case, objected on Friday
to the retention of law firms Proskauer Rose LLP and Keightley &
Ashner LLP to advise on claims brought by the Debtor's largest
unsecured creditor, the U.S. Pension Benefit Guaranty Corporation.

The Trustee argued that the case does not "warrant the need for
two law firms to perform what appear to be the same services,"
Reuters relates.  According to Reuters, the Trustee also
questioned whether Proskauer has conflicts in representing the
Debtor.

Reuters states that the Trustee also objected to the hiring of
public relations consultants Sitrick and Company.  According to
the report, the Trustee said that the Debtor is in the process of
winding down and that it had "failed to demonstrate the necessity
of hiring a public relations firm in a liquidation case."

                       About Dewey & LeBoeuf

New York-based law firm Dewey & LeBoeuf LLP sought Chapter 11
bankruptcy (Bankr. S.D.N.Y. Case No. 12-12321) to complete the
wind-down of its operations.  The firm had struggled with high
debt and partner defections.  Dewey disclosed debt of $245 million
and assets of $193 million in its chapter 11 filing late evening
on May 29, 2012.

Dewey & LeBoeuf was formed by the 2007 merger of Dewey Ballantine
LLP and LeBoeuf, Lamb, Greene & MacRae LLP.  At its peak, Dewey
employed about 2,000 people with 1,300 lawyers in 25 offices
across the globe.  When it filed for bankruptcy, only 150
employees were left to complete the wind-down of the business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed. Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for $6
million.  The Pension benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

Dewey & LeBoeuf has won Court authority to use lenders' cash
collateral through July 31, 2012.


DEWEY & LEBOEUF: Former Partners' Panel Taps KBT&F as Counsel
-------------------------------------------------------------
The Official Committee of Former Partners in the Chapter 11 cases
of Dewey & Leboeuf LLP, asks the U.S. Bankruptcy Court for the
Southern District of New York for permission to retain Kasowitz,
Benson, Torres & Friedman LLP as its counsel, effective nunc pro
tunc to June 4, 2012.

On May 31, 2012, the Office of the U.S. Trustee appointed (i) the
Former Partners' Committee and (ii) the Official Committee of
Unsecured Creditors.  The members of the Former Partners'
Committee are David P. Bicks, Cameron F. MacRae, John S. Kinzey
and John P. Campo.

KBT&F will, among other things:

   a. provide the Former Partners' Committee with legal advice
      with respect to its rights, duties and powers as an official
      committee appointed under section 1102 of the Bankruptcy
      Code;

   b. assist the Former Partners' Committee in investigating the
      acts, conduct, assets, liabilities and financial condition
      of the Debtor; and

   c. take all necessary actions to protect and to preserve the
      interests of the Former Partners' Committee and the
      interests of those represented by the committee during the
      administration of the case, including, as applicable and
      necessary, prosecuting and defending actions on behalf of
      the estate, to the extent standing is sought by the Former
      Partners' Committee and granted by the Court.

KBT&F's hourly rates charged to bankruptcy and nonbankruptcy
clients are:

         Partners                      $540 - $1,155
         Special Counsel               $535 -   $840
         Associates                    $290 -   $675
         Staff Attorneys               $235 -   $445
         Paralegals                    $150 -   $275

To the best of the Former Partners' Committee's knowledge, KBT&F
does not represent any entity having an adverse interest in
connection with the Chapter 11 case.

The Committee set a hearing on July 9, at 3 p.m. (Eastern Time)
for the application.

                       About Dewey & LeBoeuf

New York-based law firm Dewey & LeBoeuf LLP sought Chapter 11
bankruptcy (Bankr. S.D.N.Y. Case No. 12-12321) to complete the
wind-down of its operations.  The firm had struggled with high
debt and partner defections.  Dewey disclosed debt of $245 million
and assets of $193 million in its chapter 11 filing late evening
on May 29, 2012.

Dewey & LeBoeuf was formed by the 2007 merger of Dewey Ballantine
LLP and LeBoeuf, Lamb, Greene & MacRae LLP.  At its peak, Dewey
employed about 2,000 people with 1,300 lawyers in 25 offices
across the globe.  When it filed for bankruptcy, only 150
employees were left to complete the wind-down of the business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed. Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million.  The Pension benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

Dewey & LeBoeuf has won Court authority to use lenders' cash
collateral through July 31, 2012.


DYNEGY HOLDINGS: Disclosures Okayed; Confirmation Hearing Sept. 5
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York,
Poughkeepsie Division, has approved the disclosure statement for
Dynegy Holdings LLC's (DH) modified third amended plan of
reorganization proposed by DH and Dynegy Inc., as well as the
procedures for soliciting formal creditor votes on the amended
plan of reorganization.

Approval of the disclosure statement allows DH to begin soliciting
formal creditor votes on the amended plan of reorganization. The
deadline for voting on and for objecting to the modified third
amended plan of reorganization is Aug. 24, 2012.

The plan is subject to confirmation by the U.S. Bankruptcy Court
and the confirmation hearing is scheduled for Sept. 5, 2012.

"This approval is a significant step forward for the Company and
firmly places us on track for a fall emergence.  We are looking
forward to completing the restructuring work and dedicating our
focus exclusively to running the business, executing on our
strategy and building value for all our stakeholders," said Robert
C. Flexon, President and Chief Executive Officer of both Dynegy
and DH.

                         About Dynegy Inc.

Through its subsidiaries, Houston, Texas-based Dynegy Inc.
(NYSE: DYN) -- http://www.dynegy.com/-- produces and sells
electric energy, capacity and ancillary services in key U.S.
markets.  The power generation portfolio consists of approximately
12,200 megawatts of baseload, intermediate and peaking power
plants fueled by a mix of natural gas, coal and fuel oil.

In August, Dynegy implemented an internal restructuring that
created two units, one owning eight primarily natural gas-fired
power generation facilities and another owning six coal-fired
plants.

Dynegy missed a $43.8 million interest payment Nov. 1, 2011, and
said it was discussing options for managing its debt load with
certain bondholders.

Dynegy Holdings LLC and four other affiliates of Dynegy Inc.
sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case
No. 11-38111) Nov. 7 to implement an agreement with a
group of investors holding more than $1.4 billion of senior notes
issued by Dynegy's direct wholly-owned subsidiary, Dynegy
Holdings, regarding a framework for the consensual restructuring
of more than $4.0 billion of obligations owed by DH.  If this
restructuring support agreement is successfully implemented, it
will significantly reduce the amount of debt on the Company's
consolidated balance sheet.

Dynegy Holdings disclosed assets of $13.77 billion and debt of
$6.18 billion, while Roseton LLC and Dynegy Danskammer LLC each
estimated $100 million to $500 million in assets and debt.

Dynegy Holdings and its affiliated debtor-entities are represented
in the Chapter 11 proceedings by Sidley Austin LLP as their
reorganization counsel.  Dynegy and its other subsidiaries are
represented by White & Case LLP, who is also special counsel to
the Debtor Entities with respect to the Roseton and Danskammer
lease rejection issues.

Dynegy was advised by Lazard Freres & Co. LLC and the Debtor
Entities' financial advisor is FTI Consulting.

The Official Committee of Unsecured Creditors has tapped Akin Gump
Strauss Hauer & Feld LLP as counsel nunc pro tunc to November 16,
2011.


EAST COAST: Wins Confirmation of Reorganization Plan
----------------------------------------------------
The Hon. Randy D. Doub of the U.S. Bankruptcy Court for the
Eastern District of North Carolina confirmed East Coast
Development II, LLC's Plan of Reorganization, as twice amended.

On April 20, 2012 the Debtor filed an amendment and restatement of
Exhibits A, B, and C to the Disclosure Statement.  A full-text
copy of the amendment is available for free at:

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

As reported in the Troubled Company Reporter on Aug. 18, 2011,
Administrative costs and expenses in Class 1 will be paid in cash
and in full within 10 days from the Effective Date of the Plan.

Ad Valorem Taxes in Class 2 will be paid in full in quarterly
payments over a period of five years from the Petition Date.

The Debtor is aware of no claims in Class 3.  Unsecured priority
tax claims and secured tax claims, if any, will be paid in full in
quarterly installments over a period not exceeding five (5) years
from the Petition Date.

Secured Claimants in Classes 4, 5, 6, 7 and 8 will be paid over
time.  Please refer to the Plan for the method of payment for each
creditor belonging to Classes 4 through 8.

The approximate total of general unsecured claims and known
deficiency claims in Class 9 is $1,517,698.  Of this amount,
$359,932 is owed to James A. McFarland, Jr., $155,000 is disputed
(Cindy York, Esq.), and $208,825.13 is contingent (Ruth Mazurek),
leaving $793,940 in undisputed, non-insider unsecured claims.  The
Debtor will pay allowed general unsecured claims in full in
quarterly installments of $39,697, commencing the earlier of
January 15, April 15, July 15, or Oct. 15 following 60 days after
the Effective Date and will continue quarterly thereafter for five
(5) years.  All payments to this class will be distributed pro
rata.

James A. McFarland, Jr., the sole member of the Debtor, will
retain his ownership interest upon confirmation of the Debtor's
Plan.

A copy of the Disclosure Statement is available at:

         http://bankrupt.com/misc/eastcoastdevt.plan.pdf

                    Plan Confirmation Objections

First Bank, as successor-in-interest to Cooperative Bank, opposed
confirmation of the Plan.  It complains, among other things, of
the deadline to complete foreclosure within 120 days after the
Effective Date and to file a deficiency claim within 180 days
after the Effective Date.

The U.S. Bankruptcy Administrator for the Eastern District of
North Carolina said that the Disclosure Statement is deficient.
It says the document fails to explain why the unsecured class
dividend has been amended from a 100% distribution to a $25,000
distribution.

Wells Fargo Bank, N.A., successor by merger to Wachovia Bank,
National Association, withdrew a request for relief from the
automatic stay.

                  About East Coast Development II

Wilmington, North Carolina-based East Coast Development II, LLC,
dba 100 Block of Market Street, LLC, is in the business of renting
real property located in Onslow County, New Hanover County,
Guilford County, Wake County, Brunswick County, North Carolina,
and Greenville County, Charleston County, and Richland County,
South Carolina.

East Coast filed for Chapter 11 bankruptcy protection (Bankr. E.D.
N.C. Case No. 11-02792) on April 8, 2011.  Amy M. Currin, Esq.,
and Trawick H. Stubbs, Jr., Esq., at Stubbs & Perdue, P.A., serve
as bankruptcy counsel.  Laurie R. Brown, CPA, serves as
accountant.

Keith Saieed of Blue Sky Services Real Estate serves as broker for
the sale of the Debtor's properties.  The Debtor disclosed
$24,792,275 in assets and $12,172,815 in liabilities as of the
Chapter 11 filing.

The U.S. Trustee has not yet appointed a creditors committee in
the Debtor's case. The U.S. Trustee reserves the right to appoint
such a committee should interest developed among the creditors.


EASTMAN KODAK: Wins Approval of Deloitte as Tax Advisor
-------------------------------------------------------
Eastman Kodak Co. and its affiliated debtors obtained approval of
an application to employ Deloitte Tax LLP as their tax adviser.

As tax adviser, the firm will be tasked to review existing global
organizational and tax entity structure.  Deloitte Tax will also
analyze Eastman Kodak's entity rationalization pertaining to
local country tax laws, meet with management regarding the
rationalization, among other services.

Eastman Kodak will pay Deloitte on an hourly basis and reimburse
the firm for its expenses.  The firm's hourly rates are:

    Personnel                   Hourly Rates
    ---------                   ------------
    Partner/Principal/Director   $651-$875
    Senior Manager               $564-$693
    Manager                      $494-$609
    Senior                       $375-$483
    Staff                        $210-$280

In a declaration, Robert Bentley, at Deloitte Tax, disclosed that
the firm does not hold interest adverse to Eastman Kodak or its
affiliated debtors.

                       About Eastman Kodak

Rochester, New York-based Eastman Kodak Company and its U.S.
subsidiaries on Jan. 19, 2012, filed voluntarily Chapter 11
petitions (Bankr. S.D.N.Y. Lead Case No. 12-10202) in Manhattan.
Subsidiaries outside of the U.S. were not included in the filing
and are expected to continue to operate as usual.

Kodak, founded in 1880 by George Eastman, was once the world's
leading producer of film and cameras.  Kodak sought bankruptcy
protection amid near-term liquidity issues brought about by
steeper-than-expected declines in Kodak's historically profitable
traditional businesses, and cash flow from the licensing and sale
of intellectual property being delayed due to litigation tactics
employed by a small number of infringing technology companies with
strong balance sheets and an awareness of Kodak's liquidity
challenges.

In recent years, Kodak has been working to transform itself from a
business primarily based on film and consumer photography to a
smaller business with a digital growth strategy focused on the
commercialization of proprietary digital imaging and printing
technologies.  Kodak has 8,900 patent and trademark registrations
and applications in the United States, as well as 13,100 foreign
patents and trademark registrations or pending registration in
roughly 160 countries.

Kodak disclosed $5.10 billion in assets and $6.75 billion in
liabilities as of Sept. 30, 2011.  The net book value of all
assets located outside the United States as of Dec. 31, 2011 is
$13.5 million.

Attorneys at Sullivan & Cromwell LLP and Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtors.  FTI Consulting,
Inc., is the restructuring advisor.  Lazard Freres & Co. LLC, is
the investment banker.  Kurtzman Carson Consultants LLC is the
claims agent.

The Official Committee of Unsecured Creditors has tapped
Milbank, Tweed, Hadley & McCloy LLP, as its bankruptcy counsel.

Michael S. Stamer, Esq., David H. Botter, Esq., and Abid Qureshi,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represent the
Unofficial Second Lien Noteholders Committee.

Robert J. Stark, Esq., Andrew Dash, Esq., and Neal A. D'Amato,
Esq., at Brown Rudnick LLP, represent Greywolf Capital Partners
II; Greywolf Capital Overseas Master Fund; Richard Katz, Kenneth
S. Grossman; and Paul Martin.


EASTMAN KODAK: Wins Approval to Expand PwC Work
-----------------------------------------------
Eastman Kodak Co. obtained approval of a supplemental application
to expand the scope of PricewaterhouseCoopers LLP's services.

If approved, PwC would provide audit services with respect to the
company's consolidated financial statements as of December 31,
2012.  The firm would also review Eastman Kodak's unaudited
consolidated quarterly financial information for each of the
first three quarters in the year ending December 31, 2012, before
its quarterly report is filed.

The hourly rates that will be charged by PwC professionals for
the additional services are:

    Personnel            Hourly Rates
    ---------            ------------
    National Office          $838
    Assurance/Tax/Risk
      Assurance Partner      $690
    Director                 $479
    Senior Manager           $413
    Manager                  $287
    Senior Associate         $221
    Associate                $144

PwC will also be reimbursed for any expenses incurred in
connection with those services.

                       About Eastman Kodak

Rochester, New York-based Eastman Kodak Company and its U.S.
subsidiaries on Jan. 19, 2012, filed voluntarily Chapter 11
petitions (Bankr. S.D.N.Y. Lead Case No. 12-10202) in Manhattan.
Subsidiaries outside of the U.S. were not included in the filing
and are expected to continue to operate as usual.

Kodak, founded in 1880 by George Eastman, was once the world's
leading producer of film and cameras.  Kodak sought bankruptcy
protection amid near-term liquidity issues brought about by
steeper-than-expected declines in Kodak's historically profitable
traditional businesses, and cash flow from the licensing and sale
of intellectual property being delayed due to litigation tactics
employed by a small number of infringing technology companies with
strong balance sheets and an awareness of Kodak's liquidity
challenges.

In recent years, Kodak has been working to transform itself from a
business primarily based on film and consumer photography to a
smaller business with a digital growth strategy focused on the
commercialization of proprietary digital imaging and printing
technologies.  Kodak has 8,900 patent and trademark registrations
and applications in the United States, as well as 13,100 foreign
patents and trademark registrations or pending registration in
roughly 160 countries.

Kodak disclosed $5.10 billion in assets and $6.75 billion in
liabilities as of Sept. 30, 2011.  The net book value of all
assets located outside the United States as of Dec. 31, 2011 is
$13.5 million.

Attorneys at Sullivan & Cromwell LLP and Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtors.  FTI Consulting,
Inc., is the restructuring advisor.   Lazard Freres & Co. LLC, is
the investment banker.  Kurtzman Carson Consultants LLC is the
claims agent.

The Official Committee of Unsecured Creditors has tapped
Milbank, Tweed, Hadley & McCloy LLP, as its bankruptcy counsel.

Michael S. Stamer, Esq., David H. Botter, Esq., and Abid Qureshi,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represent the
Unofficial Second Lien Noteholders Committee.

Robert J. Stark, Esq., Andrew Dash, Esq., and Neal A. D'Amato,
Esq., at Brown Rudnick LLP, represent Greywolf Capital Partners
II; Greywolf Capital Overseas Master Fund; Richard Katz, Kenneth
S. Grossman; and Paul Martin.


EASTMAN KODAK: Files Rule 2015.3 Report as of March 31
------------------------------------------------------
Eastman Kodak Co. and its affiliated debtors filed a report as of
March 31, 2012 on the value, operations and profitability of
those entities in which the estate holds a substantial or
controlling interest.

The report contains a valuation estimate for non-debtor entities
as of a date not more than two years prior to June 21, 2012, and
a description of the valuation method used.

The report also contains a balance sheet and other financial
statements including a statement of changes in shareholders' or
partners' equity for the period covered for each non-debtor
entity, and a list of all active entities of the company.

Eastman Kodak filed the report pursuant to Bankruptcy Rule
2015.3.  A copy of the report is available without charge at
http://bankrupt.com/misc/Kodak_ReportBR033112.pdf

                       About Eastman Kodak

Rochester, New York-based Eastman Kodak Company and its U.S.
subsidiaries on Jan. 19, 2012, filed voluntarily Chapter 11
petitions (Bankr. S.D.N.Y. Lead Case No. 12-10202) in Manhattan.
Subsidiaries outside of the U.S. were not included in the filing
and are expected to continue to operate as usual.

Kodak, founded in 1880 by George Eastman, was once the world's
leading producer of film and cameras.  Kodak sought bankruptcy
protection amid near-term liquidity issues brought about by
steeper-than-expected declines in Kodak's historically profitable
traditional businesses, and cash flow from the licensing and sale
of intellectual property being delayed due to litigation tactics
employed by a small number of infringing technology companies with
strong balance sheets and an awareness of Kodak's liquidity
challenges.

In recent years, Kodak has been working to transform itself from a
business primarily based on film and consumer photography to a
smaller business with a digital growth strategy focused on the
commercialization of proprietary digital imaging and printing
technologies.  Kodak has 8,900 patent and trademark registrations
and applications in the United States, as well as 13,100 foreign
patents and trademark registrations or pending registration in
roughly 160 countries.

Kodak disclosed $5.10 billion in assets and $6.75 billion in
liabilities as of Sept. 30, 2011.  The net book value of all
assets located outside the United States as of Dec. 31, 2011 is
$13.5 million.

Attorneys at Sullivan & Cromwell LLP and Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtors.  FTI Consulting,
Inc., is the restructuring advisor.   Lazard Freres & Co. LLC, is
the investment banker.   Kurtzman Carson Consultants LLC is the
claims agent.

The Official Committee of Unsecured Creditors has tapped
Milbank, Tweed, Hadley & McCloy LLP, as its bankruptcy counsel.

Michael S. Stamer, Esq., David H. Botter, Esq., and Abid Qureshi,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represent the
Unofficial Second Lien Noteholders Committee.

Robert J. Stark, Esq., Andrew Dash, Esq., and Neal A. D'Amato,
Esq., at Brown Rudnick LLP, represent Greywolf Capital Partners
II; Greywolf Capital Overseas Master Fund; Richard Katz, Kenneth
S. Grossman; and Paul Martin.


ENERGY CONVERSION: Auction of Uni-Solar Set July 12-13
------------------------------------------------------
Solar-related finished goods of Uni-Solar, a wholly owned
subsidiary of Energy Conversion Devices, Inc., a developer of
materials science and renewable energy technologies, will be sold
by global online auction on July 12-13 pending authorization by
the United States Bankruptcy Court, Case #12-43167.  The auction
will be conducted in partnership by Hilco Industrial, Heritage
Global Partners, Maynard's and Van Aker Associates.  The sales
will be made in various piecemeal configurations.

The live global online auction begins July 12 at 7:00 a.m. EDT.
Lots will start to close at 10:00 a.m. EDT on July 13. Bidders
will have the opportunity to purchase remaining Uni-Solar finished
goods inventory, including approximately:

-- 7 MW of ePVL enhanced photovoltaic laminates;

-- 2 MW of PVL photovoltaic laminates;

-- 4 MW of other laminates;

-- 11 MW of solar cells.

Uni-Solar's state-of-the-industry solar laminates feature a light,
flexible and durable design that provides total energy production.
Significant worldwide demand is expected for the remaining
finished goods inventory of enhanced, Uni-Solar(C) brand thin-film
photovoltaic laminates, photovoltaic and other laminates, in
addition to solar cells and other related assets.

                      About Energy Conversion

Energy Conversion Devices -- http://energyconversiondevices.com/
-- has a renowned 51 year history since its formation in Detroit,
Michigan and has been a pioneer in materials science and renewable
energy technology development.  The company has been awarded over
500 U.S. patents and international counterparts for its
achievements.  ECD's United Solar wholly owned subsidiary has been
a global leader in building-integrated and rooftop photovoltaics
for over 25 years.  The company manufactures, sells and installs
thin-film solar laminates that convert sunlight to clean,
renewable energy using proprietary technology.

ECD filed for Chapter 11 protection (Bankr. E.D. Mich. Case No.
12-43166) on Feb. 14, 2012.  Judge Thomas J. Tucker presides over
the case.  Aaron M. Silver, Esq., Judy B. Calton, Esq., and Robert
B. Weiss, Esq., at Honigman Miller Schwartz & Cohn LLP, in
Detroit, Michigan, represent the Debtor as counsel.  The Debtor
estimated assets and debts of between $100 million and $500
million as of the petition date.

The petition was signed by William Christopher Andrews, chief
financial officer and executive vice president.

Affiliate United Solar Ovonic LLC filed a separate Chapter 11
petition on the same day (Bankr. E.D. Mich. Case No. 12-43167).
Affiliate Solar Integrated Technologies, Inc., filed a petition
for relief under Chapter 7 of the Bankruptcy Code (Bankr. E.D.
Mich. Case No. 12-43169).

An official committee of unsecured creditors has been appointed in
the case.  Foley and Lardner, LLP represents the Committee.
Scouler & Company, LLC, serves as financial advisor.

A group of shareholders had asked a bankruptcy judge to allow it
to form an official committee with lawyers and expenses paid for
by the company.

The company had estimated in court papers that it was worth
$986 million, based on nearly $800 million of investment in the
manufacturing unit.

The Debtors disclosed that they had canceled the auction of the
going concern sale of USO and discontinued the court-approved sale
process because of the failure to receive an acceptable qualified
bid by the bid deadline.  Quarton Partners, the companies'
investment banker, is continuing to work with prospective buyers
on alternative transactions.  In addition, the companies have
retained auction services provider Hilco Industrial to prepare for
an orderly sale of the companies' assets.


ENERGY FUTURE: James Huffines Resign from Board of Directors
------------------------------------------------------------
James R. Huffines notified Energy Future Holdings Corp. of his
resignation, effective immediately, from the board of directors of
EFH Corp. and each board of directors or managers of EFH Corp.'s
subsidiaries on which he served as a director or manager.

                       About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a portfolio
of competitive and regulated energy businesses in Texas.  Oncor,
an 80%-owned entity within the EFH group, is the largest regulated
transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

The Company's balance sheet at Dec. 31, 2011, showed
$44.07 billion in total assets, $51.83 billion in total
liabilities, and a $7.75 billion total deficit.

Energy Future had a net loss of $1.91 billion on $7.04 billion of
operating revenues for the year ended Dec. 31, 2011, compared with
a net loss of $2.81 billion on $8.23 billion of operating revenues
during the prior year.

                           *     *     *

In late January 2012, Moody's Investors Service changed the rating
outlook for Energy Future Holdings Corp. (EFH) and its
subsidiaries to negative from stable.  Moody's affirmed EFH's Caa2
Corporate Family Rating (CFR), Caa3 Probability of Default Rating
(PDR), SGL-4 Speculative Grade Liquidity Rating and the Baa1
senior secured rating for Oncor.

EFH's Caa2 CFR and Caa3 PDR reflect a financially distressed
company with limited flexibility. EFH's capital structure is
complex and, in our opinion, untenable which calls into question
the sustainability of the business model and expected duration of
the liquidity reserves.


FIELD FAMILY: Involuntary Chapter 11 Case Summary
-------------------------------------------------
Alleged Debtor: Field Family Associates, LLC
                aka Hampton Inn - JFK
                150 S. Warner Road, Suite 260
                King of Prussia, PA 19406

Case Number: 12-16331

Involuntary Chapter 11 Petition Date: July 2, 2012

Court: Eastern District of Pennsylvania (Philadelphia)

Judge: Stephen Raslavich

Petitioner's Counsel: Pro Se

Creditors who signed the petition:

Petitioner               Nature of Claim        Claim Amount
----------               ---------------        ------------
Ollie Cherniahivsky &    Architectural          $9,272
Assoc.                   Services
1022 Spruce St
Philadelphia, PA 19107

T&L Cleaning, Inc.       Housekeeping           $34,778
22 Hillvale Rd.          Services
Syosset, NY 11791

Kanch USA Inc.           Products/Services      $2,474
304 Park Avenue South,
11th Floor
New York, NY 10010

Leon's Supply, Inc.      Services               $2,564
P.O. Box 220374
Brooklyn, NY 11222

Penn Glass                                      $506
84-06 Liberty Avenue
Ozone Park, NY 11417


FLETCHER INT'L: Fund Fights Bermuda Liquidation in New York
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a master fund named Fletcher International Ltd. is
giving a New York bankruptcy judge an opportunity to decide
whether hedge funds that incorporate abroad can use U.S.
Bankruptcy Court to stop investors when they seek liquidation in
places like Bermuda or the Cayman Islands.

According to the report, Fletcher International describes itself
as a master fund in a structure including feeder funds.
Incorporated in Bermuda, Fletcher International says it's run out
of New York.  Money invested in the feeder funds in turn was
invested in illiquid and complex investments made by the master
fund, Fletcher International said after filing a Chapter 11
petition.  Fletcher International intends to use the New York
bankruptcy to stop an attempted liquidation in Bermuda.

Mr. Rochelle relates that Fletcher International explained in
court filings how investors in feeder funds sought redemption of
their investments and initiated liquidations in the Cayman Islands
of two companies that are the indirect owners of most of Fletcher
International.  Fletcher International is appealing the initiation
of the liquidations in the Caymans.

The Cayman liquidators, the report adds, are now seeking the
liquidation of Fletcher International in Bermuda.  After filing
under Chapter 11, Fletcher International started a lawsuit in
bankruptcy court on July 2 asking U.S. Bankruptcy Judge Robert E.
Gerber to enjoin the Cayman liquidators from moving ahead with the
attempted liquidation in Bermuda.

Fletcher International contends that the liquidators lack the
knowledge or experience to liquidate complex investments.

                   About Fletcher International

Fletcher International, Ltd., filed a bare-bones Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-12796) on June 29, 2012, in
Manhattan.  The Bermuda exempted company estimated assets and
debts of $10 million to $50 million.  The bankruptcy documents
were signed by its president and director, Floyd Saunders.

David R. Hurst, Esq., at Young Conaway Stargatt & Taylor, LLP, in
New York, serves as counsel.

Fletcher International Ltd. is managed by the investment firm of
Alphonse "Buddy" Fletcher Jr.

Fletcher Asset Management was founded in 1991.  During its initial
four years, FAM operated as a broker dealer trading various debt
and equity securities and making long-term equity investments.
Then, in 1995, FAM began creating and managing a family of private
investment funds.

The Debtor is a master fund in the Fletcher Fund structure.  As a
master fund, it engages in proprietary trading of various
financial instruments, including complex, long-term, illiquid
investments.

The Debtor is directly owned by Fletcher Income Arbitrage Fund and
Fletcher International Inc., which own roughly 83% and 17% of the
Debtor's common shares, respectively.  Arbitrage's direct parent
entities are Fletcher Fixed Income Alpha Fund and FIA Leveraged
Fund, both of which are incorporated in the Cayman Islands and are
subject to liquidation proceedings in that jurisdiction, and which
own roughly 76% and 22% of Arbitrage's common stock, respectively.
The Debtor currently has a single subsidiary, The Aesop Fund Ltd.


FR 160: Section 341(a) Meeting Scheduled for July 26
----------------------------------------------------
The U.S. Trustee for Region 18 will convene a meeting of creditors
in the Chapter 11 cases of FR 160 LLC.  The meeting will be held
at the U.S. Trustee Meeting Room, 230 N. First Avenue, Suite 102,
Phoenix, Arizona.

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

FR 160 LLC filed a bare-bones Chapter 11 petition (Bankr. D. Ariz.
Case No. 12-13116) in Phoenix on June 12, 2012.

Flagstaff, Arizona-based FR 160 claims to be a Single Asset Real
Estate as defined in 11 U.S.C. Sec. 101(51B) and estimated assets
of up to $50 million and debts of up to $100 million.

According to the case docket, the list of creditors must be
uploaded within seven days, otherwise the case may be dismissed
without further notice.


GIBRALTAR KENTUCKY: Robert Derderian Approved as Accountant
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
approved Gibraltar Kentucky Development, LLC's amended motion to
employ Robert Derderian of Lazzara & Company, P.C., as accountant.

A full-text copy of the May 29 amended application is available
for free at:

    http://bankrupt.com/misc/GIBRALTARKENTUCKY-accountant.pdf

As reported in the Troubled Company Reporter on June 6, 2012,
the Debtor requires the services of an accountant to perform
ordinary and necessary accounting services required in the
administration of the estate.

The Debtor proposes to employ the accountant on a general
retainer.

To the best of the Debtor's knowledge, the accountant does not
hold or represent any interest adverse to the Debtor or the
estate, and is "disinterested" as that term is defined in Section
101(14) of the Bankruptcy Code.

                About Gibraltar Kentucky Development

Gibraltar Kentucky Development, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Fla. Case No. 12-13289) on Feb. 10, 2012, in
West Palm Beach, Florida.  Palm Beach Gardens-based Gibraltar
Kentucky says that it is not a small business debtor under 11
U.S.C. Sec. 101(51D).  Documents attached to the petition indicate
that McCaugh Energy LLC owns 42.15% of the "fee simple"
securities.

According to the Web site http://www.gibraltarenergygroup.com/
Gibraltar Kentucky is part of the Gibraltar Energy Group.  The
various companies of the group are involved with the drilling,
development and production of oil and gas, as well as, the sale of
coal and timber.  Offices are in Michigan and Florida and
investments are in Michigan and Kentucky.

Judge Erik P. Kimball presides over the case.  David L. Merrill,
Esq., at Talarchyk Merrill, LLC, serves as the Debtor's counsel.
The Debtor disclosed $175,395,449 in assets and $1,193,516 in
liabilities as of the Chapter 11 filing.  The petition was signed
by Bill Boyd, as manager.

Steven R. Turner, Trustee for Region 21, has informed the Court
that, until further notice, he will not appoint a committee of
creditors.


GORDIAN MEDICAL: Wants Exclusive Plan Filing Stretched to Oct. 31
-----------------------------------------------------------------
Gordian Medical, Inc., dba American Medical Technologies, seeks a
130-day extension of its exclusive plan filing period and
exclusive solicitation period.  The Debtor's Exclusive Plan Filing
Period was set to expire June 23, 2012 and Exclusive Solicitation
Period will expire Aug. 22.  The Debtor seeks to extend the
Exclusive Periods to Oct. 31 and Dec. 31, respectively.

The Debtor submits that an extension of the Exclusive Periods will
facilitate its ability to reach a resolution, whether by agreement
or through litigation, of its dispute with The Centers for
Medicare & Medicaid Services pertaining to CMS's refusal to pay
for certain wound dressings sold by the Debtor to residents of
nursing home facilities and the related withholding from the
Debtor of certain Medicare payments, which payments account for a
substantial amount of the Debtor's revenue.  Although the Debtor
has been attempting to negotiate a resolution of the issues with
CMS, no such resolution has yet been achieved, therefore, the
Debtor will not be in a position to file a plan within the
original 120 day exclusive plan filing period.

                       About Gordian Medical

Gordian Medical, Inc., dba American Medical Technologies, filed a
Chapter 11 petition (Bankr. C.D. Calif. Case No. 12-12339) in
Santa Ana, California, on Feb. 24, 2012, after Medicare refunds
were halted.  The Debtor estimated assets and debts of up to
$50 million.  It has $4.3 million in cash and $31.1 million in
receivables due from Medicare.

Irvine, California-based Gordian Medical provides supplies and
services to treat serious wounds.  The company has active
relationships with and serves patients in more than 4,000 nursing
facilities in 49 states with the heaviest concentration of the
nursing homes being in the south and southeast sections of the
United States.

Judge Mark S. Wallace oversees the case.  Pachulski Stang Ziehl &
Jones LLP serves as the Debtor's counsel.  GlassRatner Advisory &
Capital Group LLC serves as the Debtor's financial advisor.

The U.S. Trustee appointed five members to the Official Committee
of Unsecured Creditors.  The Committee is represented by Landau
Gottfried & Berger LLP.


GRANDPARENTS.COM INC: Posts $4.5 Million Net Loss in Q1 2012
------------------------------------------------------------
Grandparents.com, Inc.,, formerly NorWesTech, Inc., filed its
quarterly report on Form 10-Q, reporting a net loss of
$4.51 million on $66,794 of revenue for the three months ended
March 31, 2012, compared with a net loss of $706,279 on $122,995
of revenue for the same period of 2011.

The Company's balance sheet at March 31, 2012, showed
$8.75 million in total assets, $2.10 million in total liabilities,
and stockholders' equity of $6.65 million.

"The Company has incurred a net loss of approximately $4.5 million
and used approximately $1.0 million in cash for operating
activities during the three-months ended March 31, 2012," the
Company said in the filing.  "Without additional capital from
existing or outside investors or further financing, the Company's
ability to continue to implement its business plan may be limited.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern."

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

                       http://is.gd/y2Dxl6

Based in New York, N.Y., Grandparents.com, Inc., together with its
consolidated subsidiaries, is a family-oriented social media
company that through its website, www.grandparents.com, serves the
age 50+ demographic market.  The website offers activities,
discussion groups, expert advice and newsletters that enrich the
lives of grandparents by providing tools to foster connections
among grandparents, parents, and grandchildren.


GRANITE DELLS: Hearing on Case Dismissal Plea Set for July 27
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona will convene
a hearing on July 27, 2012, at 9 a.m., to consider the motion to
dismiss the Chapter 11 case of Granite Dells Ranch Holdings, LLC.

Arizona Eco Development LLC requested for the dismissal of the
Debtor's case because:

   1. the Debtor has failed to file a single operating report as
      required by Local Bankruptcy Rule 2015-1(a);

   2. the Debtor failed to file its disclosure statement by
      June 11, 2012 deadline; and

   3. Cavan Management Services, L.L.C., Granite Dells Ranch
      Holdings, LLC's purported managing member, is insolvent and
      is incapable of managing the Debtor.

                About Granite Dells Ranch Holdings

Scottsdale, Arizona-based Granite Dells Ranch Holdings LLC filed a
bare-bones Chapter 11 petition (Bankr. D. Ariz. Case No. 12-04962)
in Phoenix on March 13, 2012.  Judge Redfield T. Baum PCT Sr.
oversees the case.  The Debtor is represented by Alan A. Meda,
Esq., at Stinson Morrison Hecker LLP.  The Debtor disclosed
$2.22 million in assets and $157 million in liabilities as of the
Chapter 11 filing.

Cavan Management Services, LLC is the Debtor's manager.  David
Cavan, member of the firm, signed the Chapter 11 petition.

Arizona ECO Development LLC, which acquired a $83.2 million 2006
loan by the Debtor, is represented by Snell & Wilmer L.L.P.  The
resolution authorizing the Debtor's bankruptcy filing says the
Company is commencing legal actions against Stuart Swanson, AED,
and related entities relating to the purchase by Mr. Swanson of a
promissory note payable by the Company to the parties that sold a
certain property to the Company.  According to Law 360, AED sued
Granite Dells on March 6 asking the Arizona court to appoint a
receiver.  Arizona ECO is foreclosing on a secured loan backed by
15,000 acres of Arizona land.

The United States Trustee said that an official committee has not
been appointed in the bankruptcy case of Granite Dells because an
insufficient number of unsecured creditors have expressed interest
in serving on a committee.


GRANITE DELLS: Tri-City Investment Wants to File Alternative Plan
-----------------------------------------------------------------
Tri-City Investment & Development, LLC, asks the U.S. Bankruptcy
Court for the District of Arizona for authorization to file a plan
of reorganization and terminate any exclusivity in whole or in
part of Granite Dells Ranch Holdings, LLC.

Tri-City is an equity security holder in the Debtor, owning 39.25%
of the members' interest of the Company.

According to Tri-City, it has communicated with the Debtor in hope
of formulating a mutually agreeable Plan but has not succeeded in
its effort.  Tri-City requests for the opportunity to solicit
votes for a competing plan based on the allegations of improper
expenditures within the Debtor's operations -- the current
management has incurred debt a substantial portion of which was
used to pay management fees and insider compensation.

                About Granite Dells Ranch Holdings

Scottsdale, Arizona-based Granite Dells Ranch Holdings LLC filed a
bare-bones Chapter 11 petition (Bankr. D. Ariz. Case No. 12-04962)
in Phoenix on March 13, 2012.  Judge Redfield T. Baum PCT Sr.
oversees the case.  The Debtor is represented by Alan A. Meda,
Esq., at Stinson Morrison Hecker LLP.  The Debtor disclosed
$2.22 million in assets and $157 million in liabilities as of the
Chapter 11 filing.

Cavan Management Services, LLC is the Debtor's manager.  David
Cavan, member of the firm, signed the Chapter 11 petition.

Arizona ECO Development LLC, which acquired a $83.2 million 2006
loan by the Debtor, is represented by Snell & Wilmer L.L.P.  The
resolution authorizing the Debtor's bankruptcy filing says the
Company is commencing legal actions against Stuart Swanson, AED,
and related entities relating to the purchase by Mr. Swanson of a
promissory note payable by the Company to the parties that sold a
certain property to the Company.  According to Law 360, AED sued
Granite Dells on March 6 asking the Arizona court to appoint a
receiver.  Arizona ECO is foreclosing on a secured loan backed by
15,000 acres of Arizona land.

The United States Trustee said that an official committee has not
been appointed in the bankruptcy case of Granite Dells because an
insufficient number of unsecured creditors have expressed interest
in serving on a committee.


GULF, COLORADO & SAN SABA: Railway Files for Chapter 11 in Austin
-----------------------------------------------------------------
Brady, Texas-based Gulf, Colorado & San Saba Railway Corporation,
owner of a railroad in San Saba, Mills, McCulloch and Lampasas
Counties, filed a Chapter 11 petition (Bankr. W.D. Tex. Case No.
12-11531) in Austin on July 3, 2012.

The Debtor estimated assets of $10 million to $50 million and
liabilities of up to $10 million.

Frances A. Smith, Esq., at Shackelford Melton & McKinley, in
Dallas, serves as counsel.

Ian T. Peck, Esq., at Abigail Ottmers, Esq., at Haynes and Boone,
LLP -- ian.peck@haynesboone.com and
abigail.ottmers@haynesboone.com -- as counsel to BNSF Railway
Company, have filed a notice of appearance in the Chapter 11 case.


H&M OIL: Prospect Capital Wants DIP/Cash Collateral Motions Denied
------------------------------------------------------------------
Prospect Capital Corporation, a secured lender owed $88.8 million,
asks the U.S. Bankruptcy Court for the Northern District of Texas
to (i) deny H&M Oil and Gas, LLC's motion to obtain postpetition
financing and use cash collateral.

The Debtor is seeking to incur $5,075,000 in postpetition DIP
financing from Scattered Corporation.  The Debtor is seeking to
use cash collateral and DIP loan proceeds to fund its ongoing
drilling obligations and day-to-day operations.

Prospect previously failed in its effort to replace management
with a Chapter 11 trustee.  Leon A. Greenblatt is the director and
manager of the Debtor.

In the new motion, Prospect says the Debtor has been negotiating a
consensual resolution of the DIP Motion.

"It appears, however, that the Debtor/ Scattered has not been
negotiating in good faith.  Mr. Greenblatt, through his control of
Scattered, is causing the Debtor (also controlled by Mr.
Greenblatt) to reject Prospect's offer for the consensual use of
cash collateral.  The offer provides for adequate protection to
which Prospect is entitled under law," Prospect tells the Court.

"Mr. Greenblatt's refusal to allow the Debtor to come to a
consensual agreement appears to be motivated to further Mr.
Greenblatt's goal of minimizing borrowings from Scattered under
the proposed DIP loan, which is subordinated to Prospect's claims
and liens."

Prospect is represented by:

         Timothy A. Davidson II, Esq.
         Joseph P. Rovira, Esq.
         ANDREWS KURTH LLP
         600 Travis, Suite 4200
         Houston, TX 77002
         Tel: (713) 220-4200
         Fax: (713) 220-4285
         E-mail: taddavidson@andrewskurth.com
                  joseph.rovira@andrewskurth.com

                         About H&M Oil

H&M Oil & Gas, LLC, filed a bare-bones Chapter 11 petition
(Bankr. N.D. Tex. Case No. 12-32785) in its hometown Dallas on
April 30, 2012.  Another entity, Anglo-American Petroleum Corp.
(Case No. 12-32786) simultaneously filed for Chapter 11.
Each of the Debtors estimated assets and debts of $50 million to
$100 million.

H&M Oil & Gas is an oil and gas production and development
company.  H&M, through its operating company, H&M Resources LLC,
is focused on developing its leases in the Permian basin and Texas
panhandle.  Dallas, Texas-based Anglo-American Petroleum --
http://www.angloamericanpetroleum.com/-- is the holding
corporation for H&M Oil.

Judge Barbara J. Houser presides over the case.  The Debtors are
represented by Keith William Harvey, Esq., at Anderson Tobin PLLC,
in Dallas.

Prospect Capital Corporation, the Debtors' lone secured creditor,
is represented in the case by Timothy A. Davidson II, Esq., and
Joseph P. Rovira, Esq., at Andrews Kurth LLP.


H&M OIL: Court Approves Anderson Tobin as Chapter 11 Counsel
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
according to H&M Oil and Gas, LLC, and Anglo-American Petroleum
Corporation authorized the Debtors to employ Anderson Tobin, PLLC
as counsel.

As reported in the Troubled Company Reporter on May 23, 2012, the
Debtors said complex questions and issues potentially will arise
in the case, and the Debtors will need to quickly and efficiently
respond thereto or take the appropriate action during the Chapter
11 process.  Due to the breadth of practice disciplines and
expertise within Anderson Tobin, the Debtors believe that the firm
has the ability to ably assist the Debtors in the cases.

To the best of Debtors' knowledge and belief, Anderson Tobin and
its professionals neither hold nor represent any interest adverse
to the Debtors in connection with the Chapter 11 cases, and
Anderson Tobin is a "disinterested person," as such term is
defined in Sec. 101(14) of the Bankruptcy Code.

The Debtors propose to pay the firm at its customary hourly rates.
The firm's personnel who will primarily work on the case are: (i)
Keith W. Harvey, Esq.; (b) Aaron Z. Tobin, Esq.; and Kendal B.
Reed.

                         About H&M Oil

H&M Oil & Gas, LLC, filed a bare-bones Chapter 11 petition
(Bankr. N.D. Tex. Case No. 12-32785) in its hometown Dallas on
April 30, 2012.  Another entity, Anglo-American Petroleum Corp.
(Case No. 12-32786) simultaneously filed for Chapter 11.
Each of the Debtors estimated assets and debts of $50 million to
$100 million.

H&M Oil & Gas is an oil and gas production and development
company.  H&M, through its operating company, H&M Resources LLC,
is focused on developing its leases in the Permian basin and Texas
panhandle.  Dallas, Texas-based Anglo-American Petroleum --
http://www.angloamericanpetroleum.com/-- is the holding
corporation for H&M Oil.

Judge Barbara J. Houser presides over the case.  The Debtors are
represented by Keith William Harvey, Esq., at Anderson Tobin PLLC,
in Dallas.

Prospect Capital Corporation, the Debtors' lone secured creditor,
is represented in the case by Timothy A. Davidson II, Esq., and
Joseph P. Rovira, Esq., at Andrews Kurth LLP.


HAMPTON ROADS: Anchorage Has 24.9% Ownership as of June 27
----------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Anchorage Advisors Management, LLC, and its
affiliates disclosed that, as of June 27, 2012, they beneficially
own 26,391,439 shares of common stock of Hampton Roads Bankshres,
Inc., representing 24.9% based upon 105,990,594 common shares
currently outstanding as of June 27, 2012.

Anchorage Advisors previously reported beneficial ownership of
196,543,825 common shares or a 23.1% equity stake as of Dec. 30,
2010.

A copy of the amended filing is available for free at:

                        http://is.gd/Yx2GhY

                  About Hampton Roads Bankshares

Hampton Roads Bankshares, Inc. (NASDAQ: HMPR) --
http://www.hamptonroadsbanksharesinc.com/-- is a bank holding
company that was formed in 2001 and is headquartered in Norfolk,
Virginia.  The Company's primary subsidiaries are Bank of Hampton
Roads, which opened for business in 1987, and Shore Bank, which
opened in 1961.  Currently, Bank of Hampton Roads operates twenty-
eight banking offices in the Hampton Roads region of southeastern
Virginia and twenty-four offices in Virginia and North Carolina
doing business as Gateway Bank & Trust Co.  Shore Bank serves the
Eastern Shore of Maryland and Virginia through eight banking
offices and fifteen ATMs.

Effective June 17, 2010, the Company and its banking subsidiary,
Bank of Hampton Roads ("BOHR"), entered into a written agreement
with the Federal Reserve Bank of Richmond and the Bureau of
Financial Institutions of the Virginia State Corporation
Commission.  The Company's other banking subsidiary, Shore Bank,
is not a party to the Written Agreement.

Under the terms of the Written Agreement, among other things, BOHR
agreed to develop and submit for approval plans to (a) strengthen
board oversight of management and BOHR's operations, (b)
strengthen credit risk management policies, (c) improve BOHR's
position with respect to loans, relationships, or other assets in
excess of $2.5 million which are now, or may in the future become,
past due more than 90 days, are on BOHR's problem loan list, or
adversely classified in any report of examination of BOHR, (d)
review and revise, as appropriate, current policy and maintain
sound processes for determining, documenting, and recording an
adequate allowance for loan and lease losses, (e) improve
management of BOHR's liquidity position and funds management
policies, (f) provide contingency planning that accounts for
adverse scenarios and identifies and quantifies available sources
of liquidity for each scenario, (g) reduce the Bank's reliance on
brokered deposits, and (h) improve BOHR's earnings and overall
condition.

The Company reported a net loss of $98 million in 2011, compared
with a net loss of $210.35 million in 2010.

The Company's balance sheet at March 31, 2012, showed $2.13
billion in total assets, $2.02 billion in total liabilities and
$105.29 million in total shareholders' equity.


HAMPTON ROADS: Carlyle Group Hikes Stake to 24.9%
-------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Carlyle Group Management L.L.C. and its
affiliates disclosed that as of June 27, 2012, they beneficially
own 26,391,440 shares of common stock of Hampton Roads Bankshares,
Inc., representing 24.9% of the shares outstanding.

Pursuant to the terms of the Standby Purchase Agreement, dated as
of May 21, 2012, among the Company, Carlyle Financial Services
Harbor, L.P., and the other Investors, Carlyle acquired, for an
aggregate purchase price of $12,964,523, 18,520,747 shares of the
Company's Common Stock.

A copy of the amended filing is available for free at
http://is.gd/yUCcjg

                   About Hampton Roads Bankshares

Hampton Roads Bankshares, Inc. (NASDAQ: HMPR) --
http://www.hamptonroadsbanksharesinc.com/-- is a bank holding
company that was formed in 2001 and is headquartered in Norfolk,
Virginia.  The Company's primary subsidiaries are Bank of Hampton
Roads, which opened for business in 1987, and Shore Bank, which
opened in 1961.  Currently, Bank of Hampton Roads operates twenty-
eight banking offices in the Hampton Roads region of southeastern
Virginia and twenty-four offices in Virginia and North Carolina
doing business as Gateway Bank & Trust Co.  Shore Bank serves the
Eastern Shore of Maryland and Virginia through eight banking
offices and fifteen ATMs.

Effective June 17, 2010, the Company and its banking subsidiary,
Bank of Hampton Roads ("BOHR"), entered into a written agreement
with the Federal Reserve Bank of Richmond and the Bureau of
Financial Institutions of the Virginia State Corporation
Commission.  The Company's other banking subsidiary, Shore Bank,
is not a party to the Written Agreement.

Under the terms of the Written Agreement, among other things, BOHR
agreed to develop and submit for approval plans to (a) strengthen
board oversight of management and BOHR's operations, (b)
strengthen credit risk management policies, (c) improve BOHR's
position with respect to loans, relationships, or other assets in
excess of $2.5 million which are now, or may in the future become,
past due more than 90 days, are on BOHR's problem loan list, or
adversely classified in any report of examination of BOHR, (d)
review and revise, as appropriate, current policy and maintain
sound processes for determining, documenting, and recording an
adequate allowance for loan and lease losses, (e) improve
management of BOHR's liquidity position and funds management
policies, (f) provide contingency planning that accounts for
adverse scenarios and identifies and quantifies available sources
of liquidity for each scenario, (g) reduce the Bank's reliance on
brokered deposits, and (h) improve BOHR's earnings and overall
condition.

The Company reported a net loss of $98 million in 2011, compared
with a net loss of $210.35 million in 2010.

The Company's balance sheet at March 31, 2012, showed $2.13
billion in total assets, $2.02 billion in total liabilities and
$105.29 million in total shareholders' equity.


HARRISBURG, PA: May Run Out of Cash by October
----------------------------------------------
Nick Malawskey at The Patriot-News reports that a financial
analysis of Harrisburg's structural deficit shows the city may run
out of cash by October.

City Receiver William Lynch said in a court update that as of June
the city had $5.5 million in the bank.

Most of Harrisburg's taxes are collected at the beginning of the
year, The Patriot-News relates.  That fund, says The Patriot-News,
will slowly be depleted over the next few months.  According to
the report, Harrisburg started deficit spending in April.  An
analysis by the Pennsylvania Economy League shows that
Harrisburg's coffers may be short more than $3.8 million by year-
end, the report states.  The analysis, the report says, assumes
that Harrisburg will make a $3.9 million debt payment in
September, and does not account for any additional revenue raised
by an increase to Harrisburg's Earned Income Tax.

The Patriot-News reports that Harrisburg has started to slow
payments to outside vendors and going forward may carry a past-due
balance of $4 million on its books.

According to The Patriot-News, the receiver's office said it is
continuing with the sale of the incinerator and the lease of the
parking garages and the water system.  The Patriot-News states
that money from those deals will be used to pay down the more than
$317 million debt it incurred as a result of a failed retrofit of
the city incinerator.  The Lancaster Solid Waste Authority and
Cambridge Project Development are in contention to bid on the
incinerator, says The Patriot-News.

                  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. 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).

Dismissal of the Chapter 9 petition was upheld in a U.S. District
Court.

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., co-chair of the group.

Mr. Unkovic resigned as receiver March 30, 2012.


HAWKER BEECHCRAFT: Akin Gump Approved as Committee's Legal Counsel
------------------------------------------------------------------
The Hon. Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York authorized the Official Committee of
Unsecured Creditors in the Chapter 11 cases of Hawker Beechcraft,
Inc., to retain the law firm of Akin Gump Strauss Hauer & Feld LLP
as its legal counsel.

The firm's personnel who will work in the case are: (a) Daniel H.
Golden, Esq.; (b) David H. Botter, Esq.; and Alexis Freeman, Esq.

                   About Hawker Beechcraft

Hawker Beechcraft Inc., a designer and manufacturer of light and
medium-sized jet, turboprop and piston aircraft, filed for Chapter
11 reorganization together with 17 affiliates (Bankr. S.D.N.Y.
Lead Case No. 12-11873) on May 3, 2012, having already negotiated
a plan that eliminates $2.5 billion in debt and $125 million of
annual cash interest expense.

The plan, to be filed by June 30, will give 81.9% of the new stock
to holders of $1.83 billion of secured debt, while 18.9% of the
new shares are for unsecured creditors.  The proposal has support
from 68% of secured creditors and holders of 72.5% of the senior
unsecured notes.

Hawker is 49%-owned by affiliates of Goldman Sachs Group Inc. and
49%-owned by Onex Corp.  The Company's balance sheet at Dec. 31,
2011, showed $2.77 billion in total assets, $3.73 billion in total
liabilities and a $956.90 million total deficit.  Other claims
include pensions underfunded by $493 million.  Hawker Beechcraft
disclosed assets of $1,831,097 plus undetermined amounts, and
liabilities of $1,704,736,958 plus undetermined amounts.

Hawker's legal representative is Kirkland & Ellis LLP, its
financial advisor is Perella Weinberg Partners LP and its
restructuring advisor is Alvarez & Marsal.  Epiq Bankruptcy
Solutions LLC is the claims and notice agent.

Sidley Austin LLP serves as legal counsel and Houlihan Lokey
Howard & Zukin Capital Inc. serves as financial advisor to the DIP
Agent and the Prepetition Agent.

Wachtell, Lipton, Rosen & Katz represents an ad hoc committee of
senior secured prepetition lenders holding 70% of the loans.

Milbank, Tweed, Hadley & McCloy LLP represents an ad hoc committee
of holders of the 8.500% Senior Fixed Rate Notes due 2015 and
8.875%/9.625% Senior PIK Election Notes due 2015 issued by Hawker
Beechcraft Acquisition Company LLC and Hawker Beechcraft Notes
Company.  The members of the Ad Hoc Committee -- GSO Capital
Partners, L.P. and Tennenbaum Capital Partners, LLC -- hold claims
or manage accounts that hold claims against the Debtors' estates
arising from the purchase of the Senior Notes.  Deutsche Bank
National Trust Company, the indenture trustee for senior fixed
rate notes and the senior PIK-election notes, is represented by
Foley & Lardner LLP.

An Official Committee of Unsecured Creditors appointed in the case
has selected Daniel H. Golden, Esq., and the law firm of Akin Gump
Strauss Hauer & Feld LLP as legal counsel.  The Committee tapped
FTI Consulting, Inc., as its financial advisor.


HAWKER BEECHCRAFT: Crowe & Dunlevy OK'd as Committee's FAA Counsel
------------------------------------------------------------------
The Hon. Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York authorized the Official Committee of
Unsecured Creditors in the Chapter 11 cases of Hawker Beechcraft,
Inc., to retain Crowe & Dunlevy, P.C. as its special federal
aviation administration counsel.

As reported in the Troubled Company Reporter on June 22, 2012, the
Committee related that the Debtors own 164 aircraft which are
registered with the FAA.  Federal law requires filing with the FAA
to perfect any liens that burden the Debtors' aircraft.

According to the Committee, C&D has previously represented two of
the Debtors, Hawker Beechcraft Corporation and HBC, LLC, in
connection with FAA registration matters.  That representation was
concluded and C&D has no ongoing representation of any of the
Debtors or any other connections with the Debtors.  The firm is
not owed any fees by any of the Debtors for this prior
representation.

C&D is expected to, among other things:

   a) examine title and record status of aircraft, aircraft
      engines, aircraft propellers and spare parts locations;

   b) review and analyze bills of sale, applications, affidavits
      and instruments recorded with the FAA Aircraft Registry; and

   c) issue opinions with respect to aircraft title and
      registration, encumbrances of record with the FAA with
      respect to aircraft, aircraft engines, aircraft propellers
      and spare parts locations, the recordability of instruments
      filed with the FAA and the perfection of instruments filed
      with the FAA.

The hourly rates of C&D's personnel are:

         Shareholders and Directors       $250 - $535
         Of Counsel                       $230 - $475
         Associates                       $190 - $235
         Paraprofessionals                $105 - $197

C&D attorneys having primary responsibility for providing services
to the Committee and their hourly rates are:

         Preston G. Gaddis, II, director        $450
         Judy Hamilton Morse, director          $345
         J. Robert Kalsu, director              $300
         William E. Van Egmond, associate       $260
         Julia Stein Dittberner, associate      $200
         Dianna J. Mysinger, paralegal          $160
         Michelle Long, paralegal               $135
         Amy Kreimer, paralegal                 $145
         Paula K. McWherter, paralegal          $145
         Matthew D. McBride, paralegal          $140
         Donna K. Hinkle, paralegal             $135
         Kelly Wood, Int'l Registry Specialist  $105

Preston G. Gaddis, II, of counsel attorney and a director in the
Oklahoma City Office of C&D, assures the Court that C&D does not
represent and does not hold any interest adverse to the Debtors'
estates or their creditors in the matters upon which C&D is to be
engaged.

                   About Hawker Beechcraft

Hawker Beechcraft Inc., a designer and manufacturer of light and
medium-sized jet, turboprop and piston aircraft, filed for Chapter
11 reorganization together with 17 affiliates (Bankr. S.D.N.Y.
Lead Case No. 12-11873) on May 3, 2012, having already negotiated
a plan that eliminates $2.5 billion in debt and $125 million of
annual cash interest expense.

The plan, to be filed by June 30, will give 81.9% of the new stock
to holders of $1.83 billion of secured debt, while 18.9% of the
new shares are for unsecured creditors.  The proposal has support
from 68% of secured creditors and holders of 72.5% of the senior
unsecured notes.

Hawker is 49%-owned by affiliates of Goldman Sachs Group Inc. and
49%-owned by Onex Corp.  The Company's balance sheet at Dec. 31,
2011, showed $2.77 billion in total assets, $3.73 billion in total
liabilities and a $956.90 million total deficit.  Other claims
include pensions underfunded by $493 million.  Hawker Beechcraft
disclosed assets of $1,831,097 plus undetermined amounts, and
liabilities of $1,704,736,958 plus undetermined amounts.

Hawker's legal representative is Kirkland & Ellis LLP, its
financial advisor is Perella Weinberg Partners LP and its
restructuring advisor is Alvarez & Marsal.  Epiq Bankruptcy
Solutions LLC is the claims and notice agent.

Sidley Austin LLP serves as legal counsel and Houlihan Lokey
Howard & Zukin Capital Inc. serves as financial advisor to the DIP
Agent and the Prepetition Agent.

Wachtell, Lipton, Rosen & Katz represents an ad hoc committee of
senior secured prepetition lenders holding 70% of the loans.

Milbank, Tweed, Hadley & McCloy LLP represents an ad hoc committee
of holders of the 8.500% Senior Fixed Rate Notes due 2015 and
8.875%/9.625% Senior PIK Election Notes due 2015 issued by Hawker
Beechcraft Acquisition Company LLC and Hawker Beechcraft Notes
Company.  The members of the Ad Hoc Committee -- GSO Capital
Partners, L.P. and Tennenbaum Capital Partners, LLC -- hold claims
or manage accounts that hold claims against the Debtors' estates
arising from the purchase of the Senior Notes.  Deutsche Bank
National Trust Company, the indenture trustee for senior fixed
rate notes and the senior PIK-election notes, is represented by
Foley & Lardner LLP.

An Official Committee of Unsecured Creditors appointed in the case
has selected Daniel H. Golden, Esq., and the law firm of Akin Gump
Strauss Hauer & Feld LLP as legal counsel.  The Committee tapped
FTI Consulting, Inc., as its financial advisor.


HAWKER BEECHCRAFT: FTI Approved as Committee's Advisor
------------------------------------------------------
The Hon. Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York authorized the Official Committee of
Unsecured Creditors in the Chapter 11 cases of Hawker Beechcraft,
Inc., to retain FTI Consulting, Inc., together with its wholly
owned subsidiaries, agents, independent contractors and employees,
as its financial advisor.

As reported in the Troubled Company Reporter on June 20, 2012, FTI
is expected to, among other things:

   a) assist in the review of financial related disclosures
      required by the Court, including the schedules of assets and
      liabilities, the statement of financial affairs and monthly
      operating reports; and

   b) assist with the assessment and monitoring of the Debtors'
      short term cash flow, liquidity and operating results.

FTI will paid on payment on a fixed  monthly basis of $200,000 and
a completion fee of $1,000,000, plus reimbursement of actual and
necessary expenses incurred by FTI, including legal fees related
to the application and future fee applications as approved by the
Court.

In connection with the provision of services, FTI will retain the
Arvai Group as an independent contractor, pursuant to a letter of
engagement by and between the Arvai Group and FTI.  The Arvai
Group will provide aviation consulting services to the Committee.
In accordance with the Arvai Engagement Letter, the Arvai Group
will seek payment for compensation on an hourly basis, plus
reimbursement of actual and necessary expenses incurred.

FTI will pay the Arvai Group's Hourly Fees from the Monthly Fixed
Fee and will seek reimbursement of the Expenses from the Debtors
as part of the FTI fee application process.

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

                      About Hawker Beechcraft

Hawker Beechcraft Inc., a designer and manufacturer of light and
medium-sized jet, turboprop and piston aircraft, filed for Chapter
11 reorganization together with 17 affiliates (Bankr. S.D.N.Y.
Lead Case No. 12-11873) on May 3, 2012, having already negotiated
a plan that eliminates $2.5 billion in debt and $125 million of
annual cash interest expense.

The plan, to be filed by June 30, will give 81.9% of the new stock
to holders of $1.83 billion of secured debt, while 18.9% of the
new shares are for unsecured creditors.  The proposal has support
from 68% of secured creditors and holders of 72.5% of the senior
unsecured notes.

Hawker is 49%-owned by affiliates of Goldman Sachs Group Inc. and
49%-owned by Onex Corp.  The Company's balance sheet at Dec. 31,
2011, showed $2.77 billion in total assets, $3.73 billion in total
liabilities and a $956.90 million total deficit.  Other claims
include pensions underfunded by $493 million.  Hawker Beechcraft
disclosed assets of $1,831,097 plus undetermined amounts, and
liabilities of $1,704,736,958 plus undetermined amounts.

Hawker's legal representative is Kirkland & Ellis LLP, its
financial advisor is Perella Weinberg Partners LP and its
restructuring advisor is Alvarez & Marsal.  Epiq Bankruptcy
Solutions LLC is the claims and notice agent.

Sidley Austin LLP serves as legal counsel and Houlihan Lokey
Howard & Zukin Capital Inc. serves as financial advisor to the DIP
Agent and the Prepetition Agent.

Wachtell, Lipton, Rosen & Katz represents an ad hoc committee of
senior secured prepetition lenders holding 70% of the loans.

Milbank, Tweed, Hadley & McCloy LLP represents an ad hoc committee
of holders of the 8.500% Senior Fixed Rate Notes due 2015 and
8.875%/9.625% Senior PIK Election Notes due 2015 issued by Hawker
Beechcraft Acquisition Company LLC and Hawker Beechcraft Notes
Company.  The members of the Ad Hoc Committee -- GSO Capital
Partners, L.P. and Tennenbaum Capital Partners, LLC -- hold claims
or manage accounts that hold claims against the Debtors' estates
arising from the purchase of the Senior Notes.  Deutsche Bank
National Trust Company, the indenture trustee for senior fixed
rate notes and the senior PIK-election notes, is represented by
Foley & Lardner LLP.

An Official Committee of Unsecured Creditors appointed in the case
has selected Daniel H. Golden, Esq., and the law firm of Akin Gump
Strauss Hauer & Feld LLP as legal counsel.  The Committee tapped
FTI Consulting, Inc., as its financial advisor.


HAWKER BEECHCRAFT: Kurtzman Carson Approved as Information Agent
----------------------------------------------------------------
The Hon. Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York authorized the Official Committee of
Unsecured Creditors in the Chapter 11 cases of Hawker Beechcraft,
Inc., to retain Kurtzman Carson Consultants LLC, as information
agent.

The Court also ordered that the Committee, its professionals and
its members and their respective agents, representatives, advisors
and counsel will not be required, absent entry of an order of the
Court, to disseminate information to unsecured creditors developed
independently or that is or becomes available to the Committee
from a source other than the Debtors, which information is non-
public in nature, including, but not limited to, any
recommendations or reports to Committee members prepared by Akin
Gump Strauss Hauer & Feld LLP or FTI Consulting, Inc.

KCC is authorized to, among other things:

   a) establish and maintain the Committee Website;

   b) distribute updates regarding the Chapter 11 cases; and

   c) establish and maintain a toll-free telephone number and
      electronic mail address for creditors to submit questions
      and comments.

                      About Hawker Beechcraft

Hawker Beechcraft Inc., a designer and manufacturer of light and
medium-sized jet, turboprop and piston aircraft, filed for Chapter
11 reorganization together with 17 affiliates (Bankr. S.D.N.Y.
Lead Case No. 12-11873) on May 3, 2012, having already negotiated
a plan that eliminates $2.5 billion in debt and $125 million of
annual cash interest expense.

The plan, to be filed by June 30, will give 81.9% of the new stock
to holders of $1.83 billion of secured debt, while 18.9% of the
new shares are for unsecured creditors.  The proposal has support
from 68% of secured creditors and holders of 72.5% of the senior
unsecured notes.

Hawker is 49%-owned by affiliates of Goldman Sachs Group Inc. and
49%-owned by Onex Corp.  The Company's balance sheet at Dec. 31,
2011, showed $2.77 billion in total assets, $3.73 billion in total
liabilities and a $956.90 million total deficit.  Other claims
include pensions underfunded by $493 million.  Hawker Beechcraft
disclosed assets of $1,831,097 plus undetermined amounts, and
liabilities of $1,704,736,958 plus undetermined amounts.

Hawker's legal representative is Kirkland & Ellis LLP, its
financial advisor is Perella Weinberg Partners LP and its
restructuring advisor is Alvarez & Marsal.  Epiq Bankruptcy
Solutions LLC is the claims and notice agent.

Sidley Austin LLP serves as legal counsel and Houlihan Lokey
Howard & Zukin Capital Inc. serves as financial advisor to the DIP
Agent and the Prepetition Agent.

Wachtell, Lipton, Rosen & Katz represents an ad hoc committee of
senior secured prepetition lenders holding 70% of the loans.

Milbank, Tweed, Hadley & McCloy LLP represents an ad hoc committee
of holders of the 8.500% Senior Fixed Rate Notes due 2015 and
8.875%/9.625% Senior PIK Election Notes due 2015 issued by Hawker
Beechcraft Acquisition Company LLC and Hawker Beechcraft Notes
Company.  The members of the Ad Hoc Committee -- GSO Capital
Partners, L.P. and Tennenbaum Capital Partners, LLC -- hold claims
or manage accounts that hold claims against the Debtors' estates
arising from the purchase of the Senior Notes.  Deutsche Bank
National Trust Company, the indenture trustee for senior fixed
rate notes and the senior PIK-election notes, is represented by
Foley & Lardner LLP.

An Official Committee of Unsecured Creditors appointed in the case
has selected Daniel H. Golden, Esq., and the law firm of Akin Gump
Strauss Hauer & Feld LLP as legal counsel.  The Committee tapped
FTI Consulting, Inc., as its financial advisor.


HOLDINGS OF EVANS: SFG Venture Wants Deal Lifting Stay Approved
---------------------------------------------------------------
SFG Venture LLC, asks the U.S. Bankruptcy Court for the Southern
District of Georgia for relief of stay in the Chapter 11 cases of
Holdings of Evans, LLC.

The Debtor is obligated to SFG, as assignee, under a Promissory
Note dated Nov. 14, 2008, in the original principal amount of
$6,196,200, as modified from time to time.

According to SFG, pursuant to a stipulation reached with the
Debtor, the amount of SFG's allowed claim is no longer
controverted by the Debtor. Further, SFG's liens and security
interests are deemed legal, valid, binding, enforceable,
perfected, and unavoidable upon and against the Debtor and all
other parties in interest, excluding a trustee appointed under
Chapter 7 of the Bankruptcy Code.

SFG notes that, among other things: (i) the Debtor has determined
that the bankruptcy estate does not have any equity in the
property; (ii) the case has been pending for more than 8 months;
and (iii) the Debtor has been unable to identify any source of
alternative financing.

The Debtor and SFG have agreed to the terms of the proposed order
consenting to the stay relief which:

   1) modifies the automatic stay to allow SFG to advertise a
      foreclosure sale of the property by Sept. 4, 2012, or
      thereafter; and

   2) terminates the automatic stay to allow SFG to foreclose on
      the property -- all or substantially all of the Debtor's
      real and personal property, including the real property --
      in the event that (i) the Debtor cannot (1) obtain Court
      approval of and consummate a Section 363 sale of
      substantially all of the Debtor's assets, or (2) confirm and
      consummate a Chapter 11 plan of reorganization; and (ii) the
      Debtor cannot obtain court approval of a release of all
      claims that the Debtor, the Debtor's bankruptcy estate, and
      the guarantors may have against SFG either through a
      confirmed plan of reorganization or a 9019 settlement
      motion, all prior to the close of business on Aug. 27, 2012.

                      About Holdings of Evans

Martinez, Georgia-based Holdings of Evans LLC, dba Candlewood
Suites, owns an improved real property located at 156 Classic
Road in Athens, Georgia, and is engaged in the business of
operating a hotel commonly known as Candlewood Suites.

Holdings of Evans filed for Chapter 11 bankruptcy (Bankr. S.D. Ga.
Case No. 11-11756) on Sept. 2, 2011.  Judge Samuel L. Kay presides
over the case.  Shepard Plunkett Hamilton Boudreaux LLC serves as
the Debtor's Chapter 11 counsel.  The Debtor disclosed $11,115,538
in assets and $6,784,463 in liabilities as of the Chapter 11
filing.  The petition was signed by GB Sharma, managing member.


HOLDINGS OF EVANS: Allowed to Use Cash Collateral Until Aug. 31
---------------------------------------------------------------
The Hon. Susan D. Barrett of the U.S. Bankruptcy Court for the
Southern District of Georgia, in an interim order, authorized
Holdings of Evans LLC's continued use of the cash collateral until
Aug. 31, 2012, or on the occurrence of a termination event.

The Court will hold a final hearing on the relief on Aug. 24.

The Debtor would use the cash collateral, including collections
from rents, accounts receivables, and other cash and income
generated from the operation of the Debtor's business to continue
its business operation.

                      About Holdings of Evans

Martinez, Georgia-based Holdings of Evans LLC, dba Candlewood
Suites, owns an improved real property located at 156 Classic
Road in Athens, Georgia, and is engaged in the business of
operating a hotel commonly known as Candlewood Suites.

Holdings of Evans filed for Chapter 11 bankruptcy (Bankr. S.D. Ga.
Case No. 11-11756) on Sept. 2, 2011.  Judge Samuel L. Kay presides
over the case.  Shepard Plunkett Hamilton Boudreaux LLC serves as
the Debtor's Chapter 11 counsel.  The Debtor disclosed $11,115,538
in assets and $6,784,463 in liabilities as of the Chapter 11
filing.  The petition was signed by GB Sharma, managing member.


HRK HOLDINGS: Port Manatee Wants to Be Paid Before Employees
------------------------------------------------------------
Josh Salman at Bradenton Herald reports that Port Manatee was
among 60 creditors expected to attend a hearing slated for July 2,
2012, in U.S. Bankruptcy Court in Tampa, Florida, to argue they
should be paid before the employees of HRK Holdings LLC.

According to the report, the emergency hearing is the first formal
step in HRK's Chapter 11 bankruptcy case, sprung largely by
expenses associated with gypsum stack liner leaks last year at the
company's Piney Point facility in Palmetto, Florida.

HRK is seeking to pay two weeks' worth of back salaries and
benefits to 15 unnamed employees totaling $42,000 before its
remaining assets are split among creditors.  According to the
report, some stakeholders suspect those wages are earmarked for
HRK CEO Jordan Levy and other high-ranking company officials -- a
request they plan to fight if true.

The report notes the Company's liability is estimated to total
upwards of $50 million, including about $20 million of debt to
Regions Bank.

According to the report, the Manatee County Port Authority has
been pursuing financial damages from HRK for its role in the
dredging of Berth 12, which had months of delays due to leaks in
the pipes and storage sites that housed the dredged material at
Piney Point, a former phosphate facility owned by HRK.  The
project was completed in October, but while dredging was under way
last May, the storage liners at Piney Point sprung leaks into
Bishop Harbor.

The report notes the port now is paying a $3.28 million settlement
to the Michigan dredging contractor that filed suit over the added
expenses.  The port has been aggressively seeking repayment from
HRK for its responsibility.  Attorneys representing the port at
the Bradenton law firm Lewis.

The report says a court trustee will decide what creditors receive
a payment and how much.

The report further says HRK also has a pending lawsuit against the
engineers, consultants and contractors that designed and installed
the liner system.  The company plans to continue service to
customers and tenants until the bankruptcy case is resolved.

                        About HRK Holdings

Based in Palmetto, Florida, HRK Holdings LLC owns real property in
Manatee County that accommodates a phosphogypsum stack system, a
portion of which is used as an alternate disposal area for the
management of dredge materials pursuant to a contract with Port
Manatee and as authorized under an administrative agreement with
the Florida Department of Environmental Protection.

The Company and its affiliate, HRK Industries, LLC, filed for
Chapter 11 protection (Bankr. M.D. Fla. Case Nos. 12-09868 and
12-09869) on June 27, 2012.  Barbara A. Hart, Esq., at Stichter,
Riedel, Blain & Prosser, P.A., represents the Debtors.  HRK
Holdings estimated both assets and debts of between $10 million
and $50 million.  The petitions were signed by William F. Harley,
III, managing member.


HUGHES TELEMATICS: Waiting Period of Proposed Merger Terminated
---------------------------------------------------------------
HUGHES Telematics, Inc., and Verizon Communications Inc. were
orally informed of early termination of the waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, for the proposed acquisition by merger of the Company by
Verizon Telematics Inc., a wholly-owned subsidiary of Verizon.
Early termination or expiration of the waiting period under the
HSR Act is one of the conditions to the obligations of the Company
and Verizon to effect the Merger.

                      About HUGHES Telematics

Atlanta, Ga.-based HUGHES Telematics, Inc. is a telematics
services company that provides a suite of real-time voice and data
communications services and applications for use in vehicles and
is developing additional applications for use within and outside
of the automotive industry.

HUGHES reported a net loss of $85.35 million in 2011, a net loss
of $89.56 million in 2010, and a net loss of $163.66 million in
2009.

The Company's balance sheet at March 31, 2012, showed
$110.18 million in total assets, $211.81 million in total
liabilities, and a $101.62 million total stockholders' deficit.

In its report on the Company's 2011 financial results,
PricewaterhouseCoopers LLP, in Atlanta, Georgia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred recurring losses from operations and has a net
capital deficiency.


INKSURE TECHNOLOGIES: Posts $470,000 Net Loss in Q1 2012
--------------------------------------------------------
InkSure Technologies Inc. filed its quarterly report on Form 10-Q,
reporting a net loss of $470,000 on $209,000 of revenues for the
three months ended March 31, 2012, compared with a net loss of
$248,000 on $868,000 of revenues for the corresponding period of
2011.

The Company's balance sheet at March 31, 2012, showed
$2.05 million in total assets, $747,000 in total liabilities, and
stockholders' equity of $1.30 million.

"The Company has sustained significant operating losses in recent
periods, which has resulted in a significant reduction in its cash
reserves." the Company said in the filing.  "As reflected in the
accompanying financial statements the Company's operations for the
three months ended March 31, 2012, resulted in a net loss of
$470,000 and negative cash flows from operation activities of
$421,000.  The Company believes that it will continue to
experience losses and increased negative working capital and
negative cash flows in the near future and will not be able to
return to positive cash flow before it requires additional cash in
the near term.  The Company may experience difficulties accessing
the equity and debt markets and raising such capital, and there
can be no assurance that the Company will be able to raise such
additional capital on favorable terms or at all.  If additional
funds are raised through the issuance of equity securities, the
Company's existing stockholders will experience significant
further dilution."

"As a result of the foregoing factors, there is substantial doubt
about the Company's ability to continue as a going concern."

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

                       http://is.gd/NN2DE6

New York, N.Y.-based InkSure Technologies Inc. specializes in
comprehensive security solutions, designed to protect branded
products and documents from counterfeiting, fraud, and diversion.


INNER CITY: Plan Filing Exclusivity Expires July 17
---------------------------------------------------
The Hon. Shelley C. Chapman for the U.S. Bankruptcy Court for the
Southern District of New York, in an ex parte bridge order,
extended Inner City Media Corp., et al.'s exclusive period to file
a proposed Chapter 11 Plan until such time as the Court has
entered a final order on the Debtors' request for exclusivity
extensions.

The Debtors' exclusive filing and solicitation period will expire
on July 5, and Nov. 2, 2012, respectively.

Out of an abundance of caution, the Debtors requested for an
extension of their exclusive periods to preserve all of their
options in case the sale transactions cannot be consummated or
cannot be consummated on a timely basis.  The Debtors explained
that while they believe that the sale transactions approved by the
Court represent the best way to maximize the value of the Debtors'
assets, the Debtors cannot know with certainty if the sale
transactions will obtain the requisite regulatory approval from
the Federal Communications Commission, let alone before the
expiration of the current exclusive periods.

The motion is scheduled to be heard by the Court on July 17, 2012,
at 10 a.m.

                           About Inner City

On Aug. 23, 2011, affiliates of Yucaipa and CF ICBC LLC, Fortress
Credit Funding I L.P., and Drawbridge Special Opportunities Fund
Ltd., signed involuntary Chapter 11 petitions for Inner City Media
Corp. and its affiliates (Bankr. S.D.N.Y. Case Nos. 11-13967 to
11-13979) to collect on a $254 million debt.

The Petitioning Creditors are party to the senior secured credit
Facility pursuant to which they (or their predecessors in
interest) extended $197 million in loans to the Alleged Debtors to
be used for general corporate purposes.  More than two years ago,
the Alleged Debtors defaulted under the Senior Secured Credit
Facility, and in any event the entire amount of principal and
accrued and unpaid interest and fees became immediately due and
payable on Feb. 13, 2010.

Inner City Media's affiliates subject to the involuntary Chapter
11 are ICBC Broadcast Holdings, Inc., Inner-City Broadcasting
Corporation of Berkeley, ICBC Broadcast Holdings-CA, Inc., ICBC-
NY, L.L.C., ICBC Broadcast Holdings-NY, Inc., Urban Radio, L.L.C.,
Urban Radio I, L.L.C., Urban Radio II, L.L.C., Urban Radio III,
L.L.C., Urban Radio IV, L.L.C., Urban Radio of Mississippi,
L.L.C., and Urban Radio of South Carolina, L.L.C.

Judge Shelley C. Chapman granted each of Inner City Media
Corporation and its debtor affiliates relief under Chapter 11 of
the United States Code.  The decision came after considering the
involuntary petitions, and the Debtors' answer to involuntary
petitions and consent to entry of order for relief and reservation
of rights.

Attorneys for Yucaipa Corporate Initiatives Fund II, L.P. and
Yucaipa Corporate Initiatives (Parallel) Fund II, L.P. are John J.
Rapisardi, Esq., and Scott J. Greenberg, Esq., at Cadwalader,
Wickersham & Taft LLP.  Attorneys for CF ICBC LLC, Fortress Credit
Funding I L.P., and Drawbridge Special Opportunities Fund Ltd. are
Adam C. Harris, Esq., and Meghan Breen, Esq., at Schulte Roth &
Zabel LLP.

Akin Gump Strauss Hauer & Feld LLP serves as the Debtors' counsel.

Rothschild Inc. serves as the Debtors' financial advisors and
investment bankers.  GCG Inc. serves as the Debtors' claims agent.

The United States Trustee said that an official committee under 11
U.S.C. Sec. 1102 has not been appointed in the bankruptcy case of
Inner City Media because an insufficient number of persons holding
unsecured claims against the Debtor has expressed interest in
serving on a committee.


INTELLIPHARMACEUTICS: Posts $1.4-Mil. Net Loss in May 31 Quarter
----------------------------------------------------------------
Intellipharmaceutics International Inc. reported a net loss of
$1.36 million on $0 revenue for the three months ended May 31,
2012, compared with a net loss of $1.97 million on $0 revenue for
the three months ended May 31, 2011.

For the six months ended May 31, 2012, the Company reported a net
loss of $3.29 million on $107,091 of revenue, compared with a net
loss of $4.69 million on $0 revenue for the six months ended
May 31, 2011.

The Company's balance sheet at May 31, 2012, showed $6.91 million
in total assets, $7.26 million in total liabilities, and a
stockholders' deficit of $346,055.

As reported in the TCR on Feb. 17, 2012, Deloitte & Touche LLP, in
Toronto, expressed substantial doubt about Intellipharmaceutics'
ability to continue as a going concern, following the Company's
results for the fiscal year ended Nov. 30, 2011.  The independent
auditors noted that of the Company's recurring losses from
operations and stockholders' capital deficiency.

A copy of the condensed unaudited interim consolidated financial
statements is available for free at http://is.gd/UfEgzm

A copy of the 2012 Second Quarter Management Discussion and
Analysis is available for free at http://is.gd/eB2eS6

About Intellipharmaceutics International

Based in Toronto, Canada, Intellipharmaceutics International Inc.
(Nasdaq: IPCI) (TSX: I) -- http://www.intellipharmaceutics.com/--
is a pharmaceutical company specializing in the research,
development and manufacture of novel and generic controlled-
release and targeted-release oral solid dosage drugs.  The
Company's patented Hypermatrix(TM) technology is a
multidimensional controlled-release drug delivery platform that
can be applied to the efficient development of a wide range of
existing and new pharmaceuticals.  Based on this technology,
Intellipharmaceutics has a pipeline of product candidates in
various stages of development, including six ANDAs under review by
the FDA, in therapeutic areas that include neurology,
cardiovascular, gastrointestinal tract, diabetes, pain and
infection.




INTERNATIONAL TEXTILE: Authorized Series A Shares Hiked to 13MM
---------------------------------------------------------------
International Textile Group, Inc., filed with the Secretary of
State of the State of Delaware a Certificate of Increase relating
to its Series A Convertible Preferred Stock.  The Certificate,
which was effective upon filing, increased the total number of
authorized shares of the Company's existing Series A Convertible
Preferred Stock from 12,000,000 to 13,000,000 shares.  All other
terms of the Series A Convertible Preferred Stock remain as
currently in effect.

                   About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam.  ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.

The Company reported a net loss of $69.43 million in 2011,
compared with a net loss of $46.30 million in 2010.

The Company's balance sheet at March 31, 2012, showed $432.77
million in total assets, $630.60 million in total liabilities and
a $197.82 million total stockholders' deficit.


JOHN D. OIL: Exclusive Plan Filing Period Extended to Sept. 7
-------------------------------------------------------------
The Hon. Thomas P. Agresti of the U.S. Bankruptcy Court for the
Western District of Pennsylvania extended the exclusive right of
John D. Oil and Gas Company to file a Chapter 11 plan and
disclosure statement by 120 days through Sept. 7, 2012; and the
exclusive period to obtain acceptance of the plan by 120 days
through Nov. 6, 2012.

Affiliate Oz Gas has certain oil and gas leaseholds containing
approximately 8,000 acres containing both shallow and deep
drilling and production rights.  Oz Gas owns both the deep and
shallow rights through the Leases, but Oz Gas is in the business
of exploring, drilling, and managing shallow wells for the
production of natural gas and oil.  The deep rights have
substantial value and those rights are not currently utilized by
its operations.

Since Oz Gas is able to sell those deep rights without affecting
is own operations, a sale of the Subject Interests will provide an
undeniable benefit to the Bankruptcy estate.  The Debtor's largest
creditor and the Committee agree that the proposed sale is the
Debtor's best chance to maximize the value of its leasehold
interests and achieve a confirmable plan of reorganization.

As reported in the Troubled Company Reporter on June 1, 2012, Oz
Gas has spent considerable time to seek an offer to sell certain
deep drilling rights in the Leases.  A meaningful Chapter 11 plan
cannot be proposed until the Oz Gas has had sufficient opportunity
to propose and consummate a sale of its deep drilling rights.

In addition to the sale of certain drilling rights, the Debtor
requires additional time to liquidate certain pledged stock.  The
pledged stock is expected to be liquidated, and will therefore
reduce the RBS debt.

The sale of the pledged stock and the drilling rights will have
substantial effect on the secured debt owed to RBS and a
meaningful plan or reorganization cannot be proposed until the
remaining RBS debt is determined.

                        About John D. Oil,
                Great Plains Exploration and Oz Gas

Mentor, Ohio-based John D. Oil & Gas Co., is in the business of
acquiring, exploring, developing, and producing oil and natural
gas in Northeast Ohio.  The Company has 58 producing wells.  The
Company also has one self storage facility located in Painesville,
Ohio.  The self-storage facility is operated through a partnership
agreement between Liberty Self-Stor Ltd. and the Company.

John D. Oil's affiliated entities -- Oz Gas, LTD. and Great Plains
Exploration LLC -- filed voluntary Chapter 11 petitions (Bankr.
W.D. Pa. Case Nos. 12-10057 and 12-10059) on Jan. 11, 2012.  Two
days later, John D. Oil filed its own Chapter 11 petition (Bankr.
W.D. Pa. Case No. 12-10063).

On Nov. 21, 2011, at the request of the lender RBS Citizens, N.A.,
dba Charter One, a receiver was appointed for all three corporate
Debtors, in the United States District Court for the Northern
District of Ohio at case No. 11-cv-2089-CAB.  District Judge
Christopher A. Boyko issued an order appointing Mark E. Dottore as
receiver.  The Receivership Order was appealed to the Sixth
Circuit Court of Appeals on Dec. 19, 2011 and the appeal is
currently pending.

Judge Thomas P. Agresti oversees the Chapter 11 cases.  Robert S.
Bernstein, Esq., at Bernstein Law Firm P.C., serves as counsel to
the Debtors.  Each of Great Plains and Oz Gas estimated $10
million to $50 million in assets and debts.  John D. Oil's balance
sheet at Sept. 30, 2011, showed $8.12 million in total assets,
$12.92 million in total liabilities and a $4.79 million total
deficit.  The petitions were signed by Richard M. Osborne, CEO.

The United States Trustee said a committee under 11 U.S.C. Sec.
1102 has not been appointed because no unsecured creditor
responded to the U.S. Trustee's communication for service on the
committee.


LDK SOLAR: Exec. Director Y. Shao Resigns for Personal Reasons
--------------------------------------------------------------
LDK Solar Co., Ltd., announced that Mr. Yonggang Shao, an
Executive Director and Executive Vice President of Corporate
Strategy at LDK Solar, resigned for personal reasons, effective
June 30, 2012.  Effective immediately, Mr. Shao will serve as
Chairman Peng's consultant under a new agreement.

The resignation of Mr. Shao does not affect the composition of the
Audit, Compensation or Nominating and Corporate Governance
Committees of LDK Solar's Board.

Mr. Xiaofeng Peng, Chairman and CEO of LDK Solar, stated: "We are
grateful to Yonggang Shao for his valuable service during his
tenure with the company.  We wish him well in his future
endeavors.  I am confident that Mr. Shao will continue to
contribute his expertise to LDK Solar as he switches his role to
the Chairman's consultant going forward."

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-Tech
Industrial Park, Xinyu City, Jiangxi Province, People's Republic
of China, is a vertically integrated manufacturer of photovoltaic
products, including high-quality and low-cost polysilicon, solar
wafers, cells, modules, systems, power projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report
there is substantial doubt on the ability of LDK Solar Co., Ltd.
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio under
a long-term debt agreement as of Dec. 31, 2011.  These conditions
raise substantial doubt about the Group's ability to continue as a
going concern.

The Company's balance sheet at March 31, 2012, showed US$6.63
billion in total assets, US$5.96 billion in total liabilities,
US$228.21 million in redeemable non-controlling interests and
US$447.32 million in total equity.


LEE'S FORD DOCK: Files for Chapter 11 in London, Ky
---------------------------------------------------
Lee's Ford Dock, Inc., filed a bare-bones Chapter 11 petition
(Bankr. E.D. Ky. Case No. 12-60818) in London, Kentucky,
estimating assets and liabilities of up to $50 million.

The Debtor is represented by Laura Day DelCotto, Esq., at DelCotto
Law Group PLLC, in Lexington.

Lee's Ford Dock owns the Lee's Ford Resort Marina --
http://www.leesfordmarina.com/-- a recreational marina resort on
Lake Cumberland, 3 miles from Somerset, Kentucky.  The resort
offers world class lodging, lake-front cottages as well as
houseboat and vacation rentals.

James D. Hamilton, as president, signed the Chapter 11 petition.
He may be reached at (606) 636-6426 ext. 234 or
jd@leesfordmarina.com


LEHMAN BROTHERS: To Reap $1.5-Bil. From Aurora Sale
---------------------------------------------------
Lehman Brothers Holdings Inc. said it has sold the assets of its
subsidiary, Aurora Bank FSB, to Nationstar Mortgage Holdings Inc.

Aurora's $63.7 billion worth of residential mortgage servicing
rights has been sold to Nationstar, a company owned by Fortress
Investment Group LLC.

The deal, which the company said could yield "significant
recovery value" for its creditors, also called for the sale of
the servicing facility in Scottsbluff, Nebraska, and the transfer
of leases of the facilities in Indianapolis and Littleton,
Colorado.

The sale of Aurora's assets could earn about $1.5 billion for
Lehman creditors, according to a report by The Financial Times.

Lehman had initially hoped to sell Aurora whole but it eventually
decided to break-up the business and sell it off in parts
instead.  Aurora's commercial mortgage rights were sold to Ocwen
Financial while customer deposits were transferred to New York
Community Bank, The Financial Times reported.

Doug Lambert, managing director of turnaround firm Alvarez &
Marsal, said the deal helped Lehman avoid a "potentially costly
government resolution" of Aurora and another multi-billion
subsidiary, Woodlands Commercial Bank.

Shortly after Lehman filed for bankruptcy in 2008, the banks were
at risk of being seized and placed into receivership by the
Federal Deposit Insurance Corp.  The company injected additional
cash and liquidity after determining that rescuing the banks and
preparing them for a sale would yield more value for creditors.

"During the past three and a half years, we successfully oversaw
management of the two banks' resolution processes, restoring
regulatory capital which allowed the time necessary for the
overall financial markets to recover from the economic downturn,
averting enormous liability to the Lehman estate," Mr. Lambert
said in a statement.

Jay Bray, chief executive officer of Nationstar, said the
acquisition represents "another exciting milestone in
Nationstar's history."

"We remain focused on our performance-based servicing model that
provides exceptional service and the benefit of Nationstar's
extensive resources to help customers achieve and preserve
Homeownership," he said in a statement.

After the acquisition, Nationstar has grown its servicing book to
$177 billion which represents about one million customers,
according to Mr. Bray.

Aurora will continue to operate and comply with a so-called
consent order, which requires the bank to hire independent firms
to review its foreclosures.  The bank is one of the 14 mortgage
servicing companies currently under the consent order from
regulators for their foreclosure practices, The Financial Times
reported.

Fortress' Nationstar Mortgage LLC, meanwhile, is the stalking
horse bidder for Residential Capital's mortgage origination and
servicing businesses.  A full-text copy of the Amended and
Restated Asset Purchase Agreement between Nationstar and ResCap,
et al., dated June 28, 2012, is available for free at
http://bankrupt.com/misc/rescap_june28apa.pdf RESIDENTIAL CAPITAL
BANKRUPTCY NEWS tracks the Chapter 11 proceeding undertaken by
affiliates of Residential Capital LLC and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000).

                       About Lehman Brothers

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

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

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

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

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

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

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

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               International Operations Collapse

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

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

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)


LEHMAN BROTHERS: JPMorgan Fails to Strike Objection to Claim
------------------------------------------------------------
Judge James Peck of the U.S. Bankruptcy Court in Manhattan denied
a motion by JPMorgan Chase & Co. to strike objections to its
claims against Lehman Brothers Holdings Inc.

Earlier, Lehman and a committee of unsecured creditors proposed
to reduce the bank's $6 billion in claims.  In response, asked
the bankruptcy judge to allow its claims, arguing it acted "in
conformity with reasonable commercial practices."

JPMorgan filed claims against Lehman and its brokerage in
connection with the bank's role as triparty repo custodian during
the week of September 15, 2008, when Lehman filed for bankruptcy
protection and was negotiating a sale of the brokerage to
Barclays Plc.

The claims stemmed from the alleged $6.3 billion deficiency
following the sale of collateral pledged by the brokerage to
secure its debt related to JPMorgan's role as repo custodian.

In a July 3 decision, the bankruptcy judge said allowing Lehman
and the committee "to continue advancing all points raised in the
objection" and to present evidence in support of their objection
is "appropriate and does not prejudice JPMorgan."

"Granting the motion would not yield any measurable savings of
time and expense or help to resolve other issues in dispute,"
Judge Peck said.  He said denial of the motion is procedural and
is not an indicator of how the bankruptcy court will decide the
"substantive points" raised by JPMorgan.

JPMorgan Chase Bank, N.A., asserts that the new arguments made by
Lehman Brothers Holdings Inc. and the Official Committee of
Unsecured Creditors compound the errors in their Objection.  "The
Court-approved settlement among JPMorgan, Barclays, and the LBI
Trustee in the December Settlement Agreement conferred a benefit
on LBHI by paying down the Deficiency Claim by almost $2 billion
more than it might have been satisfied absent the settlement. Yet
the Objectors simply ignore this pay-down and now contend in
their response that the Deficiency Claim should be reduced again
by the same amount. Their position is baseless."

"Additionally, the Objectors assert that LBI and LBHI are
relieved of their contractual obligations to repay JPMorgan's
clearance-related advances because JPMorgan received
consideration from Barclays in a settlement between JPMorgan and
Barclays. Their position again lacks any basis in law or logic:
Lehman has made no double payment to JPMorgan; Lehman contributed
nothing to the settlement; and the settlement in no way
diminished the Lehman estates. Moreover, although there is no
reason to believe that JPMorgan will ever recover more than what
it is owed on its clearance-related claims, any conceivable
"excess" payment would come solely from Barclays, not from
Lehman. Lehman has never been at risk of paying more than 100% of
what it owes JPMorgan -- and it never will be," JPMorgan pointed
out.

"Lehman's attempt to defeat JPMorgan's claim for interest is also
untenable. Section 506(b) of the Bankruptcy Code establishes a
right to postpetition interest, which the Supreme Court has
repeatedly declared is "unqualified." The only way to re-write
the statute to include the Objectors' so-called "equitable
considerations" is to ignore both the express language of Section
506(b) and the Supreme Court's clear mandate. Far from offering
any justification for taking that extraordinary step, the
Objectors would have the Court declare that postpetition interest
must always be denied to a bank or other creditor secured by cash
whenever the creditor can invest that cash. They cite no
authority whatever for this entirely unprecedented and
unwarranted rule," JPMorgan adds.

Emil A. Kleinhaus, Esq., a partner at the law firm of Wachtell,
Lipton, Rosen & Katz, filed a Supplemental Declaration in Support
of JPMorgan Chase Bank, N.A.'s Motion to Strike.

                       About Lehman Brothers

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

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

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

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

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

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

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

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               International Operations Collapse

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

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

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)


LEHMAN BROTHERS: Elliot Demands $3.2-Bil. Payment to Creditors
--------------------------------------------------------------
Elliott Management Corp. demanded that the trustee liquidating
Lehman Brothers Holdings Inc.'s brokerage make an initial payment
of $3.2 billion to creditors, Bloomberg News reported.

Elliott, a hedge fund client of the Lehman brokerage, wants the
biggest possible payout promptly after the trustee has sold
securities owned by the brokerage, the report said.

Peter Truell, an Elliott spokesman, would not say how much the
hedge fund firm is claiming from the brokerage, Bloomberg
reported.

Shortly after Lehman filed for bankruptcy protection, the trustee
transferred 110,000 mostly retail Lehman accounts containing $90
billion in assets largely to Barclays.  Elliott and other
customers, however, "were not fortunate enough to participate in
that process," the hedge fund said.

Elliot said the trustee could pay almost 26 cents on the dollar
of allowed claims totaling $12.2 billion, while still reserving
enough money for disputed claims.  A 26% payout by the brokerage
would dwarf Lehman parent's first distribution of 2 cents on the
dollar to 6 cents excluding subordinated claims, the hedge fund
said.

Jake Sargent, Lehman trustee's spokesman, said the "remaining
claims are few in number and relate to Lehman affiliates, large
banks and hedge funds," and that the trustee is "urgently
addressing the significant hurdles that stand in the way" of
paying them, Bloomberg News reported.

The trustee had said in December that he planned to start paying
the Lehman brokerage's remaining customers soon from available
assets of $18.3 billion.  He did not say how much money customers
can expect only that his goal was to make "a significant"
payment, Bloomberg News reported.

                       About Lehman Brothers

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

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

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

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

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

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

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

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               International Operations Collapse

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

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

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)


LEHMAN BROTHERS: LBI Trustee Seeks to Sell Invicta Notes
--------------------------------------------------------
James W. Giddens, as trustee for the liquidation of Lehman
Brothers Inc. under the Securities Investor Protection Act, asks
the Court to approve a repurchase agreement governing the
repurchase by Invicta Capital LLC of $65 million of Invicta
Subordinated Deferrable Interest Floating Rate Notes due 2036,
Series B, held by LBI.

The LBI Trustee intends to sell the Invicta Notes to Invicta for
$56,875,000.  The Trustee has determined that the proposed
transaction is in the best interest of the estate, its customers
and creditors.

                       About Lehman Brothers

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

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

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

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

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

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

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

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               International Operations Collapse

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

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

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)


LEHMAN BROTHERS: Seeks Revision of Claims Resolution Orders
-----------------------------------------------------------
Lehman Brothers Holdings Inc. asked Judge James Peck to revise
six of his previous orders, which approved a mechanism for
resolving claims filed in its bankruptcy case.

The court orders remain operative and important in the
implementation of Lehman's Chapter 11 plan but require revision
in light of the change in status of the committee representing
the company's unsecured creditors.

Under the bankruptcy plan, the unsecured creditors committee was
dissolved "for all purposes" other than implementation of the
plan through the date of the initial payment to creditors.  The
plan, however, permits the involvement of the group's
subcommittees in resolving derivatives-related claims and other
lawsuits.

Earlier, the subcommittees and Lehman reached an agreement
concerning the former's participation in the settlement of those
lawsuits.  Lehman said the bankruptcy judge's prior orders must
be revised to reflect the terms of those agreements.

The proposed changes to the court orders are detailed in the
proposed order, a copy of which is available for free at
http://bankrupt.com/misc/LBHI_PropOrderReviseOrders.pdf

A court hearing is scheduled for July 18.  Objections are due by
July 11.

                       About Lehman Brothers

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

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

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

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

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

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

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

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               International Operations Collapse

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

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

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)


LIBERTY FLAG: $272,000 Judgment Prompts Chapter 11 Filing
---------------------------------------------------------
Liberty Flag & Specialty Co., Inc., a flag supplier in
southwestern Wisconsin, sought Chapter 11 bankruptcy protection
(Bankr. W.D. Wis. Case No. 12-13672) on June 25, 2012, listing
assets of less than $50,000 against debts of $500,000 to
$1 million.  Craig E. Stevenson, Esq., at Krekeler Strother, S.C.,
serves as the Debtor's counsel.

A copy of the bankruptcy petition is available at no charge at
http://bankrupt.com/misc/wiwb12-13672.pdf

Katy Stech at Bankruptcy Beat reports that the Debtor immediately
sought court permission to spend the money that it had promised to
set aside for its lender, Community First Bank, to continue its
operations.

Rick Romell at the Journal Sentinel reports that Liberty Flag's
largest unsecured creditor is Eder Flag Manufacturing Co., which
has said it supplied millions of dollars worth of goods to Liberty
since 1984.  According to the report, the long relationship began
to fray in 2010, when Liberty started to fall behind on payments
and some of its checks bounced, Eder Flag said in a lawsuit in
Milwaukee County Circuit Court.

The Journal Sentinel report notes Eder Flag filed the action last
September.  On June 20, the Oak Creek company won a $272,000
judgment against Liberty, which failed to appear in court for a
scheduled hearing.

The Journal Sentinel report adds the Chapter 11 case is the second
in less than a year involving Liberty partners David J. Gonzalez -
- who started selling flags door to door 30 years ago -- and his
wife Kathleen.  Last November, the Gonzalezes' Mountain Faith
Church Inc., Lake Delton, also filed for bankruptcy protection
from creditors.

The Journal Sentinel report says, similar to the latest case, that
filing came about two weeks after a lender, BMO Harris Bank, won
an $856,000 foreclosure judgment connected to mortgages on the
church property.  Saying the church went into bankruptcy only to
forestall foreclosure, the bank successfully asked that the case
be dismissed.

According to the report, within a week of the dismissal, however,
the bank and church reached an agreement on the foreclosure
action, and the $856,000 judgment was vacated, online court
records show.  David Gonzalez is pastor of Mountain Faith Church.

The report says a document filed by the church in bankruptcy court
lists David and Kathleen Gonzalez each as a 50% shareholder in
Mountain Faith Church Inc.  The Gonzalezes, however, have turned
to a donation Web site, Gofundme.com, in hopes of raising
$500,000.  On a page titled "Help Save Liberty Flag & Spec. Co.,"
Mr. Gonzalez said foreign competition and tight credit have hurt
the business.


LSP ENERGY: Withdraws Plea to Hire PA Consulting as Energy Expert
-----------------------------------------------------------------
LSP Energy Limited Partnership, et al., through Whiteford Taylor
Preston LLC, notifies the U.S. Bankruptcy Court for the District
of Delaware that it has withdrawn its application to employ PA
Consulting Group, Inc., as independent energy expert advisor, nunc
pro tunc to April 1, 2012.

As reported in the Troubled Company Reporter on June 11, 2012,
the Debtor proposed to hire PA Consulting to, among other things,
provide on-going support to the Debtors, in their current and
ongoing capacities, through activities like assessing the mark-to-
market of certain power off-take agreements.

                         About LSP Energy

LSP Energy Limited Partnership, LSP Energy, Inc., LSP Batesville
Holding, LLC, and LSP Batesville Funding Corporation filed
separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case
No. 12-10460) on Feb. 10, 2012.

LSP owns and operates an electric generation facility located in
Batesville, Mississippi.  The Facility consists of three gas-fired
combined cycle electric generators with a total generating
capacity of roughly 837 megawatts and is electrically
interconnected into the Entergy and Tennessee Valley Authority
transmission systems.  LSP's principal assets are the Facility and
the 58-acre parcel of real property on which it is located, as
well as its rights under a tolling agreements.

LSP filed bankruptcy to complete an orderly sale of its assets or
the ownership interests of LSP Holding in LSP, LSP Energy and LSP
Funding for the benefit of all stakeholders.  The remaining three
Debtors filed bankruptcy due to their relationship as affiliates
of LSP and their ultimate obligations on a significant portion of
LSP's secured bond debt.  The Debtors also suffered losses due to
a mechanical failure of a combustion turbine at their facility and
resultant business interruption.

LSP Energy is the general partner of LSP.  LSP Holding is the
limited partner of LSP and the 100% equity holder of LSP Energy
and LSP Funding.  LSP Funding is a co-obligor on the Debtors' bond
debt, and each of LSP Energy and LSP Holding has pledged their
equity interests in LSP and LSP Funding as collateral for the bond
debt.

No statutorily authorized creditors' committee has yet been
appointed in the Debtors' cases by the United States Trustee.

Judge Mary F. Walrath oversees the case.  Lawyers at Whiteford
Taylor & Preston LLC serve as the Debtors' counsel.


M WAIKIKI: Marriott Settles With Modern Honolulu Hotel Over Plan
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that owners of the 353-room Modern Honolulu hotel reached
a settlement with Marriott International Inc. that may result in
approval of a newly revised reorganization plan as soon as
July 10, when the confirmation hearing resumes.

The report recounts that the hotel and Marriott, the former
manager of the property, have been embroiled in lawsuits since
before the Chapter 11 reorganization began in August 2011 and have
filed competing reorganization plans.

According to the report, the settlement agreement calls for a cash
payment to Marriott no later than July 30 in satisfaction of its
secured and unsecured claims.  The amount of the payment isn't
disclosed in court filings.  In return for the cash, Marriott is
withdrawing its opposition to the hotel's plan that was revised
this week to comport with the settlement.

The settlement, Mr. Rochelle points out, may have been the
indirect result of a ruling by the bankruptcy judge about a month
ago that $18.5 million was owing to Marriott as a result of
termination of the contract for management of the property.
Marriott called the ruling a "significant victory," even though it
originally was seeking $72 million.

The report notes that U.S. Bankruptcy Judge Robert J. Faris in
Honolulu hadn't yet ruled on whether the hotel would have claims
of its own for the manager's breach or failure to perform
properly.  The trial or estimation of the owners' claims was
taking place this month. The owner's plan calls for paying
unsecured creditors in full, with interest. The plan allows the
Davidson Family Trust from Incline Village, Nevada, to retain
ownership in return for a $32.2 million cash contribution, plus
the amount necessary to pay the Marriott settlement.

                          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., and James P. Muenker,
Esq., at Neligan Foley LLP, in Dallas, Tex.; Simon Klevansky,
Esq., at Klevansky Piper, LLP, in Honolulu, Hawaii, are the
attorneys to the Debtor.  Bickel & Brewer serves as special
litigation counsel.  The Debtor tapped XRoads Solutions Group,
LLC, and Xroads Case Management Services, LLC, as its financial
and restructuring advisor.  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.,
at Moseley 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.

James A. Wagner, Esq., and Chuck C. Choi, Esq., at Wagner Choi &
Verbrugge, in Honolulu, serve as bankruptcy counsel for the
Creditors' Committee.


MARIANA RETIREMENT: Counsel Says Chapter 11 Talks Started in 2011
-----------------------------------------------------------------
Ferdie de la Torre, reporter at Saipan Tribune, notes the counsel
for the NMI Retirement Fund has disclosed that the Chapter 11
bankruptcy filing was already being talked about with the Fund's
outside counsel, Braddock Huesman, Esq., since September 2011.

The report saysthe filing surprised many CNMI government officials
and lawmakers as well as Fund retirees and members.

According to the report, attorney Jeremy B. Coffey, one of the
partners for the law firm Brown Rudnick LLP, said the Fund turned
its consideration to restructuring its obligations through a
proceeding under Chapter 11 of the Bankruptcy Code after exploring
and exhausting all other options.  Mr. Coffey said the Fund then
contacted their law firm in Boston in September 2011 to discuss
the implications of a potential Chapter 11 filing.

The report adds the Fund has repeatedly announced that its assets
will be depleted by July 2014.

The report relates Mr. Coffey said given the many unusual aspects
of the Fund and its obligations, the prospect of a Chapter 11
filing raised numerous novel, complex issues to be considered.  He
said their law firm researched relevant issues and participated in
many conference calls with the Fund and its outside counsel, Mr.
Huesman.  Mr. Coffey claimed that between September 2011 and
March 2012, their law firm provided the Fund services with an
approximate value of $187,000 yet they did not charge the Fund for
these services.  Once the Fund made the decision to pursue Chapter
11 petition, Mr. Coffey said, their law firm and the Fund agreed
on a discounted rate structure.  Under the agreement, Mr. Coffey
said, their attorneys whose hourly rates range from $325 to $955,
would all be filled at a flat "blended rate" of $475 per hour.

                     About NMI Retirement Fund

The Northern Mariana Islands Retirement Fund --
http://www.nmiretirement.com/-- is a public corporation of the
Commonwealth of the Northern Mariana Islands that receives and
invests retirement contributions and pays certain benefits to or
on account of certain retirees of the Commonwealth government,
their survivors, and certain disabled persons.

The Fund, through its administrator Richard Villagomez, filed a
Chapter 11 bankruptcy petition in the U.S. District Court for the
Northern District of Mariana Islands in Saipan (Case No. 12-00003)
on April 17, 2012.

The Fund is represented by Brown Rudnick LLP and the Law Office of
Braddock J. Huesman, LLC.

The Fund said in court papers that the Chapter 11 filing was
precipitated by the discrepancy between the Debtor's current
ability to pay benefits to beneficiaries and the Debtor's current
obligations to those same beneficiaries.  The Fund said it would
exhaust its cash by July 2014.  It has been unable to collect a
$325 million judgment against the islands' government, and the
commonwealth decided to reduce contributions toward workers'
pensions.

As a result of continuous underfunding, which necessitated
withdrawing from its portfolio to cover funding shortfalls, the
value of the Fund's assets has fallen from $353,475,412 in 2009 to
its current level of $268,448,997, the Debtor's counsel has said.
The counsel also said the Fund is subject to liabilities (both
current and actuarial) totaling about $911 million.

An official committee of unsecured creditors, consisting of Fund
members, has been appointed in the case.

U.S. Bankruptcy Judge Robert J. Faris held a hearing on June 1,
2012, where he said from the bench that the fund isn't eligible
for Chapter 11 because it's an agent of the commonwealth
government.  The judge, however, said he won't formally dismiss
the case until July or August.


MEDIA GENERAL: Closes $142MM Sale of Newspapers to World Media
--------------------------------------------------------------
Media General, Inc., completed the sale of all of its newspapers,
with the exception of its group of newspapers in and around Tampa,
Florida, to World Media Enterprises Inc. for $142 million in cash
subject to adjustment for working capital and other items.  The
Company retained the previously frozen pension assets and
liabilities and post-retirement obligations related to employees
of the businesses that were sold.  The newspapers purchased by
World Media include 63 daily and weekly titles in Virginia, North
Carolina, South Carolina and Alabama.

The Company expects to record an after-tax loss on the sale of
newspapers to World Media in the range of $105-115 million in the
second quarter of 2012.  After transaction fees and the repayment
of funds drawn on the revolving credit facility, the Company
intends to use the net proceeds from the newspaper sale to offer
to repay on a pro rata basis the existing senior secured notes and
its term loan at par with no prepayment penalty.

A copy of the Form 8-K disclosure is available for free at:

                        http://is.gd/BrLwRb

                        About Media General

Richmond, Virginia-based Media General Inc. (NYSE: MEG) --
http://www.mediageneral.com/-- is an independent communications
company with interests in newspapers, television stations and
interactive media in the United States.

The Company reported a net loss of $74.32 million for the fiscal
year ended Dec. 25, 2011, a net loss of $22.64 million for the
fiscal year ended Dec. 26, 2010, and a net loss of $35.76 million
for the fiscal year ended Dec. 27, 2009.

The Company's balance sheet at March 25, 2012, showed $1.04
billion in total assets, $1.04 billion in total liabilities, and
$17,000 in total stockholders' equity.

                           *     *     *

As reported by the Troubled Company Reporter on April 12, 2012,
Moody's Investors Service downgraded, among other things, Media
General's Corporate Family Rating (CFR) and Probability of Default
Rating (PDR) to Caa1 from B3, concluding the review for downgrade
initiated on Feb. 13, 2012.  The downgrade reflects the
significant increase in interest expense associated with the
company's credit facility amend and extend transaction and an
assumed issuance of at least $225 million of new notes, which will
result in limited free cash flow generation and constrain Media
General's capacity to reduce its very high leverage.  The weak
free cash flow and high leverage create vulnerability to changes
in the company's highly cyclical revenue and EBITDA generation.

In the May 23, 2012, edition of the TCR, Standard & Poor's Ratings
Services placed its 'CCC+' corporate credit rating on Richmond,
Va.-headquartered Media General Inc., along with its 'CCC+' issue-
level rating on the company's senior secured notes, on CreditWatch
with positive implications.

"The CreditWatch placement is based on Media General's agreement
to sell the majority of its newspaper assets to BH Media Group, a
subsidiary of Berkshire Hathaway Inc.  The CreditWatch also
reflects the announcement that the company will refinance its
existing bank debt due in March 2013. It expects to close the
refinancing transaction next week and the newspaper sale by June
25, 2012," S&P said.


METRO TOWER: Files for Chapter 11 to Avoid Foreclosure
------------------------------------------------------
Brandon Carpenter at Connect Amarillo reports that Metro Tower
Fund LLC, which owns the Barfield Building at 600 S. Polk St., has
filed Chapter 11 bankruptcy protection.

According to the report, the Company's building was set to be
auctioned off in a sheriff's sale because of a foreclosure in the
amount of $320,000 made by the LT Barfield, LLC., that has a lien
on the build.  Managing Partner Todd Harmon said he plans on to
hang on the property.  The property is a prime spot at the corner
of Polk & 6th Avenue.

The report says Metro Tower and Mr. Harmon have made repeated
attempts to restore the building.  But have suffered financial
collapses and judgments made against the company.  LT Barfield,
LLC is owned in part by partners Joe Bob McCartt, Alan Rhodes,
James W. Wester, Pedro Cunha and Kathy Cornett along with others.

The report notes Metro Tower estimated project cost was
$7 million.  Potter-Randall appraisal district lists the value
of the Barfield at $228,395.


MPG OFFICE: To Issue 724,264 Shares Under 2003 Incentive Plan
-------------------------------------------------------------
MPG Office Trust, Inc., filed with the U.S. Securities and
Exchange Commission a Form S-8 registering 724,264 shares of
common stock issuable under the Company's Second Amended and
Restated 2003 Incentive Award Plan.  The proposed maximum
aggregate offering price is $1.45 million.  A copy of the filing
is available for free at http://is.gd/MTpV2R

                       About MPG Office Trust

MPG Office Trust, Inc., fka Maguire Properties Inc. --
http://www.mpgoffice.com/-- is the largest owner and operator of
Class A office properties in the Los Angeles central business
district and is primarily focused on owning and operating high-
quality office properties in the Southern California market.  MPG
Office Trust is a full-service real estate company with
substantial in-house expertise and resources in property
management, marketing, leasing, acquisitions, development and
financing.

The Company has been focused on reducing debt, eliminating
repayment and debt service guarantees, extending debt maturities
and disposing of properties with negative cash flow.  The first
phase of the Company's restructuring efforts is substantially
complete and resulted in the resolution of 18 assets, relieving
the Company of approximately $2.0 billion of debt obligations and
potential guaranties of approximately $150 million.

The Company reported net income of $98.22 million in 2011,
compared with a net loss of $197.93 million in 2010.

The Company's balance sheet at March 31, 2012, showed
$2.19 billion in total assets, $3.11 billion in total liabilities,
and a $913.35 million total deficit.


MMRGLOBAL INC: Terminates Investment Agreement with Dutchess
------------------------------------------------------------
MMRGlobal, Inc., signed a notice of cancellation for the purposes
of terminating the Investment Agreement, dated Sept. 15, 2009, by
and between MMRGlobal and Dutchess Opportunity Fund, II, LP f/k/a
Dutchess Equity Fund, LP.  The notice was given pursuant to
Section 9 of the Investment Agreement, which allows termination of
the Agreement upon written notice from the Company to Dutchess.

Pursuant to Section 9, the Company requested to terminate the
Investment Agreement effective at 5:00pm EST on June 27, 2012.
The notice of cancellation was received by Dutchess on June 28,
2012.  The Company will not incur any early termination fees in
connection with the termination of the Investment Agreement.

                          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.

In the auditors' report accompanying the financial statements for
year ended Dec. 31, 2011, Rose, Snyder & Jacobs LLP, in Encino,
California, expressed substantial doubt about the Company'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 years ended
Dec. 31, 2011, and 2010.

The Company reported a net loss of $8.88 million in 2011, compared
with a net loss of $17.90 million in 2010.  The Company reported a
net loss of $10.3 million in 2009.

The Company's balance sheet at March 31, 2012, showed
$1.90 million in total assets, $7.96 million in total liabilities,
and a $6.05 million stockholders' deficit.


MORGAN INDUSTRIES: Files Schedules of Assets and Liabilities
------------------------------------------------------------
Morgan Industries Corporation filed with the U.S. Bankruptcy Court
for the District of New Jersey its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $10,939,834
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $13,352,453
  E. Creditors Holding
     Unsecured Priority
     Claims                                            $7,313
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $13,792,984
                                 -----------      -----------
        TOTAL                    $$10,939,834     $27,152,750

A full-text copy of the schedules are available for free at:
http://bankrupt.com/misc/MORGAN_INDUSTRIES_sal.pdf

                      About Morgan Industries

Morgan Industries Corporation, along with affiliates, sought
Chapter 11 protection (Bankr. D. N.J. Lead Case No. 12-21156) in
Trenton, New Jersey, on April 30, 2012.

Affiliates that filed separate bankruptcy petitions are Hunter
Composite Technologies Corporation; Hunter Marine Corporation;
Luhrs Corporation; Mainship Corporation; Ovation Yachts
Corporation; Salisbury 10 Acres, L.L.C.; Salisbury 20 Acres,
L.L.C.; and Silverton Marine Corporation.

The Debtors, through their trade name the Luhrs Marine Group,
produce and sell recreational powerboats and sailboats under the
iconic brand names of Silverton, Ovation, Luhrs, Mainship, and
Hunter Marine.  In 2010, Silverton, Mainship and Luhrs,
collectively, held roughly 5.3% of the U.S. market for fiberglass,
in-board engine powerboats greater than 27 feet in length.
Additionally, Hunter Marine was the largest manufacturer of
sailboats in the U.S., accounting for an estimated 32% of new
sailboat registrations in 2010, making it the sixth consecutive
year Hunter Marine represented roughly 30% of all new sailboat
registrations in the U.S.  The Debtors have a network of 90
dealers in the U.S. and 80 dealers in 40 other countries.

Judge Michael B. Kaplan oversees the case.  Robert Hirsh, Esq.,
and George Angelich, Esq., at Arent Fox LLP serve as bankruptcy
general counsel to the Debtors; Capstone Advisory Group, LLC, acts
as financial advisors; Katz, Kane & Co. as investment bankers; and
Donlin Recano & Company, Inc. as claims agent.

In their petition, the Debtors disclosed $53 million in total
assets and $80 million in total liabilities.  The petitions were
signed by John T. Peterson, treasurer.

Stuart M. Brown, Esq., at DLA Piper LLP (US), represents primary
lender Bank of America N.A.

The Official Committee of Unsecured Creditors is represented by
Lowenstein Sandler PC.


NEW WESTERN ENERGY: Posts $105,900 Net Loss in Q2 2012
------------------------------------------------------
New Western Energy Corp. filed its quarterly report on Form 10-Q,
reporting a net loss of $105,893 on $36,479 of revenues for the
three months ended March 31, 2012, compared with a net loss of
$77,756 on no revenues for the same period last year.

The Company's balance sheet at March 31, 2012, showed $1,166,617
in total assets, $320,327 in total liabilities, and stockholders'
equity of $846,290.

Salberg & Company, P.A., in Boca Raton, Florida, expressed
substantial doubt about New Western Energy's ability to continue
as a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011.  The independent auditors noted that the
Company has a net loss and net cash used in operating activities
in 2011 of $378,453 and $328,965, respectively, and has working
capital deficit and an accumulated deficit of $109,669 and
$1,415,600, respectively at Dec. 31, 2011.

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

                       http://is.gd/eteO8w

Irvine, Calif.-based New Western Energy Corporation is an oil and
gas and mineral exploration and production company with current
projects located in Kansa, Oklahoma and Texas.  The Company's
principal business is in the acquisition, exploration and
development of, and production from oil, gas and mineral
properties.


NEWPAGE CORP: Says Lenders Not Interested in Verso's Offer
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that NewPage Corp. said in a July 3 statement that its
first-lien lenders don't support an acquisition by Verso Paper
Corp., the second-largest coated paper maker in the U.S.
Consequently, NewPage said it "does not anticipate further
discussions" regarding the $1.425 billion offer Verso made to
first-lien creditors.

The report relates that at a hearing in June, the bankruptcy court
granted NewPage an extension until Sept. 1 of the exclusive right
to propose a reorganization plan.

                        About NewPage Corp

Headquartered in Miamisburg, Ohio, NewPage Corporation was the
leading producer of printing and specialty papers in North
America, based on production capacity, with $3.6 billion in net
sales for the year ended Dec. 31, 2010.  NewPage owns paper mills
in Kentucky, Maine, Maryland, Michigan, Minnesota, Wisconsin and
Nova Scotia, Canada.

NewPage Group, NewPage Holding, NewPage, and certain of their U.S.
subsidiaries commenced Chapter 11 voluntary cases (Bankr. D. Del.
Case Nos. 11-12804 through 11-12817) on Sept. 7, 2011.  Its
subsidiary, Consolidated Water Power Company, is not a part of the
Chapter 11 proceedings.

Separately, on Sept. 6, 2011, its Canadian subsidiary, NewPage
Port Hawkesbury Corp., brought a motion before the Supreme Court
of Nova Scotia to commence proceedings to seek creditor protection
under the Companies' Creditors Arrangement Act of Canada.  NPPH is
under the jurisdiction of the Canadian court and the court-
appointed Monitor, Ernst & Young in the CCAA Proceedings.

Initial orders were issued by the Supreme Court of Nova Scotia on
Sept. 9, 2011 commencing the CCAA Proceedings and approving a
settlement and transition agreement transferring certain current
assets to NewPage against a settlement payment of $25 million and
in exchange for being relieved of all liability associated with
NPPH.  On Sept. 16, 2011, production ceased at NPPH.

NewPage originally engaged Dewey & LeBoeuf LLP as general
bankruptcy counsel.  In May 2012, Dewey dissolved and commenced
its own Chapter 11 case.  Dewey's restructuring group led by
Martin J. Bienenstock, Esq., Judy G.Z. Liu, Esq., and Philip M.
Abelson, Esq., moved to Proskauer Rose LLP.  In June, NewPage
sought to hire Proskauer as replacement counsel.

NewPage is also represented by Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, as
co-counsel.  Lazard Freres & Co. LLC is the investment banker, and
FTI Consulting Inc. is the financial advisor.  Kurtzman Carson
Consultants LLC is the claims and notice agent.

In its balance sheet, NewPage disclosed $3.4 billion in assets and
$4.2 billion in total liabilities as of June 30, 2011.

The Official Committee of Unsecured Creditors selected Paul
Hastings LLP as its bankruptcy counsel and Young Conaway Stargatt
& Taylor, LLP to act as its Delaware and conflicts counsel.


NEWPAGE CORP: Court OKs Extension of PwC's Scope of Retention
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
NewPage Corporation, et al., to expand the scope of
PriceWaterhouseCoopers LLP's employment in relation to the audit
of the Debtors' 2012 financials.

As reported in the Troubled Company Reporter on May 25, 2012, on
Nov. 9, 2011, the Court issued an order approving PwC's
employment.  On Dec. 20, the Court entered an amended order
reflecting certain language that was erroneously omitted from the
retention order.

The Debtors anticipated that they will incur fees of approximately
$1,226,500 in respect of the additional services.  The estimate
does not include certain non-recurring audit work that will be
required in conjunction with the (i) debtor-in-possession
procedures, including design of nd testing the operating
effectiveness of management's control over liabilities subject to
compromise balances, charges recorded in the reorganization line
item, etc; (ii) procedures associated with emerging from
bankruptcy; (iii) accounting and auditing matters which may arise
from non-routine events, transactions, and activities.  Fees
arising from non-recurring audit work are estimated to be
approximately $100,000 if the Debtors do not emerge from the
Chapter 11 cases in 2012, and approximately $1,175,000 if they do
emerge from the Chapter 11 cases in 2012.

A full-text copy of the additional terms of PwC's employment is
available for free at:

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

                        About NewPage Corp

Headquartered in Miamisburg, Ohio, NewPage Corporation was the
leading producer of printing and specialty papers in North
America, based on production capacity, with $3.6 billion in net
sales for the year ended Dec. 31, 2010.  NewPage owns paper mills
in Kentucky, Maine, Maryland, Michigan, Minnesota, Wisconsin and
Nova Scotia, Canada.

NewPage Group, NewPage Holding, NewPage, and certain of their U.S.
subsidiaries commenced Chapter 11 voluntary cases (Bankr. D. Del.
Case Nos. 11-12804 through 11-12817) on Sept. 7, 2011.  Its
subsidiary, Consolidated Water Power Company, is not a part of the
Chapter 11 proceedings.

Separately, on Sept. 6, 2011, its Canadian subsidiary, NewPage
Port Hawkesbury Corp., brought a motion before the Supreme Court
of Nova Scotia to commence proceedings to seek creditor protection
under the Companies' Creditors Arrangement Act of Canada.  NPPH is
under the jurisdiction of the Canadian court and the court-
appointed Monitor, Ernst & Young in the CCAA Proceedings.

Initial orders were issued by the Supreme Court of Nova Scotia on
Sept. 9, 2011 commencing the CCAA Proceedings and approving a
settlement and transition agreement transferring certain current
assets to NewPage against a settlement payment of $25 million and
in exchange for being relieved of all liability associated with
NPPH.  On Sept. 16, 2011, production ceased at NPPH.

NewPage originally engaged Dewey & LeBoeuf LLP as general
bankruptcy counsel.  In May 2012, Dewey dissolved and commenced
its own Chapter 11 case.  Dewey's restructuring group led by
Martin J. Bienenstock, Esq., Judy G.Z. Liu, Esq., and Philip M.
Abelson, Esq., moved to Proskauer Rose LLP.  In June, NewPage
sought to hire Proskauer as replacement counsel.

NewPage is also represented by Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, as
co-counsel.  Lazard Freres & Co. LLC is the investment banker, and
FTI Consulting Inc. is the financial advisor.  Kurtzman Carson
Consultants LLC is the claims and notice agent.

In its balance sheet, NewPage disclosed $3.4 billion in assets and
$4.2 billion in total liabilities as of June 30, 2011.

The Official Committee of Unsecured Creditors selected Paul
Hastings LLP as its bankruptcy counsel and Young Conaway Stargatt
& Taylor, LLP to act as its Delaware and conflicts counsel.


NEWPAGE CORP: Quinn Emanuel Approved as Panel's Conflicts Counsel
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
the Official Committee of Unsecured Creditors in the Chapter 11
cases of Newpage Corporation, et al., to retain Quinn Emanuel
Urquhart & Sullivan, LLP, as its conflicts counsel.

As reported in the Troubled Company Reporter on May 25, 2012,
Quinn Emanuel will represent the Committee in matters in which the
Committee's primary counsel, Paul Hastings has a conflict.

The hourly rates of Quinn Emanuel's personnel are:

          Partners               $810 - $1,075
          Attorneys/Counsel      $320 -   $900
          Legal Assistants       $290 -   $350

To the best of the Committee's knowledge, Quinn Emanuel does not
hold or represent any interest adverse to the estate.

                        About NewPage Corp

Headquartered in Miamisburg, Ohio, NewPage Corporation was the
leading producer of printing and specialty papers in North
America, based on production capacity, with $3.6 billion in net
sales for the year ended Dec. 31, 2010.  NewPage owns paper mills
in Kentucky, Maine, Maryland, Michigan, Minnesota, Wisconsin and
Nova Scotia, Canada.

NewPage Group, NewPage Holding, NewPage, and certain of their U.S.
subsidiaries commenced Chapter 11 voluntary cases (Bankr. D. Del.
Case Nos. 11-12804 through 11-12817) on Sept. 7, 2011.  Its
subsidiary, Consolidated Water Power Company, is not a part of the
Chapter 11 proceedings.

Separately, on Sept. 6, 2011, its Canadian subsidiary, NewPage
Port Hawkesbury Corp., brought a motion before the Supreme Court
of Nova Scotia to commence proceedings to seek creditor protection
under the Companies' Creditors Arrangement Act of Canada.  NPPH is
under the jurisdiction of the Canadian court and the court-
appointed Monitor, Ernst & Young in the CCAA Proceedings.

Initial orders were issued by the Supreme Court of Nova Scotia on
Sept. 9, 2011 commencing the CCAA Proceedings and approving a
settlement and transition agreement transferring certain current
assets to NewPage against a settlement payment of $25 million and
in exchange for being relieved of all liability associated with
NPPH.  On Sept. 16, 2011, production ceased at NPPH.

NewPage originally engaged Dewey & LeBoeuf LLP as general
bankruptcy counsel.  In May 2012, Dewey dissolved and commenced
its own Chapter 11 case.  Dewey's restructuring group led by
Martin J. Bienenstock, Esq., Judy G.Z. Liu, Esq., and Philip M.
Abelson, Esq., moved to Proskauer Rose LLP.  In June, NewPage
sought to hire Proskauer as replacement counsel.

NewPage is also represented by Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, as
co-counsel.  Lazard Freres & Co. LLC is the investment banker, and
FTI Consulting Inc. is the financial advisor.  Kurtzman Carson
Consultants LLC is the claims and notice agent.

In its balance sheet, NewPage disclosed $3.4 billion in assets and
$4.2 billion in total liabilities as of June 30, 2011.

The Official Committee of Unsecured Creditors selected Paul
Hastings LLP as its bankruptcy counsel and Young Conaway Stargatt
& Taylor, LLP to act as its Delaware and conflicts counsel.


PACIFIC MONARCH: July 12 Hearing on Exclusivity Extension
---------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
will convene a hearing on July 12, 2012, at 10 a.m., to consider
Pacific Monarch Resorts, Inc., et al.'s request for exclusivity
extensions.

The Debtors requested that the Court extend its exclusive periods
to file and solicit acceptances for the proposed chapter 11 plan
until July 30, and Oct. 25, respectively.

The Debtors explained that they needed additional time to fully
resolve certain unsettled issues in connection with their
chapter 11 plan.  Some of the issues include (i) transition
services; and (ii) complex Mexican and US tax and regulatory laws,
and must be addressed by multiple parties involved prior to their
final resolution.

Moreover, the Debtors believe it is in the best interests of the
Debtors' estates to obtain comments from certain key parties-in-
interest prior to the filing of any plan.

                       About Pacific Monarch

Pacific Monarch Resorts, Inc., and its affiliated debtors operate
a "timeshare business" business.  The Debtors filed voluntary
Chapter 11 petitions (Bankr. C.D. Calif. Lead Case No. 11-24720)
on Oct. 24, 2011, disclosing $100 million to $500 million in both
assets and debts.  The affiliated debtors are Vacation Interval
Realty Inc., Vacation Marketing Group Inc., MGV Cabo LLC,
Desarrollo Cabo Azul, S. de R.L. de C.V., and Operadora MGVM S. de
R.L. de C.V.

Based in Laguna Hills, California, Pacific Monarch and its
affiliates generate revenue primarily from the sale and financing
of "vacation ownership points" in a timeshare program commonly
known and marketed as "Monarch Grand Vacations," a multi-location
vacation timeshare program that establishes a uniform plan for the
development, ownership, use and enjoyment of specified resort
accommodations for the benefit of its members.  MGV is a nonprofit
mutual benefit corporation whose members are timeshare owners, and
it is administered by a board of directors elected by MGV members.

As of the Petition Date, MGV owned Resort Accommodations within
these resorts: Palm Canyon Resort (Palm Springs), Riviera Oaks
Resort & Racquet Club (Ramona), Riviera Beach & Spa Resort -
Phases I and II (Dana Point), Riviera Shores Beach (Dana Point),
Cedar Breaks Lodge (Brian Head), Tahoe Seasons Resort (South Lake
Tahoe), Desert Isle of Palm Springs (Palm Springs), the Cancun
Resort (Las Vegas), and the Cabo Azul Resort (Los Cabos, Mexico).
Future Vacation Accommodations are currently in the pre-
development stage in Kona, Hawaii and Las Vegas, Nevada.
Additionally, the Cabo Azul Resort has construction in progress on
two buildings.

The Pacific Monarch entities do not include the entities that
actually own the timeshare properties that have been dedicated to
use by the purchasers of timeshare points.  The trusts that own
the properties are not liable for the Pacific Monarch entities'
obligations.

MGV is not a debtor.

Judge Erithe A. Smith presides over the jointly administered
cases.  Lawyers at Stutman, Treister & Glatt PC, in Los Angeles,
serve as counsel to the Debtors.  The petition was signed by Mark
D. Post, chief executive officer and director.

Houlihan Lokey Capital, Inc., serves as investment baker to the
Debtors.  Raymond J. Gaskill, Esq., represents the Debtors as
special timeshare counsel.  Greenberg, Whitcombe & Takeuchi, LLP,
serves as the Debtors' special counsel for employment and labor
matters.  Lesley, Thomas, Schwarz & Postma, Inc., serves as the
Debtors' tax and vacation ownership points accountants.  White &
Case LLP is the Debtors' special tax counsel.

Attorneys at Brinkman Portillo Ronk, PC, serve as counsel to the
Official Committee of Unsecured Creditors.

Creditor Ikon Financial Services is represented by Christine R.
Etheridge.  Creditor California Bank & Trust is represented in the
case by Michael G. Fletcher at Frandzel Robins Bloom & Csato, L.C.
Marshall F. Goldberg, Esq. at Glass & Goldberg argues for creditor
Fifth Third Bank.  Creditor The Macerich Company is represented by
Brian D. Huben, Esq. at Katten Muchin Rosenman LLP.  Interested
Party DPM Acquisition is represented by Joshua D. Wayser, Esq. at
Katten Muchin Rosenman LLP.


PACIFIC MONARCH: Taps Gibson Dunn and ST&G as Bankruptcy Counsel
-----------------------------------------------------------------
Pacific Monarch Resorts, Inc., et al., ask the U.S. Bankruptcy
Court for the Central District of California for permission to
employ Gibson, Dunn & Crutcher, LLP, jointly with Stutman,
Treister & Glatt P.C., as their general reorganization counsel.

The Debtors relate that on May 24, 2012, Jeffrey C. Krause joined
Gibson Dunn's Los Angeles office as partner in the firm's Business
Restructuring and Reorganization Practice Group.  Prior to joining
Gibson Dunn, Mr. Krause was a senior shareholder of ST&G, the
Debtors' general reorganization counsel.

Given Mr. Krause's integral role in the cases, the Debtors seek to
employ Gibson Dunn as joint general reorganization counsel with
ST&G.  Subject to Court's approval, Mr. Krause will continue to
coordinate workflows among Gibson and ST&G to avoid duplication of
their respective services.

Gibson Dunns' legal fees are at varying rates ranging from $395 to
$1,075 for attorneys.

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

                       About Pacific Monarch

Pacific Monarch Resorts, Inc., and its affiliated debtors operate
a "timeshare business" business.  The Debtors filed voluntary
Chapter 11 petitions (Bankr. C.D. Calif. Lead Case No. 11-24720)
on Oct. 24, 2011, disclosing $100 million to $500 million in both
assets and debts.  The affiliated debtors are Vacation Interval
Realty Inc., Vacation Marketing Group Inc., MGV Cabo LLC,
Desarrollo Cabo Azul, S. de R.L. de C.V., and Operadora MGVM S. de
R.L. de C.V.

Based in Laguna Hills, California, Pacific Monarch and its
affiliates generate revenue primarily from the sale and financing
of "vacation ownership points" in a timeshare program commonly
known and marketed as "Monarch Grand Vacations," a multi-location
vacation timeshare program that establishes a uniform plan for the
development, ownership, use and enjoyment of specified resort
accommodations for the benefit of its members.  MGV is a nonprofit
mutual benefit corporation whose members are timeshare owners, and
it is administered by a board of directors elected by MGV members.

As of the Petition Date, MGV owned Resort Accommodations within
these resorts: Palm Canyon Resort (Palm Springs), Riviera Oaks
Resort & Racquet Club (Ramona), Riviera Beach & Spa Resort -
Phases I and II (Dana Point), Riviera Shores Beach (Dana Point),
Cedar Breaks Lodge (Brian Head), Tahoe Seasons Resort (South Lake
Tahoe), Desert Isle of Palm Springs (Palm Springs), the Cancun
Resort (Las Vegas), and the Cabo Azul Resort (Los Cabos, Mexico).
Future Vacation Accommodations are currently in the pre-
development stage in Kona, Hawaii and Las Vegas, Nevada.
Additionally, the Cabo Azul Resort has construction in progress on
two buildings.

The Pacific Monarch entities do not include the entities that
actually own the timeshare properties that have been dedicated to
use by the purchasers of timeshare points.  The trusts that own
the properties are not liable for the Pacific Monarch entities'
obligations.

MGV is not a debtor.

Judge Erithe A. Smith presides over the jointly administered
cases.  Lawyers at Stutman, Treister & Glatt PC, in Los Angeles,
serve as counsel to the Debtors.  The petition was signed by Mark
D. Post, chief executive officer and director.

Houlihan Lokey Capital, Inc., serves as investment baker to the
Debtors.  Raymond J. Gaskill, Esq., represents the Debtors as
special timeshare counsel.  Greenberg, Whitcombe & Takeuchi, LLP,
serves as the Debtors' special counsel for employment and labor
matters.  Lesley, Thomas, Schwarz & Postma, Inc., serves as the
Debtors' tax and vacation ownership points accountants.  White &
Case LLP is the Debtors' special tax counsel.

Attorneys at Brinkman Portillo Ronk, PC, serve as counsel to the
Official Committee of Unsecured Creditors.

Creditor Ikon Financial Services is represented by Christine R.
Etheridge.  Creditor California Bank & Trust is represented in the
case by Michael G. Fletcher at Frandzel Robins Bloom & Csato, L.C.
Marshall F. Goldberg, Esq. at Glass & Goldberg argues for creditor
Fifth Third Bank.  Creditor The Macerich Company is represented by
Brian D. Huben, Esq. at Katten Muchin Rosenman LLP.  Interested
Party DPM Acquisition is represented by Joshua D. Wayser, Esq. at
Katten Muchin Rosenman LLP.


PETTERS COMPANY: Trustee Consents to PBE's Cash Collateral Use
--------------------------------------------------------------
The Hon. Gregory F. Kishel of the U.S. Bankruptcy Court for the
District of Minnesota authorized Douglas Kelley, the duly
appointed Chapter 11 trustee for Petters Company, Inc., et. al.,
to consent to the use of cash collateral by the Chapter 7 trustee
of PBE Corporation, fka Polaroid Corp., et al., until
Dec. 31, 2012, subject to the terms agreed upon by the PCI Debtors
and the PBE Chapter 7 Trustee and memorialized in a cash
collateral agreement.

As reported in the Troubled Company Reporter on Jan. 25, 2012,
John R. Stoebner, Chapter 7 Bankruptcy Trustee of PBE Corp. and
its debtor-affiliates in the bankruptcy proceeding at Docket No.
08-46617 also pending in the District of Minnesota, has sought
approval of a proposed budget and for authorization for the use of
cash collateral in which PCI has an interest.  The PBE Chapter 7
Trustee has represented that the cash collateral is necessary for
him to perform his statutory duties in the first half of 2012.
The PBE Chapter 7 Trustee expects the expenses in the first half
of [2012] to include expenses incurred in preparation and filing
of 2011 tax returns, retention of data and related knowledgeable
individuals, 2011 payroll and human resources reporting, claims
reconciliation and retention of former employees of the Debtor to
assist in verifying filed claims, treasury wind-down, everyday
accounting, budgeting and forecasting in order to manage the cash
in the estate, estate management, finalizing sale of estate
assets, professional fees and costs incurred in connection of
evaluation and resolution of existing and prospective existing
matters and adversary proceedings.

Douglas Kelley, as Chapter 11 trustee of the PCI Debtors, believes
that the PBE Chapter 7 Trustee will only use the amount of cash
collateral that is necessary to avoid immediate and irreparable
harm to the PBE Debtors' estates.

The PBE Debtors will provide adequate protection to the PCI
Debtors by granting replacement liens.

The Troubled Company Reporter previously reported PBE is subject
to specified obligations that are owed and secured to PCI, among
others, in an amount in excess of $40 million in the aggregate,
under note and loan documents executed by Thomas J. Petters on
behalf of Polaroid-affiliated entities.

                    About Petters Company, Inc.

Based in Minnetonka, Minn., Petters Group Worldwide LLC is a
collection of some 20 companies, most of which make and market
consumer products.  It also works with existing brands through
licensing agreements to further extend those brands into new
product lines and markets.  Holdings include Fingerhut (consumer
products via its catalog and Web site), SoniqCast (maker of
portable, WiFi MP3 devices), leading instant film and camera
company Polaroid (purchased for $426 million in 2005), Sun Country
Airlines (acquired in 2006), and Enable Holdings (online
marketplace and auction for consumers and manufacturers' overstock
inventory).  Founder and chairman Tom Petters formed the company
in 1988.

Petters Company, Inc., is the financing and capital-raising unit
of Petters Group Worldwide.

Thomas Petters, the founder and former CEO of Petters Group, has
been indicted and a criminal proceeding against him is proceeding
in the U.S. District Court for the District of Minnesota.

Petters Company, Petters Group Worldwide and eight other
affiliates filed separate petitions for Chapter 11 protection
(Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008.  In its
petition, Petters Company estimated its debts at $500 million and
$1 billion.  Parent Petters Group Worldwide estimated its debts at
not more than $50,000.

Fruth, Jamison & Elsass, PLLC, represents Douglas Kelley, the duly
appointed Chapter 11 Trustee of Petters Company, Inc., et al.  The
trustee tapped Haynes and Boone, LLP as special counsel, and
Martin J. McKinley as his financial advisor.

Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed separate petitions for Chapter 11 bankruptcy
protection (Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and
08-35198) on Oct. 6, 2008.  Petters Aviation is a wholly owned
unit of Thomas Petters Inc. and owner of MN Airline Holdings, Sun
Country's parent company.


PITTSBURGH CORNING: Court OKs League Park as Financial Advisor
--------------------------------------------------------------
The Hon. Judith K. Fitzgerald of the U.S. Bankruptcy Court for the
Western District of Pennsylvania authorized Pittsburgh Corning
Corporation to employ to employ League Park Advisors as its
financial advisor to provide strategic advice related to its
business operations.

League Park will serve as an outside financial advisor to help the
Debtor in identifying and implementing steps to improve its core
business well as providing advice and assistance with regard to
potential sales or acquisitions of assets or business units.

The Debtor proposes to engage League Park for a limited period at
a fee that will not exceed $100,000 without further Court
approval.

The Debtor relates that it employs Deloitte and Touche to provide
various accounting services, and League Park will in no way
duplicate those services.

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

                       About Pittsburgh Corning

The Debtor produces architectural glass block at its Pennsylvania
plant, and Foamglas(R) insulation at its plants in Missouri and
Texas.

Pittsburgh Corning Corporation filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Pa. Case No. 00-22876) on April 16, 2000,
to address numerous claims alleging personal injury from exposure
to asbestos.  At the time of the bankruptcy filing, there were
about 11,800 claims pending against the Company in state court
lawsuits alleging various theories of liability based on exposure
to Pittsburgh Corning's asbestos products and typically requesting
monetary damages in excess of $1 million per claim.

The Hon. Judith K. Fitzgerald presides over the case.  Reed Smith
LLP serves as counsel and Deloitte & Touche LLP as accountants to
the Debtor.

The United States Trustee appointed a Committee of Unsecured Trade
Creditors on April 28, 2000.  The Bankruptcy Court authorized the
retention of Leech, Tishman, Fuscaldo & Lampl, LLC, as counsel to
the Committee of Unsecured Trade Creditors, and Pascarella &
Wiker, LLP, as financial advisor.

The U.S. Trustee also appointed a Committee of Asbestos Creditors
on April 28, 2000.  The Bankruptcy Court authorized the retention
of these professionals by the Committee of Asbestos Creditors: (i)
Caplin & Drysdale, Chartered as Committee Counsel; (ii) Campbell &
Levine as local counsel; (iii) Anderson Kill & Olick, P.C. as
special insurance counsel; (iv) Legal Analysis Systems, Inc., as
Asbestos-Related Bodily Injury Consultant; (v) defunct firm, L.
Tersigni Consulting, P.C. as financial advisor, and (vi) Professor
Elizabeth Warren, as a consultant to Caplin & Drysdale, Chartered.

On Feb. 16, 2001, the Court approved the appointment of Lawrence
Fitzpatrick as the Future Claimants' Representative.  The
Bankruptcy Court authorized the retention of Meyer, Unkovic &
Scott LLP as his counsel, Young Conaway Stargatt & Taylor, LLP as
his special counsel, and Analysis, Research and Planning
Corporation as his claims consultant.

In 2003, a plan of reorganization was agreed to by various
parties-in-interest, but, on Dec. 21, 2006, the Bankruptcy Court
issued an order denying the confirmation of that plan, citing that
the plan was too broad in addressing independent asbestos claims
that were not associated with Pittsburgh Corning.

On Jan. 29, 2009, an amended plan of reorganization (the Amended
PCC Plan) -- which addressed the issues raised by the Court when
it denied confirmation of the 2003 Plan -- was filed with the
Bankruptcy Court.

As reported by the TCR on April 25, 2012, Pittsburgh Corning
Corp., a joint venture between Corning Inc. and PPG Industries
Inc., filed another amendment to its reorganization plan designed
to wrap up a Chapter 11 begun 12 years ago.  According to the
report, a hearing to consider the new plan is scheduled for
June 21.


PITTSBURG CORNING: July 20 Hearing on DIP Loan Extension to 2015
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
will consider on July 20, 2012, at 1 p.m., the eighth amendment of
debtor-in-possession credit agreement between Pittsburgh Corning
Corporation and PNC Bank, National Association.

The Debtor has requested that the Court authorize: i) the eighth
amendment to the DIP credit agreement; (ii) borrow money and seek
other financial accommodations from the lender pursuant to the DIP
facility as amended; (iii) continue the liens, security interests
and mortgages in the property of the estate granted to the lender,
to secure payment of the foregoing borrowings by, and financial
accommodations made to, the Debtor, and (iv) continue the lender's
administrative priority claims, for such borrowings and financing
accommodations.

On Jan. 24, 1992, the Debtor executed and delivered to the lender
an Amended and Restated Credit Agreement, pursuant to which the
lender agreed to make loans and other financial accommodations to
the Debtor.

The Debtor would use the loan to fund its operating expenses and
other costs.

In consideration for the lender's consent to the use its cash
collateral, the Debtor granted the lender certain rights and
protections, including (1) a replacement lien on all property of
the Debtor and its estate; (2) an administrative priority claim.

The DIP Facility has been amended as necessary to extend the term
and to make certain other minor adjustments.  The term of DIP
Facility currently extends to June 30, 2013.

Pursuant to the eighth amendment, among other things:

   -- the term of the DIP Facility will be extended to June 30,
      2015;

   -- the Debtor will pay a facility fee of $15,000 for the
      extension of the DIP Facility; and

   -- if the Debtor exits bankruptcy prior to July 1, 2013, the
      $15,000 facility fee will be credited to fees associated
      with any post-bankruptcy credit agreement entered into by
      reorganized PCC and the lender, and if the Debtor exits
      bankruptcy after July 1, 2013, but before July 1, 2014, and
      reorganized PCC enters into a post-bankruptcy credit
      agreement with the lender, $7,500 will be credited to such
      fees.

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

                       About Pittsburgh Corning

Pittsburgh Corning Corporation filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Pa. Case No. 00-22876) on April 16, 2000,
to address numerous claims alleging personal injury from exposure
to asbestos.  At the time of the bankruptcy filing, there were
about 11,800 claims pending against the Company in state court
lawsuits alleging various theories of liability based on exposure
to Pittsburgh Corning's asbestos products and typically requesting
monetary damages in excess of $1 million per claim.

The Hon. Judith K. Fitzgerald presides over the case.  Reed Smith
LLP serves as counsel and Deloitte & Touche LLP as accountants to
the Debtor.

The United States Trustee appointed a Committee of Unsecured Trade
Creditors on April 28, 2000.  The Bankruptcy Court authorized the
retention of Leech, Tishman, Fuscaldo & Lampl, LLC, as counsel to
the Committee of Unsecured Trade Creditors, and Pascarella &
Wiker, LLP, as financial advisor.

The U.S. Trustee also appointed a Committee of Asbestos Creditors
on April 28, 2000.  The Bankruptcy Court authorized the retention
of these professionals by the Committee of Asbestos Creditors: (i)
Caplin & Drysdale, Chartered as Committee Counsel; (ii) Campbell &
Levine as local counsel; (iii) Anderson Kill & Olick, P.C. as
special insurance counsel; (iv) Legal Analysis Systems, Inc., as
Asbestos-Related Bodily Injury Consultant; (v) defunct firm, L.
Tersigni Consulting, P.C. as financial advisor, and (vi) Professor
Elizabeth Warren, as a consultant to Caplin & Drysdale, Chartered.

On Feb. 16, 2001, the Court approved the appointment of Lawrence
Fitzpatrick as the Future Claimants' Representative.  The
Bankruptcy Court authorized the retention of Meyer, Unkovic &
Scott LLP as his counsel, Young Conaway Stargatt & Taylor, LLP as
his special counsel, and Analysis, Research and Planning
Corporation as his claims consultant.

In 2003, a plan of reorganization was agreed to by various
parties-in-interest, but, on Dec. 21, 2006, the Bankruptcy Court
issued an order denying the confirmation of that plan, citing that
the plan was too broad in addressing independent asbestos claims
that were not associated with Pittsburgh Corning.

On Jan. 29, 2009, an amended plan of reorganization (the Amended
PCC Plan) -- which addressed the issues raised by the Court when
it denied confirmation of the 2003 Plan -- was filed with the
Bankruptcy Court.

As reported by the TCR on April 25, 2012, Pittsburgh Corning
Corp., a joint venture between Corning Inc. and PPG Industries
Inc., filed another amendment to its reorganization plan designed
to wrap up a Chapter 11 begun 12 years ago.  According to the
report, a hearing to consider the new plan is scheduled for
June 21.


PLC SYSTEMS: Secures $1 Million Financing from Genesis
------------------------------------------------------
PLC Systems Inc. has completed an additional round of financing
with an affiliate of Genesis Capital Advisors LLC.  These funds
will enable PLC to continue its U.S. clinical trials for its
RenalGuard program, as well as continue to expand its distribution
of RenalGuard internationally.

PLC has received $1 million of the additional funding, and
anticipates securing two additional payments of $500,000 each over
the next six months through the sale of Senior Secured Convertible
Notes and Warrants.  The Senior Secured Convertible Notes contain
the same conversion terms and the Warrants contain the same
exercise prices as those provided in the initial $4 million
financing in February 2011.  Under the financing agreement, PLC
has issued Genesis 5% Senior Secured Convertible Notes that mature
three years from date of issuance, Warrants offering 100% coverage
that can be exercised within five years from issuance and
additional Warrants to purchase up to an additional 10,000,000
shares of common stock at an exercise price of $.25 per share.
This funding is in addition to Genesis' original $4 million
financing in February 2011 and includes monies that had been
available to PLC based upon meeting certain operational
milestones, or at the investor's discretion.

Mark R. Tauscher, president and chief executive officer of PLC
Systems Inc., stated, "We greatly appreciate the vote of
confidence from Genesis in providing this additional funding,
which will enable us to make more concerted progress both with our
U.S. clinical trial as well as in seeking to generate more
substantial sales internationally with our expanded network of
distributors.  All the scientific data we have seen thus far, from
investigator-sponsored clinical trials and other industry data,
convince us that RenalGuard addresses a significant currently
unmet need to reduce the risk of contrast induced nephropathy
(CIN) among at-risk patients undergoing cardiac catheterization
and similar procedures.  Making substantial headway with our U.S.
clinical trial is a primary goal for PLC, since our ability to
demonstrate RenalGuard's efficacy in combating contrast-induced
nephropathy (CIN) in the U.S. is essential to enabling the product
to reach the large U.S. market.  We are delighted with today's
news, and look forward to sharing our progress as we move ahead."

Ethan Benovitz, Managing Member of Genesis, said, "We, too, are
convinced that PLC's RenalGuard brings a dramatically new and easy
technology to bear on an important medical need - one where the
patient base is growing continually.  We have fully assessed both
the market and the technology, and we're very pleased to have the
opportunity to help bring this important and potentially life-
saving solution to more doctors and patients around the world.  We
increased our investment in PLC at this time in light of the
company's significant progress since our original investment more
than a year ago."

RenalGuard, PLC's proprietary product, is currently being marketed
in the European Union and additional countries around the world.
Two independent investigator-sponsored clinical trials of
RenalGuard's safety and efficacy in reducing the rate of CIN in
at-risk patients, compared with conventional alternatives, have
been conducted and demonstrated in Europe with significant
reductions in the rates of CIN being shown in the RenalGuard
treatment groups; other investigator-sponsored studies are
underway assessing longer-term efficacy rates and other aspects.

                        About PLC Systems

Milford, Massachusetts-based PLC Systems Inc. is a medical device
company specializing in innovative technologies for the cardiac
and vascular markets.  The Company's key strategic growth
initiative is its newest marketable product, RenalGuard(R).
RenalGuard is designed to reduce the potentially toxic effects
that contrast media can have on the kidneys when it is
administered to patients during certain medical imaging
procedures.

Following the 2011 financial results, McGladrey & Pullen, LLP, in
Boston, Massachusetts, expressed substantial doubt about PLC
Systems' ability to continue as a going concern.  The independent
auditors noted that the Company has sustained recurring net losses
and negative cash flows from continuing operations.

The Company reported a net loss of $5.76 million for 2011,
compared with a net loss of $505,000 for 2010.

The Company's balance sheet at March 31, 2012, showed $2.55
million in total assets, $13.21 million in total liabilities and a
$10.66 million total stockholders' deficit.


QUANTUM FUEL: D. Mazaika Named Exec. Director of Strategic Dev.
---------------------------------------------------------------
David Mazaika was appointed to serve as Quantum Fuel Systems
Technologies Worldwide, Inc.'s Executive Director of Strategic
Development.  Mr. Mazaika will report directly to the Company's
Chief Executive Officer.  Prior to his appointment as Executive
Director of Strategic Development, Mr. Mazaika served as the
Company's Chief Operating Officer since December 2008.

Also effective June 27, 2012, Mark Arold, age 48, was appointed to
serve as Vice President of the Company's Drive Systems business
unit.  Mr. Arold has been with the Company since 2002 and had
served as the Company's Director of Drive Systems Engineering
since 2006.  Mr. Arold received a Bachelor of Science in
Mechanical Engineering degree and a Master of Science in
Mechanical Engineering degree from Pennsyvania State University.
On June 29, 2012, Thorin Southworth, age 37, commenced employment
with the Company as its Corporate Controller.  From August 2011 to
June 2012, Mr. Southworth served as a division controller at
Synchronous Aerospace Group.  From May 2006 to August 2011, Mr.
Southworth served in various capacities in the Company's
accounting and finance group including as Assistant Controller.
Mr. Southworth holds a Bachelor of Arts degree in accounting and
finance from Pacific Lutheran University.

                        About Quantum Fuel

Based in Irvine, California, Quantum Fuel Systems Technologies
Worldwide, Inc., is a fully integrated alternative energy company
and considers itself a leader in the development and production of
advanced clean propulsion systems and renewable energy generation
systems and services.

Quantum Fuel reported a net loss attributable to stockholders of
$38.49 million on $24.47 million of total revenue for the eight
months ended Dec. 31, 2011, compared with a net loss attributable
to stockholders of $6.52 million on $10.51 million of total
revenue for the same period a year ago.  The Company reported a
net loss of $11.03 million for the year ended April 30, 2011,
following a net loss of $46.29 million during the prior year.

The Company's balance sheet at March 31, 2012, showed
$51.54 million in total assets, $17.48 million in total
liabilities, and $34.06 million in total stockholders' equity.

Haskell & White LLP, the Company's independent registered public
accounting firm for the Transition Period ended Dec. 31, 2011, has
included an explanatory paragraph in their opinion that
accompanies the Company's audited consolidated financial
statements as of and for the eight months ended Dec. 31, 2011,
indicating that the Company's current liquidity position raises
substantial doubt about its ability to continue as a going
concern.  If the Company is unable to further improve its
liquidity position, the Company may not be able to continue as a
going concern.


RANCHER ENERGY: Seeks Court Approval of GasRock Settlement
----------------------------------------------------------
Rancher Energy Corporation asks the Bankruptcy Court to approve
its settlement agreement with GasRock Capital LLC and Linc Energy
to resolve the adversary proceeding against GasRock.

On Feb. 12, 2010, the Company filed an adversary proceeding in the
Bankruptcy Court against GasRock Capital LLC, Case No. 10-01173-
MER.  The complaint seeks to recover the 10% net profits interest
conveyed to GasRock in connection with the Eighth Amendment to the
Term Credit  Agreement and the additional 1% overriding royalty
interest conveyed to the Lender in October 2008 in connection with
an extension of the short term note.  The primary basis of the
complaint is that the Lender gave less than fair equivalent value
for the conveyances at a time when the Company was insolvent, or
when the conveyances left the Company with insufficient capital.
In other words, the Company has claimed that the value of the
conveyances was in excess of a reasonable fee for the extensions,
and, as a result, the conveyances were "constructively fraudulent"
under both applicable Bankruptcy law and the Uniform Fraudulent
Transfers Act.

In addition, the Company has challenged the conveyance of the NPI
and the 1% ORRI, together with the original 2% ORRI conveyed to
Lender when its loan was first made, on the grounds that they
should be characterized as security interests and not outright
transfers of title.  The Bankruptcy Court has granted GasRock's
motion to dismiss these claims.  The Company has also claimed that
the conveyances rendered the Loan usurious under Texas law.
Furthermore, the Company has sought to have the NPI and 1% ORRI
avoided as preferences under Section 547 of the Bankruptcy Code
and to equitably subordinate the Lender's claim.

If the settlement is approved, the Company will:

   (a) receive the disputed NPI, which the Company must convey to
       Linc Energy;

   (b) release all claims to the funds held in escrow pursuant to
       the terms of the sale of substantially all of its assets to
       Linc Energy;

   (c) receive from Linc Energy $525,000 plus all of Rancher's
       litigation costs due under the Litigation Agreement with
       Linc Energy;

   (d) dismiss the adversary proceeding against GasRock with
       prejudice; and

   (e) will be released from GasRock's claim for attorneys' fees
       and costs that GasRock asserts it is owed for defending
       itself in the adversary proceeding.

                        About Rancher Energy

Denver, Colorado-based Rancher Energy Corp. (OTC BB: RNCHQ)
-- http://www.rancherenergy.com/-- explores for and develops
produces, and markets oil and gas in North America.  Through March
2011, the Company operated four oil fields in the Powder River
Basin, Wyoming.  The Company was formerly known as Metalex
Resources, Inc., and changed its name to Rancher Energy Corp. in
2006.

Rancher Energy filed for Chapter 11 bankruptcy protection (Bankr.
D. Colo. Case No. 09-32943) on Oct. 28, 2009.  In its petition,
the Company estimated assets and debts of between $10 million and
$50 million each.

The Debtor is represented by Michael J. Guyerson, Esq. and
Christian C. Onsager, Esq., at Onsager, Staelin & Guyerson, LLC.

The Company sold substantially all of its assets effective
March 1, 2011, to Linc Energy Petroleum (Wyoming), Inc. in
exchange for $20 million cash plus other potential future
consideration up to $825,000, and subject to other adjustments.
The deal was approved Feb. 24, 2011.


RESIDENTIAL CAPITAL: Committee Hiring Kramer Levin as Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors in Residential
Capital's bankruptcy cases seeks the Court's authority to retain
Kramer Levin Naftalis & Frankel LLP as its counsel, nunc pro tunc
to May 16, 2012.

As counsel, Kramer Levin will render legal services as the
Creditors Committee may consider desirable to discharge its
responsibilities and further the interests of its constituents in
the cases.  Kramer Levin will also assist, advise and represent
the Creditors Committee with respect to, among other things, the
administration of the cases and the exercise of oversight with
respect to the Debtors' affairs.

Kramer Levin will be paid on an hourly basis and reimburse the
firm for its expenses.  The firm's hourly rates are:

     Personnel                    Hourly Rates
     ---------                    ------------
     Partners                    $675 - $1,025
     Counsel                     $725 - $1,065
     Special Counsel             $700 -   $780
     Associates                  $375 -   $765
     Legal Assistants            $180 -   $310

Kenneth H. Eckstein, Esq., an attorney at law at Kramer Levin,
attests that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

A hearing on the application will be held on July 13, 2012.
Objections are due on July 6.

                           About ResCap

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.

Neither Ally Financial nor Ally Bank is included in the bankruptcy
filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities as of March 31, 2012.

ResCap is selling its mortgage origination and servicing
businesses to Nationstar Mortgage LLC, and its legacy portfolio,
consisting mainly of mortgage loans and other residual financial
assets, to Ally Financial.  Together, the asset sales are expected
to generate approximately $4 billion in proceeds.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap.  Morrison & Foerster LLP is acting as legal
adviser to ResCap.  Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel.  Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


RESIDENTIAL CAPITAL: Committee Proposes AlixPartners as Advisor
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Residential
Capital's bankruptcy cases seeks the Court's authority to retain
AlixPartners, LLP, as its financial advisor, nunc pro tunc to
May 21, 2012.

As financial advisor, AlixPartners will, among other things,
advise and assist the Creditors Committee in its review and
investigation of (i) intercompany transactions and selected other
prepetition transactions, and (ii) preference payments,
fraudulent conveyances and other causes of action that the
Debtors' bankruptcy estates may hold against third parties.

AlixPartners will be paid on an hourly basis and reimburse the
firm for its expenses.  The firm's hourly rates are:

     Personnel                   Hourly Rates
     ---------                   ------------
     Managing Directors           $815 - $970
     Directors                    $620 - $760
     Vice Presidents              $455 - $555
     Associates                   $305 - $405
     Analysts                     $270 - $300
     Paraprofessionals            $205 - $225

Harvey R. Kelly, a Managing Director with AlixPartners, attests
that AlixPartners is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

                           About ResCap

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.

Neither Ally Financial nor Ally Bank is included in the bankruptcy
filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities as of March 31, 2012.

ResCap is selling its mortgage origination and servicing
businesses to Nationstar Mortgage LLC, and its legacy portfolio,
consisting mainly of mortgage loans and other residual financial
assets, to Ally Financial.  Together, the asset sales are expected
to generate approximately $4 billion in proceeds.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap.  Morrison & Foerster LLP is acting as legal
adviser to ResCap.  Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel.  Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


RESIDENTIAL CAPITAL: Green Planet Sues GMAC Mortgage
----------------------------------------------------
Green Planet Servicing, LLC, filed a complaint against GMAC
Mortgage, LLC, seeking a declaratory judgment determining that a
residential mortgage loan servicing agreement between them was
both materially breached by GMAC and terminated by Green Planet
before the Petition Date.

Green Planet said it filed the complaint because, despite the
prepetition termination of the contract between the parties, GMAC
continues to treat the contract as if it were in full force and
effect, brining harm and detriment to Green Planet.  Green Planet
added that GMAC intends to "assume" and assign" the contract to a
third-party purchaser through the Chapter 11 cases.

Green Planet asserted that GMAC lost its right to sub-service a
pool of 30,000 residential mortgages with a total principal
balance of $5.2 billion.

Green Planet also filed a separate motion seeking modification of
the automatic stay to effectuate the prepetition termination of
the same servicing agreement, or, alternatively, allow the
postpetition termination of the agreement.

                           About ResCap

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.

Neither Ally Financial nor Ally Bank is included in the bankruptcy
filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities as of March 31, 2012.

ResCap is selling its mortgage origination and servicing
businesses to Nationstar Mortgage LLC, and its legacy portfolio,
consisting mainly of mortgage loans and other residual financial
assets, to Ally Financial.  Together, the asset sales are expected
to generate approximately $4 billion in proceeds.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap.  Morrison & Foerster LLP is acting as legal
adviser to ResCap.  Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel.  Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


RESIDENTIAL CAPITAL: Residential Funding Files Schedules
--------------------------------------------------------
Debtor Residential Funding Company, LLC, disclosed in its
schedules of assets and liabilities that it had $3,781,491,928 in
assets consisting of $13,157,557 in real property and
$3,768,334,370 in personal property, and $2,460,480,369 in
liabilities consisting of $1,128,264,150 owed to creditors
holding secured claims, $151,125 owed to creditors holding
unsecured priority claims and $1,332,065,093 owed to creditors
holding unsecured non-priority claims.

Full-text copies of Residential Funding's Schedules are available
for free at http://bankrupt.com/misc/rfc_july2sal.pdf

Residential Funding also disclosed in its statement of financial
affairs that it obtained income from operation of its business
for the two-year period preceding the Petition Date:

                               Income from
   Net Revenue           Continuing Operations      Time Period
   -----------           ---------------------      -----------
   $113,061,330                  $94,299,432   01/01/12-05/13/12
     $5,091,575                ($187,809,931)         Year 2011
   $421,781,860                 $391,066,758          Year 2010

For income other than from operation of its business obtained for
the two-year period preceding the Petition, Residential Funding
disclosed:

                               Income from
   Net Revenue           Continuing Operations      Time Period
   -----------           ---------------------      -----------
   ($8,372,133)                $15,786,688    01/01/12-05/13/12
  ($40,364,867)               $779,688,116            Year 2010
   $78,115,421                          $0            Year 2011

A full-text copy of Residential Funding's Statement is available
for free at http://bankrupt.com/misc/rfc_july2sofa.pdf

                           About ResCap

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.

Neither Ally Financial nor Ally Bank is included in the bankruptcy
filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities as of March 31, 2012.

ResCap is selling its mortgage origination and servicing
businesses to Nationstar Mortgage LLC, and its legacy portfolio,
consisting mainly of mortgage loans and other residual financial
assets, to Ally Financial.  Together, the asset sales are expected
to generate approximately $4 billion in proceeds.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap.  Morrison & Foerster LLP is acting as legal
adviser to ResCap.  Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel.  Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


RG STEEL: To Abandon Sparrows Point Cleanup, Environmentalists Say
------------------------------------------------------------------
Environmentalists are worried that RG Steel Wheeling LLC will use
its bankruptcy to abandon the cleanup of the Sparrows Point site
in eastern Maryland, Chuck Bennett at the New York Post reports.

NY Post relates that the Debtor assumed some $650 million in
environmental liabilities, which include ongoing treatment of
groundwater contaminated with benzene and naphthalene, both
considered carcinogens.

According to NY Post, RG Steel chief administrative officer David
Pryzbylski said that it was poor market conditions that led to the
bankruptcy filing, and that all environmental obligations will be
honored.  "I don't think Sparrow Point poses any immediate threat
to public health or safety.  We are in full compliance with all
environmental commitments," NY Post quoted Mr. Pryzbylski as
saying.

                         About RG Steel

RG Steel LLC -- http://www.rg-steel.com/-- is the United States'
fourth-largest flat-rolled steel producer with annual steelmaking
capacity of 7.5 million tons.  It was formed in March 2011
following the purchase of three steel facilities located in
Sparrows Point, Maryland; Wheeling, West Virginia and Warren,
Ohio, from entities related to Severstal US Holdings LLC.  RG
Steel also owns finishing facilities in Yorkville and Martins
Ferry, Ohio.  It also owns Wheeling Corrugating Company and has a
50% ownership in Mountain State Carbon and Ohio Coatings Company.

RG Steel along with affiliates, including WP Steel Venture LLC,
sought bankruptcy protection (Bankr. D. Del. Lead Case No. 12-
11661) on May 31, 2012, to pursue a sale of the business.  The
bankruptcy was precipitated by liquidity shortfall and a dispute
with Mountain State Carbon, LLC, and a Severstal affiliate, that
restricted the shipment of coke used in the steel production
process.

The Debtors estimated assets and debts in excess of $1 billion as
of the Chapter 11 filing.  The Debtors owe (i) $440 million,
including $16.9 million in outstanding letters of credit, to
senior lenders led by Wells Fargo Capital Finance, LLC, as
administrative agent, (ii) $218.7 million to junior lenders, led
by Cerberus Business Finance, LLC, as agent, (iii) $130.5 million
on account of a subordinated promissory note issued by majority
owner The Renco Group, Inc., and (iv) $100 million on a secured
promissory note issued by Severstal.

Judge Kevin J. Carey presides over the case.

The Debtors are represented in the case by Robert J. Dehney, Esq.,
and Erin R. Fay, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
and Matthew A. Feldman, Esq., Shaunna D. Jones, Esq., Weston T.
Eguchi, Esq., at Willkie Farr & Gallagher LLP, represent the
Debtors.

Conway MacKenzie, Inc., serves as the Debtors' financial advisor
and The Seaport Group serves as lead investment banker.  Donald
MacKenzie of Conway MacKenzie, Inc., as CRO.  Kurtzman Carson
Consultants LLC is the claims and notice agent.

Wells Fargo Capital Finance LLC, as Administrative Agent, is
represented by Jonathan N. Helfat, Esq., and Daniel F. Fiorillo,
Esq., at Otterbourg, Steindler, Houston & Rosen, P.C.; and Laura
Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachuiski Stang
Ziehi & Jones LLP.

Renco Group is represented by lawyers at Cadwalader, Wickersham &
Taft LLP.

An official committee of unsecured creditors has been appointed in
the case.


RITE AID: Files Form 10-Q, Posts $28.1MM Net Loss in June 2 Qtr.
----------------------------------------------------------------
Rite Aid Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $28.08 million on $6.46 billion of revenue for the 13 week
period ended June 2, 2012, compared with a net loss of $63.08
million on $6.39 billion of revenue for the 13 week period ended
May 28, 2011.

The Company's balance sheet at June 2, 2012, showed $7.07 billion
in total assets, $9.68 billion in total liabilities and a $2.61
billion total stockholders' deficit.

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

                        http://is.gd/HVTP9s

                        About Rite Aid Corp.

Drugstore chain Rite Aid Corporation (NYSE: RAD) --
http://www.riteaid.com/-- based in Camp Hill, Pennsylvania, has
more than 4,700 stores in 31 states and the District of Columbia
and fiscal 2010 annual revenues of $25.7 billion.

Rite Aid reported a net loss of $368.57 million for the fiscal
year ended March 3, 2012, a net loss of $555.42 million for the
year ended Feb. 26, 2011, and a net loss of $506.67 million for
the year ended Feb. 27, 2010.

                           *     *     *

In February 2012, S&P affirmed Rite Aid's 'B-' corporate credit
rating.  During that time, Moody's Investors Service also affirmed
its Caa2 Corporate Family Rating, Caa2 Probability of Default
Rating, and SGL-3 Speculative Grade Liquidity rating.

"The ratings reflect our expectation that Camp Hill, Pa.-based
retail drugstore chain Rite Aid Corp.'s financial risk profile
will remain 'highly leveraged', despite improving sales trends,
due to its significant debt," said Standard & Poor's credit
analyst Ana Lai.

Moody's said in February that Rite Aid's Caa2 Corporate Family
Rating reflects its weak credit metrics and unsustainable capital
structure with debt to EBITDA of 8.8 times and EBITA to interest
expense of 0.8 times.  Although Moody's believes that Rite Aid
earnings will benefit from Walgreen's dispute with Express Scripts
as well as from the strong generic pipeline, Moody's anticipates
that lower reimbursement rates will offset some of this positive
earnings pressure.  Thus, Moody's forecasts that Rite Aid's credit
metrics will remain weak.  In addition, Rite Aid faces a tradeoff
between the need to address its sizable 2014 and 2015 debt
maturities against the likelihood that any refinancing will be at
a higher interest rate.  Should Rite Aid successfully refinance
its 2014 and 2015 debt maturities, its borrowing costs will likely
increase further weakening Rite Aid's interest coverage.
Consequently, Moody's is concerned that Rite Aid may choose to
voluntarily restructure its debt over the medium term.


ROBERTS HOTELS: Gets Final OK to Use Lender's Cash Collateral
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Missouri
authorized, on a final basis, Roberts Hotels Houston, L.L.C., et
al.'s continued use of the Debtor's cash on hand, together with
all proceeds and products of any of the Debtor's assets.

The collateral secures the Debtor's obligation to Bank of America,
N.A., under that certain Term Loan Agreement dated as of June 6,
2007, as amended by that certain First Amendment to Loan Agreement
dated as of Aug. 5, 2011.

The Court ordered that the cash collateral may be used on Debtor's
behalf by DATX Associates, LLC, the manager of the hotel owned by
Debtor located in Dallas, Texas, solely to pay ordinary
prepetition wages and postpetition ordinary and necessary costs of
operating the Dallas Hotel, as determined by DATX Associates.

As adequate protection from any diminution in value of the
lender's collateral, the Debtor will grant the lender replacement
liens in all currently owned and hereafter acquired assets or
properties of the Debtor and its estate.

                       About Roberts Hotels

Hotel portfolios owned by St. Louis, Mo.-based Roberts Cos. have
filed separate Chapter 11 bankruptcy petitions.  The hotels are
among those involved in a lawsuit Bank of America filed against
Roberts Cos. in April 2012.  BofA alleges Roberts Cos. defaulted
on a loan to renovate six hotels it owns outside of Missouri and
owes more than $34 million.  The hotels are located in Tampa,
Atlanta, Dallas, Houston, Shreveport, La., and Spartanburg, S.C.

Roberts Hotels Dallas LLC, which operates as a Courtyard by
Marriott at 2383 Stemmons Trail in Dallas, filed for Chapter 11
bankruptcy (Bankr. E.D. Mo. Case No. 12-45017) on May 23, 2012,
listing $1 million to $10 million in assets, and $10 million to
$50 million in debts.

Roberts Hotels Atlanta LLC, dba Clarion Hotel Atlanta, filed for
Chapter 11 (Bankr. E.D. Mo. Case No. 12-44493) on May 9, 2012,
listing $1 million to $10 million in assets, and $10 million to
$50 million in debts.

Roberts Hotels Shreveport LLC, also under the Clarion flag, sought
Chapter 11 bankruptcy protection (Bankr. E.D. Mo. Case No. 12-
44495) on May 9, listing between $1 million and $10 million in
assets and between $10 million and $50 million in debts.

Roberts Hotels Spartanburg LLC, which owns the Clarion Hotel,
formerly named Radisson Hotel & Suites Spartanburg, filed a
Chapter 11 petition (Bankr. E.D. Mo. Case No. 12-43756) on April
19, 2012.  It scheduled $3,028,820 in assets and $34,775,209 in
debts.

Roberts Hotels Houston LLC, dba Holiday Inn Houston, filed for
Chapter 11 (Bankr. E.D. Mo. Case No. 12-43590) on April 16, 2012,
listing under $50,000 in assets and up to $50 million in debts.

Roberts Hotels Tampa LLC, which owns the Comfort Inn hotel at 820
East Busch Blvd. in Tampa, filed for Chapter 11 Bankr. E.D. Mo.
Case No. 12-44391) on May 7, estimating assets between $1 million
and $10 million and debts between $10 million and $50 million.

A. Thomas DeWoskin, Esq., at Danna McKitrick, PC, serves as the
Debtors' counsel.  The petitions were signed by Mike Kirtley,
chief operating officer.

On Dec. 15, 2011, Roberts Hotels Jackson LLC, which owns Roberts
Walthall Hotel, filed for Chapter 11 protection (Bankr. S.D. Miss.
Case No. 11-04341), estimating both assets and debts of between
$1 million and $10 million.  John D. Moore, P.A., represents the
Debtor.

The cases are jointly administered.


SAINT VINCENTS: Court Confirms Second Amended Chapter 11 Plan
-------------------------------------------------------------
The Hon. Cecelia G. Morris of the U.S. Bankruptcy Court for the
Southern District of New York confirmed Saint Vincents Catholic
Medical Centers of New York, et al.'s Second Amended Chapter 11
Plan, dated June 21, 2012.

The Second Amended Plan approves and implements the terms of
certain settlement agreements.

The settlement by and among the Debtors and with statutory
committee resolves potential disputes over the allocation of Sale
Proceeds among the Debtors' estates and the validity, amount and
treatment of all intercompany claims.

Under the Plan, each holder of an allowed secured claim will
receive the collateral securing the allowed secured claim.

Holders of general unsecured claims will receive a pro rata share
of the proceeds from an unsecured claims fund.

A full-text copy of the Second Amended Plan is available for free
at http://bankrupt.com/misc/SAINT_VINCENTS_ds_2amended.pdf

                       About Saint Vincents

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

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

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

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

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


SAAB CARS: Wants to Hire Donlin Recano as Balloting Agent
---------------------------------------------------------
Saab Cars North America, Inc., asks the U.S. Bankruptcy Court for
the District of Delaware for permission to employ Donlin, Recano &
Company, Inc., as balloting agent.

As reported in the Troubled Company Reporter on, March 23, 2012,
DRC has been retained to provide claims and noticing agent
services to the Debtors.

As balloting agent, DRC will:

   1) assist with, among other things, solicitation, balloting and
      tabulation and calculation of votes,  well as preparing any
      appropriate reports, as required in furtherance of
      confirmation of plan(s) of reorganization;

   2) generate an official ballot certification and testifying, if
      necessary, in support of the ballot tabulation results; and

   3) in connection with the balloting services, handle requests
      for documents from parties-in-interest, including, if
      applicable, brokerage firms and bank back-offices and
      institutional holders.

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

A hearing on July 10, 2012 at 11 a.m. (EDT) has been scheduled.

                       About Saab Cars N.A.

More than 40 U.S.-based Saab dealerships have signed an
involuntary chapter 11 bankruptcy petition for Saab Cars North
America, Inc., (Bankr. D. Del. Case No. 12-10344) on Jan. 30,
2012.  The petitioners, represented by Wilk Auslander LLP, assert
claims totaling $1.2 million on account of "unpaid warranty and
incentive reimbursement and related obligations" and/or "parts and
warranty reimbursement."  Leonard A. Bellavia, Esq., at Bellavia
Gentile & Associates, in New York, signed the Chapter 11 petition
on behalf of the dealers.

Donlin, Recano & Company, Inc. (DRC), has been retained to provide
claims and noticing agent services to Saab Cars North America,
Inc. in its Chapter 11 case.

The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December an
outside administrator, McTevia & Associates, to run the company as
part of a plan to avoid immediate liquidation following its parent
company's bankruptcy filing.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.

On Feb. 24, 2012, the Court, inconsideration of the petition filed
on Jan. 30, 2012, granted Saab Cars North America, Inc., relief
under Chapter 11 of the Bankruptcy Code.

On March 9, 2012, the U.S. Trustee formed an official Committee of
Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.


SB PARTNERS: Incurs $280,500 Net Loss in First Quarter
------------------------------------------------------
SB Partners filed with the U.S. Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of
$280,521 on $639,952 of total revenues for the three months ended
March 31, 2012, compared with a net loss of $192,214 on $662,536
of total revenues for the same period during the prior year.
SB Partners reported a net loss of $1.02 million in 2011, a net
loss of $623,117 in 2010, and a net loss of $23.60 million in
2009.

The Company's balance sheet at March 31, 2012, showed $18.22
million in total assets, $21.19 million in total liabilities and a
$2.97 million total partners' deficit.

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

                        http://is.gd/iSVUL4

                         About SB Partners

Milford, Conn.-based SB Partners is a New York limited partnership
engaged in acquiring, operating and holding for investment a
varying portfolio of real estate interests.  As of June 30,
2010, the partnership owns an industrial flex property in Maple
Grove, Minnesota and warehouse distribution centers in Lino Lakes,
Minnesota and Naperville, Illinois.

The Company has a 30% interest in Sentinel Omaha, LLC.  Sentinel
Omaha is a real estate investment company which currently owns 24
multifamily properties and 1 industrial property in 17 markets.
Sentinel Omaha is an affiliate of the partnership's general
partner.


SHENGDATECH INC: Plan Confirmation Hearing Scheduled for Aug. 30
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada will convene
a hearing on Aug. 30, 2012, at 10 a.m., to consider the
confirmation of Shengdatech, Inc.'s First Amended Plan of
Reorganization dated June 20, 2012.  Objections, if any, are due
Aug. 16, at 4 p.m.

Ballots accepting or rejecting the Plan are due Aug. 16.

The Court also set Aug. 2, at 4 p.m., as the deadline for filing
of claims estimation motions.

On June 25, the Court approved the Disclosure Statement as
containing adequate information in accordance with Section 1125 of
the Bankruptcy Code.

According to the Amended Disclosure Statement, the Plan terms
include:

    Class 1: Other Priority Claims, and Class 2: Secured Claims
    will receive full payment on account of their allowed claims.

    General Unsecured Claims will receive greater than 1%
    on account of their allowed claims.

    Class 4: Noteholders' Securities Claims, and Class 5:
    Shareholders' Securities Claims will receive 0% or greater on
    account of their allowed claims.

A full-text copy of the Amended Disclosure Statement is available
for free at:

      http://bankrupt.com/misc/SHENGDATECH_INC_ds_1amended.pdf

                         About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from creditors
(Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in Reno,
Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in by the Troubled Company Reporter on Sept. 7, 2011,
the United States Trustee appointed AG Ofcon, LLC, The Bank of New
York, Mellon (in its role as indenture trustee for bondholders),
and Zazove Associates, LLC, to serve on the Official Committee of
Unsecured Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.

The Plan provides for the wind-down of the Debtor's affairs and
the Distribution of the Debtor's remaining assets to Creditors.


STANFORD FINANCIAL: SIPC Won't Pay Defrauded Investors
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a U.S. district judge in Washington ruled that
investors defrauded in the R. Allen Stanford Ponzi scheme won't
have their claims paid by the Securities Investor Protection Corp.

According to the report, the Securities and Exchange Commission
started the equivalent of a lawsuit in December aimed at forcing
SIPC to take over the liquidation of Stanford's brokerage firm,
Stanford Group Co.  Had the SEC prevailed, SIPC would have been
required to cover customers' claims of as much as $500,000 each.

The report relates that U.S. District Judge Robert L. Wilkins
ruled against the SEC in an 18-page opinion on July 3.  Instead of
being paid fully or wholly in a liquidation funded by SIPC,
investors in the $7 billion fraud will be repaid from recoveries
in a receivership pending in a federal court in Texas.

SIPC, the report discloses, argued successfully that its fund
can't be used to pay Stanford's victims because the fraud involved
certificates of deposit issued by a bank in Antigua, not by a
broker in the U.S. that's a member of SIPC.

According to the report, Judge Wilkins also agreed there is no
SIPC coverage since there were no "customers" who gave money or
securities to the Stanford broker for the purpose of safekeeping
or sale.  The money all went directly to the bank, the judge said.
Although Judge Wilkins said he was "truly sympathetic to the
plight" of Stanford investors, he also said the SEC was advocating
an "extraordinarily broad" interpretation of the governing statute
that "would unreasonably contort the statutory language."
Judge Wilkins pointed out that the SEC made an about-face in the
Stanford case. For the prior 30 years, Wilkins said, the SEC
interpreted the Securities Investor Protection Act to mean that
clients of introducing brokers aren't "customers."

The judge made technical rulings as well, Mr. Rochelle points out.
The judge said that the SEC needed to show by a "preponderance of
the evidence" that SIPC was required to take over the liquidation.
Even if the lesser standard of "probable cause" applied, the SEC
also would lose, Judge Wilkins ruled.

The case is Securities and Exchange Commission v.
Securities Investor Protection Corp., 11-mc-00678, U.S. District
Court, District of Columbia (Washington).

                 About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.


STOCKTON, CA: Sets Aside More Than $3MM for 1st Year in Case
------------------------------------------------------------
Steven Church at Bloomberg News reports that Stockton city council
members have set aside more than $3 million for the first year of
a bankruptcy court fight with bondholders and labor unions over
how to divide a smaller budget.

Citing Joe Rose, an attorney for the city's biggest labor union,
Bloomberg states that during talks in the months leading up to the
bankruptcy, bondholders "were grossly unhappy with the city's
proposal".

According to Bloomberg, Wells Fargo spokesperson Elise Wilkinson
said in an e-mail the day Stockton filed bankruptcy that the bank
"expects to take an active role in the bankruptcy proceedings."
Ms. Wilkinson said that Wells Fargo didn't lend the city any
money, and that "all our efforts in the bankruptcy proceedings
will be directed toward achieving a recovery for the holders
of Stockton bonds."  Court papers show that Stockton owed
$124.3 million to Wells Fargo (WFC) Bank NA and $107 million to
Wells Fargo.

In court papers, Stockton named California Public Employees'
Retirement System, or Calpers, as its biggest unsecured creditor.
Stockton owed Calpers $147.5 million.

Bloomberg relates that the attorneys for the city will appear in
the U.S. Bankruptcy Court for the Eastern District of California
on July 6 for the initial hearing in the case.

Stockton, California, is now the largest city to seek bankruptcy
protection in U.S. history.  Stockton filed a Chapter 9 petition
(Bankr. E.D. Calif. Case No. 12-32118) in Sacramento on Thursday,
estimating more than $1 billion in assets and in excess of
$500 million in liabilities.

The city is being represented in bankruptcy court by Orrick,
Herrington & Sutcliffe LLP, a San Francisco-based law firm with
five offices in California, including Sacramento.


TALON THERAPEUTICS: Joseph Landy Discloses 92.4% Equity Stake
-------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Joseph P. Landy and his affiliates disclosed
that, as of July 3, 2012, they beneficially own 264,321,291+
shares of common stock of Talon Therapeutics, Inc., which
represents 92.4% of the shares outstanding.

Mr. Landy previously reported beneficial ownership of 263,171,568
common shares or a 92.3% equity stake as of April 5, 2012.

A copy of the amended filing is available for free at:

                        http://is.gd/LaGgbV

                    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 reported a net loss of $18.82 million for the year
ended Dec. 31, 2011, compared with a net loss of $25.98 million
during the prior year.

The Company's balance sheet at March 31, 2012, showed $7.77
million in total assets, $62.23 million in total liabilities,
$34.66 million in redeemable convertible preferred stock, and a
$89.13 million total stockholders' deficit.

BDO USA, LLP, in San Jose, California, issued a "going concern"
qualification on the financial statements for the year ended
Dec. 31, 2011, citing recurring losses from operations and net
capital deficiency that raise substantial doubt about the
Company's ability to continue as a going concern.


TIBET PHARMACEUTICALS: Howard G. Smith Launches Class Suit
----------------------------------------------------------
Law Offices of Howard G. Smith disclosed that a class action
lawsuit has been filed in the United States District Court for the
District Court of the Virgin Islands on behalf of all persons or
entities who purchased or otherwise acquired the common stock of
Tibet Pharmaceuticals, Inc. pursuant and/or traceable to the
Registration Statement and Prospectus issued in connection with
the Company's Initial Public Offering, including all those who
purchased Tibet stock after Dec. 28, 2010.

Tibet focuses on the research, development, manufacturing,
marketing and selling of modernized traditional Tibetan medicines
in China.  The Complaint asserts violations of the federal
securities laws against Tibet, its officers and directors, and
underwriters of the IPO for issuing allegedly inaccurate
statements of material fact about the Company's financial and
business condition, which ultimately caused trading of Tibet's
stock to be halted and delisted by the NASDAQ, causing investors
to lose nearly their entire investment.  The Complaint alleges
that defendants misrepresented and failed to disclose the
Company's material internal control deficiencies, which rendered
the Registration Statement and Prospectus materially false and
misleading.

         Howard G. Smith, Esquire
         Law Offices of Howard G. Smith
         3070 Bristol Pike
         Suite 112, Bensalem
         Pennsylvania 19020
         Tel: 215-638-4847
         E-mail: howardsmith@howardsmithlaw.com


TRIDENT MICROSYSTEMS: Wants Until Aug. 31 to Propose Ch. 11 Plan
----------------------------------------------------------------
Trident Microsystems, Inc., et al., ask the U.S. Bankruptcy Court
for the District of Delaware to extend their exclusive periods to
file an solicit acceptances for the proposed chapter 11 plan until
Aug. 31, 2012, and Oct. 30, 2012.

The Debtors filed the motion before the exclusive plan filing
period was set to expire on July 2.

The Debtors explained that the extension requested will allow them
to proceed with the preparation and submission of a confirmable
chapter 11 plan.  The Debtors further expect to be able to file
the plan by early August 2012.

The Debtors note that they working with their advisors and the
Official Committee of Unsecured Creditors and the Committee of
Trident Microsystems, Inc. Equity Security Holders' professionals
to evaluate certain intercompany claims between TMI and TMFE.

According to the Debtors, these claims are likely to have a
significant impact on the classification and potential recovery of
the Debtors' various parties in interest under any plan of
liquidation.

A hearing on Aug. 20 at 1 p.m. (EDT) has been set.  Objections, if
any, are due July 23, at 4 p.m.

                    About Trident Microsystems

Sunnyvale, California-based Trident Microsystems, Inc., currently
designs, develops, and markets integrated circuits and related
software for processing, displaying, and transmitting high quality
audio, graphics, and images in home consumer electronics
applications such as digital TVs, PC-TV, and analog TVs, and set-
top boxes.  The Company has research and development facilities in
Beijing and Shanghai, China; Freiburg, Germany; Eindhoven and
Nijmegen, The Netherlands; Belfast, United Kingdom; Bangalore and
Hyderabad, India; Austin, Texas; and Sunnyvale, California. The
Company has sales offices in Seoul, South Korea; Tokyo, Japan;
Hong Kong and Shenzhen, China; Taipei, Taiwan; San Diego,
California; Mumbai, India; and Suresnes, France. The Company also
has operations facilities in Taipei and Kaoshiung, Taiwan; and
Hong Kong, China.

Trident Microsystems and its Cayman subsidiary, Trident
Microsystems (Far East) Ltd. filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 12-10069) on Jan. 4,
2011.  Trident said it expects to shortly file for protection in
the Cayman Islands.

Judge Christopher S. Sontchi presides over the case.  Lawyers at
DLA Piper LLP (US) serve as the Debtors' counsel.  FTI Consulting,
Inc., is the financial advisor.  Union Square Advisors LLC serves
as the Debtors' investment banker.  PricewaterhouseCoopers LLP
serves as the Debtors' tax advisor and independent auditor.
Kurtzman Carson Consultants is the claims and notice agent.

Trident had $310 million in assets and $39.6 million in
liabilities as of Oct. 31, 2011.  The petition was signed by David
L. Teichmann, executive VP, general counsel & corporate secretary.




UNIVERSAL BIOENERGY: Gets Final OK to Distribute Stock Dividend
---------------------------------------------------------------
Universal Bioenergy, Inc., on June 6, 2012, passed a new
Resolution to distribute a common stock dividend to its
shareholders on a 10 for 2 basis.  The Company received the final
notification and confirmation from FINRA on June 29, 2012,
announcing the final approval to distribute the common stock
dividend to the Company's shareholders.  The final notification is
posted on FINRA's, OTC Bulletin Board Web site at www.otcbb.com,
under the tab "Daily List", and the "Headlines By Date", 2012
Daily List Index for dividends for June 29, 2012.

The Company will issue two shares of common stock for every 10
shares of common stock held by the shareholders of record in
accordance with the following information and time frames;

   (a) Declaration Date: June 6, 2012 - Date the Board of
       Directors formally authorized the dividend.

   (b) Ex-Dividend Date: July 11, 2012 - The ex-dividend date is
       set by FINRA.

   (c) Record Date: July 13, 2012 - The dividend will be
       distributed only to registered "shareholders of record" on
       or before this date.

   (d) Payment Date: July 20, 2012 - Final date of payment or
       distribution of the dividend to the shareholders of record.

   (e) Freely tradable shares will be issued to all shareholders
       holding free trading shares as of the Record Date, e.g.,
       shares held by CEDE as nominee.  These shares will be
       issued in a hard certificate form without a legend.

   (f) Restricted shares in a hard certificate, (with a legend),
       will be issued to all shareholders with restricted shares
       as of the Record Date.

   (g) Shares in hard certificate form (with a legend), will be
       issued to all banks, stock brokerage houses and clearing
       agents.

   (h) No fractional shares will be issued for this dividend.  All
       dividends will be rounded up to the nearest whole number of
       shares when fractional shares occur.  No cash payments will
       be made for any fractional shares.

The processing of the stock dividend should be completed by the
transfer agent within 2 to 3 days after the Payment Date.  The
transfer agent is duly authorized to process the stock dividend
and it has all of the instructions to distribute the shares.  All
freely tradable shares will be distributed, to the shareholders
nominee such as a bank, broker dealer or the Depository Trust
Company (DTC) through its partnership nominee CEDE & Company, for
distribution to the broker dealers, who will deposit them into the
accounts of the beneficial shareholders.  Restricted shares will
be issued in a hard certificate form and sent via certified mail
to all shareholders with restricted shares as of the record date.

In the event the DTC "Chill" is lifted prior to the dividend
"Payment Date" of July 20, 2012, the Company would elect to have
the stock distributed to these respective parties electronically
via DWAC, if possible.

The payment of a dividend in stock instead of cash helps the
Company to maintain its cash and still reward the Company's
shareholders with a dividend.  Some shareholders may view this
action as a potential for dilution and a devaluation of their
shares, however the Company believes there are many valuable
benefits to the Company's shareholders.  The Company's
shareholders will receive an immediate 20% increase in the
quantity of the shares they own and a 20% return on their
investment.  The Company feels this will reward its loyal
shareholders for their ongoing support, and to give them a greater
stake in the Company.

                    About Universal Bioenergy

Universal Bioenergy Inc., is an alternative energy company
headquartered in Irvine, California.  The Company's new strategic
direction is to develop and market a diverse product line of
alternative and natural energy products including, natural gas,
solar, biofuels, wind, wave, tidal, and green technology products.

After auditing the 2011 results, Bongiovanni & Associates, CPA'S,
in Cornelius, North Carolina, noted that the Company has suffered
recurring operating losses, has an accumulated deficit, has
negative working capital, and has yet to generate an internal cash
flow that raises substantial doubt about its ability to continue
as a going concern.

The Company reported a net loss of $2.11 million in 2011,
compared with a net loss of $2 million in 2010.

The Company's balance sheet at March 31, 2012, showed
$5.23 million in total assets, $4.38 million in total liabilities,
and $850,781 in total stockholders' equity.


VIEW SYSTEMS: Agrees to Buy ESG for 2 Million Shares
----------------------------------------------------
View Systems, Inc., entered into an asset purchase agreement with
Essential Security Group of Toledo, Ohio, on June 1, 2012.

ESG is an installer of the Company's View Scan units.  The Company
agreed to purchase all assets and liabilities of ESG for payment
of two million shares of Company common stock to ESG's two
principal shareholders with one million shares being due at
closing and the balance due upon ESG's attainment of certain
performance goals.  ESG's principal shareholders, John P.
Rademaker and David Loyer, will execute employment agreements and
non-competition agreements with the Company as a condition of
closing.  Closing is scheduled for June 8, 2012.

On June 28, 2012, the parties to asset purchase agreement executed
an amendment to the agreement.  The amendment imposes a floating
closing date subject to completion of the Seller's delivery of
required pre-closing items and the Company's completion of its due
diligence inquiry of the Seller.  The amendment also requires the
Seller to obtain an audit of its financial statements and an audit
opinion satisfactory to the Company.

A copy of the Purchase Agreement is available for free at:

                        http://is.gd/aD9qnM

A copy of the Amended Agreement is available for free at:

                        http://is.gd/9TR4Kg

                        About View Systems

Baltimore, Md.-based View Systems, Inc., develops, produces and
markets computer software and hardware systems for security and
surveillance applications.

The Company reported a net loss of $368,329 on $576,735 of
net revenues for the nine months ended Sept. 30, 2011, compared
with a net loss of $294,065 on $722,042 of net revenues for the
same period during the prior year.

The Company's balance sheet at Sept. 30, 2011, showed
$1.48 million in total assets, $1.82 million in total liabilities,
and a $339,294 total stockholders' deficit.

As reported in the TCR on March 15, 2011, Robert L. White &
Associates, Inc., in Cincinnati, Ohio, expressed substantial doubt
about View Systems' ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company had a net loss of $513,353 for the year
ended Dec. 31, 2010, and has an accumulated deficit of $22,837,787
at Dec. 31, 2010.


VITRO SAB: Bondholders Request Ability to Seize Assets
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Vitro SAB bondholders will have won the war with the
Mexican glassmaker if they are allowed to begin seizing assets
before the U.S. Court of Appeals rules on whether a bankruptcy
judge was correct in concluding that the Mexican reorganization
plan shouldn't be enforced in the U.S.

The report recounts that in June, a bankruptcy judge in Dallas
wrote an opinion saying that Vitro's Mexican reorganization plan
was "manifestly contrary" to U.S. law and public policy because it
reduced the liability of subsidiaries on $1.2 billion in defaulted
bonds, even though the Vitro parent alone was in bankruptcy. Vitro
appealed to the U.S. Court of Appeals in New Orleans.

The bankruptcy judge, the report relates, told Vitro to obtain a
stay pending appeal from the circuit court if the company wanted
to stop bondholders from seizing assets after June.

According to the report, the bondholders filed papers this week in
the appeals court arguing against an injunction.  The bondholders
contend they should be permitted to begin seizing assets
immediately because the company and its subsidiaries "evaded
payment for over three years, during which time Vitro has engaged
in a pattern of transferring assets and other schemes to shirk its
obligations."  Laying out the facts, the bondholders characterize
Vitro as having concocted an "illicit scheme" to "manufacture
claims" so the subsidiaries "could vote in the Mexican proceeding
to eliminate their own guaranties."

Elsewhere in this week's brief, the bondholders contend they "had
no opportunity in the Mexican proceeding to take discovery,
present witnesses, or cross-examine opposing witnesses."

To be awarded a stay pending appeal, Vitro must show "irreparable
harm" will result. The bondholders argue that debt collection
doesn't constitute irreparable harm, else "federal courts would be
issuing injunctions against ordinary debt collection activities on
a daily basis."  If Vitro wants a prohibition against seizing
assets in the U.S. even though the Mexican bankruptcy was
rejected, the bondholders told the appeals court that Vitro should
post a bond or put the subsidiaries into their own bankruptcies.

The bondholders state that they are offered a 40 percent recovery
in the Mexican bankruptcy, even though Vitro's shareholders are
retaining ownership worth $500 million.

The appeal in the Circuit Court is Vitro SAB de CV v. Ad Hoc Group
of Vitro Noteholders (In re Vitro SAB de CV), 12-10689, U.S. Court
of Appeals for the Fifth Circuit (New Orleans). The suit in
bankruptcy court where the judge decided not to enforce the
Mexican reorganization in the U.S. is Vitro SAB de CV v. ACP
Master Ltd. (In re Vitro SAB de CV), 12-03027, U.S. Bankruptcy
Court, Northern District of Texas (Dallas). The bondholders'
previous appeal in the circuit court is Ad Hoc Group of Vitro
Noteholders v. Vitro SAB de CV (In re Vitro SAB de CV), 11-11239,
U.S. Court of Appeals for the Fifth Circuit (New Orleans).

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754).

The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted to
liquidations in Chapter 7, court records in January 2012 show.  In
December, the U.S. Trustee in Dallas filed a motion to convert the
subsidiaries' cases to liquidations in Chapter 7.  The Justice
Department's bankruptcy watchdog said US$5.1 million in bills were
run up in bankruptcy and hadn't been paid.

On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in
Dallas entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S.  The judge ruled that
the Mexican reorganization was "manifestly contrary" to U.S.
public policy because it bars the bondholders from holding Vitro
operating subsidiaries liable to pay on their guarantees of the
bonds.  The Mexican plan reduced the debt of subsidiaries on $1.2
billion in defaulted bonds even though they weren't in bankruptcy
in any country.


VOLKSWAGEN-SPRINGFIELD: Wants BB&T's Stay Relief Motion Denied
--------------------------------------------------------------
Volkswagen-Springfield, Inc., asks the U.S. Bankruptcy Court for
the Eastern District of Virginia to deny Branch Banking and Trust
Company's motion for relief from stay.

BB&T is the Debtor's primary prepetition lender.  BB&T, in its
motion, asserted that its position is secured by substantially all
of the assets of the Debtor well as non-Debtor assets of the
Debtor's principal.  BB&T claims that it is owed $18 million
exclusive of professional fees and expenses.

According to the Debtor, (i) BB&T is adequately protected and
there is no cause to grant relief from the stay; and (ii) the
Debtor has equity in the collateral property and the collateral
property is necessary for an effective reorganization.

                   About Volkswagen-Springfield

Springfield, Virginia-based Volkswagen-Springfield, Inc., filed a
Chapter 11 petition (Bankr. E.D. Va. Case No. 12-12905) in
Alexandria on May 7, 2012.  The Debtor operates one of the largest
Volkswagen franchised dealerships in the Mid-Atlantic region.  The
Debtor estimated assets and debts of $10 million to $50 million as
of the Chapter 11 filing.

Judge Robert G. Mayer oversees the case.  The Debtor is
represented by Dylan G. Trache, Esq., and John T. Farnum, Esq., at
Wiley Rein LLP, in McLean, Virginia.

Pursuant to recent default notices, Branch Banking and Trust
Company has asserted that it is owed $19.6 million.  Jonathan L.
Hauser, Esq., at Troutman Sanders LLP, represents BB&T.

No creditors' committee has yet been appointed in the case.




VUZIX CORP: Borrows $619,122 from LC Capital Under Amended Pact
---------------------------------------------------------------
Vuzix Corporation entered into an Amended and Restated Convertible
Loan and Security Agreement with LC Capital Master Fund Ltd.,
pursuant to which the LC Capital loaned the Company $619,122.  The
Loan Agreement is an amendment and restatement of a Convertible
Loan and Security Agreement between the Lender and the Company
dated as of Dec. 23, 2010, which was filed with the Commission on
Form 8-K on Dec. 30, 2010.  The Loan is an amendment, restatement,
renewal, extension and modification of the remaining principal
balance and interest thereon of the loan made by the Lender to the
Company pursuant to the Original Loan Agreement.  The Loan bears
interest at an annual rate of 13.5% per annum, payable monthly
commencing July 15, 2012.  The principal of the Loan is payable in
12 equal monthly installments of $51,593.50 each beginning on
Oct. 15, 2012.

Concurrently with the making of the Loan, the Company entered into
an Asset Purchase Agreement with TDG Acquisition Company, which
was filed with the Commission on Form 8-K on June 22, 2012.  The
Company may receive certain earn out payments pursuant to the APA
and, if it does, the Company is required to pay 40% of all amount
so received in prepayment of the Loans.

The principal balance of, and unpaid accrued interest on, the Loan
are convertible into shares of the $.001 par value common stock
of the Company at a conversion price of $0.09965 per share,
subject to adjustment.  The Company previously issued to the
Lender a Warrant to purchase up to 40,000,000 shares of Common
Stock at an exercise price of $0.09965 per share, subject to
adjustment.  That Warrant expires on Dec. 23, 2014.  The maximum
number of shares of Common Stock that the Lender can acquire upon
conversion of the Note and exercise of the Warrant is 46,517,695,
subject to adjustment.  The Lender has certain registration
rights, and Registrant has certain registration obligations, as
set forth in the Original Loan Agreement .

The Company has granted the Lender a security interest in
substantially all the assets of Registrant as security for the
Loan.  The Lender has agreed to subordinate its security interest
in accounts receivable and inventory to a security interest
granted by the Company to a bank or other institutional provider
of lines of credit, of not more than $2,000,000.

In connection with the execution of the Loan Agreement, the
Promissory Note and Security Agreement between the Company and the
Lender dated May 18, 2012, were terminated.

Concurrently with the execution and delivery of the Loan
Agreement, the Company executed and delivered to the Lender its
Convertible Promissory Note dated June 15, 2012, in the principal
amount of $619,122.

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

                        http://is.gd/hYGJ2C

                          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 $3.87 million in 2011, a net
loss of $4.55 million in 2010, and a net loss of $3.25 million in
2009.

The Company's balance sheet at Dec. 31, 2011, showed $5.81 million
in total assets, $12.64 million in total liabilities, and a
$6.82 million total stockholders' deficit.

After auditing the 2011 annual report, 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.  And while there are no financial
covenants with which the Company must comply with, these debts are
past due in some cases.

                         Bankruptcy Warning

The Company said in its 2011 annual report that its future
viability is dependent on its ability to execute these plans
successfully.  If the Company fails to do so for any reason, the
Company would not have adequate liquidity to fund its operations,
would not be able to continue as a going concern and could be
forced to seek relief through a filing under U.S. Bankruptcy Code.


WPCS INTERNATIONAL: Appoints C. Benton to Board of Directors
------------------------------------------------------------
WPCS International Incorporated has announced the appointment of
Charles F. Benton as a director effective July 1, 2012.

Mr. Benton has over thirty years of experience in finance,
operations and business development with major corporations.
Currently, he directs the distribution services and supply chain
for Charming Shoppes, Inc., which is a leading national specialty
retailer of women's apparel operating 1,832 retail stores in 48
states.

Mr. Benton also worked twenty years for Consolidated Rail
Corporation (CONRAIL) where he was responsible for finance,
operations and business development.  He is a graduate of St.
Joseph's University with a degree in accounting.  He resides in
Wynnewood, Pennsylvania.

Andrew Hidalgo, Chairman and CEO of WPCS International
Incorporated commented, "We are very pleased to have Charlie join
our board of directors.  Throughout his career at Charming Shoppes
and CONRAIL, he has been a significant contributor to the growth
and cost efficiency of each company.  Here at WPCS, his leadership
and vision will be a valuable asset in the areas of business
development and financial reporting.  I look forward to his
involvement as we continue to focus on building shareholder
value."

                     About WPCS International

Exton, Pennsylvania-based WPCS International Incorporated provides
design-build engineering services that focus on the implementation
requirements of communications infrastructure.  The Company
provides its engineering capabilities including wireless
communication, specialty construction and electrical power to the
public services, healthcare, energy and corporate enterprise
markets worldwide.

As reported by the TCR on Dec. 8, 2011, WPCS International and its
United Stated based subsidiaries, previously entered into a loan
agreement, dated April 10, 2007, as extended, modified and amended
several times, with Bank of America, N.A.  The Company is seeking
alternative debt financing and has conducted discussions with
other senior lenders to replace the Loan Agreement.  The Company
may not be successful in obtaining alternative debt financing or
additional financing sources may not be available on acceptable
terms.  If the Company is required to repay the Loan Agreement,
the Company has sufficient working capital to repay the
outstanding borrowings.

The Company reported a net loss attributable to WPCS of $12.02
million for the nine months ended Jan. 31, 2012, compared with a
net loss attributable to WPCS of $9.80 million for the same period
during the prior year.

The Company's balance sheet at Jan. 31, 2012, showed
$37.69 million in total assets, $23.21 million in total
liabilities, and $14.48 million in total equity.


* McKooL Smith Co-Founder Named 2012 "Trial Lawyer of the Year"
---------------------------------------------------------------
Mike McKool, co-Founder and Chairman of McKool Smith, has been
named the 2012 "Trial Lawyer of the Year" by the Dallas Bar
Association (DBA).

Mr. McKool will receive the award during the DBA's annual Bench
Bar Conference in Horseshoe Bay, Texas, on Sept. 27-29, 2012. The
prestigious award is presented annually to a DBA member who best
exemplifies the principles of the legal profession and who has
achieved extraordinary success in the courtroom.

"Mike McKool is an excellent trial lawyer," said Paul K. Stafford,
President of the Dallas Bar Association. "[He is] an example of
all that is good in our profession--inquisitive by nature,
committed to excellence, effective, and ethical in and out of the
courtroom."

Mr. McKool has earned a national reputation for rigorous case
preparation and superlative trial skills. During his legal career
of more than 30 years, he has secured billions of dollars in
verdicts and settlements for clients.  Since founding McKool Smith
in 1991, his leadership and courtroom achievements have helped the
firm grow from an 11-attorney litigation boutique in Dallas to a
national litigation powerhouse with 175 trial lawyers.  He is
consistently recognized as one of the top litigators in the
country by leading legal publications, including The Legal 500,
Lawdragon, and Chambers USA, where he is ranked as a leading
national trial lawyer and "Band 1" in commercial litigation and
intellectual property litigation.  He is also ranked as a "Band 1"
patent litigator in the United States by Chambers Global. Mr.
McKool is a Fellow of the American College of Trial Lawyers, a
member of the Advisory Council of the Federal Circuit, and serves
on the Advisory Board for the "Patent Case Management Judicial
Guide," used by federal district judges.

With more than 170 trial lawyers across offices in Austin, Dallas,
Houston, Los Angeles, Marshall, New York, Silicon Valley, and
Washington, DC, McKool Smith has established a reputation as one
of America's leading trial firms.  The firm has won more National
Law Journal and VerdictSearch "Top 100 Verdicts" over the last
five years than any other law firm.  McKool Smith represents
leading clients across a broad range of practice areas, including
complex commercial litigation, intellectual property, bankruptcy,
and white collar defense.


* Kramer Levin's Wins Healthcare Services Turnaround Atlas Award
----------------------------------------------------------------
Kramer Levin Naftalis & Frankel received a Turnaround Atlas Award
Tuesday night for the firm's work as debtor's counsel for Saint
Vincent Catholic Medical Centers of New York.  The complex
bankruptcy transaction was named "Healthcare Services Turnaround
of the Year" at the annual awards gala in Chicago.

The Saint Vincent's Chapter 11 plan, which the U.S. Bankruptcy
Court for the Southern District of New York confirmed, provides
for a 100 percent recovery for administrative, priority creditors
and secured lenders, and a substantial recovery by the employees
and pensioners.  Saint Vincent's successfully consummated several
going-concern sales of its healthcare services, preserving
critical patient care needs in the communities served by the
hospital system.  During the case, the Saint Vincent's management
and legal team negotiated a $260 million sale of the Manhattan
Hospital campus with the Rudin Family, which includes a
requirement for opening a new comprehensive care center, including
a precedent-setting free-standing emergency department, by North
Shore-LIJ hospital.

The Kramer Levin team was led by partners Kenneth H. Eckstein and
Adam C. Rogoff.  The team also included partner P. Bradley
O'Neill, special counsel Gregory G. Plotko and associate Anupama
Yerramalli. Kramer Levin worked on the matter with Grant Thornton
LLP, which provided the interim management team led by Mark
E.Toney and Steven Korf.

The Global M&A Network presents the annual turnaround awards to
honor top performances from the distressed M&A, restructurings,
reorganizations and the turnaround communities, worldwide.  Kramer
Levin also was honored with the "Chapter 11 Reorganization Deal of
the Year" (Large Markets) award for the firm's representation of
Capmark Financial Group Inc.  In addition, the St. Vincent's
transaction previously won M&A Advisor's 6th Annual Turnaround
Awards for "Turnaround Community Impact Deal of the Year" and
"Healthcare/Life Sciences Deal of the Year."

Kramer Levin Naftalis & Frankel LLP -- http://www.kramerlevin.com
-- is a full-service law firm with offices in New York, Silicon
Valley and Paris.  The firm represents Global 1000 and emerging
growth companies, institutions and individuals, across a broad
range of industries.


* Pearson Butler Recognized by National Trial Lawyers Top 40
------------------------------------------------------------
Matthew Kober, a personal injury lawyer in Utah, received an
invitation for national membership into The National Trial
Lawyers: Top 40 Under 40.  In addition, Mr. Kober completed all
necessary requirements to be certified as a Motor Vehicle Occupant
Injury Specialist by the Personal Injury Training Institute.

"Matthew Kober is the only lawyer in Utah we are aware of to hold
both of these achievements.   We are very proud that Matthew is
being recognized nationally for his legal ability," said attorney
Jeff Butler, founding partner at Pearson Butler, PLLC.  "The
combination of advanced personal injury training and his
litigation experience makes Matthew one of the best personal
injury lawyers in Utah and we are grateful that he is part of the
firm."

The advanced certificate awarded by the Personal Injury Training
Institute has only been awarded to three other attorneys in the
State of Utah.  Qualification for this certificate requires
extensive training and allows Matthew to have a unique
understanding of what types of injuries happen in an auto
accident.

"I have been involved in personal injury since 1985 as a
physician, client, expert witness, and instructor.  I created PITI
to assist professionals to better serve those that hire them,"
said Dr. Jeffrey A. States, director of the Personal Injury
Training Institute.  "I strongly recommend those injured in car
accidents to seek help only from doctors and lawyers with advanced
training in this specific industry.  Make the choice to choose the
best in personal injury."

The Top 40 Under 40 award is in invitation-only award that is
extended exclusively to trial lawyers who exemplify superior
qualifications, trial results, and leadership as a young trial
lawyer.  This award distinguishes Matthew as a top personal injury
attorney who is not afraid to take cases to trial when necessary
and force the insurance companies to make fair settlement offers.

"Matthew Kober strives to improve his practice as a personal
injury lawyer in Utah, as evidenced by his willingness to get
certified by the Personal Injury Training Institute," adds
attorney Jeff Butler.  "The personal injury law practice continues
to change; and Matthew's training helps him find additional ways
to advocate for his clients."

Mr. Kober practices with the law firm of Pearson Butler, PLLC, in
South Jordan, Utah.  His practice areas include helping victims in
auto accidents, truck accidents, bicycle accidents, slip and
falls, dog bites, and wrongful death, among others.  The law firm
of Pearson Butler, PLLC, has expanded to 11 attorneys who practice
in a variety of areas: bankruptcy law, including Chapter 7,
Chapter 11, and Chapter 13 filings; real estate, including
commercial work out and residential short sale assistance; family
law, including adoption, divorce and custody matters; criminal
law, including DUI and felony matters; estate planning, including
wills and living trusts; business law, including corporations law,
entity formation, contract enforcement, and business wind down;
and civil litigation, handling a variety of litigation matters.
Pearson Butler, PLLC, has law offices in the Salt Lake City metro
area of South Jordan and in Layton, Utah.


* BOOK REVIEW: Performance Evaluation of Hedge Funds
----------------------------------------------------
Edited by Greg N. Gregoriou, Fabrice Rouah, and Komlan Sedzro
Publisher: Beard Books
Hardcover: 203 pages
Listprice: $59.95
Review by Henry Berry

Hedge funds can be traced back to 1949 when Alfred Winslow Jones
formed the first one to "hedge" his investments in the stock
market by betting that some stocks would go up and others down.
However, it has only been within the past decade that hedge funds
have exploded in growth.  The rise of global markets and the
uncertainties that have arisen from the valuation of different
currencies have given a boost to hedge funds.  In 1998, there were
approximately 3,500 hedge funds, managing capital of about $150
billion.  By mid-2006, 9,000 hedge funds were managing $1.2
trillion in assets.

Despite their growing prominence in the investment community,
hedge funds are only vaguely understood by most people.
Performance Evaluation of Hedge Funds addresses this shortcoming.
The book describes the structure, workings, purpose, and goals of
hedge funds.  While hedge funds are loosely defined as "funds with
no rules," the editors define these funds more usefully as
"privately pooled investments, usually structured as a partnership
between the fund managers and the investors."  The authors then
expand upon this definition by explaining what sorts of
investments hedge funds are, the work of the managers, and the
reasons investors join a hedge fund and what they are looking for
in doing so.

For example, hedge funds are characterized as an "important avenue
for investors opting to diversify their traditional portfolios and
better control risk" -- an apt characterization considering their
tremendous growth over the last decade.  The qualifications to
join a hedge fund generally include a net worth in excess of $1
million; thus, funds are for high net-worth individuals and
institutional investors such as foundations, life insurance
companies, endowments, and investment banks.  However, there are
many individuals with net worths below $1 million that take part
in hedge funds by pooling funds in financial entities that are
then eligible for a hedge fund.

This book discusses why hedge funds have become "notorious as
speculating vehicles," in part because of highly publicized
incidents, both pro and con.  For example, George Soros made $1
billion in 1992 by betting against the British pound.  Conversely,
the hedge fund Long-Term Capital Management (LTCP) imploded in
1998, with losses totalling $4.6 billion.  Nonetheless, these are
the exceptions rather than the rule, and the editors offer
statistics, studies, and other research showing that the
"volatility of hedge funds is closer to that of bonds than mutual
funds or equities."

After clarifying what hedge funds are and are not, the book
explains how to analyze hedge fund performance and select a
successful hedge fund.  It is here that the book has its greatest
utility, and the text is supplemented with graphs, tables, and
formulas.

The analysis makes one thing clear: for some investors, hedge
funds are an investment worth considering.  Most have a
demonstrable record of investment performance and the risk is low,
contrary to common perception.  Investors who have the necessary
capital to invest in a hedge fund or readers who aspire to join
that select club will want to absorb the research, information,
analyses, commentary, and guidance of this unique book.

Greg N. Gregoriou teaches at U. S. and Canadian universities and
does research for large corporations.  Fabrice Rouah also teaches
at the university level and does financial research.  Komlan
Sedzro is a professor of finance at the University of Quebec and
an advisor to the Montreal Derivatives Exchange.



                            *********

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, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2012.  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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