TCR_Public/120807.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Tuesday, August 7, 2012, Vol. 16, No. 218

                            Headlines

1701 COMMERCE: Proposes Macquarie Financing to Buy 306 TVs
1701 COMMERCE: Proposes Interim Beverage Management Deal
205 EAST: Final Approval for Cash Use Entered
205 EAST: Prepackaged Reorganization Plan Approved
AGRA SERVICES: Voluntary Chapter 11 Case Summary

AHERN RENTALS: Noteholders Accuse CEO of Exploiting Bankruptcy
ALLY FINANCIAL: Q2 Results Hit by $1.2-Bil. ResCap Charge
AMERICAN AIRLINES: FAA Seeks $162.4 Million in Civil Penalties
API TECHNOLOGIES: S&P Cuts Corp. Credit Rating to 'B'; Outlook Neg
ARCAPITA BANK: To Mediate With Tide Over $120MM Deal Dispute

ARIZONA ITALIAN: Voluntary Chapter 11 Case Summary
ASSOC. OF GRAPHIC: NY Leases End at Eviction, 2nd Circ. Rules
BANK OF THE CAROLINAS: Incurs $170,000 Net Loss in 2nd Quarter
BERNARD L. MADOFF: Trustee Wants Merkin'sM Deal With NY Blocked
BIDZ.COM INC: Had $1.5 Million Net Loss in 1st Quarter

BIO-KEY INTERNATIONAL: Had $363,500 Profit in First Quarter
BLUE RAVEN: Leading Ridge Buys Firm for $1.5 Million
BLUE SPRINGS FORD: Court Grants Short Exclusivity Extension
BLUE SPRINGS FORD: Has DIP Loan to Fund Portion of VonDavid Accord
BT DEARBORN: Case Summary & 20 Largest Unsecured Creditors

BTPM LLC: Case Summary & 14 Largest Unsecured Creditors
BUILDERS FIRSTSOURCE: Files Form 10-Q, Incurs $12MM Loss in Q2
CAMARILLO PLAZA: Court OKs Colliers International as Broker
CARPENTER CONTRACTORS: Cash Use Extended Until November
CELL THERAPEUTICS: Incurs $50.1 Million Net Loss in 2nd Quarter

CELL THERAPEUTICS: Investor Buys $15-Mil. Add'l Preferred Stock
CHAMPION INDUSTRIES: Fifth Third Forbearance Extended Aug. 15
CHICAGOLAND PORTABLE: Case Summary & 20 Largest Unsec. Creditors
CIRCLE STAR: Delays Form 10-K for Fiscal 2012
CLEAR CHANNEL: Incurs $39 Million Net Loss in Second Quarter

CLARE OAKS: Seeks Approval to Lift DIP Financing Cap
CNO FINANCIAL: S&P Affirms 'B+' Sr. Secured and Unsecured Ratings
COMMUNITY TOWERS: Confirmation Hearings Delayed to Oct. 15
CRESCENT RESOURCES: S&P Lowers Rating on $350MM Sr. Notes to 'B'
CUBIC ENERGY: W. Bruggeman Discloses 23.1% Equity Stake

DELPHI CORP: Stipulation Allowing Stapla's Gen. Unsecured Claim
DELPHI CORP: Ratko Menjak Fails in Bid to Lift Stay
DELPHI CORP: Michigan Agencies Seek to Stay Suit Pending Appeal
DELTA PETROLEUM: Files Supplement for Amended Chapter 11
DEWEY & LEBOEUF: Payouts May Turn Creditors vs. Deal, Expert Says

DEWEY & LEBOEUF: UK Unit's Administrators Recommend Liquidation
DEX ONE: Files Form 10-Q, Posts $52.9 Million Net Income in Q2
DOLLAR FINANCIAL: Moody's Affirms 'B2' CFR; Outlook Positive
DOWNTOWN REAL ESTATE: Case Summary & 16 Largest Unsec. Creditors
DUNE ENERGY: Reports $878,000 Net Income in Second Quarter

EAST COAST DIVERSIFIED: Inks Collaboration Agreement with McLeod
EASTMAN KODAK: Receives Low Bids for Digital Patents
EASTMAN KODAK: Quarter Loss Widens on Restructuring Costs
EDISON MISSION: Has $104MM Q2 Loss, May File Chapter 11
ENERGY CONVERSION: Liquidating Plan Wins Court Approval

ENERGY FUTURE: Incurs $696 Million Net Loss in Second Quarter
EXECUTIVE CENTER: Paid $50,000 to Lender in July
FERBER & SONS: Case Summary & 19 Largest Unsecured Creditors
FIRST COMMONWEALTH: Fitch Lowers Rating on Preferred Stock to 'BB'
FIRST DATA: Incurs $157.4 Million Net Loss in Second Quarter

FIRST MARINER: Reports $5.6 Million Net Income in Second Quarter
FREEDOM COMMUNICATIONS: JPM Bid to Divide $300M Loan Denied Anew
GEMP BUILDING: Case Summary & 2 Largest Unsecured Creditors
GENERAL MOTORS: Spyker Files $3BB Suit Over Saab Bankruptcy
GEOMET INC: Receives Extension of Response Deadline Until Aug. 8

HAMPTON ROADS: Prudential Head, Pender CEO Added to Board
HAMPTON ROADS: Amends Form S-1 Registration Statement
HEALTH NET: S&P Alters Outlook to Neg. on Poor Operating Results
HEALTHWAREHOUSE.COM INC: Cape Bear Discloses 10.4% Equity Stake
HEALTHWAREHOUSE.COM INC: L. Dhadphale Holds 19.1% Equity Stake

HOLDINGS OF EVANS: SFG Posts Notice of Foreclosure Sale
HOLDINGS OF EVANS: U.S. Trustee Wants Case Converted or Dismissed
HRK HOLDINGS: Hires William Preston as Special Counsel
HUDSON COUNTY: Moody's Assigns 'Ba2' Long-Term G.O. Rating
ICTS INTERNATIONAL: Posts $2.1 Million Net Loss in 2011

IDEARC INC: Judge Trims Suit Vs. Verizon Over Spinoff Transactions
INDIANAPOLIS DOWNS: U.S. Trustee, Others Object to Amended Plan
INTEGRATED FREIGHT: R. Papiri Resigns from Board of Directors
INTERNATIONAL TEXTILE: Sells Burlington IP for $6 Million
INTELSAT SA: Incurs $83.6 Million Net Loss in Second Quarter

IOWORLDMEDIA INC: Issues 61.4 Million Common Shares
JONES SODA: Had $1.7 Million Net Loss in First Quarter
K-V PHARMACEUTICAL: Makena Maker Files for Chapter 11
K-V PHARMACEUTICAL: Case Summary & 30 Largest Unsecured Creditors
KNIGHT CAPITAL: Averts Collapse With $400 Million Lifeline

KODIAK OIL: S&P Lowers Rating on $800MM Unsecured Notes to 'CCC+'
LARSON LAND: Aug. 27 Auction Set; No Lead Bidder Selected
LEVEL 3: Fitch Rates $775 Million Senior Notes Due 2020 'BB-'
LEVI STRAUSS: CFO Jorgensen Resigns to Pursue Another Opportunity
LIGHTSQUARED INC: IG Nixes Conflict Claims Over NASA Talks

LIGHTSQUARED INC: Lenders Want Documents From Harbinger
LODGENET INTERACTIVE: Moody's Lowers Corp. Family Rating to Caa1
LODGENET INTERACTIVE: S&P Cuts Corporate Credit Rating to 'CCC'
MARITIME COMMUNICATIONS: Sept. 19 Hearing on Plan Exclusivity
MID-FLORIDA RADIATION: Case Summary & 12 Largest Unsec Creditors

MTC COMMONS: Case Summary & 3 Largest Creditors
MERITAGE HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
MURRIETA MEADOWS: Case Summary & 4 Largest Unsecured Creditors
OCEAN BREEZE: Cooperative Mobile Home Park Files in Florida
PEMCO WORLD: Court OKs Extension of Exclusivity Period to Oct. 31

PORT ST. LUCIE: Case Summary & 14 Unsecured Creditors
PROVIDENT FINANCING: Fitch Keep BB+ Rating on Jr. Sub. Securities
RESIDENTIAL CAPITAL: Has Screening Wall to Maintain Trading
RESIDENTIAL CAPITAL: OneWest Wants Homecomings' Documents
RESIDENTIAL CAPITAL: Aug. 14 Hearing on FHFA Plea for Loan Tapes

RESIDENTIAL CAPITAL: Claimant Wants Chapter 7 Liquidation
TITAN FOAM: Voluntary Chapter 11 Case Summary
ROWSHAN ENTERPRISES: Voluntary Chapter 11 Case Summary
STEAM GENERATION: Case Summary & 20 Largest Unsecured Creditors
SAAB AUTO: Spyker Files $3BB Suit Against General Motors

TRIBUNE CO: Debtors File Periodic Rule 2015.3 Report
VANN'S INC: Files for Chapter 11 Bankruptcy in Montana
VENTANA 20/20: Files for Chapter 11 in Tucson
WATSON COMPANIES: Case Summary & 20 Largest Unsecured Creditors
WEST CORP: S&P Gives 'BB-' Rating to $720MM Incremental Term Loan

* Bankruptcy Filings Continue Decline

* Large Companies With Insolvent Balance Sheet

                            *********

1701 COMMERCE: Proposes Macquarie Financing to Buy 306 TVs
----------------------------------------------------------
1701 Commerce, LLC, asks the U.S. Bankruptcy Court for the
Northern District of Texas for authorization to:

  (i) acquire 306 televisions and related equipment from supplier
      LG Electronics for use at the property -- real property and
      improvements located at 1701 Commerce Street, Fort Worth,
      Texas, commonly referred to as the Sheraton Fort Worth Hotel
      and Spa; and

(ii) enter into a financing equipment lease with Macquarie
      Equipment Finance to finance the acquisition costs of the
      televisions.

The Debtor explains that the televisions are necessary for the
operation of the property in order to provide the services and
amenities expected by guests and patrons of the hotel.  The 306
televisions will replace existing televisions leased through De
Lage Landen Financial Services, whose financing lease expired last
month.

                       About 1701 Commerce

1701 Commerce LLC filed for Chapter 11 protection (Bankr. N.D.
Tex. Case No. 12-41748) on March 26, 2012.  1701 Commerce LLC was
previously named Presidio Ft. Worth Hotel LLC, but changed its
name to 1701 Commerce prior to the petition date to reduce
and minimize any potential confusion relating to an entity named
Presidio Fort Worth Hotel LP, an unrelated and unaffiliated
partnership that was the former owner of the hotel property owned
by the Debtor.

1701 Commerce LLC is a Nevada limited liability company whose
members are Vestin Realty Mortgage I, Inc., Vestin Mortgage Realty
II, Inc., and Vestin Fund III, LLC. 1701 Commerce LLC's operations
are managed by Richfield Hospitality Group, an independent
management company that is not affiliated with the Debtor or any
of its members.

1701 Commerce owns and operates a full service "Sheraton Hotel"
located at 1701 Commerce, Fort Worth, Texas.  The Debtor also
operates a Shula's steakhouse at the Hotel.

The Debtor disclosed $71,842,322 in assets and $44,936,697 in
liabilities as of the filing.

Judge D. Michael Ly1nn presides over the bankruptcy case.  The Law
Office of John P. Lewis, Jr., represents the Debtor.

The Debtor has proposed a Chapter 11 Plan co-proposed with Vestin
Realty Mortgage I, Inc., Vestin Realty Mortgage II, Inc., and
Vestin Fund III, LLC.  The Plan terms include, among other things:
Class 7: Convenience Class of Unsecured Claims of $5,000 will be
paid 100% in cash without interest within 30 days after Effective
Date; and Class 8: Unsecured Claims in Excess of $5,000 will be
paid 100% with interest at 5% through 20 quarterly payments.


1701 COMMERCE: Proposes Interim Beverage Management Deal
--------------------------------------------------------
1701 Commerce, LLC, asks the U.S. Bankruptcy Court for the
Northern District of Texas for authorization to enter into an
interim beverage management agreement with license holder PHG TX
Management Corp., and Richfield Hospitality, Inc., the manager of
the Sheraton Fort Worth Hotel and Spa in Fort Worth Texas

The Debtor relates that all local and state licenses and permits
necessary to sell alcoholic beverages and beer on the property
are held by PHG TX.

According to the Debtor, the beverage agreement allows the Debtor
and Richfield to continue beverage services at the property until
the time as the Debtor can obtain all of the required state and
local licenses and permits to sell alcoholic beverages and beer.
While the Debtor believes that entering into the beverage
agreement is within the ordinary course of business, out of an
abundance of caution, by this licensing motion it seeks Court
approval to enter into the beverage agreement.

The beverage agreement provides that, among other things:

   1. PHG TX will maintain and renew all local and state licenses
      and permits necessary to sell alcoholic beverages and beer
      on the Property and shall ensure that all state and local
      laws applicable to the sale of such beverages are complied
      with on the property;

   2. PHG TX agrees to operate all beverage services at the
      property until the time as all licenses and permits required
      under applicable law are issued to the Debtor;

   3. Richfield agrees to manage the operation of all beverage
      services at the property and perform accounting services
      related to the same; and

   4. the beverage agreement will continue until (i) the
      expiration of 90 days from effectiveness or (ii) five days
      after all necessary licenses have been issued to the Debtor.

                       About 1701 Commerce

1701 Commerce LLC filed for Chapter 11 protection (Bankr. N.D.
Tex. Case No. 12-41748) on March 26, 2012.  1701 Commerce LLC was
previously named Presidio Ft. Worth Hotel LLC, but changed its
name to 1701 Commerce prior to the petition date to reduce
and minimize any potential confusion relating to an entity named
Presidio Fort Worth Hotel LP, an unrelated and unaffiliated
partnership that was the former owner of the hotel property owned
by the Debtor.

1701 Commerce LLC is a Nevada limited liability company whose
members are Vestin Realty Mortgage I, Inc., Vestin Mortgage Realty
II, Inc., and Vestin Fund III, LLC. 1701 Commerce LLC's operations
are managed by Richfield Hospitality Group, an independent
management company that is not affiliated with the Debtor or any
of its members.

1701 Commerce owns and operates a full service "Sheraton Hotel"
located at 1701 Commerce, Fort Worth, Texas.  The Debtor also
operates a Shula's steakhouse at the Hotel.

The Debtor disclosed $71,842,322 in assets and $44,936,697 in
liabilities as of the filing.

Judge D. Michael Ly1nn presides over the bankruptcy case.  The Law
Office of John P. Lewis, Jr., represents the Debtor.

The Debtor has proposed a Chapter 11 Plan co-proposed with Vestin
Realty Mortgage I, Inc.,  Vestin Realty Mortgage II, Inc., and
Vestin Fund III, LLC.  The Plan terms include, among other things:
Class 7: Convenience Class of Unsecured Claims of $5,000 will be
paid 100% in cash without interest within 30 days after Effective
Date; and Class 8: Unsecured Claims in Excess of $5,000 will be
paid 100% with interest at 5% through 20 quarterly payments.


205 EAST: Final Approval for Cash Use Entered
---------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York,
in a final order, authorized 205 East 45 LLC and EALC LLC, to use
the cash that secures prepetition debt to lenders RPAP Hotel Debt
(Alex), L.L.C., and RPAP Hotel Debt (Flatotel), L.L.C.

As reported in the Troubled Company Reporter on May 28, 2012, as
of March 31, 2012, 205 East owed $123,047,212 and EALC owed
$245,158,156 under their respective loans.  The secured lenders
are successors-by-assignment to Anglo Irish Bank Corporation
Limited (f/k/a Anglo Irish Bank Corporation PLC).  The Debtors are
in default under the loans.

The Debtors would use the cash collateral to operate their
business.  As adequate protection from any diminution in value of
the lender's collateral, the Debtors will grant the lenders
adequate protection liens, superpriority administrative expense
claim status, subject only to the carve out.

According to the Motion, the Debtors' right to use Cash Collateral
will terminate on the earliest to occur of (x) 75 days after the
Petition Date, which may be extended at the sole discretion of the
Secured Lenders, or (y) upon five business days' written notice to
the Debtors after the occurrence and continuance of an event of
default.

The events of default include dismissal or conversion of the case,
appointment of a Chapter 11 trustee or examiner with expanded
powers; termination or removal of Steven A. Carlson, who is
serving as the Debtors' Chief Restructuring Officer; a filing by
any Debtor (or any successors and assigns) of any motion, or
application or adversary proceeding challenging the validity,
enforceability, perfection or priority of the liens securing the
obligations or any other cause of action against or with respect
to the Obligations, the prepetition liens securing such
Obligations or the Secured Lenders.

                      About 205 East 45 LLC

205 East 45 LLC, owner of the Alex Hotel, and EALC LLC, owner of
Flatotel in Manhattan, filed Chapter 11 petitions (Bankr. S.D.N.Y.
Case Nos. 12-12208 and 12-2209) on May 21, 2012, to complete a
transfer of ownership to secured lenders.  The Debtors filed a
Chapter 11 plan of reorganization together with the petition.  A
copy of the disclosure statement explaining the Plan is available
for free at http://bankrupt.com/misc/205_East_Ch11_Plan.pdf

The Alex, at 205 East 45th Street in Manhattan, has 203 luxury
hotel rooms and suites and $123 million in mortgage debt.  The
Flatotel, at 135 West 52nd Street in mid-town Manhattan, is a
46-story boutique luxury hotel.  The Flatotel has 290 rooms and
$245.2 million in mortgages.  The hotels defaulted on mortgage
debt in January 2009.

Foreclosure for the Alex Hotel and Flatotel began in July and
August 2010, respectively.  In October, a receiver, Neal
Fellenbaum of Zegen and Fellenbaum, was appointed.

Bankruptcy Judge Allan L. Gropper oversees the Chapter 11 cases.
Brendan M. Scott, Esq., at Klestadt & Winters, LLP, represents the
Debtors.

205 East and EALC LLC each estimated assets of $50 million to
$100 million and debts of $100 million to $500 million.  The
petitions were signed by Steven A. Carlson, chief restructuring
officer.

The receiver is represented by Andre Cizmarik, Esq., at Edwards
Wildman Palmer LLP.

ARL Hotel Management LLC, ARL Manhattan West Management LLC and
ARL Manhattan East Management LLC are represented by Douglas B.
Rosner, Esq., at Goulston & Storrs.

Secured lenders RPAP Hotel Debt (Flatotel), L.L.C and RPAP Hotel
Debt (Alex), L.L.C are represented by Jeffrey R. Gleit, Esq., at
Kasowitz, Benson, Torres & Friedman LLP.

The Debtors have won approval of a Chapter 11 plan that carries
out a settlement negotiated in the foreclosure proceeding where
the state court ruled this year that the lenders were entitled to
foreclose.  Holders of $100.3 million of secured debt against 205
East and $192.5 million of secured debt against EALC will receive
100% of the ownership of the reorganized Debtors plus a new  note.
205 East's secured lender will have a 70.29% recovery while EALC's
secured creditor will have a 40.49% recovery.  Holders of general
unsecured claims totaling under $1 million will recover 20%.


205 EAST: Prepackaged Reorganization Plan Approved
--------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York,
last month confirmed the Prepackaged Plan of Reorganization for
205 East 45 LLC and EALC LLC which will carry out a settlement
negotiated in the foreclosure proceeding where the state court
ruled this year that the lenders were entitled to foreclose.

The salient terms of the Plan dated April 23, 2012, as modified
are:

   * Holders of $100.3 million of secured debt against 205 East
     and $192.5 million of secured debt against EALC will receive
     100% of the ownership of the reorganized Debtors plus a new
     note.  205 East's secured lender will have a 70.29% recovery
     while EALC's secured creditor will have a 40.49% recovery.

   * Holders of general unsecured claims totaling under $1 million
     will receive the lesser of the pro rata share of the general
     unsecured claims distribution or cash in the amount of 20%.

   * the owners who include Simon Elias and Iazk Senbahar will
     receive releases from guarantees to lenders and will receive
     $2.5 million cash.

                      About 205 East 45 LLC

205 East 45 LLC, owner of the Alex Hotel, and EALC LLC, owner of
Flatotel in Manhattan, filed Chapter 11 petitions (Bankr. S.D.N.Y.
Case Nos. 12-12208 and 12-2209) on May 21, 2012, to complete a
transfer of ownership to secured lenders.  The Debtors filed a
Chapter 11 plan of reorganization together with the petition.  A
copy of the disclosure statement explaining the Plan is available
for free at http://bankrupt.com/misc/205_East_Ch11_Plan.pdf

The Alex, at 205 East 45th Street in Manhattan, has 203 luxury
hotel rooms and suites and $123 million in mortgage debt.  The
Flatotel, at 135 West 52nd Street in mid-town Manhattan, is a
46-story boutique luxury hotel.  The Flatotel has 290 rooms and
$245.2 million in mortgages.  The hotels defaulted on mortgage
debt in January 2009.

Foreclosure for the Alex Hotel and Flatotel began in July and
August 2010, respectively.  In October, a receiver, Neal
Fellenbaum of Zegen and Fellenbaum, was appointed.

Bankruptcy Judge Allan L. Gropper oversees the Chapter 11 cases.
Brendan M. Scott, Esq., at Klestadt & Winters, LLP, represents the
Debtors.

205 East and EALC LLC each estimated assets of $50 million to
$100 million and debts of $100 million to $500 million.  The
petitions were signed by Steven A. Carlson, chief restructuring
officer.

The receiver is represented by Andre Cizmarik, Esq., at Edwards
Wildman Palmer LLP.

ARL Hotel Management LLC, ARL Manhattan West Management LLC and
ARL Manhattan East Management LLC are represented by Douglas B.
Rosner, Esq., at Goulston & Storrs.

Secured lenders RPAP Hotel Debt (Flatotel), L.L.C and RPAP Hotel
Debt (Alex), L.L.C are represented by Jeffrey R. Gleit, Esq., at
Kasowitz, Benson, Torres & Friedman LLP.


AGRA SERVICES: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Agra Services of Canada Inc.
        c/o Gardere Wynne Sewell LLP
        Attn: John P. Melko
        Houston, TX 77002

Bankruptcy Case No.: 12-35684

Chapter 11 Petition Date: August 2, 2012

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Debtor's Counsel: John P. Melko, Esq.
                  GARDERE WYNNE SEWELL LLP
                  1000 Louisiana, Ste 3400
                  Houston, TX 77002
                  Tel: (713) 276-5727
                  Fax: (713) 276-6727
                  E-mail: jmelko@gardere.com

Estimated Assets: $0 to $50,000

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

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

The petition was signed by Bruce Beggs, senior VP of Deloitte &
Touche, Inc.


AHERN RENTALS: Noteholders Accuse CEO of Exploiting Bankruptcy
--------------------------------------------------------------
Rachel Feintzeig at Dow Jones' Daily Bankruptcy Review reports
that Ahern Rentals Inc.'s bid to retain control of its bankruptcy
case has triggered protests from a plethora of noteholders who
blame the company's chief executive for stalling its
reorganization and who accuse him of twisting the process for his
own benefit.

                        About Ahern Rentals

Founded in 1953 with one location in Las Vegas, Nevada, Ahern
Rentals Inc. -- http://www.ahern.com/-- now offers rental
equipment to customers through its 74 locations in Arizona,
Arkansas, California, Colorado, Georgia, Kansas, Maryland,
Nebraska, Nevada, New Jersey, New Mexico, North Carolina, North
Dakota, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee,
Texas, Utah, Virginia and Washington.

Ahern Rentals filed a voluntary Chapter 11 petition (Bankr. D.
Nev. Case No. 11-53860) on Dec. 22, 2011, after failing to obtain
an extension of the Aug. 21, 2011 maturity of its revolving credit
facility.  Judge Bruce T. Beesley presides over the case.  Lawyers
at Gordon Silver serve as the Debtor's counsel.  The Debtor's
financial advisors are Oppenheimer & Co. and The Seaport Group.
Kurtzman Carson Consultants LLC serves as claims and notice agent.

Counsel to Bank of America, as the DIP Agent and First Lien Agent,
are Albert M. Fenster, Esq., and Marc D. Rosenberg, Esq., at Kaye
Scholer LLP, and Robert R. Kinas, Esq., at Snell & Wilmer.
Attorneys for the Majority Term Lenders are Paul Aronzon, Esq.,
and Robert Jay Moore, Esq., at Milbank, Tweed, Hadley & McCloy
LLP.  Counsel for the Majority Second Lienholder are Paul V.
Shalhoub, Esq., Joseph G. Minias, Esq., and Ana M. Alfonso, Esq.,
at Willkie Farr & Gallagher LLP.  Attorney for GE Capital is James
E. Van Horn, Esq., at McGuirewoods LLP.  Wells Fargo Bank is
represented by Andrew M. Kramer, Esq., at Otterbourg, Steindler,
Houston & Rosen, P.C.  Allan S. Brilliant, Esq., and Glenn E.
Siegel, Esq., at Dechert LLP argue for certain revolving lenders.

Attorneys for U.S. Bank National Association, as successor to
Wells Fargo Bank, as collateral agent and trustee for the benefit
of holders of the 9-1/4% Senior Secured Notes Due 2013 under the
Indenture dated Aug. 18, 2005, is Kyle Mathews, Esq., at Sheppard,
Mullin, Richter & Hampton LLP and Timothy Lukas, Esq., at Holland
& Hart.

In its schedules, the Debtor disclosed $485.8 million in assets
and $649.9 million in liabilities.

The Official Committee of Unsecured Creditors has tapped Covington
& Burling LLP as counsel, Downey Brand LLP as local counsel, and
FTI Consulting as financial advisor.


ALLY FINANCIAL: Q2 Results Hit by $1.2-Bil. ResCap Charge
---------------------------------------------------------
Ally Financial Inc. reported a net loss of $898 million on $746
million of Global Automotive Services for the second quarter of
2012, compared with net income of $113 million on $700 million of
Global Automotive Services for the same second quarter of 2011.

Results for the quarter were adversely affected by a $1.2 billion
charge resulting from Residential Capital, LLC, and certain of its
subsidiaries filing for Chapter 11 bankruptcy protection on May 14
and a proposed settlement between ResCap and Ally, as previously
announced.  Also, as a result of the bankruptcy, ResCap was
deconsolidated from Ally's financial statements.

Excluding the ResCap-related charge and a ResCap pre-tax loss for
the partial quarter prior to May 14, Ally earned $533 million of
core pre-tax income for the quarter, driven by growth in the
Company's core automotive services and U.S. direct banking
platforms.

"The second quarter of 2012 marked a seminal moment for Ally.
Strategic actions were announced in May that aim to permanently
address the legacy mortgage risks and put Ally on an accelerated
path to repay the remaining U.S. Treasury investment," said Ally
Chief Executive Officer Michael A. Carpenter.  "The ResCap Chapter
11 case continues to move forward, and plans to pursue
alternatives for Ally's international operations are underway.
Successful completion of these activities will enhance Ally's
capital position and further clarify our mission to be the leading
value-added auto finance provider to U.S. dealers, supported by a
growing direct bank with a distinctive, customer-friendly
approach."

Ally grew its consolidated cash and cash equivalents to $16.1
billion as of June 30, 2012, compared to $13.1 billion at
March 31, 2012.  Included in the June 30 balance are: $3.4 billion
at Ally Bank and $1.3 billion at the insurance business.

A copy of the press release is available for free at:

                        http://is.gd/7GTMwn

                        About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3% stake.  Private equity firm Cerberus Capital
Management LP keeps 14.9%, while General Motors Co. owns 6.7%.

Ally reported a net loss of $157 million in 2011, compared with
net income of $1.07 billion in 2010.  Net income was $310 million
for the three months ended March 31, 2012.

The Company's balance sheet at March 31, 2012, showed $186.35
billion in total assets, $166.68 billion in total liabilities and
$19.66 billion in total equity.

                           *     *     *

In February 2012, Fitch Ratings downgraded the long-term Issuer
Default Rating (IDR) and the senior unsecured debt rating of Ally
Financial and its subsidiaries to 'BB-' from 'BB'.  The Rating
Outlook is Negative.  The downgrade primarily reflects
deteriorating operating trends in ResCap, which has continued to
be a drag on Ally's consolidated credit profile, as well as
exposure to contingent mortgage-related rep and warranty and
litigation issues tied to ResCap, which could potentially impact
Ally's capital and liquidity levels.

As reported by the TCR on May 22, 2012, Standard & Poor's Ratings
Services revised its outlook on Ally Financial Inc. to positive
from stable.  At the same time, Standard & Poor's affirmed its
ratings, including its 'B+' long-term counterparty credit and 'C'
short-term ratings, on Ally.  "The outlook revision reflects our
view of potentially favorable implications for Ally's credit
profile arising from measures the company announced May 14, 2012,
designed to resolve issues relating to Residential Capital LLC,
Ally's troubled mortgage subsidiary," said Standard & Poor's
credit analyst Tom Connell.

In the May 28, 2012, edition of the TCR, DBRS, Inc., has placed
the ratings of Ally Financial Inc. and certain related
subsidiaries, including its Issuer and Long-Term Debt rating of BB
(low), Under Review Developing.  This rating action follows the
decision by Ally's wholly owned mortgage subsidiary, Residential
Capital, LLC (ResCap) to file a pre- packaged bankruptcy plan
under Chapter 11 of the U.S. Bankruptcy Code.


AMERICAN AIRLINES: FAA Seeks $162.4 Million in Civil Penalties
--------------------------------------------------------------
Susan Carey and Andy Pasztor, writing for The Wall Street Journal,
report that the Federal Aviation Administration is seeking $162.4
million of proposed and potential civil penalties from American
Airlines parent AMR Corp., according to court documents in the
company's bankruptcy case.

According to WSJ, the previously undisclosed investigations into
alleged safety and maintenance infractions by American and its
affiliates are the most dramatic indications yet of extensive FAA
concerns about the effectiveness of American's maintenance system,
seemingly shared by many agency inspectors and managers directly
overseeing the carrier as well as their bosses in Washington.

WSJ relates new investigations the FAA is pursuing and for which
it has detailed recommended penalties include several major
enforcement cases, some of which contend the airline willfully
violated rules and therefore carry potential penalties much larger
than any confronted before by the industry.

WSJ notes the FAA is seeking a total of $156.5 million from
American Airlines alone for alleged maintenance problems going
back to 2007.  That sum includes one previously disclosed civil
penalty, $24.2 million, proposed in 2010 for American Airlines'
alleged improper fixes of electrical wiring around landing gear on
its MD-80 fleet in 2008.  At the time, it was the largest penalty
ever assessed by the FAA.

WSJ relates an American spokesman said Monday that the company is
aware of the claims filed by the FAA.  "The claims process . . .
is not an admission that money is owed, nor is it an admission
that the amount cited is correct," he said. "We continue to
discuss with the FAA our view of the alleged violations and
possible ways to resolve this consensually."

The FAA, in a statement Monday, said it filed its claims "to
protect the interest of U.S. taxpayers." The documents detail
"both proposed and potential civil penalties in connection with
ongoing enforcement cases involving both American Airlines and
American Eagle," the FAA said.  "Because these cases remain open,
the FAA cannot discuss the details of the individual
investigations."

AMR disclosed in a recent regulatory filing with the Securities
and Exchange Commission that it received nearly 8,900 claims
totaling $95 billion by the July 16 claim filing deadline.

                      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).


API TECHNOLOGIES: S&P Cuts Corp. Credit Rating to 'B'; Outlook Neg
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on API Technologies Corp. to 'B' from 'B+'. "At the same
time, we removed the ratings from CreditWatch, where they were
placed with negative implications on July 12, 2012. The outlook is
negative," S&P said.

"We also lowered the issue-level ratings on the company's secured
credit facility one notch to 'B', but maintained the '3' recovery
rating," S&P said.

"API's earnings and cash generation have improved less than we
expected following two large debt-financed acquisitions in 2011,
and the company's credit metrics are weaker than we anticipated,"
said Standard & Poor's credit analyst Chris Mooney.

"In the most recent quarter the company took an $87 million
goodwill impairment charge and an $11 million restructuring charge
(mostly noncash) in the electronics manufacturing services (EMS)
business. These charges stemmed mainly from the significant
reduction in funding for what was the EMS business' largest
program (resulting in lower volumes and excess capacity), combined
with poor pricing on legacy contracts. While the non-EMS business
has performed well, EBITDA margins were only 11% for the 12 months
ended May 31, 2012, which is below Standard & Poor's previous
expectations of around 15%. Therefore, the ratio of debt to EBITDA
was about 7x and funds from operations (FFO) to debt for the
period was 4% (both adjusted for the goodwill impairment and EMS
restructuring charges), compared to our expectations of 4.0x-4.5x
and about 15%, respectively," S&P said.

"Standard & Poor's expects API's earnings to improve over the next
year, driven by facility consolidations, headcount reductions,
earnings contributions from a recent acquisition, and better
pricing on EMS contracts," S&P said.

"However, concerns about the huge U.S. federal budget deficit will
likely result in flat to declining defense budgets for the
foreseeable future. And uncertainty about future levels of defense
spending could result in delayed orders or additional funding
cuts, possibly disrupting demand for API's military products and
services (about 50% of total revenue) over the next year. We also
believe it is unlikely the fiscal 2013 budget will be signed into
law by the start of the government fiscal year (Oct. 1, 2012)
because of the current political landscape. Therefore, the
military will likely be funded via a continuing resolution, which
limits spending to prior-year levels until the budget is signed.
In addition, sequestration could result in an additional $500
billion in defense cuts over the next 10 years starting on Jan. 2,
2013, although we do not think the full amount will be
implemented," S&P said.


ARCAPITA BANK: To Mediate With Tide Over $120MM Deal Dispute
------------------------------------------------------------
Lisa Uhlman at Bankruptcy Law360 reports that Arcapita Bank BSC(c)
and Tide Natural Gas Storage I LP agreed on Aug. 1, 2012, to
mediate whether Tide can sue an Arcapita subsidiary for
$120 million in fraud and breach of contract damages over a 2010
sale of a natural gas business.

U.S. Bankruptcy Judge Sean H. Lane asked the parties whether they
thought it would be wisest to lift the automatic bankruptcy stay
to allow the underlying dispute -- in which Tide seeks to sue
Arcapita and Falcon Gas Storage Co. Inc. over the 2010 sale,
according to Bankruptcy Law360.

                         About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March
19, 2012.  The Debtors said they do not have the liquidity
necessary to repay a US$1.1 billion syndicated unsecured facility
when it comes due on March 28, 2012.

Falcon Gas Storage Company, Inc., later filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.
Falcon Gas is an indirect wholly owned subsidiary of Arcapita
that previously owned the natural gas storage business NorTex Gas
Storage Company LLC.  In early 2010, Alinda Natural Gas Storage
I, L.P. (n/k/a Tide Natural Gas Storage I, L.P.), Alinda Natural
Gas Storage II, L.P. (n/k/a Tide Natural Gas Storage II, L.P.)
acquired the stock of NorTex from Falcon Gas for $515 million.
Arcapita guaranteed certain of Falcon Gas' obligations under the
NorTex Purchase Agreement.

The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins
LLP as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.

Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  Houlihan Lokey Capital, Inc.,
serves as its financial advisor and investment banker.

Founded in 1996, Arcapita is a global manager of Shari'ah-
compliant alternative investments and operates as an investment
bank.  Arcapita is not a domestic bank licensed in the United
States.  Arcapita is headquartered in Bahrain and is regulated
under an Islamic wholesale banking license issued by the Central
Bank of Bahrain.  The Arcapita Group employs 268 people and has
offices in Atlanta, London, Hong Kong and Singapore in addition
to its Bahrain headquarters.  The Arcapita Group's principal
activities include investing on its own account and providing
investment opportunities to third-party investors in conformity
with Islamic Shari'ah rules and principles.

The Arcapita Group has roughly US$7 billion in assets under
management.  On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion.  The Debtors owe US$96.7 million under
two secured facilities made available by Standard Chartered Bank.

Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100% lender consent required to effectuate the
terms of an out-of-court restructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the
Cayman Islands, issued a summons seeking ancillary relief from
the Grand Court of the Cayman Islands with a view to facilitating
the Chapter 11 cases.  AIHL sought the appointment of Zolfo
Cooper as provisional liquidator.


ARIZONA ITALIAN: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Arizona Italian Ice, Inc.
        dba Berto's Ice Cream
        dba Berto's Gelato & Sorbet
        2425 W. Utopia Road
        Phoenix, AZ 85027

Bankruptcy Case No.: 12-17437

Chapter 11 Petition Date: August 3, 2012

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

Judge: Redfield T. Baum Sr.

Debtor's Counsel: James F. Kahn, Esq.
                  JAMES F. KAHN, P.C.
                  301 E. Bethany Home Rd., #C-195
                  Phoenix, AZ 85012
                  Tel: (602) 266-1717
                  Fax: (602) 266-2484
                  E-mail: james.kahn@azbar.org

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

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

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

The petition was signed by Edward D. DeBartolo, president.


ASSOC. OF GRAPHIC: NY Leases End at Eviction, 2nd Circ. Rules
-------------------------------------------------------------
Brian Mahoney at Bankruptcy Law360 reports that a New York federal
judge erred in deciding that a court-issued warrant of eviction
dissolved a bankrupt tenant's obligations under a lease agreement,
the Second Circuit ruled Thursday, saying New York law
extinguishes the landlord-tenant relationship in evictions only
when the warrant is executed, not when it's issued by a court.

The bankrupt Association of Graphic Communications Inc. may owe
postpetition rent to its landlord, Super Nova 330 LLC, because its
bankruptcy stay halted the execution of a prepetition eviction
warrant, Bankruptcy Law360 reports.

              About Assoc. of Graphic Communications

Association of Graphic Communications, Inc., was a lessee under a
lease of non-residential real property dated Feb. 10, 1992,
between Four Star Holding Company c/o David Yagoda, predecessor-
in-interest to Super Nova, as landlord, and Association of the
Graphic Arts, Inc., predecessor-in-interest to Debtor, as tenant,
as amended by a Lease Modification and Extension Agreement dated
Feb. 11, 2002.  The Lease relates to a portion of the 9th Floor in
the building known as 330 Seventh Avenue, in New York.  The Lease
expired by its terms on Feb. 28, 2007.

In the summer or fall of 2006, the Debtor ceased business
operations at the Premises and stopped paying rent.  Super Nova
served a demand for rent on Debtor on Oct. 13, 2006.  When no
payment was forthcoming, Super Nova commenced a nonpayment
proceeding in the Civil Court of the City of New York, County of
New York (L&T Index No. 101408/06).  The Debtor defaulted in the
L&T Proceeding, and Super Nova obtained a judgment of possession
and warrant of eviction dated Feb. 1, 2007, the day before the
Debtor filed its chapter 7 petition.

The appellate case is IN RE: ASSOCIATION OF GRAPHIC
COMMUNICATIONS, INC., No. 10 Civ. 6413 (S.D.N.Y.).  A copy of the
District Court's March 31, 2011 Opinion is available at

Attorneys for Super Nova 330 are:

          Jay B. Itkowitz, Esq.
          Simon W. Reiff, Esq.
          ITKOWITZ & HARWOOD
          305 Broadway, 7th Floor
          New York, NY 10007
          Tel: (646) 822-1801

Attorneys for the Chapter 7 Trustee are:

          Ian J. Gazes, Esq.
          John E. Oliva, Esq.
          GAZES LLC
          32 Avenue of the Americas
          New York, NY 10013
          Tel: (212) 765-9000
          Fax: (212) 765-9675

On Feb. 2, 2007, the Debtor filed a voluntary Chapter 7 petition
(Bankr. S.D.N.Y. Case No. 07-_____).  Ian J. Gazes was appointed
to serve as Chapter 7 trustee.


BANK OF THE CAROLINAS: Incurs $170,000 Net Loss in 2nd Quarter
--------------------------------------------------------------
Bank of the Carolinas Corporation reported a net loss available to
common shareholders of $170,000 on $2.74 million of net interest
income for the three months ended June 30, 2012, compared with a
net loss available to common shareholders of $9.85 million on
$3.28 million of net interest income for the same period during
the prior year.

The Company reported a net loss available to common shareholders
of $2.88 million on $5.82 million of net interest income for the
six months ended June 30, 2012, compared with a net loss available
to common shareholders of $13.30 million on $6.93 million of net
interest income for the same period a year ago.

The Company's balance sheet at June 30, 2012, showed $473.60
million in total assets, $463.57 million in total liabilities and
$10.03 million in total shareholders' equity.

A copy of the press release is available for free at:

                       http://is.gd/DVvaeP

Mocksville, North Carolina-based Bank of the Carolinas Corporation
was formed in 2006 to serve as a holding company for Bank of the
Carolinas.  The Bank's primary market area is in the Piedmont
region of North Carolina.

As reported in the TCR on April 9, 2012, Turlington and Company,
LLP, in Lexington, North Carolina, expressed substantial doubt
about Bank of the Carolinas' 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 credit losses that have eroded certain
regulatory capital ratios.  "As of Dec. 31, 2011, the Company is
considered undercapitalized based on their regulatory capital
level."


BERNARD L. MADOFF: Trustee Wants Merkin'sM Deal With NY Blocked
---------------------------------------------------------------
Amanda Bransford at Bankruptcy Law360 reports that Irving Picard,
liquidating trustee for Bernard L. Madoff's investment firm, asked
a New York bankruptcy court to block the New York attorney
general's $410 million settlement with hedge fund manager J. Ezra
Merkin, saying those funds should be available to all of Madoff's
victims.

Bankruptcy Law360 relates that Mr. Picard asked the court to halt
the settlement until his $500 million clawback suit against Merkin
has been resolved, arguing that New York Attorney General Eric
Schneiderman's settlement would give the money to New York
residents who were indirect investors.

                       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.


BIDZ.COM INC: Had $1.5 Million Net Loss in 1st Quarter
------------------------------------------------------
BIDZ.com, Inc., reported a net loss of $1.48 million on $18.14
million of revenues for the three months ended March 31, 2012,
compared with a net loss of $382,000 on $24.90 million of revenues
for the comparable period in 2011.

The Company's balance sheet at March 31, 2012, showed
$34.49 million in total assets, $12.91 million in total current
liabilities, and stockholders' equity of $21.58 million.

As reported in the TCR on April 16, 2012, Marcum LLP, in Los
Angeles, California, expressed substantial doubt about BIDZ.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 has experienced a significant
decline in net revenue and sustained negative cash flows and
losses from operations.

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

                       http://is.gd/4U4qjr

Culver City, California-based BIDZ.com, Inc., is an online
retailer of jewelry, watches, accessories and other brand name
merchandise featuring a live auction format on bidz.com.


BIO-KEY INTERNATIONAL: Had $363,500 Profit in First Quarter
-----------------------------------------------------------
BIO-key International, Inc., filed its quarterly report on Form
10-Q, reporting net income of $363,498 on $1.41 million of revenue
for the three months ended March 31, 2012, compared with net
income of $240,071 of $1.40 million of revenue for the same period
in 2011.

The Company's balance sheet at March 31, 2012, showed
$1.03 million in total assets, $1.92 million in total liabilities,
and a stockholders' deficit of $886,852.

As reported in the TCR on April 18, 2012, Rotenberg Meril Solomon
Bertiger & Guttilla, P.C., in Saddle Brook, New Jersey, expressed
substantial doubt about BIO-key'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 suffered substantial net losses in recent years, and has an
accumulated deficit at Dec. 31, 2011.

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

                       http://is.gd/YoCWMd

Wall, N.J.-based BIO-key International, Inc., develop sand markets
advanced fingerprint identification biometric technology and
software solutions.


BLUE RAVEN: Leading Ridge Buys Firm for $1.5 Million
----------------------------------------------------
Michael Wursthorn at Dow Jones' DBR Small Cap reports that Blue
Raven Technology Inc. has been sold to Leading Ridge Capital
Partners in the culmination of a voluntary Chapter 11 bankruptcy
protection proceeding.

                         About Blue Raven

Blue Raven Technology, Inc., filed a Chapter 11 petition (Bankr.
D. Mass. Case No. 12-14693) on May 30, 2012.  Blue Raven is a
provider of parts and repair services for consumer electronics and
computers.  The Company had $17.7 million of revenue in 2011, an
18% decline from the year before.  The company blamed its problems
on the bankruptcies of electronics retailers that had been major
customers.

David B. Madoff, Esq., at Madoff & Khoury LLP, in Foxboro, serves
as counsel.

The Debtor disclosed $2.143 million in assets and $8.284 million
in liabilities as of the Chapter 11 filing.


BLUE SPRINGS FORD: Court Grants Short Exclusivity Extension
-----------------------------------------------------------
The U.S. Bankruptcy Court granted Blue Springs Ford Sales, Inc.,
an extension of its exclusive period to propose a Chapter 11 Plan
and solicit acceptances of the plan until Aug. 14, 2012.

As reported in the July 19, 2012 edition of the Troubled Company
Reporter, the Debtor asked the Court for a 120-day extension of
the Exclusive Filing Period through and including Nov. 16, 2012;
and the Exclusive Solicitation Period through and including
Jan. 15, 2013.

                        About Blue Springs

Blue Springs Ford Sales, Inc. -- http://www.bluespringsford.com/
-- is a Ford dealer, serving Blue Springs in Missouri.  A jury
verdict assessing actual damages of $171,500 and punitive damages
in the amount of $1.75 million (54 times the actual damages)
prompted Blue Springs Ford to seek Chapter 11 protection.  The
judgment was on account of a suit filed by a customer in Circuit
Court of Jackson County, Missouri, under a variety of legal
claims, including, but not limited to, the company's alleged
failure to adequately disclose a full detailed vehicle history
report in connection with a sale of a used Ford.

Blue Springs Ford filed a Chapter 11 petition (Bankr. D. Del. Case
No. 12-10982) on March 21, 2012, listing $10 million to $50
million in assets and debts.  Christopher A. Ward, Esq., at
Polsinelli Shughart PC, serves as the Debtor's counsel.  Donlin
Recano & Company Inc. serves as the Debtor's claims agent.  The
petition was signed by Robert C. Balderston, president.

Delaware Bankruptcy Judge Mary F. Walrath in a March 28 order
transferred the case's venue following an oral motion by the
judgment, creditors Kimberly and Michael von David, at a March 23
hearing.  The case was transferred to the U.S. Bankruptcy Court
Western District of Missouri Court (Case No. 12-41176) and
assigned to the Hon. Jerry W. Venters.


BLUE SPRINGS FORD: Has DIP Loan to Fund Portion of VonDavid Accord
------------------------------------------------------------------
Blue Springs Ford Sales, Inc., asks the U.S. Bankruptcy Court:

     (a) to approve a settlement with Michael and Kimberly
         VonDavid; and

     (b) for permission to obtain postpetition financing from
         Robert Balderston to assist in funding the settlement.

Pre-bankruptcy, the VonDavids sued the Debtor in the Circuit Court
of Jackson County, Missouri Independence, seeking to recover
actual damages and punitive damages for fraud and violations of
the Missouri Merchandising Practices Act.  Following mediation,
the parties agreed to a settlement, pursuant to which, the
VonDavids will accept $1,000,000 to resolve all claims against the
Debtor.

To partly fund the settlement, the Debtor has arranged the
Balderston Loan under these terms:

   a. Principal amount -- $500,000;

   b. Interest -- interest only payments until confirmation of a
      plan of reorganization at Prime minus 1/2%;

   c. Amortization period -- five years commencing upon
      confirmation of a plan of reorganization;

   d. Secured by all of the Debtor's unencumbered, non-exempt
      assets, including actions for preferences, fraudulent
      conveyances, other avoidance power claims and related causes
      of action;

   e. Principal will be reduced only from applying the proceeds
      from the sale of any unencumbered assets or the recovery
      from any preference or avoidance actions;

   f. If a plan of reorganization is not confirmed, the Balderston
      Loan will be an administrative expense secured by the liens
      on unencumbered assets.

   g. Plan treatment:

      1. The Debtor and Mr. Balderston will negotiate in good
         faith to agree on the terms of payment of the balance due
         under the Balderston Loan at time of confirmation of a
         plan of reorganization, but in no event shall the
         interest rate or the amortization period be any greater
         than the pre-confirmation terms;

      2. Principal will be reduced and interest subsequently
         recalculated; and

      3. Mr. Balderston will retain the same lien on unencumbered
         assets.

TIG Specialty Insurance will pay the remaining $500,000 to the
VonDavids.

                        About Blue Springs

Blue Springs Ford Sales, Inc. -- http://www.bluespringsford.com/
-- is a Ford dealer, serving Blue Springs in Missouri.  A jury
verdict assessing actual damages of $171,500 and punitive damages
in the amount of $1.75 million (54 times the actual damages)
prompted Blue Springs Ford to seek Chapter 11 protection.  The
judgment was on account of a suit filed by a customer in Circuit
Court of Jackson County, Missouri, under a variety of legal
claims, including, but not limited to, the company's alleged
failure to adequately disclose a full detailed vehicle history
report in connection with a sale of a used Ford.

Blue Springs Ford filed a Chapter 11 petition (Bankr. D. Del. Case
No. 12-10982) on March 21, 2012, listing $10 million to $50
million in assets and debts.  Christopher A. Ward, Esq., at
Polsinelli Shughart PC, serves as the Debtor's counsel.  Donlin
Recano & Company Inc. serves as the Debtor's claims agent.  The
petition was signed by Robert C. Balderston, president.

Delaware Bankruptcy Judge Mary F. Walrath in a March 28 order
transferred the case's venue following an oral motion by the
judgment, creditors Kimberly and Michael von David, at a March 23
hearing.  The case was transferred to the U.S. Bankruptcy Court
Western District of Missouri Court (Case No. 12-41176) and
assigned to the Hon. Jerry W. Venters.


BT DEARBORN: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: BT Dearborn Management LLC
        aka BTDM LLC
        One Dearborn Square, Suite 555
        Kankakee, IL 60901

Bankruptcy Case No.: 12-91216

Chapter 11 Petition Date: August 2, 2012

Court: United States Bankruptcy Court
       Central District of Illinois (Danville)

Judge: Gerald D. Fines

Debtor's Counsel: Scott R. Clar, Esq.
                  CRANE, HEYMAN, SIMON, WELCH & CLAR
                  135 S. LaSalle #3705
                  Chicago, IL 60603
                  Tel: (312) 641-6777
                  E-mail: sclar@craneheyman.com

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

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

A copy of the Company's list of its 20 largest unsecured creditors
is available for free at http://bankrupt.com/misc/ilcb12-91216.pdf

The petition was signed by Jay Tamblyn, managing member.


BTPM LLC: Case Summary & 14 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: BTPM LLC
        One Dearborn Square, Suite 555
        Kankakee, IL 60901

Bankruptcy Case No.: 12-91218

Chapter 11 Petition Date: August 2, 2012

Court: United States Bankruptcy Court
       Central District of Illinois (Danville)

Judge: Gerald D. Fines

Debtor's Counsel: Scott R. Clar, Esq.
                  CRANE, HEYMAN, SIMON, WELCH & CLAR
                  135 S. LaSalle #3705
                  Chicago, IL 60603
                  Tel: (312) 641-6777
                  E-mail: sclar@craneheyman.com

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

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

A copy of the Company's list of its 14 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/ilcb12-91218.pdf

The petition was signed by Jay Tamblyn, managing member.

Affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
BT Dearborn Management LLC             12-91216   08/02/12


BUILDERS FIRSTSOURCE: Files Form 10-Q, Incurs $12MM Loss in Q2
--------------------------------------------------------------
Builders Firstsource, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $12.05 million on $271.91 million of sales for the
three months ended June 30, 2012, compared with a net loss of
$15.48 million on $206.39 million of sales for the same period a
year ago.

The Company reported a net loss of $31.24 million on
$491.30 million of sales for the six months ended June 30, 2012,
compared with a net loss of $36.73 million on $369.22 million of
sales for the same period during the prior year.

The Company's balance sheet at June 30, 2012, showed $499.09
million in total assets, $427.78 million in total liabilities and
$71.31 million in total stockholders' equity.

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

                        http://is.gd/Jkkxws

                    About Builders FirstSource

Headquartered in Dallas, Texas, Builders FirstSource Inc. --
http://www.bldr.com/-- supplies and manufactures building
products for residential new construction.  The Company operates
in 9 states, principally in the southern and eastern United
States, and has 55 distribution centers and 51 manufacturing
facilities, many of which are located on the same premises as its
distribution facilities.

Builders Firstsource reported a net loss of $64.99 million in
2011, a net loss of $95.51 million in 2010, and a net loss of
$61.85 million in 2009.

                           *     *     *

In April 2012, Standard & Poor's Ratings Services revised its
outlook on Builders FirstSource Inc. to positive from negative.
S&P also affirmed its 'CCC' corporate credit rating on the
company.

"The outlook revision reflects our assessment that Builders
FirstSource's operating conditions are improving such that we now
expect the building products manufacturer and distributor to post
positive annual EBITDA for the first time since 2007, albeit at
very low levels," said Standard & Poor's credit analyst James
Fielding. "In our view, improved profitability will better
position the company to refinance some of its expensive floating
rate debt and possibly close its interest coverage shortfall over
the next 12 months."


CAMARILLO PLAZA: Court OKs Colliers International as Broker
-----------------------------------------------------------
Camarillo Plaza LLC obtained permission from the U.S. Bankruptcy
Court to employ Tom J. Lagos of Colliers International Greater Los
Angeles, Inc., as licensed real estate broker to assist in
marketing the Debtor's shopping center.

As reported in the April 3 edition of the Troubled Company
Reporter, Colliers, as sales agent, has listed the property at
$20,500,000.  The exclusive listing period is through July 23,
2012.  If an offer to sell the shopping center is received during
the exclusive listing period and an offer accepted, Colliers will
be entitled to 1.5% of the selling price as commission.

The firm attests that it is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

                     About Camarillo Plaza LLC

Shopping center operator Camarillo Plaza LLC, based in Los
Angeles, California, filed for Chapter 11 bankruptcy (Bankr. C.D.
Calif. Case No. 11-59637) on Dec. 5, 2011.  Judge Sheri Bluebond
was assigned to the case.  At the Debtor's behest the next day,
the case was transferred to the Northern Division (Bankr. C.D.
Calif. Case No. 11-bk-15562).  The case in the Los Angeles
Division was closed, and Judge Robin Riblet took over from Judge
Bluebond.

The Debtor scheduled assets of $21,646,714 and liabilities of
$12,286,585 as of the Chapter 11 filing.  Janet A. Lawson, Esq.,
in Ventura County, California, serves as the Debtor's counsel.
The petition was signed by Aaron Arnold Klein, managing partner.


CARPENTER CONTRACTORS: Cash Use Extended Until November
-------------------------------------------------------
The Hon. Raymond B. Ray of the U.S. Bankruptcy Court for the
Southern District of Florida signed an agreed order presented by
Carpenter Contractors Of America, Inc., doing business as R & D
Thiel, et al., and First American Bank.

On April 6, 2011, the Court entered the DIP Order which, among
other things, authorized the Debtors to use First American Bank's
cash collateral, authorized the Debtors to obtain postpetition
financing from the Bank, and granted to the Bank certain liens,
interests, and other rights.  Among other things, the DIP Order
authorized the Debtors to borrow $2,500,000 in the form of a term
note, which is subject to a floating interest rate of 30-day LIBOR
plus 4% (with an interest rate floor of 6%).  The Debtors obtained
approval of the Second Amended Disclosure Statement on June 13,
2012, and the confirmation hearing is scheduled for Aug. 22, 2012,
at 9:30 a.m.

In this relation, the Debtors needed access to the cash collateral
and DIP financing to operate their business operations.  The Bank
has agreed to an additional 123-day extension of the cash
collateral and DIP Financing Order as extended and modified by the
third extension order.

The stipulation provides that, among other things:

   1. Paragraph 16 of the DIP Order is amended to read as:

        All obligations and commitments of the Prepetition Lender
        and the Postpetition Lender will terminate at the earliest
        to occur of the: (a) Nov. 1, 2012; (b) the effective date
        of any plan of reorganization or liquidation in the
        Chapter 11 cases; (c) conversion of either of these
        Chapter 11 Cases to a case under Chapter 7 of the
        Bankruptcy Code; (d) appointment of a trustee in either of
        the Chapter 11 cases; or (e) dismissal of either Chapter
        11 Case.

   2. the Debtors will repay all of the Bank's outstanding
      professional fees incurred in connection with the chapter 11
      cases, and the Debtors will continue to repay the fees as
      the Bank incurs them.

   3. The Debtors will continue to repay the DIP Term Note to the
      Bank according to a 36-month amortization schedule,
      commencing on Nov. 1, 2011, subject to a floating interest
      rate of 30-day LIBOR plus 4.0% (with an interest rate floor
      of 6.0%).

                    About Carpenter Contractors

Pompano Beach, Florida-based Carpenter Contractors of America,
Inc., dba R&D Thiel, provides carpentry services to builders of
new homes primarily in Illinois and Florida.  It also manufactures
building components and distributes construction materials in
Illinois, Florida, and North Carolina.

CCA Midwest Inc. provides carpentry services to builders of new
homes in Illinois.  It is a wholly-owned subsidiary of Carpenter
Contractors.

Carpenter Contractors and CCA Midwest filed for Chapter 11
bankruptcy protection (Bankr. S.D. Fla. Lead Case No. 10-42604) on
Oct. 25, 2010.  Chad P. Pugatch, Esq., and Christian Savio, Esq.,
at Rice Pugatch Robinson & Schiller, P.A., in Ft. Lauderdale, Fl.,
serve as the Debtors' bankruptcy counsel.  Attorneys at Shaw
Gussis Fishman Glantz Wolfson & Towbin LLC, serve as special
counsel.  GlassRatner Advisory & Capital Group, LLC, led by Thomas
Santoro, is the Debtors' financial advisor, and Scott L. Spencer,
CPA and Crowe Horwath, LLP. is the Debtors' accountant for audit
work.  Carpenter Contractors disclosed $42,900,573 in assets and
$25,861,652 in liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 21 notified the Court that until
further notice, he will not appoint a committee of creditors.

According to the Second Amended Disclosure Statement, payments and
distributions under the Plan will be funded by the Debtors'
current and ongoing business operations.  In addition, First
American Bank has agreed to provide the Debtors with the exit
facility in the form of a one-year $5,120,000 monitored asset
based line of credit renewable annually for three years, and a
$2,500,000 term note, repayable in 36 monthly installments.


CELL THERAPEUTICS: Incurs $50.1 Million Net Loss in 2nd Quarter
---------------------------------------------------------------
Cell Therapeutics, Inc., reported a net loss attributable to the
company of $50.13 million for the three months ended June 30,
2012, compared with a net loss attributable to the company of
$16.99 million for the same period during the prior year.

The Company reported a net loss attributable to CTI of $67.58
million for the six months ended June 30, 2012, compared with a
net loss attributable to CTI of $36.73 million for the same period
a year ago.

"Based on in-market research among more than 250 lymphoma
specialists in the five major market countries in the European
Union ("EU"), we are encouraged by the interest and potential
adoption of Pixuvri for treatment," stated James A. Bianco, M.D.,
President and CEO of CTI.  "We believe we can present an argument
for Pixuvri to provide fair pricing reimbursement in an effort to
address the commercial potential of Pixuvri in the E.U. On the
heels of our projected fourth quarter launch of Pixuvri in the
E.U., we expect to start pivotal studies of our recent JAK2
product acquisition, pacritinib.  In the meantime, we are also
advancing tosedostat toward its phase 3 clinical trial."

CTI had approximately $14.8 million in cash and cash equivalents
as of June 30, 2012.  This amount was before the receipt of
$15 million in gross proceeds received from the sale of CTI's
Series 15-2 convertible preferred stock and warrants in July 2012
as part of a $35 million financing.  As previously announced, CTI
completed the first closing of $20 million of Series 15-1
convertible preferred stock and warrants in May 2012.

A copy of the press release reporting the second quarter results
is available for free at http://is.gd/2dU0zU

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

The Company's balance sheet at March 31, 2012, showed US$44.15
million in total assets, US$18.50 million in total liabilities
US$13.46 million in common stock purchase warrants, and US$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 US$47.1
million as of Dec. 31, 2011.  The Company's total current
liabilities were US$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.


CELL THERAPEUTICS: Investor Buys $15-Mil. Add'l Preferred Stock
---------------------------------------------------------------
Cell Therapeutics, Inc., completed a registered offering to an
institutional accredited investor of an additional 15,000 shares
of Series 15 Convertible Preferred Stock convertible into
25,212,203 shares of its common stock with a conversion price of
$0.59495 and warrants to purchase up to an aggregate of 16,808,135
shares of common stock with an exercise price of $0.61344 for
gross proceeds of $15 million pursuant to the terms of a stock
purchase agreement that CTI entered into on May 28, 2012.  The
conversion price of the Series 15-2 Preferred Stock was calculated
using the closing bid price of CTI's common stock on July 27,
2012, plus a premium of $0.08375 per share.  As previously
announced, CTI completed the first closing of $20 million of
Series 15 Convertible Preferred Stock on May 29, 2012.

CTI plans to use the net proceeds from the Second Closing to
prepare for the commercial launch of Pixuvri in the European Union
and for general corporate purposes, which may include, among other
things, funding research and development, preclinical and clinical
trials, the preparation and filing of new drug applications, the
acquisition of complementary businesses, technologies or products
and general working capital.

As of July 31, 2012, all 15,000 shares of the Series 15-2
Preferred Stock have been converted and the Initial Purchaser has
received 25,212,203 shares of common stock issuable upon
conversion.  All of the warrants issued in the Second Closing are
exercisable beginning on or after the date of issuance and expire
five years after the date of issuance.  If the stock price is less
than the exercise price, the warrants may also be exchanged for
shares based on a specified Black-Scholes value formula subject to
certain limitations.  CTI may instead elect to pay all or some of
such value in cash.  If CTI elects not to pay in cash, is unable
to issue sufficient shares without shareholder approval and has
not obtained shareholder approval within 90 days after an exchange
notice is received, CTI will issue a note for the unpaid portion
of the value payable one year thereafter.

CTI paid Halcyon Cabot Partners, Ltd., a placement agent fee of 5%
of the gross proceeds received in the Second Closing.

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

                        http://is.gd/PnDccy

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

The Company's balance sheet at March 31, 2012, showed US$44.15
million in total assets, US$18.50 million in total liabilities
US$13.46 million in common stock purchase warrants, and US$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 US$47.1
million as of Dec. 31, 2011.  The Company's total current
liabilities were US$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.


CHAMPION INDUSTRIES: Fifth Third Forbearance Extended Aug. 15
-------------------------------------------------------------
Fifth Third Bank, as administrative agent for lenders under
Champion Industries, Inc.'s Credit Agreement dated Sept. 14, 2007,
as amended, the lenders, Champion, all its subsidiaries and
Marshall T. Reynolds entered into a First Amended and Restated
Limited Forbearance Agreement and Fourth Amendment to Credit
Agreement dated July 13, 2012, which provides, among other things,
that during a forbearance period commencing on July 13, 2012, and
ending on Aug. 15, 2012, the Lenders are willing to temporarily
forbear exercising certain rights and remedies available to them,
including acceleration of the obligations or enforcement of any of
the liens provided for in the Credit Agreement.  Champion
acknowledged in the Forbearance Agreement that as a result of the
existing defaults, the Lenders are entitled to decline to provide
further credit to Champion, to terminate their loan commitments,
to accelerate the outstanding loans, and to enforce their liens.

Fifth Third had sent Champion a Notice of Default and Reservation
of Rights, advising that Champion's default under provisions of
the Credit Agreement requiring it to maintain certain financial
ratios constituted an Event of Default under the Credit Agreement.
The default relates to Sections 6.20(a) and 6.20(b) of the Credit
Agreement.

The Notice of Default also advised that the Administrative Agent
had not waived the Event of Default and reserved all rights and
remedies as a result thereof.  Those remedies include, under the
Credit Agreement, the right to accelerate and declare due and
immediately payable the principal and accrued interest on all
loans outstanding under the Credit Agreement.

The Notice of Default further stated that any extension of
additional credit under the Credit Agreement would be made by the
lenders in their sole discretion without any intention to waive
any Event of Default.

At July 13, 2012, the outstanding principal balance of Champion's
obligations under the Credit Agreement totaled approximately $40.6
million.

The Forbearance Agreement provides that during the forbearance
period, so long as Champion meets the conditions of the
Forbearance Agreement, it may continue to request credit under the
revolving credit line.

The Forbearance Agreement requires Champion to:
   
   a) continue to engage a chief restructuring advisor to assist
      in developing a written restructuring plan for Champion's
      business operations;
   
   b) submit an updated proposed restructuring plan to the
      Administrative Agent by July 16, 2012;
   
   c) provide any consultant retained by the Administrative Agent
      with access to the operations, records and employees of
      Champion and their advisors;
   
   d) attain revised minimum EBITDA covenant targets;
   
   e) provide additional financial reports to the Administrative
      Agent;
   f) make a good faith effort to effectuate certain transaction
      initiatives identified by the Company; and

   g) permit Administrative Agent to retain a media transaction
      expert and allow access to Company personnel and advisors.
   
The Forbearance Agreement provides that the credit commitment
under the Credit Agreement is $13,600,000 and provides for a
$1,450,000 reserve against the Credit Agreement borrowing base.
The applicable margin has been increased to 6.0% if utilizing the
base rate or 4% if utilizing the amended base rate as well as a
PIK compounding Forbearance Fee of 2% of the outstanding amount of
term loans.  The default rate is an additional 2% for outstanding
term loans.

Champion has paid to the Administrative Agent a nonrefundable
forbearance fee of 0.25% upon execution of the Forbearance
Agreement.

A copy of the Amended Forbearance is available at:

                         http://is.gd/mb3ApO

                      About Champion Industries

Champion Industries, Inc., is a commercial printer, business forms
manufacturer and office products and office furniture supplier in
regional markets in the United States.  The Company also publishes
The Herald-Dispatch daily newspaper in Huntington, WV.  The
Company's sales force sells printing services, business forms
management services, office products, office furniture and
newspaper advertising. Its subsidiaries include Interform
Corporation, Blue Ridge, Champion Publishing, Inc., The Dallas
Printing, The Bourque Printing, The Capitol, and The Herald-
Dispatch.

Champion's balance sheet at April 30, 2012, showed $58.28 million
in total assets, $58.45 million in total liabilities and a
$174,198 total shareholders' deficit.

The Company reported a net loss of $3.97 million for the year
ended Oct. 31, 2011, compared with net income of $488,134 during
the prior year.


CHICAGOLAND PORTABLE: Case Summary & 20 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: Chicagoland Portable Storage Systems, LLC
        150 North 25th Avenue
        Melrose Park, IL 60160

Bankruptcy Case No.: 12-30937

Chapter 11 Petition Date: August 3, 2012

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

Judge: Timothy A. Barnes

Debtor's Counsel: Gregory K. Stern, Esq.
                  GREGORY K. STERN, P.C.
                  53 West Jackson Blvd., Suite 1442
                  Chicago, IL 60604
                  Tel: (312) 427-1558
                  Fax: (312) 427-1289
                  E-mail: gstern1@flash.net

Estimated Assets: $0 to $50,000

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

A copy of the Company's list of its 20 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/ilnb12-30937.pdf

The petition was signed by Gregory Kaufman, authorized agent.


CIRCLE STAR: Delays Form 10-K for Fiscal 2012
---------------------------------------------
Circle Star Energy Corp. informed the U.S. Securities and Exchange
Commission that it will be late in filing its annual report on
Form 10-K for the fiscal year ended April 30, 2012.  The Company
is in the process of completing its internal controls review and
requires additional time to complete that review in connection
with the preparation of its annual review on Form 10-K.

                         About Circle Star

Houston, Tex.-based Circle Star Energy Corp. owns royalty,
leasehold, operating, net revenue, net profit, reversionary and
other mineral rights and interests in certain oil and gas
properties in Texas.  The Company's properties are in Crane,
Scurry, Victoria, Dimmit, Zavala, Grimes, Madison, Robertson,
Fayette, and Lee Counties.

The Company's balance sheet at Jan. 31, 2012, showed $3.91 million
in total assets, $6.75 million in total liabilities and a $2.84
million total stockholders' deficit.

The Company said in its quarterly report for the period ended
Jan. 31, 2012, that there is substantial doubt about its ability
to continue as a going concern.  The continuation of the Company
as a going concern is dependent upon continued financial support
from the Company's shareholders, the ability of the Company to
obtain necessary financing to continue operations, and the
attainment of profitable operations.  The Company can give no
assurance that future financing will be available to it on
acceptable terms if at all or that it will attain profitability.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.


CLEAR CHANNEL: Incurs $39 Million Net Loss in Second Quarter
------------------------------------------------------------
CC Media Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss attributable to the Company of $39.02 million on $1.60
billion of revenue for the three months ended June 30, 2012,
compared with a net loss attributable to the Company of
$53.17 million on $1.60 billion of revenue for the same period
during the prior year.

For the six months ended June 30, 2012, the Company reported a net
loss attributable to the Company of $182.65 million on $2.96
billion of revenue, compared to a net loss of $185.01 million on
$2.92 billion of revenue for the same period a year ago.

The Company's balance sheet at June 30, 2012, showed
$16.45 billion in total assets, $24.31 billion in total
liabilities, and a $7.86 billion total shareholders deficit.

"By leveraging industry-leading size, scale and our new multi-
platform solutions, we achieved solid growth in the quarter with
major national advertisers," Chief Executive Officer Bob Pittman
said.  "To further drive this success, we continue to invest
strategically in our assets, especially digital at both Media &
Entertainment and Outdoor, while offering custom marketing
solutions that can only be delivered by Clear Channel.  In
addition, iHeartRadio, our industry-leading digital radio
platform, reached 10 million registered users this past May - a
milestone achieved in a record eight months, faster than any other
major Internet service."

"Even with the economic recovery slowing, we were well positioned
to keep driving revenue growth in the quarter at our Media &
Entertainment and Outdoor businesses," Tom Casey, Executive Vice
President and Chief Financial Officer, said.  "For the rest of
2012, we will continue to stay focused on controlling our costs,
while building our sales infrastructure and strengthening our
operations to drive future growth."

The Company's consolidated net loss declined to $28 million in the
second quarter of 2012 compared to a consolidated net loss of $38
million for the same period of 2011.

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

                        http://is.gd/cSC2wu

                         About Clear Channel

San Antonio, Texas-based CC Media Holdings, Inc. (OTC BB: CCMO) --
http://www.ccmediaholdings.com/-- is the parent company of Clear
Channel Communications, Inc.  CC Media Holdings is a global media
and entertainment company specializing in mobile and on-demand
entertainment and information services for local communities and
premier opportunities for advertisers.  The Company's businesses
include radio and outdoor displays.

Clear Channel reported a net loss of $302.09 million on $6.16
billion of revenue in 2011, compared with a net loss of $479.08
million on $5.86 billion of revenue in 2010.  The Company had a
net loss of $4.03 billion on $5.55 billion of revenue in 2009.

                         Bankruptcy Warning

At March 31, 2012, the Company had $20.7 billion of total
indebtedness outstanding.

The Company said in its quarterly report for the period ended
March 31, 2012, that its ability to restructure or refinance the
debt will depend on the condition of the capital markets and the
Company's financial condition at that time.  Any refinancing of
the Company's debt could be at higher interest rates and increase
debt service obligations and may require the Company and its
subsidiaries to comply with more onerous covenants, which could
further restrict the Company's business operations.  The terms of
existing or future debt instruments may restrict the Company from
adopting some of these alternatives.  These alternative measures
may not be successful and may not permit the Company or its
subsidiaries to meet scheduled debt service obligations.  If the
Company and its subsidiaries cannot make scheduled payments on
indebtedness, the Company or its subsidiaries, as applicable, will
be in default under one or more of the debt agreements and, as a
result the Company could be forced into bankruptcy or liquidation.

                           *     *     *

The Troubled Company Reporter said on Feb. 10, 2012, Fitch Ratings
has affirmed the 'CCC' Issuer Default Rating of Clear Channel
Communications, Inc., and the 'B' IDR of Clear Channel Worldwide
Holdings, Inc., an indirect wholly owned subsidiary of Clear
Channel Outdoor Holdings, Inc., Clear Channel's 89% owned outdoor
advertising subsidiary.  The Rating Outlook is Stable.

Fitch's ratings concerns center on the company's highly leveraged
capital structure, with significant maturities in 2014 and 2016;
the considerable and growing interest burden that pressures free
cash flow; technological threats and secular pressures in radio
broadcasting; and the company's exposure to cyclical advertising
revenue.  The ratings are supported by the company's leading
position in both the outdoor and radio industries, as well as the
positive fundamentals and digital opportunities in the outdoor
advertising space.


CLARE OAKS: Seeks Approval to Lift DIP Financing Cap
----------------------------------------------------
Clare Oaks asks the U.S. Bankruptcy Court for the Northern
District of Illinois for authorization to obtain postpetition
financing in excess of the financing cap, and approve the amended
budget.

On March 8, 2012, the Court entered the final order that, among
other things, authorized the Debtor to obtain postpetition
financing of up to $6,000,000.  According to the Debtor, the Final
DIP Order defined the financing cap as any advances in excess of
$5,600,000.

The Debtor notes that in recognition of the potential increased
recovery to creditors through a restructuring, the Debtor, in
consultation with Wells Fargo Bank, National Association, in its
capacity as Master Trustee under the Master Indenture, and the
bank, began pursuing a potential restructuring of the Series 2006
Bonds as a potential alternative to the sale under Section 363 of
the Bankruptcy Code.

In this connection, the Debtor has been working on both
alternatives and continues to dual-track the efforts to determine
which alternative will be feasible and maximize recovery for the
estate.  As a result, certain of the Debtor's professionals have
incurred, and continue to incur, fees and expenses above the
amounts set forth in the budget.

The Debtor explains that the continued pursuit of the
restructuring will likely require the Debtor to borrow amounts
under the Facility that exceed the financing cap.

                         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.

The Debtor intends to sell its Clare Oaks Campus to ER Propco Co,
LLC aka Evergreen for $16,000,000, subject to higher and better
offers.


CNO FINANCIAL: S&P Affirms 'B+' Sr. Secured and Unsecured Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on CNO
Financial Group Inc. to positive from stable. "At the same time,
we affirmed our 'B+' senior secured and senior unsecured ratings
on CNO and our 'BB+' financial strength and counterparty credit
ratings on its core operating companies. In addition, we
downgraded Conseco Life Insurance Co. (CLIC) to 'B+' from 'BB+',
reflecting its weak capitalization and its new status as not
strategically important to the group under our group methodology
criteria. The outlook on CLIC is stable," S&P said.

"The positive outlook on CNO and the insurer financial strength
ratings on its operating subsidiaries (excluding CLIC) reflect the
companies' significantly improved operating performance, financial
flexibility, and--to a lesser extent--capitalization in the past
two years. As of June 30, 2012, its 16.6% total debt-to-capital
ratio was well below the covenant of 30%, and interest coverage
was 5.1x (above the 2x covenant metric). For the first six months
of 2012, CNO reported EBIT of $184.7 million, producing a return
on revenues (ROR) of more than 8%. Statutory capital and National
Association of Insurance Commissioners risk-based capital are well
above the covenant levels," S&P said.

"CNO's competitive position has improved and has become a strength
to the rating based on its focus on underserved markets, growth of
controlled distribution, and good investment returns during the
past several years," said Standard & Poor's credit analyst Kevin
Maher.

"The outlook is positive, reflecting improved earnings,
competitive position, improved capitalization (although still
considered marginal), and improved financial flexibility with
lower debt leverage at the holding company. We could raise the
rating by a notch within a year if the operating companies
maintains earnings at current levels (or no less than 6% ROR) and
if we continue to see progress on the company's risk-adjusted
capitalization, closer to a redundancy at the 'BBB' level,
according to our model," S&P said.

"The stable outlook on CLIC reflects our view of good earnings
trends and our expectation for improvement in capitalization. We
expect the company's capital position to remain relatively stable,
supported by a positive earnings track record," S&P said.


COMMUNITY TOWERS: Confirmation Hearings Delayed to Oct. 15
----------------------------------------------------------
The Hon. Stephen L. Johnson of the Bankruptcy Court for the
Northern District of California signed a second stipulation
modifying the first amended order approving the disclosure
statement for Community Towers I, LLC, et al.'s Plan of
Reorganization dated March 27, 2012.

The Debtors and CIBC, Inc. stipulated to modify certain deadlines
set forth in the order.

The Debtors related that in an April 10, 2012, telephonic status
conference, the initial scheduling order was set July 17 and July
18, for hearing on the Debtors' confirmation of the Plan.  The
initial scheduling order also provided that any party may move the
Court to modify any of the dates and deadlines for cause
including, without limitation, witness unavailability, discovery
delays or disputes, or if additional objections to confirmation of
the Plan are raised by CIBC after May 21, 2010.  The parties
subsequently agreed to modify certain deadlines because during
discovery, they have encountered unavoidable delays in responding
to requests for production of documents and scheduling of
depositions.

Pursuant to the latest stipulation, the scheduling order is
modified with respect to these deadlines:

   1. Sept. 3, is fixed as the last date by which the parties must
      identify their expert and percipient witnesses, and exchange
      reports prepared by experts.

   2. Sept. 21, is fixed as the last date by which the parties
      must complete all discovery, including written discovery and
      depositions of percipient and expert witnesses.

   3. Oct. 1 is fixed as the last day by which the parties must
      file their opening briefs in support of and in opposition to
      confirmation of the Plan.

   4. Oct. 8 is fixed as the last day by which the parties must
      (a) file their reply briefs, if any, in support of and in
      opposition to confirmation of the Plan, (b) file and
      exchange declarations of witnesses intended to be used as
      direct testimony, and (c) lodge and exchange all exhibits.

   5. Oct. 15, and Oct. 16, will be set as the hearing dates for
      testimony and argument in support of and in opposition to
      confirmation of the Plan.

                    About Community Towers I LLC

Community Towers I LLC is a real estate investment company.
Community Towers I LLC and various affiliates -- Community Towers
II, LLC, Community Towers III, LLC, Community Towers IV, LLC --
filed a Chapter 11 petition (Bankr. N.D. Calif. Lead Case No.
11-58944) on Sept. 26, 2011, in San Jose, California.  John Walshe
Murray, Esq., at the Law Offices of Murray and Murray, in
Cupertino, California, serves as counsel to the Debtor.  Community
Towers I disclosed $51,939,720 in assets and $39,479,784 in
liabilities as of the Chapter 11 filing.

Judge Stephen L. Johnson has approved the disclosure statement in
support of the joint plan of reorganization filed by the Debtors.
The key features of the Debtors' proposed Plan include: (i)
profitable operation of their property; (ii) satisfaction or
disallowance of claims; and (iii) assumption of executory
contracts and unexpired leases.


CRESCENT RESOURCES: S&P Lowers Rating on $350MM Sr. Notes to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue rating on the
second-lien senior secured notes issued by Charlotte, N.C.-based
Crescent Resources LLC (Crescent) and its affiliates to 'B' from
'B+'. "At the same time, we revised our recovery rating on these
notes to '3' from '2' (see list). The company's issuer credit
rating of 'B' and stable outlook remain unchanged," S&P said.

"Our '3' recovery rating indicates our revised expectation for
meaningful (50%-70%) recovery prospects in the event of a payment
default after the company upsized the transaction by $25 million
(for a total issue size of $350 million). The maturity of the
notes has also been revised to 2017 from 2019," S&P said.

"Our ratings on Crescent reflect a 'weak' business risk profile,
which is based on our view of the company's transaction-dependent
business, whereby a significant portion of revenues is tied to the
speculative development of residential/multifamily projects. We
acknowledge the current juncture in the housing cycle may support
development and monetization of assets over the next one to two
years. However, Crescent's business is very cyclical and seasonal,
and timing of sales can be unpredictable. We view the company's
financial risk profile as 'highly leveraged,' due to weak EBITDA-
based metrics; although, we believe liquidity will be adequate to
meet capital needs over the near term," S&P said.

"The stable outlook reflects our view that the company has
sufficient liquidity to fund its current capital needs.
Additionally, fundamentals in the residential industry are coming
off the bottom, and we expect multifamily fundamentals to remain
favorable over the next one to two years. We do not expect to
raise Crescent's rating over the next year due to our expectation
that the company will remain highly leveraged. Longer term, we
would consider an upgrade if the company can execute on its plan
to monetize existing assets, profitably reinvest in new projects,
including its growing multifamily platform, and successfully
manage its capital expenditures. We would lower our rating on
Crescent if liquidity becomes constrained due to weaker-than-
expected asset sales and/or aggressive capital spending," S&P
said.

RATINGS LIST

Crescent Holdings LLC
Crescent Ventures Inc.
Crescent Resources LLC
   Corporate Credit Rating            B/Stable/--

Ratings Revised                       To      From

Crescent Ventures Inc.
Crescent Resources LLC
   Senior Secured
   US$350 mil. notes due 2017         B      B+
   Recovery rating                    3      2


CUBIC ENERGY: W. Bruggeman Discloses 23.1% Equity Stake
-------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, William L. Bruggeman, Jr., and Ruth
Bruggeman, Joint Tenants with Rights of Survivorship, and their
affiliates disclosed that, as of July 26, 2012, they beneficially
own 17,853,978 shares of common stock, $0.05 par value, of Cubic
Energy, Inc., representing 23.1% of the shares outstanding.  The
percentage is based on 77,215,908 shares of common stock of Cubic
outstanding as of May 11, 2012.  A copy of the filing is available
for free at http://is.gd/nPuNst

                        About Cubic Energy

Cubic Energy, Inc., headquartered in Dallas, Tex., is an
independent upstream energy company engaged in the development and
production of, and exploration for, crude oil and natural gas.
Its oil and gas assets and activities are concentrated in
Louisiana.

The Company's balance sheet at March 31, 2012, showed
$32.31 million in total assets, $36.62 million in total current
liabilities, and a stockholders' deficit of $4.31 million.

The Company said in its quarterly report for the period ended
March 31, 2012, that "Our debt to Wells Fargo, with a principal
amount of $35,000,000, is due on July 1, 2012, and the Wallen
Note, with a principal amount of $2,000,000, is due Sept. 30,
2012, and both are classified as a current debt.  As of March 31,
2012, we had a working capital deficit of $33,162,110.  This level
of negative working capital creates substantial doubt as to our
ability to pay our obligations as they come due and remain a going
concern.  We are negotiating with Wells Fargo and Mr. Wallen to
extend the maturity date of these debts.  There can be no
assurance that the Company will be able to negotiate such
extensions."


DELPHI CORP: Stipulation Allowing Stapla's Gen. Unsecured Claim
---------------------------------------------------------------
DPH Holdings and Stapla Ultrasonics Corp. stipulated for the
allowance of a general unsecured non-priority claim for Stapla.

In September 2007, the Debtor commenced an adversary proceeding
to avoid and recover certain amounts from Stapla.  Since then,
the parties have entered into a settlement agreement dated
May 18, 2012, to resolve the Adversary Proceeding with respect to
the transfers.

The parties now stipulate that upon payment by Stapla to the
Reorganized Debtor of the settlement amount set forth in the
Settlement Agreement, Stapla will receive an allowed general
unsecured non-priority claim against DPH-DAS LLC in accordance
with the terms of the Modified Chapter 11 Plan.

                        About Delphi Corp

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

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

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

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

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

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

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


DELPHI CORP: Ratko Menjak Fails in Bid to Lift Stay
---------------------------------------------------
Judge Robert Drain denied Ratko Menjek's motion for a modification
of the automatic stay in Delphi Corp.'s Chapter 11 case to allow
him to pursue litigation.

The Court noted that upon the effective date of the Reorganized
Debtors' Modified Chapter 11 Plan, injunctions were imposed by
the Modified Plan and by the Plan Modification Order.  It found
that Mr. Menjak received timely and adequate notice of the Final
Administrative Expense Bar Date but did not timely file an
administrative expense claim in the matter.

Thus, Mr. Menjak's claim is barred due to the fact that it was
not filed by the date of the second administrative claims bar
date, Judge Drain specified.

Counsel to the Reorganized Debtors previously asserted that Mr.
Menjak ignored the fact that his civil action before a Michigan
court is permanently enjoined because he failed to file an
administrative claim despite receiving notice of the bar date.

                        About Delphi Corp.

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

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

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

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

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

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

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


DELPHI CORP: Michigan Agencies Seek to Stay Suit Pending Appeal
---------------------------------------------------------------
The State of Michigan Workers' Compensation Agency and State of
Michigan Funds Administration ask the U.S. Bankruptcy Court for
the Southern District of New York to stay, during the pendency of
their appeal, further proceedings in the complaint captioned "Ace
American Insurance Company and Pacific Employers Insurance
Company, plaintiffs v. Delphi Corporation, et al., defendants,
Adv. Proc. No. 09-01510 (RDD) (Bankr. S.D.N.Y.)."

The Michigan Agencies are named defendants in the complaint.

Dennis Raterink, Esq., Michigan Assistant Attorney General,
recounts that on March 16, 2012, the Bankruptcy Court declined to
modify a stay order it entered on Jan. 28, 2010, to permit Form
400-based claims against the Insurer to go forward in Michigan.
The Michigan Agencies appeals the March 16 order to the U.S.
District Court for the Southern District of New York on April 9,
2012.  The appeal is pending.

Mr. Raterink asserts that pending the Agencies' appeal, the entire
Adversary Complaint should be stayed because the appeal is not
moot in light of the U.S. Supreme Court's June 25, 2012 denial of
Agencies' petition for writ for certiorari with respect to the
January 28 order.

"Th[e Bankruptcy] Court's declination to permit Form 400-based
hearings to proceed in Michigan despite the Second Circuit's
conclusion that the Form 400-based issues were not before the
[Bankruptcy] Court is an impermissible exercise of jurisdiction
and infringement on Michigan's sovereign immunity," Mr. Raterink
says.

The Agency and Funds demonstrate substantial likelihood of
success on appeal given the Second Circuit's delimitation of the
issues, Mr. Raterink maintains.  Granting a stay will preclude
irreparable harm to Michigan in the form of abrogation of its
sovereignty, he adds.  The stay will not result in any harm to
either the Insurers or DPH; and proper delineation of federal and
state jurisdiction before any adversarial proceeding is in the
public interest, he continues.

                        About Delphi Corp.

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

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

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

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

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

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

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


DELTA PETROLEUM: Files Supplement for Amended Chapter 11
--------------------------------------------------------
BankruptcyData.com reports that Delta Petroleum filed with the
U.S. Bankruptcy Court a Supplement for its Second Amended Chapter
11 Plan of Reorganization. The Supplement contains the following
documents: Delta Petroleum General Recovery Trust Agreement,
Wapiti Recovery Trust Agreement, Stockholders Agreement, Amended
and Restated Certificate of Incorporation of PAR Petroleum Co. and
Amended and Restated Bylaws of PAR Petroleum Corporation.

                       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.

Delta Petroleum has won approval for its disclosure statement
explaining the Chapter 11 reorganization plan.  There's a hearing
to consider confirmation of the Plan on Aug. 15.


DEWEY & LEBOEUF: Payouts May Turn Creditors vs. Deal, Expert Says
-----------------------------------------------------------------
Megan Leonhardt at Bankruptcy Law360 reports that experts said
revelations that Dewey & LeBoeuf LLP paid out millions to select
partners in the months before its collapse may raise the ire of
creditors and force the firm to ask partners for far more than the
$90 million that has been proposed to resolve potential clawback
litigation.

                       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 US$245
million and assets of US$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
US$6 million.  The Pension benefit Guaranty Corp. took US$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 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: UK Unit's Administrators Recommend Liquidation
---------------------------------------------------------------
Lisa Uhlman at Bankruptcy Law360 reports that Dewey & LeBoeuf
LLP's U.K. unit should be moved from administration to
liquidation, and will be on Aug. 6 unless its creditors call a
meeting before then, its joint administrators said in a regulatory
filing Friday.

In a statement to creditors filed with the U.K. Companies House,
the country's company registrar, Mark Shaw and Shay Bannon of BDO
LLP said the so-called U.K. LLP and payroll unit Dewey & LeBoeuf
Services Ltd. no longer belonged in administration, which is
essentially the British equivalent of a Chapter 11, according to
Bankruptcy Law360.

                       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 US$245
million and assets of US$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
US$6 million.  The Pension benefit Guaranty Corp. took US$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 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.


DEX ONE: Files Form 10-Q, Posts $52.9 Million Net Income in Q2
--------------------------------------------------------------
Dex One Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $52.94 million on $334.48 million of net revenues for the three
months ended June 30, 2012, compared with a net loss of $602.10
million on $377.26 million of net revenues for the same period
during the prior year.

The Company reported net income of $110.51 million on $678.91
million of net revenues for the six months ended June 30, 2012,
compared with a net loss of $546.69 million on $768.50 million of
net revenues for the same period a year ago.

The Company's balance sheet at June 30, 2012, showed $3.03 billion
in total assets, $2.93 billion in total liabilities and $103.57
million in total shareholders' equity.

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

                        http://is.gd/0MsqQq

                          About Dex One

Dex One, headquartered in Cary, North Carolina, is a local
business marketing services company that includes print
directories and online voice and mobile search.  Revenue was
approximately $1.1 billion for the LTM period ended Sept. 30,
2010.

R.H. Donnelley Corp. and 19 of its affiliates, including Dex
Media East LLC, Dex Media West LLC and Dex Media Inc., filed for
Chapter 11 protection on May 28, 2009 (Bank. D. Del. Case No. 09-
11833 through 09-11852).  They emerged from bankruptcy on Jan. 29,
2010.  On the Effective Date and in connection with its emergence
from Chapter 11, RHD was renamed Dex One Corporation.

Dex One reported a net loss of $518.96 million in 2011 compared
with a net loss of $923.59 million for the eleven months ended
Dec. 31, 2010.

                            *     *     *

As reported in the April 2, 2012 edition of the TCR, Moody's
Investors Service has downgraded the corporate family rating (CFR)
for Dex One Corporation's to Caa3 from B3 based on Moody's view
that a debt restructuring is inevitable.  Moody's has also changed
Dex's Probability of Default Rating (PDR) to Ca/LD from B3
following the company's purchase of about $142 million of par
value bank debt for about $70 million in cash.  The Caa3 rating
also reflects Moody's view that additional exchanges at a discount
are likely in the future since the company amended its bank
covenants to make it possible to repurchase additional bank debt
on the open market through the end of 2013.

As reported by the TCR on April 4, 2012, Standard & Poor's Ratings
Services raised its corporate credit rating on Cary, N.C.-based
Dex One Corp. and related entities to 'CCC' from 'SD' (selective
default).  "The upgrade reflects our assessment of the company's
credit profile after the completion of the subpar repurchase
transaction in light of upcoming maturities, future subpar
repurchases, and our expectation of a continued week operating
outlook," explained Standard & Poor's credit analyst Chris
Valentine.


DOLLAR FINANCIAL: Moody's Affirms 'B2' CFR; Outlook Positive
------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Dollar Financial
Group and subsidiaries (Corporate Family Rating and senior
unsecured debt at B2) and changed the outlook to positive from
stable.

Ratings Rationale

The rating action reflects Dollar's improved leverage and cash
flow coverage metrics and significant free cash flow generation;
satisfactory asset quality metrics; diversification of business
activities by product, country, and distribution channel; and
solid market positions, in particular in Canada and the U.K. The
ratings also take into account the continued risk of adverse
regulation/legislation and litigation related to the company's
consumer lending activities.

During the outlook period Moody's will continue to evaluate the
development of the company's strategy to pursue diversification by
product line, geography, and distribution channel. Moody's will
focus in particular on the development of relatively new business
lines such as internet-based consumer lending and pawn lending,
and the effects of such products on the volatility of the
company's asset quality, earnings, and cash flow.

Continued improvement in Dollar's leverage and cash flow coverage
metrics, cash flow generation, and asset quality could result in
an upward adjustment to the rating.

Dollar is a wholly-owned subsidiary of DFC Global Corp. (ticker
symbol DLLR), a leading international financial services company
serving under-banked consumers. Dollar, based in Berwyn, PA,
reported total assets of $1,769 million at March 31, 2012.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.


DOWNTOWN REAL ESTATE: Case Summary & 16 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: Downtown Real Estate II, LLC
        355 North Calvert St.
        Baltimore, MD 21201

Bankruptcy Case No.: 12-24264

Chapter 11 Petition Date: August 2, 2012

Court: United States Bankruptcy Court
       District of Maryland (Baltimore)

Judge: Nancy V. Alquist

Debtor's Counsel: Michael Stephen Myers, Esq.
                  SCARLETT & CROLL, P.A.
                  201 North Charles Street, Suite 600
                  Baltimore, MD 21201
                  Tel: (410) 468-3100
                  E-mail: mmyers@scarlettcroll.com

Estimated Assets: $100,001 to $500,000

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

A copy of the Company's list of its 16 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/mdb12-24264.pdf

The petition was signed by Ronald Persaud, owner and president.


DUNE ENERGY: Reports $878,000 Net Income in Second Quarter
----------------------------------------------------------
Dune Energy, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $878,288 on $13.10 million of revenue for the three months
ended June 30, 2012, compared with a net loss of $13.86 million on
$15.88 million of revenue reported by its predecessor for the same
period a year ago.

The Company reported a net loss of $2.71 million on $26.50 million
of revenue for the six months ended June 30, 2012, compared with a
net loss of $22.20 million on $33.31 million of revenue for the
same period during the prior year.

The Company's balance sheet at June 30, 2012, showed $246.60
million in total assets, $123.28 million in total liabilities and
$123.31 million in total stockholders' equity.

James A. Watt, President and CEO of the company stated, "Our
investments in the first half of the year are showing positive
production results that we expect will carry into the second half
of the year.  New drilling should add further to our reserves and
production growth strategy."

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

                       http://is.gd/5cfxkR

                        About Dune Energy

Dune Energy, Inc. (NYSE AMEX: DNE) -- http://www.duneenergy.com/
-- is an independent energy company based in Houston, Texas.
Since May 2004, the Company has been engaged in the exploration,
development, acquisition and exploitation of natural gas and crude
oil properties, with interests along the Louisiana/Texas Gulf
Coast.  The Company's properties cover over 90,000 gross acres
across 27 producing oil and natural gas fields.

The Company reported a net loss of $60.41 million in 2011,
compared with a net loss of $75.53 million in 2010.

                           *     *     *

As reported by the TCR on Dec. 27, 2011, Standard & Poor's Ratings
Services lowered its corporate credit rating on Dune Energy Inc.
to 'SD' (selective default) from 'CC'.

"The rating actions follow the company's announcement that it has
completed the exchange offer for its 10.5% senior notes due 2012,
which we consider a distressed exchange and tantamount to a
default," said Standard & Poor's credit analyst Stephen Scovotti.
"Holders of $297 million of principle amount of the senior secured
notes exchanged their 10.5% senior secured notes for common stock,
which in the aggregate constitute 97.0% of Dune's common stock
post-restructuring, and approximately $49.5 million of newly
issued floating rate senior secured notes due 2016.  We consider
the completion of such an exchange to be a distressed exchange
and, as such, tantamount to a default under our criteria."

In the Jan. 2, 2012, edition of the TCR, Moody's Investors Service
revised Dune Energy, Inc.'s Probability of Default Rating (PDR) to
Caa3/LD from Ca following the closing of the debt exchange offer
of the company's 10.5% secured notes.  Simultaneously, Moody's
upgraded the Corporate Family Rating (CFR) to Caa3 reflecting
Dune's less onerous post-exchange capital structure and affirmed
the Ca rating on the secured notes.  The revision of the PDR
reflects Moody's view that the exchange transaction constitutes a
distressed exchange.  Moody's will remove the LD (limited default)
designation in two days, change the PDR to Caa3, and withdraw all
ratings.


EAST COAST DIVERSIFIED: Inks Collaboration Agreement with McLeod
----------------------------------------------------------------
EarthSearch Communications International, Inc., a majority-owned
subsidiary of East Coast Diversified Corporation, entered into a
Joint Development and Marketing Agreement with Tom McLeod Software
Corporation.  The Agreement will remain in effect until terminated
by either party upon 30 days advance written notice.

Pursuant to the Agreement, ECSI and McLeod will collaborate on the
development of an interface that will permit McLeod's proprietary
LoadMaster dispatch software to receive and utilize a data feed
from ECSI's proprietary LogiBoxx and GATIS cargo tracking systems.
McLeod will be responsible for designing and developing the
Integration Module together with supporting user documentation for
each platform, operating system, or computing environment
supported by McLeod for its software ("Deliverables").

Both ECSI and McLeod will maintain all of their intellectual
property rights with respect to its existing products and
services, including any information provided by each party in
conjunction with the creation of the Deliverables.

A copy of the Marketing Agreement is available for free at:

                      http://is.gd/pL1U0C

                  About East Coast Diversified

East Coast Diversified Corporation, headquartered in Marietta,
Georgia, through its majority owned subsidiary, EarthSearch
Communications International, Inc., offers a portfolio of GPS
devices, RFID interrogators, integrated GPS/RFID technologies and
Tag designs.

The Company's balance sheet at March 31, 2012, showed $2,384,565
in total assets, $3,674,048 in total liabilities, contingent
acquisition liabilities of $1,104,973, and a stockholders' deficit
of $2,394,456.

As reported in the TCR on April 20, 2012, Drake & Klein CPAs, in
Clearwater, Fla., expressed substantial doubt about East Coast
Diversified'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 not generated
revenue and has not established operations.


EASTMAN KODAK: Receives Low Bids for Digital Patents
----------------------------------------------------
The Wall Street Journal's Dana Mattioli, Ashby Jones, and Mike
Spector, citing people familiar with the bidding process, report
that Eastman Kodak Co. received two bids for its digital patents
of around $150 million to $250 million from investor groups
pitting Apple Inc. and Google Inc. against each other ahead of
Wednesday's auction.

WSJ notes at a bankruptcy court hearing in January, a lawyer for
Kodak said the company thought the patents were worth $2.2 billion
to $2.6 billion.  Potential bidders have been less enthusiastic,
however.  WSJ says the opening bids are an early sign the
bankruptcy-court auction may not leave much cash for the company
after creditors are paid off.

According to WSJ, the initial bids could rise quickly if Apple and
Google compete to keep the patents out of each other's hands amid
a legal battle over the lucrative smartphone and tablet markets.
WSJ recounts that a year ago, Google started the bidding for
Nortel Networks Inc.'s patents at $900 million before a consortium
including Apple and Microsoft Corp. won the bankruptcy auction
with an unexpectedly high winning bid of $4.5 billion.

The report notes details of Kodak's patent auction have been
sealed.  A bankruptcy judge approved the company's request to keep
bids and results secret until a winner is unveiled.

According to WSJ, a person familiar with the matter said that,
while it is hard to predict how the bidding dynamics will play
out, a winning offer above $600 million would be viewed as healthy
for the patents.  Bidders don't expect to pay much more than that,
people familiar with the matter said.

WSJ also relates some Kodak bondholders are also focused on that
range, betting the company will raise $600 million to $700 million
in the auction, one bondholder said.

People familiar with the matter told WSJ that Apple has teamed up
with Microsoft and patent aggregation firm Intellectual Ventures
Management LLC.  Google's consortium includes patent aggregation
firm RPX Corp. and three hardware companies that make phones based
on Google's Android operating system: Samsung Electronics Co., LG
Electronics Inc. and HTC Corp.

Lance Duroni at Bankruptcy Law360 reports that U.S. Bankruptcy
Judge Allan L. Gropper cleared Eastman Kodak to sell two of the 10
digital camera patents that Apple Inc. had laid claim to, ruling
the iPad maker's claims were time-barred.  In a 40-page opinion,
Judge Gropper agreed with Kodak that Apple's infringement claims
were precluded because it had waited too long to file them.

                        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.


                       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: Quarter Loss Widens on Restructuring Costs
---------------------------------------------------------
Nathalie Tadena at Dow Jones' Daily Bankruptcy Review reports that
Eastman Kodak Co.'s second-quarter loss widened as costs
associated with its filing for bankruptcy earlier this year
weighed on bottom-line results.

                        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.


EDISON MISSION: Has $104MM Q2 Loss, May File Chapter 11
-------------------------------------------------------
Edison Mission Energy filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $104 million on $406 million of operating revenues for the
three months ended June 30, 2012, compared with a net loss of $32
million on $536 million of operating revenues for the same period
during the prior year.

For the six months ended June 30, 2012, the Company reported a net
loss of $186 million on $849 million of operating revenues, as
compared to a net loss of $52 million on $1.08 billion of
operating revenues for the same period a year ago.

The Company's balance sheet at June 30, 2012, showed $8.25 billion
in total assets, $6.59 billion in total liabilities and $1.66
billion in total equity.

                        Bankruptcy Warning

At June 30, 2012, EME, and its subsidiaries without contractual
dividend restrictions, had corporate cash and cash equivalents of
$879 million, which includes Midwest Generation's cash and cash
equivalents of $177 million.  EME and Midwest Generation's
previous revolving credit agreements have been terminated or
expired and no longer are sources of liquidity.  At June 30, 2012,
EME had $3.7 billion of unsecured notes outstanding, $500 million
of which mature in June 2013.

EME is currently experiencing operating losses due to lower
realized energy and capacity prices, higher fuel costs and lower
generation at the Midwest Generation plants.  Forward market
prices indicate that these trends are expected to continue for a
number of years.  As a result, EME expects that it will incur
further reductions in cash flow and losses in the current year and
in subsequent years.  A continuation of these adverse trends
coupled with pending debt maturities and the need to retrofit its
Midwest Generation plants to comply with governmental regulations
will exhaust EME's liquidity.  Consequently, EME will need to
consider all options available to it, including potential sales of
assets, restructuring, reorganization of its capital structure, or
conservation of cash that would be otherwise applied to the
payment of obligations.  EME has entered into non-disclosure and
engagement agreements with advisors representing certain of its
unsecured bondholders for the purpose of engaging in discussions
with those advisors and Edison International regarding EME's
financial condition.  Absent a restructuring of its obligations,
based on current projections, EME is not expected to have
sufficient liquidity to repay the $500 million debt obligation due
in June 2013.  As a result, EME may need to file for protection
under Chapter 11 of the U.S. Bankruptcy Code.

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

                        http://is.gd/0cqa0T

                       About Edison Mission

Santa Ana, California-based Edison Mission Energy is a holding
company whose subsidiaries and affiliates are engaged in the
business of developing, acquiring, owning or leasing, operating
and selling energy and capacity from independent power production
facilities.  EME also engages in hedging and energy trading
activities in power markets through its subsidiary Edison Mission
Marketing & Trading, Inc.

EME was formed in 1986 and is an indirect subsidiary of Edison
International.  Edison International also owns Southern California
Edison Company, one of the largest electric utilities in the
United States.

As of Dec. 31, 2010, EME's subsidiaries and affiliates owned or
leased interests in 39 operating projects with an aggregate net
physical capacity of 10,979 MW of which EME's pro rata share was
9,852 MW.  At Dec. 31, 2010, EME's subsidiaries and affiliates
also owned four wind projects under construction totaling 480 MW
of net generating capacity.

The Company reported a net loss of $1.07 billion in 2011, compared
with net income of $163 million in 2010.

                            *    *     *

As reported by the TCR on July 4, 2012, Standard & Poor's Ratings
Services lowered its corporate credit rating on Edison Mission
Energy (EME) and its subsidiaries Midwest Generation LLC (Midwest
Gen) and Edison Mission Marketing & Trading Inc. (EMMT), to 'CCC'
from 'CCC+' based on greater refinance risk in 2013 due to lower
cash flow over the medium term and reduced liquidity and greater
potential for corporate restructuring.

In the April 26, 2012, edition of the TCR, Fitch Ratings has
lowered Edison Mission Energy (EME) and Midwest Generation LLC's
(MWG) long-term Issuer Default Ratings (IDRs) to 'CC' from 'B-'.
The lower IDRs for EME and MWG reflect the challenges to the
companies' future solvency and liquidity caused primarily by a
prolonged decline in historic and forward power price curves,
rising operating and capital costs due to environmental
regulations and an unsustainably high debt burden.


ENERGY CONVERSION: Liquidating Plan Wins Court Approval
-------------------------------------------------------
The Hon. Thomas J. Tucker of the U.S. Bankruptcy Court for the
Eastern District of Michigan confirmed the Second Amended
Plan of Liquidation proposed by Energy Conversion Devices, Inc.
and United Solar Ovonic LLC.

The Court said that it is contemplated that confirmation of the
Plan will be followed by liquidation.  No further financial
reorganization of the Debtors will be required.

All objections to confirmation of the Plan which have not been
withdrawn are overruled.

Previously, parties-in-interest objected to the confirmation of
the Debtor's Plan.  The Official Committee of Unsecured Creditors
related that certain aspects of the Plan were inappropriate,
violate provisions of the Bankruptcy Code, and must be deleted
from the Plan to be consistent with the "fiduciary obligation
exception" in the Plan Support Agreement.   Charles L. Wells, III
the Chapter 7 Trustee of Solar Integrated Technologies, Inc., in a
separate filing, related SIT's insurance coverage could be
adversely impacted if the proposed assignment of the D & O
Policies is found invalid or accomplished without notice to and
consent of the insurers.

                              The Plan

As reported in the Troubled Company Reporter on July 16, 2012, the
plan creates a trust to sell the remaining assets and distribute
proceeds in the order of priority laid out in bankruptcy law.  A
liquidation analysis attached to the disclosure statement shows
cash of $139.5 million.  When other assets are liquidated, the
company projects total proceeds will be $182 million to
$196 million.

Disclosure materials told unsecured creditors with as much as
$337 million in claims that they could expect a recovery from
50.1% to 59.3%.  After expenses and claims of higher priority are
paid, the disclosure statement contains a prediction that
$168.7 million to $182.2 million will remain for unsecured
creditors.

                      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: Incurs $696 Million Net Loss in Second Quarter
-------------------------------------------------------------
Energy Future Holdings Corp. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $696 million on $1.38 billion of operating revenues
for the three months ended June 30, 2012, compared with a net loss
of $705 million on $1.67 billion of operating revenues for the
same period during the prior year.

For the six months ended June 30, 2012, the Company reported a net
loss of $1 billion on $2.60 billion of operating revenues, as
compared to a net loss of $1.06 billion on $3.35 billion of
operating revenues for the same period a year ago.

The Company's balance sheet at June 30, 2012, showed $43.44
billion in total assets, $52.17 billion in total liabilities and a
$8.73 billion total deficit.

"Operations for the quarter were mixed with solid nuclear and
customer performance and lower than expected coal-fueled
generation in the broader market context of ongoing low commodity
prices.  We are focused on providing safe and reliable power to
Texas during the summer season," said John Young, Chief Executive
Officer of EFH.

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

                       http://is.gd/JEKeoo

                       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.

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.


EXECUTIVE CENTER: Paid $50,000 to Lender in July
------------------------------------------------
Executive Center of Simi Valley LLC agreed to pay secured creditor
Platinum Courtyard, LLC, $50,000 in early July as adequate
protection.  The payment was made as part of a stipulation
extending the term of the Debtor's cash collateral use until
July 31.  The stipulation was approved by the bankruptcy judge on
July 11.

Platinum Courtyard said the Debtor owes it at least $13,893,280 as
of Sept. 21, 2011 plus accruing default interest, fees and costs.

Executive Center of Simi Valley LLC, which operates the Agoura
Hills Corporate Center, filed for Chapter 11 (Bankr. C.D. Calif.
Case No. 12-11527) on Feb. 16, 2012.  Judge Victoria S. Kaufman
presides over the case.  Janet A. Lawson, Esq., in Ventura,
California, serves as the Debtor's counsel.  The Debtor scheduled
$29,576,254 in assets and $19,093,382 in debts.  The petition was
signed by Arnold A. Klein, managing partner.

Platinum Courtyard is represented in the case by Lewis R. Landau,
Esq., at Dykema Gossett LLP, in Los Angeles.


FERBER & SONS: Case Summary & 19 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Ferber & Sons, Inc.
        dba Kentucky Fried Chicken
        dba Long John Silver's
        dba KFC
        8023 34th Ave. E.
        Bradenton, FL 34211

Bankruptcy Case No.: 12-12026

Chapter 11 Petition Date: August 3, 2012

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

Judge: K. Rodney May

Debtor's Counsel: R. John Cole, II, Esq.
                  R. JOHN COLE, II, & ASSOCIATES, P.A.
                  46 N Washington Blvd, Suite 24
                  Sarasota, FL 34236
                  Tel: (941) 365-4055
                  Fax: (941) 365-4219
                  E-mail: rjc@rjcolelaw.com

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

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

A copy of the Company's list of its 19 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/flmb12-12026.pdf

The petition was signed by Dan I. Ferber, president.


FIRST COMMONWEALTH: Fitch Lowers Rating on Preferred Stock to 'BB'
------------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) for
First Commonwealth Financial Corp. (FCF) and its lead bank
subsidiary, First Commonwealth Financial Bank to 'BBB-/F3' from
'BBB/F2'.  The Outlook is Stable.  The ratings are removed from
Rating Watch Negative where they were placed on Jan. 30, 2012.

Fitch had initially placed FCF on Rating Watch Negative following
unexpectedly high credit costs and the departure of CEO John Dolan
in the fourth quarter of 2011 (4Q'11).  The Watch reflected
uncertainty as to the quality of the loan portfolio as well as
over the future risk appetite and strategic direction under a new
CEO.

Since then, FCF has named Thomas M. Price as CEO and has reported
two consecutive quarters of largely positive asset quality
development.  The new CEO remains committed to a conservative
capital position and Fitch does not anticipate any notable changes
to strategy or risk appetite.

The positive trends in asset quality and the commitment to
continued conservative capital maintenance eased Fitch's most
significant concerns and removed the risk of a multiple-notch
downgrade.

The downgrade primarily reflects FCF's relatively weak peak
operating performance compared to rated peers.  Performance, as
measured by return on assets (ROA), was .26%, .37% and (.31%) in
each of the last three years, significantly less than 'BBB' rated
peers.  Although Fitch acknowledges the relative capital strength
amongst larger community banking peers, Fitch believes earnings
and profitability will lag peers.  Moreover, FCF has had
relatively higher asset quality issues to contend with.

Non-performing loans (NPLs) have trended down from a peak of
4.87% of total loans at the end of 3Q'11 to their current level of
2.49%. Similar trends have emerged in net charge-offs (NCOs) and
classified assets.  Fitch expects the positive trajectory in asset
quality to continue in the near term while recognizing the risks
of quarterly spikes in non-accruals and losses inherent in the
bank's loan portfolio which has large single-name exposure.

Fitch recognizes the recovery in asset quality that the bank has
reported over the last two quarters.  However, until management
establishes a longer track record of stabilized asset quality
metrics, ratings are constrained at their current level given the
large single-name exposure in the loan book.

Ratings Drivers and Sensitivities

Incorporated in Fitch's action is the view that credit quality
issues have stabilized.  Therefore, any material increase in non-
performing or charge-off rates could put further pressure on the
ratings.  Conversely, ratings could be positively affected should
FCF improve its operating performance, on a sustainable basis and
in line with higher rated community bank peers.

Headquartered in Indiana, PA, FCF provides a full range of
financial services including commercial and retail banking via 112
branches and two loan production offices across Western and
Central Pennsylvania.  The majority of FCF's branches are
concentrated within the greater Pittsburgh metropolitan area in
Alleghany, Butler, Washington, and Westmoreland counties, with the
remainder located throughout smaller more rural counties.

The following ratings have been downgraded. The Outlook is Stable:

First Commonwealth Financial Corp.

  -- Long-term IDR to 'BBB-' from 'BBB';
  -- Short-Term IDR to 'F3' from 'F2';
  -- Viability Rating to 'bbb-' from 'bbb';

First Commonwealth Bank

  -- Long-term IDR to 'BBB-' from 'BBB';
  -- Long-term Deposit to 'BBB' from 'BBB+';
  -- Short-Term IDR to 'F3' from 'F2';
  -- Viability Rating to 'bbb-' from 'bbb';

First Commonwealth Capital Trust

  -- Preferred stock to 'BB' from 'BB+'.

The following ratings have been affirmed, with a Stable Outlook:

First Commonwealth Financial Corp.

  -- Support Floor at 'NF'
  -- Support at '5'.

First Commonwealth Bank

  -- Short-Term Deposit at 'F2';
  -- Support Floor at 'NF';
  -- Support at '5'.


FIRST DATA: Incurs $157.4 Million Net Loss in Second Quarter
------------------------------------------------------------
First Data Corporation reported a net loss of $157.4 million on
$2.68 billion of revenues for the three months ended June 30,
2012, compared with a net loss of $175.8 million on $2.74 billion
of revenues for the same period a year ago.

The Company reported a net loss of $309.9 million on $5.24 billion
of revenues for the six months ended June 30, 2012, compared with
a net loss of $392.9 million on $5.29 billion of revenues for the
same period during the prior year.

"For a third consecutive quarter, First Data grew adjusted EBITDA
at a double-digit rate on continued merchant acquiring growth and
cost management," said Chief Executive Officer Jonathan J. Judge.
"There are tremendous opportunities to continue to grow this
business through both mobile payments and emerging markets.  With
our strong customer relationships, distribution channels, assets
and people, we are well-positioned to benefit from the changes
occurring in the payments space."

A copy of the press release is available for free at:

                       http://is.gd/p9pK78

                        About First Data

Based in Atlanta, Georgia, First Data Corporation, with over
$10 billion of revenue for the 12 months ended June 30, 2010,
provides commerce and payment solutions for financial
institutions, merchants, and other organizations worldwide.

The Company's balance sheet at March 31, 2012, showed $41.42
billion in total assets, $38 billion in total liabilities, $66.20
million in redeemable noncontrolling interest, and $3.34 billion
in total equity.

The Company reported a net loss of $336.10 million in 2011, a net
loss of $846.90 million in 2010, and a net loss of $1.01 billion
on $9.31 million in 2009.

                           *     *     *

The Company's carries a 'B3' corporate family rating, with a
stable outlook, from Moody's Investors Service, a 'B' corporate
credit rating, with stable outlook, from Standard & Poor's, and
a 'B' long-term issuer default rating from Fitch Ratings.


FIRST MARINER: Reports $5.6 Million Net Income in Second Quarter
----------------------------------------------------------------
1st Mariner Bancorp reported net income of $5.67 million on
$11.17 million of total interest income for the three months ended
June 30, 2012, compared with a net loss of $11 million on $11.65
million of total interest income for the same period during the
prior year.

For the six months ended June 30, 2012, the Company reported net
income of $7.49 million on $22.78 million of total interest
income, as compared to a net loss of $18.31 million on $23.84
million of total interest income for the same period a year ago.

The Company's balance sheet at June 30, 2012, showed $1.22 billion
in total assets, $1.23 billion in total liabilities and a $17.12
million total stockholders' deficit.

Mark A. Keidel, 1st Mariner's Chief Executive Officer, said, "Our
improved operating results for the second quarter were driven by a
robust mortgage banking environment, improved credit quality, and
continued reductions in operating expenses.  The low interest rate
environment and the addition of new mortgage production units have
significantly increased loan production for home purchases and
refinances.  We experienced a record number of mortgage
settlements during the quarter and for the first six months of
2012, with origination volume in excess of $1.0 billion."

A copy of the press release is available for free at:

                        http://is.gd/MzJe33

                        About First Mariner

Headquartered in Baltimore, Maryland, First Mariner Bancorp
-- http://www.1stmarinerbancorp.com/-- is a bank holding company
whose business is conducted primarily through its wholly owned
operating subsidiary, First Mariner Bank, which is engaged in the
general general commercial banking business.  First Mariner was
established in 1995 and has total assets in excess of $1.3 billion
as of Dec. 31, 2010.

"Quantitative measures established by regulation to ensure capital
adequacy require the [First Mariner] Bank to maintain minimum
amounts and ratios of total and Tier I capital to risk-weighted
assets, and of Tier I capital to average quarterly assets," the
Company said in the filing.  "As of March 31, 2011, the Bank was
"under-capitalized" under the regulatory framework for prompt
corrective action."

For the year ended Dec. 31, 2011, Stegman & Company, in Baltimore,
Maryland, expressed substantial doubt about the Company's ability
to continue as a going concern.  The independent auditors noted
that the Company continued to incur significant net losses in
2011, primarily from loan losses and costs associated with real
estate acquired through foreclosure.  The Company has insufficient
capital per regulatory guidelines and has failed to reach capital
levels required in the Cease and Desist Order issued by the
Federal Deposit Insurance Corporation in September 2009.

                        Bankruptcy Warning

As of Dec. 31, 2011, the Bank's and the Company's capital levels
were not sufficient to achieve compliance with the higher capital
requirements the Company was required to have met by June 30,
2010.  The failure to meet and maintain these capital requirements
could result in further action by the Company's regulators.

In the September Order, the FDIC and the Commissioner directed the
Bank to raise its leverage and total risk-based capital ratios to
6.5% and 10%, respectively, by March 31, 2010 and to 7.5% and 11%,
respectively, by June 30, 2010.  The Company did not meet these
requirements.  The Company has been in regular communication with
the staffs of the FDIC and the Commissioner regarding efforts to
satisfy the higher capital requirements.

First Mariner currently does not have any material amounts of
capital available to invest in the Bank and any further increases
to the Company's allowance for loan losses and operating losses
would negatively impact the Company's capital levels and make it
more difficult to achieve the capital levels directed by the FDIC
and the Commissioner.

Because the Company has not met all of the capital requirements
set forth in the September Order within the prescribed timeframes,
the FDIC and the Commissioner could take additional enforcement
action against the Company, including the imposition of monetary
penalties, as well as further operating restrictions.  The FDIC or
the Commissioner could direct us to seek a merger partner or
possibly place the Bank in receivership.  If the Bank is placed
into receivership, the Company would cease operations and
liquidate or seek bankruptcy protection.  If the Company were to
liquidate or seek bankruptcy protection, First Mariner does not
believe that there would be assets available to holders of the
capital stock of the Company.


FREEDOM COMMUNICATIONS: JPM Bid to Divide $300M Loan Denied Anew
----------------------------------------------------------------
Brian Mahoney at Bankruptcy Law360 reports that New York State
Supreme Court judge Eileen Branstein said that JPMorgan Chase Bank
NA can't bar a disputed creditor from plans to split what's left
of $300 million loaned to Freedom Communications Inc., saying
JPMorgan hadn't settled key facts about the loan's contractual
obligations.

According to Bankruptcy Law360, Judge Branstein denied JPMorgan's
second bid to use its own formula to divide the loan, which would
effectively cut out disputed creditor Luxor Capital LLC from part
of the repayment process.

                   About Freedom Communications

Freedom Communications, headquartered in Irvine, Calif., is a
national privately owned media company operating print
publications, broadcast television stations and interactive
businesses.  The company's print portfolio includes approximately
100 daily and weekly publications, plus ancillary magazines and
other specialty publications. The broadcast company's stations --
five CBS, two ABC network affiliates and one CW affiliate -- reach
more than 3 million households across the country. The Company's
news, information and entertainment Web sites complement its print
and broadcast properties.

Freedom Communications filed for Chapter 11 protection (Bankr. D.
Del. Case No. 09-13046) on Sept. 1, 2009.  Attorneys at Young
Conaway Stargatt & Taylor, and Latham & Watkins LLP served as
Chapter 11 counsel.  Houlihan, Lokey, Howard & Zukin, Inc., served
as financial advisors while AlixPartners LLC served as
restructuring consultants.  Logan & Co. served as claims and
notice agent.

Freedom Communications had $757 million in assets against debts of
$1.077 billion as of July 31, 2009.

The Bankruptcy Court confirmed Freedom' Plan of Reorganization on
March 9, 2010.  The Plan became effective April 30, 2010.  The
Plan, which was supported by the Steering Committee of the
Company's secured lenders and the Official Committee of Unsecured
Creditors, eliminated $450 million of debt from Freedom's balance
sheet.  Creditors, led by JPMorgan Chase, agreed to cut the debt
by nearly 60% to $325 million in return for control of the
Company.


GEMP BUILDING: Case Summary & 2 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: GEMP Building LLC
        1025 Angle Lane
        Everett, WA 98201

Bankruptcy Case No.: 12-18062

Chapter 11 Petition Date: August 2, 2012

Court: United States Bankruptcy Court
       Western District of Washington (Seattle)

Judge: Marc Barreca

Debtor's Counsel: Jeffrey B. Wells, Esq.
                  500 Union St Ste 502
                  Seattle, WA 98101
                  Tel: (206) 624-0088
                  E-mail: paralegal@jeffwellslaw.com

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

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

A copy of the Company's list of its two largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/wawb12-18062.pdf

The petition was signed by Roger Pawley, managing member.


GENERAL MOTORS: Spyker Files $3BB Suit Over Saab Bankruptcy
-----------------------------------------------------------
Katarina Gustafsson and Jeff Bennett, writing for The Wall Street
Journal, report that Dutch auto group Spyker NV sued General
Motors Company on Monday in a U.S. District Court in Detroit:

     -- seeking $3 billion in damages; and
     -- accusing GM of forcing Swedish auto maker Saab Automobile
        AB into bankruptcy last year.

Spyker acquired Saab from GM in January 2010 for $74 million in
cash and $326 million in preferred shares.  At the time, GM was
emerging from its own bankruptcy proceedings and it had been
looking to shutter or unload the Swedish brand along with other
divisions as part of that process.  WSJ notes that despite the
sale, GM retained rights to technology and patents used in the
engineering of Saab vehicles.  GM had given Saab a license to use
these technologies and opposed sharing that same technology with
any other auto makers.

Saab halted production in March 2011 when it ran out of cash to
pay its component providers.  Saab had been wrestling with
liquidity issues due to its lower volumes and slowing sales
environment in Europe.

According to WSJ, Spyker alleged in the lawsuit that GM blocked
Spyker's attempt to sell Saab to Chinese investors because GM
executives worried that new investor -- China Youngman Automobile
Group Co. -- would have access to GM technology and compete
against the U.S. auto maker in China, one of its most important
foreign markets.

"GM deliberately pushed Saab over the cliff," Spyker Chief
Executive Officer Victor Muller said on Monday, according to WSJ.
Mr. Muller said the $3 billion in damages being sought reflects
the estimated future value of Saab if Youngman had been allowed to
buy the Swedish auto maker and invest in it.

According to WSJ, a GM spokesman called the suit "completely
without merit" and said the company would defend itself in court.

WSJ says Spyker may find it difficult to prove that GM's alleged
resistance to the sale was the only reason Saab went under.

"Spkyer's lawsuit against GM is an uphill battle at best," WSJ
quotes Anthony Michael Sabino, a business professor at St. John's
University in New York, as saying. "Frankly, GM can easily defend
itself by just saying 'look at the economy, look at the recession,
look at Saab's sales figures.'"

WSJ recounts that Saab Automobile's liquidators in April 2012 sold
the bulk of the assets of the bankrupt Swedish company to a
Chinese-Japanese backed electric vehicles start-up called National
Electric Vehicle Sweden AB, or NEVS.  NEVS is 51% owned by Hong
Kong-based National Modern Energy Holdings Ltd., a developer of
alternative-energy plants in China, and 49% by Sun Investment LLC,
a Japanese investment firm. They aim to develop premium electric
vehicles for the Chinese market.

                        About General Motors

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

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

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

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

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

            About Saab Automobile AB and Saab Cars N.A.

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 Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344).  The petitioners,
represented by Wilk Auslander LLP, assert claims totaling $1.2
million on account of "unpaid warranty and incentive reimbursement
and related obligations" 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.

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.

On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.

Donlin, Recano & Company, Inc., was retained as claims and
noticing agent to Saab Cars NA in the Chapter 11 case.

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.


GEOMET INC: Receives Extension of Response Deadline Until Aug. 8
----------------------------------------------------------------
GeoMet, Inc., and its lenders executed an amendment to the Fifth
Amended and Restated Credit Agreement, effective July 25, 2012.
The Third Amendment extends the date by which the Company can
provide written notice stating the action it proposes to take to
remedy its previously disclosed borrowing base deficiency from
July 31, 2012, to Aug. 8, 2012.

A copy of the Third Amendment is available for free at:

                       http://is.gd/CErpYW

                        About Geomet Inc.

Houston, Texas-based GeoMet, Inc., is an independent energy
company primarily engaged in the exploration for and development
and production of natural gas from coal seams ("coalbed methane"
or "CBM") and non-conventional shallow gas.  It was originally
founded as a consulting company to the coalbed methane industry in
1985 and has been active as an operator, developer and producer of
coalbed methane properties since 1993.  Its principal operations
and producing properties are located in the Cahaba and Black
Warrior Basins in Alabama and the central Appalachian Basin in
Virginia and West Virginia.  It also owns additional coalbed
methane and oil and gas development rights, principally in
Alabama, Virginia, West Virginia, and British Columbia.  As of
March 31, 2012, it owns a total of approximately 192,000 net acres
of coalbed methane and oil and gas development rights.

The Company's balance sheet at March 31, 2012, showed
$199.21 million in total assets, $176.64 million in total
liabilities, $30.47 million of Series A convertible redeemable
preferred stock, and a stockholders' deficit of $7.90 million.

"As of May 11, 2012, we had $148.6 million outstanding under our
Fifth Amended and Restated Credit Agreement," the Company said in
its quarterly report for the period ending March 31, 2012.  "As of
March 31, 2012, we were in compliance with all of the covenants in
our Credit Agreement.  The Credit Agreement provides, however,
that if the amount outstanding at any time exceeds the "borrowing
base", we must provide additional collateral to the lenders or
repay the excess as provided in the Credit Agreement.  The
borrowing base is set in the sole discretion of our lenders in
June and December of each year based, in part, on the value of our
estimated reserves as determined by the lenders using natural gas
prices forecasted by the lenders."

"Due to the decline in the bank group's price projections, we
expect our outstanding loan balance at the June determination date
will exceed the new borrowing base, resulting in a borrowing base
deficiency.  We do not have additional collateral to provide to
the lenders and we expect that our operating cash flows would be
insufficient to repay the expected borrowing base deficiency, as
required under the Credit Agreement. As such, unless we amend the
Credit Agreement, we may be in default under the agreement when
the borrowing base is determined in June 2012.  In addition, the
elimination of the unused availability under the borrowing base,
which is a factor in our working capital covenant, may result in a
future default of that covenant under the Credit Agreement.  We
have begun discussions with our bank group; however, until the
borrowing base for June 2012 has been determined, we will not know
the amount of the deficiency.  As of March 31, 2012, the debt is
classified as long-term as we are not in violation of any debt
covenants.  Should we be in violation of any covenants which have
not been waived or have a borrowing base deficiency as of June 30,
2012, some or all of the debt will be reclassified to current.
There are no assurances that we will be able to amend our Credit
Agreement or obtain a waiver.  If we do obtain a waiver or an
amendment, there can be no assurance as to the cost or terms of
such an amendment."

"These conditions raise substantial doubt about our ability to
continue as a going concern for the next twelve months."


HAMPTON ROADS: Prudential Head, Pender CEO Added to Board
---------------------------------------------------------
Hampton Roads Bankshares, Inc., the holding company for The Bank
of Hampton Roads and Shore Bank, announced that BHR has expanded
its Board of Directors and appointed Earl M. Jackson and Richard
H. Matthews to the Board.

Douglas J. Glenn, President and Chief Executive Officer of the
Company and BHR, said, "We are very pleased to welcome Earl and
Rick to the Board of BHR.  Both are proven business leaders with
deep roots in our region and valuable perspectives on the local
real estate market and the banking needs of families and
businesses in the communities we serve."

Mr. Jackson has been a real estate professional in Richmond for
the past 40 years.  He has served as President and CEO of
Prudential Slater James River, Realtors since 1998 and was
President of Slater, Realtors from 1984 to 1998.  Mr. Jackson was
a founding director of Bank of Richmond, a predecessor to BHR, and
was recently appointed to the Central Virginia Community Board for
Gateway Bank.

Over the course of his career, Mr. Jackson has been active in a
number of real estate industry organizations, including the
Richmond, Virginia and National Associations of Realtors.  He is
also active in civic and community organizations in the Richmond
area.  Mr. Jackson earned a B.S. from Virginia Commonwealth
University.

Mr. Matthews has practiced law for 35 years and has served as
Chief Executive Officer and Managing Partner of Pender & Coward,
P.C., since 1999.  Prior to joining Pender & Coward in 1990, Mr.
Matthews was a Partner at Glanzer and Matthews from 1983 to 1990,
Assistant City Attorney for Virginia Beach, VA from 1978-1983 and
an Associate with Steingold and Steingold in Norfolk, VA from 1976
to 1978.  His practice specialties include business and commercial
transactions and litigation, including banking, employment,
contracts and real estate.

Mr. Matthews earned a B.A. Magna Cum Laude from the University of
Richmond and a J.D. from the University of Richmond Law School.
He has served as a member of the BHR Chesapeake Advisory Board for
over a decade.  Over the course of his career, he has been active
in a number of civic and public service organizations in the
Tidewater region.

                   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: Amends Form S-1 Registration Statement
-----------------------------------------------------
Hampton Roads Bankshares, Inc., filed with the U.S. Securities and
Exchange Commission amendment no. 1 to the Form S-1 relating to
the distribution, at no charge, to holders of the Company's common
stock, par value $0.01 per share, non-transferable subscription
rights to purchase up to 64,285,715 shares of the Company's common
stock at a price of $0.70 per share in this rights offering.

Each Right will entitle the holder of that Right to purchase (i)
1.8600 shares of Common Stock at a subscription price of $0.70 per
share and (ii) to the extent that holder has exercised all of its
Basic Subscription Rights, 2.0667 additional shares of Common
Stock at a subscription price of $0.70 per share.

The Rights Offering will expire at 5:00 p.m., New York City time,
on Sept. 5, 2012.

The Rights Offering is being made directly by the Company.  The
Company is not using an underwriter.

The Company's common stock is traded on the NASDAQ Global Select
Market under the symbol "HMPR."  On July 18, 2012, the closing
price for the Company's common stock was $1.67 per share.
Subscription rights will not be listed for trading on The NASDAQ
Global Select Market or any other stock exchange or market.

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

                        http://is.gd/7y91LW

                   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.


HEALTH NET: S&P Alters Outlook to Neg. on Poor Operating Results
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Health
Net Inc. to negative from stable. "At the same time, we affirmed
our 'BB' long-term counterparty credit rating on Health Net Inc.
and our 'BBB-' long-term counterparty credit and financial
strength ratings on core subsidiaries Health Net of California
Inc., Health Net Life Insurance Co., Health Net of Arizona Inc.,
and Health Net Health Plan of Oregon Inc.," S&P said.

"The outlook revision resulted from Health Net's announcement that
its operating performance was significantly worse than expected
for second-quarter and will be worse than expected for full-year
2012," said Standard & Poor's credit analyst Hema Singh. "The
results were primarily driven by higher-than-expected medical
costs from its Medicaid senior and persons with disabilities
members, and its commercial large groups with full-network
benefits members."

"Health Net's mix of business in commercial and government-
sponsored managed care plans (Medicaid, Medicare Advantage, and
TRICARE) supports its very good business profile. The company's
main product offering is structured as an insured HMO, marketed
primarily to commercial and government customers. In addition,
with TRICARE's conversion to a nonrisk business effective April
2011, the mix of Health Net's membership business is now 54%
nonrisk (TRICARE members) and 46% risk. This very good business
profile helps to mitigate our concerns about the company's limited
geographic and product scope," S&P said.

"The negative outlook indicates that we could lower the rating by
one notch if the company's EBIT ROR were to decline to less than
0.5%-1.5% for a sustained period. In 2012, we expect Health Net to
report an adjusted EBIT ROR of about 1%-1.5% on revenue of more
than $11 billion. We expect debt leverage--including
postretirement benefit and operating lease obligations--of
less than 35%, and EBITDA interest coverage--including imputed
interest on operating lease obligations--to be greater than 4x at
year-end 2012. We expect consolidated risk-adjusted
capitalization--including the effects of double leverage--to
remain redundant at the 'BBB' level," S&P said.


HEALTHWAREHOUSE.COM INC: Cape Bear Discloses 10.4% Equity Stake
---------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Cape Bear Partners LLC disclosed that, as of
June 28, 2012, it beneficially owns 1,222,468 shares of common
stock of Healthwarehouse.com, Inc., representing 10.4% of the
shares outstanding.  The percentage was calculated on the basis of
11,710,277 shares of common stock issued and outstanding on
June 28, 2012.  A copy of the filing is available for free at:

                        http://is.gd/Hn3Rtz

                     About HealthWarehouse.com

HealthWarehouse.com, Inc., headquartered in Florence, Kentucky, is
a Verified Internet Pharmacy Practice Sites accredited retail
mail-order pharmacy and healthcare e-commerce company that sells
discounted generic and brand name prescription drugs, as well as,
over-the-counter (OTC) medical products.

In the auditors' report accompanying the consolidated financial
statement for the year ended Dec. 31, 2011, Marcum LLP, in New
York, N.Y., expressed substantial doubt about
HealthWarehouse.com's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations.

The Company reported a net loss of $5.71 million on $10.36 million
of sales in 2011, compared with a net loss of $3.69 million on
$5.69 million of sales in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $2.67 million
in total assets, $4.96 million in total liabilities, redeemable
preferred stock of $566,394, and a stockholders' deficit of
$2.86 million.


HEALTHWAREHOUSE.COM INC: L. Dhadphale Holds 19.1% Equity Stake
--------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Lalit Dhadphale disclosed that, as of
June 28, 2012, he beneficially owns 2,296,720 shares of common
stock of Healthwarehouse.com, Inc., representing 19.1% of the
shares outstanding.  A copy of the filing is available at:

                        http://is.gd/gUG14g

                     About HealthWarehouse.com

HealthWarehouse.com, Inc., headquartered in Florence, Kentucky, is
a Verified Internet Pharmacy Practice Sites accredited retail
mail-order pharmacy and healthcare e-commerce company that sells
discounted generic and brand name prescription drugs, as well as,
over-the-counter (OTC) medical products.

In the auditors' report accompanying the consolidated financial
statement for the year ended Dec. 31, 2011, Marcum LLP, in New
York, N.Y., expressed substantial doubt about
HealthWarehouse.com's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations.

The Company reported a net loss of $5.71 million on $10.36 million
of sales in 2011, compared with a net loss of $3.69 million on
$5.69 million of sales in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $2.67 million
in total assets, $4.96 million in total liabilities, redeemable
preferred stock of $566,394, and a stockholders' deficit of
$2.86 million.


HOLDINGS OF EVANS: SFG Posts Notice of Foreclosure Sale
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Georgia
approved a consent order modifying the automatic stay to the
extent necessary to allow SFG Venture LLC, to submit a notice of
sale under power and any related notices for publication in
appropriate newspaper or other appropriate legal publication
advertising a foreclosure of Holdings of Evans, LLC's real or
personal property subject to SFG's liens by Sept. 4, 2012.

A copy of the order and terms of the agreement is available for
free at http://bankrupt.com/misc/HOLDINGSOFEVANS_stay_order.pdf

As reported in the Troubled Company Reporter on July 6, 2012,
SFG asked the Court for relief of stay in the Chapter 11 cases of
the Debtor.  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: U.S. Trustee Wants Case Converted or Dismissed
-----------------------------------------------------------------
Donald F. Walton, the U.S. Trustee for Region 21, early last month
filed a motion asking the U.S.  Bankruptcy Court for the Southern
District of Georgia to dismiss or convert the Chapter 11 case of
Holdings of Evans, LLC, to one under Chapter 7 of the Bankruptcy
Code.  According to the U.S. Trustee, the Debtor is delinquent in
filing monthly operating reports for April 2012 and May 2012; and
in paying first quarter 2012 statutory fees in the amount of
$1,955.

                      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: Hires William Preston as Special Counsel
------------------------------------------------------
According to the case docket, HRK Holdings LLC sought and obtained
permission from the U.S. Bankruptcy Court to employ William D.
Preston, P.A., as special counsel to provide advice, consulting
services, and litigation services in connection with:

   (a) pending matters related to certain administrative
agreements, dredging contracts, approvals, plans, permits,
violations, and compliance with, administrative agreements,
dredging contracts, approvals, plans, permits, orders, laws, and
rules of, but not limited to, the Florida Department of
Environmental Protection and Manatee County Port Authority;

   (b) environmental regulatory issues in pending lawsuits for
claims of the Debtors against Ardaman & Associates, Inc., Comanco
Environmental Corporation, The Comanco Group, Inc., Comanco
Construction Corporation, CDM Constructors Inc., CDM Smith
Inc., Shaw Environmental, Inc., Shaw Environmental &
Infrastructure, Inc., WRS Infrastructure & Environment, Inc. d/b/a
WRSCompass, and Environmental Consulting & Technology, Inc., and
possible lawsuits for claims of the Debtors against additional
parties, including but not limited to , individual licensed
professionals, for design and construction defects and breaches of
contract relating to gypstack systems and water management on the
Property ;

   (c) environmental regulatory issues associated with the sale of
portions of real estate, including but not limited to sale
pursuant to an executed contract for purchase; and

   (d) contract and document drafting, interpretation, analysis,
and advice regarding agreements and relationships with government
agencies, including but not limited to Florida Department of
Environmental Property and Manatee County Port Authority; and

   (e) coordination with the Debtors' bankruptcy counsel and other
special counsel.

The firm will, among other things:

   (a) confer, communicate, and meet with the Debtors, government
       agencies, attorneys for other parties, parties, co-counsel,
       and others;

   (b) read and analyze contracts, evidence, and other legal
       documents; and

   (c) draft, analyze, interpret, and review contracts,
       correspondence, pleadings, discovery, responses, and other
       legal documents and evidence.

The firm's hourly rate is $300.  The firm will also charge for
disbursements incurred.

William D. Preston, Esq., attests the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code.


                        About HRK Holdings

Based in Palmetto, Florida, HRK Holdings LLC owns roughly 675
contiguous acres of real property in Manatee County, Florida.
Roughly 350 acres of the property accommodates a phosphogypsum
stack system, called Gypstaks, a portion of which was 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 remaining acres of usable land are
either leased to various tenants or available for sale.  HRK
Industries holds various contracts and leases associated with the
Debtors' property.

HRK Holdings and HRK Industries LLC filed for Chapter 11
protection (Bankr. M.D. Fla. Case Nos. 12-09868 and 12-09869) on
June 27, 2012.  Judge K. Rodney May oversees the case.  Barbara A.
Hart, Esq., at Stichter, Riedel, Blain & Prosser, P.A., represents
the Debtors.  HRK Holdings scheduled $33,366,529 in assets and
$26,069,208 in liabilities.  The petitions were signed by William
F. Harley, III, managing member.

According to the Debtors, the bankruptcy filing was necessitated
by the immediate need to sell a portion of the remaining property
to create liquidity for (a) funding the urgent management of the
site-related environmental concerns; the benefit of creditors;
funding a litigation filed by the Debtors; and funding of expenses
related to additional sales of the remaining property.


HUDSON COUNTY: Moody's Assigns 'Ba2' Long-Term G.O. Rating
----------------------------------------------------------
Moody's Investors Service has assigned an underlying Ba2 rating
and enhanced A1 rating to Hudson County Improvement Authority's
(NJ) $14 million Town of Harrison -- Secured Revenue Bonds, Series
2012. Concurrently, Moody's has revised Harrison's outlook to
positive from stable and affirmed the town's long-term general
obligation rating of Ba2, affecting $22.8 million of outstanding
parity debt. The bonds are ultimately secured by the general
obligation of the Town of Harrison with enhanced security provided
by the New Jersey Qualified Bond Program. The enhanced rating
carries a stable outlook. Proceeds will permanently finance the
town's remaining Bond Anticipation Notes.

Issue: Secured Revenue Bonds, Series 2012; Underlying Rating: Ba2;
Enhanced Rating: A1; Sale Amount: $14,000,000; Expected Sale Date:
8/7/2012; Rating Description: General Obligation

Summary Ratings Rationale

Assignment of the town's underlying long-term rating of Ba2
reflects the town's ad valorem pledge to make timely debt service
payments. Assignment of the enhanced rating of A1 on these bonds
reflects strong debt service coverage provided by qualified
revenues (state aid) under the State of New Jersey's Municipal
Qualified Bond Act.

Revision of the Harrison's outlook to positive from stable
reflects a degree of resolution to the town's uncertain near-term
financial position with a significant, $5.6 million payment (from
the largest taxpayer, Red Bull Park Inc.) for current and
delinquent property taxes.

The underlying rating of Ba2 reflects the town's narrow financial
position and reliance on cash flow notes to finance operations. It
also reflects continued uncertainty given a tumultuous
relationship with the town's largest taxpayer as well as ongoing
exposure to enterprise risk related to redevelopment projects.

Strengths

- Recently received payment from largest taxpayer for nearly
   three years of unpaid taxes

- Demonstrated support from state for cash flow financing
   efforts

- Recent structural improvements to financial operations

- Additional financial flexibility afforded by a levy cap bank
   of $2.25 million (as of the introduced 2012 budget)

Challenges

- Market access risk arising from the continued reliance on cash
   flow notes to fund operations

- Ongoing uncertainties regarding largest taxpayer

- Challenged financial operations

- Enterprise and development-related risk

- Significant debt with high annual debt service

- Low Current Fund balance

Outlook

The positive outlook reflects Moody's expectation that Harrison
will continue to stabilize financial operations and mitigate
potential risks associated with Red Bull litigation.

What Could Move the Rating Up:

* Development and maintenance of additional financial
   flexibility to offset potential liabilities associated with
   Red Bull litigation

* Maintenance of additional financial flexibility in the forms
   of substantial levy cap bank or liquid reserves

* Continued collection of historical and projected developer
   PILOT payments and reimbursements

* Trend of structurally balanced financial operations

* Sustained improvement in financial operations with growth in
   Current Fund balance and reduced reliance on cash flow
   borrowing

What Could Move The Rating Down:

* Limited future market access for cash flow borrowing or
   increased cash flow borrowing in relation to the budget

* Inability to adequately manage collection of Red Bull property
   tax revenue

* Weakened financial operations

* Future debt issuances that materially increase the town's debt
   burden

* Further deterioration of the town's tax base

The principal methodology used in this rating was General
Obligation Bonds Issued by U.S. Local Governments published in
October 2009.


ICTS INTERNATIONAL: Posts $2.1 Million Net Loss in 2011
-------------------------------------------------------
ICTS International, N.V., filed on May 11, 2012, its annual report
on Form 20-F for the fiscal year ended Dec. 31, 2011.

Mayer Hoffman McCann CPAs, in New York, N.Y., expressed
substantial doubt about ICTS International's ability to continue
as a going concern.  The independent auditors noted that the
Company has a history of recurring losses from continuing
operations, negative cash flows from operations, working capital
deficit, and is in default on its line of credit arrangement in
the United States as a result of the violation of certain
financial and non-financial covenants.

The Company reported a net loss of US$2.15 million on
US$105.93 million of revenue for 2011, compared with a net loss of
US$8.12 million on US$98.43 million of revenue for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
US$23.88 million in total assets, US$51.49 million in total
liabilities, and a stockholders' deficit of US$27.61 million.

A copy of the Form 20-F is available for free at:

                       http://is.gd/g3KaHw

ICTS International N.V. is a public limited liability company
organized under the laws of The Netherlands in 1992.

ICTS specializes in the provision of aviation security and other
aviation services.  Following the taking of its aviation security
business in the United States by the TSA in 2002, ICTS, through
its subsidiary Huntleigh U.S.A. Corporation, engages primarily in
non-security related activities in the USA.

ICTS, through I-SEC International Security B.V., supplies aviation
security services at airports in Europe and the Far East.

In addition, I-SEC Technologies B.V. including its subsidiaries
develops technological systems and solutions for aviation and non?
aviation security.


IDEARC INC: Judge Trims Suit Vs. Verizon Over Spinoff Transactions
------------------------------------------------------------------
Kaitlin Ugolik at Bankruptcy Law360 reports that U.S. District
Judge A. Joe Fish on July 31, 2012, partially granted a motion to
dismiss a suit against Verizon Communications Inc. accusing it of
defrauding creditors by spinning off Idearc Inc. and driving the
company into bankruptcy, preserving fraudulent transfer and
promoter liability claims.

Bankruptcy Law360 relates that in a partial motion to dismiss
lodged in December, Verizon attacked some of creditor U.S. Bank
NA's fraudulent conveyance, promoter liability, unjust enrichment
and alter ego claims, citing lack of standing, insufficient
evidence and untimeliness.

                        About Idearc Inc.

Headquartered in D/FW Airport, Texas, Idearc, Inc., now known as
SuperMedia Inc., is the second largest U.S. yellow pages
publisher.  Idearc was spun off from Verizon Communications, Inc.

Idearc and its affiliates filed for Chapter 11 protection on
March 31, 2009 (Bankr. N.D. Tex. Lead Case No. 09-31828).  The
Debtors' financial condition as of Dec. 31, 2008, showed total
assets of $1,815,000,000 and total debts of $9,515,000,000.
Toby L. Gerber, Esq., at Fulbright & Jaworski, LLP, represented
the Debtors in their restructuring efforts.  The Debtors tapped
Moelis & Company as their investment banker; Kurtzman Carson
Consultants LLC as their claims agent.

William T. Neary, the United States Trustee for Region 6,
appointed six creditors to serve on the official committee of
unsecured creditors.  The Committee selected Mark Milbank, Tweed,
Hadley & McCloy LLP, as counsel, and Haynes and Boone, LLP, co-
counsel.

Idearc completed its debt restructuring and its plan of
reorganization became effective as of Dec. 31, 2009.  In
connection with its emergence from bankruptcy, Idearc changed its
name to SuperMedia Inc.  Under its reorganization, Idearc reduced
its total debt from more than $9 billion to $2.75 billion of
secured bank debt.

Less than two years since leaving bankruptcy protection,
SuperMedia remains in quandary.  Early in October 2011, Moody's
Investors Service slashed its corporate family rating for
SuperMedia to Caa1 from B3 prior.  The downgrade reflects Moody's
belief that revenues will continue to decline at a double digit
rate for the foreseeable future, leading to a steady decline in
free cash flow.  SuperMedia's sales were down 17% for the second
quarter of 2011 in a generally improving advertising sector.
Moody's ratings outlook for SuperMedia remains negative.

While SuperMedia is attempting to transition the business away
from its reliance on print advertising through development of
online and mobile directory service applications, Moody's is
increasingly concerned that the company will not be able to make
this change quickly enough to stabilize the revenue base over the
intermediate term. Further, the high fixed cost nature of
SuperMedia's business could lead to steep margin compression,
notwithstanding continued aggressive cost management.


INDIANAPOLIS DOWNS: U.S. Trustee, Others Object to Amended Plan
---------------------------------------------------------------
BankruptcyData.com reports that several parties -- including the
U.S. Trustee assigned to the case -- filed with the U.S.
Bankruptcy Court objections to Indianapolis Downs' Second Amended
Joint Plan of Reorganization.  The U.S. Trustee's objection
states, "The Plan provides for certain third-party releases and
exculpations. But certain of the parties seeking releases under
the Plan do not appear to be entitled to such relief under
applicable law."  The Court has scheduled an Aug. 22, 2012 hearing
on the Plan.

                     About Indianapolis Downs

Indianapolis Downs LLC operates Indiana Live --
http://www.indianalivecasino.com/-- a combined race track and
casino at a state-of-the-art 283 acre Shelbyville, Indiana site.
It also operates two satellite wagering facilities in Evansville
and Clarksville, Indiana.  Total revenue for 2010 was $270
million, representing an 8.7% increase in 2009.  The casino
captured 53% of the Indianapolis market share.

In July 2001, Indianapolis Downs was granted a permit to conduct a
horse track operation in Shelvyville, Indiana, and started
operating the track in 2002.  It was granted permission to operate
the casino at the racetrack operation in May 2007.  The casino
began operations in July 2010.

Indianapolis Downs and subsidiary, Indianapolis Downs Capital
Corp., sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
11-11046) in Wilmington, Delaware, on April 7, 2011.  Indianapolis
Downs estimated $500 million to $1 billion in assets and up to
$500 million in debt as of the Chapter 11 filing.  According to a
court filing, the Debtor owes $98,125,000 on a first lien debt. It
also owes $375 million on secured notes and $72.6 million on
subordinated notes.

Matthew L. Hinker, Esq., Scott D. Cousins, Esq., and Victoria
Watson Counihan, Esq., at Greenberg Traurig, LLP in Wilmington,
Delaware, have been tapped as counsel to the Debtors. Christopher
A. Ward, Esq., at Polsinelli Shughart PC, in Wilmington, Delaware,
is the conflicts counsel. Lazard Freres & Co. LLC is the
investment banker. Bose Mckinney & Evans LLP and Bose Public
Affairs Group LLC serve as special counsel. Kobi Partners, LLC,
is the restructuring services provider. Epiq Bankruptcy
Solutions is the claims and notice agent.


INTEGRATED FREIGHT: R. Papiri Resigns from Board of Directors
-------------------------------------------------------------
Robert A. Papiri, one of Integrated Freight Corporation's
independent directors, has resigned effective April 12, 2012.

                     About Integrated Freight

Integrated Freight Corporation, formerly PlanGraphics, Inc., (OTC
BB: IFCR) -- http://www.integrated-freight.com/-- is a Sarasota,
Florida headquartered motor freight company providing long-haul,
regional and local service to its customers.  The Company
specializes in dry freight, refrigerated freight and haz-waste
truckload services, operating primarily in well-established
traffic lanes in the upper mid-West, Texas, California and the
Atlantic seaboard.  IFCR was formed for the purpose of acquiring
and consolidating operating motor freight companies.

On Aug. 19, 2010, at a special stockholders' meeting the Company
approved a reverse stock split, a relocation of its State of
Incorporation to Florida and a change of its name to Integrated
Freight Corporation.  The Company's name change and State of
Incorporation have been approved and are effective as of
Aug. 18, 2010.  The reverse stock split has been approved but is
not effective as of the date of this filing.

The Company ended fiscal 2011 with a net loss of $7.76 million on
$18.82 million of revenue and fiscal 2010 with a net loss of $3.14
million on $17.33 million of revenue.

The Company's balance sheet at Dec. 31, 2011, showed
$11.70 million in total assets, $26.29 million in total
liabilities and a $14.58 million total stockholders' deficit.

In the auditors' report accompanying the financial statements for
year ended March 31, 2011, Sherb & Co., LLP, in Boca Raton,
Florida, expressed substantial doubt about the Company's ability
to continue as a going concern.  The independent auditors noted
that the Company has suffered recurring losses and has a negative
working capital position and a stockholders' deficit.


INTERNATIONAL TEXTILE: Sells Burlington IP for $6 Million
---------------------------------------------------------
International Textile Group, Inc., the other borrowers and credit
parties, General Electric Capital Corporation, as agent and
lender, and the other lenders, entered into Consent and Amendment
No. 7 to the Amended and Restated Credit Agreement, dated as of
March 30, 2011, by and among the Company, certain of its U.S.
subsidiaries, GE Capital and certain other lenders signatory
thereto.

Pursuant to the Credit Agreement Amendment and related
documentation, the Company and its subsidiary, Burlington
Industries LLC, obtained the right to assign certain "Burlington"
trademark rights to Kayser-Roth Corporation, provided that the
proceeds are used in their entirety to repay amounts outstanding
under the revolving credit facility under the Credit Agreement.

The Credit Agreement Amendment also provides that, after that
repayment, borrowing availability under the Revolver will be
reduced by, among other things, the amount of the net proceeds
from the Burlington IP Sale used to repay the Revolver, thus
reducing the Revolver.

On July 25, 2012, the Company completed the Burlington IP Sale for
gross proceeds of $6.0 million.  Gross proceeds, less nominal fees
and expenses, from the sale were used to repay amounts outstanding
under the Revolver as required under the Credit Agreement
Amendment.

                    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.


INTELSAT SA: Incurs $83.6 Million Net Loss in Second Quarter
------------------------------------------------------------
Intelsat S.A. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $83.62 million on $638.66 million of revenue for the three
months ended June 30, 2012, compared with a net loss of
$214.48 million on $642.44 million of revenue for the same period
during the prior year.

The Company reported a net loss of $107.89 million on $1.28
billion of revenue for the six months ended June 30, 2012,
compared with a net loss of $430.24 million on $1.28 billion of
revenue for the same period a year ago.

The Company's balance sheet at June 30, 2012, showed $17.46
billion in total assets, $18.66 billion in total liabilities, $48
million in noncontrolling interest, and a $1.24 billion total
Intelsat S.A. shareholders' deficit.

Intelsat CEO Dave McGlade said, "In the second quarter, Intelsat
achieved steady financial performance while embarking upon a new
era in our continuing industry leadership.  Near term, our 2012-
2013 launch program will provide valuable growth capacity and also
include the final phase of deployment of our global broadband
mobility infrastructure.  As these satellites enter service, our
business will benefit from demand for fixed and mobile
applications serving media, government and network services
customers.  Given the timing of this expansion capacity being
added to our fleet, revenue growth in the second half of 2012 is
expected to begin to accelerate modestly; total year 2012 revenue
results are expected to be slightly positive as compared to 2011."

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

                        http://is.gd/C5CyLR

                         About Intelsat

Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services.  It had US$2.5 billion in revenue in 2009.

Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of Intelsat
S.A., its indirect parent.  Intelsat Corp. had US$7.70 billion in
assets against US$4.86 billion in debts as of Dec. 31, 2010.

The Company reported a net loss of $433.99 million in 2011, a net
loss of $507.77 million in 2010, and a net loss of $782.06 million
in 2009.

                           *     *     *

Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's.  It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.


IOWORLDMEDIA INC: Issues 61.4 Million Common Shares
---------------------------------------------------
IOWorldMedia, Incorporated sold to an institutional investor
7,614,213 shares of the Company's common stock, $.001 par value,
for an aggregate purchase price of $150,000, or $0.0197 per share.
The quoted market price of the Common Stock on the prior day to
the date of closing this transaction was $0.02 per share.  The
Company incurred no offering costs in connection with this
offering.  The Company will use the proceeds from this offering
for working capital purposes.

On July 31, 2012, IOWorldMedia, Incorporated also sold to Big Red
Investments Partnership Ltd., of which Thomas Bean, Chairman,
President and Chief Executive Officer of the Company is a limited
partner owning 99.65% of the partnership, 22,316,554 shares of the
Company's common stock, $0.001 par value, for an aggregate
purchase price of $439,636, or $0.0197 per share.  The Company
owed Big Red Investments Partnership Ltd. $439,636 for loans and
other accrued expenses made to the Company since Jan. 1, 2011, and
as such, $439,636 of Advances From Related Parties and Accounts
Payable and Accrued Expenses on the Company's balance sheet will
be extinguished.

On July 31, 2012, IOWorldMedia issued shares to three independent
consultants that in aggregate consisted of 31,500,000 shares of
the Company's common stock, $.001 par value for consulting
services related to advertising operations, technology, finance,
strategy and content development.

On July 27, 2012, IOWorldMedia and prior holders of Up Your
Ratings, Inc., agreed to amend and restate sections 10.3 and 10.4
of the Share Exchange Agreement dated Nov. 7, 2011, a copy of
which is available for free at http://is.gd/QB7Q5d

                         About ioWorldMedia

Tampa, Fla.-based ioWorldMedia, Incorporated, operates three
primary internet media subsidiaries: Radioio, ioBusinessMusic, and
RadioioLive.

As reported in the TCR on April 20, 2012, Patrick Rodgers, CPA,
PA, in Altamonte Springs, Fla., expressed substantial doubt about
ioWorldMedia's ability to continue as a going concern, following
the Company's results for the fiscal year ended Dec. 31, 2011.
The independent auditor noted that the Company has suffered
recurring losses from operations and negative cash flows
from operations the past two years.

The Company's balance sheet at Dec. 31, 2011, showed $1,952,418
in total assets, $1,863,459 in total liabilities, preferred stock
of $3,025, additional paid-in capital of $5,769,279, and a
stockholders' deficit of $5,683,345.


JONES SODA: Had $1.7 Million Net Loss in First Quarter
------------------------------------------------------
Jones Soda Co. filed its quarterly report on Form 10-Q, reporting
a net loss of $1.67 million on $3.86 million of revenue for the
three months ended March 31, 2012, compared with a net loss of
$1.67 million on $4.09 million of revenue for the same period last
year.

The Company's balance sheet at March 31, 2012, showed
$9.82 million in total assets, $4.16 million in total liabilities,
and stockholders' equity of $5.66 million.

As reported in the TCR on April 5, 2012, Peterson Sullivan LLP, in
Seattle, Washington, expressed substantial doubt about Jones
Soda'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 experienced
recurring losses from operations and negative cash flows from
operating activities.

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

                       http://is.gd/9EKooi

Seattle, Washington-based Jones Soda Co. develops, produces,
markets and distributes premium beverages.


K-V PHARMACEUTICAL: Makena Maker Files for Chapter 11
-----------------------------------------------------
K-V Pharmaceutical Company and certain domestic subsidiaries on
Aug. 4 filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead
Case No. 12-13346, under K-V Discovery Solutions Inc.) to
restructure their financial obligations.

K-V Pharmaceutical said it continues to operate during the
reorganization.  It filed customary first day motions including
requests to pay prepetition wages of employees, sales incentives
of non-executive employees, honor obligations to customers, and
bar utilities from discontinuing service.  Payments to employees
within the first 30 days of the case are expected to total $2.6
million.

K-V has not filed a motion to use cash collateral or obtain DIP
financing.  It said in a statement that it has enough cash on hand
to operate its business in the near term.  But it intends to seek
new financing and use of cash collateral to provide additional
time to enable the Company to continue operations, as it takes
additional steps to restructure its financial obligations.

"K-V came to this decision to seek the protection of Chapter 11
reluctantly, after exploring a full range of options," said Greg
Divis, President and CEO of K-V Pharmaceutical, in a statement
Aug. 4.  "Prior to filing our petitions, our Company has worked
tirelessly to address significant financial obligations, stemming
from legacy regulatory and legal issues.  The Company has been
unable to realize the full value of its most important product,
Makena(R) (hydroxyprogesterone caproate injection), because
of a lack of enforcement of the orphan drug marketing exclusivity
granted to K-V for Makena(R) by the Food and Drug Administration
(FDA).  The lack of enforcement has also led certain state
Medicaid agencies to impose barriers to access to Makena(R) on
low-income pregnant women at high risk for recurrent preterm
birth, despite those states' legal obligation to cover FDA-
approved drugs.  The Chapter 11 filing is intended to provide K-V
with the time needed to continue to conduct our business and
restructure our financial obligations as we continue our efforts
to ensure that all clinically-indicated patients have access to
Makena(R).  It is our intention to emerge from this restructuring
as a stable and competitive company, able to continue to provide
quality products to support the health of women across the stages
of their lives."

                  Prepetition Capital Structure

As of the Petition Date, the Debtors, on a consolidated book value
basis, had an aggregate principal balance of approximately $455.6
million of outstanding long-term indebtedness consisting of:

   * $235.1 million owed under $225 million of 12% Senior Secured
Notes due 2015, under which Wilmington Trust FSB, is the trustee.

   * $201 million owed under $200 million of 2.5% Contingent
Convertible Subordinated Notes due 2033, under which Deutsche Bank
Trust Company Americas, is the trustee, and

   * $30 million, including principal and interest owed to parties
led by U.S. Bank National Association, as trustee for registerered
holders of commercial mortgage pass-through certificates.

In addition, KV is obligated to pay Hologic up to $95 million plus
certain royalty payments, which obligations are listed as secure.
The Debtor also owes $3 million to trade vendors.

As of July 19, 2012, KV had 40,000 shares of 7% Cumulative
Convertible Preferred Stock outstanding.  Each share of Preferred
Stock is convertible at the holder's option into Class A Common
Stock.  KV also has 49,007,569 outstanding shares of Class A
Common Stock held by approximately 649 record holders, 11,075,435
outstanding shares of Class B Common Stock held by approximately
257 record holders, and outstanding warrants to purchase Class A
Common Stock.

In June 2012, the Company entered into a Common Stock Purchase
Agreement under which it may sell up to $20 million of shares of
Class A Common Stock to Commerce Court Small Cap Value Fund, Ltd.
over a 24-month period subject to a maximum of 11,976,599 shares.
But as a result of the bankruptcy filing, the Debtor is unable to
avail itself of the equity line of credit.

                        Road to Bankruptcy

K-V Pharmaceutical filed for Chapter 11 on the day that a $45
million payment was due to be paid to Cytyc Prepnatal Products
Corp. and Hologic Inc.  K-V bought the worldwide rights to FDA-
approved drug Makena from Hologic in 2011.  K-V has paid a total
of $104.5 million on account of milestone payments and
approximately $19 million on account of research and development
costs to Hologic.  But payments of $95 million, plus certain
royalties, remain outstanding.  The Company was unsuccessful prior
to the filing in obtaining a renegotiation of the milestone
payments owed to Hologic on terms that were acceptable to the
Company.

Makena (hydroxyprogesterone caproate injection) is the single-most
valuable product of K-V.  Makena is the first and only FDA-
approved drug that reduces the risk of preterm birth for pregnant
women who have a history of singleton spontaneous preterm birth.
In March 2011, the disclosed projections that that revenue related
to Makena could exceed $400 million in fiscal year 2013, while
some industry analysts speculated that the value of Makena would
exceed $2 billion by that time.

However, in March 2011, the Company received letters from certain
United States Senators and members of the United States Congress
asking the Company to reduce its indicated list pricing of Makena.
Under political pressure resulting in part from misleading press
reports about Makena's list price, the FDA issued a statement that
it would refrain from taking enforcement action with respect to
the sale of unapproved compounded products that compete with
Makena.  The Company's stock dropped precipitously from $7.11 per
share on March 29, 2011 to $3.93 per share by April 29,
2011, and continued to slide thereafter.

The Company reported in its filing papers that restrictions on
reimbursement imposed by a number of State Medicaid agencies, as
well as significant restrictions on manufacturing and marketing of
other K-V products imposed by a previous FDA Consent Decree agreed
to by the Company in March 2009 have also had a major negative
impact on its revenues and ability to meet short and long-term
obligations.

Aside from its inability to realize the full value of Makena, the
Debtor blamed restrictions on reimbursement imposed by state
Medicaid agencies, as well as significant restrictions on
manufacturing and marketing of its other products starting in
2009, have had a major negative impact on its revenue and ability
to meet its short and long-term obligations.

During fiscal year 2009, the Company announced a series of
separate voluntary recalls of certain tablet form generic products
as a precaution due to the potential existence of oversized
tablets.  On March 2, 2009, the Company entered into a Consent
Decree with the Department of Justice ("DOJ"), Department of
Health and Human Services ("HHS") and the FDA, under which it
agreed not to cause the manufacture or delivery of any drug for
six years or until the Company has satisfied certain requirements
designed to demonstrate compliance with the FDA's current good
manufacturing practice regulations.

The Company's net revenue has continued to track significantly
below the level of net revenue for the time prior to the
nationwide recall.  In the quarter ended June 30, 2012, the
Company recorded net revenue of approximately $13 million and
incurred net losses from continuing operations of approximately
$14.2 million.

In May 2012, the Company engaged in preliminary discussions with
an ad hoc group of convertible noteholders regarding the potential
provision of financing to the Company outside of a bankruptcy
filing but the parties were unable to come to an agreement.

As a result, the Company was forced to file the Chapter 11 cases.

                     Bankruptcy Professionals

Subject to the approval of the Bankruptcy Court, K-V has retained
the services of Willkie Farr & Gallagher LLP as bankruptcy
counsel, Williams & Connolly LLP as special litigation counsel,
and SNR Denton as special litigation counsel.  In addition, K-V
has retained Jefferies & Co., Inc., as financial advisor and
investment banker.  Epiq Bankruptcy Solutions LLC is the claims
and notice agent.

Hologic is represented by:

         William R. Baldiga, Esq.
         BROWN RUDNICK LLP
         Seven Times Square
         New York, NY 10036
         Tel: (212) 209-4942
         Fax: (212) 856-8586
         E-mail: wbaldiga@brownrudnick.com

                  About KV Pharmaceutical Company

K-V Pharmaceutical Company (NYSE: KVa/KVb) --
http://www.kvpharmaceutical.com/-- is a specialty branded
pharmaceutical company with a primary focus in the area of women's
healthcare.  The Company's single-most valuable product is
Makena(R) (hydroxyprogesterone caproate injection), the first and
only FDA-approved drug that reduces the risk of preterm birth for
pregnant women who have a history of singleton spontaneous preterm
birth.  The Company holds numerous domestic and foreign issued
patents relating to its controlled-release, site-specific, quick
dissolve, and vitamin absorption technologies.  The company has
210 full-time employees.

The Company owns four facilities, all in the St. Louis
metropolitan area, and leases its headquarters in St. Louis.  The
owned facilities have been marketed for sale since January 2012,
the company said in a court filing.


K-V PHARMACEUTICAL: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------------
Lead
Debtor: K-V Discovery Solutions, Inc.
        fka Nesher Discovery Solutions, Inc.
        fka Particle Dynamics, Inc.
        2280 Schuetz Road
        St. Louis, MO 63146

Bankruptcy Case No.: 12-13346

Affiliates that simultaneously filed for Chapter 11:

  Debtor                           Case No.
  ------                           --------
K-V Pharmaceutical Company        12-13347
Ther-Rx Corporation               12-13348
K-V Generic Pharmaceuticals, Inc. 12-13349
Zeratech Technologies USA, Inc.   12-13350
DrugTech Corporation              12-13351
K-V Solutions USA, Inc.           12-13352
FP1096, Inc.                      12-13353

Type of Business: KV Pharmaceutical Company is a fully integrated
                  specialty pharmaceutical company that develops,
                  manufactures, markets, and acquires technology-
                  distinguished branded and generic/non-branded
                  prescription pharmaceutical products.  The
                  Company markets its technology distinguished
                  products through ETHEX Corporation, a subsidiary
                  that competes with branded products, and Ther-Rx
                  Corporation, the company's branded drug
                  subsidiary.

                  Web site: http://www.kvpharmaceutical.com/

Chapter 11 Petition Date: Aug. 8, 2012

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

Debtors'
Counsel:    Matthew Allen Feldman, Esq.
            Robin Spigel, Esq.
            WILLKIE FARR & GALLAGHER LLP
            787 Seventh Avenue
            New York, NY 10019-6099
            Tel: (212) 728-8651
            Fax: (212) 728-8911
            E-mail: mfeldman@willkie.com
                    rspigel@willkie.com


Debtors'
Financial
Advisor
and
Investment
Banker:    JEFFERIES & COMPANY, INC.
           520 Madison Avenue,
           New York, New York 10022

Debtors'
Special
Litigation
Counsel:   WILLIAMS & CONNOLLY LLP
           725 Twelfth Street, N.W.
           Washington, D.C. 20005

                  and

           SNR DENTON US LLP
           1301 K Street, N.W.
           Suite 600, East Tower
           Washington, DC 20005

Debtors'
Claims and
Noticing
Agent:     EPIQ BANKRUPTCY SOLUTIONS, LLC
           757 Third Avenue, 3rd Floor
           New York, NY 10017

K-V Discovery's
Estimated Assets: $100 million to $500 million

K-V Discovery's
Estimated Debts:  $500 million to $1 billion

The petitions were signed by Thomas S. McHugh, treasurer and vice
president.

Debtors' Consolidated List of Creditors Holdings 30 Largest
Unsecured Claims:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Deutsche Bank Trust                Debt Securities    $201,000,000
Company Americas,
as Indenture Trustee
60 Wall Street
MS NYC 60-2515
New York, NY 10005

IMS Health                         Services Contract      $274,314
660 West Germantown Pike
Plymouth Meeting, PA 19462
Telephone: (610) 244-2000
Attn: Len Marcinek
E-mail: lmarcinek@us.imshealth.com

Abelson-Taylor, Inc.               Marketing Services     $160,675
33 West Monroe Street
Chicago, IL 60603

Applied Discovery, Inc.            Services Contract      $128,625
Email: billing@applieddiscovery.com
13427 NE 16th Street
Bellevue, WA 98005

Concur Technologies Inc.           Trade Debt              $98,227
62157 Collections Center
Drive
Chicago, IL 60693

Medco Health Services              Services Contract       $89,317
100 Parsons Pond Drive
Franklin Lakes, NJ 07417
Attn: Alison Curley
Email: alison_curley@medco.com

CuraScript SD                      Services Contract       $86,593
6272 Lee Vista Boulevard
Orlando, FL 32822
Attn: Pamela L. Gass
Email: plgass@expressscripts.
com

REPCO Graphics                     Services Contract       $86,379
8405 St. Charles Rock Road
St. Louis, MO 63114
Attn: Betsy Kirburz
Email: bkiburz@repcographics.com

Poretta & Orr, Inc.                Services Contract       $83,686
450 East Street
Doylestown, PA 18901
Attn: Janie Swanson
Email: jswanson@porettaorr.com

Bick Group                         Services Contract       $76,500
12969 Manchester Road
St. Louis, MO 63131

Golin Harris International         Services Contract       $71,768
111 East Wacker Drive
Chicago, IL 60601

-and-

Golin Harris International
CMGRP, Inc.
PO Box 7247-6595
Philadelphia, PA 19170-6595

White Company Inc.                 Services Contract       $71,303
1600 S. Brentwood
Boulevard
Suite 770
St. Louis, MO 63144
Attn: Shannon Tayon
Email: stayon@white-co.com

Nesher Pharmaceuticals USA         Services Contract       $70,889
LLC
73 Route 31 North
Pennington, NJ 08534
Attn: Scott Fuhremann
Email: sfuhremann@nesher.com

California Department of           Medicaid Rebate         $67,067
Health (CA COHS)
Accounting Section Medi-Cal
Drug Rebate
Accounts Receivable
MS1101
Sacramento, CA 95899-7413
Attn: Daniel Jones
Email: daniel.jones@dhcs.ca.gov

JurisTemps                         Trade Debt              $58,251
8000 Maryland Avenue
Suite 650
St. Louis, MO 63105
Attn: Andrew J. Koshner
Email: ajk@juristemps.com

Almac Group                         Services Contract      $57,036
25 Fretz Road
Souderton, PA 18964
Attn: Clinical Services
Email:
clinicalservices@almacgroup.com

CBIZ Valuation Group LLC            Services Contract      $49,700
One City Place Drive
Suite 570
St. Louis, MO 63141

-and-

CBIZ Valuation Group LLC
PO Box 849846
Dallas, TX 75284-9846
Attn: Kevin Moentmann
Email: kmoentmann@cbiz.com

SMS Systems Maintenance             Services Contract      $44,698
Service
14416 Collections Center
Drive
Chicago, IL 60693

Baxter Pharmaceutical               Trade Debt             $44,000
927 South Curry Pike
Bloomington, IN 47402

Patton Boggs LLP                    Legal Services         $42,827
2550 M Street NW
Washington, DC 20037

CDF Rx                              Trade Debt             $41,100
6900 North Dallas Parkway
Suite 125
Plano, TX 75024

Snell & Wilmer LLP                  Legal Services         $38,652
One Arizona Center
400 East Van Buren Street
Suite 1900
Phoenix, AZ 85004

Cortegra                            Trade Debt             $35,538
15220 Foundation Avenue
Evansville, IN 47725

Oracle America, Inc.                Trade Debt             $35,277
500 Oracle Parkway
Redwood Shore, CA 94065

Connecticut General Life            Trade Debt             $31,671
Insurance
900 Cottage Grove Road
B5PHR
Bloomfield, CT 06002

OptumRx                             Trade Debt             $30,000
2300 Main Street
Dept. 8765
Irvine, CA 92614

Hogan Lovells US LLP                Legal Services         $28,276
Columbia Square
555 Thirteenth Street, NW
Washington, DC 20004

Fleishman-Hillard Inc.              Services Contract      $25,995
200 N. Broadway
St. Louis, MO 63102

-and-

Fleishman-Hillard Inc.
PO Box 598
St. Louis, MO 63188-4706

Gibson, Dunn & Crutcher             Legal Services         $23,429
LLP
PO Box 90084
Los Angeles, CA 90088

-and-

Gibson, Dunn & Crutcher
LLP
333 South Grand Avenue
Los Angeles, CA 90071-3197

Printing Arts                       Trade Debt             $22,760
2001 West 21st Street
Broadview, IL 60155


KNIGHT CAPITAL: Averts Collapse With $400 Million Lifeline
----------------------------------------------------------
Knight Capital Group, Inc. said Monday a $400 million in equity
financing with Wall Street firms including Jefferies Group, Inc.,
which conceived and structured the investment, as well as
Blackstone, GETCO LLC, Stephens, Stifel Financial Corp. and TD
Ameritrade Holding Corporation.

"We are grateful for the support of these leading Wall Street
firms that came together to invest in Knight," said Tom Joyce,
Chairman and Chief Executive Officer, Knight Capital Group. "The
array of participants in this capital infusion underscores
Knight's critical role in the capital markets. With our financial
position strengthened and liquidity restored, we will continue to
provide clients with trading in a broad range of securities, high-
quality execution and outstanding client service."

Under the terms of the transaction, Knight issued 2% preferred
shares that may be converted into common stock at $1.50 per share.
The owners of the preferred shares may convert all or a portion of
the preferred shares into Knight Class A Common Stock. Knight has
committed to expand its Board of Directors by adding three new
members.

"Knight's financial position and capital base have been restored
to a level that more than offsets the loss incurred last week. We
thank our clients, employees and partners for their steadfastness
during a brief yet difficult period and we are getting back to
business as usual," added Mr. Joyce.

As previously announced, the software that led to the Aug. 1, 2012
trading issue was removed from the company's systems.  The company
continues to review the matter.

The advisors to Knight on the transaction are Sandler O'Neill +
Partners, L.P. and Wachtell, Lipton, Rosen & Katz.

                       $440 Million Loss

The New York Times' Deal Book reports that the lifeline was
assembled in the wake of Knight Capital's disclosure of a $440
million trading loss.  The loss stemmed from a technology error
that occurred on Wednesday when the firm unveiled new trading
software, a glitch that generated erroneous orders to buy shares
of major stocks.  The orders affected the shares of 148 companies,
including Ford Motor, RadioShack and American Airlines, sending
the markets into upheaval.

The $400 million financing is a rapid recovery for a firm that
just days ago was facing collapse, according to the report.

Still, the firm, NY Times relates, faces significant challenges.
The New York Stock Exchange said on Monday it "temporarily"
reassigned the firm's market-making responsibilities for more than
600 securities to Getco, the high-speed trading firm that also
invested in Knight.  Market makers buy and sell securities on
behalf of clients.

The problems for Knight Capital began at the start of trading on
Wednesday, Aug. 1.  The firm installed a trading software to push
itself onto a new trading platform that the New York Stock
Exchange opened that day.  Under this program, trades from retail
investors shift to a special platform where firms like Knight
compete to offer them the best price, according to the Times.

But when Knight's new system went live, the firm "experienced a
human error and/or a technology malfunction related to its
installation of trading software," the firm explained.

The error caused Knight to place unauthorized offers to buy and
sell shares of big American companies, driving up the volume of
trading and causing a stir among traders and exchanges.

Knight had to sell the stocks that it accidentally bought,
prompting a $440 million pre-tax loss, the firm announced
Thursday.

Peg Brickley at Dow Jones' Daily Bankruptcy Review reported that
following Knight's woes, distressed-debt investors were jumping in
with both feet, snapping up chunks of obligations they are betting
will pay off whether there is a buyer, a bankruptcy or both.

Max Stendahl at Bankruptcy Law360 reports that news that Knight's
losses from the computer glitch sparked talk of a possible
bankruptcy filing, but experts said the trading firm was better
off courting a white-knight buyer or other friendly investor.

                      About Knight Capital

Knight Capital Group (NYSE Euronext: KCG) --
http://www.knight.com/-- is a global financial services firm that
provides access to the capital markets across multiple asset
classes to a broad network of clients, including broker-dealers,
institutions and corporations.  Knight is headquartered in Jersey
City, N.J. with a global presence across the Americas, Europe, and
the Asia Pacific regions.


KODIAK OIL: S&P Lowers Rating on $800MM Unsecured Notes to 'CCC+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating on
Kodiak Oil & Gas' senior unsecured debt to '6' from '5'. "The '6'
recovery rating reflects our expectation for a negligible (0% to
10%) recovery for creditors in the event of a payment default. As
a result, we have lowered our rating on Kodiak's $800 million
8.125% unsecured notes to 'CCC+' from 'B-'," S&P said.

"Our 'B' corporate credit rating and stable outlook are
unchanged," S&P said.

"The downgrade on the senior unsecured issue and revision of the
recovery ratings reflects the lower recovery valuation following
the recently announced $150 million increase in Kodiak's borrowing
base to $375 million from $225 million. Our recovery analysis
incorporated an updated PV-10 valuation based on June 30, 2012,
proven reserves using Standard & Poor's recovery methodology
and stressed price deck assumptions," S&P said.

RATINGS LIST
Kodiak Oil & Gas
Corporate credit rating          B/Stable/--

Downgraded; Recovery Rating Revised
                                  To         From
Senior unsecured debt            CCC+       B-
  recovery rating                 6          5


LARSON LAND: Aug. 27 Auction Set; No Lead Bidder Selected
---------------------------------------------------------
An Idaho judge will allow the struggling Select Onion Co. to hold
an Aug. 27 bankruptcy auction for its onion-processing plant and
nearly 8,500 acres of Oregon farmland while the company searches
for buyers, according to a report by Katy Stech at Dow Jones' DBR
Small Cap.

John L. Davidson, Chapter 11 trustee for Larson Land formerly
known as Select Onion Co., LLC, filed a motion asking the U.S.
Bankruptcy Court for the District of Idaho to approve the sale of
the Debtor's assets, assumption and assignment of executory
contracts, and bidding procedures in connection with the asset
sales.

The Chapter 11 trustee proposed these dates and deadlines, subject
to modification as needed, relating to competitive bidding and
approval of the sale:

   Bid Deadline:                       Aug. 20, 2012 at 5 p.m.

   Auction:                            Aug. 27, at 10 a.m., at
                                       Hawley Troxell Ennis &
                                       Hawley LLP, 877 Main
                                       Street, Suite 1000, Boise,
                                       Idaho.

   Objection Deadline:                 Aug. 24

   Assumption Objection Deadline:      Aug. 24

   Sale Hearing:                       Aug. 28

The Chapter 11 trustee relates that after receiving potential
stalking horse bids, he determined not to accept any of the bids
and instead to seek Court approval to conduct the auction without
a stalking horse.

The auction will include substantially all of the Debtor's assets,
including, without limitation, all land, improvements and
equipment associated with the Debtor's Select Onion processing
facilities located at 602 Stanton Boulevard, Ontario, Oregon, all
farm land, water rights, improvements and equipment owned by the
Debtor in Malheur County, Oregon, the Debtor's rail siding and
improvements located at or about 16 SE 8th Avenue, Ontario,
Oregon, and all intangible assets and contractual rights of the
Debtor with respect to the foregoing.

The Chapter 11 trustee notes that the real property, buildings,
improvements, fixtures and equipment associated with the Debtor's
processing facility were appraised at a market value-in use of
$34,680,000 and an orderly liquidation value of $22,840,000.  The
Debtor's farmland was also recently appraised at $24,500,000.
However, the farm appraisal assumed that the irrigation system on
the farm was fully operable, which is not the case.

                     About Larson Land Company

Ontario, Oregon-based Larson Land Company LLC, fka Select Onion
Co. LLC -- http://www.selectonion.com/-- a privately held
agribusiness company that grows, stores, processes and ships
bagged onions, fresh processed onions, whole peel onions, IQF
onions, and delicious raw breaded hand packed onion rings, filed a
Chapter 11 petition (Bankr. D. Idaho Case No. 12-00820) in Boise,
Idaho, on April 12, 2012, estimating assets of up to $100 million
and debts of up to $500 million.  Judge Terry L. Myers presides
over the case.  Brent T. Robinson, Esq., at Robinson, Anthon &
Tribe, serves as the Debtor's counsel.  The petition was signed by
Farrell Larson, president.

Hawley Troxell Ennis & Hawley, LLP and Ball Janik LLP represent
John L. Davidson, the Chapter 11 trustee for the Debtor.


LEVEL 3: Fitch Rates $775 Million Senior Notes Due 2020 'BB-'
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB-/RR2' issue rating to Level 3
Financing, Inc.'s (Level 3 Financing) $775 million issuance of 7%
senior notes due 2020.  Level 3 Financing is a wholly owned
subsidiary of Level 3 Communications, Inc. (LVLT).  The Issuer
Default Rating (IDR) for both LVLT and Level 3 Financing is 'B'
with a Positive Rating Outlook.

Proceeds from the notes will be used to redeem Level 3 Financing's
8.75% senior notes due 2017 ($700 million principal outstanding as
of March 31, 2012).  The new notes will rank pari passu with Level
3 Financing's existing senior unsecured indebtedness.  LVLT had
approximately $8.5 billion of debt outstanding on June 30, 2012.

The new financing extends the company's maturity profile; however,
the credit profile has not substantially changed.

Fitch believes that LVLT's liquidity position is adequate given
the rating and is primarily supported by cash carried on its
balance sheet, which as of June 30, 2012 totaled approximately
$733 million (pro forma for LVLT's issuance of its 8.875% senior
notes due 2019 cash balance is $1.026 billion).  The company does
not maintain a revolver and relies on capital market access to
replenish cash reserves, which when combined with the lack of
positive free cash flow generation limits the company's financial
flexibility in Fitch's opinion.  LVLT does not have any
significant maturities scheduled during 2012 and Fitch believes
LVLT's pro forma cash position is sufficient to address 2013
maturities which total approximately $172 million while funding
anticipated free cash flow deficits during 2012.  Considering the
successful execution of the proposed credit facilities (announced
by the company on Aug. 1, 2012), LVLT's next scheduled maturity is
not until 2015 when approximately $775 million of debt is
scheduled to mature.

LVLT's ratings recognize, in part, the de-leveraging of the
company's balance sheet resulting from its acquisition of Global
Crossing Limited (GLBC).  Pro forma for the acquisition and LVLT's
senior note issuance, LVLT's leverage declines to 6.4 times (x)
for the latest 12 month (LTM) period ended June 30, 2012, compared
with the company's actual leverage of 6.8x as of June 30, 2012,
and 8.1x as of Dec. 31, 2011.  Moreover, based on the company's
ability to realize anticipated operating cost synergies, the GLBC
acquisition positions LVLT to further improve its credit profile
and generate consistent levels of free cash flow.  The acquisition
accelerates LVLT's progress in achieving its target leverage ratio
of 3.0x to 5.0x.

The Positive Outlook reflects Fitch's belief that LVLT's credit
profile will strengthen as the company achieves the cost synergies
associated with the GLBC acquisition.  Fitch anticipates that
LVLT's credit protection metrics during 2012 will remain
relatively consistent with year-end 2011 metrics as integration
costs will largely offset positive operating momentum.  Fitch
expects LVLT's leverage as of year-end 2012 (on a pro forma basis)
will dip below 6.2x.  Fitch expects to observe the strengthening
of LVLT's credit metrics during 2013 as cost synergies begin to
take effect.

Positive rating actions will likely occur as the company
demonstrates that it is successfully integrating GLBC without
material disruption to its operations.  Equal consideration will
be given to the company's ability to attain cost synergies while
maintaining positive operational momentum.  Evidence of positive
operating momentum includes stable to expanding gross margins and
revenue growth within the company Core Network Services segment.
Fitch would expect LVLT to be generating consistent positive free
cash flow and reduce leverage to 5.5x before taking a positive
rating action.

A stabilization of the Rating Outlook at the current rating level
would coincide with LVLT experiencing difficulty or delay in fully
integrating GLBC and achieving anticipated cost synergies.  A
weakening of LVLT's operating profile, as signaled by
deteriorating margins and revenue erosion brought on by difficult
economic conditions or competitive pressure will likely lead to
negative rating action.

Overall, Fitch's ratings incorporate LVLT's highly levered balance
sheet, its weaker competitive position and lack of scale relative
to larger and better capitalized market participants.  The ratings
for LVLT reflect the company's strong metropolitan network
facilities position relative to alternative carriers, as well as
the diversity of its customer base and service offering, and a
relatively stable pricing environment for a significant portion of
LVLT's service portfolio.

Based largely on LVLT's strategy to invest in metropolitan
facilities and carry more communications traffic on its network,
the company derives strong operating leverage from its cost
structure and network, enabling it to enhance margins and rapidly
increase cash flows once revenue growth returns.  Additionally,
Fitch expects that the company can further strengthen its
operating leverage as it continues to migrate its revenue mix to
more margin rich data services and away from lower margin voice
services.

What Could Trigger a Positive Rating Action

  -- Consolidated leverage reduces to 5.5x or lower;
  -- Consistent generation of positive free cash flow;
  -- Successful integration of GLBC without material disruption to
     its operations.

What Could Trigger a Negative Rating Action

  -- Difficulty or delay in fully integrating GLBC and achieving
     anticipated cost synergies;
  -- Weakening of LVLT's operating profile, as signaled by
     deteriorating margins and revenue erosion brought on by
     difficult economic conditions or competitive pressure.


LEVI STRAUSS: CFO Jorgensen Resigns to Pursue Another Opportunity
-----------------------------------------------------------------
The chief financial officer of Levi Strauss & Co., Blake
Jorgensen, will leave the Company on Aug. 17, 2012, to pursue
another opportunity.  Upon his departure, the Company's Vice
President, Finance, Americas Commercial Operations, Kevin Wilson,
will act as an interim chief financial officer until the position
is permanently filled.  Mr. Wilson, 47, has been at the Company
since 2006, in various roles including Vice President, Finance for
Global Dockers since 2009 and, prior to that, Vice President,
Finance, Distribution and Indirect Procurement.  Prior to his
employment with the Company, he spent 17 years at Ford Motor
Company in a wide range of financial roles in the United States
and abroad.

There is no understanding or arrangement between Mr. Wilson and
any other person or persons with respect to his role as the
interim chief financial officer and there are no family
relationships between Mr. Wilson and any director or other
executive officer or person nominated or chosen by the Company to
become a director or executive officer.  There have been no
transactions, nor are there any currently proposed transactions,
to which the Company was or is to be a participant in which Mr.
Wilson or any member of his immediate family had, or will have, a
direct or indirect material interest.

                      About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co. --
http://www.levistrauss.com/-- is one of the world's leading
branded apparel companies.  The Company designs and markets jeans,
casual and dress pants, tops, jackets and related accessories, for
men, women and children under the Levi's(R), Dockers(R) and
Signature by Levi Strauss & Co.(TM).  The Company markets its
products in three geographic regions: Americas, Europe, and Asia
Pacific.

The Company's balance sheet May 27, 2012, showed $2.89 billion in
total assets, $2.99 billion in total liabilities, $5.02 million in
temporary equity, and a $110.65 million total stockholders'
deficit.

                           *     *     *

In April 2012, Standard & Poor's Ratings Services assigned its
'B+' rating (same as the corporate credit rating) to San
Francisco-based Levi Strauss & Co.'s proposed $350 million senior
unsecured notes due 2022.

"The ratings on Levi Strauss reflect our view that the company's
financial profile continues to be 'aggressive,' particularly since
the company's balance sheet remains highly leveraged and we expect
cash flow protections measures to continue to be weak. In
addition, we continue to consider Levi Strauss' business risk
profile to be 'weak,' given its continuing participation in the
highly competitive denim and casual pants market, which is subject
to fashion risk and still-weak consumer spending, and our
expectation that the company's business focus will remain narrow.
We believe the company benefits from its strong, well-recognized
Levi's brand, long operating history, and distribution channel
diversity (both by retail customer and geography)," S&P said.

In April 2012, Moody's Investors Service affirmed Levi Strauss &
Co ("LS&Co) B1 Corporate Family and Probability of Default
Ratings.  Moody's also assigned a B2 rating to the company's
proposed $350 million senior unsecured notes due 2022 and affirmed
the B2 ratings of the company's other series of unsecured debt.

Levi Strauss' B1 Corporate Family Rating reflects the company's
negative trends in operating margins reflecting inconsistent
execution as well as input cost pressures.  The ratings also
reflect the company's still significant debt burden, which has
been increasing due to the company's continued investment in its
own retail stores and its sizable underfunded pension. Debt/EBITDA
(incorporating Moody's standard analytical adjustments) was 5.1
times for the LTM period ending 2/26/2012.  The rating take into
consideration the company's significant global scale, with
revenues near $5 billion, its operations in over 110 countries and
the ownership of the iconic Levi's trademark.


LIGHTSQUARED INC: IG Nixes Conflict Claims Over NASA Talks
----------------------------------------------------------
Maria Chutchian at Bankruptcy Law360 reports that NASA's inspector
general on Thursday largely rejected conflict of interest
allegations brought by hedge fund billionaire Philip Falcone that
stemmed from an advisory panel's consideration of his bankrupt
telecommunications company's proposed broadband network.

                      About LightSquared Inc.

LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, as the Company seeks to resolve regulatory issues
that have prevented it from building its coast-to-coast integrated
satellite 4G wireless network.

LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network.  In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries.  In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.

LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with
liquidity and runway necessary to resolve its issues with the FCC.
Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties,
prompting the bankruptcy filing.

As of the Petition Date, the Debtors employed roughly 168 people
in the United States and Canada.  As of Feb. 29, 2012, the Debtors
had $4.48 billion in assets (book value) and $2.29 billion in
liabilities.

LightSquared also sought ancillary relief in Canada on behalf of
all of the Debtors, pursuant to the Companies' Creditors
Arrangement Act (Canada) R.S.C. 1985, c. C-36 as amended, in the
Ontario Superior Court of Justice (Commercial List) in Toronto,
Ontario, Canada.  The purpose of the ancillary proceedings is to
request the Canadian Court to recognize the Chapter 11 cases as a
"foreign main proceeding" under the applicable provisions of the
CCAA to, among other things, protect the Debtors' assets and
operations in Canada.  The Debtors named affiliate LightSquared LP
to act as the "foreign representative" on behalf of the Debtors'
estates.

Judge Shelley C. Chapman presides over the Chapter 11 case.
Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors.  Kurtzman Carson Consultants LLC serves as claims and
notice agent.

Counsel to UBS AG as agent under the October 2010 facility is
Melissa S. Alwang, Esq., at Latham & Watkins LLP.

The ad hoc secured group of lenders under the Debtors' October
2010 facility was formed in April 2012 to negotiate an out-of-
court restructuring.  The members are Appaloosa Management L.P.;
Capital Research and Management Company; Fortress Investment
Group; Knighthead Capital Management LLC; and Redwood Capital
Management.  Counsel to the ad hoc secured group is Thomas E.
Lauria, Esq., at White & Case LLP.

Philip Falcone's Harbinger Capital Partners indirectly owns 96% of
LightSquared's outstanding common stock.  Harbinger and certain of
its managed and affiliated funds and wholly owned subsidiaries,
including HGW US Holding Company, L.P., Blue Line DZM Corp., and
Harbinger Capital Partners SP, Inc., are represented in the case
by Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP.

The Office of the U.S. Trustee has not appointed a statutory
committee of unsecured creditors.


LIGHTSQUARED INC: Lenders Want Documents From Harbinger
-------------------------------------------------------
Joseph Checkler at Dow Jones' Daily Bankruptcy Review reports that
LightSquared's lenders says Philip Falcone's Harbinger Capital
Partners won't hand over documents they are requesting as part of
an investigation over whether they can pursue claims against
Harbinger and the wireless satellite company.

                      About LightSquared Inc.

LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, as the Company seeks to resolve regulatory issues
that have prevented it from building its coast-to-coast integrated
satellite 4G wireless network.

LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network.  In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries.  In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.

LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with
liquidity and runway necessary to resolve its issues with the FCC.
Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties,
prompting the bankruptcy filing.

As of the Petition Date, the Debtors employed roughly 168 people
in the United States and Canada.  As of Feb. 29, 2012, the Debtors
had $4.48 billion in assets (book value) and $2.29 billion in
liabilities.

LightSquared also sought ancillary relief in Canada on behalf of
all of the Debtors, pursuant to the Companies' Creditors
Arrangement Act (Canada) R.S.C. 1985, c. C-36 as amended, in the
Ontario Superior Court of Justice (Commercial List) in Toronto,
Ontario, Canada.  The purpose of the ancillary proceedings is to
request the Canadian Court to recognize the Chapter 11 cases as a
"foreign main proceeding" under the applicable provisions of the
CCAA to, among other things, protect the Debtors' assets and
operations in Canada.  The Debtors named affiliate LightSquared LP
to act as the "foreign representative" on behalf of the Debtors'
estates.

Judge Shelley C. Chapman presides over the Chapter 11 case.
Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors.  Kurtzman Carson Consultants LLC serves as claims and
notice agent.

Counsel to UBS AG as agent under the October 2010 facility is
Melissa S. Alwang, Esq., at Latham & Watkins LLP.

The ad hoc secured group of lenders under the Debtors' October
2010 facility was formed in April 2012 to negotiate an out-of-
court restructuring.  The members are Appaloosa Management L.P.;
Capital Research and Management Company; Fortress Investment
Group; Knighthead Capital Management LLC; and Redwood Capital
Management.  Counsel to the ad hoc secured group is Thomas E.
Lauria, Esq., at White & Case LLP.

Philip Falcone's Harbinger Capital Partners indirectly owns 96% of
LightSquared's outstanding common stock.  Harbinger and certain of
its managed and affiliated funds and wholly owned subsidiaries,
including HGW US Holding Company, L.P., Blue Line DZM Corp., and
Harbinger Capital Partners SP, Inc., are represented in the case
by Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP.

The Office of the U.S. Trustee has not appointed a statutory
committee of unsecured creditors.


LODGENET INTERACTIVE: Moody's Lowers Corp. Family Rating to Caa1
----------------------------------------------------------------
Moody's Investors Services downgraded LodgeNet Interactive Corp.'s
Corporate Family Rating (CFR) to Caa1 from B3 and changed the
Probability of Default Rating (PDR) to Caa2 from Caa1. The senior
secured bank credit facility was downgraded to Caa1 from B3 and
the outlook was changed to negative from stable. The reason for
the downgrade is due to poor first and second quarter financial
results and Moody's expectations that they will not improve in the
near term.

While revenue declined by 6.8% in 2011 and 6.7% in 2010 due to
secular pressures in Guest Entertainment and weak economic
conditions, cost cutting had allowed the company to maintain
relatively stable margins. The company used free cash flow during
that time frame to paydown its debt balances which allowed the
company to maintain relatively stable leverage levels. In the
first quarter of 2012, the company reported a revenue decline of
12% and EBITDA margins declined by over 4 percentage points
compared to the prior year. The company also materially lowered
guidance for the full year 2012 during the 1st quarter call. After
a replacement of the CEO with an interim CEO, the company reported
second quarter revenue declines of 13% and further declines in
EBITDA margins compared to the prior year. The prior full year
guidance was withdrawn and the company announced its intention to
focus on improving customer service levels, reducing the rate of
room loss, improving purchase rates, and reducing costs. Given the
performance levels and the challenges facing the company, a B3 CFR
is no longer appropriate in Moody's opinion.

Details of the rating action are as follows:

LodgeNet Interactive Corporation

    Corporate Family Rating, downgraded to Caa1 from B3

    Probability of Default Rating, downgraded to Caa2 from Caa1

    Senior Secured Bank Credit Facility, downgraded to Caa1;
    LGD3, 31% from B3; LGD3, 31%

    Speculative Grade Liquidity Rating downgraded to SGL-4 from
    SGL-3

    Outlook, changed to Negative from Stable

The Caa1 CFR reflects the accelerated rate of decline in revenue
and EBITDA during the first and second quarter of 2012 and Moody's
expectation that results will continue to be weak in the near
term. The loss of its room base to cable companies and other
service providers and the secular trends in entertainment that
will continue to weigh on its Hollywood and adult content
entertainment offerings are also reflected in the ratings. The
company is in the difficult position of having to improve customer
service levels to reduce the loss rate of its room base, install
costly new HD entertainment systems, cut costs to try and maintain
margins, grow relatively new service offerings in Healthcare,
mobile apps, and advertising while addressing a potential covenant
violation and term loan maturity in April 2014. While the company
does benefit from a nationwide installed base of hotel rooms and
long term business relationships with most of the major hotel
operators, the challenges that the company faces are daunting and
likely to make its current capital structure unsustainable, in
Moody's opinion.

The company's liquidity position is weak as is reflected in
Moody's SGL-4 rating. The company has limited cushion on its
financial covenants that step down later this year and its
revolving credit facility matures in April 2013. While the company
is expected to generate free cash flow in 2012, a portion of the
free cash flow benefit is from working capital as a result of
delayed payments to some vendors. In 2010, the company delayed
payments to vendors that boosted working capital during that year,
but resulted in negative working capital the following year as it
reduced accounts payable balances. While EBITDA to Interest
coverage ratios are expected to remain over 3x in 2012 and 2013,
Moody's expects the cash balance to decline due to capital
expenditures needed to help stabilize the business, required term
loan amortization, and payments to vendors.

The outlook of the company is negative given the secular changes
impacting its Guest Entertainment offering and high levels of
rooms lost which reduce one of LodgeNet's core strengths. Given
the many different challenges that the company faces, Moody's
believes that it will be difficult for the management team to
achieve them without a restructuring of its debt and /or an equity
infusion.

Given the negative outlook, a positive rating change is not likely
barring a strategic transaction that reduces leverage and helps
the company address its 2014 maturities while stabilizing its
operations.

A negative rating action could occur if results decline further or
if management does not make significant progress stabilizing
EBITDA levels in 2013. The ratings could also face a downgrade if
it violates its financial covenants or appears unlikely to be able
to meet its April 2014 term loan maturity.

LodgeNet Interactive's ratings were assigned by evaluating factors
that Moody's considers relevant to the credit profile of the
issuer, such as the company's (i) business risk and competitive
position compared with others within the industry; (ii) capital
structure and financial risk; (iii) projected performance over the
near to intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside LodgeNet Interactive's core
industry and believes LodgeNet Interactive's ratings are
comparable to those of other issuers with similar credit risk.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Headquartered in Sioux Falls, South Dakota, LodgeNet Interactive
Corporation (LodgeNet) provides interactive TV services, Network
and Cable TV services, video-on-demand, advertising and video game
entertainment services to the lodging industry and healthcare
facilities. Its revenue for the LTM period ending June 2012 was
approximately $394 million.


LODGENET INTERACTIVE: S&P Cuts Corporate Credit Rating to 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on U.S. in-room entertainment and data services provider
LodgeNet Interactive Corp. to 'CCC' from 'B-'. The rating outlook
is negative.

"The downgrade reflects LodgeNet's weak second-quarter operating
performance resulting from a sharp reduction in its room base,
which we expect will continue over the near term," said Standard &
Poor's credit analyst Hal Diamond. "Also, the company had a very
thin 8% EBITDA cushion of compliance against its leverage covenant
of 4.0x at June 30, 2012, which tightens to 3.75x in the fourth
quarter of 2012. We believe LodgeNet will need to amend covenants
to maintain compliance, based on our expectation that EBITDA will
keep declining for the rest of 2012. The company has withdrawn its
financial guidance for 2012, reflecting limited visibility for the
remainder of the year."

"The rating reflects our expectation that the company will face
difficulty maintaining compliance with its bank covenants because
of continued pressure on guest entertainment revenue and fewer
rooms served," added Mr. Diamond. "We view LodgeNet's business
risk profile as 'vulnerable,' because of negative secular trends
at its guest entertainment business. We view LodgeNet's financial
risk profile as 'highly leveraged' (based on our criteria) because
of our expectation that the company will need an amendment by the
end of 2012 to avoid a violation of its leverage covenant."

"The negative outlook reflects our view that operating performance
will remain weak and that discretionary cash flow will diminish.
We see the risk that the company will need an amendment by the
fourth quarter of 2012 to avoid a covenant violation. We could
lower the rating if EBITDA declines more rapidly than currently
expected and a default appears imminent. More specifically, if
revenue falls more than 10% and EBITDA drops greater than 30% in
the third quarter of 2012, we could lower the rating," S&P said.

"We regard a near-term revision of the outlook to stable as a
remote scenario, involving consistent improvement in operating
performance, a reduction in leverage, and restoring a healthy
margin of compliance with financial covenants, none of which
appear probable," S&P said.


MARITIME COMMUNICATIONS: Sept. 19 Hearing on Plan Exclusivity
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Mississippi
will convene a hearing on Sept. 19, 2012, at 10 a.m., to consider
Maritime Communications/Land Mobile, LLC's request for exclusivity
extensions.

The Debtor has requested for a 120-day extension to solicit
acceptances for the proposed plan.  The Debtor's time to obtain
plan confirmation has been previously fixed at July 13, 2012.

However, the Debtor explained that at a hearing to consider
adequacy of the Disclosure Statement, the Court required that the
Debtor file a First Amended Disclosure Statement.

In this relation, the Debtor needed additional time to fully
formulate and solicit acceptances for the Plan.

The Debtor also noted that it is in discussion with various
creditors regarding obtaining plan confirmation.

                        Plan Disclosures

In June, the Hon. David W. Houston, III, ordered the Debtor amend
the original Disclosure Statement to address these objections to
the adequacy of the Disclosure Statement.

According to the he Official Committee of Unsecured Creditors the
Debtor circulated copies of an Amended Disclosure Statement.  The
Committee says that the First Amended Disclosure Statement still
lacks adequate information.  According to the Committee, the
document, fails to, among other things:

   1. provide justification why a private sale to Choctaw
      Telecommunications, LLC is preferable to an auction;

   2. provide information regarding the Debtor's inquiry into
      additional potential purchasers; and

   3. discuss the effect Choctaw's membership has on
      Federal Communications Commission's approval.

Henry G. Hobbs, Jr., the Acting U.S. Trustee for Region 5, also
conveyed objections to the Disclosure Statement.

According to the Disclosure Statement, the Plan provides that
Choctaw will continue the business operations and make payments
provided under the Plan.  Cash flow from operations will provide
the funds for making these payments.

The secured creditors have formed Choctaw and have assigned all
their claims to Choctaw.  Choctaw is the sole member of, and owns
all equity in Holding.  In exchange for this, the Debtor will
transfer, assign, and sell to Holding all of the Debtors right,
title, and interest in the FCC Spectrum Licenses.

A copy of the Disclosure Statement is available for free at
http://bankrupt.com/misc/MARITIME_COMMUNICATIONS_ds.pdf

                   About Maritime Communications

Maritime Communications/Land Mobile, LLC, owns and operates
numerous licenses for wireless and cellular services.  Its assets
primarily include Federal Communications licenses.  The Company
filed a Chapter 11 petition (Bankr. N.D. Miss. Case No. 11-13463)
on Aug. 1, 2011, in Aberdeeen, Mississippi.  Harris Jernigan &
Geno PLLC serves as the counsel to the Debtor.  In its schedules,
the Debtor disclosed $47,649,673 in assets, and $31,252,752 in
liabilities as of the petition date.

The United States Trustee for Region 5 appointed three members to
comprise the Official Committee of Unsecured Creditors.  Burr &
Forman LLP represents the Committee.




MID-FLORIDA RADIATION: Case Summary & 12 Largest Unsec Creditors
----------------------------------------------------------------
Debtor: Mid-Florida Radiation Oncology, P.A.
        dba Mid-Florida Radiation Oncology Associates
        fdba Green Day Medical Oncology and Hematology
        604 W. Midway Road
        Fort Pierce, FL 34982

Bankruptcy Case No.: 12-28736

Chapter 11 Petition Date: August 2, 2012

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

Judge: Erik P. Kimball

Debtor's Counsel: Robert C Furr, Esq.
                  FURR & COHEN
                  2255 Glades Rd #337W
                  Boca Raton, FL 33431
                  Tel: (561) 395-0500
                  Fax: (561) 338-7532
                  E-mail: bnasralla@furrcohen.com

Scheduled Assets: $115,239

Scheduled Liabilities: $4,876,259

A copy of the Company's list of its 12 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/flsb12-28736.pdf

The petition was signed by Ronald H. Woody III, president.

Affiliates that filed separate Chapter 11 petitions:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Port St Lucie Business Ventures Inc.   12-28739    8/02/12
Ronald Harlan Woody, III               12-28740    8/02/12


MTC COMMONS: Case Summary & 3 Largest Creditors
-----------------------------------------------
Debtor: MTC Commons, LLC
        c/o Jeff Feigelson, Esq.
        303 North Tower Hill Road
        Millbrook, NY 12545

Bankruptcy Case No.: 12-36997

Chapter 11 Petition Date: August 2, 2012

Court: United States Bankruptcy Court
       Southern District of New York (Poughkeepsie)

Judge: Cecelia G. Morris

Debtor's Counsel: Lewis D. Wrobel, Esq.
                  201 South Avenue, Suite 506
                  Poughkeepsie, NY 12601
                  Tel: (845) 473-5411
                  Fax: (845) 473-3430
                  E-mail: lewiswrobel@verizon.net

Scheduled Assets: $1,677,150

Scheduled Liabilities: $815,609

A copy of the Company's list of its three unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/nysb12-36997.pdf

The petition was signed by Joseph Parrinello, managing member.


MERITAGE HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Meritage Holdings, LLC
        3400 Chapel Hill Road
        Douglasville, GA 30135

Bankruptcy Case No.: 12-69301

Chapter 11 Petition Date: August 3, 2012

Court: United States Bankruptcy Court
       Northern District of Georgia (Atlanta)

Debtor's Counsel: J. Nevin Smith, Esq.
                  SMITH CONERLY LLP
                  402 Newnan Street
                  Carrollton, GA 30117
                  Tel: (770) 834-1160
                  Fax: (770) 834-1190
                  E-mail: cstembridge@smithconerly.com

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

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

A copy of the Company's list of its 20 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/ganb12-69301.pdf

The petition was signed by JoAnn Duryea-Toney, manager.


MURRIETA MEADOWS: Case Summary & 4 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Murrieta Meadows LLC
        35667 Bovard St.
        Wildomar, CA 92595

Bankruptcy Case No.: 12-28150

Chapter 11 Petition Date: August 3, 2012

Court: United States Bankruptcy Court
       Central District of California (Riverside)

Judge: Mark S. Wallace

Debtor's Counsel: Dennis E. Mcgoldrick, Esq.
                  MCGOLDRICK
                  350 S Crenshaw Blvd Ste A207B
                  Torrance, CA 90503
                  Tel: (310) 328-1001
                  E-mail: dmcgoldricklaw@yahoo.com

Scheduled Assets: $5,002,000

Scheduled Liabilities: $1,554,000

A copy of the Company's list of its four largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/cacb12-28150.pdf

The petition was signed by Victor Zaccaglin.


OCEAN BREEZE: Cooperative Mobile Home Park Files in Florida
-----------------------------------------------------------
Ocean Breeze Park Homeowners' Association, Inc., filed a Chapter
11 petition (Bankr. S.D. Fla. Case No. 12-28820) on Aug. 3, 2012,
estimating less than $50 million in assets and liabilities.

According to a court filing, the Debtor is a residential
cooperative mobile home park located at 3000 N.E. Indian River
Drive, Jensen Beach, Florida.  The shareholders have equity
ownership in the Cooperative, allowing them to hold proprietary
leases which provide for 99-year leasehold agreements.  There are
549 mobile home units, 39 cottages and 16 recreational vehicle
units.  There are 137 units subject to the proprietary leases.

The Cooperative purchased the land on which it operates in
December of 2008 from three individuals: Cathie Teal, Gary Hendry,
and Marcia Hendry-Coker.  The lenders financed the transaction and
hold two purchase money mortgages and notes in the approximate
amount of $25,000,000.

Although the Cooperative had a promising start, dismal
macroeconomic conditions since 2008 have led to lower-than-
expected sales of Cooperative shares as well as lackluster rentals
of mobile homes by the Cooperative.

As of the filing date, the Lenders allege that the Debtor is
indebted to them in the principal amount of $24,405,316 and
accrued and unpaid interest of $904,403, for a total of
$25,309,719.

The Debtor on the petition date filed, among other things, an
emergency motion to use cash collateral.

The Debtor said it requires the use of the cash collateral for the
continued operation of its business in the ordinary course,
including payment of expenses attendant thereto; and, the Debtor
is willing to provide the Lenders with adequate protection of
their secured interest in the cash collateral.


PEMCO WORLD: Court OKs Extension of Exclusivity Period to Oct. 31
-----------------------------------------------------------------
Pemco World Air Services Inc. and its affiliates sought and
obtained approval from the Bankruptcy Court an extension of their
exclusive periods to file a Chapter 11 plan and solicit
acceptances for the plan until Oct. 31, 2012, and Dec., 29, 2012,
respectively.

The Debtors said a 120-day extension will provide them time to
complete the various tasks that may need to be completed before a
plan can be confirmed.  Pemco stated that, since the sale of
assets to VT Systems Inc., the Debtor has been in the process of
negotiating the framework of the Chapter 11 plan with the official
committee of unsecured creditors and drafting the plan and
disclosure statement.

                   About Pemco World Air Services

Headquartered in Tampa, Florida Pemco World Air Services --
http://www.pemcoair.com/-- performs large jet MRO services, and
has operations in Dothan, AL (military MRO and commercial
modification), Cincinnati/Northern Kentucky (regional aircraft
MRO), and partner operations in Asia.

Pemco filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case
No. 12-10799) on March 5, 2012.  Young Conaway Stargatt & Taylor,
LLP has been tapped as general bankruptcy counsel; Kirkland &
Ellis LLP as special counsel for tax and employee benefits issues;
AlixPartners, LLP as financial advisor; Bayshore Partners, LLC as
investment banker; and Epiq Bankruptcy Solutions LLC as notice and
claims agent.

On March 14, 2012, the U.S. Trustee appointed an official
committee of unsecured creditors.

On April 13, 2012, Sun Aviation Services LLC (Bankr. D. Del. Case
No. 12-11242) filed its own Chapter 11 bankruptcy petition.  Sun
Aviation owns 85.08% of the stock of Pemco debtor-affiliate WAS
Aviation Services Holding Corp., which in turn owns 100% of the
stock of debtor WAS Aviation Services Inc., which itself owns 100%
of the stock of Pemco World Air Services Inc.  Pemco also owes Sun
Aviation $5.6 million.  As a result, Sun Aviation is seeking
separate counsel.  However, Sun Aviation obtained an order jointly
administering its case with those of the Pemco debtors.

On June 15, 2012, the bankruptcy court approved sale of Pemco's
business for $41.9 million cash to an affiliate of VT Systems Inc.
from Alexandria, Virginia.  Boca Raton, Florida-based Sun Capital
was under contract to make the first bid at auction for the
provider of heavy maintenance and repair services for commercial
jet aircraft.


PORT ST. LUCIE: Case Summary & 14 Unsecured Creditors
-----------------------------------------------------
Debtor: Port St. Lucie Ventures, Inc.
        dba Port St. Lucie Cancer Center
        fdba Mid-Florida Cancer Treatment Center
        dba Mid-Florida Cancer Center
        604 West Midway Rd
        Fort Pierce, FL 34982

Bankruptcy Case No.: 12-28739

Chapter 11 Petition Date: August 2, 2012

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

Judge: Paul G. Hyman Jr.

Debtor's Counsel: Robert C Furr, Esq.
                  FURR & COHEN
                  2255 Glades Rd #337W
                  Boca Raton, FL 33431
                  Tel: (561) 395-0500
                  Fax: (561) 338-7532
                  E-mail: bnasralla@furrcohen.com

Scheduled Assets: $825,220

Scheduled Liabilities: $6,950,603

A copy of the Company's list of its 14 unsecured creditors filed
together with the petition is available for free at
http://bankrupt.com/misc/flsb12-28739.pdf

The petition was signed by Ronald H. Woody III, president.

Affiliates that filed separate Chapter 11 petitions:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Mid-Florida Radiation Oncology Inc.    12-28736    8/02/12
Ronald Harlan Woody, III               12-28740    8/02/12


PROVIDENT FINANCING: Fitch Keep BB+ Rating on Jr. Sub. Securities
-----------------------------------------------------------------
Fitch Ratings has affirmed Unum Group Inc.'s (NYSE:UNM) holding
company ratings, including the senior debt rating at 'BBB', as
well as the Insurer Financial Strength (IFS) ratings of all
domestic operating subsidiaries at 'A'.  The Rating Outlook is
Stable.

The rating rationale includes UNM's overall operating performance
which has remained strong despite a weak global economy;
conservative investment portfolio; solid capital and liquidity at
both the insurance subsidiary and holding company levels; the
company's leadership position in the U.S. employee benefits
market; and increased diversification from the United Kingdom and
worksite products.

The Stable Outlook reflects Fitch's belief that while UNM's
premium growth and operating margins continue to be challenged by
the weak economic environment and competitive market conditions,
its overall profitability will continue to support the current
rating.  Operating margins in UNM's U.S. disability business have
held up better than Fitch's expectations, and they have been
better than those of peers.  While Unum U.K. results have shown
deterioration, the company has taken steps to improve results
going forward including rate increases and claims management
improvements.

During the first six months of 2012, UNM repurchased approximately
$300 million of its shares.  Fitch's expectation is that further
share repurchases will be funded through operating earnings and
will not increase financial leverage or affect the capitalization
of the operating subsidiaries.  Further, Fitch generally views
measured stock repurchase as a more prudent use of capital than
acquisitions or premium growth in a soft rate environment.

UNM's financial leverage was 23% at June 30, 2012. Fitch considers
the company's debt service capacity as being adequate for the
rating level with GAAP earnings-based interest coverage at 10x
thus far in 2012.  Holding company liquidity totaled $564 million
at June 30, 2012, down from approximately $756 million at year-end
2011. Risk-based capital of UNM's U.S. insurance subsidiaries was
estimated at 404% as of June 30, 2012, slightly above management's
near-to-intermediate term target of 375%-400%.

The key rating triggers that could lead to an upgrade include:

  -- Improved general economic conditions including growth in
     employment, salaries and disposable income which enable UNM
     to achieve its long-term target of 5%-8% annual earnings
     growth on its core operations;

  -- GAAP earnings-based interest coverage over 12x-14x and
     statutory maximum allowable dividend coverage of interest
     expense at 8x;

  -- U.S. risk-based capital ratio above 400% and run-rate
     financial leverage below 20%.

Key rating triggers that could lead to a downgrade include:

  -- Deterioration in financial results that includes an increase
     in the U.S. group disability benefit ratio over 87%; GAAP
     earnings-based interest coverage falling below 8x and
     statutory maximum allowable dividend interest expense
     coverage falling below 4x; --Any additional reserve
     strengthening charges in the near term;

  -- Holding company cash falls below management's target of
     approximately 1x fixed charges (interest expense plus common
     stock dividend), or roughly $250 million;

  -- U.S. risk-based capital ratio below 350% and an increase in
     financial leverage above 25%.

Fitch affirms the following ratings with a Stable Outlook:

Unum Group Inc.

  -- Issuer Default Rating (IDR) at 'BBB+';
  -- 7.125% senior notes due Sept. 30, 2016 at 'BBB';
  -- 7% senior notes due July 15, 2018 at 'BBB';
  -- 5.625% senior notes due Sept. 15, 2020 at 'BBB';
  -- 7.25% senior notes due March 15, 2028 at 'BBB';
  -- 6.75% senior notes due Dec. 15, 2028 at 'BBB';
  -- 7.375% senior notes due June 15, 2032 at 'BBB'.

Provident Financing Trust I

  -- 7.405% junior subordinated capital securities at 'BB+'.

UnumProvident Finance Company plc,

  -- 6.85% senior notes due Nov. 15, 2015 at 'BBB'.

Unum Group members:
Unum Life Insurance Company of America
Provident Life & Accident Insurance Company
Provident Life and Casualty Insurance Company
The Paul Revere Life Insurance Company
The Paul Revere Variable Annuity Insurance Company
First Unum Life Insurance Company
Colonial Life & Accident Insurance Company

  -- IFS at 'A'.


RESIDENTIAL CAPITAL: Has Screening Wall to Maintain Trading
-----------------------------------------------------------
AIG Asset Management (U.S.), LLC, a member of the Official
Committee of Unsecured Creditors, sought and obtained approval of
information blocking policies and procedures; and permission to
trade claims in certain situations.

AMG is an investment manager for certain of its affiliates as a
regular part of its business.  As a member of the Committee, it
owes fiduciary duties to creditors of the Debtors' estates and
thus is prohibited from trading claims during the pendency of the
bankruptcy cases.  However, AMG asserts that it also has
fiduciary duty to maximize return to its clients through trading
securities.  The Screening Wall will prevent AMG's trading
personnel from using or misusing non-public information obtained
by AMG's personnel engaged in Committee-related activities and
also will preclude AMG Committee Personnel from receiving
inappropriate information regarding AMG's trading claims in
advance of those trades.

                     About Residential Capital

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: OneWest Wants Homecomings' Documents
---------------------------------------------------------
OneWest Bank, a creditor, asks the Bankruptcy Court to compel
Debtor Homecomings Financial, LLC, to appear and testify under
oath at an examination under Rule 2004 of the Federal Rules of
Bankruptcy Procedure and require Homecomings to produce certain
documents.

OneWest says the Rule 2004 Examination and Document Production
are necessary for it to determine the amount of its claim against
the Debtor relating to, among other things, (i) the Debtor's
failure to release a lien it held in connection with a loan
secured by a property located in Scottsdale, Arizona, and (ii)
the Debtor's assignment of the Loan to a third-party after the
Debtor has been paid in full.

                     About Residential Capital

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: Aug. 14 Hearing on FHFA Plea for Loan Tapes
----------------------------------------------------------------
A hearing will be held before Judge Martin Glenn on Aug. 14, 2012,
at 10:00 a.m., to consider Federal Housing Finance Agency's motion
to seek discovery and access to loan tapes and originator
information.

FHFA filed a motion with the U.S. Bankruptcy Court in Manhattan
seeking access to a limited number of loan tapes and originator
information in the possession of the Debtors in connection with
the action styled Federal Housing Finance Agency, as Conservator
for the Federal Home Loan Mortgage Corporation v. Ally Financial
Inc. f/k/a GMAC, LLC et al. pending in the United States District
Court for the Southern District of New York as Case No. 11- Civ.
7010.  In the alternative, FHFA seeks relief from the automatic
stay to obtain access of the loan tapes and information.

                     About Residential Capital

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: Claimant Wants Chapter 7 Liquidation
---------------------------------------------------------
A Residential Capital claimant filed a motion seeking the
conversion of the company's bankruptcy case to a Chapter 7 case.

Paul Papas alleged the company "acted in bad faith" when it
attempted to sell properties it does not own.  He said the
properties the company is trying to sell at a public auction are
not listed in its statement of assets and liabilities.

"[Residential Capital] has not accurately listed its assets and
liabilities," Mr. Papas said in the court filing.  "The
intentional failure to provide accurate information regarding
bankruptcy cases compromises the outcome of this matter and is a
federal crime."

Mr. Papas said the company's Chapter 11 case should be converted
to a Chapter 7 case where the court would have more control of
the company instead of dismissing its bankruptcy case.

                     About Residential Capital

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).


TITAN FOAM: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Titan Foam Corporation
        2201 N. Central Avenue
        Suite 13D
        Phoenix, AZ 85004

Bankruptcy Case No.: 12-17329

Chapter 11 Petition Date: August 2, 2012

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

Judge: Charles G. Case II

Debtor's Counsel: Patrick A. Clisham, Esq.
                  ENGELMAN BERGER PC
                  3636 N Central Ave #700
                  Phoenix, AZ 85012
                  Tel: (602) 271-9090
                  Fax: (602) 222-4999
                  E-mail: pac@engelmanberger.com

Estimated Assets: $0 to $50,000

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

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

The petition was signed by Grant S. Kesler, director/designated
representative.

Affiliate that filed separate Chapter 11 petition:

                                                 Petition
   Debtor                              Case No.     Date
   ------                              --------     ----
Titan Land Holdings, LLC               12-17327   08/02/12
   Assets: $1,000,001 to $10,000,000
   Debts: $10,000,001 to $50,000,000


ROWSHAN ENTERPRISES: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Rowshan Enterprises, Inc.
        13651 Indian Paint Lane
        Ft. Myers, FL 33912

Bankruptcy Case No.: 12-12048

Chapter 11 Petition Date: August 3, 2012

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

Debtor's Counsel: Steven E. Seward, Esq.
                  HINSHAW & CULBERTSON, LLP
                  One East Broward Boulevard, Suite 1010
                  Ft. Lauderdale, FL 33301
                  Tel: (954) 467-7900
                  Fax: (954) 467-1024
                  E-mail: sseward@hinshawlaw.com

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

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

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

The petition was signed by Mizan R. Patwary, president.


STEAM GENERATION: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Steam Generation Corporation
        2942 N. Greenfield Road, Suite 115
        Mesa, AZ 85215-2428

Bankruptcy Case No.: 12-17447

Chapter 11 Petition Date: August 3, 2012

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

Judge: George B. Nielsen Jr.

Debtor's Counsel: Brian N. Spector, Esq.
                  JENNINGS STROUSS & SALMON, PLC
                  One E. Washington St., #1900
                  Phoenix, AZ 85004-2554
                  Tel: (602) 262-5977
                  Fax: (602) 495-2654
                  E-mail: bspector@jsslaw.com

Scheduled Assets: $1,292,614

Scheduled Liabilities: $12,438,151

A copy of the Company's list of its 20 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/azb12-17447.pdf

The petition was signed by Victor Allinger, president.


SAAB AUTO: Spyker Files $3BB Suit Against General Motors
--------------------------------------------------------
Katarina Gustafsson and Jeff Bennett, writing for The Wall Street
Journal, report that Dutch auto group Spyker NV sued General
Motors Company on Monday in a U.S. District Court in Detroit:

     -- seeking $3 billion in damages; and
     -- accusing GM of forcing Swedish auto maker Saab Automobile
        AB into bankruptcy last year.

Spyker acquired Saab from GM in January 2010 for $74 million in
cash and $326 million in preferred shares.  At the time, GM was
emerging from its own bankruptcy proceedings and it had been
looking to shutter or unload the Swedish brand along with other
divisions as part of that process.  WSJ notes that despite the
sale, GM retained rights to technology and patents used in the
engineering of Saab vehicles.  GM had given Saab a license to use
these technologies and opposed sharing that same technology with
any other auto makers.

Saab halted production in March 2011 when it ran out of cash to
pay its component providers.  Saab had been wrestling with
liquidity issues due to its lower volumes and slowing sales
environment in Europe.

According to WSJ, Spyker alleged in the lawsuit that GM blocked
Spyker's attempt to sell Saab to Chinese investors because GM
executives worried that new investor -- China Youngman Automobile
Group Co. -- would have access to GM technology and compete
against the U.S. auto maker in China, one of its most important
foreign markets.

"GM deliberately pushed Saab over the cliff," Spyker Chief
Executive Officer Victor Muller said on Monday, according to WSJ.
Mr. Muller said the $3 billion in damages being sought reflects
the estimated future value of Saab if Youngman had been allowed to
buy the Swedish auto maker and invest in it.

According to WSJ, a GM spokesman called the suit "completely
without merit" and said the company would defend itself in court.

WSJ says Spyker may find it difficult to prove that GM's alleged
resistance to the sale was the only reason Saab went under.

"Spkyer's lawsuit against GM is an uphill battle at best," WSJ
quotes Anthony Michael Sabino, a business professor at St. John's
University in New York, as saying. "Frankly, GM can easily defend
itself by just saying 'look at the economy, look at the recession,
look at Saab's sales figures.'"

WSJ recounts that Saab Automobile's liquidators in April 2012 sold
the bulk of the assets of the bankrupt Swedish company to a
Chinese-Japanese backed electric vehicles start-up called National
Electric Vehicle Sweden AB, or NEVS.  NEVS is 51% owned by Hong
Kong-based National Modern Energy Holdings Ltd., a developer of
alternative-energy plants in China, and 49% by Sun Investment LLC,
a Japanese investment firm. They aim to develop premium electric
vehicles for the Chinese market.

                        About General Motors

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

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

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

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

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

            About Saab Automobile AB and Saab Cars N.A.

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 Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344).  The petitioners,
represented by Wilk Auslander LLP, assert claims totaling $1.2
million on account of "unpaid warranty and incentive reimbursement
and related obligations" 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.

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.

On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.

Donlin, Recano & Company, Inc., was retained as claims and
noticing agent to Saab Cars NA in the Chapter 11 case.

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.


TRIBUNE CO: Debtors File Periodic Rule 2015.3 Report
----------------------------------------------------
Chandler Bigelow III, executive vice-president and chief financial
officer of Tribune Co., filed on July 26 a report as of Dec. 31,
2011, on the value, operations and profitability of certain
entities in which the company or any of its affiliated debtors
holds: (i) a combined 100% interest of certain non-debtor
entities, and (ii) between a 20% and 50% interest of certain non-
debtor entities.

Mr. Bigelow reported that the estates of Tribune Co., Tribune
Broadcasting Company, Sun-Sentinel Company, TMS Entertainment
Guides, Inc., Tribune Media Services, Inc., Los Angeles Times
Communications LLC, Chicago Tribune Company, Eagle New Media
Investments, LLC, and Tribune Media Net, Inc., hold or held equity
interests in these entities:

                                                   Net Book
Entity                                              Value
------                                         --------------
Multimedia Insurance Company                        ($230,000)
Riverwalk Center I JV                             $10,805,000
Tribune (FN) Cable Ventures, Inc.                $606,501,000
Tribune Interactive, Inc.                         $99,817,000
Tribune National Marketing Company                $68,316,000
Tribune ND, Inc.                                 $536,878,000
Tribune Receivables, LLC                         $304,776,000
TMS Entertainment Guides Canada Corp               $5,057,000
Tribune Hong Kong Ltd.                                $84,000
Tribune Media Services B.V.                       ($7,059,000)
Blue Lynx Media Services B.V.                      $7,353,000
CastTV, Inc.                                       $7,283,000

Meanwhile, non-majority interest entities have a combined net
book value of $9,568.

The Periodic Report contains a combined and condensed financial
report of the operations and profitability of the Non-Majority
Interest Entities:

                     Combined Balance Sheets
                For Non-Majority Interest Entities
                       As of June 30, 2012

Assets
Current Assets
Cash and cash equivalents                          $5,699,000
Accounts receivable, net                           13,797,000
Inventories                                            78,000
Prepaid expenses and other                            745,000
                                             -----------------
Total current assets                                20,319,000

Property, plant and equipment, net                   1,582,000

Other Assets
Intangible assets, net                                      -
Other investments                                      10,000
Receivables from related parties                    2,969,000
Other                                                 879,000
                                             -----------------
Total Assets                                       $25,759,000
                                             =================

Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable, accrued expenses, and other     $15,284,000
                                             -----------------
Total current liabilities                           15,284,000

Other obligations                                      907,000
                                             -----------------
Total liabilities                                   16,191,000
                                             -----------------
Shareholder's Equity                                 9,568,000
                                             -----------------
Total Liabilities and Shareholders' Equity         $25,759,000
                                             =================


                Combined Statements of Operations
                For Non-Majority Interest Entities
                For Six Months Ended June 30, 2012

Total Revenue                                      $27,692,000

Operating Expenses
Cost of sales                                       8,841,000
Selling, general and administrative                18,944,000
Depreciation and amortization                         292,000
                                             -----------------
Total operating expenses                            28,077,000
                                             -----------------
Operating Loss                                        (385,000)
                                             -----------------
Interest expense, net                                  (6,000)
Non-operating income, net                          12,404,000
                                             -----------------
Income before income taxes                          12,013,000
                                             -----------------
Income taxes                                          (351,000)
                                             -----------------
Net Income                                         $11,662,000
                                             =================


                Combined Statements of Cash Flows
               For Non-Majority Interest Entities
                For Six Months Ended June 30, 2012

Beginning Cash                                      $8,513,000
                                             -----------------
Net Income                                          11,662,000

Operating Activities
Depreciation and amortization                         292,000
Decrease/(increase) in accounts receivable          5,044,000
Increase/(decrease) in current liabilities         (2,848,000)
Increase/(decrease) in other obligations             (242,000)
Decrease/(increase) in inventories                     10,000
Decrease/(increase) in prepaids, other assets       1,625,000
                                             -----------------
                                                     3,881,000
                                             -----------------
Net Cash Flow from operating activities             15,543,000

Investing Activities
Fixed asset disposals/(purchases)                    (176,000)
                                             -----------------
Net Cash Flow from Investing Activities                (49,000)

Financing Activities
Forgiveness of indebtedness from related party    (13,800,000)
Borrowings from related party                         250,000
Equity transactions                                (4,856,000)
                                             -----------------
Net Cash Flow from Financing Activities            (18,406,000)
                                             -----------------
Net Cash Flow                                       (2,814,000)
                                             -----------------
Ending Cash                                         $5,699,000
                                             =================

             Combined Condensed Statement of Changes
                     in Shareholders' Equity
                for Non-Majority Interest Entities
          Six-Month period and year ending June 30, 2012

Shareholders' Equity at Dec. 31, 2011               $2,762,000
Net Income                                         11,662,000
Equity transactions                                (4,856,000)
                                             -----------------
Shareholders' Equity at June 30, 2012               $9,568,000
                                             =================

A full-text copy of the report is available without charge
at http://bankrupt.com/misc/Tribune_20153ReportJune3012.pdf

                         About Tribune Co.

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

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

Protracted negotiations and mediation efforts and numerous
proposed plans of reorganization filed by Tribune Co. and
competing creditor groups have delayed Tribune's emergence from
bankruptcy.  Many of the disputes among creditors center on the
2007 leveraged buyout fraudulence conveyance claims, the
resolution of which is a key issue in the bankruptcy case.  The
bankruptcy court has scheduled a May 16 hearing on Tribune's plan.

Judge Kevin J. Carey issued an order dated July 13, 2012,
overruling objections to the confirmation of Tribune Co. and its
debtor affiliates' Plan of Reorganization.  Before it formally
emerges from bankruptcy, Tribune must still get approval from the
Federal Communications Commission on new broadcast licenses and
waivers for overlapping ownership of television stations and
newspapers in certain markets.

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


VANN'S INC: Files for Chapter 11 Bankruptcy in Montana
------------------------------------------------------
Vann's Inc. filed for Chapter 11 bankruptcy protection (Bankr. D.
Mont. Case No. 12-61281) on Aug. 5, 2012.

Vann's Inc., which operates a home electronics and online
appliance store out of Missoula, is represented by:

         Alan Douglas Smith, Esq.
         Brian Andrew Jennings, Esq.
         PERKINS COIE LLP
         1201 Third Avenue Suite 4900
         Seattle, WA 98101
         Tel: 206-359-8410
         E-mail: adsmith@perkinscoie.com
                 bjennings@perkinscoie.com

The Debtor is seeking Court authority to use cash collateral
securing its obligations to its prepetition lender.  There's a
preliminary hearing Aug. 19 on the Debtor's request.

The Debtor also filed customary "first day" motions that include a
request to continue customer programs; assume certain customer
contracts; continue using existing bank accounts and business form
and to maintain existing cash management practices;

The Debtor also filed papers seeking formal approval of Perkins
Coie as bankruptcy counsel; and Hamstreet & Associates, LLC as
turnaround and restructuring advisors.

Steve Crowe at CEPro, citing various sources, reported last week
that the Company, just more than one month after naming a new CEO
to help with the restructuring process, was set to file for
Chapter 11 bankruptcy protection.  The report noted Vann's lost a
credit line from a major lender.  Vann's hoped to find a new
lender and avoid filing for bankruptcy, but the search was
unsuccessful.


VENTANA 20/20: Files for Chapter 11 in Tucson
---------------------------------------------
Ventana 20/20 LP filed bare-bones Chapter 11 petition (Bankr. D.
Ariz. Case No. 12-17493) in Tucson, Arizona on Aug. 3, 2012.

According to the case docket, a meeting of creditors under
11 U.S.C. Sec. 341(a) is scheduled for Sept. 13, 2012 at 11:00
a.m.  The schedules of assets and liabilities and the statement of
financial affairs are due Aug. 17.

The Debtor estimated assets and debts of at least $10 million.

John Murphy, as manager of the Debtor, signed the Chapter 11
petition.  Mr. Murphy is the founder, chairman and CEO of the
20/20 Group of companies.  As a value investor, he has led or
participated in over $1 billion of multi-family acquisitions
across North America.


WATSON COMPANIES: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Watson Companies, Inc.
        3185 Longview Dr.
        Sacramento, CA 95821

Bankruptcy Case No.: 12-34252

Chapter 11 Petition Date: August 2, 2012

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

Judge: Ronald H. Sargis

Debtor's Counsel: W. Steven Shumway, Esq.
                  2140 Professional Dr #240
                  Roseville, CA 95661
                  Tel: (916) 789-8821
                  Fax: (916) 789-2083
                  E-mail: sshumway@shumwaylaw.com

Scheduled Assets: $1,477,235

Scheduled Liabilities: $1,753,694

A copy of the Company's list of its 20 largest unsecured creditors
filed together with the petition is available for free at
http://bankrupt.com/misc/caeb12-34252.pdf

The petition was signed by Greg Watson, president.


WEST CORP: S&P Gives 'BB-' Rating to $720MM Incremental Term Loan
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned Omaha, Neb.-based West
Corp.'s proposed $720 million incremental secured term loan due
2018 its issue-level rating of 'BB-' (one notch above than the
'B+' corporate credit rating on the company). "We assigned this
debt a recovery rating of '2', indicating our expectation of
substantial (70%-90%) recovery for the bondholders in the event of
a payment default," S&P said.

"Following the $250 million add-on, the issue-level rating on the
company's now aggregate $900 million of senior unsecured notes
remains at 'B' (one notch lower than the 'B+' corporate credit
rating on the company). The recovery rating on the notes remains
at '5', indicating our expectation of modest (10%-30%) recovery
for noteholders in the event of a payment default. The company
plans to use proceeds to refinance the existing $448 million term
loan B tranche due October 2013 and fund a $500 million
distribution to shareholders," S&P said.

Existing ratings on the company, including the 'B+' corporate
credit rating, were affirmed. The rating outlook is stable.

"The rating West Corp. reflects our expectation that leverage will
remain high, in the 5x-6x area over the intermediate term, as the
company continues its acquisition-oriented growth strategy," said
Standard & Poor's credit analyst Daniel Haines. "This expectation
underscores our assessment of West Corp.'s financial risk profile
as 'highly leveraged' (based on our criteria). West has been an
active acquirer of automated services companies as it seeks to
expand its presence in higher-margin areas. We believe West's
business risk profile is 'fair,' based on its good EBITDA margin
and revenue stability. We believe these dynamics will result in
West achieving low- to mid-single-digit percentage revenue and
EBITDA growth, on average, over the intermediate term, with
slightly lower leverage."



* Bankruptcy Filings Continue Decline
-------------------------------------
Bankruptcy filings for the 12-month period ending June 30, 2012,
totaled 1,311,602 petitions, 14% less than the 1,529,560 filed in
the 12-month period ending June 30, 2011, according to statistics
released today by the Administrative Office of the U.S. Courts.

The majority of bankruptcy filings involve predominantly non-
business debts. For the 12-month period ending June 30, 2012, non-
business filings -- where the debts are predominantly personal or
consumer in nature -- totaled 1,267,167, down 14% from the
1,477,426 nonbusiness bankruptcies filed in the 12-month period
ending June 30, 2011.

April, May, and June 2012 constituted the third quarter of the
Judiciary's 2012 fiscal year.  The number of bankruptcies filed
during those three months was 325,693, down 14% from the 379,790
filings in the same quarter of 2011.

For the 12-month period ending June 30, 2012, filings fell for
chapters 7, 11, 12, and 13 compared to filings in the 12-month
period ending June 30, 2011.

     * Chapter 7 filings, which constitute 70% of all filings,
fell 16% to 914,015 from the 1,083,671 Chapter 7 filings in the
12-month period ending June 30, 2011.

     * Chapter 13 filings, which account for 29% of all filings,
fell 11% to 385,949 from the 432,333 Chapter 13 bankruptcies filed
in the same time period in 2011.

     * Chapter 11 filings, which make up less than 1% of all
filings, fell 14% to 10,921 from the 12,714 Chapter 11 filings in
the same time period in 2011.

     * Chapter 12 filings fell 19% to 582 from the 717 Chapter 12
filings in the same time period in 2011.


* Large Companies With Insolvent Balance Sheet
----------------------------------------------

                                             Total
                                            Share-      Total
                                  Total   Holders'    Working
                                 Assets     Equity    Capital
  Company           Ticker         ($MM)      ($MM)      ($MM)
  -------           ------       ------   --------    -------
ABSOLUTE SOFTWRE    ABT CN        127.2       (3.2)      14.0
ACCO BRANDS CORP    ACCO US     1,044.9      (68.3)     311.8
ADVANCED BIOMEDI    ABMT US         0.2       (1.9)      (1.5)
AK STEEL HLDG       AKS US      3,901.0     (360.6)     129.6
AMC NETWORKS-A      AMCX US     2,125.8   (1,004.9)     506.4
AMER AXLE & MFG     AXL US      2,441.2     (394.7)     169.7
AMERISTAR CASINO    ASCA US     2,026.3      (45.8)     (13.5)
ARRAY BIOPHARMA     ARRY US       120.0      (78.8)      28.4
ATLATSA RESOURCE    ATL SJ        920.8     (233.7)      20.0
AUTOZONE INC        AZO US      6,148.9   (1,416.8)    (623.1)
BOSTON PIZZA R-U    BPF-U CN      166.1      (91.7)      (1.5)
CABLEVISION SY-A    CVC US      7,088.5   (5,609.6)    (218.0)
CAPMARK FINANCIA    CPMK US    20,085.1     (933.1)       -
CARMIKE CINEMAS     CKEC US       420.8       (1.9)     (26.1)
CENTENNIAL COMM     CYCL US     1,480.9     (925.9)     (52.1)
CHENIERE ENERGY     CQP US      1,762.3     (574.9)      31.7
CHOICE HOTELS       CHH US        857.7      (11.2)     402.1
CIENA CORP          CIEN US     1,928.6      (41.1)     924.4
CINCINNATI BELL     CBB US      2,657.9     (701.3)     (42.6)
CLOROX CO           CLX US      4,386.0     (106.0)    (689.0)
DEAN FOODS CO       DF US       5,758.6      (52.7)     296.0
DELTA AIR LI        DAL US     44,720.0   (1,135.0)  (6,236.0)
DENNY'S CORP        DENN US       336.2       (2.6)     (16.3)
DIRECTV-A           DTV US     21,912.0   (3,377.0)   1,210.0
DISH NETWORK-A      DISH US    12,409.5      (55.6)     778.4
DISH NETWORK-A      EOT GR     12,409.5      (55.6)     778.4
DOMINO'S PIZZA      DPZ US        424.6   (1,369.1)      52.9
DUN & BRADSTREET    DNB US      1,903.8     (628.3)    (261.0)
E2OPEN INC          EOPN US        29.7      (34.5)     (32.5)
EDGEN GROUP INC     EDG US        555.6     (154.7)     267.4
FAIRPOINT COMMUN    FRP US      1,929.1     (149.8)      38.1
FIESTA RESTAURAN    FRGI US       364.8       (3.2)      (9.0)
FIFTH & PACIFIC     FNP US        900.5     (175.5)     130.9
FREESCALE SEMICO    FSL US      3,499.0   (4,498.0)   1,374.0
GENCORP INC         GY US         874.0     (171.3)      47.3
GLG PARTNERS INC    GLG US        400.0     (285.6)     156.9
GLG PARTNERS-UTS    GLG/U US      400.0     (285.6)     156.9
GOLD RESERVE INC    GRZ US         78.3      (25.8)      56.9
GOLD RESERVE INC    GRZ CN         78.3      (25.8)      56.9
GRAHAM PACKAGING    GRM US      2,947.5     (520.8)     298.5
HCA HOLDINGS INC    HCA US     27,139.0   (7,324.0)   1,667.0
HUGHES TELEMATIC    HUTC US       110.2     (101.6)    (113.8)
HUGHES TELEMATIC    HUTCU US      110.2     (101.6)    (113.8)
INCYTE CORP         INCY US       293.6     (248.9)     133.9
IPCS INC            IPCS US       559.2      (33.0)      72.1
ISTA PHARMACEUTI    ISTA US       124.7      (64.8)       2.2
JUST ENERGY GROU    JE CN       1,543.0     (527.2)    (481.0)
JUST ENERGY GROU    JE US       1,543.0     (527.2)    (481.0)
LIMITED BRANDS      LTD US      6,616.0     (131.0)   1,526.0
LIN TV CORP-CL A    TVL US        804.7      (75.7)      47.4
LORILLARD INC       LO US       2,576.0   (1,568.0)     881.0
MARRIOTT INTL-A     MAR US      6,007.0   (1,124.0)  (1,287.0)
MERITOR INC         MTOR US     2,565.0     (945.0)     193.0
MERRIMACK PHARMA    MACK US        64.4      (43.6)      21.0
MONEYGRAM INTERN    MGI US      5,185.1     (116.1)     (35.3)
MORGANS HOTEL GR    MHGC US       544.3      (97.8)      (8.6)
MPG OFFICE TRUST    MPG US      2,061.5     (827.9)       -
NATIONAL CINEMED    NCMI US       788.5     (347.4)     102.6
NAVISTAR INTL       NAV US     11,384.0     (407.0)   1,658.0
NB MANUFACTURING    NBMF US         -         (0.0)      (0.0)
NEXSTAR BROADC-A    NXST US       578.2     (179.9)      34.5
NOVADAQ TECHNOLO    NDQ CN         23.5       (3.9)       7.5
NPS PHARM INC       NPSP US       183.3      (54.4)     130.0
NYMOX PHARMACEUT    NYMX US         6.4       (5.2)       2.9
ODYSSEY MARINE      OMEX US        21.9      (14.2)     (13.9)
OMEROS CORP         OMER US        21.1      (12.7)       1.0
PALM INC            PALM US     1,007.2       (6.2)     141.7
PDL BIOPHARMA IN    PDLI US       235.0     (243.8)      56.6
PEER REVIEW MEDI    PRVW US         1.4       (3.4)      (3.8)
PLAYBOY ENTERP-B    PLA US        165.8      (54.4)     (16.9)
PLAYBOY ENTERP-A    PLA/A US      165.8      (54.4)     (16.9)
PRIMEDIA INC        PRM US        208.0      (91.7)       3.6
PROOFPOINT INC      PFPT US        64.7      (29.1)     (33.7)
PROTECTION ONE      PONE US       562.9      (61.8)      (7.6)
QUALITY DISTRIBU    QLTY US       330.8      (67.6)      54.5
REGAL ENTERTAI-A    RGC US      2,307.0     (552.6)      46.5
RENAISSANCE LEA     RLRN US        57.0      (28.2)     (31.4)
REVLON INC-A        REV US      1,156.7     (679.6)     184.9
REXNORD CORP        RXN US      3,290.9      (80.8)     551.0
RURAL/METRO CORP    RURL US       303.7      (92.1)      72.4
SALLY BEAUTY HOL    SBH US      1,789.9      (69.2)     478.8
SINCLAIR BROAD-A    SBGI US     1,771.2      (87.2)       3.9
TAUBMAN CENTERS     TCO US      3,096.1     (295.3)       -
TEMPUR-PEDIC INT    TPX US        865.5      (12.1)     258.9
THERAPEUTICS MD     TXMD US         1.5       (3.4)      (1.3)
THRESHOLD PHARMA    THLD US        89.7      (77.4)      72.8
UNISYS CORP         UIS US      2,397.9   (1,190.0)     463.1
VECTOR GROUP LTD    VGR US        886.1     (132.7)     145.6
VERISIGN INC        VRSN US     1,942.0      (59.2)     858.0
VERISK ANALYTI-A    VRSK US     1,892.0      (10.3)    (147.7)
VIRGIN MOBILE-A     VM US         307.4     (244.2)    (138.3)
WEIGHT WATCHERS     WTW US      1,176.1   (1,856.8)  (1,057.9)



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise
Marie Varquez, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, 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
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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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