TCR_Public/120920.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

           Thursday, September 20, 2012, Vol. 16, No. 262

                            Headlines

1555 WABASH: Plan Filing Period Extended Until Oct. 28
17315 COLLINS: Has Access to Cash Collateral Thru Sept. 30
1881 CENTRAL: Voluntary Chapter 11 Case Summary
AAA STORAGE: Case Summary & 5 Largest Unsecured Creditors
AHERN RENTALS: Hearing on Exclusivity Periods Scheduled for Oct. 9

ALGECO SCOTSMAN: S&P Assigns 'B+' Corporate Credit Rating
ALLEN FAMILY: Court OKs Settlement Agreement with MidAtlantic Farm
ALLEN FAMILY: Wants Plan Filing Period Extended to Nov. 29
AMBAC FINANCIAL: 92 Policy Claims Not Eligible for Payment
AMERICAN AIRLINES: Cuts Flights Due to Pilots Shortage

AMERICAN AXLE: Completes Sale of $550 Million of 6.625% Sr. Notes
AMERICAN HERITAGE: S&P Cuts Ratings on 2 Bond Series to 'BB-'
AMKOR TECHNOLOGY: Moody's Affirms Ba3 CFR; Rates Sr. Notes Ba3
AMKOR TECHNOLOGY: S&P Rates $300MM Unsecured Notes 'BB'
AMTRUST FINANCIAL: Defeats FDIC; Creditors Could Receive $300MM

APOLLO HEALTH: Porzio Faces Malpractice Suit Over Failed Ch. 7
ARGO DIGITAL: Former Execs Accused of Defrauding Investors
ARGO GROUP: S&P Gives 'BB+' Prelim Rating on Subordinated Debt
ASP HHI: Moody's Assigns 'B2' Corp. Family Rating
ATLANTIS OF JACKSONVILLE: Wants to Dismiss Chapter 11 Case

ATP OIL: Has Court OK to Pay Funds Attributable to ORRIs and NPIs
BIOMET INC: Moody's Assigns 'B3' Rating to Add-On Senior Notes
BIOMET INC: S&P Assigns 'B+' Rating on $500MM Subordinated Notes
BLAST ENERGY: Changes Trading Symbol to "PEDO"
BRICKFIELD BUILDERS: Voluntary Chapter 11 Case Summary

BROADVIEW NETWORKS: Can Employ EY LLP as Independent Auditor
BROADVIEW NETWORKS: Can Hire Bingham as Regulatory Counsel
BROADVIEW NETWORKS: Can Employ KCC as Claims and Notice Agent
BROADVIEW NETWORKS: Can Employ Evercore as Investment Banker
BROADVIEW NETWORKS: Can Employ WF&G as Bankruptcy Counsel

BROADVIEW NETWORKS: Schedules of Assets & Debts Due Oct. 21
CDC CORP: Proposes Harshman Phillips as Tax Accountants
CHAMPION INDUSTRIES: Fifth Third Forbearance to Expire Oct. 15
CHARLIE MCGLAMRY: Hearing on Exclusivity Extension Set for Oct. 2
CIRCLE STAR: Delays Form 10-Q for July 31 Quarter for Review

CITIZENS CORP: FiData Can Employ Harwell Howard as Counsel
COMMERCIAL MANAGEMENT: Case Trustee Seeks to Use Rent Til January
COMMUNITY HOME: Seeks to Extend Plan Filing Period to Jan. 31
COMMUNITY HOME: Secured Creditors Want Chapter 11 Trustee
COMMUNITY HOME: Files Amended Schedules of Assets & Liabilities

COMMUNITY HOME: Challenging Edwards, Beher Claims
CONTINENTAL COIN: Ch. 11 Trustee Liable for Virtue's Legal Fees
COUNTRYWIDE HOME: 5th Circ. Affirms Class Cert. in Loan Fee Suit
CRYOPORT INC: Shareholders Elect Three Directors to Board
DALLAS ROADSTER: Plan Promises to Pay Creditors in Full

DALLAS ROADSTER: J. Bennett White to Replace DeMarco as Counsel
DALLAS ROADSTER: Can Employ Robert Dohmeyer as Valuation Expert
DALLAS ROADSTER: Asks Court to Lift Restrictions on Cash Use
DANIEL PETERSON: Wash. Appeals Court Rules on Citibank Dispute
DARLING INT'L: Moody's Upgrade CFR/PDR to 'Ba1'; Outlook Stable

DELPHI CORP: Claims-Trading Ruling Overturned on Appeal
DEWEY & LEBOEUF: Ex-Partners Working on Dodgers Case Assert Claims
DEWEY & LEBOEUF: Citibank Denies Conspiring Against Partners
DEWEY & LEBOEUF: Sept. 20 Hearing on Appointment of Ch. 11 Trustee
DICKINSON, MI: Fitch Cuts Rating on $24MM Notes to 'BB+'

DIGITAL DOMAIN: Can Advance Up to $7.65-Mil. Per 3rd Interim Order
DOLE FOOD: Moody's Reviews 'B1' Corp. Family Rating for Upgrade
DYNEGY INC: Incurs $69 Million Net Loss in Second Quarter
ECAST CORPORATION: Case Summary & 20 Largest Unsecured Creditors
ELMIRA DOWNTOWN: Judge to Hear US Trustee's Case Dismissal Bid

ELPIDA MEMORY: Bondholders Halt U.S. Asset Sales
ELZA CONSTRUCTION: Case Converted to Chapter 7 Due to Inactivity
EMISPHERE TECHNOLOGIES: Appoints Alan Rubino as President & CEO
FOXCO ACQUISITION: Moody's Affirms 'B2' CFR/PDR; Outlook Stable
FULLER BRUSH: Cleared to Auction Assets Next Month

GELT PROPERTIES: Can Access Cash Collateral Until Oct. 3
GELT PROPERTIES: Taps Nochumson P.C. to Handle Craig Atkins Suit
GLOBAL AVIATION: Noteholders to Receive Stock Under Plan
GROUP 1: Moody's Corrects August 21 Rating Release
GROUP 1: Moody's Affirms 'Ba2' Corporate Family Rating

HALIFAX REGIONAL: Fitch Lowers Rating on $15.1-Mil. Bonds to 'BB+'
HARDAGE HOTEL: Has Until Oct. 2 to File Plan of Reorganization
HELLER EHRMAN: Settles $1MM Fee Dispute With Gregory Canyon
HORIZON LINES: Amends Q2 Form 10-Q to Correct Classification
HOWREY LLP: Level I & Contract Lawyers Form Group & Hire Counsel

HOWREY LLP: Former Attorneys Face Potential Clawback Suits
IA GLOBAL: UK Administrators Hand Back 2.4 Million Common Shares
IMAGING3: Case Summary & 20 Largest Unsecured Creditors
INDIANAPOLIS DOWNS: Gets $500M Bids from Centaur Gaming for Racino
INDUSTRIAL DEVELOPMENT: Fitch Rates $66-Mil. Refunding Bonds 'B+'

INFUSION BRANDS: Buys $1MM CD3 Note; Sells $2MM Note to Vicis
INNER CITY: Hearing on Exclusivity Periods Set for Sept. 24
INOVA TECHNOLOGY: Had $117,600 Net Loss in July 31 Quarter
JMR DEVELOPMENT: Plan Filing Exclusivity Extended to Oct. 4
KINDRED HEALTHCARE: Facility Expansion No Impact on Moody's CFR

LDK SOLAR: Two Directors Re-Elected to Board
LDK SOLAR: Incurs $254.3 Million Net Loss in Second Quarter
LEE BRICK: David S. Hodges Approved as Financial Consultant
LEE BRICK: Has Until Oct. 13 to File Plan and Disclosure Statement
LEE BRICK: Bankr. Administrator Unable to Form Creditors Committee

LEE BRICK: Amends Schedules of Assets and Liabilities
LEFKARA GROUP: Attorney Regina Phillips Withdraws as Counsel
LEFKARA GROUP: Files Schedules of Assets and Liabilities
LEFKARA GROUP: Parsons Takes Plan Exclusivity
LEHMAN BROTHERS: Sues JPMorgan to Unravel Derivative Transactions

LEHMAN BROTHERS: Wilbur Ross Says Price for Navigator Is Fair
LOCAL TV: S&P Cuts Corporate Credit Rating to 'B'; Outlook Stable
MEDFORD VILLAGE: Sept. 24 Hearing on Lennar's Case Dismissal Bid
MF GLOBAL: Former Trader Starts New Hedge Fund
NEXSTAR BROADCASTING: Extends Employment of Pres. & CEO to 2016

NIELSEN FINANCE: S&P Gives 'BB-' Rating on $750MM Senior Notes
NIFTUS LLC: Can Employ Copeland & Bieger as Chapter 11 Attorneys
NIFTUS LLC: Can Employ Reed Smith as Special Counsel
NIFTUS LLC: U.S. Trustee Has Not Appointed a Creditors Committee
NORTH & HARLEM: Case Summary & 7 Unsecured Creditors

OPDE US: Unit of Spanish Solar Firms Files for Chapter 7
OROMIN EXPLORATIONS: Recurring Losses Cue Going Concern Doubt
PAR PHARMACEUTICAL: S&P Keeps 'B+' CCR on Term Loan B Upsizing
PARAMOUNT RESOURCES: Moody's May Cut Unsec. Notes Rating to Caa2
PATHEON INC: Moody's Affirms 'B3' CFR/PDR; Outlook Stable

PEREGRINE FINANCIAL: Wasendorf Son Sues U.S. Bank
PIAZZA BELLA: Case Summary & 3 Unsecured Creditors
PTC ALLIANCE: Moody's Assigns 'B2' CFR/PDR; Outlook Stable
QUIGLEY CO: Bankruptcy Law Protects Parent Cos., Pfizer Says
RADNET MANAGEMENT: S&P Rates $437.5MM Secured Credit 'B+'

RHODE ISLAND HEALTH: Moody's Corrects August 28 Rating Release
ROCKWOOD SPECIALTIES: Moody's Rates $750MM Sr. Unsec. Notes 'Ba2'
ROCKWOOD SPECIALITIES: S&P Affirms 'BB+' CCR; Outlook Stable
ROTHSTEIN ROSENFELDT: Gibraltar Agrees to $65-Mil. Deal
RYLAND GROUP: Moody's Affirms B1 CFR; Rates Sr. Unsec. Notes B1

RYLAND GROUP: S&P Rates $250MM Senior Unsecured Notes 'BB-'
SCHWAB INDUSTRIES: Fla. Court Won't Hear Family Members' Lawsuit
SEP RIVERPARK: Case Reassigned to Judge Niles L. Jackson
SEQUENOM INC: Completes Offering of $130 Million 5% Senior Notes
SKY KING: Blames Direct Air for Chapter 11 Bankruptcy Filing

SOTHEBY'S: S&P Rates New $300MM Senior Unsecured Notes 'BB'
STRATEGIC PARTNERS: Moody's Withdraws 'B2' CFR/PDR
SUMMIT WEALTH: SEC Charges Atlanta-Based Firm Over Ponzi Scheme
THORNTON LLC: Case Summary & 11 Unsecured Creditors
TRANSTAR HOLDING: Moody's Cuts CFR to B2; Rates Facilities Caa1

TRIGEE FOUNDATION: Voluntary Chapter 11 Case Summary
TUCSON ELECTRIC: Fitch Lifts Issuer Default Rating From 'BB+'
URBAN WEST RINCON: Court Orders Dismissal of Chapter 11 Cases
WINDHAM & MCDONALD: Case Summary & 20 Largest Unsecured Creditors
WINNERS CREATIVE: Voluntary Chapter 11 Case Summary

* Home Valued at Filing for Stripping Off in Chapter 13
* Bankruptcy Court Proper Venue for Final Rulings on Tax Disputes

* A&M Expands Public Sector Services Group
* Spencer Cain Bankruptcy Pro Joins Vorys in Houston

* Recent Small-Dollar & Individual Chapter 11 Filings

                            *********


1555 WABASH: Plan Filing Period Extended Until Oct. 28
------------------------------------------------------
1555 Wabash LLC seeks an extension of its exclusive period to
propose a Chapter 11 plan and solicit acceptances of that plan
through and including Nov. 28, 2012, and Jan. 28, 2013,
respectively.

The Debtor said it has been diligently pursuing the administration
of the Chapter 11 case with a view toward formulating a prompt
exit strategy.  However, given the general overall economic
concerns especially facing the real estate markets, it is
impossible for the Debtor to propose a Plan and implement a
Chapter 11 exit strategy within the existing exclusive periods.

Furthermore, the Debtor said it has had discussions with third
parties relating to a transaction that would involve the funding
of a Plan.  These third parties have conducted due diligence
regarding the Debtor, the Property and the related financial
issues and are in the process of formulating offer(s) that could
be utilized in the implementation of the exit strategy from the
Chapter 11 case.  The Debtor requires further time for the
discussions with these third parties to be completed.

An agreed order signed by the bankruptcy judge on Aug. 31 extends
until Oct. 28, the Debtor's exclusive period to propose a plan and
until Dec. 13, the exclusive solicitation period.

The order is without prejudice to the rights of the senior lender
to assert that the Debtor has no capability of presenting a plan
of reorganization that is confirmable under Sec. 1129 of the
Bankruptcy Code.

The entry of the order will not have any bearing on any issue in
the Chapter 11 case, including, but not limited to, any issue
relating to the senior lender's cashing of any check delivered by
the Debtor.

Meanwhile, a hearing on the Debtor's motion to use cash collateral
has be continued to Oct. 30, 2012 at 10:00 a.m., according to a
notice filed in Court.

                        About 1555 Wabash

1555 Wabash LLC owns and operates a 14-story mixed use building
located at 1555 South Wabash, in Chicago, Illinois.  The property
is comprised of 176 residential units plus 11,000 square feet of
commercial space located on the first floor of the building.  The
property was originally developed as condominium units to be sold
at designated sale prices to qualified buyers.  Construction
was generally completed as of the middle of 2009.  Only 36 of the
100 sale contracts closed.  As of the Petition Date, 1555 Wabash
leased 115 of the remaining 140 residential apartment units --
roughly 82% -- to qualified tenants, while the commercial space is
presently vacant.

1555 Wabash LLC filed for Chapter 11 protection (Bankr. N.D. Ill.
Case No. 11-51502) on Dec. 27, 2011, to halt foreclosure of the
property.  Judge Jacqueline P. Cox oversees the case.  David K.
Welch, Esq., at Crane Heyman Simon Welch & Clar, serves as the
Debtor's counsel.  The Debtor scheduled $90,055 in personal
property and said the current value if its condo building is
unknown.  The Debtor disclosed $51.6 million in liabilities.  The
petition was signed by Theodore Mazola, president of New West
Realty Development Corp., sole member and manager of the Debtor.


17315 COLLINS: Has Access to Cash Collateral Thru Sept. 30
----------------------------------------------------------
Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern
District of Florida authorized 17315 Collins Avenue LLC, on a
sixth interim basis, to use the cash collateral of 17315 CAM
through Sept. 30, 2012, to pay for operating expenses and
administration costs, in accordance with a budget.

The Debtor granted in favor of 17315 CAM and as security a first
priority postpetition security interest and lien in all of the
Debtor's assets, to the same priority, validity and extent that
17315 CAM held a properly perfected prepetition security interest
in the assets.

The hearing on the further use of cash collateral is scheduled for
Sept. 25, 2012, at 1:30 p.m.

A copy of the cash collateral budget is available for free at:

    http://bankrupt.com/misc/17315COLLINS_6thcashcollbudget.pdf

                 About 17315 Collins Avenue LLC

17315 Collins Avenue LLC owns and operates a luxury, beach-front
condominium-hotel located in Sunny Isles Beach, Florida, commonly
known as Sole on the Ocean.  It filed for Chapter 11 bankruptcy
protection (Bankr. S.D. Fla. Case No. 12-10631) on Jan. 10, 2012.

The Debtor is the sole owner of the Project.  WaveStone Properties
LLC owns 100% of the membership interests in the Debtor and has no
other businesses or assets.  Thomas Feeley is the managing member
of WaveStone.

Judge Robert A. Mark presides over the case.  Lawyers at Meland
Russin & Budwick P.A. serve as the Debtor's counsel.  In its
petition, the Debtor estimated $10 million to $50 million in
assets and debts.  Mr. Feeley signed the petition.


1881 CENTRAL: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: 1881 Central Avenue, LLC
        18 Pinewood Avenue
        Albany, NY 12208

Bankruptcy Case No.: 12-12394

Chapter 11 Petition Date:

Court: U.S. Bankruptcy Court
       Northern District of New York (Albany)

Debtor's Counsel: Robert J. Rock, Esq.
                  TULLY RINCKEY PLLC
                  441 New Karner Road
                  Albany, NY 12205
                  Tel: (518) 218-7100
                  E-mail: rrock@1888law4life.com

Scheduled Assets: $1,802,000

Scheduled Liabilities: $1,641,000

The Company's list of its largest unsecured creditors filed with
the petition does not contain any entry.

The petition was signed by Wensong Chen, president.


AAA STORAGE: Case Summary & 5 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: AAA Storage Depot, LLC
        1500 Jersey Street
        South Plainfield, NJ 07080

Bankruptcy Case No.: 12-32578

Chapter 11 Petition Date: September 13, 2012

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

Judge: Raymond T. Lyons Jr.

Debtor's Counsel: Andrew J. Kelly, Esq.
                  KELLY & BRENNAN, P.C.
                  1011 Highway 71, Suite 200
                  Spring Lake, NJ 07762-2030
                  Tel: (732) 449-0525
                  Fax: (732) 449-0592
                  E-mail: akelly@kbtlaw.com

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

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

A copy of the Company's list of its five largest unsecured
creditors filed with the petition is available for free at:
http://bankrupt.com/misc/njb12-32578.pdf

The petition was signed by Donna L. Clark, managing member.

Affiliate that filed separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Lawrence Franklin Clark and
Donna Lisa Clark                      11-13776         02/10/11


AHERN RENTALS: Hearing on Exclusivity Periods Scheduled for Oct. 9
------------------------------------------------------------------
The Hon. Bruce T. Beesley of the U.S. Bankruptcy Court for the
District of Nevada extended Ahern Rentals, Inc.'s exclusive
periods filing and soliciting acceptances for the proposed plan of
reorganization until the conclusion of the continued hearing
scheduled for Oct. 9, 2012, at 2 p.m.

The Debtor requested for an extension in its exclusive periods to
file and solicit acceptances for the proposed chapter 11 plan
until Nov. 30, 2012, and Feb. 1, 2013, respectively.

As reported in the Troubled Company Reporter on July 27, 2012,
Ahern Rentals stated, "The Debtor is in the process of formulating
a Plan that would pay creditors the full amount of their claims
against Debtor's estate, consistent with its intentions since the
commencement of this Chapter 11 Case. Indeed, as permitted by this
Court, the undisputed unsecured claims in this case have been
reduced to about $3.0 Million."

                        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.


ALGECO SCOTSMAN: S&P Assigns 'B+' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Baltimore-based Algeco Scotsman Global
S. r.l. (Algeco). The outlook is stable.

"At the same time, we assigned a 'B+' rating to the proposed
EUR1,050 million senior secured notes to be issued by subsidiary
Algeco Scotsman Global Finance PLC and guaranteed by Algeco. The
recovery rating on the notes is '4', indicating our expectation of
an average (30%-50%) recovery in a payment default. We also
assigned a 'B-' rating to the proposed EUR675 million senior
unsecured notes to be issued by Algeco Scotsman Global Finance PLC
and guaranteed by Algeco. The recovery rating on the notes is '6',
indicating our expectation of negligible (0%-10%) recovery in a
payment default," S&P said.

"The ratings on Algeco reflect the company's significant position
within the modular space leasing industry, its global footprint,
the diverse end markets it serves, and its very low customer
concentration and intermediate-term leases," said Standard &
Poor's credit analyst Funmi Afonja. "Offsetting some of these
strengths is the company's aggressive debt leverage, due largely
to a history of debt-financed acquisitions, and its high exposure
to the slowing economies of Europe and the U.S. that make up the
majority of revenues and earnings. Despite near-term economic
weakness in Europe and the U.S., we expect the company's financial
profile to stay relatively stable, with weakness in those markets
partly offset by profitable growth in the Asia Pacific region,
Canada, and Latin America. We categorize Algeco's business
risk profile as 'weak,' its financial risk profile as
'aggressive,' and its liquidity as 'adequate' under our criteria.
The company does not publicly disclose financial information," S&P
said.

"Algeco is recapitalizing its balance sheet with new financings
and converting some debt into equity. Algeco is entering into a
$1,250 million asset-based revolving credit facility (not rated),
EUR1,050 million senior secured notes and EUR675 million senior
secured notes. The company will use proceeds largely to pay off
existing debt and to cover transaction fees and expenses. At the
same time, Algeco is acquiring Ausco Modular Holdings Ltd. (Ausco;
not rated), a lessor of modular buildings in Australia and New
Zealand. The terms of the sale of Ausco to Algeco are not publicly
disclosed. Algeco is majority owned by TDR Capital LLP, which also
owns soon-to-be sold Ausco," S&P said.

"Pro forma for the proposed transaction, we expect operating
margins (after depreciation and amortization) in the low teen
percentage area, funds flow from operations (FFO) to total lease-
adjusted debt to be about 10%, and lease-adjusted debt to capital
in the mid-60% area. As a leasing company, Algeco can accommodate
somewhat higher leverage relative to similarly rated industrial
companies. Even so, Algeco carries a heavy debt load and has
substantial goodwill due to a history of debt-financed
acquisitions. Over the past seven years Algeco has successfully
consolidated the global modular space market, completing several
acquisitions with a combined enterprise value in excess of EUR2
billion. Our assessment of the company's financial profile leaves
room for midsize tuck-in acquisitions. However, a large debt-
financed acquisition could hurt the company's financial risk
profile and our expectations for stable credit measures," S&P
said.

"Algeco is a global lessor of modular structures. Products include
single-unit buildings and large-scale multistory permanent
structures, used for various purposes including offices,
classrooms, hospitals, restaurants, and retail stores, for
example. The company engages in the leasing, sale, delivery, and
installation of these products throughout Europe, North America,
Latin America, and Asia Pacific. Algeco also provides portable
storage solutions--a relatively small portion of its business,"
S&P said.

"The most significant factors in our assessment of Algeco's
overall business risk profile are market position, geographic
diversity, end market diversity, and customer concentration.
Algeco is the leading lessor of modular space in the world, and it
holds the No. 1 or No. 2 position in all of the markets it serves.
The company has operations in 37 countries. Algeco benefits from
serving diversified end markets such as mining, manufacturing,
government, commercial and residential construction, education,
and diversified industrial companies. The company has a granular
customer base with very low customer concentration. The ancillary
services Algeco provides to its customers (maintenance, alarms,
telemonitoring, etc.) and its relatively small storage business
enhance the company's diversity. Algeco has lease terms that
average two to three years and help support its relatively good
operating efficiency. Algeco's closest competitor is Modular Space
Corp. (not rated). Modular Space operates predominantly in North
America and does not have nearly the global footprint and range of
offerings that Algeco does," S&P said.

"The outlook is stable. Pro forma for the financings and the sale
of Ausco to Algeco, we expect the company to maintain its credit
measures, with rising earnings in higher-margin, more profitable
markets in Australia, Canada, and Brazil, despite earnings
pressures from Europe and the U.S.," S&P said.

"We believe that Algeco's growth strategy and diverse operations
should help it weather near-term economic weakness in the U.S. and
Europe, its two key markets. We could, however, lower our ratings
if weakness in these markets or a more pronounced slowdown in the
global economy pressure earnings more than we expect, or if the
company pursues a large debt-financed acquisition, causing FFO to
debt to fall to mid-single-digit percentage area," S&P said.

"Although less likely, we could raise the rating if revenues and
earnings growth exceed our expectations (causing FFO to debt to
reach the midteen percent area) and operating margins (after
depreciation and amortization) to rise to the high-teens percent
area on a sustained basis," S&P said.


ALLEN FAMILY: Court OKs Settlement Agreement with MidAtlantic Farm
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved a
settlement agreement entered among the Official Committee of
Unsecured Creditors in the Chapter 11 cases of Allen Family Foods,
Inc., et al., the Debtors, and MidAtlantic Farm Credit, ACA, as
agent/nominee for the secured creditors in relation to the
adversary proceeding against MidAtlantic Farm.

As reported in the Troubled Company Reporter on Aug. 29, 2012,
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reported that the Debtor is on the cusp of filing a liquidating
Chapter 11 plan which will be based in part on a settlement where
the secured lender gave up $5 million.  The report related that
Allen said the liquidating plan will be a joint project of the
company and the official creditors' committee.  The plan would be
filed within 30 days, the company said in a court filing.

Secured debt when the Chapter 11 case began included $83.2 million
on a term loan and revolving line of credit with MidAtlantic Farm
Credit ACA, as agent.  From the sale proceeds, $30 million was
held aside to await the result of the lawsuit by the creditors
against MidAtlantic.  The settlement carved out $5 million for
unsecure creditors, with the remainder going to the bank.

The Bloomberg report disclosed that the bank also agreed to waive
claims, so it won't share in any distribution to unsecured
creditors as a result of a deficiency claim.

                     About Allen Family Foods

Allen Family Foods Inc. is a 92-year-old Seaford, Del., poultry
company.  Allen Family Foods and two affiliates, Allen's Hatchery
Inc. and JCR Enterprises Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-11764) on June 9, 2011.
Allen estimated assets and liabilities between $50 million and
$100 million in its petition.

Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young,
Conaway, Stargatt & Taylor, in Wilmington, Delaware, serve as
counsel to the Debtors.  FTI Consulting is the financial advisor.
BMO Capital Markets is the Debtors' investment banker.  Epiq
Bankruptcy Solutions LLC is the claims and notice agent.

Roberta DeAngelis, U.S. Trustee for Region 3, appointed seven
creditors to serve on an Official Committee of Unsecured Creditors
in the Debtors' cases.  Lowenstein Sandler PC and Womble Carlyle
Sandridge & Rice, PLLC, serve as counsel for the committee.  J.H.
Cohn LLP serves as the Committee's financial advisor.


ALLEN FAMILY: Wants Plan Filing Period Extended to Nov. 29
----------------------------------------------------------
Allen Family Foods Inc., and its affiliated debtors ask the U.S.
Bankruptcy Court to further extend their exclusive periods to file
a chapter 11 plan or plans, and to solicit acceptances of the
plan(s), through and including Nov. 29, 2012 and Jan. 29, 2013,
respectively.

A hearing on the request is scheduled Sept. 26.

The Debtors contend that a fourth extension of the exclusive
periods is warranted.  The Debtors say they continue to focus on
transferring operations on an ongoing basis to Harim USA, Ltd.,
following the successful sale of the Debtors' assets, and have, in
consultation with the Committee, turned their attention to
analyzing the full scope of claims that have been filed against
their estates and drafting a plan of liquidation.

To that end, the Debtors and the Committee are diligently
evaluating the validity of each claim in an effort to ensure an
accurate reconciliation of the Debtors' pre-petition and post-
petition obligations.  In particular, the Committee has resolved a
sizable administrative expense claim filed by the Pension Benefit
Guarantee Corporation.  In consultation with the Committee, the
Debtors will determine the most efficient means for bringing these
cases to a conclusion once the claims reconciliation process has
run its course and other administrative issues have been addressed
and resolved.

Finally, the Court recently entered the order approving a pivotal
settlement between the Committee, the Debtors, and the Debtors'
prepetition secured lenders led by MidAtlantic Farm Credit, ACA,
regarding the validity of certain prepetition secured liens that
allegedly encumbered a significant portion of the Debtors'
remaining assets.  Now that the MAFC Settlement Order has been
entered, the Debtors and the Committee now have a clearer
understanding of the asset pool that will be available to
creditors holding both unsecured and priority claims, and, in
light thereof, the Debtors are working with the Committee to
formulate the proper course of action to effectuate distributions
to various parties-in-interest.

"The Debtors and the Committee anticipate filing a joint
disclosure statement and joint plan of liquidation within the next
30 days, but are [seeking an extension] out of an abundance of
caution because the Current Deadline to file a plan is August 31,
2012," according to the Aug. 22 filing by the Debtors.

                     About Allen Family Foods

Allen Family Foods Inc. is a 92-year-old Seaford, Delaware,
poultry company.  Allen Family Foods and two affiliates, Allen's
Hatchery Inc. and JCR Enterprises Inc., filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Case No. 11-11764) on
June 9, 2011.  Allen estimated assets and liabilities between
$50 million and $100 million in its petition.

Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young,
Conaway, Stargatt & Taylor, in Wilmington, Delaware, serve as
counsel to the Debtors.  FTI Consulting is the financial advisor.
BMO Capital Markets is the Debtors' investment banker.  Epiq
Bankruptcy Solutions LLC is the claims and notice agent.

Roberta DeAngelis, U.S. Trustee for Region 3, appointed seven
creditors to serve on an Official Committee of Unsecured Creditors
in the Debtors' cases.  Lowenstein Sandler PC and Womble Carlyle
Sandridge & Rice, PLLC, serve as counsel for the committee.  J.H.
Cohn LLP serves as the Committee's financial advisor.


AMBAC FINANCIAL: 92 Policy Claims Not Eligible for Payment
----------------------------------------------------------
The Circuit Court for Dane County, Wisconsin, approved a motion by
the Wisconsin Commissioner of Insurance, acting as the
Rehabilitator of the Segregated Account of Ambac Assurance
Corporation, to commence making interim cash payments on policy
claims submitted to the Segregated Account in an amount, in cash,
equal to 25% of the permitted amount of each Policy Claim.  To
facilitate the Interim Cash Payment Order, the Rehabilitator has
promulgated Rules Governing the Submission, Processing and Partial
Payment of Policy Claims in accordance with the June 4, 2012,
Interim Cash Payment Order.

In accordance with the Policy Claim Rules, beginning in August
2012, policyholders that submit compliant Policy Claims by the end
of a calendar month and which are permitted and approved by the
Rehabilitator for payment are eligible to receive 25% of the
amount of the permitted Policy Claim from the Segregated Account
on or around the 20th day of the following month.

As of Aug. 31, 2012, Ambac Assurance Corporation, as the
management services provider for the Segregated Account, had
received most of the Policy Claims relating to the period between
March 24, 2010 and July 31, 2012, that it had expected.
However, as of Aug. 31, 2012, it has not received Policy Claims
relating to the Moratorium Period in respect of 80 CUSIPs which it
had expected to receive.

As these Moratorium Period Policy Claims were not received on or
before the end of August 2012, they are not eligible for
consideration for payment from the Segregated Account on Sept. 20,
2012.  Instead, these Moratorium Period Policy Claims will be
evaluated for payment upon receipt of compliant Policy Claims in
accordance with the Policy Claim Rules.

In addition, twelve Securities have not had Policy Claims
submitted in respect of the period relating to the payment date
falling in August 2012 and accordingly will also not be eligible
for consideration for payment on Sept. 20, 2012.

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

                        http://is.gd/XY5ac8

                       About Ambac Financial

Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.

Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
10-15973) in Manhattan on Nov. 8, 2010.  Ambac said it will
continue to operate in the ordinary course of business as "debtor-
in-possession" under the jurisdiction of the Bankruptcy Court and
in accordance with the applicable provisions of the Bankruptcy
Code and the orders of the Bankruptcy Court.

Ambac's bond insurance unit, Ambac Assurance Corp., did not file
for bankruptcy.  AAC is being restructured by state regulators in
Wisconsin.  AAC is domiciled in Wisconsin and regulated by the
Office of the Commissioner of Insurance of the State of Wisconsin.
The parent company is not regulated by the OCI.

Ambac's consolidated balance sheet -- which includes non-debtor
Ambac Assurance Corp -- showed US$30.05 billion in total assets,
US$31.47 billion in total liabilities, and a US$1.42 billion
stockholders' deficit, at June 30, 2010.

On an unconsolidated basis, Ambac said in a court filing that
it has assets of (US$394.5 million) and total liabilities of
US$1.6826 billion as of June 30, 2010.

Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about US$1.62 billion.

The Blackstone Group LP is the Debtor's financial advisor.
Kurtzman Carson Consultants LLC is the claims and notice agent.
KPMG LLP is tax consultant to the Debtor.

Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel
to the Official Committee of Unsecured Creditors.  Lazard Freres
& Co. LLC is the Committee's financial advisor.

Bankruptcy Judge Shelley C. Chapman entered an order confirming
the Fifth Amended Plan of Reorganization of Ambac Financial Group,
Inc. on March 14, 2012.  The Plan provides for the full payment of
secured claims and 8.5% to 13.2% recovery for general unsecured
claims.

Bankruptcy Creditors' Service, Inc., publishes AMBAC BANKRUPTCY
NEWS.  The newsletter tracks the Chapter 11 proceeding undertaken
by Ambac Financial Group and the restructuring proceedings of
Ambac Assurance Corp. (http://bankrupt.com/newsstand/or 215/945-
7000).

The Company's balance sheet at June 30, 2012, showed $26.61
billion in total assets, $30.36 billion in total liabilities and a
$3.75 billion total stockholders' deficit.


AMERICAN AIRLINES: Cuts Flights Due to Pilots Shortage
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that AMR Corp., the parent of American Airlines Inc., is
being forced to reduce the flight schedule 2% this month and next
because of a shortage of pilots.  The pilots' union said its
members aren't engaging in a job action.  Last week, the
bankruptcy court authorized AMR to impose contract concessions on
the pilots.  AMR's other eight unions negotiated and ratified
contracts with fewer concessions.  AMR will be putting about 4,000
mechanics and ground workers on furlough as the result of their
unions' contract concessions.

                      About American Airlines

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

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

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

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

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

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

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

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


AMERICAN AXLE: Completes Sale of $550 Million of 6.625% Sr. Notes
-----------------------------------------------------------------
American Axle & Manufacturing, Inc., completed the closing of the
sale of $550 million aggregate principal amount of 6.625% senior
notes due 2022.  The Notes are guaranteed on a senior unsecured
basis by the Company and certain of AAM's current and future
subsidiaries.  The Notes were issued by AAM pursuant to an
Indenture, dated as of Nov. 3, 2011, by and among AAM, the
Guarantors and U.S. Bank National Association, as trustee, which
governs the terms of the Notes.

                        About American Axle

Headquartered in Detroit, Michigan, American Axle & Manufacturing
Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- manufactures,
engineers, designs and validates driveline and drivetrain systems
and related components and chassis modules for light trucks, sport
utility vehicles, passenger cars, crossover vehicles and
commercial vehicles.

The Company's balance sheet at June 30, 2012, showed $2.44 billion
in total assets, $2.83 billion in total liabilities and a $394.7
million total stockholders' deficit.

                           *     *     *

In January 2012, Fitch Ratings has affirmed the 'B+' Issuer
Default Ratings (IDRs) of American Axle & Manufacturing.

Fitch expects leverage to trend downward over the intermediate
term, however, as the company gains traction on its new business
wins.  Looking ahead, Fitch expects free cash flow to be
relatively weak, but positive, in 2012 with the steep ramp-up
in new business and as the company continues to make investments
in both capital assets and research and development work to
support growth opportunities in its customer base and product
offerings.  Beyond 2012, free cash flow is likely to strengthen
meaningfully as the new programs coming on line in the near term
begin to produce higher levels of cash.


AMERICAN HERITAGE: S&P Cuts Ratings on 2 Bond Series to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB-' from 'BB+' and
removed from CreditWatch its long-term ratings on the California
Municipal Finance Authority's education revenue bonds series 2006A
and taxable education revenue bonds series 2006A-T, both issued on
behalf of the American Heritage Education Foundation project. The
outlook is negative.

"The downgrade and negative outlook reflect the trustees'
inability to obtain a waiver for the fiscal 2011 covenant
violation and the ongoing acceleration risk," said Standard &
Poor's credit analyst Robert Dobbins. "Furthermore, we believe
acceleration risk will continue for the foreseeable future, while
bondholders obtain and assess information they have requested and
Heritage K-8 Charter School goes through its charter renewal
process," added Mr. Dobbins.

"The 'BB-' long-term rating reflects our view of the Heritage
Foundation's poor financial performance in fiscal year 2011 and
the subsequent weak maximum annual debt service coverage of 0.4x,
according to our calculations, which triggered a covenant
violation under the indenture. Although American Heritage is
current on its bond payments, according to management, it did not
meet its debt service coverage ratio covenant for fiscal year
2011. As a result, the bonds are now in a technical default, the
remedy for which, per the indenture, is acceleration. The trustee
has not yet initiated acceleration, and it is our understanding
that the trustee will not do so, contingent upon receipt of
positive results of the charter schools' request for waiver of the
covenant violation (with 100% of bondholders approval required for
the waiver). According to the trustee, thus far waiver forms have
been returned by bondholders of approximately 57% of the aggregate
principal amount of outstanding bonds," S&P said.


AMKOR TECHNOLOGY: Moody's Affirms Ba3 CFR; Rates Sr. Notes Ba3
--------------------------------------------------------------
Moody's Investors Service rated Amkor Technology, Inc.'s $300
million new Senior Notes due 2022 Ba3 (LGD4, 50%) and affirmed
Amkor's Ba3 Corporate Family (CFR), Probability of Default (PDR),
and Senior Unsecured rating; the SGL-2 Speculative Grade Liquidity
rating; and the negative outlook.

Ratings Rationale

Amkor will use proceeds of the new Senior Notes to refinance $225
million of approximately $275 million of primarily secured debt at
its Asian subsidiaries, with up to $75 million remaining for
general corporate purposes. The debt of the Asian subsidiaries
matures between September 2012 ($4 million) and July 2017. Thus,
the new Senior Notes issuance and related debt repayment is
modestly liquidity enhancing since it extends the average maturity
of Amkor's debt and provides up to $75 million of additional
funding.

The Ba3 Corporate Family Rating (CFR) reflects Amkor's business
position as the second largest outsourced semiconductor assembly
and test (OSAT) company in the world after market leader Advanced
Semiconductor Engineering ($4.3 billion of OSAT revenues in 2011),
with a broad portfolio of advanced manufacturing technologies for
semiconductor chip finishing and testing. This leads to Moody's
expectation of generally positive, though variable, free cash flow
(FCF) even during industry troughs. Due to its large scale of
operations, Amkor should benefit from the secular outsourcing
trend in semiconductor production, as semiconductor companies
increasingly outsource manufacturing as part of their "fabless" or
"fab-lite" manufacturing models.

Nevertheless, the assembly and test segment is capital intense and
cyclical due to dependence on the semiconductor industry. Amkor
goes through long periods of very high capital spending which
usually leads to negative cash flow, as will be the case through
early 2013. Moreover, Amkor has high revenue concentration to two
key customers (Texas Instruments and Qualcomm). The Ba3 CFR
anticipates financial leverage will be sustained under 3.0x total
debt to EBITDA over time (Moody's adjusted).

For the full year 2012, Moody's expects Amkor's revenues will be
in excess of $2.7 billion but with negative free cash flow (FCF)
of at least $100 million due to the weak cash from operations and
the increased capital expenditures. In 2013, Moody's expects
negative FCF of more than $100 million due to cash payments under
an arbitration award and high capital spending, partially offset
by gradually improving market conditions over the course of the
year.

The negative outlook reflects: 1) Moody's expectation of strain to
Amkor's liquidity as the company is consuming cash for increased
capital expenditures to support a key customer and to begin
construction of a new production facility in Korea; 2) Moody's
view that the final arbitration order in Amkor's patent dispute
with Tessera could require Amkor to pay Tessera about $100 million
in the first quarter of 2013 on top of the $20 million paid in
August 2012; and 3) the uncertainty of longer term cash flows
given the potential for an injunction on the disputed patent.
(Tessera has already cancelled its license to Amkor for this
particular technology.)

Moody's expects Amkor will conserve cash in anticipation of the
required payments under the arbitration award, and will refrain
from further share repurchases. Moreover, Moody's expects that
Amkor could take further steps to bolster liquidity, such as
slowing the pace of capital expenditures or further increasing the
size of the revolver.

The rating could be downgraded if Tessera prevails in its effort
to obtain an injunction. The rating could also be downgraded if
Amkor makes further share repurchases prior to making the
arbitration award payments or if Amkor fails to otherwise increase
liquidity to cushion the cash impact of the arbitration award and
a potential granting of Tessera's request for injunctive relief.
The rating could also be downgraded if the ratio of debt to EBITDA
(Moody's standard adjustments) approaches 4x, or if Amkor is
unable to make steady progress restoring its EBITDA margin to
historical level of around 24%.

The rating outlook could be stabilized if either Tessera is not
awarded an injunction related to the US patent or Amkor is able to
settle this patent litigation for less than $50 million and Amkor
begins to generate sustained annual free cash flow of at least
$100 million and the ratio of debt to EBITDA (Moody's standard
adjustments) is on course to decline below 2.5x.

Amkor, based in Chandler, Arizona, is one of the largest providers
of outsourced semiconductor assembly and test (OSAT) services for
integrated semiconductor device manufacturers (IDM) as well as
fabless semiconductor companies.

Upgrades:

  Issuer: Amkor Technology, Inc.

    Senior Unsecured Regular Bond/Debenture, Upgraded to 50 -
    LGD4 from LGD4, 55 %

Assignments:

  Issuer: Amkor Technology, Inc.

    Senior Unsecured Regular Bond/Debenture, Assigned a range of
    50 - LGD4 to Ba3

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


AMKOR TECHNOLOGY: S&P Rates $300MM Unsecured Notes 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating to Chandler, Ariz.-based Amkor Technology Inc.'s $300
million senior unsecured notes due 2022. "We also assigned a '3'
recovery rating to the senior unsecured notes, indicating a
meaningful (50%-70%) recovery for lenders in the event of a
payment default," S&P said.

The 'BB' corporate credit rating on Amkor remains unchanged. The
rating outlook is stable.

"The rating on Amkor reflects Standard & Poor's expectation that
the semiconductor packaging and test provider will preserve its
significant financial risk profile and its competitive position
through the typical industry cycle," said Standard & Poor's credit
analyst David Tsui. "The semiconductor industry has experienced a
decline from its cyclical peak in 2010 and near-term growth is
expected to be modest, or in the low-single-digit percentage area
year over year. We view the company's business risk profile as
'weak,' as we consider its operations more volatile than the
broader semiconductor industry and with high capital expenditure
requirements. We view the company's financial risk profile as
significant, with debt to EBITDA of 2.8x as of June 30, 2012, pro
forma for the debt issuance, but it is subject to considerable
fluctuation over an industry cycle, and with a negative free
operating cash flow (FOCF) of $49 million for the 12 months ended
June 30, 2012."

"We expect that the company's revenue in the second half of 2012
will be flat to up modestly by a low-single-digit percentage on a
year-over-year basis. Demand for smartphones and tablets continues
to build, albeit at a slower pace than originally anticipated, and
the networking, computing, industrial, and consumer end markets
build inventory to meet the demands of new consumer and enterprise
product refreshes," S&P said.

"We expect Amkor's margins to increase from current levels over
the coming quarters as the company's capacity utilization
improves, despite headwinds from higher input costs and pricing
erosion. The company intends to use the proceeds from the $300
million senior unsecured notes issuance to repay approximately
$225 million of outstanding foreign debt, using the remaining
amount for general corporate purposes. As such, and pro forma for
the note issuance, we expect debt to EBITDA to increase to the
2.8x area, from 2.6x at June 30, 2012. Our outlook allows capacity
for debt leverage up to about 4x within the current rating," S&P
said.


AMTRUST FINANCIAL: Defeats FDIC; Creditors Could Receive $300MM
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that AmTrust Financial Corp., a holding company for a
failed bank, won a victory in the U.S. Court of Appeals over the
Federal Deposit Insurance Corp.  The ruling means that creditors
will recover at least $100 million and might take home
$300 million under the liquidating Chapter 11 plan approved in
November by a confirmation order from the U.S. Bankruptcy Court in
Cleveland.

According to the report, AmTrust first defeated the FDIC in June
2011 when a U.S. district judge ruled that the FDIC failed to
prove there was a commitment for the holding company to provide
capital to the bank subsidiary that subsequently failed.  Had the
FDIC won, its priority claim for a commitment would have come
ahead of all AmTrust unsecured creditors.  The FDIC appealed and
lost in the U.S. Court of Appeals in Cincinnati in a Sept. 14
opinion.  The Sixth Circuit agreed there was no commitment.

The report relates that bankruptcy law would have given the FDIC a
priority claim only if there were a "commitment" to supply capital
to a bank.  There is a second lawsuit with the FDIC over the
entitlement to a $200 million tax refund for 2009 that the
Internal Revenue Service is yet to pay.  The FDIC claims the right
to collect all but $9 million of the refund.  About $100 million
already has been collected for distribution to creditors,
according to Christopher Meyer, a bankruptcy lawyer for AmTrust
from Squire Sanders (US) LLP.  A victory over the FDIC in the tax-
refund case may triple the creditors' pot, Meyer said in an
interview.

The report notes that the lawsuit over the refund has been fully
briefed.  The parties are awaiting a decision from the district
court, according to Richard Gurbst, a Squire Sanders lawyer.  If
the FDIC loses the tax-refund case, it will have the largest
unsecured claim in the bankruptcy, Meyer said.  As a result, the
FDIC would receive the largest distribution under the Chapter 11
plan.

AmTrust Financial said the family of companies had assets of $11.7
billion and debt of $11.5 billion before the bank was taken over
and transferred by the FDIC to New York Community Bank.  At the
start of the Chapter 11 case, the assets of the companies in
bankruptcy included ownership of the non-bankrupt subsidiaries,
$7.3 million in cash and $23 million of fixed assets at book
value.  Debt of the companies in bankruptcy included $169.5
million for borrowed money, with $99.5 million on senior notes and
$51.6 million on subordinated notes.

The appeal is Federal Deposit Insurance Corp. v. AmTrust Financial
Corp.(In re AmTrust Financial Corp.), 11-3677, U.S. 6th Circuit
Court of Appeals (Cincinnati.)

The lawsuit with the FDIC in the district court was Federal
Deposit Insurance Corp. v. AmTrust Financial Corp., 10-1298, U.S.
District Court, Northern District of Ohio (Cleveland).  The
Chapter 11 case is In re AmFin Financial Corp., 09-21323, U.S.
Bankruptcy Court, Northern District of Ohio (Cleveland).

                      About AmTrust Financial

AmTrust Financial Corp. was the owner of the AmTrust Bank.
AmTrust was the seventh-largest holder of deposits in South
Florida, with $4.7 billion in deposits and 21 branches.

In November 2008, the Office of Thrift Supervision issued a cease
and desist order requiring AmTrust to improve its capital ratios.

AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Ohio Case No. 09-21323) on Nov. 30, 2009.  The debtor
subsidiaries include AmFin Real Estate Investments, Inc., formerly
AmTrust Real Estate Investments, Inc. (Case No. 09-21328).

G. Christopher Meyer, Esq., Christine M. Piepont, Esq., and Sherri
L. Dahl, Esq., at Squire Sanders & Dempsey (US) LLP, in Cleveland,
Ohio; and Stephen D. Lerner, Esq., at Squire Sanders & Dempsey
(US) LLP, in Cincinnati, Ohio, served as counsel to the Debtors.
Kurtzman Carson Consultants served as claims and notice agent.
Attorneys at Hahn Loeser & Parks LLP serve as counsel to the
Official Committee of Unsecured Creditors.  AmTrust Management
estimated $100 million to $500 million in assets and debts in its
Chapter 11 petition.

AmTrust Bank was not part of the Chapter 11 filings.  On Dec. 4,
2009, AmTrust Bank was closed by regulators and the Federal
Deposit Insurance Corporation was named receiver.  New York
Community Bank, in Westbury, New York, assumed all of the deposits
of AmTrust Bank pursuant to a deal with the FDIC.

AmTrust, nka AmFin Financial Corp., obtained confirmation of its
Amended Joint Plan of Reorganization on Nov. 3, 2011.  The plan
was declared effective in December.


APOLLO HEALTH: Porzio Faces Malpractice Suit Over Failed Ch. 7
--------------------------------------------------------------
Martin Bricketto at Bankruptcy Law360 reports that the former
owners of Armanti Financial Services LLC have sued Porzio Bromberg
& Newman PC in New Jersey for more than $4.4 million over a
dismissed involuntary bankruptcy petition against Apollo Health
Street Inc., which purchased the health care administrative
services company in 2008.

According to Bankruptcy Law360, the plaintiffs -- who had accused
Apollo of breaching payment, licensing and lease agreements --
contend Porzio attorney Warren Martin Jr. improperly advised them
to file the involuntary Chapter 7 petition in 2011 without
performing the necessary due diligence over Apollo.


ARGO DIGITAL: Former Execs Accused of Defrauding Investors
----------------------------------------------------------
Pete Brush at Bankruptcy Law360 reports that former executives of
Argo Digital Solutions Inc., a defunct Florida marketing
technology business, transferred company assets to a shell entity,
obtained fresh capital and left original Argo investors with
worthless positions, according to a derivative suit filed Friday
in New York federal court.

Argo CEO Jason M. Kates, Chairman Richard J. Sullivan and Senior
Vice President David A. Loppert perpetrated the fraud after
getting into disagreements with the investor-plaintiffs, who owned
a large amount of the company's share capital, according to the
complaint suit cited by Bankruptcy Law360.


ARGO GROUP: S&P Gives 'BB+' Prelim Rating on Subordinated Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'BBB-'
senior unsecured debt and 'BB+' subordinated debt ratings to Argo
Group US, Inc.'s (AGUS) recently filed debt securities shelf. "In
addition, we assigned our 'BBB-' senior unsecured debt rating to
AGUS' proposed up to $125 million 30-year senior unsecured notes
issuance," S&P said.

"The ratings on the senior unsecured debt notes reflect the
counterparty credit rating on AGUS; the subordinated debt shelf
rating reflects subordination to the senior notes as well. We
expect the total consolidated financial leverage to remain
relatively unchanged following the transaction, given our
expectation that management is likely to use the majority of the
proceeds of the AGUS senior notes issuance to repurchase other
(higher coupon) securities outstanding. At June 30, 2012, Argo
Group International Holdings, Ltd.'s consolidated financial
leverage (including pension deficits as debt) stood at a moderate
21.4%," S&P said.

"The group's consolidated operating results were within our
expectations during the first half of 2012, with a total
consolidated generally accepted accounting principles (GAAP)
combined ratio of 100%. The operating results continue to reflect
the group's high expense base, as seen in the group's consolidated
expense ratio of 40% through the first six months of 2012.
However, as the group pursues several strategies to lower its
expense base, we expect management to bring its expense ratio down
to more competitive levels over the next two to three years. We
continue to expect the group to report a consolidated GAAP
combined ratio of 100%-104% for full-year 2012, assuming a
catastrophe load of approximately 5-6 points," S&P said.

Ratings List
Argo Group US, Inc.
Counterparty credit rating            BBB-/Stable/--

Ratings Assigned
Senior unsecured                      BBB- (prelim)
Subordinated debt                     BB+ (prelim)

Senior unsecured                      BBB-


ASP HHI: Moody's Assigns 'B2' Corp. Family Rating
-------------------------------------------------
Moody's Investors Service assigned ratings to ASP HHI Acquisition
Co., Inc. ("HHI") -- Corporate Family Rating, B2; Probability of
Default Rating, B3; and the new $580 million of senior secured
bank credit facilities, B2. The rating outlook is stable.

Proceeds from the $505 million senior secured term loan, along
with an additional equity investment of $272 million from
affiliates of American Securities and management, will be used to
fund the acquisition of HHI Holdings, LLC, pay related fees and
expenses, and fund general corporate purposes. HHI Holdings is the
largest North American manufacturer of forged components to the
automotive industry. The $75 million senior secured revolving
credit facility is expected to be unfunded at closing. The ratings
of HHI Holdings, LLC will be withdrawn upon the close of the of
this transaction and the repayment of HHI Holdings' existing rated
debt facilities.

The following ratings were assigned:

Corporate Family Rating, B2;

Probability of Default, B3;

B2 (LGD3, 34%), for the new $75 million senior secured revolver
due 2017;

B2 (LGD3, 34%), for the new $505 million senior secured term
loan due 2018.

Rating Rationale

HHI's B2 Corporate Family Rating reflects Moody's expectation that
the company's strong operating performance and credit metrics
experienced over the recent years will continue with higher levels
of automotive production anticipated over the near-term. HHI
maintains longstanding customer relationships and a strong
competitive position within a limited number of forged auto parts
suppliers in North America, where automotive retail sales are
expected to continue to improve. The assigned ratings are balanced
by the company's high end-customer concentration to the Detroit-3
and modest revenue base within the auto parts supplier industry
which over-exposes the company to industry and regional
cyclicality. The ratings also reflect the company's demonstrated
capacity to support a number of shareholder distributions over the
recent years.

HHI is anticipated to have a good liquidity profile over the near-
term supported by a $75 million revolving credit facility and
expected free cash flow generation over the near-term. Pro forma
for the acquisition, the revolving credit facility is expected to
be unfunded with a small amount of letters of credit outstanding.
Consistent with historical trends of either repaying debt or
shareholder distributions, HHI's cash balances are expected to be
maintained at nominal levels. The term loan facility is
anticipated to have 1% annual amortization requirements with a
bullet maturity in six years. Financial covenants are expected to
include a total maximum leverage ratio test set to maintain
adequate head room over the next year. Alternate liquidity is
limited as essentially all of the company's assets secure the bank
credit facilities.

HHI's stable rating outlook reflects the company's strong credit
metrics and market position in the forged parts segment of the
North American automotive parts supplier industry, balanced by the
company's high end-market customer concentrations. The outlook
also incorporates the improved North American automotive industry
fundamentals which are anticipated to continue over the
intermediate-term.

The rating could improve if HHI were to continue to maintain its
strong niche market position, and revenue participation in the
automotive and commercial vehicle industries' recovery resulting
in EBIT margins maintained above 14%, Debt/EBITDA, approaching
3.0x, and maintain EBIT/Interest above 3.0x. Further customer and
industry diversification could also result in positive ratings
momentum.

The outlook or rating could be lowered if North American
automotive production levels decline, resulting in weaker
profitability or a deterioration in liquidity. If operations were
to weaken such that Debt/EBITDA were to increase over 4.5x or free
cash flow generation was not realized, the company's rating and/or
outlook could be lowered. The ratings or outlook also could be
lowered if shareholder distributions are made resulting in
leverage approaching the above thresholds.

The principal methodology used in rating ASP HHI Acquisition Co.,
Inc. was the Global Automotive Supplier Industry Methodology
published in January 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

ASP HHI Acquisition Co., Inc. (HHI) headquartered in Royal Oak, MI
is a full service supplier of highly engineered metal forging and
machined components, wheel bearings, and powdered metal engine and
transmission components for automotive and industrial customers.
Operations are conducted through three subsidiaries: Forging
Holdings, LLC, Bearing Holdings, LLC, and Gearing Holdings, LLC.
Revenues for LTM June 30, 2012 were approximately $838 million.


ATLANTIS OF JACKSONVILLE: Wants to Dismiss Chapter 11 Case
----------------------------------------------------------
The Atlantis of Jacksonville Beach, Inc., has asked the Bankruptcy
Court for the Middle District of Florida to dismiss its Chapter 11
case.

The hearing on the motion is scheduled for Sept. 28, 2012 at 2:00
P.M.

                About Atlantis of Jacksonville Beach

The Atlantis of Jacksonville Beach, Inc., based in Atlantic Beach,
Florida, filed for Chapter 11 bankruptcy (Bankr. M.D. Fla. Case
No. 12-01553) on March 9, 2012.

Judge Paul M. Glenn oversees the case.  The Law Offices of Mickler
& Mickler serves as the Debtor's counsel.

Atlantis of Jacksonville Beach scheduled $10,000,000 in assets and
$6,592,590 in liabilities.  The petition was signed by Chris
Hionides, president.

Affiliate Shoppes of Lakeside Inc. filed for Chapter 11 (Bankr.
M.D. Fla. Case. No. 10-05199) on June 15, 2010.  Neptune Beach,
Florida-based Shoppes of Lakeside holds title to and generates
income from residential and commercial buildings and unimproved
land in Duval County.  The Debtor owns 45 commercial properties
and 10 residential properties.  The Law Offices of Mickler &
Mickler represents the Debtor as counsel.  The Company disclosed
$39,894,050 in assets and $37,748,101 in liabilities.


ATP OIL: Has Court OK to Pay Funds Attributable to ORRIs and NPIs
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas has
authorized ATP Oil & Gas Corporation to pay (i) funds attributable
to Overriding Royalty Interests in the ordinary course of business
and (ii) funds attributable to "net profits interests."

Prior to commencing the Chapter 11 cases, ATP transferred to
various third parties undivided interests in specified oil and gas
hydrocarbons produced from or attributable to ATP's working
interest in designated oil and gas properties subject to federal
leases.  The conveyed oil and gas interests fall into three
general categories: (1) net profits interests conveyed to third
parties not involved in the operation of the property or
production of the hydrocarbons; (2) net profits interests conveyed
to vendors and service providers that participate in the operation
of the subject properties; and (3) dollar-denominated overriding
royalty interests conveyed to third parties not involved in the
operation of the property or production of the hydrocarbons.
These interests are all located in federal waters and such
interests are subject to applicable federal law and, to the extent
applicable, any adopted state law.

Specifically, ATP has transferred NPIs in certain of the Debtor's
proved producing federal oil and gas properties (a) to certain of
its vendors in exchange for oil and gas property development
services provided by the vendor in connection with the operation
of the properties, and (b) to certain investors in exchange for
cash proceeds.  The NPI interests entitle the holders to receive a
specified percentage of the net profits (generally defined as a
certain percentage of revenues less applicable costs, such as
operating expenses) attributable to the subject properties until
they receive a specified dollar amount.  In addition, ATP has also
conveyed certain limited-term, dollar-denominated Overrides in
various federal oil and gas properties.  These Overrides entitle
the holders thereof to receive a specified percentage of the gross
proceeds attributable to ATP's interest in the hydrocarbons
attributable to ATP's working interest in the specified properties
until the holders of the Overrides receive a specified dollar
amount, including a specified return.

A copy of the Order is available at:

            http://bankrupt.com/misc/atpoil.doc191.pdf

Schlumberger Technology Corporation, M-I L.L.C. d/b/a M-I Swaco,
Smith International, Inc. and Wireline Control Services, LLC,
filed a joint objection to Debtor's Emergency Motion.

Curtis Kelly, Inc., GE Oil & Gas Logging Services, Inc., Great
White Pressure Control, LLC, a division of Archer - The Well
Company, Newpark Environmental Services, LLC, and Wood Group
Production Services, Inc., filed a joinder to the joint objection
of Schlumberger Technology Corporation, et al.

                         About ATP Oil

Houston, Tex.-based ATP Oil & Gas Corporation is an international
offshore oil and gas development and production company focused in
the Gulf of Mexico, Mediterranean Sea and North Sea.

ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case
No. 12-36187) on Aug. 17, 2012.  Attorneys at Mayer Brown LLP,
serve as bankruptcy counsel.  Munsch Hardt Kopf & Harr, P.C., is
the conflicts counsel.  Opportune LLP is the financial advisor
and Jefferies & Company is the investment banker.  Kurtzman
Carson Consultants LLC is the claims and notice agent.

The company disclosed $3.64 billion in assets and $3.49 billion in
liabilities as of March 31, 2012.  Debt includes $365 million on a
first-lien loan, $1.5 billion on second-lien notes with Bank of
New York Mellon Trust Co. as agent, $35 million on convertible
notes and $23.4 million owing to third parties for their shares of
production revenue.

ATP reported a net loss of $145.1 million in the first quarter on
revenue of $146.6 million. Income from operations in the quarter
was $11.8 million.  For 2011, the net loss was $210.5 million on
revenue of $687.2 million.


BIOMET INC: Moody's Assigns 'B3' Rating to Add-On Senior Notes
--------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Biomet, Inc.'s
add-on 6.5% senior notes and a Caa1 to the company's new senior
subordinated note offering. Proceeds are expected to refinance
Biomet's 10% cash pay senior notes and a portion of its remaining
11.625% senior subordinated notes. The rating on the existing cash
pay senior notes will be withdrawn once this transaction closes
and assuming the notes are fully tendered. All other existing
ratings, including the B2 Corporate Family Rating, remain
unchanged. The rating outlook is stable.

Ratings assigned:

Biomet, Inc.

$825 million add-on senior notes at B3 (LGD 4, 66%)

$500 million new senior subordinated notes, due 2020 at Caa1
(LGD 6, 93%)

Ratings unchanged with point estimate revision:

Biomet, Inc.

Corporate Family Rating at B2

Probability of Default Rating at B2

Speculative Grade Liquidity Rating at SGL-2

ABL revolver at Ba2 (LGD 2, 15%)

Secured term loan at B1 (LGD 3, 35%)

Secured cash flow revolver at B1 (LGD 3, 35%)

Existing senior notes at B3 (LGD 4, 66%)

Remaining senior subordinated notes at Caa1 (LGD 6, 93%)

Rating to be withdrawn:

Biomet, Inc.

Cash pay senior notes at B3 (LGD 4, 66%)

Ratings Rationale

This transaction represents a refinancing of existing debt and
therefore, with the exception of costs associated with the
refinancing, will not result in incremental debt. Including
savings from transactions in July, Biomet's annual cash interest
expense is expected to decline by about 15%.

"Biomet's leverage will remain high, especially if it separates
its dental business, but we expect the company to be able to
deleverage as it benefits from new product launches and trauma
products acquired from J&J," said Diana Lee, a Moody's Senior
Credit Officer.

Biomet's B2 Corporate Family Rating largely reflects its very high
leverage and overall weak financial strength ratios, which
represent key credit risks. However, the rating also reflects the
company's relatively large size compared to other B2 companies and
opportunities associated with favorable demographics. Despite
historical stability, Moody's expects the sector to see ongoing
volume and pricing pressure because of the weak economy, as well
as hospital cost savings initiatives and high levels of
competition. The reconstructive market will continue to evolve to
one where product innovation is more critical; thus Moody's
anticipates higher R&D spending and potentially greater movement
of market share in certain product lines over time.

If the company does separate its 3i dental implant business, which
accounts for about 9% of revenues and would likely result in
higher leverage and even weaker credit metrics, Moody's does not
expect an effect on ratings. Biomet should benefit from new
product launches and the recent acquisition of Johnson & Johnson's
(Aaa stable) Depuy trauma business, and Moody's expects leverage
would gradually decline.

The stable outlook reflects Moody's expectation that, although
leverage remains very high and reconstructive use rates and
pricing pressures continue, top-line growth rates will remain at
least at market levels, supported by new product launches. A large
debt-financed transaction, a recall action or material loss in
market share that results in higher leverage or declining cash
flow such that EBITA/interest approaches 1.0 time or debt/EBITDA
exceeds 7.0 times, could result in a downgrade. If the company is
able to demonstrate its ability to sustain at or above-market
growth rates in core hips and knees and continue deleveraging such
that debt/EBITDA and FCF/debt approach 5.0 times and 5%,
respectively, and appear sustainable, the ratings could be
upgraded.

The SGL-2 rating reflects Moody's view that Biomet's liquidity
will be good over the next year. Cash balances are adequate and
free cash flow will remain modest, but the company should
generally have sufficient internal cash to support operations. In
addition, Moody's expects Biomet to have access to ample external
facilities with limited financial covenants. However,
substantially all of the company's assets are pledged to bank
lenders.

Moody's notes that the proposed transactions will not
substantially change the capital structure of the company.
However, the B3 senior notes currently benefit from the presence
of substantial junior capital in the form of subordinated notes.
If the amount of junior subordinated notes decreases materially or
if the amount of secured debt, which is ahead of the senior notes
increases, the B3 rating on the senior notes could be lowered to
Caa1 even in the absence of a change in the CFR.

The principal methodology used in rating Biomet, Inc. was the
Global Medical Products & Device Industry Methodology published in
October 2009. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Biomet, Inc., headquartered in Warsaw, Indiana, is a global
manufacturer of orthopedic products and is among the leaders in
the U.S. reconstructive market. A private equity consortium,
consisting of the Blackstone Group, Goldman Sachs Capital
Partners, Kohlberg Kravis Roberts and TPG, acquired Biomet for
approximately $11.6 billion in July 2007.


BIOMET INC: S&P Assigns 'B+' Rating on $500MM Subordinated Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned Warsaw, Ind.-based
medical products manufacturer Biomet Inc.'s $500 million senior
subordinated notes maturing 2020 its 'B-' issue-level rating (two
notches below the 'B+' corporate credit rating on the company).
"We also assigned this debt a recovery rating of '6', indicating
our expectation of negligible recovery (0 to 10%) for noteholders
in the event of a payment default," S&P said.

"In addition, our 'B-' rating on the company's 6.5% senior
unsecured notes following its proposed $825 million add-on to the
issue remains unchanged. The recovery rating remains unchanged at
'6'," S&P said.

"Market conditions will determine the coupon on the senior
subordinated notes. The senior subordinated notes will rank
equally with the company's existing and future senior subordinated
indebtedness, while the senior unsecured notes will rank equally
with the company's existing and future senior unsecured
indebtedness. We expect proceeds to fund the purchase of all of
the company's 10% senior notes maturing 2017 and up to $500
million of the 11.625% senior subordinated notes maturing 2017. We
do not expect the offering to meaningfully alter Biomet's
outstanding debt, recovery prospects, or credit metrics, which
include pro forma total adjusted debt to EBITDA of roughly 6x.
Moreover, we believe debt leverage will remain consistent with the
company's 'highly leveraged' financial risk profile (partially
defined as adjusted debt to EBITDA of more than 5x)," S&P said.

"The corporate credit rating on Biomet is 'B+' and the rating
outlook is stable. The 'B+' rating reflects the company's
'satisfactory' business risk profile and 'highly leveraged'
financial risk profile, according to our criteria. Biomet's
satisfactory business risk profile reflects pricing pressure and
the company's somewhat narrow focus in the orthopedic industry,
in addition to the relatively stable nature of its industry,
Biomet's relatively full orthopedic product offerings, and
favorable long-term volume trends. The financial risk profile and
corporate credit rating reflect our expectation for minimal debt
reduction. Our fiscal 2013 forecast for adjusted funds from
operations (FFO) to total debt is between 5% and 10%, well within
the less-than-12% guideline for a 'highly leveraged' financial
risk profile. In our opinion, this key debt protection measure
will not improve because of our expectation of modest revenue
growth and pricing pressure that will constrain EBITDA expansion
and significant improvements in cash flow in fiscal 2013," S&P
said.

"Fiscal 2012 revenue growth of 3% in constant currency was
consistent with our expectations. Constant-currency revenue growth
improved to 5% in the May 2012 quarter, which we believe reflects
improved industry growth and some market share gains for Biomet,
likely related to the launch of new products and the near
completion of the trend away from metal-on-metal hips. We believe
revenue growth will remain in the low- to mid-single digits in
fiscal 2013, slightly above our expectations for the industry. We
believe EBITDA margins, including our usual adjustments, could
remain relatively flat (excluding the impact of the Affordable
Care Act 2.3% medical device tax), despite ongoing pricing
pressures. We expect debt leverage to remain relatively flat in
fiscal 2013," S&P said.

RATINGS LIST

Biomet Inc.
Corporate Credit Rating                       B+/Stable/--
$1.825B 6.5% sr unsecd nts due 2020           B-
   Recovery Rating                             6

New Rating

Biomet Inc.
$500M sr sub nts due 2020                      B-
   Recovery Rating                             6


BLAST ENERGY: Changes Trading Symbol to "PEDO"
----------------------------------------------
PEDEVCO Corp., d/b/a Pacific Energy Development, announced that
its trading symbol on the Over-The-Counter Bulletin Board changes
from "BESV" to "PEDO".  The symbol change is occurring in
connection with PEDEVCO's July 27, 2012, name change from Blast
Energy Services, Inc., to PEDEVCO Corp., pursuant to the
requirements of the Jan. 13, 2012, Agreement and Plan of
Reorganization, by and between PEDEVCO, Blast Acquisition Corp., a
wholly-owned Nevada subsidiary of PEDEVCO, and Pacific Energy
Development Corp., a privately-held Nevada corporation, which
Merger Agreement and transactions contemplated therein were also
consummated on July 27, 2012.

                        About Blast Energy

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

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

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

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


BRICKFIELD BUILDERS: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Brickfield Builders, Inc.
        9945 Easthaven
        Houston, TX 77075
        Tel: (713) 223-8400

Bankruptcy Case No.: 12-36894

Chapter 11 Petition Date: September 13, 2012

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

Judge: Jeff Bohm

Debtor's Counsel: Bennett G. Fisher, Esq.
                  FISHER AND ASSOCIATES PC
                  909 Fannin Street, Suite 1800
                  Houston, TX 77010
                  Tel: (713) 223-8400
                  Fax: (713) 609-7766
                  E-mail: bgf@fisherlaw.net

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

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

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

The petition was signed by Howard Hosek, president


BROADVIEW NETWORKS: Can Employ EY LLP as Independent Auditor
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Broadview Networks Holdings, Inc., et al., to employ
Ernst & Young LLP as independent auditor for the Debtors, nunc pro
tunc to the Petition Date.

EY LLP will provide these services:

(a) The Core Audit Services under the Audit Engagement Letter,
    which include these services:

     i. Auditing and reporting on the consolidated financial
        statements of BVNH for the year ending Dec. 31, 2012; and

    ii. Reviewing BVNH's unaudited interim financial information
        before BVNH files its Form 10-Q as of and for the period
        ending Sept. 30, 2012.

(b) The Non-Core Audit Services under the Audit Engagement Letter,
    which include these services:

     i. Other audit-related services outside the scope of the Core
        Audit Services, such as research and/or accounting
        consultation services related to periodic accounting
        consultations held with management and services associated
        with BVNH's reorganization filings, including, without
        limitation, services relating to incremental audit
        procedures regarding fresh start accounting and
        disclosures in interim and annual financial statements and
        procedures related to independence matters and Bankruptcy
        Court requirements, including any services required by
        bankruptcy employment and fee application requirements.

With respect to the Core Audit Services, the fixed fee for the
Core Audit Services has been pre-approved pursuant to Section
328(a) of the Bankruptcy Code and will not be reviewed under the
standards of Section 330 of the Bankruptcy Code; provided that EY
LLP will keep reasonably detailed time records for services of
each of its professionals performing such services on a daily
(rather than task) basis in half-hour increments and will submit,
with its interim and final fee applications, together with the
time record information, a narrative summary of services rendered
and will identify each professional rendering services.

As disclosed in the motion, EY LLP will charge the Debtors a fixed
fee of $536,000 for all post-petition Core Audit Services
provided.

With respect to the Non-Core Audit Services, EY LLP will charge
the Debtors, according to the following rate schedule:

          National Accounting
          Technical Partner            $960

          Partner                      $780

          Senior Manager               $680

          Manager                      $540

          Senior                       $440

          Staff                        $250

To the best of the Debtors' knowledge: (a) EY LLP is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code; and (b) EY LLP does not hold or represent
an interest adverse to the Debtors and their estates.

                     About Broadview Networks

Rye Brook, N.Y.-based Broadview Networks Holdings, Inc., is a
communications and IT solutions provider to small and medium sized
business ("SMB") and large business, or enterprise, customers
nationwide, with a historical focus on markets across 10 states
throughout the Northeast and Mid-Atlantic United States, including
the major metropolitan markets of New York, Boston, Philadelphia,
Baltimore and Washington, D.C.

Broadview Networks and 27 affiliates on Aug. 22, 2012, sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 12-13579)
with a plan that will eliminate half of the debt under the
Company's existing senior secured notes and lower interest expense
by roughly $17 million annually.

The Company's restructuring counsel is Willkie Farr & Gallagher
LLP and its financial advisor is Evercore Group, L.L.C.  Kurtzman
Carson Consultants is the claims and notice agent.

The restructuring counsel for the ad hoc group of noteholders is
Dechert LLP and their financial advisor is FTI Consulting.


BROADVIEW NETWORKS: Can Hire Bingham as Regulatory Counsel
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Broadview Networks Holdings, Inc., et al., to employ
Bingham McCutchen LLP as special regulatory counsel for the
Debtors, nunc pro tunc to the Petition Date.

As reported in the TCR on Sept. 14, 2012, Bingham will provide
advice regarding the Debtors' applications to regulatory
authorities for approval of the transactions embodied in the
Prepackaged Plan.

The professionals who will be involved in providing services as
special regulatory counsel to the Debtors have current standard
hourly rates ranging between $390 and $890.  Legal assistants that
likely will assist in the chapter 11 cases have current standard
hourly rates ranging between $200 and $300.

To the best of the Debtors' knowledge, Bingham represents no
adverse interest to the Debtors that would preclude Bingham from
acting as counsel to the Debtors in matters relating to FCC and
PUC regulatory issues, and that its employment will be in the best
interests of the Debtors' estates.

                     About Broadview Networks

Rye Brook, N.Y.-based Broadview Networks Holdings, Inc., is a
communications and IT solutions provider to small and medium sized
business ("SMB") and large business, or enterprise, customers
nationwide, with a historical focus on markets across 10 states
throughout the Northeast and Mid-Atlantic United States, including
the major metropolitan markets of New York, Boston, Philadelphia,
Baltimore and Washington, D.C.

Broadview Networks and 27 affiliates on Aug. 22, 2012, sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 12-13579)
with a plan that will eliminate half of the debt under the
Company's existing senior secured notes and lower interest expense
by roughly $17 million annually.

The Company's restructuring counsel is Willkie Farr & Gallagher
LLP and its financial advisor is Evercore Group, L.L.C.  Kurtzman
Carson Consultants is the claims and notice agent.

The restructuring counsel for the ad hoc group of noteholders is
Dechert LLP and their financial advisor is FTI Consulting.


BROADVIEW NETWORKS: Can Employ KCC as Claims and Notice Agent
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Broadview Networks Holdings, Inc., et al., to employ
Kurtzman Carson Consultants LLC to provide administrative
bankruptcy services, and as Claims and Notice agent for the
Debtors, nunc pro tunc to the Petition Date.

The Debtors agree to pay KCC for its services, expenses and
supplies at the rates or prices set by CC, and in effect as of the
date of the Agreement in accordance with the KCC Fee Structure.

                     About Broadview Networks

Rye Brook, N.Y.-based Broadview Networks Holdings, Inc., is a
communications and IT solutions provider to small and medium sized
business ("SMB") and large business, or enterprise, customers
nationwide, with a historical focus on markets across 10 states
throughout the Northeast and Mid-Atlantic United States, including
the major metropolitan markets of New York, Boston, Philadelphia,
Baltimore and Washington, D.C.

Broadview Networks and 27 affiliates on Aug. 22, 2012, sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 12-13579)
with a plan that will eliminate half of the debt under the
Company's existing senior secured notes and lower interest expense
by roughly $17 million annually.

The Company's restructuring counsel is Willkie Farr & Gallagher
LLP and its financial advisor is Evercore Group, L.L.C.  Kurtzman
Carson Consultants is the claims and notice agent.

The restructuring counsel for the ad hoc group of noteholders is
Dechert LLP and their financial advisor is FTI Consulting.


BROADVIEW NETWORKS: Can Employ Evercore as Investment Banker
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Broadview Networks Holdings, Inc., et al., to employ
Evercore Group LLC as investment banker and financial advisor for
the Debtors, nunc pro tunc to the Petition Date.

As compensation for the services rendered by Evercore, the Debtors
agree to pay Evercore a monthly fee of $150,000; a $3.2 million
restructuring fee, payable upon consummation of any Restructuring;
and a Sale fee equal to the sum of (a) 0.95% of the Aggregate
Consideration with respect to such Sale, up to and including
Aggregate Consideration of $340 million, plus (b) 5.0% of the
Aggregate Consideration with respect to such Sale greater than
$340 million.

                     About Broadview Networks

Rye Brook, N.Y.-based Broadview Networks Holdings, Inc., is a
communications and IT solutions provider to small and medium sized
business ("SMB") and large business, or enterprise, customers
nationwide, with a historical focus on markets across 10 states
throughout the Northeast and Mid-Atlantic United States, including
the major metropolitan markets of New York, Boston, Philadelphia,
Baltimore and Washington, D.C.

Broadview Networks and 27 affiliates on Aug. 22, 2012, sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 12-13579)
with a plan that will eliminate half of the debt under the
Company's existing senior secured notes and lower interest expense
by roughly $17 million annually.

The Company's restructuring counsel is Willkie Farr & Gallagher
LLP and its financial advisor is Evercore Group, L.L.C.  Kurtzman
Carson Consultants is the claims and notice agent.

The restructuring counsel for the ad hoc group of noteholders is
Dechert LLP and their financial advisor is FTI Consulting.


BROADVIEW NETWORKS: Can Employ WF&G as Bankruptcy Counsel
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Broadview Networks Holdings, Inc., et al., to employ
Willkie Farr & Gallagher LLP under a general retainer as
bankruptcy counsel to the Debtors, nunc pro tunc to the Petition
Date.

The WF&G attorneys that are likely to represent the Debtors in
these cases have current standard hourly rates ranging between
$400 and $1,090.  The paralegals that likely will assist the
attorneys who will represent the Debtors have current standard
hourly rates ranging between $120 and $310.

                     About Broadview Networks

Rye Brook, N.Y.-based Broadview Networks Holdings, Inc., is a
communications and IT solutions provider to small and medium sized
business ("SMB") and large business, or enterprise, customers
nationwide, with a historical focus on markets across 10 states
throughout the Northeast and Mid-Atlantic United States, including
the major metropolitan markets of New York, Boston, Philadelphia,
Baltimore and Washington, D.C.

Broadview Networks and 27 affiliates on Aug. 22, 2012, sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 12-13579)
with a plan that will eliminate half of the debt under the
Company's existing senior secured notes and lower interest expense
by roughly $17 million annually.

The Company's restructuring counsel is Willkie Farr & Gallagher
LLP and its financial advisor is Evercore Group, L.L.C.  Kurtzman
Carson Consultants is the claims and notice agent.

The restructuring counsel for the ad hoc group of noteholders is
Dechert LLP and their financial advisor is FTI Consulting.


BROADVIEW NETWORKS: Schedules of Assets & Debts Due Oct. 21
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has granted Broadview Networks Holdings, Inc., et al., a 45 day
extension of the time to file the schedules of assets and
liabilities and statements of financial affairs, which will
provide the Debtors with a total of 60 days after the Petition
Date to file Schedules and Statements.

The requirement under Section 521 of the Bankruptcy Code and
Bankruptcy Rule 1007(c) to file Schedules and Statements will be
permanently waived upon confirmation of the Prepackaged Plan;
provided that such confirmation occurs within 60 days after the
Petition Date.

                     About Broadview Networks

Rye Brook, N.Y.-based Broadview Networks Holdings, Inc., is a
communications and IT solutions provider to small and medium sized
business ("SMB") and large business, or enterprise, customers
nationwide, with a historical focus on markets across 10 states
throughout the Northeast and Mid-Atlantic United States, including
the major metropolitan markets of New York, Boston, Philadelphia,
Baltimore and Washington, D.C.

Broadview Networks and 27 affiliates on Aug. 22, 2012, sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 12-13579)
with a plan that will eliminate half of the debt under the
Company's existing senior secured notes and lower interest expense
by roughly $17 million annually.

The Company's restructuring counsel is Willkie Farr & Gallagher
LLP and its financial advisor is Evercore Group, L.L.C.  Kurtzman
Carson Consultants is the claims and notice agent.

The restructuring counsel for the ad hoc group of noteholders is
Dechert LLP and their financial advisor is FTI Consulting.


CDC CORP: Proposes Harshman Phillips as Tax Accountants
-------------------------------------------------------
CDC Corporation asks the U.S. Bankruptcy Court for the Northern
District of Georgia for permission to employ Harshman Phillips &
Company, LLC as special tax accountants for matters relating to
plan implementation and reporting requirements.

Harshman Phillips will render these services:

   a. tax advice in connection with the transactions contemplated
      by the Joint Plan;

   b. tax advice in connection with implementation of the Joint
      Plan;

   c. tax reporting advice in connection with the establishment of
      the Liquidation Trust under the Joint Plan; and

   d. other appropriate specialized tax accounting
      services for Debtor.

William C. Harshman, C.P.A., am a managing member of the firm,
tells the Court that the hourly rates of the firm's personnel are:

          Partner                      $335
          Manager                      $235
          Para-Professional/Admin       $50

To the best of Debtor's knowledge, the Harshman Phillips firm
represents no interest adverse to Debtor or the estate in the
matters upon which it is to be engaged.

                          About CDC Corp

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corp., doing business as Chinadotcom, filed a Chapter 11
petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer.  The Debtor estimated assets and debts at US$100 million
to US$500 million as of the Chapter 11 filing.

The Official Committee of Equity Security Holders of CDC Corp. is
represented by Troutman Sanders.  The Committee tapped Morgan
Joseph TriArtisan LLC as its financial advisor.

The stock of CDC Software Corp. was sold for $249.8 million to an
affiliate of Vista Equity Holdings.

The Debtor won a bankruptcy judge's approval of a Chapter 11 plan
under which shareholders are slated to receive as much as $6.10 a
share.

On July 3, 2012, the Debtor and the Official Committee of Equity
Security Holders filed their First Amended Joint Plan of
Reorganization for CDC Corporation that provides for the sale of
all of the Debtor's assets, for the benefit of the Debtor's
creditors and equity interest holders.  Under the Plan, the
Debtor's chief restructuring officer, Marc Watson, will act as the
disbursing agent and reserve from the sale proceeds sufficient
funds to pay all Allowed Claims in full, plus interest, that
remain unpaid.


CHAMPION INDUSTRIES: Fifth Third Forbearance to Expire Oct. 15
--------------------------------------------------------------
Fifth Third Bank, as administrative agent for lenders under
Champion's Credit Agreement dated Sept. 14, 2007, as amended,
entered into a Second Amended and Restated Limited Forbearance
Agreement and Fifth Amendment to Credit Agreement dated Sept. 12,
2012, with Champion Industries, Inc., all its subsidiaries and
Marshall T. Reynolds.  The Agreement provides, among other things,
that during a forbearance period commencing on Aug. 16, 2012, and
ending on Oct. 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 it, to terminate their loan
commitments, to accelerate the outstanding loans, and to enforce
their liens.  Champion also agrees to the terms of a debt
restructuring term sheet acceptable to Administrative Agent on or
before Sept. 15, 2012.  Champion is in discussions with the
Administrative Agent regarding the restructuring debt term sheet
but has not yet agreed to same.

The Forbearance Agreement provides that the credit commitment
under the Credit Agreement is $13,000,000 and provides for a
$1,450,000 reserve against the Credit Agreement borrowing base.

Champion is required to pay the Administrative Agent a
nonrefundable forbearance fee of 0.10% upon execution of the
Forbearance Agreement.

At Sept. 12, 2012, the outstanding principal balance of Champion's
obligations under the Credit Agreement totaled approximately $38.7
million.

A copy of the Amended Forbearance Agreement is available at:

                         http://is.gd/w9y66J

                      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.

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.

The Company's balance sheet at July 31, 2012, showed
$51.21 million in total assets, $51.98 million in total
liabilities, and a $767,157 total shareholders' deficit.


CHARLIE MCGLAMRY: Hearing on Exclusivity Extension Set for Oct. 2
-----------------------------------------------------------------
Charlie N. Mcglamry, et al., the U.S. Bankruptcy Court for Middle
District of Georgia will convene a hearing on Oct. 2, 2012, at
10 a.m., to consider Charlie N. McGlamry's request for exclusivity
extensions.  Objections, if any, are due Sept. 25, 2012.

The Debtors requested that the Court extend their exclusive
periods to file and solicit acceptances for the proposed plans of
reorganization until Dec. 5, 2012, and Feb. 4, 2013, respectively.

According to the Debtors, they needed more time to prepare a
financial plan that will form the basis of their Chapter 11 Plans.

                     About Charlie N. McGlamry

Centerville, Georgia-based real estate developer Charlie N.
McGlamry filed a petition for Chapter 11 protection, along with
his 14 companies, in Macon, Georgia on May 9, 2012.

Over the past 44 years, Mr. McGlamry has managed to successfully
develop numerous real estate developments in and around Houston
County, Georgia.  Mr. McGlamry continues to operate his real
estate development business through sole proprietorship McGlamry
Properties -- http://www.mcglamryproperties.com-- and USA Land
Development Inc.  Mr. McGlamry individually owns, through his sole
proprietorship, approximately, 74 acres of undeveloped commercial
property at the intersection of Russell Parkway and Corder Road in
Houston County, Georgia.  Mr. McGlamry established a number of
single member limited liability companies and sole shareholder
corporations to own and develop specific tracts of land.

Mr. McGlamry and his affiliated companies sought joint
administration of their Chapter 11 cases and have Mr. McGlamry's
as the lead case (Bankr. M.D. Ga. Case No. 12-51197).  Judge James
P. Smith oversees the case.

Cohen Pollock Merlin & Small, PC, serves as the Debtors' Chapter
11 counsel.  Nichols, Cauley & Associates, LLC, serves as their
accountant.

Mr. McGlamry, as sole shareholder or member, signed Chapter 11
petitions for USA Land Development (Case No. 12-51198); Barrington
Hall Development Corp. (12-51199); Bear Branch LLC; By-
Pass/Courthouse LLC (12-51201); Chinaberry Place, LLC (12-51202);
Eagle Springs LLC (12-51203); Elmdale Development, LLC (12-51204);
Gurr/Kings Chapel Road, LLC (12-51205); Jaros Development LLC
(12-51206); Lake Joy Development, LLC (12-51207); Old Hawkinsville
Road, LLC (12-51208); South Houston Development, LLC (12-51209);
The Villages at Nunn Farms, LLC (12-51210); and Houston-Peach
Investments LLC (12-51212).

Mr. McGlamry estimated up to $50 million in assets and up to
$100 million in liabilities in his Chapter 11 filing.  The Debtors
tapped Cohen Pollock Merlin & Small, PC, as bankruptcy counsel.

The proposed plan contemplates the creation of a liquidating trust
and the appointment as plan trustee of Ward Stone, Esq.  The plan
also provides that non-exempted assets of the Debtor will be
transferred to a liquidating trust.  The trustee also will have
the power to pursue any causes of action provided for under the
bankruptcy code or state law against third parties.


CIRCLE STAR: Delays Form 10-Q for July 31 Quarter for Review
------------------------------------------------------------
Circle Star Energy Corp. notified the U.S. Securities and Exchange
Commission that it continues to finalize the financial statements
to be presented in its quarterly report on Form 10-Q for the
period ended July 31, 2012.  The Company said its independent
accountant at Consolidated Asset Management Limited and auditor,
Hein & Associates LLP, require additional time to complete their
review of the Company's financial statements.  The Company is
working diligently to finalize the review and anticipates filing
within the extended filing period, pursuant to Rule 12b-25.

                          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 reported a net loss of $11.07 million on $942,150 of
total revenues for the year ended April 30, 2012, compared with a
net loss of $31,718 on $0 of total revenues during the prior
fiscal year.

The Company's balance sheet at April 30, 2012, showed
$7.55 million in total assets, $5.79 million in total liabilities,
and $1.75 million in total stockholders' equity.

Hein & Associates LLP, in Dallas, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2012.  The independent auditors noted that
the Company has suffered recurring losses from operations and has
a working capital deficit which raise substantial doubt about the
Company's ability to continue as a going concern.


CITIZENS CORP: FiData Can Employ Harwell Howard as Counsel
----------------------------------------------------------
Judge Marian F. Harrison of the U.S. Bankruptcy Court for the
Middle District of Tennessee has authorized debtor Financial Data
Technology Corporation to employ Harwell Howard Hyne Gabbert &
Manner, P.C. as its counsel.

To the best of the Debtor's knowledge, H3GM is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

As reported in the Troubled Company Reporter on June 13, 2012,
Judge Harrison authorized Gary M. Murphey, the trustee in the
Chapter 11 case of Citizens Corporation, to employ H3GM, as his
legal counsel, effective as of March 19, 2012.

Franklin, Tennessee-based Citizens Corp. operates a mortgage
brokerage business.  Citizens Corp. filed for Chapter 11
bankruptcy (Bankr. M.D. Tenn. Case No. 11-11792) on Nov. 28, 2011.
Judge George C. Paine, II, presides over the case.  The Debtor
employed Robert J. Mendes, Esq., at MGLAW, PLLC, as its counsel.
Citizens listed assets and liabilities showing property worth
$40.1 million and debt of $17.8 million.

Lenders Tennessee Commerce Bank is represented by David W.
Houston, IV, Esq., at Burr & Forman LLP.

Citizens filed a reorganization plan offering to pay all
creditors in full over time, including Tennessee Commerce Bank and
other secured lenders owed $17.3 million.  Unsecured creditors,
owed a combined $81,000, would be paid off in equal installments
over five years.

On Feb. 27, 2012, the Court granted the request of lender Legends
Bank for appointment of a Chapter 11 trustee.  The Court held that
an independent person must review many of the transactions
involving CEO Ed Lowery, and its wholly owned subsidiary,
Financial Data Technology Corporation.

Marion Ed Lowery, a former owner of Peoples State Bank of Commerce
of Nolensville and various other entities, is the subject of
federal investigation and his ventures have ties throughout the
Middle Tennessee banking community.  He signed the Chapter 11
petition.


COMMERCIAL MANAGEMENT: Case Trustee Seeks to Use Rent Til January
-----------------------------------------------------------------
Brian F. Leonard, the Chapter 11 trustee of Commercial Management,
LLC, filed late last month a motion to use rents generated by the
Debtor's Buena Vista Apartments -- which rents constitute as cash
collateral of U.S. Bank, National Association.

The Chapter 11 Trustee intends to use the cash collateral to
continue the Debtor's operations and to prosecute the plan of
reorganization that has been filed in the case.  The Trustee
requests authorization to use cash collateral through Jan. 31,
2013.

The Chapter 11 Trustee claims that U.S. Bank is adequately
protected by th continued maintenance of the Debtor's property,
the replacement of rentals received, and the equity cushion in the
real estate on which U.S. Bank holds a mortgage, which equity
cushion is estimated to be approximately $7 million to $8 million.

The Chapter 11 Trustee says it must have access to the cash
collateral to pay normal and customary operating expenses, as well
as professional fees that are anticipated to be incurred in
connection with confirmation proceedings in the filed Plan.  The
Trustee understands that USB will file a Plan of Reorganization in
this case, and that the hearings on confirmation may be contested
hearings.  The Trustee estimates professional fees to be
approximately $75,000 to $100,000.  In addition, expert witnesses,
which the Trustee estimates will cost an additional $20,000 to
$60,000.

The Chapter 11 Trustee also seeks authorization for extraordinary
expenses related to litigation against a former tenant which the
Debtor believes caused a fire in one of the Buena Vista units.
The tenant has renter's insurance of $300,000 and the Trustee
seeks authorization to hire David Lutz as special counsel to
prosecute that claim.  The Trustee believes the claim is
meritorious and should be successful.  The Trustee only seeks
authorization to use $20,000 of cash collateral for the initial
stages of that lawsuit, but believes ultimately the legal fees in
that action may amount to $60,000.

                    About Commercial Management

Commercial Management, LLC, owns a 410-unit apartment complex
located in Richfield, MN, under the trade name of Buena Vista
Apartments.  Buena Vista is 99% occupied and has approximately
eight full time employees, and a small number of part-time
employees. Buena Vista is managed by The Wirth Company.

The appraised value of Buena Vista is $28 million.  As of the
Petition Date, secured creditor U.S. Bank claims the Debtor owes
it $20.3 million.

Commercial Management filed a Chapter 11 petition (Bankr. D. Minn.
Case No. 12-42676) in its hometown in Minneapolis on May 2, 2012.

Related entities that have pending bankruptcy cases are Jeffrey J.
Wirth (Case No. 12-42368), Palmer Lake Plaza, LLC (Case No.
12-42266), Tomah Hospitality, LLC (Case No. 12-10894), and Tomah
Hotel Properties, LLC (Case No. 12-10895).

Judge Nancy C. Dreher presides over the case.  Commercial
Management tapped Neal L. Wolf and the law firm of Neal Wolf &
Associates, LLC as bankruptcy counsel.  The Debtor also hired the
Law Offices of Neil P. Thompson, in Minneapolis, as local counsel.

Brian F. Leonard, the Chapter 11 trustee, obtained approval from
the U.S. Bankruptcy Court to employ David A. Lutz as special
counsel.

The Chapter 11 trustee's bankruptcy counsel can be reached at:

         Matthew R. Burton, Esq.
         LEONARD, O'BRIEN, SPENCER GALE & SAYRE, LTD.
         100 South 5th Street, Suite 2500
         Minneapolis, MN 55402
         Tel: (612) 332-1030


COMMUNITY HOME: Seeks to Extend Plan Filing Period to Jan. 31
-------------------------------------------------------------
Community Home Financial Services, Inc., asks the Bankruptcy Court
to extend the initial 120-day exclusive plan filing period until
Jan. 31, 2013, and the 180-day plan solicitation period until
March 31, 2013.

Derek A. Henderson, Esq., representing the Debtor, submits there
are issues regarding secured claims that are being litigated
between parties.  There is a mediation that is being scheduled.  A
plan cannot be proposed until after issues are resolved through
litigation and/or mediation.

Community Home Financial Services, Inc., filed a Chapter 11
petition (Bankr. S.D. Miss. Case No. 12-01703) on May 23, 2012.
Community Home Financial is a specialty finance company located in
Jackson, Mississippi, providing contractors with financing for
their customers.  CHFS operates from one central location
providing financing through its dealer network throughout 25
states, Alabama, Delaware, and Tennessee.  The Debtor scheduled
$44,890,581 in total assets and $30,270,271 in total liabilities.
Judge Edward Ellington presides over the case.


COMMUNITY HOME: Secured Creditors Want Chapter 11 Trustee
---------------------------------------------------------
Secured creditors Edwards Family Partnership LP (EFP) and Beher
Holdings Trust (BHT) ask the bankruptcy Court for the appointment
of a Chapter 11 trustee for the Debtor, Community Home Financial
Services, Inc.

Jim F. Spencer, Jr., Esq., at Watkins & Eager PLLC, representing
the secured creditors, tells the Court that EFP and BHT have
invested tens of millions of dollars in thousands of mortgage
loans managed by Community Home Financial Services.  The
transactions are structured two ways:

     1) by BHT/EFP lendingmoney to CHFS enabling CHFS to purchase
        mortgage loan portfolios upon which CHFS granted BHT/EFP a
        perfected security interest; and

     2) by BHT/EFP directly purchasing mortgage loan portfolios
        under joint venture agreements with CHFS.

In both scenarios, CHFS serviced the mortgages and collected the
monthly payments from mortgagor borrowers.

Under the loan documents and the joint venture agreements, Mr.
Spencer states that CHFS was required to forward the mortgage
proceeds to BHT/EFP; however, CHFS failed to do so.  Specifically,
beginning in January of 2011, CHFS withheld millions of dollars
from BHT and EFP which necessitated BHT and EFP filing an
emergency motion to appoint a receiver for CHFS.

On May 23, 2102, after two days of trial before U.S. District
Judge Carlton Reeves, at which Butch Dickson the principal of CHFS
testified that he had taken millions of dollars in loan payments
from both the loan transaction and the joint ventures and diverted
the payments for other purposes, CHFS filed bankruptcy.

Post bankruptcy, Mr. Spencer argues that CHFS has demonstrated
that it cannot be trusted to run its business as a debtor in
possession.  It continues to play "hide the ball" with its
collections on the loans it is servicing on a post petition basis.
It has failed to explain what happened to thousands of dollars it
had two days before bankruptcy, which the district court enjoined
it from spending.  More importantly, CHFS is servicing loans
without a license, which is prohibited by Mississippi law.  Mr.
Spencer argues a trustee is necessary to protect the assets of the
estate from further dissipation, and that a trustee is in the best
interest of all creditors.

Mr. Spencer notes that the Debtor's current management is the same
management that operated CHFS on a pre-petition basis.  Its
management has engaged in pre- and post- petition misconduct which
justifies the appointment of a Chapter 11 trustee.

Mr. Spencer submits that CHFS's pre-petition misconduct alone
justifies the appointment of a trustee.  CHFS admits that it has
diverted $2.3 million of BHT and EFP's cash collateral to
insiders, most of which was diverted less than 10 days prior to
filing this bankruptcy case.  CHFS describes this diversion of
funds as "loans;" however, competent management does not divert
funds from its creditor and make loans to insiders at a time when
it has been sued by that creditor for non-payment of promissory
notes totaling in excess of $18 million.  Competent management
does not make "loans" to insiders two days before a scheduled
trial on a motion to appoint a receiver over the company.  Post-
petition, CHFS has not compiled with this Court's interim order
that was designed to protect not only CHFS's single largest
creditor but all other creditors.  When considered together, they
demonstrate that the appointment of a Chapter 11 trustee is
required.

Edwards Family Partnership LP and Beher Holdings Trust are
represented by:

         Jim F. Spencer, Jr., Esq.
         WATKINS & EAGER PLLC
         Post Office Box 650
         Jackson, Miss. 39205-0650
         Tel: (601) 965-1900
         Fax: (601) 965-1901
         E-mail: jspencer@watkinseager.com

Community Home Financial Services, Inc., filed a Chapter 11
petition (Bankr. S.D. Miss. Case No. 12-01703) on May 23, 2012.
Community Home Financial is a specialty finance company located in
Jackson, Mississippi, providing contractors with financing for
their customers.  CHFS operates from one central location
providing financing through its dealer network throughout 25
states, Alabama, Delaware, and Tennessee.  The Debtor scheduled
$44,890,581 in total assets and $30,270,271 in total liabilities.
Judge Edward Ellington presides over the case.


COMMUNITY HOME: Files Amended Schedules of Assets & Liabilities
---------------------------------------------------------------
Community Home Financial Services, Inc., filed with the Bankruptcy
Court for the Southern District of Mississippi its amended
schedules of assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                   $57,000
  B. Personal Property           $46,228,699
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $30,271,339
                                 -----------      -----------
        TOTAL                    $46,285,699      $30,271,339

A copy of the schedules is available at:

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

Community Home Financial Services, Inc., filed a Chapter 11
petition (Bankr. S.D. Miss. Case No. 12-01703) on May 23, 2012.
Community Home Financial is a specialty finance company located in
Jackson, Mississippi, providing contractors with financing for
their customers.  CHFS operates from one central location
providing financing through its dealer network throughout 25
states, Alabama, Delaware, and Tennessee.  The Debtor scheduled
$44,890,581 in total assets and $30,270,271 in total liabilities.
Judge Edward Ellington presides over the case.


COMMUNITY HOME: Challenging Edwards, Beher Claims
-------------------------------------------------
Community Home Financial Services, Inc., asks the Bankruptcy Court
to amend the interim order on Edwards Family Partnership, LP and
Beher Holdings Trust's motion to prohibit use of cash collateral.

The interim order allowed (i) monthly payments to EFP/BHT on the
Home Improvement Loans, and (ii) the establishment of escrow
accounts for the six portfolio loans.  The Interim Order allowed
the parties to reserve all rights, claims and defenses.  The Order
is scheduled to expire on Sept. 30, 2012.

Derek A. Henderson, Esq., representing the Debtor, informs the
Court that on Aug. 24, 2012, CHFS filed an adversary proceeding
styled Community Home Financial Services, Inc. and William D.
Dickson v. Edwards Family Partnership, LP and Beher Holdings
Trust, Adversary Proceeding No. 12-00091.  The lawsuit challenges
the extent and validity of claims of EFP and/or BHT regarding the
Home Improvement Loans.

The Debtor believes that the claims of EFP and/or BHT are not
valid.  If that determination is made and EFT and/or BHT do not
have an allowed claim, then EFP and/or BHT does not have a lien
pursuant to 11 U.S.C. Section 506(d).  Further, the Debtor
believes that even if EFP and/or BHT do have an allowed claim, any
such claim is not secured by a perfected lien.  If the Debtor is
correct in either case, EFP and/or BHT are not entitled to
adequate protection payments, Mr. Henderson argues.

CHFS requests the Court to amend the Interim Order as follows:

     A. extend the Order until a determination has been made as to
        the extent and validity of liens and claims as to EFP
        and/or BHT;

     B. allow the Debtor to continue paying funds to escrow in
        regard to the six portfolio loans;

     C. allow the Debtor to pay on the 10th day of each month an
        amount equal to all principal payments collected on any
        loans for the previous month from the Home Improvement
        Loans to a Home Improvement Escrow Account to be
        established.  A representative of EFP will have the right
        to view the balance of the escrow account via internet
        access; and

     D. EFP, BHT and the Debtor expressly reserve all claims,
        defenses and objections any party may have as to the
        others respective rights in the Home Improvement Loan
        Transaction, EFP joint ventures and BHT join venture and
        the entry of an order shall not be construed as a finding
        or adjudication of any facts or claims, defenses and
        objections.

Community Home Financial Services, Inc., filed a Chapter 11
petition (Bankr. S.D. Miss. Case No. 12-01703) on May 23, 2012.
Community Home Financial is a specialty finance company located in
Jackson, Mississippi, providing contractors with financing for
their customers.  CHFS operates from one central location
providing financing through its dealer network throughout 25
states, Alabama, Delaware, and Tennessee.  The Debtor scheduled
$44,890,581 in total assets and $30,270,271 in total liabilities.
Judge Edward Ellington presides over the case.


CONTINENTAL COIN: Ch. 11 Trustee Liable for Virtue's Legal Fees
---------------------------------------------------------------
Bankruptcy Judge Geraldine Mund ruled that Nancy Zamora, the
Chapter 11 Trustee for Continental Coin Corporation, is liable to
Rodger Virtue for fees and costs that he has expended in the sum
of $19,226.95 and to Hill, Farrer & Burrill LLP for fees and costs
that it has expended in the sum of $7,313.44.  No award is made
directly to Waxler Carner & Brodsky LLP since that is covered by
the award to Hill, Farrer & Burrill.

The parties are embroiled in a lawsuit.  On Dec. 16, 2011, the
Chapter 11 Trustee filed a counter-claim against Mr. Virtue and
his attorney Daniel J. McCarthy, and the law firm of Hill, Farrer
& Burrill.  The counter-defendants answered and then filed a
motion to strike and for judgment on the pleadings.  On April 30,
2012, the court entered its memorandum of opinion and order,
dismissing claims 1, 2, 3, and 10 with prejudice and striking
claims 4 through 9 with prejudice.  The striking of claims 4-9 was
pursuant to the anti-SLAPP statute, Cal. Code of Civ. Proc. Sec.
425.16, which also provides that the prevailing party would be
awarded its attorneys' fees and costs.  Mr. Virtue was ordered to
file his motion for attorneys' fees and costs within 30 days of
the entry of the order.

On May 30, 2012 the counter-defendants filed their joint motion
for attorneys' fees seeking $20,633.41. Hill Farrer was
represented in part by Waxler Carner Brodsky, which billed them
$5,047.50 for work on the anti-SLAPP motion.  Hill Farrer sought
$10,454.91 in fees and costs for its representation of Mr. Virtue
(but not of itself).  This was opposed by Ms. Zamora, who had
filed an appeal on May 14, 2012.

The cases before the Court are, Rodger Virtue Plaintiff(s), v.
Hill Farrer & Burrill LLP, Liberty Mutual Insurance Company,
Daniel J. McCarthy, Nancy Zamora, Zamora & Hoffmeier, APC
Defendant(s); NANCY HOFFMEIER ZAMORA, Solely in her capacity as
Chapter 11 Trustee for Continental Coin Corporation, Counter-
Claimant and Plaintiff v. RODGER VIRTUE, an individual, Counter-
Defendants, And DANIEL J. McCARTHY, an individual, HILL, FARRER &
BURRILL LLP, a California limited liability partnership, and DOES
1-20, Defendants, Adv. Proc. No. 1:07-ap-01291-GM (Bankr. C.D.
Calif.).  A copy of the Ccourt's Sept. 13, 2012 Memorandum of
Opinion is available at http://is.gd/owXOm2from Leagle.com.

Continental Coin Corporation filed a voluntary Chapter 11 petition
(Bankr. C.D. Calif. Case No. 00-15821) on July 19, 2000.  The
Debtor owned and operated a retail store that sold precious gems,
jewelry, numismatic coins, gold bullion, precious metals and
collectibles, and exchanged foreign currency.  It also owned a
mint facility that made decorative and commemorative coins,
refined precious metals, and subleased office and retail space to
18 subtenants.  The Debtor owned the leases for the Retail Store,
Mint, and office space.  Nancy Hoffmeier Zamora was appointed as
Chapter 11 trustee on Aug. 31, 2001.


COUNTRYWIDE HOME: 5th Circ. Affirms Class Cert. in Loan Fee Suit
---------------------------------------------------------------
Jake Simpson at Bankruptcy Law360 reports that the Fifth Circuit
on Friday denied Countrywide Home Loans Inc.'s bid to overturn the
certification of a class of borrowers who claim they were charged
illegal fees, ruling that the bankruptcy judge had properly
defined the class.

Bankruptcy Law360 says the appeals court rejected the appeal by
Countrywide, which had sought to overturn the bankruptcy court's
July 2010 class certification order.  The lender was sued in 2009
by a group of borrowers who claim that Countrywide threatened to
foreclose on their homes if they did not pay additional fees.


CRYOPORT INC: Shareholders Elect Three Directors to Board
---------------------------------------------------------
CryoPort, Inc., held its 2012 annual meeting of stockholders on
Sept. 13, 2012.  At the Annual Meeting, the Company's stockholders
elected Adam M. Michelin, Karen M. Muller and Stephen E. Wasserman
to the Board of Directors to serve until the Company's 2013 Annual
Meeting of Stockholders.  The shareholders also ratified the Audit
Committee's selection of KMJ Corbin & Company LLP as the Company's
independent registered public accounting firm for the fiscal year
ending March 31, 2013.  In addition, the shareholders approved an
amendment to the Company's 2011 Stock Incentive Plan to increase
the number of shares of the Company's common stock available for
issuance thereunder by 3,000,000 shares and to increase the annual
limitation of the number of shares granted to a Covered Employee
in any fiscal year by 250,000 shares.

                         About CryoPort Inc.

Headquartered in Lake Forest, Calif., CryoPort, Inc. (OTC BB:
CYRXD) -- http://www.cryoport.com/-- provides innovative cold
chain frozen shipping system dedicated to providing superior,
affordable cryogenic shipping solutions that ensure the safety,
status and temperature of high value, temperature sensitive
materials.  The Company has developed a line of cost-effective
reusable cryogenic transport containers capable of transporting
biological, environmental and other temperature sensitive
materials at temperatures below 0-degree Celsius.

The Company reported a net loss of $7.83 million for the year
ended March 31, 2012, compared with a net loss of $6.15 million
during the prior fiscal year.

The Company's balance sheet at June 30, 2012, showed $4.23 million
in total assets, $1.96 million in total liabilities and $2.26
million in total stockholders' equity.

KMJ Corbin & Company LLP, in Costa Mesa, California, issued a
"going concern" qualification on the consolidated financial
statements for the fiscal year ended March 31, 2012.  The
independent auditors noted that the Company has incurred recurring
operating losses and has had negative cash flows from operations
since inception.  Although the Company has working capital of
$4,024,120 and cash & cash equivalents of $4,617,535 at March 31,
2012, management has estimated that cash on hand, which include
proceeds from the offering received in the fourth quarter of
fiscal 2012, will only be sufficient to allow the Company to
continue its operations only into the fourth quarter of fiscal
2013.  These matters raise substantial doubt about the Company's
ability to continue as a going concern.


DALLAS ROADSTER: Plan Promises to Pay Creditors in Full
-------------------------------------------------------
Dallas Roadster and IEDA Enterprises filed a disclosure statement
in support of its plan of reorganization dated Aug. 15, 2012.

The Debtor contemplates that its operations will permit all
creditors to be paid in full.  Essentially, the plan of
reorganization will enable the Debtor to preserve the value of its
going-concern while permitting payment of its claims in an orderly
manner.

The Plan is based on Dallas Roadster continuing its operations
largely as it has in the past.  Although the business is currently
able to leverage only a fraction of the capital it had available
to it a year ago, it has been in this situation before and has
experience in how to overcome these types of obstacles

Dallas Roadster will implement its Plan by continuing operations
as it has in the past and by resuming its efforts to acquire new
floorplan financing.  During the time this bankruptcy case has
been pending, Dallas Roadster's operating flexibility has been
greatly hampered.

For instance, Texas Capital Bank has imposed restrictions on
Dallas Roadster concerning its ability to sell and purchase
vehicles that have not been consistent with profit maximization.
In January and February 2012, Dallas Roadster liquidated
approximately $2,000,000 worth of vehicles to placate Texas
Capital Bank.  By doing so, Dallas Roadster was able to reduce its
debt burden, but also lost the ability to leverage the capital
represented by those vehicles.

The Plan contemplates that the onerous restrictions imposed by
Texas Capital Bank will be removed, thus providing Dallas Roadster
with a greater opportunity to return to its previous profitability
than has been available to it while its Bankruptcy Case has been
pending.

Dallas Roadster is currently selling 24-30 vehicles per month and
operating on a cash-on-delivery basis.  Upon re-establishing a
floor plan loan and relationships with third party financing
sources, Dallas Roadster will be able to grow its business and
revenues as it has in the past.  The plan documents note that
Dallas Roadster has been in this position before and there are few
barriers to its management team in implementing a profitable
growth strategy.

Dallas Roadster's most recent monthly operating report identified
assets with a value of $5,665,722.  The balance of its secured
liabilities was reported to be $1,896,827.  Thus, with a
secured debt to total assets ratio of approximately 34%, Dallas
Roadster should have viable options for attracting future capital.

The hearing on the disclosure statement is scheduled on Oct. 1,
2012, at 10:30 a.m.

A copy of the disclosure statement is available for free at:

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

            About Dallas Roadster and IEDA Enterprises

Dallas Roadster Ltd. owns and operates an auto dealership with
locations in both Richardson and Plano, Texas.  IEDA Enterprises,
Inc., is the general partner of Roadster.

Dallas Roadster and IEDA Enterprises filed for Chapter 11
bankruptcy (Bankr. E.D. Tex. Case Nos. 11-43725 and 11-43726) on
Dec. 12, 2011.  Chief Judge Brenda T. Rhoades oversees both cases.
J. Bennett White, P.C., replaced DeMarco Mitchell, PLLC, as the
Debtors' bankruptcy counsel.  Dallas Roadster estimated $10
million to $50 million in assets.

The Debtors' assets were placed under the care of a receiver on
Nov. 16, 2011, pursuant to a state court action by Texas Capital
Bank, National Association.

No trustee has been appointed in the Chapter 11 cases.


DALLAS ROADSTER: J. Bennett White to Replace DeMarco as Counsel
---------------------------------------------------------------
Dallas Roadster and IEDA Enterprises ask the Bankruptcy Court that
an order be entered substituting J. Bennett White, P.C., for
DeMarco Mitchell, PLLC, as the Debtors' bankruptcy counsel.  As a
result, DeMarco Mitchell will withdraw as the Debtors' counsel and
DeMarco Mitchell will be excused from further representation of
the Debtors in this proceeding.

Michael S. Mitchell, Esq., and Robert T. DeMarco, Esq., at
DeMarco-Mitchell, PLLC, served as the Debtors' bankruptcy counsel.

The Debtors selected J. Bennett White, Esq., for the reason that
he has considerable experience in bankruptcy representation and
Debtors believe that he is well qualified to represent them as
debtors-in-possession in this proceeding.

The professional services of J. Bennett White, P.C., are to
include:

     a. giving Debtors legal advice with respect to their powers
        and duties as debtors-in-possession in the continued
        operation of their business and management of their
        property;

     b. preparing necessary applications, answers, orders,
        pleadings, reports, and other legal papers; and

     c. performing all other legal services for Debtors as
        debtors-in-possession which may be necessary.

J. Bennett White will undertake this representation at the hourly
rate of $300 per hour.  The rates of other attorneys in the Firm
range from $175 per hour to $225 per hour.  The terms of
employment also include an initial fee deposit in the amount of
$25,000 which is to be replenished whenever funds are withdrawn as
interim compensation.

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

            About Dallas Roadster and IEDA Enterprises

Dallas Roadster Ltd. owns and operates an auto dealership with
locations in both Richardson and Plano, Texas.  IEDA Enterprises,
Inc., is the general partner of Roadster.

Dallas Roadster and IEDA Enterprises filed for Chapter 11
bankruptcy (Bankr. E.D. Tex. Case Nos. 11-43725 and 11-43726) on
Dec. 12, 2011.  Chief Judge Brenda T. Rhoades oversees both cases.
Dallas Roadster estimated $10 million to $50 million in assets.

The Debtors' assets were placed under the care of a receiver on
Nov. 16, 2011, pursuant to a state court action by Texas Capital
Bank, National Association.

No trustee has been appointed in the Chapter 11 cases.


DALLAS ROADSTER: Can Employ Robert Dohmeyer as Valuation Expert
---------------------------------------------------------------
The Bankruptcy Court has authorized IEDA Enterprise, Inc., and
Dallas Roadster, Limited, to employ Dohmeyer Valuation Corp. as
Business Valuation Expert.

DVC will be required to render these services to the Debtor:

     A. value the Debtors' business enterprise, including without
        limitation the used car dealership and the leasehold lots;

     B. perform an insolvency analyses;

     C. perform present value and/or discount rate analyses;

     D. perform such other valuation tasks deemed necessary by the
        Debtors during the course of these bankruptcy cases;

     E. provide expert testimony and any necessary reports or
        documentation during ay trial or hearing regarding any of
        the foregoing.

Robert Dohmeyer will be the primary individual rendering the
valuation services.   DVC will charge a flat fee of $2,500 for the
valuation of the Debtors' business enterprise, including the
leasehold properties, as well as a present value/discount rate
analyses which amount will be payable upon completion of those
services.  For all other services DVC will charge an hourly rate
of $225, which will be sought through appropriate fee applications
filed and subject to further Court approval.

            About Dallas Roadster and IEDA Enterprises

Dallas Roadster Ltd. owns and operates an auto dealership with
locations in both Richardson and Plano, Texas.  IEDA Enterprises,
Inc., is the general partner of Roadster.

Dallas Roadster and IEDA Enterprises filed for Chapter 11
bankruptcy (Bankr. E.D. Tex. Case Nos. 11-43725 and 11-43726) on
Dec. 12, 2011.  Chief Judge Brenda T. Rhoades oversees both cases.
J. Bennett White, P.C., replaced DeMarco Mitchell, PLLC, as the
Debtors' bankruptcy counsel.  Dallas Roadster estimated $10
million to $50 million in assets.

The Debtors' assets were placed under the care of a receiver on
Nov. 16, 2011, pursuant to a state court action by Texas Capital
Bank, National Association.

No trustee has been appointed in the Chapter 11 cases.


DALLAS ROADSTER: Asks Court to Lift Restrictions on Cash Use
------------------------------------------------------------
IEDA Enterprise, Inc., and Dallas Roadster, Limited, ask the
Bankruptcy Court to modify the order issued on March 29, 2012,
authorizing the use of Texas Capital Bank's cash collateral.

Specifically, the Debtors seek modification of the Final Cash
Collateral Order in the form of a finding that the equity cushion
in Texas Capital Bank's collateral, along with specified monthly
payments, provides adequate protection for any further use of cash
collateral.

J. Bennett White, Esq., proposed counsel to the Debtors, submits
that there is insufficient basis for establishing restrictions on
use of cash collateral.

The Final Cash Collateral Order asserts the existence of two loan
facilities in favor of Texas Capital Bank: the Vehicle Note and
the Real Estate Note.  The only loan balances currently owed Texas
Capital Bank are the Real Estate Note and the DIP Loan.  At
present, the balance owed on the Real Estate Note is roughly $1.62
million and roughly $275,000 is owed on the DIP Loan.  Texas
Capital Bank's collateral includes, among other things, the
Debtors' inventory, notes receivable, and real estate.  The Final
Cash Collateral Order compels the Debtors to maintain inventory
with a value of at least $800,000 and notes receivable in the
amount of at least $1.3 million.  As of July 31, 2012, the
Debtors' notes receivable were slightly more than $1.4 million and
its inventory slightly more than $1 million.  In addition, the
real estate securing Texas Capital Bank's claims has a value in
excess of $3 million.

Therefore, Mr. White argues that the equity cushion provided by
Texas Capital Bank's collateral represents sufficient adequate
protection for the Debtors to have unencumbered use of their
revenues.  Moreover, the Final Cash Collateral Order further
provides adequate protection to Texas Capital Bank by requiring
payment on the Real Estate Note in the amount of $8,500 per month
and on the DIP Loan in the amount of $41,000 per month.

Given the adequate protection provided by the equity cushion in
Texas Capital Bank's collateral, Mr. White notes that the Final
Cash Collateral Order contains an unduly restrictive budget
approval process.  Moreover, the limitations on Debtors'
expenditures are not necessary to adequately protect Texas Capital
Bank's interest; therefore, those restrictions should be
eliminated.

Mr. White adds that the Debtors' permitted use of cash collateral
should be modified to permit the payment of the fee deposit
negotiated between Debtors and proposed new counsel, including
monthly replenishment of that fee deposit.  Also, the Debtors have
previously sought the services of an appraiser and an accountant,
neither of whom has been approved as a professional to be employed
by the Debtors.  Currently, motions for approval nunc pro tunc are
being prepared for filing.  Should the employment of the
professionals be approved, applications for payment of fees will
also be submitted.  The Debtors wish to include the potential
payments to these professionals in their proposed budgets so that
any compensation approved by the Court may be paid promptly upon
approval without the necessity of having to wait until a
subsequent budget is submitted for approval.

                     Texas Capital Bank Reponds

Texas Capital Bank submits that the proposed new counsel desires
to completely rewrite the terms of the Final Cash Collateral Order
which was consented and agreed to by the parties and approved by
the Court, and eliminate significant rights, remedies and
protections granted to TCB.  This unprecedented request, without
any legal or factual support, cannot be allowed and should be
denied.

Kenneth Stohner, Jr., Esq., at Jackson Walker, LLP, representing
Texas Capital Bank, points out that the proposed new counsel does
not cite any statute, rule or case for authority to support the
extraordinary relief sought and TCB believes none exists.

According to Mr. Stohner, the Debtors deliberately and voluntarily
entered into the Final Cash Collateral Order.  There were
protracted negotiations between the Debtors and TCB in arriving at
the agreed-upon terms of the Final Cash Collateral Order, and
after having accepted and received the full benefits thereunder,
the Debtors now move the Court to modify such order to remove
TCB's bargained-for rights, remedies and protections.  These
modifications would deprive TCB of the full benefit of its
agreement approved by the Court.

Texas Capital Bank is represented by:

         Kenneth Stohner, Jr., Esq.
         Heather M. Forrest, Esq.
         JACKSON WALKER, LLP
         Dallas, TX 75202
         Tel: (214) 953-6000
         Fax: (214) 953-5822
         E-mail: kstohner@jw.com

            About Dallas Roadster and IEDA Enterprises

Dallas Roadster Ltd. owns and operates an auto dealership with
locations in both Richardson and Plano, Texas.  IEDA Enterprises,
Inc., is the general partner of Roadster.

Dallas Roadster and IEDA Enterprises filed for Chapter 11
bankruptcy (Bankr. E.D. Tex. Case Nos. 11-43725 and 11-43726) on
Dec. 12, 2011.  Chief Judge Brenda T. Rhoades oversees both cases.
J. Bennett White, P.C., replaced DeMarco Mitchell, PLLC, as the
Debtors' bankruptcy counsel.  Dallas Roadster estimated $10
million to $50 million in assets.

The Debtors' assets were placed under the care of a receiver on
Nov. 16, 2011, pursuant to a state court action by Texas Capital
Bank, National Association.

No trustee has been appointed in the Chapter 11 cases.


DANIEL PETERSON: Wash. Appeals Court Rules on Citibank Dispute
--------------------------------------------------------------
Following the initiation of nonjudicial foreclosure proceedings
against their property, Daniel and Kristi Peterson filed suit
seeking to enjoin a trustee's sale and alleging various statutory
and common law causes of action.  The trial court dismissed the
Petersons' claims against Mortgage Electronic Registration System,
Inc. pursuant to CR 12(b)(6) and, in a separate order, dismissed
the Petersons' claims against Citibank N.A., as trustee, and
American Home Mortgage Servicing, Inc., pursuant to CR 12(c) based
upon principles of issue preclusion.  Because the Petersons'
failed to allege the existence of facts establishing a violation
by MERS of the Washington Consumer Protection Act (CPA), chapter
19.86 RCW, the Court of Appeals of Washington, Division One,
affirmed the trial court's order on the CR 12(b)(6) motion.  In
addition, the Court of Appeals determined that the Petersons'
initial notice of appeal was insufficient to permit appellate
review of the CR 12(c) order and, moreover, that their filing of a
second notice of appeal indicating an intent to appeal from that
order was untimely.  Accordingly, the Court of Appeals granted the
motion of Citibank and AHMSI to dismiss the appeal of the trial
court's CR 12(c) order.

The appellate case is, DANIEL C. PETERSON and KRISTI J. PETERSON,
husband and wife, Appellant, v. CITIBANK, N.A., AS TRUSTEE ON
BEHALF OF HOLDERS OF THE AMERICAN HOME MORTGAGE ASSETS TRUST
2006-4, MORTGAGE BACKED PASS-THROUGH CERTIFICATES SERIES 2006-4;
NORTHWEST TRUSTEE SERVICES, INC.; AMERICAN HOME MORTGAGE
SERVICING, INC.; AMERICAN BROKERS CONDUIT; MORTGAGE ELECTRONIC
REGISTRATION SYSTEMS, INC.; ALL PERSONS UNKNOWN, CLAIMING ANY
VALID SUBSISTING INTEREST, AND RIGHT TO THE POSSESSION IN THE
PROPERTY DESCRIBED IN THE COMPLAINT ADVERSE TO PLAINTIFFS' TITLE,
OR ANY CLOUD ON PLAINTIFFS' TITLE THERETO; and DOES I-X,
INCLUSIVE, Respondents, No. 67177-4-I (Wash. App. Ct.).  A copy of
the Appeals Court's Sept. 17, 2012 Opinion is available at
http://is.gd/AX17Kifrom Leagle.com.

Daniel C. Peterson, in Gig Harbor, Wash., filed for Chapter 11
bankruptcy (Bankr. W.D. Wash. Case No. 10-19218) on Aug. 5, 2010.
Bankruptcy Judge Samuel J. Steiner oversees the case. Jeffrey B.
Wells, Esq., in Seattle, serves as Mr. Peterson's counsel.  Mr.
Peterson scheduled $1,351,175 in assets and $3,288,776 in
liabilities.  A list of the Debtor's 15 largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/wawb10-19218.pdf

DARLING INT'L: Moody's Upgrade CFR/PDR to 'Ba1'; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service upgraded Darling International Inc.'s
Corporate Family and Probability of Default Ratings to Ba1 from
Ba2, its revolving credit facility to Baa3 from Ba1, and its
senior unsecured notes to Ba2 from Ba3. The outlook is stable.
This action was based upon the significant improvement in the
company's scale, credit metrics, and diversification of its
business following the successful integration of Griffin
International. The upgrade also reflects Moody's expectation that
the company can effectively manage operating performance given its
cost structure and pricing mechanisms that help mitigate its
exposure to volatile commodity markets. The upgrade also reflect's
Darling's very good liquidity position and Moody's expectation
that management will maintain a conservative financial policy
given the inherent cyclicality of its core business.

Ratings upgraded:

Darling International Inc.

Corporate Family rating to Ba1 from Ba2

Probability of Default rating to Ba1 from Ba2

$415 million revolving credit facility expiring in 2015 to Baa3
(LGD 2, 25%) from Ba1 (LGD 2, 29%)

$250 million senior unsecured notes due 2018 to Ba2 (LGD 5, 77%)
from Ba3 (LGD 5, 80%)

Rating affirmed:

Speculative Grade Liquidity Rating, SGL -- 1

The outlook is stable

The Ba1 Corporate Family Rating reflects Darling's attractive
profitability, strong cash flows, significant scale in rendering
and recycling for the food industry, and its critical role in the
waste handling process. Moody's expects flat to modest growth as
the company's end products are in mostly mature markets (pet food,
animal feed, and fertilizer), but that credit metrics will remain
strong. Moody's believes opportunities for growth are greater in
bio-fuels, a small portion of Darling's revenues today but an area
of new capital investment. Furthermore, Moody's expects management
to maintain a conservative financial policy, including modest
leverage and careful consideration of any shareholder friendly
activities. Given the company's very good liquidity position,
supported by rapid cash build up, Moody's believes that the
company is well positioned for future acquisition opportunities
and investments on an opportunistic basis.

The Ba1 rating also incorporates risks associated with the
extraordinary volatility in related commodities, changes in raw
material volumes, as well as the price of finished products.
However, flexible pricing mechanisms offset some of the company's
commodity exposure (approximately 75% of raw material volumes
processed are subject to contracts which lock in Darling's profit
margin). The company also lacks global geographic diversification
and has some customer and raw material concentration. Furthermore,
Darling's business can be adversely impacted by several factors
outside its control including, animal disease, weather, regulation
and trade disputes.

The rating could be upgraded if Darling is able to increase its
scale and global geographic diversification without materially
weakening its credit metrics or operating performance. An upgrade
would also require Moody's to become comfortable that management
would continue to maintain a conservative financial policy, with
strong credit metrics, given the company's exposure to volatility
in the commodity market.

Darling's ratings could be lowered if it's profitability, cash
flow stability or liquidity deteriorate. Moody's could also
downgrade the ratings if dividends or a large acquisition lead to
credit metrics with debt-to-EBITDA exceeding 2.5 times on a
sustained basis.

The stable outlook reflects Moody's view regarding the strength
and sustainability of Darling's credit metrics, including modest
debt-to-EBITDA, which should permit the company to absorb small
debt financed acquisitions in the future and/or volatility in the
company's core business.

The principal methodology used in rating Darling International
Inc. was the Global Food -- Protein and Agriculture Industry
Methodology, published September 2009. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA, published June 2009.

Darling International Inc. provides rendering, recycling and
recovery solutions to the US food industry. Finished products,
which are sold to producers of livestock, feed, oleo-chemicals,
bio-fuels, soaps and pet foods, include meat and bone meal,
bleachable fancy tallow, cookie meal, and yellow grease. Revenues
for the twelve months ended June 30, 2012 were $1.7 billion.


DELPHI CORP: Claims-Trading Ruling Overturned on Appeal
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a decision from August 2011 that bedeviled the
claims-trading industry was overturned by the U.S. Court of
Appeals in Manhattan.

According to the report, reversal assures claim buyers that
they're entitled to a refund of the purchase price, so long as the
bankrupt company files anything approaching an objection to the
claim that was bought.  The case involved a claim against Delphi
Corp.  That Longacre Master Fund Ltd. purchased for $2.1 million,
or 89 cents on the dollar.  When Longacre bought the claim, Delphi
had a Chapter 11 plan on file where unsecured creditors were to be
paid in full.  Although the plan was confirmed, it could never be
implemented.

The report relates that facing a loss on the purchased claim,
Longacre contended the seller was obligated to repurchase the
claim when Delphi objected to paying it.  Delphi said the creditor
received a so-called preference, which had to be repaid before the
claim would be paid.  The preference claim and the objection to
the claim were eventually settled and withdrawn.  Almost five
years elapsed in the meantime before the claim was paid.

The report notes that Longacre sued the seller in federal district
court in New York, seeking interest on the purchase price for the
years during which the claim was under objection.  Longacre
admitted it was obliged to repay the purchase price once the
objection to the claim was resolved.  The district court dismissed
the suit, leading to the appeal that Longacre won on Sept. 14.

The Bloomberg report discloses that the opinion by the U.S. Court
of Appeals in Manhattan won't be officially reported.  The
unsigned opinion by the three-judge appellate panel held that a
full-fledged objection to the claim wasn't necessary to invoke the
seller's obligation to repurchase.  The appeals court also
reversed the district court on the question of whether the seller
breached a warranty when representing that it knew of no basis for
objection to the claim.  The appeals court said the buyer was
aware it received a payment within 90 days of bankruptcy.  Since
payments within 90 days of bankruptcy can and frequently are
attacked as preferences, that was enough to represent a breach of
warranty.

The case is Longacre Master Fund Ltd. v. ATS Automation Tooling
Systems Inc., 11-33413, U.S. Court of Appeals for the Second
Circuit (Manhattan).

                         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).


DEWEY & LEBOEUF: Ex-Partners Working on Dodgers Case Assert Claims
------------------------------------------------------------------
Jennifer Smith, writing for The Wall Street Journal's Law Blog,
reports that a team of former Dewey & LeBoeuf LLP bankruptcy
lawyers who represented the Los Angeles Dodgers in the baseball
club's bankruptcy sale entered into a stipulation with Dewey's
estate that carves out an exception for the Dodgers group so that
Dewey's proposed Partner Contribution Plan, if it goes forward,
will not prevent the Dodgers group from pursuing damage claims
against the law firm.

WSJ reports that, according to a stipulation filed late last week
in federal court, the four Dewey ex-partners -- Bruce Bennett,
Esq., Sidney P. Levinson, Esq., James O. Johnston, Esq., and
Joshua M. Mester, Esq. -- are pursuing damage claims for "fraud,
misrepresentation, breach of fiduciary duty and other claims"
against Dewey, members of the firm's executive committee and
"certain other persons."  The report notes all four had special
pay deals with Dewey that, according to the filing, date back to
2011.

Dewey is in settlement talks with the four ex-partners.  WSJ notes
the Dodgers group left Dewey in May to join Jones Day.  The
lawyers terminated their special agreements with the law firm on
May 13, "based upon DL's material breaches of its obligations to
the Individuals under the Agreements," according to the
stipulation.

WSJ further notes that when Dewey was on the ropes this spring,
its leaders pointed to the $2 billion sale of the Dodgers, along
with other high-profile work, as evidence that the firm was a
going concern.  Law Blog also reports that the Dodgers group are
using the Dodgers' sale as leverage in a potential settlement with
Dewey's estate, which has asked them to help collect fees from the
case.  The report notes Dewey had only collected about $9 million
in fees as of March, and in the tumult surrounding the firm's
failure blew through a final fee application deadline.

WSJ relates Dewey's bankruptcy advisers are seeking judicial
approval of a $71 million "clawback" settlement with hundreds of
other ex-partners that offers immunity from future lawsuits in
exchange for a cut of their earnings from 2011 and 2012.  A
hearing on the matter is set for Thursday.  If approved, the
Partner Contribution Plan would represent the most significant
recovery yet for the firm's many creditors.

According to the report, Mr. Bennett and the other lawyers could
not be reached for comment on Monday.  A spokesman for Jones Day
declined to comment on the matter.  Scott Ratner, Dewey's general
insolvency counsel, did not return a request for comment Monday.

                      About Dewey & LeBoeuf

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

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

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

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

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

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

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


DEWEY & LEBOEUF: Citibank Denies Conspiring Against Partners
------------------------------------------------------------
Lisa Uhlman at Bankruptcy Law360 reports that in a dispute with an
ex-Dewey & LeBoeuf LLP partner who defaulted on a Citibank NA
loan, the bank denied Wednesday that it conspired with Dewey to
take advantage of partners in granting them capital contribution
loans despite knowing of the firm's financial condition.

                       About Dewey & LeBoeuf

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

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

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

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

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

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

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


DEWEY & LEBOEUF: Sept. 20 Hearing on Appointment of Ch. 11 Trustee
------------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of Dewey & Leboeuf LLP, asks the U.S. Bankruptcy Court for
the Southern District of New York to deny a request for the
appointment of a Chapter 11 trustee or, in the alternative, an
examiner.

On Aug. 8, 2012, the Ad Hoc Committee of Retired Partners of
LeBoeuf, Lamb, Leiby & MacRae asserted that the appointment of a
trustee is befitting because

  (i) of the gross mismanagement by the prepetition management of
      the Debtor, well as continuing mismanagement by the Debtor's
      management postpetition; and

(ii) the appointment is beneficial to all parties in interest.

Alternatively, the Ad Hoc Committee, requested for the appointment
of an examiner to investigate, report on, and pursue or settle
avoidance claims under Sections 544, 547, 548 and 550, and any
other claims arising out of the conduct of the Debtor, including
former chairman Steven H. Davis, former executive director Stephen
DiCarmine, former chief financial officer, Joel Sanders and other
partners of the Debtor who were members of its management
committees or otherwise had influence over the affairs of the
Debtor.

The Official Committee of Former Partners requested that the Court
continue or deny without prejudice the request for the appointment
of a chapter 11 trustee, but joins in the request for the
appointment of an examiner.

The Creditors Committee opposes the Motion in all respects,
explaining the Ad Hoc Committee cannot sustain its burden to
demonstrate the need for a trustee.  According to the Creditors
Committee, the motion appeared to be a litigation tactic, filed
months into the case and as a reaction to the Debtor having
secured commitments from approximately 430 former partners to pay
approximately $72 million as part of the Debtor's proposed partner
contribution settlement plan.

Additionally, the Creditors Committee explained that the
appointment of a chapter 11 trustee or examiner would provide no
tangible benefit to the estate; would waste limited resources and
could jeopardize the progress made toward moving this case forward
toward the realization of near-term value for legitimate
creditors.

The Creditors Committee noted that the appointment of a trustee or
examiner is an event of default under the final order (1)
authorizing use of cash collateral, (2) granting adequate
protection, and (3) modifying the automatic stay, dated June 13,
2012, as subsequently supplemented, permitting the secured lenders
to terminate the ability of the Debtor to use any cash collateral
and keep the case in Chapter 11.

In a separate filing, JPMorgan Chase Bank, N.A., as administrative
agent, to motion of Ad Hoc Committee of Retired Partners of
Leboeuf, Lamb, Leiby & Macrae objected for the appointment of a
trustee, or examiner, stating that the motion, filed just days
before announcement of the Partner Contribution Plan (PCP), is
nothing more than a tactical maneuver -- a preemptive strike on
the merits of a settlement that is only now being presented to the
Court for scrutiny.

JPMorgan asserted that the movants must prove why an independent
chief restructuring officer managing the wind-down and negotiation
process, with the advice of other highly experienced
professionals, is not competent to work with all parties in moving
the case towards resolution.

A hearing on Sept. 20, 2012, at 10 a.m. has been set.

                      About Dewey & LeBoeuf

New York-based law firm Dewey & LeBoeuf LLP sought Chapter 11
bankruptcy (Bankr. S.D.N.Y. Case No. 12-12321) to complete the

wind-down of its operations.  The firm had struggled with high
debt and partner defections.  Dewey disclosed debt of $245 million
and assets of $193 million in its chapter 11 filing late evening
on May 29, 2012.

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

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

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

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

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

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


DICKINSON, MI: Fitch Cuts Rating on $24MM Notes to 'BB+'
--------------------------------------------------------
Fitch Ratings has downgraded the rating on the following debt
issued by the County of Dickinson, State of Michigan, on behalf of
Dickinson County Healthcare System (DCHS):

  -- $24.1 million series 1999 to 'BB-' from 'BB+'.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a pledge of net revenues, certain
equipment, investment income, and bond funds under the indenture
agreement.  DCHS has a debt service coverage covenant of 1.25
times (x) and a debt service reserve fund.

KEY RATING DRIVERS

SIGNIFICANTLY WEAKENED FINANCIAL PROFILE: The rating downgrade to
'BB-' from 'BB+' was driven by DCHS's weakened financial profile
led by a deterioration in unrestricted cash.  Since fiscal 2010,
unrestricted cash has declined to $12.7 million at June 30, 2012
from $19.8 million.  This equated to 57.9 days cash on hand (DCOH)
from 102.9 DCOH in 2010.

ADDITIONAL BORROWING: Coupled with the decline in unrestricted
cash and investments, DCHS intends to borrow approximately $9
million in USDA loans to fund the construction of a new medical
office building (MOB).  Pro forma cash to debt decreases to 34.4%
from 59% and pro forma cushion ratio is very weak at 2.3x compared
to Fitch's 'Below Investment Grade' median of 55.6% and 4.7x
respectively.

LIGHT DEBT SERVICE COVERAGE: Pro forma maximum annual debt service
(MADS) coverage was a low 1.2x through the six months ended June
30, 2012.  Further, the organization's debt burden is high
measured by MADS as a percentage of revenue of 5.9%, which
compared unfavorably against the median of 2.7%.

LEADING MARKET POSITION: DCHS continues to maintain its dominant
market position of 70% in its primary service area (PSA), which is
improved from 68% in 2010.

IMPROVED BUT STILL WEAK OPERATING PERFORMANCE: DCHS improved its
profitability position through the six months ended June 30, 2012
as the organization recorded a negative 0.3% operating margin and
6.1% operating EBITDA margin.  These metrics are improved from
fiscal 2011's negative 3.5% operating margin and 4% operating
EBTIDA margin.  Management continues to implement various cost
reductions, while attempting to grow top-line revenue to enhance
DCHS's profitability.

CREDIT PROFILE

Organizational Overview
DCHS is a 96-bed acute care hospital providing primary and
secondary services located in Iron Mountain, on Michigan's Upper
Peninsula.  In fiscal 2011 (Dec. 31 year end), DCHS had total
revenue of $82.7 million.

Rating Downgrade to 'BB-'
The rating downgrade reflects DCHS's weakened balance sheet
coupled with a more leveraged debt position.  Additionally, the
organization continues to lose money from operations, which marks
the fourth consecutive year DCHS has incurred losses in operating
income.  At June 30, 2012 (unaudited), DCHS had 57.9 DCOH, 2.3x
pro forma cushion ratio, and 34.4% pro forma cash to debt, which
was down from fiscal 2011's 76.9 days, 2.9x cushion, and 59% cash
to debt position.  Management indicates the decrease in
unrestricted cash was due to $1.9 million of capital expenditures
on various operational items including information technology.

Management anticipates unrestricted cash balances to increase
after meaningful use payments are received.  Additionally,
management intends to borrow approximately $9 million for the
construction of a new MOB on the hospital's main campus.
Management expects the new MOB will help solidify DCHS's primary
care base in light of increased competition.  DCHS's financial
flexibility is more limited given the decline in liquidity and
increased debt load, which is reflected in the current rating
level.

Despite having improved profitability through the six months ended
June 30, 2012, DCHS is still operating at a loss and management
expects to finish fiscal 2012 with a negative $326,000 operating
income.  Although operating performance has historically been
poor, management reports that there have been no financial
covenant violations.

Other key credit concerns include its unfavorable payor mix and
small revenue base.

Stable Rating Outlook
DCHS's rating is stable at the lower rating level and Fitch
expects DCHS to continue to slowly improve its operating
performance.

Key Credit Strengths
DCHS's key credit strengths continue to be its dominant market
position, sole community provider status, and positive utilization
trends in fiscal 2011.  DCHS had an improved market share to 70%
in fiscal 2011, up from 68% in 2010, and is designated as a sole
community provider as its closest competitor is approximately 43
miles away.  Bolstering the organization's improved market
position is the positive trend in volumes for 2011 as inpatient
admissions, surgeries, and outpatient visits all increased from
prior year levels.  Management indicates the positive trend is
primarily due to DCHS's solid physician recruitment and successful
hospitalist program.

Outstanding Debt Profile
All of DCHS's outstanding debt is fixed-rate and the system has no
outstanding swaps.  Overall, Fitch views DCHS's debt portfolio as
conservative.  In the fall of 2012, DCHS plans to borrow
approximately $9 million in USDA loans for the construction of a
new MOB on the origination's main campus.  The USDA loans will be
fixed rate.  Total pro forma outstanding debt will be $37 million
and aggregate maximum annual debt service of $5.4 million was
provided by management.

DCHS covenants to submit certain annual financial and utilization
information to the MSRB's EMMA system.

Disclosure to Fitch has been timely and extremely thorough and has
occurred monthly.  The disclosure includes a detailed management
discussion and analysis, balance sheet, income statement,
statement of cash flows, and utilization statistics; all of which
have comprehensive comparative analyses.


DIGITAL DOMAIN: Can Advance Up to $7.65-Mil. Per 3rd Interim Order
------------------------------------------------------------------
In a third interim dated Sept. 14, 2012, the U.S. Bankruptcy Court
for the District of Delaware authorized Digital Domain Media
Group, Inc., et al., to enter into the DIP Term Sheet
Documentation, to use cash collateral and to obtain secured
postpetition superpriority financing of up to $11,789,000 less the
$4,137,000 advanced under the First Interim Order, for a maximum
borrowing under the Third Interim Order of $7,652,000 from Hudson
Bay Master Fund Ltd., in its capacity as DIP Agent on behalf of
the DIP Lenders.  The final hearing to consider the $20,083,000
financing package will be held on Oct. 1, 2012, at 12:00 p.m.

The Debtors agree that no advances have been or will be made under
the Second Interim Order, that the Second Interim Order will be
void and of no force or effect ab initio as of the entry of the
Third Interim Order, and that the terms of the Second Interim
Order will not apply to any advances made under the First Interim
Order or the Third Interim Order.

The maximum amount to be advanced by the Lenders through and
including Sept. 20, 2012, will be $1,990,000, to be disbursed
solely to fund, in accordance with the amounts set forth in the
approved budget: (i) vendor operational expenses, (ii) wages, and
(iii) Debtor professional fees (provided that disbursements for
Debtor professional fees will be further capped at $300,000;

So long as the Bid Procedures Order, as entered on Sept. 12, 2012,
is not (i) amended, modified, supplemented or otherwise revised to
change the date of the Sale Hearing to a date later than Sept. 24,
2012, (ii) otherwise amended, modified, supplemented or otherwise
revised in any manner that is not reasonably acceptable to the DIP
Lenders, each in its sole discretion, or (iii) stayed vacated, on
or after the hearing scheduled for Sept. 20, 2012, then the DIP
DIP Lenders will make available the balance available under the
Interim DIP Loan to fund amounts arising on or after Sept. 21,
2012.

A copy of the third interim DIP order and DIP Term Sheet is
available at http://bankrupt.com/misc/ddmg.3rdinterimdiporder.pdf

                       About Digital Domain

Digital Domain Media Group, Inc. -- http://www.digitaldomain.com/
-- engages in the creation of original content animation feature
films, and development of computer-generated imagery for feature
films and transmedia advertising primarily in the United States.

Digital Domain Media Group, Inc. and 13 affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 12-12568) on Sept. 11
to sell its business for $15 million to Searchlight Capital
Partners LP.

The Debtors have also sought ancillary relief in Canada, pursuant
to the Companies' Creditors Arrangement Act in the Supreme Court
of British Columbia, Vancouver Registry.

Port St. Lucie, Florida-based Digital Domain disclosed assets of
$205 million and liabilities totaling $214 million.

DDMG also announced that it has entered into a purchase agreement
with Searchlight Capital Partners L.P. to acquire Digital Domain
Productions Inc. and its operating subsidiaries in the United
States and Canada, including Mothership Media, subject to the
receipt of higher and better offers and Court approval.

DDPI and Mothership, with studios in California and Vancouver, are
focused on creating digital visual effects, CG animation and
digital production for the entertainment and advertising
industries and are led by recently promoted Chief Executive
Officer Ed Ulbrich.

Attorneys at Pachulski Stang Ziehl & Jones serve as counsel to the
Debtors.  FTI Consulting, Inc.'s Michael Katzenstein is the chief
restructuring officer.  Kurtzman Carson Consultants LLC is the
claims and notice agent.


DOLE FOOD: Moody's Reviews 'B1' Corp. Family Rating for Upgrade
---------------------------------------------------------------
Moody's Investors Service placed Dole Food Company Inc.'s ratings
including its B1 corporate family rating on review for upgrade
following its announcement that it has reached an agreement with
ITOCHU Corporation of Japan (rated Baa1, stable) to sell its
worldwide packaged foods and its Asia fresh produce business for
$1.685 billion in cash. Net proceeds will be used to repay debt
and for restructuring and other corporate purposes.

Ratings Rationale

The review will focus on the company's capital structure post
sale, which Moody's expects to be lower levered than it is
currently even after making still relatively large lease and
pension adjustments, as well as management intentions for
financial policy going forward. However the lower leverage will be
considered in the context of a smaller, less diversified,
potentially more volatile and lower margin business, which would
need lower leverage to support the current rating. The review for
upgrade assumes that no distributions to shareholders, or share
buybacks are contemplated as a result of this transaction.

Dole's existing B1 corporate family rating incorporates the
company's weak credit metrics, along with the earnings and cash
flow volatility from its exposure to commodity markets as well as
the impact of such uncontrollable factors as weather and political
regulations on key products. Nonetheless, Dole enjoys a leadership
position in its industry segment and has good geographic
diversity.

The following ratings were placed on review for upgrade:

Dole Food Company, Inc.:

Corporate Family Rating B1

Probability of Default Rating B1

Senior Secured B2/LGD4

Senior Unsecured B3/LGD5

Solvest Ltd.

Sr Sec Bank Credit Facility Ba2/LGD2

The principal methodology used in rating Dole was the Global Food
- Protein and Agriculture published in 2009. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June
2009.

Headquartered in Westlake Village, California, Dole Food Company,
Inc. is the world's leading producer of fresh fruit and fresh
vegetables, with an expanding line of value-added products. Sales
for the latest twelve months ending June 2012 were approximately
$7 billion. Dole's chairman, David Murdock, and his affiliates
beneficially own approximately 64% of the company's common stock.


DYNEGY INC: Incurs $69 Million Net Loss in Second Quarter
---------------------------------------------------------
Dynegy Holdings, LLC, filed with the U.S. Securities and Exchange
Commission its quarterly reports on Forms 10-Q for the periods
ended Sept. 30, 2011, March 31, 2012, and June 30, 2012, and its
annual report on Form 10-K for the year ended Dec. 31, 2011.

The Company recorded a net loss of $69 million on $290 million of
revenue for the three months ended June 30, 2012, compared with a
net loss of $115 million on $326 million of revenue for the same
period during the prior year.  For the six months ended June 30,
2012, the Company reported a net loss of $1.15 billion on $565
million of revenue, in comparison with a net loss of $195 million
on $831 million of revenue for the same period during the previous
year.

Dynegy reported a net loss of $1.08 billion for the three months
ended March 31, 2012, compared with a net loss of $80 million for
the same period a year ago.  The Company disclosed a net loss of
$129 million for the three months ended Sept. 30, 2011, compared
with a net loss of $22 million for the same period a year ago.
The Company also reported a net loss of $324 million for the nine
months ended Sept. 30, 2011, versus a net loss of $75 million for
the same period during the prior year.

Dynegy recorded a net loss of $940 million in 2011, a net loss of
$242 million in 2010, and a net loss of $1.26 billion in 2009.

The Company's balance sheet at June 30, 2012, showed $6.79 billion
in total assets, $7.96 billion in total liabilities and a $1.16
billion member's deficit.

A copy of the Q3 2011 Form 10-Q is available at:

                        http://is.gd/MkAJtk

A copy of the 2011 Form 10-K is available for free at:

                        http://is.gd/stGvRW

A copy of the Q1 2012 Form 10-Q is available at:

                        http://is.gd/jfhbuY

A copy of the Q2 2012 Form 10-Q is available for free at:

                        http://is.gd/hQPjNh

                           About Dynegy

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

Dynegy Holdings LLC and four other affiliates of Dynegy Inc.
sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case
No. 11-38111) Nov. 7, 2011, to implement an agreement with a
group of investors holding more than $1.4 billion of senior notes
issued by Dynegy's direct wholly-owned subsidiary, Dynegy
Holdings, regarding a framework for the consensual restructuring
of more than $4.0 billion of obligations owed by DH.  If this
restructuring support agreement is successfully implemented, it
will significantly reduce the amount of debt on the Company's
consolidated balance sheet.  Dynegy Holdings disclosed assets of
$13.77 billion and debt of $6.18 billion.

Dynegy Inc. on July 6, 2012, filed a voluntary petition to
reorganize under Chapter 11 (Bankr. S.D.N.Y. Case No. 12-36728) to
effectuate a merger with Dynegy Holdings, pursuant to Holdings'
Chapter 11 plan.

A settlement, which has already been approved by the bankruptcy
court, provides for Dynegy Inc. and Holdings to merge and for the
administrative claim granted to Dynegy Inc. in the Holdings
Chapter 11 case to be transferred out of Dynegy Inc. for the
benefit of its shareholders.

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

The Official Committee of Unsecured Creditors in Holdings' cases
has tapped Akin Gump Strauss Hauer & Feld LLP as counsel.

Dynegy Inc. is represented by White & Case LLP and advised by
Lazard Freres & Co. LLC.


ECAST CORPORATION: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: ECast Corporation
        dba E*Cast Corporation
        4505 Falls of Neuse Road, Suite 600
        Raleigh, NC 27609

Bankruptcy Case No.: 12-06564

Chapter 11 Petition Date: September 13, 2012

Court: U.S. Bankruptcy Court
       Eastern District of North Carolina (Wilson)

Judge: J. Rich Leonard

Debtor's Counsel: Travis Sasser, Esq.
                  SASSER LAW FIRM
                  2000 Regency Parkway, Suite 230
                  Cary, NC 27518
                  Tel: (919) 319-7400
                  Fax: (919) 657-7400
                  E-mail: tsasser@carybankruptcy.com

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

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

A copy of the Company's list of its 20 largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/nceb12-06564.pdf

The petition was signed by Peter Bechtel, sole director.


ELMIRA DOWNTOWN: Judge to Hear US Trustee's Case Dismissal Bid
--------------------------------------------------------------
Jason Whong at Stargazette.com reports that U.S. Bankruptcy Judge
Paul Warren will hear on Sept. 27, 2012, the U.S. Trustee's
request to dismiss the Chapter 11 bankruptcy filing of Elmira
Downtown Arena LLC, also known as EDA.

According to the report, Elm Arena LLC, which holds the mortgage
on the arena and is in line to become the next owner, will also
ask Judge Warren at the Sept. 27 hearing to order EDA not to use
the arena or sell off any of the equipment inside.  The report
relates Elm Arena attorney David Rasmussen, Esq., will ask Judge
Warren to order EDA not to use the arena or anything inside it
because Elm Arena has received no assurances that it would be
protected if EDA uses it.

"There is substantial risk to the machinery, equipment, furniture
and fixtures due to (EDA's) possession and negligent management
and operation of First Arena," the report quotes Mr. Rasmussen as
saying, noting that EDA has not yet asked the court for permission
to pay employees who maintain the arena and its ice-making
equipment.

Other allegations in Elm Arena's motion include:

  -- EDA owes Elm Arena more on its mortgage on First Arena than
     the arena is actually worth. (Elm Arena bought the mortgage
     from Key Bank in August.)

  -- At the time of EDA's Aug. 16 bankruptcy filing, it owed $5.07
     million and was in default on the original $5.7 million
     mortgage.  Key Bank, which held the mortgage at the time,
     received no payments in June or July.

  -- EDA has not maintained the arena, making it worth less as
     each day passes. Meanwhile, the amount EDA owes Elm Arena
     increases because of nonpayment of the mortgage.

  -- Because EDA hasn't adequately insured the arena, Elm Arena
     bought its own insurance at a cost of more than $20,000 for a
     year.

Based in Elmira, New York, Elmira Downtown Arena, LLC, filed for
Chapter 11 protection on Aug. 16, 2012 (Bankr. W.D. N.Y. Case No.
12-21361).  EDA is controlled by Michigan businessman Mostafa Afr.
Judge Paul R. Warren presides over the case.  Joshua P. Fleury,
Esq., at Phillips Lytle LLP, represents the Debtor.  The Debtor
estimated assets of $100,000, and $500,000, and debts of between
$1 million and $10 million.


ELPIDA MEMORY: Bondholders Halt U.S. Asset Sales
------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S.-based bondholders of Japan's Elpida Memory Inc.
walked out of bankruptcy court with most of what they were
seeking.

Elpida filed a Chapter 15 petition in U.S. Bankruptcy Court in
Delaware in March, a month after filing for bankruptcy at home.
In April, the U.S. court recognized Japan as home to the so-called
foreign main proceeding.  As a result, the court in Japan
ordinarily would administer the sale of the business and
distributions to creditors, receiving assistance from the U.S.
court if necessary.

The report relates that bondholders filed papers in August in the
Delaware court as part of a larger effort opposing Elpida's sale
to Micron Technology Inc.  The ad hoc bondholder group is composed
of Linden Advisors LP, LIM Advisors, Owl Creek Asset Management LP
and Taconic Capital Advisors LP.  They asked in papers for the
U.S. court to bar Elpida from selling or transferring U.S. assets.

The report notes that U.S. Bankruptcy Judge Christopher S. Sontchi
gave the bondholders the larger part of what they wanted.  The
company can't sell or transfer U.S. assets outside of the ordinary
course of business without giving 21 days' notice to the
bondholders.  Judge Sontchi also made it clear that the
bondholders are at liberty to file an involuntary bankruptcy
petition against Elpida's U.S. units.

The Bloomberg report discloses that the bondholders argued in the
August court filing that the proposed sale to Micron for an
estimated $1.8 billion at present value is for substantially less
than Elpida's liquidation value.  Elpida's filing in Japan was
that country's largest in two years.

                        About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.


ELZA CONSTRUCTION: Case Converted to Chapter 7 Due to Inactivity
----------------------------------------------------------------
Based upon the filed operating reports that reflect essentially no
activity by Elsa Construction LLC, the U.S. Bankruptcy Court for
the Eastern District of Kentucky has ordered that the Debtor's
case be converted to one under Chapter 7 of the Bankruptcy Code.

                      About Elza Construction

Based in East Bernstadt, Kentucky, Elza Construction LLC, aka Elza
Reclamation, filed for Chapter 11 bankruptcy (Bankr. E.D. Ky. Case
No. 11-60689) on May 10, 2011.  Judge Joseph M. Scott, Jr.,
presides over the case.  Maxie Higgason, Esq., at Higgason Law
Office, serves as bankruptcy counsel.  The Debtor disclosed
$15,188,510 in assets and $6,443,334 in liabilities as of the
Chapter 11 filing.  The petition was signed by Paul Elza, the
owner.  Mr. Elza was designated by the Court as the Debtor's
representative.

The U.S. Trustee said that an official committee of unsecured
creditors has not been appointed because an insufficient number of
persons holding unsecured claims against Elza Construction LLC
have expressed interest in serving on a committee.


EMISPHERE TECHNOLOGIES: Appoints Alan Rubino as President & CEO
---------------------------------------------------------------
Emisphere Technologies, Inc., appointed Alan L. Rubino to the
position of President and Chief Executive Officer, effective
Sept. 17, 2012.  Mr. Rubino has also been elected to the Company's
Board of Directors.  The Employment Agreement provides for an
annual base salary of $400,000, with eligibility to receive an
annual bonus of up to $200,000.

"Alan is a seasoned industry executive with major and emerging
pharmaceutical company experience.  Throughout his career, he has
consistently demonstrated the ability to successfully launch and
grow profitable pharmaceutical products and efficient businesses.
His versatile experiences, extensive industry connections and
business development network, and exceptional reputation make him
ideally suited to secure Emisphere's commercial success," said Dr.
Michael Weiser, a member of the Board of Directors.

Mr. Rubino commented, "I was attracted to Emisphere by the broad
potential of its Eligen Technology to improve therapeutic delivery
of vital pharmaceutical products and the Company's goal to pursue
an immediate commercial opportunity to create value by launching
its market-ready Eligen Oral B12 product."

Timothy G. Rothwell, the newly appointed Chairman of the Company's
Board of Directors commented that, "[T]he Company has decided to
commercialize its Eligen Oral B12 product to begin to realize the
promise of the Eligen drug delivery technology, and also to
acquire other products to create value for the Company and its
shareholders.  Alan Rubino is the right leader to help pivot to
this new business strategy and achieve our goals.  While we have
decided to pursue a new course to reposition Emisphere into a
viable commercial-stage entity, anchored by the Eligen Oral B12
product, we remain dedicated to further realizing the full
potential and commercial value of our platform Eligen Technology.
To that end, we will continue to work closely with existing
partners and will also expand our efforts to attract new delivery
system and product development/licensing partnerships as well.  We
believe that the new Emisphere business strategy will create new
opportunities for growth."

Dr. Weiser added, "[W]e're very fortunate to have Alan and Tim
working together to lead Emisphere in charting this new course and
direction.  They have worked together closely in the past; they
both have a reputation for the highest personal and business
integrity, a proven track record of success, extensive business
leadership experience and excellent business development networks
throughout the industry.  Alan and Tim are the right leaders to
ensure the Company realizes its full potential and creates greater
value for its shareholders."

Mr. Rubino's career spans over 30 years at every level of the
biopharmaceutical industry.  Most recently, he was Chief Executive
Officer and President of New American Therapeutics, Inc., where he
and his team presided over a most successful venture that was
focused on the acquisition, marketing, and ultimate sale of
Denavir, a leading Rx topical therapeutic for HSV-1 cold sore
treatment which delivered a substantial return to its investment
partners.  A major portion of Mr. Rubino's highly successful
career includes his twenty-four years spent at Hoffmann-La Roche
where he rose through the ranks to become a corporate officer and
member of the US Executive Committee.  He held a variety of key
senior executive positions with broad general management
responsibilities leading major business units and operations,
marketing, business development, alliance management, human
resources, and supply chain/manufacturing.  He led many key top
level executive initiatives and presided over numerous commercial
product launches across a spectrum of therapeutic areas including
the introduction of the world's first biological product in
Roferon-A [alfa-interferon 2a].

Mr. Rothwell is the former Chairman of Sanofi-Aventis U.S., having
also served as President and Chief Executive Officer.  In his
various roles at Sanofi-Aventis U.S., he was responsible for
overseeing all domestic commercial operations as well as
coordinating Industrial Affairs and Research and Development
activities.

A copy of the Employment Agreement is available at:

                        http://is.gd/c9jPJC

                          About Emisphere

Cedar Knolls, N.J.-based Emisphere Technologies, Inc., is a
biopharmaceutical company that focuses on a unique and improved
delivery of therapeutic molecules or nutritional supplements using
its Eligen(R) Technology.  These molecules are currently available
or are under development.

The Company's balance sheet at June 30, 2012, showed $2.52 million
in total assets, $64.86 million in total liabilities, and a
stockholders' equity of $62.34 million.

McGladrey and Pullen, LLP, in New York City, expressed substantial
doubt about Emisphere'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 recurring losses from operations and its total
liabilities exceed its total assets.


FOXCO ACQUISITION: Moody's Affirms 'B2' CFR/PDR; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service affirmed the B2, LGD3 -- 49% ratings
assigned to each of FoxCo Acquisition Sub, LLC's ("FoxCo") $20
million 1st lien senior secured revolver and 1st lien senior
secured tem loan that was upsized to $765 million from $715
million. Proceeds from the debt facilities will be used to fund a
special dividend of approximately $200 million. Moody's also
affirmed the B2 Corporate Family Rating (CFR) and B2 Probability
of Default Rating (PDR).

The rating outlook remains stable.

Affirmed:

  Issuer: FoxCo Acquisition Sub, LLC

    Corporate Family Rating: Affirmed B2

    Probability of Default Rating: Affirmed B2

    $20 million 1st Lien Sr Secured Revolver due January 2017:
    Assigned B2, LGD3 -- 49%

    $765 million 1st Lien Sr Secured Term Loan B due July 2017:
    Assigned B2, LGD3 -- 49%

Outlook Actions:

  Issuer: FoxCo Acquisition Sub, LLC

Outlook is Stable

Ratings Rationale

FoxCo's B2 corporate family rating incorporates the increase in
debt balances by $50 million to fund a larger special dividend of
roughly $200 million. The upsized deal increases total leverage to
6.0x, above the 5.75x threshold for the current CFR rating, but
Moody's expects leverage to improve to less than 5.75x by FYE2012
due to the strong demand for political advertising in October and
early November. The refinancing extends the earliest maturity 2
1/2 years to 2017 and eliminates the high coupon senior notes
(13.375% coupon). As a result, the transaction reduces annual
interest expense, despite the increase in funded debt balances to
$765 million from $539 million. In addition, all debt is pre-
payable which Moody's believes is helpful in providing Oak Hill
flexibility in exercising strategic options. Leverage reduction
compared to the 2-year average debt-to-EBITDA ratio of 7.3x
reported for 2010 was achieved through improved operating
performance over the last two years in addition to debt
prepayments. FoxCo grew EBITDA for FYE 2011 to more than $110
million (including Moody's standard adjustments) meaningfully
higher than EBITDA of $72 million reported in FY2009, reflecting
an improving economy and a recovery in advertising demand,
especially for auto and retail sectors. Moody's notes that
management achieved revenues of $333 million for FY2011 matching
revenues for FY2010 despite the absence of significant political
ad sales. With a focus on local markets, management was able to
offset the expected loss of political revenues in FY2011 by
growing core ad revenues and negotiating higher retransmission
fees.

Looking forward, Moody's expects the company to generate at least
14% revenue growth in 2012 given stronger than expected demand for
political advertising. Beyond 2012, FoxCo will benefit from
meaningful increases in retransmission revenues and related cash
flow partially offsetting the absence of significant political
revenues in 2013. Lack of national scale, a station portfolio with
mostly Fox affiliates, and the potential for additional dividends
constrain ratings. FoxCo faces increased competition for
advertising dollars due to ongoing media fragmentation. Ratings
are supported by good EBITDA margins enhanced by cost savings from
its operating agreement with Local TV and its management contract
with Tribune Company. Cash balances of a minimum $10 million over
the rating horizon plus a minimum of 9% free cash flow-to-debt
ratios provide good liquidity.

The principal methodology used in rating FoxCo's was the Global
Broadcast and Advertising Related Industry Methodology published
in May 2012. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Formed in July 2008 through the acquisition of eight stations from
Fox Television Stations, Inc., FoxCo Acquisition Sub, LLC owns or
operates 10 stations in DMA's ranked #17 to #57, including seven
owned Fox affiliates and one owned CBS affiliate, plus two
stations operated under Local Marketing Agreements with Tribune
Broadcasting. Local TV Holdings, LLC, which is 95% owned by
affiliates of Oak Hill Capital Partners, serves as FoxCo's parent
company. The company maintains headquarters in Newport, Kentucky
and net revenue for the 12 months ended June 30, 2012 totaled $351
million.


FULLER BRUSH: Cleared to Auction Assets Next Month
--------------------------------------------------
Marie Beaudette and Stephanie Gleason at Dow Jones' DBR Small Cap
reports that a bankruptcy judge has cleared Fuller Brush Co., the
century-old manufacturer best known for its door-to-door
salespeople, to auction its assets next month, with its senior
lender kicking off bidding.

                        About Fuller Brush

The Fuller Brush Company -- http://www.fuller.com/-- sells
branded and private label products for personal care, commercial
and household cleaning and has a current catalog of 2,000 cleaning
products.  Some of Fuller's retail partners include Home Trends,
Bi-Mart, Byerly's, Lunds, Home Depot, Do-It-Best, Primetime
Solutions, Vermont Country Store and Starcrest.

Founded in 1906 and based in Great Bend, Kansas, The Fuller Brush
Company, Inc., and its parent, CPAC, Inc., filed for Chapter 11
protection (Bankr. S.D.N.Y. Case Nos. 12-10714 and 12-10715) in
Manhattan on Feb. 21, 2012.  Fuller Brush filed for bankruptcy
five years after the company was taken over by private equity firm
Buckingham Capital Partners.  Fuller, which has 180 employees as
of the Chapter 11 filing, disclosed $22.9 million in assets and
$50.9 million in debt.  Fuller said it will be business as usual
while undergoing Chapter 11 restructuring.  But it said that while
in reorganization, it intends to trim about half of the current
catalog of cleaning products.

Herrick Feinstein LP serves as the Debtors' bankruptcy counsel.

The official committee of unsecured creditors has tapped the law
firm of Kelley Drye & Warren LLP as counsel.

The reorganization is being financed with a $5 million loan from
an affiliate of Victory Park Capital Advisors LLC, the secured
lender owed $22.7 million that plans to buy the business
in exchange for debt.


GELT PROPERTIES: Can Access Cash Collateral Until Oct. 3
--------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Pennsylvania
authorized Gelt Properties, LLC, et al., to use cash collateral
through Oct. 3, 2012.

As adequate protection for the use of cash collateral on an
interim basis, Vist Bank is granted valid, binding, enforceable
and perfected replacement security interests in and replacement
liens on all now owned or hereafter acquired property and assets
of the Debtors that are proceeds, products, rents and profits
thereof, in which the Lender was perfected pre-petition.

The Court order the Debtors to pay Vist Bank $6,732.

A further hearing on the use of cash collateral will be held on
Oct. 3, 2012, at 11:00 a.m.

                       About Gelt Properties

Based in Huntington Valley, Pennsylvania, Gelt Properties, LLC,
and affiliate Gelt Financial Corporation borrow money from
traditional lenders and make loans to commercial borrowers.  They
also acquire and manage real estate.  Gelt Properties and Gelt
Financial filed for (Bankr. E.D. Pa. Case Nos. 11-15826 and 11-
15826) on July 25, 2011.  Judge Magdeline D. Coleman presides over
the cases.  Albert A. Ciardi, III, Esq., Jennifer E. Cranston,
Esq., and Thomas Daniel Bielli, Esq., at Ciardi Ciardi & Astin,
P.C., in Philadelphia, Pa., serve as the Debtors' bankruptcy
counsel.  The petitions were signed by Uri Shoham, the Debtors'
chief financial officer.  The Debtors' other professionals
include: Eisenberg, Gold & Cettei P.C. as its special counsel to
provide proper legal counsel to the Debtors with regard to
defending against certain actions, Cohen and Forman as their
special counsel to advise them upon all matters which may arise or
which may be incident to the bankruptcy proceedings.

Gelt Properties disclosed $4.73 million in assets and
$4.84 million in liabilities as of the Chapter 11 filing.  Its
affiliate, Gelt Financial has scheduled $20.3 million in assets
and $17.05 million in liabilities as of the Chapter 11 filing.

On Sept. 15, 2011, a committee of unsecured creditors was
appointed.  Schoff McCabe, P.C. represents the Committee.  Craig
Howe, CPA, and Howe, Keller & Hunter, P.C., serve as the
Committee's accountants.


GELT PROPERTIES: Taps Nochumson P.C. to Handle Craig Atkins Suit
----------------------------------------------------------------
Gelt Properties, LLC, et al., in an amended application, ask the
U.S. Bankruptcy Court for the Eastern District of Pennsylvania for
permission to employ Nochumson P.C. as special counsel to
represent the Debtor's interests in the pending Craig Atkins and
Penco Appraisals, Inc. et al., legal matters.

Prepetition, Nochumson has represented the Debtors in various
legal matters, and as of the Petition Date, n outstanding fees
were owed by the Debtors for the services.

To the best of the Debtors' knowledge, Nochumson has no connection
with the Debtors and is not an insider or affiliate of the
Debtors.

                       About Gelt Properties

Based in Huntington Valley, Pennsylvania, Gelt Properties, LLC,
and affiliate Gelt Financial Corporation borrow money from
traditional lenders and make loans to commercial borrowers.  They
also acquire and manage real estate.  Gelt Properties and Gelt
Financial filed for (Bankr. E.D. Pa. Case Nos. 11-15826 and 11-
15826) on July 25, 2011.  Judge Magdeline D. Coleman presides over
the cases.  Albert A. Ciardi, III, Esq., Jennifer E. Cranston,
Esq., and Thomas Daniel Bielli, Esq., at Ciardi Ciardi & Astin,
P.C., in Philadelphia, Pa., serve as the Debtors' bankruptcy
counsel.  The petitions were signed by Uri Shoham, the Debtors'
chief financial officer.  The Debtors' other professionals
include: Eisenberg, Gold & Cettei P.C. as its special counsel to
provide proper legal counsel to the Debtors with regard to
defending against certain actions, Cohen and Forman as their
special counsel to advise them upon all matters which may arise or
which may be incident to the bankruptcy proceedings.

Gelt Properties disclosed $4.73 million in assets and
$4.84 million in liabilities as of the Chapter 11 filing.  Its
affiliate, Gelt Financial has scheduled $20.3 million in assets
and $17.05 million in liabilities as of the Chapter 11 filing.

On Sept. 15, 2011, a committee of unsecured creditors was
appointed.  Schoff McCabe, P.C. represents the Committee.  Craig
Howe, CPA, and Howe, Keller & Hunter, P.C., serve as the
Committee's accountants.

The Debtors's amended Plan of Reorganization dated March 16, 2012,
provides that all assets of the Debtors will be sold and
liquidated, rented or leased, developed and maintained, in the
ordinary course of the Debtors' business.  The Debtors note that
the proposed Plan envisions the utilization of management talents,
commitment and an existing infrastructure to restructure existing
debt, liquidate unprofitable properties and meaningfully shift
focus to its growing REO portfolio.


GLOBAL AVIATION: Noteholders to Receive Stock Under Plan
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Global Aviation Holdings Inc., the parent of World
Airways Inc. and North American Airlines Inc., filed a proposed
reorganization plan that hands ownership of the Company to secured
noteholders owed $111.4 million.  So that creditors can vote,
there will be an Oct. 17 hearing in U.S. Bankruptcy in Brooklyn,
New York, for approval of the explanatory disclosure statement.

According to the report, unsecured creditors and second-lien
noteholders are to receive nothing.  In addition to the stock,
senior secured creditors will take home a new $40 million, five-
year second-lien note bearing interest at 3% that can be paid with
more notes.  The senior creditors will also receive whatever is
left after a new $95 million first-lien loan pays off about
$91 million in financing for the reorganization.  The disclosure
statement doesn't give a projected percentage recovery for senior
noteholders.  The plan would implement newly negotiated contracts
with pilots, flight attendants and dispatchers designed to save
$100 million over the five-year term of the agreements.

The report relates that Global used the bankruptcy court to shed
17 of the 31 aircraft in the fleet when the bankruptcy began.  The
plan eliminates $168 million in debt for borrowed money, according
to the disclosure statement.  The plan is supported by holders of
80% of the first-lien notes and all of the lenders for the
reorganization, according to the disclosure statement.  The new
union contracts require giving the workers' representatives 25% of
the new stock, thus diluting the senior creditors' recovery.  The
labor agreements also put limits on debt of the reorganized
company.

The report notes there can be no more than $95 million in first-
lien debt and $40 million of second-lien debt.  No more than half
of cash flow may be paid to creditors, and there must be a
revolving credit of at least $20 million.

                       About Global Aviation

Global Aviation Holdings Inc., based in Peachtree City, Ga., is
the parent company of North American Airlines and World Airways.
Global is the largest commercial provider of charter air
transportation for the U.S. military, and a major provider of
worldwide commercial global passenger and cargo air transportation
services.  North American Airlines, founded in 1989 and based in
Jamaica, N.Y., operates passenger charter flights using B757-200ER
and B767-300ER aircraft.  World Airways, founded in 1948 and based
in Peachtree City, Ga., operates cargo and passenger charter
flights using B747-400 and MD-11 aircraft.

Global Aviation, along with affiliates, filed Chapter 11 petitions
(Bankr. E.D.N.Y. Case No. 12-40783) on Feb. 5, 2012.

Global's lead counsel in connection with the restructuring is
Kirkland & Ellis LLP and its financial advisor is Rothschild.
Kurtzman Carson Consultants LLC is the claims agent.

The Debtors disclosed $589.8 million in assets and $493.2 million
in liabilities as of Dec. 31, 2011.  Liabilities include $146.5
million on 14% first-lien secured notes and $98.1 million on a
second-lien term loan.  Wells Fargo Bank NA is agent for both.

Global said it will use Chapter 11 to shed 16 of 30 aircraft.
In addition, Global said it will use Chapter 11 to negotiate new
collective bargaining agreements with its unions and deal with
liabilities on multi-employer pension plans.

On Feb. 13, 2012, the U.S. Trustee for Region 2 appointed a seven
member official committee of unsecured creditors in the case.  The
Committee tapped Lowenstein Sandler PC as its counsel, and
Imperial Capital, LLC as its financial advisor.

The Hon. Carla E. Craig has extended the Debtors' exclusive period
to file a Chapter 11 plan for each Debtor until Oct. 2, 2012, and
the exclusive period to solicit acceptances of a Chapter 11 plan
of each Debtor until Dec. 3, 2012.


GROUP 1: Moody's Corrects August 21 Rating Release
--------------------------------------------------
Moody's Investors Service issued a correction to the August 21,
2012 rating release of Group 1 Automotive, Inc.

Moody's Investors Service upgraded the corporate family and
probability of default ratings of Group 1 Automotive, Inc. to Ba2
from Ba3. A stable outlook was assigned.

Ratings upgraded:

Corporate family rating upgraded to Ba2 from Ba3

Probability of default rating upgraded to Ba2 from Ba3

Ratings Rationale

The upgrade to Ba2 recognizes continued improvements in Group 1's
operating performance, resulting in strengthening of the company's
quantitative credit profile. In addition, the majority of the
risks surrounding Toyota, which represents around 30% of Group 1's
new vehicle sales, from recalls to inventory disruptions from
2011's earthquake and tsunami in Japan, seem to have largely
abated. "Group 1 continues to strengthen all aspects of its credit
profile, with Debt/EBITDA reducing such that it should be around 4
times within the next couple of quarters and interest coverage as
measured by EBIT/interest increasing such that it is now above 4
times," stated Moody's Senior Analyst Charlie O'Shea. "The company
continues to operate in a highly-disciplined fashion surrounding
its variable costs, and these efforts are resulting in increasing
levels of profitability."

The stable outlook reflects Moody's belief that Group 1 will
continue to manage its cost structure such that its operating
performance remains resilient even in the event of a downturn and
credit metrics remain largely in balance. Ratings could be
upgraded if debt/EBITDA was sustained below 3.75 times and
EBIT/Interest was sustained above 4.25 times. Ratings could be
downgraded if either negative trends in operating performance or
financial policy decisions resulted in debt/EBITDA rising above
4.75 times or EBIT/Interest falling toward 3 times, or if the
company's liquidity were to weaken.

The principal methodology used in rating Group 1 was the Global
Automotive Retailer Industry Methodology published in December
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Group 1 Automotive, headquartered in Houston, TX, is a leading
auto retailer with 159 franchises, and annual revenues approaching
$7 billion.


GROUP 1: Moody's Affirms 'Ba2' Corporate Family Rating
------------------------------------------------------
In a September 18, 2012 ratings release, Moody's Investors Service
assigned ratings to Group 1 Automotive, Inc.'s shelf and affirmed
the Ba2 corporate family and probability of default ratings. The
outlook remains stable.

Ratings assigned:

Senior unsecured shelf rating at (P)B1 (LGD6, 92%)

Subordinate shelf rating at (P)B1 (LGD6, 97%)

Preferred shelf rating at (P)B1 (LGD6, 97%)

Ratings affirmed:

Corporate family rating at Ba2

Probability of default rating at Ba2

Ratings Rationale

The Ba2 ratings recognize continued improvements in Group 1's
operating performance, resulting in strengthening of the company's
quantitative credit profile. In addition, the majority of the
risks surrounding Toyota, which represents over 30 % of Group 1's
new vehicle sales, from recalls to inventory disruptions from
2011's earthquake and tsunami in Japan, seem to have largely
abated.

The stable outlook reflects Moody's belief that Group 1 will
continue to manage its cost structure such that its operating
performance remains resilient even in the event of a downturn and
credit metrics remain largely in balance.

Ratings could be upgraded if debt/EBITDA was sustained below 3.75
times and EBIT/Interest was sustained above 4.25 times. Ratings
could be downgraded if either negative trends in operating
performance or financial policy decisions resulted in debt/EBITDA
rising above 4.75 times or EBIT/Interest falling toward 3 times,
or if the company's liquidity were to weaken.

The principal methodology used in rating Group 1 was the Global
Automotive Retailer Industry Methodology published in December
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Group 1 Automotive, headquartered in Houston, TX, is a leading
auto retailer with 159 franchises, and annual revenues approaching
$7 billion.


HALIFAX REGIONAL: Fitch Lowers Rating on $15.1-Mil. Bonds to 'BB+'
------------------------------------------------------------------
Fitch Ratings has downgraded the rating on the following North
Carolina Medical Care Commission bonds issued on behalf of Halifax
Regional Medical Center (HRMC):

  -- $15.1 million hospital revenue bonds, series 1998 to 'BB'
     from 'BB+'.

The Rating Outlook is revised to Stable from Negative.

SECURITY

The bonds are secured by a pledge of gross receipts, a negative
mortgage lien, and a debt service reserve.

KEY RATING DRIVERS

VOLATILE FINANCIAL PERFORMANCE: The downgrade to 'BB' from 'BB+'
reflects HRMC's challenging fundamental credit characteristics
including an unfavorable payor mix and rural service area, which
have led to inconsistent operating performance.  These pressures
are not expected to wane over the near term.

LOW DEBT BURDEN: HRMC's light debt burden allows for adequate debt
service coverage at its rating level despite weak operating
performance. No additional debt is planned.

UNFAVORABLE PAYOR MIX: Much of HRMC's revenue growth in fiscal
2011 (Sept. 30 year end) and the 10 months ended July 31, 2012
(interim 2012) was the result of supplemental Medicaid funds
rather than organic growth, and it remains exposed to a high level
of government/self-pay revenues and bad debt expense.

MIXED SERVICE AREA CHARACTERISTICS: While HRMC's position as a
sole community hospital and market share leader is a credit
strength, the service area's overall socioeconomic profile is
generally unfavorable.

STABLE BALANCE SHEET: HRMC's liquidity levels provide for some
cushion against its operating performance, and related metrics are
favorable for the rating category.  Still, ongoing capital needs
and pension funding requirements will likely limit meaningful
balance sheet growth over the near term.

CREDIT PROFILE

The downgrade to 'BB' reflects HRMC's challenging environment as a
rural provider that has suffered from soft clinical volumes on
both an inpatient and outpatient basis.  Volume declines are due
in part to difficulty recruiting, retaining, and ramping up
physicians, and have been further pressured by an economically
challenged service area.  These challenges are not uncommon for
rural hospitals, and are more pronounced due to HRMC's relatively
small revenue base.

Through the 10-month interim period ended July 31, 2012, HRMC's
total admissions declined 10.8%, total surgeries declined 0.8%,
and births declined 5.5% over the same prior year period.  HRMC
had 47 active medical staff members, down from the 51 in fiscal
2011, and continues to experience challenges with physician
recruitment and retention.

HRMC's cash flow remains light, but due to its low debt burden,
debt service coverage is solid for the rating level.  Through the
2012 interim period HRMC produced an improved 0.6% operating
margin ($614,000 operating income) and 4.4% operating EBITDA
margin, ahead of a negative 0.2% operating margin and 3.6%
operating EBITDA margin in 2011 (fiscal year end Sept. 30).  This
produced maximum annual debt service (MADS) coverage of 3.5x by
EBITDA in interim 2012, ahead of prior fiscal year's 2.8x.
However, HRMC has operating lease expense of approximately $1
million and adjusted coverage including the operating leases would
reduce debt service coverage to 2.6x in the interim period.

Fitch notes that much of the operating improvement in fiscal 2012
is due to funds received under a new Medicaid assessment program
(GAP) enacted by the North Carolina legislature in fiscal 2012 and
payments retroactive to fiscal 2011 were recognized in fiscal
2012.  Including Medicaid disproportionate share funding, HRMC's
recognition of net supplemental funding totaled $1.8 million in
fiscal 2010, $2.9 million in fiscal 2011, and $2.9 million in
fiscal 2012.  HRMC is reliant on these supplemental funds for
profitability, which is a credit concern.

Fitch also notes that HRMC is challenged by the socioeconomic
profile of its service area, which generally has unfavorable of
unemployment, income, and poverty levels against state and
national averages. This is borne out in a government-payor-heavy
revenue mix, with a high 72% of gross revenues from
Medicare/Medicaid and 17.3% bad debt as a percent of revenues in
interim 2012.

Some flexibility is provided by HRMC's balance sheet, which is
relatively robust for its rating category.  As of July 31, 2012,
unrestricted cash equaled $23.9 million, equating to 97 days of
cash on hand (DCOH), 14.5x cushion, and 107.4% cash to debt, all
ahead of Fitch's non-investment-grade medians.

HRMC's debt burden is low with debt to capitalization of 43.7% and
MADS comprising 1.4% of revenue through the 2012 interim period.
Total debt of $22.3 million is 100% fixed rate with no
derivatives, and includes a $6.5 million direct bank placement
(initial term to 2018).  HRMC is now finishing its major capital
project of a $6.5 million ambulatory and surgery department
renovation/expansion, and its capital budget is $3.6 million in
2013 for routine needs.

Fitch believes HRMC is stable at the 'BB' rating level and its
balance sheet and low debt burden provides adequate cushion to its
variable operating performance.  HRMC is budgeting for a $511,000
operating income (0.5% operating margin) in fiscal 2013.

HRMC is a 204 licensed-bed community medical center providing
primary and secondary care services.  The medical center is
located in Roanoke Rapids, approximately 75 miles northeast of
Raleigh.  In fiscal 2011 HRMC had $107.6 million in total
operating revenue.

Disclosure to Fitch has been adequate with quarterly disclosure,
although only audited annual disclosure is required in the bond
documents.  HRMC provides disclosure upon request to other third
parties.  Fitch notes that quarterly disclosure includes a balance
sheet and income statements; however, a statement of cash flows
and management discussion and analysis is not provided.


HARDAGE HOTEL: Has Until Oct. 2 to File Plan of Reorganization
--------------------------------------------------------------
The Hon. H. Christopher Mott of the U.S. Bankruptcy Court for the
Western District of Texas extended Hardage Hotels I, LLC's
exclusive periods to file and solicit acceptances for the proposed
plan of reorganization until Oct. 2, 2012; and Nov. 16,
respectively.

The Debtors filed their request for an extension before the
exclusive periods was set to expire on Sept. 2.

The Debtor related that the secured creditors and the Official
Committee of Unsecured Creditors did not oppose the requested
extension.

                      About Hardage Hotels

Hardage Hotels I, LLC, filed for Chapter 11 bankruptcy (Bankr.
W.D. Tex. Case No. 12-30443) on March 6, 2012.  The petition was
signed by Samuel A. Hardage, president.  Hardage is a hotel and
real estate development company headquartered in San Diego,
California.

Hardage operates seven hotels in seven states under the brand of
"Chase Suites".  The hotels are located in El Paso, Texas;
Overland Park, Kansas; Newark, California; Kansas City, Missouri;
Des Moines, Iowa; Lincoln, Nebraska; and Dublin, Ohio.  Hardage
operates the hotels under the "Chase Suites" name pursuant to
franchise agreements with Hardage Hospitality, LLC.  The Debtor
has no employees -- all employees at the hotels are employed by
non-debtor Hardage Hospitality, which provides hotel management
services.

The Debtor has outstanding secured debt of $34.2 million plus
interest.  The lenders are OneWest Bank, FSB; California First
National Bank, N.A., and Security Bank of Kansas City.  OneWest
is the lender under a $5.74 million Dublin loan agreement, a
$5.3 million Lincoln loan agreement, and an $11.5 million El Paso
loan agreement.

Hardage was forced to file for bankruptcy when Hardage reached an
out-of-court restructuring of its debts with OneWest and then
OneWest reneged on its commitment.  In September 2010, OneWest
filed a collection against Hardage and sought the appointment of a
receiver over the El Paso property.  A receivership order was
entered but was vacated, although Hardage was ordered to make
payments to OneWest.  The parties then entered into a series of
tolling agreements, under which Hardage paid OneWest $700,000 so
that OneWest would not pursue any further action.  Following
negotiations, the parties signed a "final term sheet" on a
restructuring on Dec. 2, 2011.

But, according to the Debtor, OneWest reneged on the agreement.
In November, OneWest sought foreclosure of, and a receiver for,
the Dublin and El Paso properties.

The Debtor on March 5, 2012, initiated a lawsuit against OneWest
in the Superior Court of the State of California for the County of
Los Angeles, Central District.  The suit alleges several causes of
action, including fraud and breach of contract.

Judge H. Christopher Mott presides over the Chapter 11 case.  The
Debtor has tapped Haynes and Boone LLP as attorneys, and
Transitional Finance Partners LLC as financial advisor.

In its schedules, the Debtor disclosed $39,203,540 in total assets
and $31,119,611 in total liabilities.

No trustee or examiner has been requested or appointed in this
Chapter 11 case.

The Official Committee of Unsecured Creditors is represented by
Brinkman Portillo Ronk, PC.


HELLER EHRMAN: Settles $1MM Fee Dispute With Gregory Canyon
-----------------------------------------------------------
Carolina Bolado at Bankruptcy Law360 reports that Heller Ehrman
LLP on Monday settled a $1.2 million dispute with former client
landfill operator Gregory Canyon Ltd. and its subsidiary Servcon-
San Marcos Inc. over fees related to a landfill project.

U.S. Bankruptcy Judge Dennis Montali signed off on the deal, in
which Gregory Canyon agreed to pay the bankrupt law firm $775,000
for legal services Heller Ehrman provided the company between 1991
and 1999, according to Bankruptcy Law360.

                       About Heller Ehrman

Headquartered in San Francisco, California, Heller Ehrman, LLP
-- http://www.hewm.com/-- was an international law firm of more
than 730 attorneys in 15 offices in the United States, Europe, and
Asia.  Heller Ehrman filed a voluntary Chapter 11 petition (Bankr.
N.D. Calif., Case No. 08-32514) on Dec. 28, 2008.  Members of the
firm's dissolution committee led by Peter J. Benvenutti approved a
plan dated Sept. 26, 2008, to dissolve the firm.  The Hon. Dennis
Montali presides over the case.  Pachulski Stang Ziehl & Jones LLP
assisted the Debtor in its restructuring effort.  The Official
Committee of Unsecured Creditors is represented by Felderstein
Fitzgerald Willoughby & Pascuzzi LLP.  The firm estimated assets
and debts at $50 million to $100 million as of the Petition Date.
According to reports, the firm had roughly $63 million in assets
and 54 employees at the time of its filing.  The Court confirmed
Heller Ehrman's Plan of Liquidation in September 2010.


HORIZON LINES: Amends Q2 Form 10-Q to Correct Classification
------------------------------------------------------------
Horizon Lines, Inc., filed with the U.S. Securities and Exchange
Commission an amendment to its quarterly report on Form 10-Q for
the period ended June 24, 2012, to reclassify certain amounts in
Item 1, Financial Statements, and Item 2, Management's Discussion
and Analysis of Financial Condition and Results of Operations.

During the second quarter of 2012, the Company entered into a
Global Termination Agreement with Ship Finance International
Limited whereby the Company issued $40.0 million aggregate
principal amount of its Second Lien Senior Secured Notes due 2016
and warrants to purchase 9,250,000 shares of the Company's common
stock to satisfy its obligations in connection with certain vessel
leases.  The Company classified the liability for the $40.0
million of Second Lien Notes issued to SFL as a long-term
liability of discontinued operations on the Company's Condensed
Consolidated Balance Sheet as of June 24, 2012, contained within
the Form 10-Q.  In addition, $1.3 million of interest expense
related to the Second Lien Notes issued to SFL was recorded within
net loss from discontinued operations on the Company's Unaudited
Condensed Statement of Operations for the quarter and six months
ended June 24, 2012.

The Company has corrected an immaterial error in classification by
including its obligation under the Second Lien Notes issued to
SFL, and the related deferred income taxes, as part of continuing
operations on the Unaudited Condensed Consolidated Balance Sheet
as of June 24, 2012.  The Company has also corrected an immaterial
error in classification by including the interest expense
associated with the Second Lien Notes issued to SFL within net
loss from continuing operations on the Unaudited Condensed
Statements of Operations for the quarter and six months ended
June 24, 2012.

The Company's restated balance sheet at June 24, 2012, showed
$618.37 million in total assets, $617.59 million in total
liabilities and $786,000 in total stockholders' equity.  Horizon
Lines originally reported $620.40 million in total assets, $619.62
million in total liabilities and $786,000 in total stockholders'
equity.

The amendment had no effect on the Company's statement of
operations.

A copy of the Form 10-Q, as amended, is available at:

                        http://is.gd/NQtPWW

                        About Horizon Lines

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

Horizon Lines reported a net loss of $229.41 million in 2011, a
net loss of $57.97 million in 2010, and a net loss of
$31.27 million in 2009.

                            Refinancing

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

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

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

                           *     *     *

In June 2012, Moody's Investors Service affirmed Horizon Lines,
Inc.'s Corporate Family Rating (CFR) and Probability of Default
Rating ("PDR") at Caa2 and removed the LD ("Limited Default")
designation from the rating in recognition of the conversion to
equity of the $228 million of Series A and Series B Convertible
Senior Secured notes due in October 2017 ("Notes").

Moody's said the affirmation of the Corporate Family and
Probability of Default ratings considers that total debt has been
reduced by the conversion of the Notes, but also recognizes the
significant operating challenges that the company continues to
face.


HOWREY LLP: Level I & Contract Lawyers Form Group & Hire Counsel
----------------------------------------------------------------
A group of 60 attorneys formerly employed by Howrey LLP and
designated by the Debtor as either "Level I" or "contract"
attorneys, has hired the law firm Dumas & Clark LLP and banded
together for the purpose of protecting and advancing certain
common interests and issues in lawsuits, claims and proceedings
that are or may potentially be alleged or asserted by or against
members of the group.  According to a court filing, each member of
the group has potential claims and rights under a contract or
contracts with the Debtor.  The members of the group acquired
their various rights over time under the contract or contracts and
under applicable law.

The firm may be reached at:

          Cecily A. Dumas, Esq.
          Robert E. Clark, Esq.
          DUMAS & CLARK LLP
          150 California St., Suite 2200
          San Francisco, CA 94111
          Telephone: 415-762-1640
          E-mail: Cecily.dumas@dumasclark.com
                  Robert.clark@dumasclark.com

According to Jacqueline Palank, writing for Dow Jones' Daily
Bankruptcy Review, the attorneys were once part of Howrey's
intellectual property, litigation and other practices and now work
at such firms as Cooley and Greenberg Traurig.

According to the report, the trustee overseeing Howrey's
liquidation, Allan Diamond, has told Bankruptcy Beat that he may
sue Howrey's former partners to recover compensation paid out of
the law firm's alleged profits.

The report notes attorney Cecily Dumas told Bankruptcy Beat Monday
that the lawyers she's representing were partners in name only.
As Level One partners, the Howrey lawyers didn't hold equity in
the firm and were contractually barred from sharing in the law
firm's profits, instead receiving salaries.

"I believe . . . that even though these individuals had the title
of partner, they were not partners in the true sense and therefore
are not subject to partner clawback claims," she said, according
to DBR.  No lawsuits have yet been filed.

DBR also reports Ms. Dumas, who said she has represented former
partners in the law firm bankruptcies of Brobeck Phleger &
Harrison and Heller Ehrman, said the attorneys she's representing
weren't necessarily part of Howrey's "inner circle" and didn't
hold management roles.

"They shared in the downside, but they didn't share in the
upside," she said.

                         About Howrey LLP

Three creditors filed an involuntary Chapter 7 petition (Bankr.
N.D. Calif. Case No. 11-31376) on April 11, 2011, against the
remnants of the Washington-based law firm Howrey LLP.  The filing
was in San Francisco, where the firm had an office.  The firm
previously was known as Howrey & Simon and Howrey Simon Arnold &
White LLP.  The firm at one time had more than 700 lawyers in 17
offices.  The partners voted to dissolve in March 2011.

The firm specialized in antitrust and intellectual-property
matters.  The three creditors filing the involuntary petition
together have $36,600 in claims, according to their petition.

The involuntary chapter 7 petition was converted to a chapter 11
case in June 2011 at the request of the firm.  In its schedules
filed in July, the Debtor disclosed assets of $138.7 million and
liabilities of $107.0 million.

Representing Citibank, the firm's largest creditor, is Kelley
Cornish, Esq., a partner at Paul, Weiss, Rifkind, Wharton &
Garrison.  Representing Howrey is H. Jason Gold, Esq., a partner
at Wiley Rein.

The Official Committee of Unsecured Creditors is represented in
the case by Bradford F. Englander, Esq., at Whiteford, Taylor And
Preston LLP.

In September 2011, Citibank sought conversion of the Debtor's case
to Chapter 7 or, in the alternative, appointment of a Chapter 11
Trustee.  The Court entered an order appointing a Chapter 11
Trustee. In October 2011, Allan B. Diamond was named as Trustee.


HOWREY LLP: Former Attorneys Face Potential Clawback Suits
----------------------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that around 60 former
Howrey LLP attorneys have joined forces and hired counsel to
defend against potential clawback suits from the defunct law
firm's Chapter 11 trustee, according to documents filed in
California bankruptcy court Friday.

Bankruptcy Law360 relates that the attorneys all have rights under
contracts with the bankrupt firm and have tapped Dumas & Clark LLP
to represent their interests, Cecily Dumas, an attorney for the
group, said in a verified statement.

                         About Howrey LLP

Three creditors filed an involuntary Chapter 7 petition (Bankr.
N.D. Calif. Case No. 11-31376) on April 11, 2011, against the
remnants of the Washington-based law firm Howrey LLP.  The filing
was in San Francisco, where the firm had an office.  The firm
previously was known as Howrey & Simon and Howrey Simon Arnold &
White LLP.  The firm at one time had more than 700 lawyers in 17
offices.  The partners voted to dissolve in March 2011.

The firm specialized in antitrust and intellectual-property
matters.  The three creditors filing the involuntary petition
together have $36,600 in claims, according to their petition.

The involuntary chapter 7 petition was converted to a chapter 11
case in June 2011 at the request of the firm.  In its schedules
filed in July, the Debtor disclosed assets of $138.7 million and
liabilities of $107.0 million.

Representing Citibank, the firm's largest creditor, is Kelley
Cornish, Esq., a partner at Paul, Weiss, Rifkind, Wharton &
Garrison.  Representing Howrey is H. Jason Gold, Esq., a partner
at Wiley Rein.

The Official Committee of Unsecured Creditors is represented in
the case by Bradford F. Englander, Esq., at Whiteford, Taylor And
Preston LLP.

In September 2011, Citibank sought conversion of the Debtor's case
to Chapter 7 or, in the alternative, appointment of a Chapter 11
Trustee.  The Court entered an order appointing a Chapter 11
Trustee. In October 2011, Allan B. Diamond was named as Trustee.


IA GLOBAL: UK Administrators Hand Back 2.4 Million Common Shares
----------------------------------------------------------------
IA Global, Inc., on July 9, 2012, entered into a Termination and
Release Agreement with Innovative Software Direct plc, its
subsidiary Powerdial Services Limited, a UK company in
administration, and the ISD Administrators in the United Kingdom,
whereby 2,400,000 shares of common stock, which were held by the
UK Administrators, were returned to the Company and cancelled in
exchange for $2,100 in processing fees and a mutual release of
liabilities.  Simultaneously, the contemplated acquisition of
Powerdial from ISD was terminated.  The Company was and continues
to be, an unsecured creditor of ISD for $150,000, which will most
likely be written off.  In addition, the company and UK
administrator consider this transaction as null and void ab
initio, as Powerdial went into forced administration before any
indicia of ownership or consideration could pass, and therefore
will not be included in the Company's consolidated financial
statements.

                      Settles with Former CFO

On Sept. 5, 2012, the Company entered into a Termination and
Release Agreement with Mark Scott, the Company's former Chief
Financial Officer, which terminated all previous employment,
consulting, release or other agreements of the parties, and
released one another from any and all claims and liabilities,
pending completion of settlement payments.  Mr. Scott resigned
from all positions with the Company on June 30, 2011.  As
previously reported on April 30, 2012, Mr. Scott had entered a
claim totaling $167,598.  Mr. Scott had also entered into previous
settlement arrangements with the Company.  Under the terms of the
Scott Settlement Agreement, the Company will pay Mr. Scott an
aggregate of $15,000 in four payments commencing Sept. 15, 2012,
through Dec. 15, 2012.  In addition, Mr. Scott will receive
200,000 shares of IA Global Stock.

                          Director Resigns

Mr. Mark Lev resigned as a member of the Board of Directors,
effective as of May 11, 2012.  Mr. Lev's resignation from the
Board was not due to any disagreement with the Company relating to
the Company's operations, policies or practices.

                          About IA Global

San Francisco, Calif.-based IA Global, Inc. (OTCQB: IAGI.OB)
-- http://www.iaglobalinc.com/-- is a global services and
outsourcing company focused on growing existing businesses and
expansion through global mergers and acquisitions.  The Company is
utilizing its current partnerships to acquire growth businesses in
target sectors and markets at discounted prices.  The Company is
actively engaging in discussions with businesses that would
benefit from our business acumen and marketing expertise,
knowledge of Asian Markets, and technology infrastructure.

The Company's balance sheet at Dec. 31, 2010 showed $21.51 million
in total assets, $19.14 million in total liabilities and $2.37
million in total stockholders' equity.

As reported in the Troubled Company Reporter on July 20, 2010,
Sherb & Co., LLP, in New York, expressed substantial doubt about
the Company's ability to continue as a going concern, following
the Company's results for the fiscal year ended March 31, 2010.
The independent auditors noted that the Company has incurred
significant operating losses, and has a working capital deficit as
of March 31, 2010.


IMAGING3: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Imaging3, Inc.
        3200 West Valhalla Drive
        Burbank, CA 91505

Bankruptcy Case No.: 12-41206

Chapter 11 Petition Date: September 13, 2012

Court: U.S. Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Neil W. Bason

Debtor's Counsel: Brian L. Davidoff, Esq.
                  GREENBERG GLUSKER
                  1900 Avenue of the Stars, 21st Floor
                  Los Angeles, CA 90067
                  Tel: (310) 201-7530
                  Fax: (310) 402-5026
                  E-mail: bdavidoff@greenbergglusker.com

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

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

A copy of the Company's list of its 20 largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/cacb12-41206.pdf

The petition was signed by Dean James, chairman and chief
executive officer.


INDIANAPOLIS DOWNS: Gets $500M Bids from Centaur Gaming for Racino
------------------------------------------------------------------
Lance Duroni at Bankruptcy Law360 reports that Indianapolis Downs
LLC revealed Friday that it has received a $500 million bid for
its combination horsetrack and casino from rival Centaur Gaming
LLC, but the offer has already come under fire from major
bondholder Fortress Investment Group LLC.

Centaur, which escaped a bankruptcy of its own last year,
submitted a bid of $500 million plus $1 on July 20 for the
Indianapolis-area gaming complex, prompting the debtors to reopen
an auction that had been canceled in favor of a stand-alone
recapitalization, according Bankruptcy Law360.

                      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.


INDUSTRIAL DEVELOPMENT: Fitch Rates $66-Mil. Refunding Bonds 'B+'
-----------------------------------------------------------------
Fitch Ratings has assigned a rating of 'B+' to $66 million of
Industrial Development Corporation (IDC) of the Port of Seattle
special facilities revenue refunding bonds, series 2012 due April
1, 2030 (Delta Air Lines, Inc. Project).

Proceeds from this offering, intended to be issued in one tranche
with a bullet maturity of April 1, 2030, are expected to refund
two series of notes that are currently outstanding ($59.3 million
due 2030 and $5 million due 2020).  Proceeds from the original
issuance were used to finance the construction and installation of
a two-bay wide-body aircraft maintenance hangar, cargo handling
and ground service equipment (GSE) maintenance facilities at the
Seattle-Tacoma International Airport (SEA) for Northwest Airlines,
now part of Delta Air Lines (DAL).

The rating takes into consideration the following factors: (i)
DAL's credit quality (ii) the structure of the transaction (iii)
Fitch's view on the likelihood of affirmation of this lease and
ultimate recovery for bondholders in a potential restructuring.
Unlike most airport revenue bonds which are viewed as unsecured
claims of the airline, bondholders in this issue are secured by
the lease between DAL and the Port of Seattle for the property
which holds DAL's hanger facility.

The issuing entity is the IDC of the Port of Seattle, but it has a
limited obligation on the rated bonds.  These bonds are serviced
exclusively by the lease payments from DAL under its financing
lease agreement with the IDC, and DAL also provides an unsecured
guarantee, so ultimately recourse to DAL.  Furthermore, the bond
is secured by the original lease agreement between DAL and the
Port of Seattle for the hanger facility, which enables the bond
trustee to re-lease the facility to a new tenant if DAL decides to
reject the lease in a potential bankruptcy.  Accordingly, Fitch
believes that recovery for bondholders in these notes would be
higher than DAL unsecured debt (unrated) in the event DAL rejected
this lease in a potential restructuring.  While this supports
recovery in a downside scenario, Fitch's base case view is that
DAL would likely affirm this lease obligation in a potential
filing (as it did before when Northwest filed in 2005) given the
strategic importance of SEA to DAL.  Although SEA is not a hub or
major airport for DAL, it is an important gateway for the airline
on the west coast and a profit center for its maintenance
services.

DAL currently operates several flights from SEA to most of its
major hubs and five international destinations, including:
Kansai/Osaka (KIX) and Narita (NRT) in Japan, Beijing (PEK) in
China, Charles-de-Gaulle (CDG) in France, and to Amsterdam
Schiphol (AMS) in The Netherlands.  In addition, DAL has 100+ code
share flights with its partner Alaska Airlines.  DAL recently
asked the DOT to shift its flight rights to Haneda (HND) for non-
stop service from SEA instead of its Detroit hub.  DAL has also
made significant investments recently in upgrading the Delta Sky
Club lounge in SEA.

Importantly, DAL services its own wide-body maintenance at this
hanger at SEA, and also 'in-sources' maintenance for other
carriers at this location.  SEA is the only maintenance facility
for DAL in the region and there are currently no comparable
facilities west of its hub at Minneapolis.  There are also no
comparable facilities at SEA for maintenance work for widebody
aircraft. Alaska and Weyerhaeuser each maintain a hanger but only
to service their own aircraft, which are smaller (narrowbody for
Alaska, general aviation for Weyerhaeuser).  So DAL's hanger
facility is also the only one of its kind at SEA.  United offers
maintenance services but does not have a hanger and so can only
provide repair work at the airstrip.  Overall space remains
somewhat constrained at SEA, specifically, with regards to hanger
capacity, which improves the probability that the property could
be re-leased in a downside scenario.

Fitch has assigned the following rating to the Industrial
Development Corporation (IDC) of the Port of Seattle special
facilities revenue refunding bonds, series 2012 (Delta Air Lines,
Inc. Project):

  -- $66 million due April 1, 2030 'B+'.

Fitch currently rates DAL as follows:

  -- Issuer Default Rating (IDR) 'B+';
  -- $1.225 billion senior secured revolving credit facility due
     2016 'BB+/RR1';
  -- $1.368 billion senior secured term loan due 2017 'BB+/RR1';
  -- $500 million revolving credit facility (Pacific routes) due
     2013 'BB+/RR1';
  -- $248 million of senior secured term loan (Pacific routes) due
     2016 'BB+/RR1';
  -- $600 million senior secured first lien notes due 2014
     'BB+/RR1';
  -- $306 million senior second lien notes due 2015 'BB-/RR3'

The Rating Outlook is Stable.


INFUSION BRANDS: Buys $1MM CD3 Note; Sells $2MM Note to Vicis
-------------------------------------------------------------
Infusion Brands International, Inc., on Sept. 12, 2012, purchased
from CD3 Holdings, Inc., a promissory note in the principal amount
of $1 million, which is due and payable on Oct. 15, 2012.
Additionally, under the terms of the CD3 Note, on the CD3 Maturity
Date, CD3 will pay the Company an additional $75,000 for
reimbursement of legal fees, due diligence and other costs
incurred by the Company.  CD3 may prepay the CD3 Note, in whole or
in part, without penalty, upon not less than three days' prior
notice.  Notwithstanding the foregoing, if CD3 consummates an
equity or debt financing, all net proceeds realized by CD3 will be
paid towards satisfaction of the CD3 Note.  Upon an Event of
Default, the entire unpaid principal amount under the CD3 Note
will become due and payable.  A copy of the CD3 Note is available
for free at http://is.gd/YNICqu

On Sept. 12, 2012, the Company sold to Vicis Captial Master Fund a
promissory note in the principal amount of $2,000,000, which is
due and payable on Oct. 15, 2012.  Additionally, under the terms
of the Vicis Note, on the Vicis Maturity Date, the Company will
pay Vicis an additional $150,000 payment for reimbursement of
legal fees, due diligence and other costs incurred by Vicis.  The
Company may prepay the Vicis Note, in whole or in part, without
penalty, upon not less than three days' prior notice.
Notwithstanding the foregoing, if the Company consummates an
equity or debt financing, all net proceeds realized by the Company
shall be paid towards satisfaction of the Vicis Note.  Upon an
Event of Default, the entire unpaid principal amount under the
Vicis Note will become due and payable.  A copy of the Vicis Note
is available for free at http://is.gd/KYHg0A

                       About Infusion Brands

Infusion Brands International, Inc. is a global consumer products
company.  Its wholly owned operating subsidiary, Infusion Brands,
Inc. specializes in building and marketing profitable brands
through international direct-to-consumer channels of distribution.

On Dec. 16, 2010, as part of its quasi-reorganization in order to
change its business model from that of an acquisition strategy to
a singular operating model as a consumer products company which
builds and markets brands internationally through direct-to-
consumers channels of distribution, OmniReliant Holdings, Inc.
entered into an agreement and plan of merger with Infusion Brands
International, Inc., a Nevada corporation and the Company's
wholly-owned subsidiary.  Pursuant to the terms and subject to the
conditions set forth in the Merger Agreement, the Company merged
with and into Infusion Brands International, Inc., solely to
effect a name change of the Company.

Meeks International LLC, in Tampa, Florida, expressed substantial
doubt about the Company's ability to continue as a going concern
following the financial results for the year ended Dec. 31, 2011.
The independent auditors noted that the Company has incurred
significant recurring losses from operations and is dependent on
outside sources of financing for continuation of its operations
and management is restructuring and redirecting its operating
initiatives that require the use of its available capital
resources.

The Company reported a net loss of $6.94 million on $17.94 million
of product sales in 2011, compared with a net loss of $16.07
million on $7.17 million of product sales in 2010.

The Company's balance sheet at June 30, 2012, showed $6.70 million
in total assets, $8.85 million in total liabilities, $30.85
million in redeemable preferred stock, and a $33 million total
deficit.


INNER CITY: Hearing on Exclusivity Periods Set for Sept. 24
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on Sept. 24, 2012, at 10 a.m., to consider
Inner City Media Corporation, et al.'s request for extension in
their exclusive periods.

The Debtors are seeking extensions in their exclusive periods to
file and solicit acceptances for the proposed chapter 11 plan
until Oct. 19, 2012, and Dec. 18, 2012, respectively.

According to the Debtors while they believe that the sale
transactions approved by the Court represent the best way to
maximize the value of their assets, the Debtors cannot know
with certainty that the YMF Sale Transaction will obtain the
requisite regulatory approval from the Federal Communications
Commission, let alone before the expiration of the exclusive
periods.  Accordingly, out of an abundance of caution, the Debtors
request an extension of their Exclusive Periods in order to
preserve all of their options in case the YMF Sale Transaction
cannot be consummated or cannot be consummated on a timely basis,
and there is a resulting need to consider a chapter 11 plan
process.

The Debtors related that on Feb. 23, 2012, the Court approved the
proposed sale transaction with YMF Media LLC.

On Aug. 30, 2012, in an ex parte bridge order, the Court extended
the Debtors' exclusive periods until the time as the Court has
entered a final order determining the motion for exclusivity
extension.

                         About Inner City

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

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

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

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

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

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

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

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


INOVA TECHNOLOGY: Had $117,600 Net Loss in July 31 Quarter
----------------------------------------------------------
Inova Technology Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $117,598 on $6.47 million of revenue for the quarter ended
July 31, 2012, compared with a net loss of $92,294 on $5.04
million of revenue for the same quarter during the prior year.

The Company reported a net loss of $1.24 million for the year
ended April 30, 2012, compared with a net loss of
$3.35 million during the prior year.

The Company's balance sheet at July 31, 2012, showed $7.65 million
in total assets, $18.83 million in total liabilities and a $11.18
million total stockholders' deficit.

                           Going Concern

The Company has an accumulated deficit and negative working
capital and is in default on the majority of its notes payable as
of July 31, 2012.  These conditions raise substantial doubt as to
the Company's ability to continue as a going concern.

"Our ability to continue as a going concern is dependent upon our
ability to generate sufficient cash flows to meet our obligations
on a timely basis, to obtain additional financing as may be
required, and ultimately to attain profitable operations," the
Company said in its quarterly report for the period ended July 31,
2012.  "However, there is no assurance that profitable operations
or sufficient cash flows will occur in the future."

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2012.  The independent auditors noted that
Inova incurred losses from operations for the years ended
April 30, 2012, and 2011 and has a working capital deficit as of
April 30, 2012, which raise substantial doubt about Inova's
ability to continue as a going concern.

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

                        http://is.gd/OHuE52

                      About Inova Technology

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


JMR DEVELOPMENT: Plan Filing Exclusivity Extended to Oct. 4
-----------------------------------------------------------
The Hon. Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico granted JMR Development Group Corp. an
extension until Oct. 4, 2012, of its exclusive period to file the
proposed chapter 11 plan. The Debtor, in its July 6 motion, stated
that it needed more time to conclude negotiations with Built Rite
Enterprises of NY, Inc.  The Debtor is negotiating to obtain
postpetition (exiting) financing for the completion of the
construction of its hotel and casino facilities.

JMR Development Group Corp. filed a Chapter 11 petition (Bankr. D.
P.R. Case No. 11-07907) on Sept. 16, 2011, in Ponce, Puerto Rico.
CPA Luis R. Carrasquillo & CO., P.S.C serves as financial
accountant.  The Debtor scheduled assets of US$12,732,474 and
debts of US$48,587,611.  An affiliate, JMR Tourist Development
Group Corp. sought Chapter 11 protection (Case No. 11-07911) on
the same day.


KINDRED HEALTHCARE: Facility Expansion No Impact on Moody's CFR
---------------------------------------------------------------
Moody's Investors Service commented that Kindred Healthcare,
Inc.'s proposed $200 million expansion of its existing senior
secured credit facilities has no impact on the company's ratings.
Moody's understands that Kindred is seeking to increase
availability under its revolving credit facility (not rated by
Moody's) by $100 million. Moody's also understands that the
company's term loan would be increased by $100 million, the
proceeds of which would be used to reduce amounts outstanding
under the revolver. Therefore, Moody's expects no meaningful
change in the company's funded debt levels or related credit
metrics as a result of this transaction. However, certain loss
estimates are being revised based on the application of Moody's
Loss Given Default methodology and the expected changes in
committed amounts.

Ratings unchanged/LGD assessments revised:

  Senior secured term loan due 2018, to Ba3 (LGD 3, 41%) from Ba3
  (LGD 3, 39%)

  Senior unsecured notes due 2019, to B3 (LGD 5, 82%) from B3
  (LGD 5, 81%)

  Corporate Family Rating, B1

  Probability of Default Rating, B1

  Speculative Grade Liquidity Rating, SGL-2

Kindred's B1 Corporate Family Rating reflects Moody's expectation
that the company will continue to operate with considerable
leverage. Additionally, while Moody's anticipates that the company
will focus on reducing leverage, reimbursement pressures will
limit revenue and EBITDA growth and constrain cash flow.
Furthermore, the rating incorporates Moody's consideration of risk
associated with the high reliance on the Medicare program related
to the company's long-term acute care (LTAC) hospitals. However,
Moody's also considers the scale and diversity of the company and
its position as the largest post-acute care service provider with
a significant presence in both the skilled nursing and LTAC
hospital businesses.

Moody's could upgrade the ratings if leverage is expected to be
reduced and sustained below 4.5 times as a result of continued
growth, operational improvements and/or debt repayment.
Additionally, Moody's would have to gain comfort in longer term
reimbursement stability in order to take a positive rating action.

If the company is unable to mitigate negative reimbursement
developments impacting its operations, earnings and cash flow,
Moody's could downgrade the ratings. For example, Moody's could
downgrade the ratings if leverage is expected to increase and be
sustained above 5.0 times.

The principal methodology used in rating Kindred Healthcare Inc.
was the Global Healthcare Service Providers Industry Methodology
published in December 2011. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.


LDK SOLAR: Two Directors Re-Elected to Board
--------------------------------------------
LDK Solar Co., Ltd., announced the results of its annual general
meeting held on Sept. 17, 2012, at the Company's office in
Hong Kong.  At this year's AGM, shareholders approved all of the
resolutions proposed in the AGM notice, including the adoption of
the 2011 annual report, and the re-election of class II directors,
Tong Xingxue (President and COO) and Xiang Bing (independent
director). The total number of members of the board of directors
of the Company remains at six.  KPMG was reappointed as the
Company's outside auditors for the fiscal year 2012.

                           About LDK Solar

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

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

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

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


LDK SOLAR: Incurs $254.3 Million Net Loss in Second Quarter
-----------------------------------------------------------
LDK Solar Co., Ltd., reported a net loss available to the
Company's shareholders of US$254.34 million on US$235.36 million
of net sales for the three months ended June 30, 2012, compared
with a net loss available to the Company's shareholders of
US$185.16 million on US$200.10 million of net sales for the sme
period a year ago.

The Company's balance sheet at June 30, 2012, showed US$6.40
billion in total assets, US$5.95 billion in total liabilities,
US$254.44 million in redeemable non-controlling interests and
US$192.17 million in total equity.

The Company ended the second quarter of fiscal 2012 with
US$296.2 million in cash and cash equivalents and US$523.4 million
in short-term pledged bank deposits.

"For the second quarter of 2012, our revenue was within the
expected range as we saw wafer shipments increase sequentially,"
stated Xiaofeng Peng, Chairman and CEO of LDK Solar.  "Industry-
wide competition and demand constraints continued to drive price
declines across the entire solar supply chain and negatively
impacted our margins and profitability.

"Turning to the third quarter, our outlook remains cautious as we
expect to see continued near-term challenges facing our industry.
We remain closely focused on managing costs and operating expenses
through streamlining manufacturing operations, reducing production
costs and improving utilization.

"We continue to believe that some markets such as China will begin
to see improved demand in the second half of this year and expect
growth opportunities in this market to continue to expand over the
next several years," concluded Mr. Peng.

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

                        http://is.gd/cr3zSR

                          About LDK Solar

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

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

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


LEE BRICK: David S. Hodges Approved as Financial Consultant
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, according to Lee Brick & Tile Company's case docket,
authorized the Debtor to employ David S. Hodges as financial
consultant.

Mr. Hodges will perform financial consulting services in the form
of accounting review, budgeting, projections and financial advice.

The hourly rate of Mr. Hodges is $175.  Mr. Hodges received $5,000
retainer from the Debtor prepetition.  He was paid $3,547 for work
done prepetition and is holding $1,453 from the retainer.

To the best of the Debtor's knowledge, Mr. Hodges represent no
adverse interest to the Debtor.

                          About Lee Brick

Sanford, North Carolina-based Lee Brick & Tile Company filed a
bare-bones Chapter 11 petition (Bankr. E.D.N.C. Case No. 12-04463)
on June 15, 2012, in Wilson on June 15, 2012.  The Debtor
scheduled $27,851,968 in assets and $14,135,140 in liabilities.
Lender Capital Bank is owed $13.0 million, of which $6.5 million
is secured.

Lee Brick -- http://www.leebrick.com/-- began its operations in
1951 after Hugh Perry and 10 local businessmen from Lee County
decided three years prior to invest in the business of
brickmaking.  In the late 1950's Hugh Perry bought out the
investing partners, making Lee Brick a solely owned and operated
family company.  Hugh Perry named his son Frank president in 1970,
which he served until 1999 and currently serves as CEO.  Since
1999 Don Perry succeeded his father and serves as the company's
president.  Frank Perry, along with his sons Don and Gil, and
brother-in-law JR (rad) Holton have helped guide the family
business through revolutionary changes in brick manufacturing that
few people in the ceramic industry could have ever anticipated.

Judge Randy D. Doub presides over the case.  Kevin L. Sink, Esq.,
at Nicholls & Crampton, P.A., serves as the Debtor's counsel.  The
petition was signed by Don W. Perry, president.


LEE BRICK: Has Until Oct. 13 to File Plan and Disclosure Statement
------------------------------------------------------------------
The Hon. Randy D. Doub of the U.S. Bankruptcy Court for the
Eastern District of North Carolina, in an amended order, extended
until Oct. 13, 2012, Lee Brick & Tile Company's exclusive period
to file chapter 11 plan and disclosure statement.  The Court
previously extended the Debtor's exclusive period to file plan
until Sept. 13.

                         About Lee Brick

Sanford, North Carolina-based Lee Brick & Tile Company filed a
bare-bones Chapter 11 petition (Bankr. E.D.N.C. Case No. 12-04463)
on June 15, 2012, in Wilson on June 15, 2012.  The Debtor
scheduled $27,851,968 in assets and $14,135,140 in liabilities.
Lender Capital Bank is owed $13.0 million, of which $6.5 million
is secured.

Lee Brick -- http://www.leebrick.com/-- began its operations in
1951 after Hugh Perry and 10 local businessmen from Lee County
decided three years prior to invest in the business of
brickmaking.  In the late 1950's Hugh Perry bought out the
investing partners, making Lee Brick a solely owned and operated
family company.  Hugh Perry named his son Frank president in 1970,
which he served until 1999 and currently serves as CEO.  Since
1999 Don Perry succeeded his father and serves as the company's
president.  Frank Perry, along with his sons Don and Gil, and
brother-in-law JR (rad) Holton have helped guide the family
business through revolutionary changes in brick manufacturing that
few people in the ceramic industry could have ever anticipated.

Judge Randy D. Doub presides over the case.  Kevin L. Sink, Esq.,
at Nicholls & Crampton, P.A., serves as the Debtor's counsel.  The
petition was signed by Don W. Perry, president.


LEE BRICK: Bankr. Administrator Unable to Form Creditors Committee
------------------------------------------------------------------
The Bankruptcy Administrator for the Eastern District of North
Carolina notified the U.S. Bankruptcy Court that it was unable to
appoint an official committee of unsecured creditors in the
Chapter 11 case of Lee Brick & Tile Company.  The Bankruptcy
Administrator noted that it has not received sufficient
indications of willingness to serve on a committee.

                         About Lee Brick

Sanford, North Carolina-based Lee Brick & Tile Company filed a
bare-bones Chapter 11 petition (Bankr. E.D.N.C. Case No. 12-04463)
on June 15, 2012, in Wilson on June 15, 2012.  The Debtor
scheduled $27,851,968 in assets and $14,135,140 in liabilities.
Lender Capital Bank is owed $13.0 million, of which $6.5 million
is secured.

Lee Brick -- http://www.leebrick.com/-- began its operations in
1951 after Hugh Perry and 10 local businessmen from Lee County
decided three years prior to invest in the business of
brickmaking.  In the late 1950's Hugh Perry bought out the
investing partners, making Lee Brick a solely owned and operated
family company.  Hugh Perry named his son Frank president in 1970,
which he served until 1999 and currently serves as CEO.  Since
1999 Don Perry succeeded his father and serves as the company's
president.  Frank Perry, along with his sons Don and Gil, and
brother-in-law JR (rad) Holton have helped guide the family
business through revolutionary changes in brick manufacturing that
few people in the ceramic industry could have ever anticipated.

Judge Randy D. Doub presides over the case.  Kevin L. Sink, Esq.,
at Nicholls & Crampton, P.A., serves as the Debtor's counsel.  The
petition was signed by Don W. Perry, president.




LEE BRICK: Amends Schedules of Assets and Liabilities
-----------------------------------------------------
Lee Brick & Tile Company filed with the Bankruptcy Court for the
Eastern District of North Carolina amended schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $11,421,000
  B. Personal Property           $16,430,786
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $14,035,158
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $32,308
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                           $68,537
                                 -----------      ------------
        TOTAL                    $27,851,968       $14,136,003

In the original schedules, the Debtor scheduled $27,851,968 in
assets and $14,135,140 in liabilities.  Lender Capital Bank is
owed $13.0 million, of which $6.5 million is secured.

                          About Lee Brick

Sanford, North Carolina-based Lee Brick & Tile Company filed a
bare-bones Chapter 11 petition (Bankr. E.D.N.C. Case No. 12-04463)
on June 15, 2012, in Wilson on June 15, 2012.

Lee Brick -- http://www.leebrick.com/-- began its operations in
1951 after Hugh Perry and 10 local businessmen from Lee County
decided three years prior to invest in the business of
brickmaking.  In the late 1950's Hugh Perry bought out the
investing partners, making Lee Brick a solely owned and operated
family company.  Hugh Perry named his son Frank president in 1970,
which he served until 1999 and currently serves as CEO.  Since
1999 Don Perry succeeded his father and serves as the company's
president.  Frank Perry, along with his sons Don and Gil, and
brother-in-law JR (rad) Holton have helped guide the family
business through revolutionary changes in brick manufacturing that
few people in the ceramic industry could have ever anticipated.

Judge Randy D. Doub presides over the case.  Kevin L. Sink, Esq.,
at Nicholls & Crampton, P.A., serves as the Debtor's counsel.  The
petition was signed by Don W. Perry, president.


LEFKARA GROUP: Attorney Regina Phillips Withdraws as Counsel
------------------------------------------------------------
M. Regina Phillips, Esq., has requested the U.S. Bankruptcy Court
for the Southern District of New York that she be withdrawn an
attorney of record for debtor Lefkara Group LLC.  Richard
Tanenbaum, Esq., will remain counsel of record for the Debtor.

                         About the Debtor

On April 25, 2012, three creditors filed an involuntary Chapter 11
case against New York City-based Lefkara Group LLC (Bankr.
S.D.N.Y. Case No. 12-11702.  Judge Stuart M. Bernstein presides
over the case.  Petitioners' were represented by Scott S.
Markowitz, Esq., at Tarter Krinsky & Drogin LLP, in New York City,
as counsel.

The creditors who signed the Chapter 11 petition were 42-05
Parsons LLC, Leonard J. Strandberg & Associates, and Montrose
Surveying Co. LLP.


LEFKARA GROUP: Files Schedules of Assets and Liabilities
--------------------------------------------------------
Lefkara Group LLC has filed with the U.S. Bankruptcy Court for the
Southern District of New York its schedules of assets and
liabilities.  In its schedules, the Debtor disclosed:

     Name of Schedule                   Assets       Liabilities
     ----------------                   ------       -----------
A - Real Property                  $6,000,000
B - Personal Property                      $0
C - Property Claimed as Exempt
D - Creditors Holding
       Secured Claims                                 $7,908,226
E - Creditors Holding Unsecured
       Priority Claims                                        $0
F - Creditors Holding Unsecured
       Nonpriority Claims                             $1,198,624
                                    ----------        ----------
          Total                     $6,000,000        $9,106,850

                         About the Debtor

On April 25, 2012, three creditors filed an involuntary Chapter 11
case against New York City-based Lefkara Group LLC (Bankr.
S.D.N.Y. Case No. 12-11702.  Judge Stuart M. Bernstein presides
over the case.  Petitioners' were represented by Scott S.
Markowitz, Esq., at Tarter Krinsky & Drogin LLP, in New York City,
as counsel.

The creditors who signed the Chapter 11 petition were 42-05
Parsons LLC, Leonard J. Strandberg & Associates, and Montrose
Surveying Co. LLP.


LEFKARA GROUP: Parsons Takes Plan Exclusivity
---------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has, upon motion of 42-05 Parsons LLC, terminated the exclusive
period in which only debtor Lefkara Group LLC may file and solicit
a Plan of Reorganization in its Chapter 11 case.

Parsons is authorized to file a plan and disclosure statement and
is also authorized to complete the necessary construction of the
Debtor's mixed-use condominium project located at 42-05 Parsons
Boulevard, Flushing, New York, and obtain the 421-a tax benefits
in accordance with the loan documents between Parsons and the
Debtor.

Any expenditures by Parsons in furtherance of the Project and the
Tax Benefits as contemplated by the Court Order will be reflected
as additional loans by Parsons to the Debtor.

The Bankruptcy Court also excused Mr. Michael Mattone, the state
court receiver, from the turnover requirements set forth in
Sections 543 of the Bankruptcy Code pending confirmation of a
plan.

                         About the Debtor

On April 25, 2012, three creditors filed an involuntary Chapter 11
case against New York City-based Lefkara Group LLC (Bankr.
S.D.N.Y. Case No. 12-11702.  Judge Stuart M. Bernstein presides
over the case.  Petitioners' were represented by Scott S.
Markowitz, Esq., at Tarter Krinsky & Drogin LLP, in New York City,
as counsel.

The creditors who signed the Chapter 11 petition were 42-05
Parsons LLC, Leonard J. Strandberg & Associates, and Montrose
Surveying Co. LLP.


LEHMAN BROTHERS: Sues JPMorgan to Unravel Derivative Transactions
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Lehman Brothers Holdings Inc., the reorganized
investment bank, and the official creditors' committee filed a
lawsuit in bankruptcy court to unravel myriad derivative
transactions with JPMorgan Chase Bank NA and affiliates.

According to the report, Lehman had 10 master agreements with
JPMorgan entities to cover derivative trades with several Lehman
subsidiaries.  The Lehman parent guaranteed the transactions.  In
the suit filed in the New York bankruptcy court on Sept. 14,
Lehman contends that JPMorgan incorrectly calculated claims by
using incorrect termination dates and failing to net out trades
properly.  Lehman also contends that JPMorgan violated bankruptcy
set off rules by netting out what JPMorgan owed one Lehman entity
against sums owed by another Lehman entity.

The report relates that the lawsuit seeks to disallow JPMorgan
derivative claims, in part for failure to produce documents
supporting the claims.  The complaint also seeks affirmative
recoveries from JPMorgan entities that on balance owe Lehman.  The
amount Lehman seeks to recover isn't disclosed.  The largest of
the JPMorgan claims involved in the lawsuit is $2.2 billion.  The
Lehman holding company and the brokerage subsidiary began their
bankruptcies in New York in September 2008.  The Chapter 11 plan
for the Lehman companies other than the broker was confirmed in
December and implemented in March, with a first distribution in
April.

The Bloomberg report discloses that Lehman will make a second
distribution on Oct. 1. Lehman's brokerage subsidiary is under
control of a trustee appointed under the Securities Investor
Protection Act.  The Lehman brokerage has yet to make a first
distribution to non-customers.

The new lawsuit is Lehman Brothers Holdings Inc. v. JPMorgan Chase
Bank NA (In re Lehman Brothers Holdings Inc.), 12-01874, U.S.
Bankruptcy Court, Southern District of New York (Manhattan).

                       About Lehman Brothers

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

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

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

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

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

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

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

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.


LEHMAN BROTHERS: Wilbur Ross Says Price for Navigator Is Fair
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that WL Ross & Co. says that $110.2 million is a fair
price for 34% of the stock of Navigator Holdings Ltd.  Elliott
Management Corp. argued the price is too low and should include a
control premium.  A hearing on whether Ross can buy the Navigator
stock was scheduled for a Sept. 19 hearing before the bankruptcy
judge in the liquidation of the defunct brokerage Lehman Brothers
Inc.  The sale was negotiated by Lehman brokerage trustee James W.
Giddens.

                       About Lehman Brothers

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

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

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

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

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

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

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

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

                        About WL Ross & Co.

Headquartered in New York, WL Ross & Co. LLC --
http://www.wlross.com/-- is a part of Invesco Ltd., since October
2006, that invests in and restructures financially distressed
companies.  The company manages assets for institutional investors
in the United States, Europe and Asia.  It is dedicated to private
investments and fund management for institutional investors and
family offices.  It has sponsored alternative investments,
including private equity funds, co-investment vehicles and hedge
funds in the steel, textile, coal, automotive and financial
services.


LOCAL TV: S&P Cuts Corporate Credit Rating to 'B'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Newport, Ky.-based Local TV LLC and operating subsidiary
Local TV Finance LLC (which S&P analyzed on a consolidated basis)
to 'B' from 'B+'. The rating outlook is stable.

"In addition, we revised our recovery rating on the company's
senior secured debt to '2' from '1' (90% to 100% recovery
expectation) and lowered our ratings on the senior secured debt to
'B+' from 'BB', in accordance with our notching criteria for a '2'
recovery rating. The senior secured debt consists of a $250.8
million term loan (including the $70 million addition) and an
undrawn $15 million revolving credit facility due 2015," S&P said.

"We also revised our recovery rating on Local TV Finance LLC's
senior unsecured notes to '6', indicating our expectation of
negligible (0% to 10%) recovery for noteholders in the event of a
payment default, from '5' (10% to 30% recovery expectation). The
issue-level rating on the debt was lowered to 'CCC+' (two notches
below the 'B' corporate credit rating) from 'B', in accordance
with our notching criteria for a '6' recovery rating," S&P said.

"The revision of the recovery ratings reflects our inclusion of
more debt at default than we used in our previous simulated
default scenario, which results in a lower estimated recovery for
lenders," S&P said.

"The corporate credit rating on Local TV is based on our
expectation that the company will be able to maintain adequate
liquidity despite its high leverage," said Standard & Poor's
credit analyst Jeanne Shoesmith.

"We consider the company's business risk profile 'fair' (based on
our criteria), reflecting the company's leading news ratings in
its markets and EBITDA margin that compares favorably with its
peers'. Local TV's pro forma ratio of lease-adjusted debt to
EBITDA of 6.8x (6.5x lease-adjusted debt to trailing-eight-quarter
average EBITDA) underpins our view of the company's financial risk
profile as 'highly leveraged.'"


MEDFORD VILLAGE: Sept. 24 Hearing on Lennar's Case Dismissal Bid
----------------------------------------------------------------
Dow Jones Newswires reports that the owners of New Jersey
development Medford Village said in court documents that it
belongs in Chapter 11, despite creditor Lennar Corp.'s arguments
that the project's filing was made in "bad faith."

The 280-acre project by developer Stephen Samost called the Miami
home builder's bad faith allegations "disingenuous at best," the
Dow Jones report says, citing documents filed with the U.S.
Bankruptcy Court in Camden, New Jersey.

"The record ultimately shows that the debtor properly and
adequately exercised state-court remedies available to it before
filing its bankruptcy petition to reorganize its affairs.  In
short, these improper-conduct contentions have no merit and must
be rejected in their entirety," the report quotes Medford as
saying.

According to the report, late last month, Lennar asked the Court
to dismiss Medford's bankruptcy case so it can execute a foreclose
judgment and move forward with a sheriff's sale of the Medford
project.

According to the report, Lennar had argued that the bankruptcy
filing is "a litigation tactic in a two-party dispute between
Lennar and the debtor, and there is no ability to reorganize."  It
added that Medford filed for bankruptcy "on the eve of the
sheriff's sale."  The dispute that led to the foreclosure judgment
dates back to 2006, when Lennar gave Medford a $6 million deposit
secured by the mortgage on the Medford property.

The report relates Lennar said it entered into an agreement to buy
and develop the property.  But the deal, worth $80 million, fell
apart amid the turmoil in credit markets, which constituted a
default.  Lennar said it sought foreclosure judgment, which it was
granted in 2010.  Medford challenged that judgment, but it was
confirmed March 30, 2012.

Medford also said in its response, filed Monday, that it is
contesting Lennar's $6 million claim, calling the deposit
nonrefundable, the report notes.

The report says a hearing on the matter is scheduled for Sept. 24,
2012.

Medford Village East Associates, LLC, filed a Chapter 11 petition
(Bankr. D.N.J. Case No. 12-29693) in Camden on Aug. 8, 2012,
estimating assets of at least $50 million and liabilities of just
under $10 million.  The Debtor owns properties in Medford
Township, Mt. Laurel Township, Borough of Clayton, Borough of
Barrington, Voorhees Township and the Midwest.  The Debtor hired
Maschmeyer Karalis P.C. as bankruptcy counsel and Hyland Levin,
LLP as special counsel.  The petition was signed by Stephen D.
Samost, managing member.


MF GLOBAL: Former Trader Starts New Hedge Fund
----------------------------------------------
Bloomberg News' Kelly Bit reports that Daniel Bystrom, former head
of equity derivatives trading at MF Global Inc., and Neil Boyarsky
plan to start Hawksfield Capital LLC, a New York-based equity
volatility hedge fund, by the end of this month.  Hawksfield
Capital will start with $10 million to $20 million of Messrs.
Bystrom and Boyarsky's own money, as well as capital from friends
and family, Mr. Bystrom said in a telephone interview, according
to Bloomberg.

"The fund will deliver returns that are uncorrelated and often
negatively correlated to the returns of the typical hedge-fund
strategy," Mr. Bystrom said, according to the report.  "The
opportunity set expands dramatically in times of higher
volatility, when most other asset classes are not performing
well."

Hawksfield's prime broker is Goldman Sachs.

                         About MF Global

New York-based MF Global (NYSE: MF) -- http://www.mfglobal.com/
-- was one of the world's leading brokers of commodities and
listed derivatives.  MF Global provided access to more than
70 exchanges around the world.  The firm was also one of 22
primary dealers authorized to trade U.S. government securities
with the Federal Reserve Bank of New York.  MF Global's roots go
back nearly 230 years to a sugar brokerage on the banks of the
Thames River in London.

MF Global Holdings Ltd. and MF Global Finance USA Inc. filed
voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos.
11-15059 and 11-5058) on Oct. 31, 2011, after a planned sale to
Interactive Brokers Group collapsed.

As of Sept. 30, 2011, MF Global had $41,046,594,000 in total
assets and $39,683,915,000 in total liabilities.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of
MF Global Finance USA Inc.

Louis J. Freeh was named the Chapter 11 Trustee for the bankruptcy
cases of MF Global Holdings Ltd. and its affiliates.  The Chapter
11 Trustee tapped (i) Freeh Sporkin & Sullivan LLP, as
investigative counsel; (ii) FTI Consulting Inc., as restructuring
advisors; (iii) Morrison & Foerster LLP, as bankruptcy counsel;
and (iv) Pepper Hamilton as special counsel.

An Official Committee of Unsecured Creditors has been appointed
in the case.  The Committee has retained Capstone Advisory Group
LLC as financial advisor.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at
Hughes Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.


NEXSTAR BROADCASTING: Extends Employment of Pres. & CEO to 2016
---------------------------------------------------------------
Pursuant to authorization from the Compensation Committee, Nexstar
Broadcasting, Inc., entered into an addendum to the Executive
Employment Agreement with Perry A. Sook, the Company's president
and chief executive officer, dated as of Jan. 5, 1998, as amended.
The addendum extends the term of Mr. Sook's employment with the
Company until Dec. 31, 2016, with automatic renewal provided for
successive one-year periods, subject to earlier termination under
specified circumstances.

The amendment modifies Mr. Sook's base salary:

     Period                                       Base Salary
     ------                                       -----------
     From Jan. 1, 2013, through Dec. 31, 2013      $1,200,000
     From Jan. 1, 2014, through Dec. 31, 2014      $1,300,000
     From Jan. 1, 2015, through Dec. 31, 2015      $1,400,000
     After Dec. 31, 2015                           $1,500,000

In addition, Mr. Sook will be eligible to receive an annual bonus
based on, among other things, whether the Company achieved the
economic targets established by the Compensation Committee for
that fiscal year and any other goals established for him by the
Compensation Committee.

     Period                                           Bonus
     ------                                       ------------
     From Jan. 1, 2013, through Dec. 31, 2013      $1,200,000
     From Jan. 1, 2014, through Dec. 31, 2014      $1,300,000
     From Jan. 1, 2015, through Dec. 31, 2015      $1,400,000
     After Dec. 31, 2015                           $1,500,000

In addition, Mr. Sook was granted options to purchase 1,000,000
shares of the Company's Class A Common Stock at the market closing
price of $9.60 per share on the date of grant.  Of these options,
400,000 were granted under the Company's 2012 Incentive Equity
Plan, but will be forfeited if stockholder approval of the
Company's 2012 Incentive Equity Plan is not obtained within 90
days after the Effective Date.

A copy of the Addendum is available for free at:

                        http://is.gd/Vf3ROt

                  About Nexstar Broadcasting Group

Irving, Texas-based Nexstar Broadcasting Group Inc. currently
owns, operates, programs or provides sales and other services to
62 television stations in 34 markets in the states of Illinois,
Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania,
Louisiana, Arkansas, Alabama, New York, Rhode Island, Utah and
Florida.  Nexstar's television station group includes affiliates
of NBC, CBS, ABC, FOX, MyNetworkTV and The CW and reaches
approximately 13 million viewers or approximately 11.5% of all
U.S. television households.

The Company reported a net loss of $11.89 million in 2011, a net
loss of $1.81 million in 2010, and a net loss of $12.61 million
in 2009.

The Company's balance sheet at June 30, 2012, showed $566.34
million in total assets, $736.93 million in total liabilities and
a $170.58 million total stockholders' deficit.

                           *     *     *

As reported by the Troubled Company Reporter on Aug. 30, 2010,
Standard & Poor's Ratings Services raised its corporate credit
rating on Nexstar Broadcasting Group to 'B' from 'B-'.  The rating
outlook is stable.

"The 'B' corporate credit rating reflects S&P's expectation that
Nexstar's core ad revenue will continue growing modestly in 2010
and 2011," said Standard & Poor's credit analyst Deborah Kinzer.
The EBITDA growth resulting from the rebound in core advertising,
combined with political ad revenue from the 2010 midterm
elections, should, in S&P's view, enable Nexstar to reduce its
leverage significantly by the end of the year.


NIELSEN FINANCE: S&P Gives 'BB-' Rating on $750MM Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue-level
rating and '5' recovery rating to the $750 million of proposed
senior notes due 2020 to be issued by co-borrowers Nielsen Finance
LLC and Nielsen Finance Co. Both entities are wholly owned
entities of parent company The Nielsen Company B.V., a subsidiary
of ultimate parent Nielsen Holdings N.V. (BB/Stable/--). "The '5'
recovery rating indicates our expectations of modest (10% to 30%)
recovery for debtholders in the event of a payment default. The
company plans to use the proceeds, in part, to redeem its $325
million of 11.5% senior notes due 2016 and repay its $500 million
of 8.5% fixed-rate senior secured term loan due 2017. We will
withdraw our ratings on the 2016 notes and 2017 term loan when
that transaction closes," S&P said.

"At the same time, we revised our recovery rating on Nielsen's
senior secured debt to '1', indicating our expectation of very
high (90% to 100%) recovery for lenders in the event of a payment
default from '2' (70% to 90% recovery expectation) and raised our
issue-level rating on this debt to 'BBB-' (two notches higher than
our 'BB' corporate credit rating on the company) from 'BB+', in
accordance with our notching criteria for a recovery rating of
'1'. The anticipated repayment of the 2017 senior secured term
loan will result in a lower senior secured debt balance and thus
greater recovery prospects for senior secured debt holders, in our
opinion," S&P said.

All other ratings, including the 'BB' corporate credit rating on
parent Nielsen Holdings N.V., were affirmed. The outlook is
stable.

"The ratings on parent company Nielsen Holding N.V. reflect our
expectation that the company will keep reducing leverage, although
we expect leverage to be high over the near term," said Standard &
Poor's credit analysts Tulip Lim.

"Our rating also reflects our expectation that operating
performance will remain stable, given Nielsen's significant
sources of recurring revenue and its strong market position. We
expect revenue to grow at a low- to mid-single-digit percentage
rate on a constant-currency basis this year. These factors, and
Nielsen's strong market positions in its two principal businesses,
underpin our assessment of its business risk profile as
'satisfactory,' based on our criteria. We view the company's
financial risk profile as 'aggressive' because of its still-high
leverage," S&P said.


NIFTUS LLC: Can Employ Copeland & Bieger as Chapter 11 Attorneys
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Virginia has
authorized Niftus, LLC, to employ the firm of Copeland & Bieger,
P.C., as counsel for the Debtors.

As reported in the TCR on June 21, 2012, the firm's hourly billing
rates are:

     $300 per hour for attorneys; and
      $75 per hour for paraprofessionals

The firm represented the Debtor pre-bankruptcy as legal counsel
relating to a lawsuit filed in Bland County, Virginia, by First
Century Bank, N.A.  In August 2011, the firm received $3,000 as
retainer in connection with the representation.

Robert T. Copeland, Esq., a member of the firm, says neither the
firm nor its members have any interest adverse to the Debtor or
the bankruptcy estate.  Mr. Copeland also said his firm is waiving
any fees and expenses that might be outstanding for services
rendered prior to the petition date.

                           About Niftus

Niftus, LLC, filed a bare-bones Chapter 11 petition (Bankr. W.D.
Va. Case No. 12-71123) on June 11 in Roanoke, Virginia.  Niftus,
a management consulting services provider from Bluefield,
Virginia, estimated assets of up to $50 million and debts of less
than $10 million.  Chief Judge William F. Stone Jr. oversees the
case.  Copeland & Bieger, P.C., serves as the Debtor's counsel.


NIFTUS LLC: Can Employ Reed Smith as Special Counsel
----------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Virginia has
authorized Niftus, LLC, to employ the firm of Reed Smith, LLP, as
special counsel to the Debtor, effective July 23, 2012.

Reed Smith will maintain records and, subject to further order of
the Court, compensation and expenses will be allowed pursuant to
11 U.S.C. Section 330.

                           About Niftus

Niftus, LLC, filed a bare-bones Chapter 11 petition (Bankr. W.D.
Va. Case No. 12-71123) on June 11 in Roanoke, Virginia.  Niftus,
a management consulting services provider from Bluefield,
Virginia, estimated assets of up to $50 million and debts of less
than $10 million.  Chief Judge William F. Stone Jr. oversees the
case.  Copeland & Bieger, P.C., serves as the Debtor's counsel.


NIFTUS LLC: U.S. Trustee Has Not Appointed a Creditors Committee
----------------------------------------------------------------
W. Clarkson McDow, Jr., the United States Trustee for Region 4,
has not appointed an unsecured creditors committee in the
Chapter 11 case of Niftus, LLC.  According to the statement, the
number of persons eligible or willing to serve on such a committee
is presently insufficient to form an unsecured creditors
committee.

The United States Trustee will appoint an unsecured creditors
committee upon the request of an adequate number of unsecured
creditors

                           About Niftus

Niftus, LLC, filed a bare-bones Chapter 11 petition (Bankr. W.D.
Va. Case No. 12-71123) on June 11 in Roanoke, Virginia.  Niftus,
a management consulting services provider from Bluefield,
Virginia, estimated assets of up to $50 million and debts of less
than $10 million.  Chief Judge William F. Stone Jr. oversees the
case.  Copeland & Bieger, P.C., serves as the Debtor's counsel.




NORTH & HARLEM: Case Summary & 7 Unsecured Creditors
----------------------------------------------------
Debtor: North & Harlem Plaza Investments, LLC
        6440 N. Hamlin Avenue
        Lincolnwood, IL 60712

Bankruptcy Case No.: 12-36441

Chapter 11 Petition Date: September 13, 2012

Court: U.S. Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Donald R Cassling

Debtor's Counsel: Ethan Ostrow, Esq.
                  BROWN, UDELL, POMERANTZ & DELRAHIM, LTD.
                  1332 North Halsted Street, Suite 100
                  Chicago, IL 60642
                  Tel: (312) 475-9900
                  Fax: (312) 475-1188
                  E-mail: eostrow@bupdlaw.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 seven largest unsecured
creditors is available for free at:
http://bankrupt.com/misc/ilnb12-36441.pdf

The petition was signed by Haresh Shah, manager.


OPDE US: Unit of Spanish Solar Firms Files for Chapter 7
--------------------------------------------------------
Melanie Turner, writing for the Sacramento Business Journal,
reports that OPDE U.S. Corp., the West Sacramento-based U.S.
subsidiary of a Spanish solar company, filed for Chapter 7
bankruptcy on Sept. 5 after failing to find a buyer for the solar
power it planned to produce.  The report says the Company, which
has recently closed its doors, listed fewer than 50 creditors,
between $100,000 and $500,000 in assets and between $1 million and
$10 million in liabilities, according to court documents filed in
U.S. Bankruptcy Court for the Eastern District of California in
Sacramento.  The report notes OPDE U.S. several years ago planned
to build a 20-megawatt power plant on Port of West Sacramento
property.


OROMIN EXPLORATIONS: Recurring Losses Cue Going Concern Doubt
-------------------------------------------------------------
Davidson & Company LLP, in Vancouver, Canada, expressed
substantial doubt about Oromin Explorations Ltd.'s ability to
continue as a going concern, following its audit of the Company's
financial position and results of operations for the fiscal year
ended Feb. 29, 2012.  The independent auditors noted that the
Company has suffered recurring losses from operations and has no
current source of revenue.

The Company reported a net loss of C$8.2 million on C$0 revenue
for the fiscal year ended Feb. 29, 2012, compared with a net loss
of C$9.8 million on C$0 revenue for the fiscal year ended
Feb. 28, 2011.

The Company has incurred net losses to date.  Its accumulated
deficit as of Feb. 29, 2012, was C$50.1 million.  The Company has
not yet had any revenue from the exploration activities on its
property.

At Feb. 29, 2012, the Company's balance sheet showed
C$81.0 million in total assets, C$286,256 in total current
liabilities, and total equity of C$80.7 million.

A copy of the Form 20-F is available at http://is.gd/XifNKz

A copy of the Form 20-F/A containing the revised Independent
Auditors' Report of Davidson & Company on the Company's
consolidated financial statements for the fiscal year ended
Feb. 29, 2012, expanding upon the "Emphasis of Matter" paragraph
to comply with Public Company Accounting Oversight Board ("PCAOB")
standards regarding the description of the Company's going concern
uncertainties is available at http://is.gd/cPx7Vk

Vancouver, Canada-based Oromin Explorations Ltd. is a British
Columbia company in the business of exploring its resource
properties.  The Company was incorporated pursuant to the Company
Act (British Columbia) on Jan. 25, 1980, under the name "Maple
Leaf Petroleum Ltd.".  The Company's principal activity during the
last three financial years has been financing and carrying out
exploration on the Oromin Joint Venture Group ("OJVG") Property in
Senegal.  In July 2009 the Company also drilled an unsuccessful
test well on the Santa Rosa Property in Central Argentina.




PAR PHARMACEUTICAL: S&P Keeps 'B+' CCR on Term Loan B Upsizing
--------------------------------------------------------------
Standard & Poor's Ratings Services said all of its preliminary
ratings, including its preliminary 'B+' corporate credit rating,
on Woodcliff Lake, N.J.-based pharmaceutical company Par
Pharmaceutical Companies Inc. remain unchanged following a change
to deal terms. The changes include the $75 million upsize to the
term loan B, lowered pricing, and an expected improvement to
EBITDA beginning in 2013 following a just-announced favorable
study result. The additional proceeds from the term loan will be
used for general corporate purposes, including acquisitions. The
issue rating on the term loan B remains preliminary 'B+'. "The
recovery rating remains at preliminary '3', indicating our
expectation of meaningful (50% to 70%) recovery for lenders in the
event of a payment default," S&P said.

"The rating on Par reflects our assessment that the company has a
'weak' business profile (as per our criteria) because of its
position as the fifth-largest generic pharmaceutical company and
its lack of scale compared with other larger generic companies. We
also believe that Par has an 'aggressive' financial risk profile.
Despite pro forma leverage of 5.3x as of June 30, 2012, we expect
that EBITDA growth and the use of some free cash flow for debt
reduction will bring leverage to less than 5x over the next year.
Par is a manufacturer and marketer of a broad portfolio of generic
drugs," S&P said.

RATINGS LIST

Par Pharmaceutical Companies Inc.
Corporate Credit Rating       B+(prelim)/Stable/--
$1.055B sr secd term loan B   B+(prelim)
   Recovery Rating             3(prelim)


PARAMOUNT RESOURCES: Moody's May Cut Unsec. Notes Rating to Caa2
----------------------------------------------------------------
Moody's Investors Service said that the proposed expansion of
Paramount Resources Ltd.'s secured credit facility to C$600
million from C$300 million, if completed as contemplated, will
cause a downgrade of the company's senior unsecured notes rating
to Caa2 from Caa1, but will not impact Paramount's B3 Corporate
Family Rating.

Paramount Resources Ltd. is a Calgary, Alberta-based exploration
and production company that produced approximately 18,200 barrels
of oil equivalent per day (net) in the twelve months ending
June 30, 2012. Production was 80% natural gas.


PATHEON INC: Moody's Affirms 'B3' CFR/PDR; Outlook Stable
---------------------------------------------------------
Moody's Investors Servic affirmed the ratings of Patheon, Inc.,
including the Corporate Family Rating and Probability of Default
Rating of B3, and changed the rating outlook to stable from
negative. The stabilization of the rating outlook reflects the
significant improvement in EBITDA over the past two quarters,
leading Moody's to believe that Patheon will be able to generate
annual EBITDA of at least $75-$80 million (excluding any non-
recurring items such as consulting fees) on a go-forward basis.
Moody's views this as the level of EBITDA necessary to cover
Patheon's fixed charges (interest, taxes and capital expenditures)
and generate break-even free cash flow. The change in outlook to
stable also reflects the view that Patheon will maintain adequate
liquidity over the next twelve months (signified by the SGL-3
rating) characterized by cash and available borrowing capacity of
at least $60 million in each quarter and no financial maintenance
covenant tests.

Ratings affirmed:

$75 million ABL facility due April 2014, B2 (LGD 3, 43%)

$280 million Senior Secured notes due April 2017, B3 (LGD 3,
46%)

Corporate Family Rating, B3

Probability of Default Rating, B3

Speculative Grade Liquidity rating of SGL-3

The rating outlook was changed to stable from negative.

Ratings Rationale

The B3 Corporate Family Rating reflects Patheon's low returns on
invested capital and sustained negative cash flow, as well as
broader challenges in the contract manufacturing industry,
including overcapacity. Further, the significant fixed costs of
the business lead to high operating leverage and margins that are
extremely sensitive to revenue and product mix. This
characteristic, as well as the risk of project cancellations
inherent in the contract manufacturing industry, lend a measure of
volatility to both revenues and profitability. Factors supporting
the rating include Moody's expectation for adjusted debt to EBITDA
of less than 5.0 times and continued progress by the new
management team in improving the company's operating performance.
The ratings are also supported by the company's leading market
position in the pharmaceutical contract manufacturing arena and
Moody's expectation that demand from pharmaceutical companies for
contract manufacturing services will be sound over the long-term.

Moody's could downgrade the ratings if it believes that interest
coverage (as defined as EBITDA less capital expenditures to
interest expense) will be sustained below 1.0 times, or that free
cash flow will remain negative (exclusive of unusual items such as
severance). Any concern about the company's ability to refinance
or extend its ABL could also lead to a downgrade.

Moody's could upgrade the ratings if the company is able to
continue to improve profitability, reduce earnings volatility and
sustain debt to EBITDA that is below 4.0 times and interest
coverage that is above 1.5 times, with sustained positive free
cash flow.

The principal methodology used in rating Patheon Inc. was the
Global Business & Consumer Service Industry Rating Methodology
published in October 2010. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Patheon Inc., headquartered in Mississauga, Ontario, Canada is a
leading provider of commercial manufacturing and pharmaceutical
development services ("PDS") of branded and generic prescription
drugs to the international pharmaceutical industry. Patheon's
stock is publicly traded on the Toronto Stock Exchange, and the
company files with the SEC. JLL Partners, a private equity firm,
owns approximately 56% of the company's restricted voting shares.
For the twelve month period ended July 31, 2012 Patheon reported
revenues of $721 million.


PEREGRINE FINANCIAL: Wasendorf Son Sues U.S. Bank
-------------------------------------------------
Jacob Bunge, writing for Dow Jones Newswires, reports that the son
of Peregrine Financial Group Inc. chief Russell Wasendorf Sr.
filed a lawsuit against U.S. Bank, a unit of U.S. Bancorp,
Peregrine's bank, charging it failed to properly supervise the
movement of customer funds.  In the suit, the son, Russell
Wasendorf Jr., president of Peregrine, and his wife also allege
that Mr. Wasendorf Sr. had help in covering up the years-long
fraud that shook the U.S. futures industry.

According to Dow Jones, the lawsuit raises questions about a May
2011 audit of Peregrine by the National Futures Association, an
independent regulatory body.  During the audit, Peregrine staff
asked U.S. Bank to supply account information directly to NFA
auditors, which showed the firm held about $7.2 million in a
customer account, according to e-mails previously reviewed by The
Wall Street Journal.  Three days later, the NFA received a fax
delivered via email that showed Peregrine account's balance at
$218.7 million, according to the emails.  Before that fax, the
lawsuit says, a woman identifying herself as Hope Timmerman told
NFA auditors that the $7.2 million account balance was "erroneous"
and a "corrected confirmation" showing the larger figure "would be
faxed shortly."  The lawsuit doesn't specify how Mr. Wasendorf Jr.
came by the information.

Dow Jones reports a spokesman for U.S. Bank said Monday Mr.
Wasendorf Jr.'s lawsuit was "entirely without merit" and "an
outrageous attempt by the Wasendorfs to deflect the blame and the
financial obligations from the collapse of Peregrine caused by Mr.
Wasendorf Sr.'s criminal activity and the failure of their own
management and internal controls."

Dow Jones says Nick Iavarone, Esq., Mr. Wasendorf Jr.'s attorney,
declined to comment.

                     About Peregrine Financial

Peregrine Financial Group Inc. filed to liquidate under Chapter 7
of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 12-27488)
on July 10, 2012, disclosing between $500 million and $1 billion
of assets, and between $100 million and $500 million of
liabilities.

Earlier that day, at the behest of the U.S. Commodity Futures
Trading Commission, a U.S. district judge appointed a receiver and
froze the firm's assets.  The firm put itself into bankruptcy
liquidation in Chicago later the same day.  The CFTC had sued
Peregrine, saying that more than $200 million of supposedly
segregated customer funds had been "misappropriated."  The CFTC
case is U.S. Commodity Futures Trading Commission v. Peregrine
Financial Group Inc., 12-cv-5383, U.S. District Court, Northern
District of Illinois (Chicago).

Peregrine's CEO Russell R. Wasendorf Sr. unsuccessfully attempted
suicide outside a firm office in Cedar Falls, Iowa, on July 9.

The bankruptcy petition was signed in his place by Russell R.
Wasendorf Jr., the firm's chief operating officer. The resolution
stated that Wasendorf Jr. was given a power of attorney on July 3
to exercise if Wasendorf Sr. became incapacitated.

Peregrine Financial is the regulated unit of the brokerage
PFGBest.

At a quickly-convened hearing on July 13, the bankruptcy judge
authorized the Chapter 7 trustee to operate Peregrine's business
on a "limited basis" through Sept. 13.


PIAZZA BELLA: Case Summary & 3 Unsecured Creditors
--------------------------------------------------
Debtor: Piazza Bella Centro LLC
        1101 Valencia Drive
        Escondido, CA 92025-6733

Bankruptcy Case No.: 12-12602

Chapter 11 Petition Date: September 13, 2012

Court: U.S. Bankruptcy Court
       Southern District of California (San Diego)

Judge: Margaret M. Mann

Debtor's Counsel: Cecilia Chen, Esq.
                  LAW OFFICE OF CECILIA CHEN
                  1901 1st Avenue, Suite 217B
                  San Diego, CA 92101
                  Tel: (858) 633-0171
                  E-mail: cchen@cclegalgroup.com

Scheduled Assets: $2,621,756

Scheduled Liabilities: $2,064,485

A copy of the Company's list of its three unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/casb12-12602.pdf

The petition was signed by Angelo G. Moulios, manager.


PTC ALLIANCE: Moody's Assigns 'B2' CFR/PDR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
and a B3 Probability of Default Rating to PTC Alliance Holdings
Corporation. Moody's also assigned a B2 rating to the company's
$225 million Senior Secured Term Loan B due 2018. Proceeds from
the term loan facility will be used to pay a shareholder dividend,
to fund future growth initiatives and for general corporate
purposes. The rating outlook is stable.

The following ratings/assessments were affected by this action:

Corporate Family Rating assigned at B2;

Probability Default Rating assigned at B3; and,

Senior Secured Term Loan B due 2018 rated B2 (LGD3, 36%)

This is a newly initiated rating and is Moody's first press
release on this issuer.

Ratings Rationale

The B2 corporate family rating reflects PTC Alliance Corporation's
modest size relative to other steel companies, its reliance on a
few top customers for a material portion of its sales, exposure to
the cyclicality of the steel industry, and Moody's expectations
that the company will generate limited free cash flow due to its
plan to invest in additional capacity to diversify its tubular
product offering. These factors are somewhat balanced by the
company's adequate liquidity, healthy operating margins,
significant barriers to entry, leading position in niche markets,
strong blue chip customer base and moderate debt leverage.

PTC was formed in 2000 by the merger of Pittsburgh Tube company
and J.H. Roberts Industries. The company's strategy is to pursue
niche areas of the steel fabrication industry by employing leading
technologies. The company's business remains susceptible to the
volatility of the steel industry and the end markets, like auto
and construction. PTC is controlled by Black Diamond Management, a
private equity firm, since 2003. The company filed a voluntary
bankruptcy in 2006 to restructure its balance sheet, and again in
2009 due to the severe recession, which led to the elimination of
union contracts, closure of unprofitable facilities and a lower
cost structure.

The stable outlook presumes the company will carefully balance its
leverage and other credit metrics with its growth strategy and
maintain adjusted debt-to-EBITDA below 4.0x and EBIT-to-Interest
above 2.5x.

An upgrade in the near-term is not likely given that PTC's scale
remains a limitation. However, the ratings could experience upward
pressure if the company continues to grow organically, maintains
or reduces its financial leverage, sustain its current margins,
generates positive free cash flow, and executes well on its
expansion strategy. Leverage exceeding 4.0x, larger debt-financed
acquisitions, an adverse change in its liquidity position, EBIT-
to-interest expense trending below 2.5x or a substantial decline
in demand from its end markets may result in negative rating
pressure.

The principal methodology used in rating PTC Alliance Holdings
Corp. was the Global Steel Industry Methodology published in June
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

PTC Alliance Holdings Corporation, headquartered in Wexford, PA,
is a leading manufacturer of welded and cold drawn mechanical
steel tubing and tubular shapes, fabricated parts, precision
components and chrome-plated rod. PTC's major end markets include
construction and agricultural equipment, automotive and heavy
truck components and industrial machinery. PTC generated $432
million in revenue for the 12-month period ending June 30, 2012.


QUIGLEY CO: Bankruptcy Law Protects Parent Cos., Pfizer Says
------------------------------------------------------------
Juan Carlos Rodriguez at Bankruptcy Law360 reports that Pfizer
Inc. has asked the U.S. Supreme Court to overturn an appeals court
ruling that the company must face asbestos litigation related to a
bankrupt subsidiary, arguing federal bankruptcy law offers
protection for parent companies in these situations.

Bankruptcy Law360 relates that the subsidiary, Quigley Co. Inc.,
filed for Chapter 11 bankruptcy in 2004 while facing an estimated
160,000 asbestos suits. Plaintiffs then went after Pfizer
directly, but the bankruptcy court entered an injunction enjoining
asbestos claims against Pfizer during Quigley's bankruptcy.

                         About Quigley Co.

Quigley Co. was acquired by Pfizer in 1968 and sold small amounts
of products containing asbestos until the early 1970s.  In
September 2004, Pfizer and Quigley took steps that were intended
to resolve all pending and future claims against the Company and
Quigley in which the claimants allege personal injury from
exposure to Quigley products containing asbestos, silica or mixed
dust. Quigley filed for bankruptcy in 2004 and has a Chapter 11
plan and a settlement with Chrysler.

Quigley filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 04-15739) on Sept. 3, 2004, to implement a
proposed global resolution of all pending and future asbestos-
related personal injury liabilities.

Lawrence V. Gelber, Esq., and Michael L. Cook, Esq., at Schulte
Roth & Zabel LLP, represent the Debtor in its restructuring
efforts.  Elihu Inselbuchm Esq., at Caplin & Drysdale, Chartered,
represents the Official Committee of Unsecured Creditors.  When
the Debtor filed for protection from its creditors, it disclosed
$155,187,000 in total assets and $141,933,000 in total debts.

In April 2011, the bankruptcy judge approved a plan-support
agreement with Pfizer and an ad hoc committee representing 30,000
asbestors claimants.

A May 20, 2011 opinion by District Judge Richard Holwell concluded
that Pfizer was directly liable for some asbestos claims arising
from products sold by its now non-operating subsidiary Quigley.


RADNET MANAGEMENT: S&P Rates $437.5MM Secured Credit 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services assigned RadNet Management
Inc.'s $437.5 million senior secured credit facility its issue-
level rating of 'B+' (one notch higher than the 'B' corporate
credit rating on the company) with a recovery rating of '2',
indicating its expectation of substantial (70% to 90%) recovery
for lenders in the event of a payment default.

Existing ratings on the company, including the 'B' corporate
credit rating, were affirmed.

"We believe that the new term loan will repay a portion of the
outstanding revolver balance, and that the increase in incremental
debt outstanding will be minimal," S&P said.

"The ratings on Los Angeles-based RadNet Management Inc., the
wholly owned operating subsidiary of RadNet Inc., reflect its
'weak' business risk profile and 'highly leveraged' financial risk
profile," according to Standard & Poor's Ratings Services'
criteria.

"RadNet operates in a fragmented and highly competitive industry
that has been hurt by the weak U.S. economy, and faces
reimbursement risk," said Standard & Poor's credit analyst Cheryl
Richer. "To diversify its revenue base, RadNet expanded into
ancillary businesses; they do not yet materially contribute to
product diversity or EBITDA. The "highly leveraged" financial
profile has been stretched by acquisitions; adjusted debt leverage
was 5.7x for the 12 months ended June 30, 2012."

"RadNet has considerable dependence (in California) on an
affiliated entity, Beverly Radiology Medical Group III (BRMG), for
its professional staffing, and partnership arrangements with other
ancillary businesses that are owned by BRMG, such as Breastlink
Medical Group. The CEO of RadNet Inc. owns about 14% and 99% of
RadNet and BRMG, respectively. Because of the interdependence and
common ownership among RadNet, RadNet Inc., and BRMG, we view them
as a consolidated entity," S&P said.

"As of June 30, 2012, RadNet operated 237 diagnostic imaging
centers in seven states, primarily California and the east coast.
Its growth strategy relies heavily on acquisitions, which have
contributed meaningfully to its growth over the years. In November
2011, RadNet acquired the majority of CML for about $38 million,
increasing its Maryland and Delaware presence from 61 to 77
centers, and giving it a new platform in Rhode Island. A single
business focus is incorporated into RadNet's 'weak' business risk
profile, as well as high capital intensity and relatively low
barriers to entry. While RadNet is subject to variable fees from
third-party payors, its concentration in certain geographies
improves its negotiating power with private insurers. Medicare
exposure, at about 20% of revenues, is manageable. Capitated
managed care contracts (15% of revenues) provide revenue
stability, albeit with relatively low margins. Although the
diagnostic imaging sector has performed worse than the aggregate
health care industry, RadNet appears to be taking market share.
The majority of sites offer multimodality imaging services, a key
point of differentiation from competitors. Over the longer term,
organic demand should increase because of the aging population and
the benefits of imaging itself, aiding the diagnosis of an
increasing variety of diseases," S&P said.

RadNet has been acquisitive, contributing to the "highly
leveraged" financial risk profile. Acquisition spending totaled
$41 million for the 12 months ended June 30, 2012, requiring
RadNet to draw on its revolving credit facility; $60 million was
outstanding on the revolver at June 30, 2012. While ongoing
debt-financed acquisitions provided growth opportunities, they
contributed to sustained aggressive debt leverage.


RHODE ISLAND HEALTH: Moody's Corrects August 28 Rating Release
--------------------------------------------------------------
Moody's Investors Service has issued a correction to the
August 28, 2012 rating release on Rhode Island Health and
Education Building Corporation Bond Issue, Series 2009E.

Revised release is as follows:

Moody's Investors Service has confirmed the City of Woonsocket's
(RI) underlying rating of B2 and has revised the outlook to
negative, affecting $225 million in long-term debt. This rating
had been placed on review for downgrade on May 24, 2012 following
a downgrade due to the continued deterioration of the city's
school operating financial position and severely weakened
liquidity position. Concurrently, Moody's has also confirmed the
B2 underlying rating on the Rhode Island Health and Education
Building Corporation Bond Issue, Series 2009E, for which the city
is the sole obligor. All outstanding debt is secured by the city's
general obligation, unlimited tax pledge.

Summary Ratings Rationale

The city has successfully resolved its liquidity crisis after a
state-appointed budget oversight commission accelerated state aid,
allowing Woonsocket to meet debt service payment at due dates.
However, the city remains pressured given an existing accumulated
deficit due to ongoing structural imbalance in school operations.
The B2 rating reflects the city's depleted financial position and
strained liquidity; persistent budgetary structural imbalance,
including underfunding of the local pension plan; a high debt
burden; and a moderately-sized tax base with low socioeconomic
wealth levels.

The negative outlook reflects the challenges that the city faces
in renegotiating with its collective bargaining units to make
substantial operating expenditure cuts while simultaneously
raising revenues to eliminate the fiscal 2013 budget gap and
obtain structural balance.

Strengths

- Improvement in general fund financial management practices and
   oversight

- Demonstrated willingness to increase revenues in a difficult
   economic environment

- State appointed budget oversight commission

Challenges

- Persistent deficits in school operations

- Structurally imbalanced budget in the current fiscal year

- History of failed attempts to enact supplemental tax increases

- Increasing fixed costs and long-term liabilities

- Weak liquidity

- High debt burden

Outlook

The negative outlook reflects the challenges that Woonsocket faces
in making substantial operating expenditure cuts, which could
require negotiations with its collective bargaining units, while
simultaneously raising revenues to eliminate the fiscal 2013
budget gap and obtain structural balance.

What Could Make The Rating Go UP

- Improved liquidity and reduced reliance on cash flow borrowing

- Progress toward successful elimination of the accumulated
   deficit in the School Fund

- Improved funding of long-term liabilities

What Could Make The Rating Go DOWN

- Ongoing structural imbalance in General Fund or School
   operations

- Inability to eliminate the 2013 budget gap through expenditure
   reductions or tax increases

- Significant deterioration of liquidity, including the
   inability to place cash flow notes

- Decline in pension funding status

Principal Methodology

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


ROCKWOOD SPECIALTIES: Moody's Rates $750MM Sr. Unsec. Notes 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Rockwood
Specialties Group, Inc.'s new $750 million Senior Unsecured Notes
due 2020. Moody's also affirmed Rockwood's other ratings (Ba1
Corporate Family Rating [CFR]). Proceeds from the new notes will
be used for general corporate purposes, which may include
acquisitions, capital expenditures and repayment of debt. The
rating outlook is stable.

The following summarizes the ratings:

Rockwood Specialties Group, Inc,

Ratings assigned:

Sr Unsecured Notes due 2020 to Ba2 (LGD5, 82%)

Sr Unsecured Shelf Registration -- (P)Ba2

Ratings affirmed:

Corporate Family Rating -- Ba1

Probability of Default Rating -- Ba1

Speculative Grade Liquidity Rating -- SGL1

Sr Sec Revolving Credit Facility due 2016 to Ba1 (LGD3, 38%)
from Ba1 (LGD3, 45%)*

Sr Sec Term Loan A due 2017 to Ba1 (LGD3, 38%) from Ba1 (LGD3,
45%)*

Sr Sec Term Loan B due 2018 to Ba1 (LGD3, 38%) from Ba1 (LGD3,
45%)*

Outlook is Stable.

* Ratings could be upgraded should the company not proceed with
  the Talison acquisition and use proceeds to pay down secured
  term loan debt.

Ratings Rationale

Rockwood's Ba1 Corporate Family Rating (CFR) is supported by its
business profile, size ($3.6 billion in revenues), relatively
stable earnings, attractive margins, and positive free cash flow
through the business cycle. The company has a diverse set of
inorganic chemical businesses that provide diversification of
revenues and have relatively little exposure to volatile
petrochemical feedstock prices. Rockwood has significant debt
balances ($1.77 billion as of June 30, 2012) as well as elevated
cash balances ($343 million for Rockwood Holdings, Inc and
subsidiaries). Leverage and net leverage metrics including Moody's
standard analytical adjustments are strong for a Ba1 chemical
company (2.8x Debt/EBITDA and 2.4x Net Debt/EBITDA, respectively),
but Moody's would expect this given the peak of the industry cycle
conditions being experienced by its titanium dioxide (TiO2)
business. The aforementioned debt levels include the $507 million
of debt at its 61% owned titanium dioxide joint venture which is
fully consolidated on Rockwood's balance sheet.

The debt-financed acquisition of Talison Lithium Limited (Talison)
for CAD724 million (approximately US$745 million) announced in
August (and expected to close in the fourth quarter) is a modest
credit negative. Rockwood's strong credit metrics prior to the
acquisition, elevated cash balance and demonstrated ability to
generate free cash flow should enable it to return credit metrics
to near investment grade levels within the next four quarters,
despite an elevated valuation multiple. Talison will provide a
high quality lithium source, sufficient reserves at its Australian
mine to support future growth in lithium demand and exposure to
Asian markets (Talison has a large market share in China). Talison
reported AUD10.5 million and AUD34.0 million in EBITDA on sales of
AUD35 million and AUD120 million, respectively, for the three
months and fiscal year ended June 30, 2012. Higher annual profits
are expected in fiscal year 2013 as a result of recent capacity
expansion which nearly doubled its effective capacity and higher
sales prices in effect on Sept. 18. Over the next several years,
Rockwood will have the opportunity to make investments in Talison
to build capacity for lithium derivative chemicals.

The rating outlook is stable. Further positive rating action (to
an investment grade rating) will depend on management's financial
strategy. If management moves to an unsecured capital structure
and formally adopts or targets financial metrics that would
support an investment grade credit rating, Moody's would likely
raise the company's rating. Moody's could downgrade the company's
ratings if debt financed acquisitions caused Retained Cash
Flow/Debt to fall below 15% and Debt/EBITDA to rise above 3.5x on
a sustainable basis.

The ratings on the existing senior secured credit facilities were
affirmed, but could be upgraded if the company fails to complete
the Talison acquisition as planned and uses the proceeds from the
new notes to pay down its secured term loans.

The principal methodology used in this rating was Moody's Global
Chemical Industry rating methodology published in December 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Rockwood Specialties Group, Inc. (Rockwood), headquartered in
Princeton, New Jersey, is a wholly owned subsidiary of Rockwood
Holdings, Inc. (Holdings). Rockwood produces of a variety of
specialty chemicals and advanced materials, including pigments,
additives, surface treatment chemicals, ceramics, and lithium for
use in businesses ranging from life sciences to automotive
manufacturing. Rockwood operates through five business segments:
Lithium, Surface Treatment, Performance Additives, Titanium
Dioxide Pigments and Advanced Ceramics. Kohlberg Kravis Roberts &
Co. L.P., its former equity sponsor, owns approximately 9% of
Holdings' shares (the remainder are publicly held), and occupies
two of the seven seats on the board of directors. Revenues were
$3.6 billion for the twelve months ended June 30, 2012.


ROCKWOOD SPECIALITIES: S&P Affirms 'BB+' CCR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Rockwood Specialties Group Inc. (Rockwood), including its 'BB+'
corporate credit rating. "At the same time, we assigned our 'BB'
issue rating and our '5' recovery rating to the company's proposed
$750 million senior unsecured notes. The '5' recovery rating
indicates our expectation for modest recovery (10%-30%) in the
event of a payment default. The outlook is stable," S&P said.

"We expect the company will use proceeds from the proposed debt
issue to fund the planned $732 million acquisition of Australia
based lithium producer, Talison Lithium Ltd., and for general
corporate purposes," S&P said.

"The ratings on Princeton, N.J.-based Rockwood Specialties Group
Inc. reflect our assessment of the company's financial risk
profile as 'significant' and business risk profile as
'satisfactory'," said credit analyst Paul Kurias. "Our assessment
of Rockwood's financial risk profile includes an expectation for a
continuation of moderate financial policies."

"The stable outlook reflects our expectations that Rockwood will
be able to maintain its elevated EBITDA margins even in a scenario
of weak economic conditions in key markets. Still, we expect
Rockwood will continue its recent trend of growth at rates well
above GDP rates in its markets benefiting from its diverse
portfolio of specialty businesses, some of which have growth
drivers that are not linked to GDP growth. Importantly, we assume
management will support credit quality. At the current ratings, we
do not anticipate any significant improvement in credit quality.
An upgrade in the next year is unlikely given our expectation that
the company will focus on integrating its Talison acquisition
during that time. We could lower ratings if the ratio of FFO-to-
total debt weakened to below 20% with no prospect of immediate
recovery. This could happen if debt levels increased meaningfully
to support higher-than-expected outlays for acquisitions. We
believe such a scenario would include a moderate increase in debt
in combination with a revenue decline exceeding the 5% decline
considered in our downside scenario, and EBITDA margins dropping
below 20%," S&P said.


ROTHSTEIN ROSENFELDT: Gibraltar Agrees to $65-Mil. Deal
-------------------------------------------------------
Maria Chutchian at Bankruptcy Law360 reports that the trustees for
a bankrupt feeder fund and law firm of convicted Ponzi schemer
Scott W. Rothstein sought approval for an amended $65 million
settlement with a bank Rothstein used in his scam, according to a
Monday court filing.

Bankruptcy Law360 relates that Robert Furr, Chapter 7 trustee for
Banyon 1030-32 LLC, and Herbert M. Stettin, the Chapter 11 Trustee
for Rothstein Rosenfeldt Adler PA, have agreed to an injunction
enjoining and permanently barring them from any claims against
Gibraltar Private Bank and Trust Co. and its directors and
officers.

                    About Rothstein Rosenfeldt

Scott Rothstein, co-founder of law firm Rothstein Rosenfeldt Adler
PA -- http://www.rra-law.com/-- has been suspected of running a
$1.2 billion Ponzi scheme.  U.S. authorities claimed in a civil
forfeiture lawsuit filed November 9, 2009, that Mr. Rothstein, the
firm's former chief executive officer, sold investments in non-
existent legal settlements.  Mr. Rothstein pleaded guilty to five
counts of conspiracy and wire fraud on January 27, 2010.

Creditors of Rothstein Rosenfeldt Adler signed a petition sending
the Florida law firm to bankruptcy (Bankr. S.D. Fla. Case No.
09-34791).  The petitioners include Bonnie Barnett, who says she
lost $500,000 in legal settlement investments; Aran Development,
Inc., which said it lost $345,000 in investments; and trade
creditor Universal Legal, identified as a recruitment firm, which
said it is owed $7,800.  The creditors alleged being owed money
invested in lawsuit settlements.

Herbert M. Stettin, the state-court appointed receiver for
Rothstein Rosenfeldt, was officially carried over as the
Chapter 11 trustee in the involuntary bankruptcy case.

On June 10, 2010, Mr. Rothstein was sentenced to 50 years in
prison.


RYLAND GROUP: Moody's Affirms B1 CFR; Rates Sr. Unsec. Notes B1
---------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the proposed
$250 million senior unsecured notes due 2022 of The Ryland Group,
Inc., proceeds of which will be used for general corporate
purposes, including potential repayment of the existing
indebtedness. In the same rating action, Moody's affirmed the
company's B1 corporate family and probability of default ratings,
B1 rating for its existing senior unsecured notes and convertible
senior notes, P(B1) senior unsecured shelf rating, and SGL-2
speculative grade liquidity assessment. The rating outlook is
stable.

The following rating actions were taken:

Proposed $250 million senior unsecured notes due 2022, assigned
B1 (LGD4, 52%);

Corporate family rating, affirmed at B1;

Probability of default rating, affirmed at B1;

Existing senior unsecured notes, affirmed at B1 (LGD4, 52%);

Existing convertible senior notes, affirmed at B1 (LGD4, 52%);

Speculative grade liquidity assessment, affirmed at SGL-2;

Stable rating outlook.

Ratings Rationale

The B1 corporate family rating reflects Moody's expectation that
Ryland's key credit metrics will continue improving over the next
12 to 18 months, supported by the rising new orders, closings and
revenues as well as by the stability and improvement in average
selling prices in certain key markets. Despite this improvement,
key credit metrics will remain weak for the rating in the
intermediate term, as the homebuilding industry's expected
strengthening remains limited by high unemployment, weak consumer
confidence, and elevated foreclosure activity. In addition, the
company's debt leverage position is elevated and is rising
further, pro forma for the proposed note offering, to an adjusted
71% homebuilding debt to capitalization from 66% in July 2012.
Additionally, Ryland's cash flow from operations will be negative
and cash balances will decline from land purchases and land
development expenses as the company replenishes its inventory
position.

In the fourth quarter of 2011 and in the second quarter of 2012,
Ryland was profitable and generated $1 million and $6 million of
net income, respectively. In Moody's view, the company is well
positioned to reach sustainable profitability in the near term
and, as a result, could benefit from the reversal of the deferred
tax asset reserve. The rating also considers Ryland's solid
liquidity position, bolstered by its unrestricted cash and
investments position of $666 million at June 30, 2012, absence of
any bank debt covenants with which to comply, and limited off-
balance sheet exposure as well as its disciplined operating
philosophy.

The stable rating outlook reflects Moody's expectation that Ryland
will maintain capital structure discipline even as it pursues
emerging growth opportunities. Additionally, Moody's outlook
incorporates improving credit metrics over the intermediate term.

The ratings could be lowered if the company were to continue to
underperform its peer group, if adjusted debt leverage were to
exceed 65% on a sustained basis, and/or if liquidity weakens such
that cash and equivalents fall below $300 million without a backup
revolver in place.

The ratings could be considered for an upgrade when the company
restores its profitability on a sustainable basis and improves
debt leverage to below 50% while maintaining strong liquidity.

The principal methodology used in rating Ryland was the Global
Homebuilding Industry Methodology published in March 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Founded in 1967 and headquartered in Calabasas, CA, The Ryland
Group, Inc. is a mid-sized homebuilder with revenues and
consolidated net income for the last twelve months ended June 30,
2012 of $990 million and ($19) million, respectively.


RYLAND GROUP: S&P Rates $250MM Senior Unsecured Notes 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating and
'4' recovery rating to The Ryland Group Inc.'s proposed $250
million senior unsecured notes due 2022. "Our '4' recovery rating
indicates our expectation for an average (30%-50%) recovery in the
event of default," S&P said.

"The notes will be guaranteed, jointly and severally, by
substantially all of Ryland's direct and indirect wholly owned
homebuilding subsidiaries. Ryland's proposed notes will rank
equally with its $880 million of existing senior unsecured notes.
The company intends to use the net proceeds from the issuance for
general corporate purchases. The company's next debt maturity is
in January 2015, when $126 million 5.375% senior notes mature. We
believe the company will ultimately use the additional liquidity
raised through this offering to fund new investments. As a result,
debt-to-EBITDA will remain elevated and high for the rating due to
the additional debt burden, but in line with our expectations
given the company's recently stronger operating performance and
profitability," S&P said.

"Our ratings on Ryland reflect an 'aggressive' financial risk
profile, which reflects EBITDA-based metrics that remain weak for
the rating. We view Ryland's business risk profile to be 'fair'
because of the company's less-capital-intensive land strategies,
which result in a shorter years supply and predominately developed
supply of land. Even so, we expect the company will need to invest
in land to meet anticipated demand beyond 2013. While
profitability is improving, it remains weak for the rating.
However, community count growth and better absorption should
support volume growth, and we expect Ryland to improve its margins
and profitability in 2012 and 2013," S&P said.

"Ryland's ample cash position, relative to its near-term capital
needs, remains an important ratings support, absent access to a
committed revolving credit facility. Proceeds from the new debt
issue will bolster cash, which would otherwise decline in 2013 as
the company builds up inventory. We would lower ratings if
operating results do not improve as expected and if key credit
metrics are not on an improving trajectory, such that we believe
adjusted debt-to-EBITDA will reach the 6x area in 2013. We would
also lower the ratings if liquidity weakens significantly. An
upgrade is unlikely over the next 12 months because we expect
Ryland leverage to remain elevated," S&P said.

RATINGS LIST

The Ryland Group Inc.
Corporate Credit Rating                BB-/Stable

New Rating
The Ryland Group Inc.
$250 million senior notes due 2022     BB-
Recovery rating                        4


SCHWAB INDUSTRIES: Fla. Court Won't Hear Family Members' Lawsuit
----------------------------------------------------------------
District Judge John E. Steele in Fort Myers, Florida, dismissed a
lawsuit among family members over allocation of the proceeds from
the sale of Schwab Industries, Inc., citing lack of personal
jurisdiction.

In the lawsuit, David Schwab, Jerry Schwab, Donna Schwab,
Plaintiffs, v. Mary Lynn Hites, also known as Mary Lynn Schwab,
Defendant, Case No. 2:11-cv-638-FtM-29DNF (M.D. Fla.), Jerry and
Donna are husband and wife and parents to plaintiff David and
defendant Mary Lynn.  The parties were stock owners in the family
business, Schwab Industries, which conducted business through
various subsidiaries in Ohio and Florida. Jerry owned 46%, David
owned 27%, Donna owned 6%, and Mary Lynn owned 20% of Schwab
Industries.  On Feb. 28, 2010, Schwab Industries filed a voluntary
Chapter 11 bankruptcy petition.  On May 28, 2010, an order was
entered in the Bankruptcy Case that authorized the sale of
substantially all of the assets of Schwab Industries.

Pursuant to a sale under 11 U.S.C. Sec. 363, Oldcastle Materials,
Inc., a Delaware corporation with offices in Florida, purchased
certain Schwab Industries assets.  To compliment its acquisition
of assets, Oldcastle offered to buy, and Jerry, Donna, and David
agreed to sell, their personal goodwill to Oldcastle.  The
Complaint alleges that although Mary Lynn had no goodwill to
offer, she was a "seller" under the goodwill agreement.  The
Personal Goodwill Purchase Agreement required David to enter into
an Executive Employment Agreement, David and Donna to enter into a
Consulting Agreement, and Jerry, David, Donna, and Mary Lynn to
enter into a Non-Compete Agreement.  The Personal Goodwill
Agreement specified a purchase price of $1,000,000 to be paid in
annual installments of $200,000 per year, for five years.  The
Non-Compete Agreement specified a purchase price of $2,762,500
which was divided as follows: $300,000 in the first, second, and
third years; $662,500 in year four; and $1,800,000 in year five.
Neither agreement specifies how the payments would be allocated
among the sellers.

The Amended Complaint alleges that at the time Jerry, Donna,
David, and Mary Lynn entered into the Personal Goodwill Agreement
and the Non-Compete Agreement, the Schwabs did not have a mutual
agreement as to how the monies earned on the contracts would be
allocated amongst themselves.  However, because the parties
determined that it was imperative that the transaction with
Oldcastle be consummated immediately, the parties agreed to
determine the proper allocation of the proceeds in accordance with
the relative personal goodwill and value of the non-compete
agreement of the parties, equity, and fairness after the Oldcastle
contracts were consummated but before the first payment was due.

David, Jerry, Donna, and Mary Lynn appointed Ronald Manse, CPA as
the "Seller's Agent" to receive the payments due under the two
contracts in escrow.  On June 23, 2011, Mr. Manse received the
first payment under both the Personal Goodwill Agreement and the
Non-Compete Agreement.  The parties still had no agreement as to
the allocation of the proceeds. On July 7, 2011, Mary Lynn,
through counsel and via e-mail, directed Mr. Manse to refrain from
making any distributions to the parties unless she received 25% of
the funds.  Mr. Manse distributed the first payment in four equal
shares without specific authorization from David, Jerry, or Donna.
David, Jerry, and Donna demanded that Mary Lynn return the
proceeds to them and the defendant refused.

The plaintiffs commenced the lawsuit in the Circuit Court for the
Twentieth Judicial Circuit of the State of Florida, in and for Lee
County, Civil Division, entitled David Schwab, Plaintiff v. Mary
Lynn Hites, case number 11-CA-003276.  Mary Lynn removed the
action to the District Court on Nov. 7, 2011.

The Defendant seeks to dismiss the Complaint pursuant to Fed. R.
Civ. P. 12(b)(2) because she is a resident of Ohio and the
District Court does not have either specific or general personal
jurisdiction over her.

A copy of the Court's Sept. 14, 2012 Opinion and Order is
available at http://is.gd/pC6tbcfrom Leagle.com.

                      About Schwab Industries

Dover, Ohio-based Schwab Industries, Inc., produced, supplied and
distributed ready-mix concrete, concrete block, cement and related
supplies to commercial, governmental and residential contractors
throughout Northeast Ohio and Southwest Florida.

The Company filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Ohio Case No. 10-60702) on Feb. 28, 2010.  The Parkland
Group, Inc., provided restructuring services and designated
Laurence V. Goddard as Chief Restructuring Officer.  Hahn Loeser &
Parks LLP served as bankruptcy counsel. Brouse McDowell, LPA,
served as special counsel.  Garden City Group, Inc., served as
claims, noticing and balloting agent.  The Company estimated its
assets and liabilities at $50 million to $100 million.


SEP RIVERPARK: Case Reassigned to Judge Niles L. Jackson
--------------------------------------------------------
The Chapter 11 case of SEP Riverpark Plaza, L.L.C., has been
reassigned to Judge Niles L. Jackson of the U.S. Bankruptcy Court
for the Western District of Oklahoma.  The involvement of Judge
Sarah A. Hall in the case is terminated.

Oklahoma City, Oklahoma-based SEP Riverpark Plaza, L.L.C., aka
Riverpark Plaza Apartments, filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Okla. Case No. 10-16832) on Nov. 11, 2010.
According to its schedules, the Debtor disclosed $19.17 million in
total assets and $12.03 million in total liabilities.  On Jan. 13,
2011, Judge Sarah A. Hall authorized the Debtor's employment of
Hiersche Law Firm as its bankruptcy counsel.


SEQUENOM INC: Completes Offering of $130 Million 5% Senior Notes
----------------------------------------------------------------
Sequenom, Inc., has completed its offering of $130.0 million
aggregate principal amount of 5.00% Convertible Senior Notes due
2017 in a private offering, including $20.0 million aggregate
principal amount of notes sold pursuant to the full exercise of an
over-allotment option previously granted to the initial
purchasers.

Sequenom intends to use the net proceeds from this offering to
fund the commercialization of the MaterniT21 PLUS laboratory-
developed test, as well as for other general corporate purposes,
which may include research and development expenses, capital
expenditures, working capital and general administrative expenses.

On Sept. 12, 2012, Sequenom announced the pricing of $110.0
million Convertible Senior Notes due 2017.  On Sept. 13, 2012,
Jefferies & Company, Inc., and J.P. Morgan Securities LLC
exercised in full their over-allotment option to purchase an
additional $20.0 million aggregate principal amount of Convertible
Notes.

The offering closed on Sept. 17, 2012.  The aggregate net proceeds
to the Company from the offering were approximately $124.6
million, after deducting the Initial Purchasers' discounts and
commissions and estimated offering expenses payable by the
Company.

                          About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

The Company reported a net loss of $74.15 million in 2011, a net
loss of $120.84 million in 2010, and a net loss of $71.01 million
in 2009.

The Company's balance sheet at June 30, 2012, showed
$161.05 million in total assets, $59.03 million in total
liabilities, and $102.02 million in total stockholders' equity.


SKY KING: Blames Direct Air for Chapter 11 Bankruptcy Filing
------------------------------------------------------------
John Chambliss at The Ledger reports that Frank Visconti blamed
passenger-jet airline Direct Air for the bankruptcy filing of his
company, Sky King Airlines.  Sky King provided planes, pilots and
crews to Direct Air, and Mr. Visconti said his company is owed
nearly $1 million dollars for that service.  "They owed us a
significant amount of money when the fuel company cut us off," the
report quotes Mr. Visconti as saying.

The report relates Direct Air abruptly canceled all of its
flights, including service to Lakeland Linder Regional Airport, on
March 12.  The discount airline filed for Chapter 11 bankruptcy a
few days afterward. Direct Air officials blamed "rising fuel costs
and other operating expenses."

The report relates Mr. Visconti said the company's owners asked
him to address some restructuring issues that weren't handled
properly during its first bankruptcy.  "The previous team did not
have a lot of experience," the report quotes Mr. Visconti as
noting.  "We're renegotiating terms with about all our vendors
(owners of aircraft)."

The report relates Gene Conrad, Lakeland Linder airport director,
said the company continues to pay its lease on time.

The report adds Sky King stopped its maintenance service on jets
more than a year ago.  Now, the tail enclosure is used by Florida
Modification Specialists.  Lakeland Linder currently leases hangar
space to Florida Modification.

Sky King Airlines provides charter-jet service in Lakeland.  This
is the second time in two years that Sky King landed in
bankruptcy.  It came out of its first reorganization effort in
June 2011.


SOTHEBY'S: S&P Rates New $300MM Senior Unsecured Notes 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior
unsecured debt rating and '5' recovery rating to New York City-
based Sotheby's proposed $300 million senior unsecured notes due
2022.

"The company has indicated that it will use net proceeds from the
144A offering to redeem or repurchase any and all of the
outstanding (about $80 million as of June 30, 2012) 7.75% senior
unsecured notes due June 15, 2015, and for general corporate
purposes, including the potential repayment of other existing
debt," S&P said.

"The 'BB+' corporate credit rating and stable outlook on Sotheby's
remain unchanged and reflect our assessment that the company's
business risk profile is 'fair' and its financial risk profile is
'intermediate.' We base our opinion of the company's business risk
on its leading position as one of the two largest auctioneers in
the highly volatile global auction markets and its experienced
management team, countered by the very seasonal nature of its
operations and the swings in its profitability. We view the
company's financial risk profile as intermediate given its
expected credit metrics, moderate financial policies, sizable cash
balances, and positive cash flow generation. Lease-adjusted total
debt was about $583 million at June 30, 2012," S&P said.

RATINGS LIST

Sotheby's
Corporate Credit Rating                BB+/Stable/--

New Ratings

Sotheby's
Senior Unsecured
  $300 mil. nts due 2022                BB
   Recovery Rating                      5


STRATEGIC PARTNERS: Moody's Withdraws 'B2' CFR/PDR
--------------------------------------------------
Moody's Investors Service withdrew all ratings of Strategic
Partners Inc.

The following ratings were withdrawn:

Corporate Family Rating at B2

Probability of Default Rating at B2

$30 million senior secured revolver due 2015 at B1 (LGD 3, 37%)

$175 million senior secured term loan due 2016 at B1 (LGD 3,
37%)

The stable rating outlook was also withdrawn

Ratings Rationale

The rating action reflects that all of Strategic Partners' rated
debt was repaid following its acquisition by Partners Group,
Avista Capital Partners and management.

The principal methodology used in rating Strategic Partners, Inc.
was the Global Apparel Industry Methodology published in May 2010.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Headquartered in Chatsworth, California, Strategic Partners, Inc.
designs, manufactures and distributes medical uniforms,
accessories, medical footwear and school uniforms through owned
and licensed brands including "Cherokee", "Dickies" and
"Classroom".


SUMMIT WEALTH: SEC Charges Atlanta-Based Firm Over Ponzi Scheme
---------------------------------------------------------------
The Securities and Exchange Commission on Sept. 19 announced
charges against a private fund manager and his Atlanta-based
investment advisory firm for defrauding investors in a purported
"fund-of-funds" and then trying to hide trading losses by creating
new private funds to make money to pay back the original fund
investors in Ponzi-like fashion.

The SEC is seeking an emergency court order to freeze the assets
of Angelo A. Alleca and Summit Wealth Management Inc. and prevent
further investor losses, which are estimated to be $17 million
among approximately 200 clients.

"Alleca told Summit Wealth clients that he was investing their
money in funds, but instead he was rolling the dice in the stock
market without success," said Bruce Karpati, Chief of the SEC
Enforcement Division's Asset Management Unit.  "Rather than fess
up about his trading losses, Alleca tried a cover up by creating
new funds. Instead of winning back the money, he just compounded
his fraud by suffering further losses."

After receiving a tip, the SEC initiated an examination of Summit
Wealth. As SEC examiners noticed something was amiss at the firm,
they immediately coordinated with SEC enforcement attorneys to
gather and assess evidence.

"SEC examiners and attorneys acted swiftly after receiving a tip
about possible wrongdoing at the firm, and have mounted an
aggressive effort to put a stop to Alleca's fraud before more
investors are harmed," said William P. Hicks, Associate Director
of the SEC's Atlanta Regional Office.

According to the SEC's complaint filed late Tuesday in federal
court in Atlanta, Alleca and Summit Wealth Management offered and
sold interests in Summit Fund, which they told their clients was
operating as a fund-of-funds -- meaning they were investing their
money in other funds and investment products rather than directly
in stocks and other securities.  The fund-of-funds investment
strategy is intended to diversify investor money and minimize
exposure to risks. However, Alleca instead engaged in active
securities trading with his clients' money, and he incurred
substantial losses.  He concealed the Summit Fund trading losses
from investors and provided them false account statements.

The SEC alleges that when it came time to meet redemption requests
from Summit Fund investors, Alleca created at least two hedge
funds to raise money from Summit Wealth clients -- Private Credit
Opportunities Fund LLC and Asset Diversification Fund LP. Alleca's
plan was to cover up the losses that he had incurred in Summit
Fund by illegally transferring profits from the new funds in a
Ponzi-like fashion in order to meet earlier redemption requests.
However, Alleca's plan backfired when those successive funds
incurred further trading losses. Alleca continued to issue false
account statements to investors in Summit Fund as well as the
additional funds in order to hide the actual losses on their
investments.

The SEC's complaint charges Alleca, Summit Wealth Management, and
the three funds with violations of the antifraud provisions of the
federal securities laws.

The SEC examiners who conducted the examination of Summit Wealth
are H. Edward McConnell, David T. McClellan, Claudette Williams,
Satyan Singh, and Donna C. Esau in the SEC's Atlanta Regional
Office. The subsequent investigation was conducted jointly by the
Atlanta office and the Asset Management Unit, particularly John G.
Westrick and Stephen E. Donahue.


THORNTON LLC: Case Summary & 11 Unsecured Creditors
---------------------------------------------------
Debtor: Thornton LLC
        2530 Crawford Avenue, #102
        Evanston, IL 60201

Bankruptcy Case No.: 12-29113

Chapter 11 Petition Date: September 13, 2012

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

Debtor's Counsel: Lee M. Kutner, Esq.
                  KUTNER MILLER BRINEN, P.C.
                  303 E. 17th Avenue, Suite 500
                  Denver, CO 80203
                  Tel: (303) 832-2400
                  E-mail: lmk@kutnerlaw.com

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

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

The Company's list of its 11 largest unsecured creditors is
available for free at http://bankrupt.com/misc/cob12-29113.pdf

The petition was signed by Jay Brown, manager.


TRANSTAR HOLDING: Moody's Cuts CFR to B2; Rates Facilities Caa1
---------------------------------------------------------------
Moody's Investors Service downgraded Transtar Holding Company's
corporate family and probability of default ratings to B2 from B1
and downgraded the ratings on Transtar's existing credit
facilities by one notch. Concurrently, Moody's assigned B1 ratings
to Transtar's proposed $345 million first lien credit facilities
and a Caa1 rating to the company's proposed $165 million second
lien credit facility.

Proceeds from the proposed credit facilities along with cash will
be used to refinance Transtar's existing debt and fund a $91
million distribution to shareholders (the "transaction").

Rating Rationale:

The downgrade of the corporate family rating to B2 reflects the
company's high leverage and shift to a more aggressive financial
policy. The proposed dividend represents just under half of the
original equity invested in the company by Friedman Fleischer &
Lowe, LLC ("FFL") and management during the December 2010
acquisition of the company. Pro forma for the transaction,
Transtar's lease-adjusted Debt/EBITDA for the twelve months ended
June 30, 2012 would increase to nearly 6.5 times from about 5.2
times.

The B1 ratings on Transtar's existing and proposed first lien
facilities are one notch higher than the company's B2 Corporate
Family Rating, reflecting the company's B2 probability of default
rating, a loss given default assessment of LGD3, 33%, and a
significant level of junior support in the capital structure in
the form of second lien debt. The facilities are secured by a
first priority lien on substantially all assets of the borrower
and guarantors, and a pledge of 65% of the stock in foreign
subsidiaries. The Caa1 ratings on the existing and proposed second
lien term loans reflect the more junior position in the capital
structure, leading to a loss given default assessment of LGD5,
85%.

The stable outlook reflects the expectation for continued modest
growth in revenue and earnings while maintaining good liquidity.
The outlook also incorporates the expectation that Transtar could
continue to make small, bolt-on acquisitions to augment organic
growth. Free cash flow is expected to remain positive, with excess
cash flow used for debt reduction and credit metric improvement.

A ratings downgrade could be triggered by material deterioration
in operating performance, more aggressive financial policies such
as dividends or large acquisitions outside of expectations, or a
deterioration in liquidity. A downgrade could result if
debt/EBITDA were to rise above 6.5 times on a sustained basis or
if EBITDA-Capex/Interest approaches 1.25 times.

A ratings upgrade could be triggered by sustained growth in
revenue and earnings while maintaining good liquidity. The company
would also need to demonstrate the willingness to sustain a
conservative financial policy, including the use of free cash flow
for debt reduction. Quantitative metrics include debt/EBITDA
sustained under 5.0 times and EBITDA-Capex/interest over 2.0
times.

Ratings assigned:

-- $50 million first lien revolving credit facility expiring
    2017 at B1 (LGD 3, 33%)

-- $295 million first lien term loan expiring 2018 at B1 (LGD 3,
    33%)

-- $165 million second lien term loan due 2019 at Caa1 (LGD 5,
    85%)

Ratings downgraded:

-- Corporate Family Rating to B2 from B1;

-- Probability of Default Rating to B2 from B1;

Ratings downgraded; will be withdrawn upon completion of the
transaction:

-- $50 million first lien revolving credit facility expiring
    2015 to B1 (LGD3, 33%) from Ba3 (LGD 3, 33%);

-- $240 million first lien term loan due 2016 to B1 (LGD3, 33%)
    from Ba3 (LGD 3, 33%);

-- $135 million second lien term loan due 2017 to Caa1 (LGD5,
    85%) from B3 (LGD 5, 85%)

The principal methodology used in rating Transtar was the Global
Distribution and Supply Chain Services Methodology published in
November 2011. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Transtar Holding Company is a distributor of automotive
aftermarket driveline replacement parts, kits and components sold
to the transmission repair and remanufacturing market. The company
also supplies autobody refinishing products to professional
aftermarket automotive refinishers and autobody repair shops. Net
revenue for the latest twelve month period ended June 30, 2012
exceeded $500 million.


TRIGEE FOUNDATION: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Trigee Foundation Inc.
        dba Minnesota Terrace Apartments
        ta Oasis Realty Service
        P.O. Box 90717
        Washington, DC 20090

Bankruptcy Case No.: 12-00624

Chapter 11 Petition Date: September 13, 2012

Court: U.S. Bankruptcy Court
       District of Columbia (Washington, D.C.)

Judge: S. Martin Teel, Jr.

Debtor's Counsel: Jeffrey M. Sherman, Esq.
                  LERCH, EARLY & BREWER
                  3 Bethesda Metro Center, Suite 460
                  Bethesda, MD 20814
                  Tel: (301) 841-3843
                  E-mail: jmsherman@lerchearly.com

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

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

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

The petition was signed by Johnnie Mae Durant.


TUCSON ELECTRIC: Fitch Lifts Issuer Default Rating From 'BB+'
-------------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Rating (IDR) of
Tucson Electric Power Company (TEP) one-notch to 'BBB-' from 'BB+'
with a Stable Rating Outlook.  The short-term IDR and securities
ratings were also upgraded one-notch, as follows:

  -- First mortgage bonds to 'BBB+' from 'BBB';
  -- Secured bank facility to 'BBB+' from 'BBB';
  -- Unsecured industrial revenue bonds to 'BBB' from 'BBB-';
  -- Unsecured pollution control revenue bonds to 'BBB' from
     'BBB-';
  -- Unsecured notes to 'BBB' from 'BBB-';
  -- Short-term IDR to 'F3' from 'B'.

Approximately $1.6 billion of debt securities are affected by the
rating action.  TEP is a wholly-owned subsidiary of UNS Energy.

Key rating drivers include:

  -- Stable earnings and cash flows
  -- Pending 2012 GRC with the ACC;
  -- Nearing the end of a five-year non-fuel base rate freeze;
  -- Adoption of a more flexible leverage covenant in bank
     agreement;
  -- High leverage (including capital lease obligations); and
  -- Exposure to changes in environmental rules and regulations;

The ratings upgrade and Stable Outlook reflects TEP's relatively
strong performance at the end of its five-year non-fuel base rate
freeze ending this year.  Fitch assumes a reasonable outcome in
the utility's pending 2012 GRC which will provide a tailwind for
increased earnings in 2013 and 2014.  A constructive outcome in
TEP's pending 2012 General Rate Case (GRC) should permit an
adequate rate of return on investment on recent rate base
additions and recovery of higher operating expenses incurred over
the last few years.

TEP's capital structure remains burdened by high levels of debt
and a large capital expenditure program affords little opportunity
to decrease leverage.  However, TEP has made progress in improving
its debt profile as it has reduced its exposure to variable rate
debt.  For the LTM ending June 30, 2012, TEP's variable rate debt
comprised 15.9% of total long-term debt, as compared to 26% for
2010, including capital lease debt.

2012 GRC filed; Partial Decoupling Requested: On July 2, 2012 TEP
filed its 2012 GRC with the ACC and requested a nonfuel base rate
increase of $128 million dollars predicated on an 10.75% ROE for
rates effective no later than Aug. 1, 2013.  Notably, TEP's filing
includes a request for a Lost Fixed Cost Recovery (LFCR) mechanism
and an Environmental Compliance Adjustor (ECA).  The LFCR is a
partial revenue decoupling mechanism which is designed to recover
non-fuel costs associated with the implementation of energy
efficiency or distributed generation programs.  The ECA is a
recovery mechanism designed to recover compliance costs associated
with environmental regulations, primarily for pollution control
upgrades on TEP's coal fired generation fleet.  Fitch notes that
the LFCR is not weather normalized and expects a decision by
August of next year.

Solid Operating Performance: For the LTM period ending June 30,
2012 TEP's EBITDA coverage ratios trended flat at 4.0x as compared
to 4.1x for 2011.  Similarly, TEP's FFO coverage ratios
approximated 3.9x and 3.8x over the same time periods.  Leverage
for the LTM ending June 30, 2012, as measured by Debt to EBITDA,
was high at 4.4x.

Coverage Metrics Expected to Improve: Over a five-year forecast
period, Fitch projects that TEP's EBITDA coverage ratios could
reach 5.9x reflecting rate base additions and new rates.  In the
intermediate term, TEP is forecasted to be modestly Free Cash Flow
negative due to increased capital spending needs associated with
emissions compliance and transmission investments.  Going forward,
leverage ratios are also expected to show modest improvement as
TEP amortizes its capital lease obligations.  Debt to total
capitalization is expected to decline to 58% in 2014 from 65%
currently.  Fitch includes capital lease obligations in its debt
leverage calculations; approximately two-thirds of TEP's capital
lease obligations mature by 2015.

Increased Capital Expenditure Needs: TEP plans to spend $1.8
billion on capital expenditures through 2016, and capital
expenditures are expected to average $350 million per annum.
Capital expenditures associated with environmental compliance
investments and transmission projects account for the bulk of
increased capital spending levels. Additionally, capital
expenditures for solar projects are expected to average $30
million per annum. Going forward, the majority of capital
expenditures are covered by operating cash flows and Fitch
projects TEP to be modestly FCF negative.

Manageable Maturities: Debt maturities at TEP are manageable and
mainly consist of capital lease obligations.  As of June 30th
2012, TEP had $365 million of capital lease obligations on the
balance sheet of which $258 million amortizes by 2015.

Sufficient Liquidity: TEP's $386 million secured bank facility
includes a $200 million revolving credit facility used to meet
day-to-day working capital requirements and a $186 million secured
letter-of-credit facility that supports outstanding tax-exempt
bonds.  TEP's secured bank facility matures in November 2016 and
is secured by a First Mortgage Bond indenture.  As of June 30,
2012, TEP had total available liquidity of $82 million including
$32 million of cash and cash equivalents and $50 million of
available borrowing capacity under its secured revolving credit
facility.

In November of 2011, TEP amended its $200 million secured credit
agreement and extended the maturity by two years to 2016.  TEP's
revolving credit facility contains a maximum debt to
capitalization covenant ratio of 70%, and as of June 30, 2012 TEP
was in compliance with a debt to capitalization ratio of 65.1%.
Fitch notes that TEP has limited headroom in their capital
structure under their leverage covenant.

What could lead to a credit rating upgrade?

  -- None anticipated in the near term.

What could lead to a credit rating downgrade?

  -- An outcome in the 2012 GRC which limits TEP's ability to earn
     an adequate and timely return on invested capital.


URBAN WEST RINCON: Court Orders Dismissal of Chapter 11 Cases
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
has granted the motion of Urban West Rincon Developers II, LLC,
and Rincon Developers Phase II, LLC, for the dismissal of the
Debtors' Chapter 11 cases.

As reported in the TCR on June 15, 2012, after hearing on July 26,
2011, the Court approved the amended motion to approve compromise
of controversy under which the Debtors resolved various conflicts
between themselves and SP4 Rincon II Lender, LP, and SP4 Rincon II
Partner, LP.

After entry of a court order dated July 29, 2011, approving a
compromise allowing Debtors some 90 days to complete a sale of
their interests in ORH II, the Debtors failed to deliver the
agreed, confidential settlement payment owed to SP4 Rincon II
Lender, LP, and SP4 Rincon II Partner, LP, by the stipulated,
court-approved Oct. 6, 2011 deadline.  The Debtors lost their
respective interests in ORH II, the entity that owns the
underlying real property on which the Phase II project is to be
built in a duly-noticed public foreclosure sale of their limited
partnership interests under the California Uniform Commercial
Code, which was conducted on Oct. 17, 2011.  The estates have no
remaining assets.

San Francisco, California-based Urban West Rincon Developers II,
LLC, filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Calif. Case No. 11-30924) on March 9, 2011.  Heinz Binder, Esq.,
and Roya Shakoori, Esq., at the Law Offices of Binder and Malter,
serves as the Debtor's bankruptcy counsel.


WINDHAM & MCDONALD: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Windham & McDonald Construction Company, Inc.
        1245 Big Orange Road
        Cordova, TN 38018

Bankruptcy Case No.: 12-29792

Chapter 11 Petition Date: September 13, 2012

Court: U.S. Bankruptcy Court
       Western District of Tennessee (Memphis)

Judge: Jennie D. Latta

Debtor's Counsel: John L. Ryder, Esq.
                  HARRIS SHELTON HANOVER WALSH, PLLC
                  One Commerce Square, Suite 2700
                  Memphis, TN 38103-2555
                  Tel: (901) 525-1455
                  E-mail: jryder@harrisshelton.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 20 largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/tnwb12-29792.pdf

The petition was signed by Douglas Windham, president.


WINNERS CREATIVE: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Winners Creative Group, LLC
        6401 E. Thomas Road
        Scottsdale, AZ 85251
        Tel: (480) 917-0001

Bankruptcy Case No.: 12-20390

Chapter 11 Petition Date: September 13, 2012

Court: U.S. Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Charles G. Case, II

Debtor's Counsel: Michael T. Reynolds, Esq.
                  REYNOLDS & REYNOLDS, PLLC
                  125 E. Coronado Road
                  Phoenix, AZ 85004
                  Tel: (602) 253-6141 Ext: 203
                  Fax: (602) 252-4133
                  E-mail: michael@reynoldsazlaw.com

Estimated Assets: $0 to $50,000

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

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

The petition was signed by Fred Wagenhals, manager.


* Home Valued at Filing for Stripping Off in Chapter 13
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a U.S. district judge in Boston ruled on Sept. 17
that to decide whether a Chapter 13 plan can strip off a
completely unsecured mortgage, the property must be valued as of
the petition date, not the date for confirmation of the plan.

According to the report, when an individual filed in Chapter 13,
the property was worth more than the first mortgage.  By the time
her plan was up for approval at a confirmation hearing, the value
had dropped, and the home was worth less than the first-mortgage
debt.  Using confirmation as the valuation date, the bankruptcy
judge confirmed a plan stripping off the second mortgage utilizing
Section 1322(b)(2) of the Bankruptcy Code.  The subordinate
mortgage was treated as an unsecured claim.  The bank appealed and
won in a 13-page opinion by U.S. District Judge F. Dennis Saylor
IV in Boston.

The report relates that looking at Section 506(a)(1) of the
Bankruptcy Code, Judge Saylor said valuation must be performed "in
light of the purpose of the valuation."  He followed what he
characterized as a majority of courts in picking the filing date.

The Bloomberg report discloses that Judge Saylor said that using
the filing date will disincline parties "from improperly delaying
or accelerating the proceeding."

The case is TD Bank NA v. Landry, 12-40009, U.S. District Court,
District of Massachusetts (Boston).


* Bankruptcy Court Proper Venue for Final Rulings on Tax Disputes
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a bankruptcy judge has the right to make final
rulings in disputes over federal taxes despite the Supreme Court's
Stern v. Marshall ruling last year.

According to the report, U.S. District Judge Brian M. Cogan in
Brooklyn concluded in a Sept. 15 opinion that a refund claim
involves a dispute over "public rights" where the bankruptcy court
is competent to issue a final judgment.  He said that Stern
involved a bankruptcy counterclaim under state common law.

The report relates that Judge Cogan mentioned that tax disputes
are resolved in the U.S. Tax Court and the Federal Court of
Claims, which are both Article I tribunals like bankruptcy courts.

The Bloomberg report discloses that he said that rulings by those
two courts are "reviewed under ordinary appellate standards,"
including the rule that findings of fact are not set aside except
for "clear error."

The case is U.S. v. Bond, 11-5608, U.S. District Court, Eastern
District of New York (Brooklyn).


* A&M Expands Public Sector Services Group
------------------------------------------
Alvarez & Marsal has expanded its Public Sector Services group
with the addition of senior directors Michael Imber (New York),
Nicholas Srebrow and Scott Tullio (Washington, D.C.); and
directors Daniel Richardson, Robert Noll and John Rust
(Washington, D.C.).

"As economic uncertainty persists, federal, state and local
government entities are striving to increase accountability,
innovate operations and seek alternative approaches to manage
capital," said Bill Roberti, managing director at A&M and head of
the firm's Public Sector Services group.

"A&M offers public sector entities leadership driving fiscal and
operational transformation, insight and expertise supporting
financial regulatory economic assessment and implementation, and
assistance in broad fiscal and market reform, drawing upon A&M's
restructuring heritage and operational experience with financial
institutions," he added.  "This group of senior professionals
brings deep experience in improving the performance of public
sector entities, and will make outstanding contributions to
clients of A&M."

With more than 25 years of experience, Mr. Imber brings a blend of
commercial and public sector expertise to A&M.  Specializing in
bankruptcies, workouts and middle-market finance, his recent
public sector engagements have included serving as financial
adviser to the Nassau County Interim Finance Authority and
providing financial advisory services to a Midwestern city.  He
has also served as the financial adviser to several major
municipal transit authorities in restructuring concession
contracts with a distressed media company, and was most recently a
principal at Grant Thornton, LLC in its State & Local Government
Advisory Services practice.

Mr. Srebrow brings a broad technical background in the areas of
homeland security, human capital, strategic planning, facilitation
and information technology to A&M.  Prior to joining the firm, he
served as a vice president at LIST Innovative Solutions,
supporting the company's growth in the Federal market space.

Additionally, his extensive client experience includes the Office
of Personnel Management, the Department of Defense, the Department
of Homeland Security (Customs and Border Protection, U.S. Secret
Service, Transportation Security Administration), the Federal
Aviation Administration, the Securities and Exchange Commission,
Environmental Protection Agency, the Federal Trade Commission and
the U.S. Agency for International Development.

For over 14 years, Mr. Tullio has served in advisory and
operational roles for commercial, non-profit and government
organizations.  He brings experience in merger and acquisition due
diligence, portfolio analysis, shareholder value analysis,
financial crisis simulation, capital markets advisory support,
corporate finance, and strategy.  He also has specialized
expertise across several functional domains, including financial
risk management, strategic planning, crisis management and
communications, business transformation and organizational design.
Prior to joining A&M, he was a principal with Booz Allen Hamilton,
where he led the Commercial Financial Services business for the
Strategy and Organization Team.

Mr. Richardson has over 14 years of experience in strategy and
acquisitions and capital investment as a principal and consultant.

He has advised large financial services clients on crisis and risk
management activities at a C-suite level.  He previously served as
a principal at Kidd & Company in its private equity practice,
where he sourced, researched, and invested in a range of different
businesses globally, including engagements involving risk analyses
and mitigation strategies for U.S., EU, Brazil, and Africa-based
companies and operations.

For the past 13 years, Mr. Noll has dedicated his time and energy
in serving public sector and multinational corporations in
financial services and technology as a client and consultant.  His
primary focus has been in the areas of strategy and operational
risk, commercial intelligence, analytics, compliance, security,
crisis management, business continuity / disaster recovery and
continuity of government.  Mr. Noll has worked and performed on
client sites in numerous domestic and international engagements
(Americas, Europe, Asia, Middle East and Africa).  Prior to
joining A&M, he served as a Senior Federal Executive for the U.S.
Congress and directed a comprehensive $250 million dollar "all
hazards" investment portfolio.

With more than 18 years of financial services and management
consulting experience, Mr. Rust brings significant expertise in
economic impact analysis, portfolio management, shareholder value
analysis, financial crisis simulation, capital markets advisory
support, credit risk management and modeling, corporate finance
and strategy, and merger and acquisition due diligence.  He also
specializes in several functional domains, including advanced
financial market risk analysis techniques, strategic planning and
organizational design, and data analytic tool development and
implementation.  Prior to joining A&M, he served on the Board of
Directors for the CFA Society of Washington from 2006-2008, and he
was a senior associate with Booz Allen Hamilton, where he led the
Civil and Commercial Financial Services group for the Decision
Analytics Team.

                      About Alvarez & Marsal

Alvarez & Marsal -- http://www.alvarezandmarsal.com/-- is a
professional services firm with expertise in guiding
underperforming companies and public sector entities through
complex operational, financial and organizational challenges.  The
firm excels in problem solving and value creation, and brings a
bias toward executing solutions with a distinctive hands-on
approach to serving clients, management and stakeholders.

Founded in 1983, Alvarez & Marsal draws on its strong operational
heritage to provide specialized services, including Turnaround and
Management Advisory, Crisis and Interim Management, Performance
Improvement, Creditor Advisory Services, Corporate Finance,
Dispute Analysis and Forensics, Tax Advisory, Business Consulting,
Real Estate Advisory and Transaction Advisory.  A network of
experienced professionals in locations across the U.S., Europe,
Asia and Latin America, enables the firm to deliver on its proven
reputation for leadership, problem solving and value creation


* Spencer Cain Bankruptcy Pro Joins Vorys in Houston
----------------------------------------------------
Jeremy Heallen at Bankruptcy Law360 reports that Vorys Sater
Seymour and Pease LLP has hired a former Spencer Crain Cubbage
Healy & McNamara PLLC shareholder who specializes in bankruptcy
and insolvency law to lead that practice group in Houston, the
firm announced Monday.

Thomas H. Grace joined Vorys Sater as a partner Sept. 4, the firm
said.  His practice will focus on "all facets of insolvency and
bankruptcy matters," it said.



* Recent Small-Dollar & Individual Chapter 11 Filings
-----------------------------------------------------

In re Sparizione Management, LLC
   Bankr. N.D. Calif. Case No. 12-56522
     Chapter 11 Petition filed September 1, 2012
         See http://bankrupt.com/misc/canb12-56522p.pdf
         See http://bankrupt.com/misc/canb12-56522c.pdf
         represented by: W. Austin Cooper, Esq.
                         LAW OFFICES W. AUSTIN COOPER
                         E-mail: austincooperlaw@yahoo.com

In re Shanty Holdings, LLC
   Bankr. N.D. Ga. Case No. 12-72061
     Chapter 11 Petition filed September 1, 2012
         See http://bankrupt.com/misc/ganb12-72061.pdf
         represented by: Michael C. Famiglietti, Esq.
                         FAMIGLIETTI LAW FIRM
                         E-mail: lexres@bellsouth.net

In re Daltex Fence, Inc.
   Bankr. N.D. Tex. Case No. 12-44943
     Chapter 11 Petition filed September 1, 2012
         See http://bankrupt.com/misc/txnb12-44943.pdf
         represented by: Warren V. Norred, Esq.
                         LAW OFFICE OF WARREN NORRED
                         E-mail: wnorred@norredlaw.com

In re Dale Hiles
   Bankr. D. Ariz. Case No. 12-19702
      Chapter 11 Petition filed September 2, 2012


In re Kris Basel
   Bankr. D. Ariz. Case No. 12-20212
      Chapter 11 Petition filed September 11, 2012

In re Ramon Cuellar
   Bankr. D. Ariz. Case No. 12-20228
      Chapter 11 Petition filed September 11, 2012

In re Andria Grable
   Bankr. C.D. Calif. Case No. 12-40900
      Chapter 11 Petition filed September 11, 2012

In re It's My Hair Extensions Inc.
        aka Steve Neely
          aka It's My Hair
   Bankr. C.D. Calif. Case No. 12-31002
     Chapter 11 Petition filed September 11, 2012
         See http://bankrupt.com/misc/cacb12-31002.pdf
         represented by: Richard E. Dwyer, Esq.
                         Law Office of Richard Dwyer
                         E-mail: attorneyricharddwyer@gmail.com

In re Vincent Pignotti
   Bankr. C.D. Calif. Case No. 12-20738
      Chapter 11 Petition filed September 11, 2012

In re Murray Greengrass
   Bankr. S.D. Calif. Case No. 12-12507
      Chapter 11 Petition filed September 11, 2012

In re Francisco Dominguez
   Bankr. D. Colo. Case No. 12-28864
      Chapter 11 Petition filed September 11, 2012

In re Greenpark Residences Inc.
   Bankr. M.D. Fla. Case No. 12-13891
     Chapter 11 Petition filed September 11, 2012
         See http://bankrupt.com/misc/flmb12-13891.pdf
         represented by: Dion R. Hancock, Esq.
                         Dion R Hancock, P.A.
                         E-mail: attorneydionhancock@gmail.com

In re Roland Kringle
   Bankr. M.D. Fla. Case No. 12-05991
      Chapter 11 Petition filed September 11, 2012

In re Pleasant Place, Inc.
   Bankr. N.D. Fla. Case No. 12-10384
     Chapter 11 Petition filed September 11, 2012
         See http://bankrupt.com/misc/flnb12-10384.pdf
         represented by: Sharon T. Sperling, Esq.
                         Law Office of Sharon T. Sperling
                         E-mail: sharon@sharonsperling.com

In re YK Entertainment LLC
   Bankr. N.D. Ga. Case No. 12-72857
     Chapter 11 Petition filed September 11, 2012
         See http://bankrupt.com/misc/ganb12-72857.pdf
         represented by: Terriea L. Williams, Esq.
                         The Williams Law Group
                         E-mail: terrieawilliams@gmail.com

In re Meadowlark Plaza LLC
   Bankr. D. Kans. Case No. 12-22484
     Chapter 11 Petition filed September 11, 2012
         See http://bankrupt.com/misc/ksb12-22484p.pdf
         represented by: Joel Pelofsky, Esq.
                         Berman DeLeve Kuchan and Chapman LLC
                         E-mail: jpelofsky@bdkc.com

In re Michael Bazzi
   Bankr. E.D. Mich. Case No. 12-60627
      Chapter 11 Petition filed September 11, 2012

In re AFSB, LLC
        dba Break Time
   Bankr. D.S.C. Case No. 12-05639
     Chapter 11 Petition filed September 11, 2012
         See http://bankrupt.com/misc/scb12-05639.pdf
         represented by: Rose Marie Cooper, Esq.
                         Cooper Law Firm
                         E-mail: cooperlawsc@gmail.com

In re Tylex, LLC
        dba All Star Liquor and Wine
          dba For Your Eyes Only
            dba 21 & Up
   Bankr. D.S.C. Case No. 12-05640
      Chapter 11 Petition filed September 11, 2012
          See http://bankrupt.com/misc/scb12-05640.pdf
          represented by:  Rose Marie Cooper, Esq.
                          Cooper Law Firm
                          E-mail: cooperlawsc@gmail.com

In re Larry Nunley
   Bankr. E.D. Tenn. Case No. 12-14639
      Chapter 11 Petition filed September 11, 2012

In re Todd Hildebrand
   Bankr. D. Wyo. Case No. 12-20909
      Chapter 11 Petition filed September 11, 2012


In re Joan Curran
   Bankr. C.D. Calif. Case No. 12-13434
      Chapter 11 Petition filed September 12, 2012

In re Odell Young Alternative School, Inc.
   Bankr. C.D. Calif. Case No. 12-31071
     Chapter 11 Petition filed September 12, 2012
         See http://bankrupt.com/misc/cacb12-31071.pdf
         represented by: Robert B. Rosenstein, Esq.
                         ROSENSTEIN & HITZEMAN
                         E-mail: robert@rosenhitz.com

In re Christopher Petersen
   Bankr. C.D. Calif. Case No. 12-41019
      Chapter 11 Petition filed September 12, 2012

In re Jesus Diaz
   Bankr. C.D. Calif. Case No. 12-41098
      Chapter 11 Petition filed September 12, 2012

In re Katrina Wilhelm
   Bankr. N.D. Calif. Case No. 12-12485
      Chapter 11 Petition filed September 12, 2012

In re Raymond Slack
   Bankr. S.D. Fla. Case No. 12-31820
      Chapter 11 Petition filed September 12, 2012

In re Jean Wilnot
   Bankr. S.D. Fla. Case No. 12-31840
      Chapter 11 Petition filed September 12, 2012

In re Garfield Bradshaw
   Bankr. S.D. Fla. Case No. 12-31863
      Chapter 11 Petition filed September 12, 2012

In re Trans-World Investment Co.
   Bankr. E.D. Mich. Case No. 12-60745
     Chapter 11 Petition filed September 12, 2012
         See http://bankrupt.com/misc/mieb12-60745p.pdf
         See http://bankrupt.com/misc/mieb12-60745c.pdf
         represented by: Peter Francis Schneider, Esq.
                         Schneider Miller, P.C.
                         E-mail: pschneider@schneidermiller.com

In re Laurence Mitrenga
   Bankr. S.D. Miss. Case No. 12-51902
      Chapter 11 Petition filed September 12, 2012

In re 1216 Hinsdale Realty LLC
   Bankr. E.D.N.Y. Case No. 12-46597
     Chapter 11 Petition filed September 12, 2012
         See http://bankrupt.com/misc/nyeb12-46597.pdf
         Filed as Pro Se

In re Duke Falcon's Restaurant LLC
   Bankr. E.D.N.Y. Case No. 12-75539
     Chapter 11 Petition filed September 12, 2012
         See http://bankrupt.com/misc/nyeb12-75539.pdf
         represented by: Roy J. Lester, Esq.
                         LESTER & ASSOCIATES
                         E-mail: rlester@rlesterlaw.com

In re Commack Fish & Seafood Restaurant Corp
   Bankr. E.D.N.Y. Case No. 12-75549
     Chapter 11 Petition filed September 12, 2012
         See http://bankrupt.com/misc/nyeb12-75549.pdf
         represented by: Douglas A. Durnin, Esq.
                         E-mail: durninlaw@optonline.net

In re Archie Watkins
   Bankr. W.D.N.C. Case No. 12-20148
      Chapter 11 Petition filed September 12, 2012

In re Cynthia Watkins
   Bankr. W.D.N.C. Case No. 12-20148
      Chapter 11 Petition filed September 12, 2012

In re JK Landscapes, Inc.
   Bankr. W.D. Okla. Case No. 12-14532
     Chapter 11 Petition filed September 12, 2012
         See http://bankrupt.com/misc/okwb12-14532p.pdf
         See http://bankrupt.com/misc/okwb12-14532c.pdf
         represented by: J. John Hager, Jr., Esq.
                         THE LAW OFFICE OF J. JOHN HAGER, P.C.
                         E-mail: john.hager@coxinet.net

In re Jefferson Funeral Home Inc.
   Bankr. W.D. Okla. Case No. 12-14536
     Chapter 11 Petition filed September 12, 2012
         See http://bankrupt.com/misc/okwb12-14536.pdf
         represented by: Philip A. Hurtt, Esq.
                         BRANCH & HURTT LAW FIRM, P.C.
                         E-mail: oklaw@coxinet.net
In re Keith Stone
   Bankr. D. Ariz. Case No. 12-20452
      Chapter 11 Petition filed September 13, 2012

In re Everardo Rubio
   Bankr. C.D. Calif. Case No. 12-41284
      Chapter 11 Petition filed September 13, 2012

In re Bethel Apostolic Community Church Of Pittsburg, Calif.
   Bankr. N.D. Calif. Case No. 12-47578
     Chapter 11 Petition filed September 13, 2012
         See http://bankrupt.com/misc/canb12-47578.pdf
         represented by: Mark A. McLaughlin, Esq.
                         Law Offices of McLaughlin and Wildman
                         E-mail: nmclaug226@sbcglobal.net

In re Carnegie Fund LLC
   Bankr. S.D. Calif. Case No. 12-12599
     Chapter 11 Petition filed September 13, 2012
         See http://bankrupt.com/misc/casb12-12599.pdf
         represented by: Kenneth C. Noorigian, Esq.
                         E-mail: kcnlaw@noorigian.com

In re LiquidBreaker, LLC
   Bankr. S.D. Calif. Case No. 12-12559
     Chapter 11 Petition filed September 13, 2012
         See http://bankrupt.com/misc/casb12-12559.pdf
         represented by: John L. Smaha, Esq.
                         Smaha Law Group, APC
                         E-mail: jsmaha@smaha.com

In re Lucille Gooding
   Bankr. S.D. Calif. Case No. 12-12577
      Chapter 11 Petition filed September 13, 2012

In re Thomas Loftin
   Bankr. N.D. Fla. Case No. 12-50448
      Chapter 11 Petition filed September 13, 2012

In re A-1 Pipe Cleaning Services, Inc.
   Bankr. S.D. Fla. Case No. 12-31898
     Chapter 11 Petition filed September 13, 2012
         See http://bankrupt.com/misc/flsb12-31898.pdf
         represented by: Barry S. Mittelberg, Esq.
                         E-mail: barry@mittelberglaw.com

In re Arie Van Straalen
   Bankr. D. Idaho Case No. 12-41276
      Chapter 11 Petition filed September 13, 2012

In re Gregory Pisarek
   Bankr. E.D. Pa. Case No. 12-18697
      Chapter 11 Petition filed September 13, 2012

In re Joyce Pisarek
   Bankr. E.D. Pa. Case No. 12-18697
      Chapter 11 Petition filed September 13, 2012

In re Julius Shuagis
   Bankr. W.D. Pa. Case No. 12-70832
      Chapter 11 Petition filed September 13, 2012

In re Senges Hermanos Inc.
   Bankr. D.P.R. Case No. 12-07213
     Chapter 11 Petition filed September 13, 2012
         See http://bankrupt.com/misc/prb12-07213.pdf
         represented by: Maria Soledad Lozada Figueroa, Esq.
                         MS Lozada Law Office
                         E-mail: lcdamslozada@gmail.com

In re Belinda Merritt
   Bankr. W.D. Tenn. Case No. 12-12607
      Chapter 11 Petition filed September 13, 2012

In re United Commercial Cast Stone, Inc.
   Bankr. E.D. Tex. Case No. 12-42505
     Chapter 11 Petition filed September 13, 2012
         See http://bankrupt.com/misc/txeb12-42505.pdf
         represented by: Bill F. Payne, Esq.
                         The Moore Law Firm, LLP
                         E-mail: lgarner@moorefirm.com

In re M/121, L.P.
   Bankr. N.D. Tex. Case No. 12-35934
     Chapter 11 Petition filed September 13, 2012
         See http://bankrupt.com/misc/txnb12-35934.pdf
         represented by: Richard G. Grant, Esq.
                         E-mail: rgrant@rgglaw.com

In re Jim Wempe
   Bankr. W.D. Wash. Case No. 12-19420
      Chapter 11 Petition filed September 13, 2012
In re Edward Thomas
   Bankr. C.D. Calif. Case No. 12-31261
      Chapter 11 Petition filed September 14, 2012

In re Silvia Roney
   Bankr. S.D. Calif. Case No. 12-12626
     Chapter 11 Petition filed September 14, 2012
         See http://bankrupt.com/misc/casb12-12626.pdf
         represented by: Andrew H. Griffin, III, Esq.
                         LAW OFFICES OF ANDREW H. GRIFFIN, III
                         E-mail: Griffinlaw@mac.com

In re Silvia Roney
   Bankr. S.D. Calif. Case No. 12-12626
      Chapter 11 Petition filed September 14, 2012

In re Brian Finley
   Bankr. N.D. Ind. Case No. 12-13031
      Chapter 11 Petition filed September 14, 2012

In re Finley Properties, LLC
   Bankr. N.D. Ind. Case No. 12-13032
     Chapter 11 Petition filed September 14, 2012
         See http://bankrupt.com/misc/innb12-13032.pdf
         represented by: Daniel J. Skekloff, Esq.
                         SKEKLOFF, ADELSPERGER & KLEVEN, LLP
                         E-mail: djs@sak-law.com

                                - and ?

                         Scot T. Skekloff, Esq.
                         SKEKLOFF, ADELSPERGER & KLEVEN, LLP
                         E-mail: sts@sak-law.com

In re Timothy Behrendt
   Bankr. D. Nev. Case No. 12-20576
      Chapter 11 Petition filed September 14, 2012

In re Ruby Rani, Inc.
   Bankr. D. N.J. Case No. 12-32676
     Chapter 11 Petition filed September 14, 2012
         See http://bankrupt.com/misc/njb12-32676.pdf
         represented by: Shmuel Klein, Esq.
                         LAW OFFICE OF SHMUEL KLEIN
                         E-mail: shmuel.klein@verizon.net

In re GMJS Pharmacy, Inc.
        dba Laven Pharmacy
   Bankr. E.D.N.Y. Case No. 12-46649
     Chapter 11 Petition filed September 14, 2012
         See http://bankrupt.com/misc/nyeb12-46649.pdf
         represented by: Jennifer T. Opoku-Asare, Esq.
                         ASARE LAW FIRM LLC
                         E-mail: jenasare@gmail.com

In re 5680 Realty Corp.
   Bankr. E.D.N.Y. Case No. 12-75602
     Chapter 11 Petition filed September 14, 2012
         See http://bankrupt.com/misc/nyeb12-75602.pdf
         represented by: John H Hall, Jr., Esq.
                         PRYOR & MANDELUP, LLP
                         E-mail: jh@pryormandelup.com

In re Safe Filters and Hydraulics, Inc.
   Bankr. E.D.N.C. Case No. 12-06608
     Chapter 11 Petition filed September 14, 2012
         See http://bankrupt.com/misc/nceb12-06608.pdf
         represented by: Grieg R. Alley, Esq.
                         ALLEY, REGISTER & MCEACHERN
                         E-mail: griegalley@bellsouth.net

In re Rubber One Recycling, LLC
   Bankr. M.D.N.C. Case No. 12-51313
     Chapter 11 Petition filed September 14, 2012
         See http://bankrupt.com/misc/ncmb12-51313.pdf
         represented by: Edwin H. Ferguson, Jr., Esq.
                         FERGUSON, SCARBROUGH, HAYES, HAWKINS
                         E-mail: ehfafd@fspa.net

In re Emission Solutions, Inc.
   Bankr. E.D. Tex. Case No. 12-42530
     Chapter 11 Petition filed September 14, 2012
         See http://bankrupt.com/misc/txeb12-42530.pdf
         Filed as Pro Se

In re Carmen Martinez
   Bankr. W.D. Tex. Case No. 12-31757
      Chapter 11 Petition filed September 14, 2012

In re Luis Martinez
   Bankr. W.D. Tex. Case No. 12-31757
      Chapter 11 Petition filed September 14, 2012



                            *********

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, Carmel
Paderog, Meriam Fernandez, Ronald C. Sy, Joel Anthony G. Lopez,
Cecil R. Villacampa, Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


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