TCR_Public/130717.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Wednesday, July 17, 2013, Vol. 17, No. 196

                            Headlines

1250 OCEANSIDE: Has Okay to Access Sun Kona II's Cash Collateral
1250 OCEANSIDE: Maturity of Lot Purchaser Notes Extended
44 CP I: Seeks Dismissal of their Chapter 11 Cases
A123 SYSTEMS: Grid Storage and B456 Chapter 11 Cases Closed
ALLIED INDUSTRIES: Wants Plan Filing Exclusivity Until Nov. 19

ALLIED INDUSTRIES: Can Hire Special Counsel, Turnaround Consultant
ALLIED INDUSTRIES: Wants to Tap Glenn Gelman Firm as Accountants
ALLON THERAPEUTICS: Paladin Buys Business Following Bankruptcy
BERNARD L. MADOFF: Investors, Bank Near Pact in Cases
BIOVEST INTERNATIONAL: Emerges From Reorganization With New CEO

BOART LONGYEAR: S&P Lowers CCR to 'B+'; Outlook Stable
BVC PARTNERS: BVC X Files Schedules of Assets and Liabilities
BVC PARTNERS: BVC XII Files Schedules of Assets and Liabilities
CAPUTO TOLLGATE: Case Summary & 2 Unsecured Creditors
CASA CASUARINA: Versace Miami Beach Mansion Listed at $75 Million

CASCADE AG: Court Approves Bidding Procedures
CASCADE AG: Wants to Use Cash Collateral Until Asset Sale Closes
CEDC: S&P Withdraws 'D' CCR Due to Lack of Financial Reporting
CETERA FINANCIAL: New $265MM Sr. Term Loan Gets Moody's B3 Rating
CETERA FINANCIAL: S&P Assigns 'B' Issuer Credit Rating

COCHRAN AVENUE: Case Summary & 20 Largest Unsecured Creditors
CODA HOLDINGS: Debtor Changes Case Caption Following Sale
CODA HOLDINGS: Committee Can Retain Deloitte FAS as Advisor
CODA HOLDINGS: Court Appoints Direct Fee Review as Fee Examiner
COLOREP INC: Industrial Printer Files in Los Angeles to Sell

COMMUNITY HOME FIN'L: Files Amended Schedules of Assets & Debts
CORELOGIC INC: S&P Assigns 'BB+' Rating to New Credit Facility
D & L ENERGY: Court Sets Oct. 14 Proofs of Claim Deadline
D & L ENERGY: Has Interim OK to Access HNB Cash Until Sept. 18
D & L ENERGY: Can Employ SS&G Parkland as Financial Advisor

DETROIT, MI: 20 Percent Offer Jeopardizes Insurers' Recovery
DEWEY STRIP HOLDINGS: Files Schedules of Assets and Liabilities
DIGERATI TECHNOLOGIES: Seeks OK to Incur Debt to Pay Expenses
DIGERATI TECHNOLOGIES: Can Employ HP as Investment Banker
DIGERATI TECHNOLOGIES: Seeks OK to Hire Nevada Litigation Counsel

DIGERATI TECHNOLOGIES: Can Employ Middleton as Tax Accountants
DRYSHIPS INC: Ocean Rig Enters Into $1.8-Bil. Term Loan Facility
EAGLE RECYCLING SYSTEMS: Lieze Associates Files Schedules
EASTMAN KODAK: Says It Will Emerge From Chapter 11 With No Debt
EUROFRESH INC: Name Changed to "EF23, Inc."

FREESEAS INC: Issues Add'l 600,000 Settlement Shares to Hanover
GAVILON GROUP: Moody's Withdraws Ratings Following Asset Sale
GMX RESOURCES: Lenders, Creditors Fight Over $86 Million Payment
HILCORP ENERGY: S&P Raises CCR to 'BB'; Outlook Stable
HOFFMASTER GROUP: S&P Keeps B CCR After $10MM 1st Lien Loan Add-On

HOYT TRANSPORTATION: NY School Bus Operator Files for Chapter 11
IGPS COMPANY: Files Schedules of Assets and Liabilities
IGPS CO: U.S. Trustee Says Sale Price Too Low
INNOVIDA HOLDINGS: Tox Exec Convicted in $40MM Investor Scheme
JETCOM INC: In Default of CSNX Requirements; Trading Halted

JOHNSTON LITHOGRAPH: Case Summary & 20 Largest Unsecured Creditors
LAGUNA BRISAS: Files Blacklined 3rd Amended Disclosure Statement
LAKELAND INDUSTRIES: Stockholders Elect Two Directors
LEHMAN BROTHERS: Workers Can't Pursue Lawsuit vs. Executives
LEHMAN BROTHERS: Court Rejects Retirees' Lawsuit Against Fuld

LUKEN COMMUNICATIONS: Files Schedules of Assets and Liabilities
MADISON PARK: Indiana Church Files After Nearby GM Plant Closes
MIDTOWN SCOUTS SQUARE: Files Schedules of Assets and Liabilities
MUNICIPAL CORRECTIONS: Balks at Motion to Dismiss Chapter 11 Case
MUNICIPAL CORRECTIONS: James Bates to Handle Tax Assessments

MUNICIPAL CORRECTIONS: UMB Balks at Bid for Stay Relief
MUD KING: Wants to Hire BKD LLP as Accountant to File Tax Returns
MUD KING: Wants to Hire O'Connor & Associates as Tax Consultants
NASSAU TOWER: Case Summary & 20 Largest Unsecured Creditors
NATIONAL ENVELOPE: Reaches Deal Allowing for Consensual Bankruptcy

NATIONAL SURGICAL: Moody's Assigns B2 Rating to New Debt Facility
NAVISTAR INTERNATIONAL: Extends Expiration of Rights Plan to 2015
NAVISTAR INTERNATIONAL: M. Rachesky Holds 14.9% Equity Stake
NNN PARKWAY: Hearing on Cash Use Continued to Aug. 7
OCD LLC: Wants Receiver to Turn Over Property

OCD LLC: Butler Burgher to Provide Real Estate Valuation
ONCURE HOLDINGS: US Trustee Rips Latham's Retainer
ORCHARD SUPPLY: $177-Mil. DIP Financing Gets Final Court Okay
ORECK CORP: Court Approves RAM as Winning Bidder for Assets
PATRIOT COAL: Knighthead, Aurelius Facing Opposition to Fees

PENSON WORLDWIDE: Exclusive Periods Extension Sought
PHAZAR CORP: More Time to Solicit Proxies for Plan of Merger
PICCADILLY RESTAURANTS: Yucaipa Finances Plan to Retain Ownership
PITT PENN: Ch.11 Trustee Seeks to Expand 2 Law Firms' Roles
PLAZA VILLAGE: May Hire Mountain Lakes as Management Company

PMI GROUP: Has Interim Court Permission to Retain New CEO and VP
PRIMCOGENT SOLUTIONS: Files Schedules of Assets and Liabilities
PROMMIS HOLDINGS: Can Use Cash Thru Plan Effective Date
PROMMIS HOLDINGS: Interface Inc. Changes Name to EC Mailing Corp.
PROMMIS HOLDINGS: FTI Consulting Okayed as Committee Fin'l Advisor

PROMMIS HOLDINGS: Panel Can Retain Hahn & Hessen as Co-Counsel
PT BERLIAN: Indonesian Proceeding Recognized in U.S. Courts
QBEX ELECTRONICS: Can Hire CBIZ MHM as Financial Advisor
QBEX ELECTRONICS: Wins Court Approval to Hire Real Estate Agent
QUINTILES TRANSNATIONAL: Moody's Revises Outlook to Positive

REFCO INC: Ex-Mayer Brown Partner Gets 1 Year for Fraud
REFCO INC: Grant & Eisenhofer Sues Cantor Over Asset Acquisition
RENO REDEVELOPMENT: S&P Corrects LT Bonds Rating to 'B+'
RESIDENTIAL CAPITAL: 2nd Circ. Remands Appeal of FHFA's MBS Suit
RESTORATION HARDWARE: Renovation Is Private-Equity Boon

RODEO CREEK: Court Dismisses Chapter 11 Cases
ROTECH HEALTHCARE: Equity Panel Wants Valuation Deferred
ROTECH HEALTHCARE: 50 Units File Schedules of Assets & Debts
ROTECH HEALTHCARE: GAO Nixes Protest of $68MM Home Oxygen Contract
ROTECH HEALTHCARE: Equity Holders' Delay Would Pad Attys' Bills

SAAB CARS: Gets Nod for Chapter 11 Liquidation Plan
SAVE MOST: Aug. 14 Hearing to Approve Plan Outline
SEA TRAIL: Bankruptcy Administrator Withdraws Dismissal Motion
SEA TRAIL: Court Approves Sale of Assets to Wealth Spring
SEMINOLE SHORES: Case Summary & 2 Unsecured Creditors

SERVICEMASTER COMPANY: Moody's Cuts Corp. Family Rating to B3
SLM CORP: Fitch Says Cash Flow Analysis Supports Debt Repayment
SMITHFIELD FOODS: Moody's Mulls Downgrade of B1-Rated Senior Debt
SMITHFIELD FOODS: S&P Assigns 'BB-' Rating to $800MM Senior Notes
SOUTH FLORIDA SOD: Case Summary & 12 Unsecured Creditors

STAFFORD RHODES: Court Says Estate Fully Administered, Case Closed
SUN MERGER: Moody's Assigns 'B1' CFR; Outlook Stable
SYNAGRO TECHNOLOGIES: Files Schedules of Assets and Liabilities
T-L CHEROKEE: Court to Hear Cash Collateral Use Motion on July 24
TLO LLC: Committee Retaining Genovese Joblove as Counsel

TLO LLC: Can Employ R. Hugh Lumpkin as Special Counsel
TLO LLC: Has Final Approval to Employ Alan Barbee as Accountant
TMT USA: Files 2nd Motion for Cash Collateral Use to Pay Insurance
TMT USA: Bank Lenders Seek Dismissal of Chapter 11 Cases
TMT USA: Sec. 341 Meeting Slated for Aug. 15

TMT USA: Claims Bar Date Fixed at Nov. 13
TOUSA INC: Receives Approval for Settlement, Confirmation Next
TPO HESS: To Sell to Bang Printing After No Rival Bidders Emerge
TRINITY COAL: Mines Heading for Auction on July 30
UHHS/CSAHS-CUYAHOGA INC: Moody's Affirms 'Ba2' Rating

UNIVERSAL CORP: Fitch Rates Convertible Preferred Stock at 'BB'
W.R. GRACE: Settles Patent Suit Over Propex Concrete Fibers
WASHINGTON MUTUAL: JPMorgan Must Produce More Docs in Suit
WIDEOPENWEST FINANCE: Moody's Retains B2 Corp. Family Rating
WINSTAR COMMS: Grant Thornton to Pay $10MM in Fraud Settlement

* Title Company Entitled to Nondischargeable Judgment
* Children's Game Arranged to Resolve Childish Dispute
* BofA Says Ex-Workers Made Impossible Loan-Program Claims

* Closed-Door Showdown on Filibuster Fight
* FINRA Plan Would Shine Light on "Dark Pools"
* Moody's Says Rising Interest Rate is Good for Insurers
* Vault.com Unveils Law Firm Practice Area Rankings for 2014

* FTI Consulting Bags Six Turnaround Atlas Awards
* Winston Mar Joins SierraConstellation as Managing Director

* Upcoming Meetings, Conferences and Seminars

                            *********

1250 OCEANSIDE: Has Okay to Access Sun Kona II's Cash Collateral
----------------------------------------------------------------
The Hon. Robert J. Faris of the U.S. Bankruptcy Court for the
District of Hawaii granted 1250 Oceanside Partners authority to
use Sun Kona Finance II LLC's cash collateral.

Parties-in-interest Sun Kona Finance I, LLC and Sun Kona Finance
II, LLC, have stated they do not object to the Debtor's use of
cash collateral.  However, SKF II disagrees with Oceanside's
suggestion that SKF may not be fully perfected with respect to a
limited number of carryback notes.  SKF II asserts it holds a
perfected security interest in all carryback notes.

The Debtors would use the cash collateral to service the debt owed
by the Debtor to SKF II, an affiliate of Sun Kona Finance I, LLC,
the DIP Lender to the Debtors.

The Debtor proposes to pay SKF II 100 percent of the cash
collateral received from the date of the filing of Oceanside's
Chapter 11 case until the time as Oceanside moves for further or
alternate relief.  No replacement liens or other adequate
protection will be provided to SKF II, because all cash collateral
will be paid over directly to SKF II.

                   About 1250 Oceanside Partners

1250 Oceanside Partners, Front Nine LLC, and Pacific Star Company
LLC, owners of the 1,800-acre Hokuli'a luxury real estate
development near Kona on the island of Hawaii, sought Chapter 11
protection (Bankr. D. Hawaii Lead Case No. 13-00353) on March 6,
2013, in Honolulu.

The Debtors were formed by developer Lyle Anderson and were part
of his development "empire", which included developments in
Hawaii, Arizona, New Mexico and Scotland.  The secured lender,
Bank of Scotland, declared a default and obtained control of the
Debtors in January 2008.

Development of the property, which has 3.5 miles of waterfront on
the Kona coast, stopped after the developers were declared in
default under the loan.  Oceanside and Front Nine own most of the
land within the Hokuli'a project, which is the principal
development.  Pacific Star owns the land referred to as "Keopuka",
near Hokuli'a.  The Hokuli'a was to have 730 residential units, an
18-hole golf course, club and other amenities.

The Debtors say their assets are worth $68.1 million while they
are jointly liable to $625 million of debt to Sun Kona Finance
LLC, which acquired the Hawaii loan from Bank of Scotland.

Simon Klevansky, Esq., Alika L. Piper, Esq., and Nicole D. Stucki,
Esq., at Klevansky Piper, LLP, represent the Debtor in its
restructuring effort.  They replace the law firm of Gelber, Gelber
& Ingersoll as general counsel.

A creditors committee has not been appointed.

James A. Wagner, Esq., at Wagner Choi & Verbrugge, represents Sun
Kona Finance I, LLC and Sun Kona Finance II, LLC, as counsel.


1250 OCEANSIDE: Maturity of Lot Purchaser Notes Extended
--------------------------------------------------------
The Hon. Robert J. Faris of the U.S. Bankruptcy Court for the
District of Hawaii extended the maturity date of 1250 Oceanside
Partners' lot purchaser notes.  No opposition or response and no
request for a hearing were filed or received.

The Court approved the grant of extensions of the maturity dates
of certain "carry back" (purchase money) notes made by purchasers
of lots from Oceanside, provided, however, that any extensions
will be for no longer than one year at a time, and will be
conditioned upon the obligor's not commencing any action against
Oceanside in connection with their lot purchase, and provided
further that the lender to which such notes have been pledged (SKF
II) consents to the extension.

1250 Oceanside Partners is a Hawaii limited partnership which was
formed to develop a luxury residential and recreational community
located in Kona on the Island of Hawaii.  Oceanside's principal
development project is commonly known as Hokuli'a or the Hokuli'a
Project.  The Hokuli'a development includes an 18-hole golf
course, which has been completed and is in operation, and related
facilities, an approximately 140-acre shoreline park, a trail
system, and approximately 665 single family residential and
residential/agricultural lots, ranging in size from one to three
acres.

Beginning no later than November 2003, and continuing through
2012, Oceanside has approved various requests from lot buyers to
extend note maturity dates.  Lot buyers for whom extension
requests have been granted must continue to make quarterly
payments of principal and interest on the same 30-year
amortization schedule as provided in the Carryback Notes, but the
date of the final balloon payment was extended.  Although those
requests have in the past been conditioned upon a principal
reduction payment from the lot owner, Oceanside seeks authority
from the U.S. Bankruptcy Court for the District of Hawaii to grant
extensions with or without requiring those payments, in its
business discretion.

Only five Carryback Note obligors are currently making payments.
Of these five, one had a balloon payment due in June 2013, and
three balloon payments will come due next year.  An extension
request is currently pending from Holua Kai, LLC, the owner of Lot
204.

                   About 1250 Oceanside Partners

1250 Oceanside Partners, Front Nine LLC, and Pacific Star Company
LLC, owners of the 1,800-acre Hokuli'a luxury real estate
development near Kona on the island of Hawaii, sought Chapter 11
protection (Bankr. D. Hawaii Lead Case No. 13-00353) on March 6,
2013, in Honolulu.

The Debtors were formed by developer Lyle Anderson and were part
of his development "empire", which included developments in
Hawaii, Arizona, New Mexico and Scotland.  The secured lender,
Bank of Scotland, declared a default and obtained control of the
Debtors in January 2008.

Development of the property, which has 3.5 miles of waterfront on
the Kona coast, stopped after the developers were declared in
default under the loan.  Oceanside and Front Nine own most of the
land within the Hokuli'a project, which is the principal
development.  Pacific Star owns the land referred to as "Keopuka",
near Hokuli'a.  The Hokuli'a was to have 730 residential units, an
18-hole golf course, club and other amenities.

The Debtors say their assets are worth $68.1 million while they
are jointly liable to $625 million of debt to Sun Kona Finance
LLC, which acquired the Hawaii loan from Bank of Scotland.

Simon Klevansky, Esq., Alika L. Piper, Esq., and Nicole D. Stucki,
Esq., at Klevansky Piper, LLP, represent the Debtor in its
restructuring effort.  They replace the law firm of Gelber, Gelber
& Ingersoll as general counsel.

A creditors committee has not been appointed.

James A. Wagner, Esq., at Wagner Choi & Verbrugge, represents Sun
Kona Finance I, LLC and Sun Kona Finance II, LLC, as counsel.


44 CP I: Seeks Dismissal of their Chapter 11 Cases
--------------------------------------------------
44 CP I Loan LLC and 44 CP II Loan LLC seek dismissal of their
bankruptcy cases.

The Debtors' assets consisted of junior lien interests in property
subject to a first lien position held by Parkway Bank & Trust
Co.'s.  The U.S. Bankruptcy Court for the District of Arizona on
Nov. 7, 2012 entered an order lifting the automatic stay and
allowing Parkway to foreclose its first lien position.  On
Dec. 19, 2012, Parkway conducted such a foreclosure and therefore,
the Debtors' interests have been extinguished.

The Debtors assert that given the lack of assets to administer and
the absence of other creditors, dismissal of their Chapter 11
cases is appropriate.

                            About 44 CP

44 CP I Loan LLC and 44 CP II Loan LLC filed bare-bones Chapter 11
petitions (Bankr. D. Ariz. Case Nos. 12-15286 and 12-15287) in
Phoenix on July 9, 2012.  The Debtors each estimated assets and
debts of $10 million to $50 million.  Judge Eileen W. Hollowell
oversees the case.  Mark Winkleman, as chief operating officer,
signed the Chapter 11 petition.  The Debtors are represented by
Cathy L. Reece, Esq. -- creece@fclaw.com -- and Anthony W. Austin,
Esq. -- aaustin@fclaw.com -- at Fennemore Craig, P.C.


A123 SYSTEMS: Grid Storage and B456 Chapter 11 Cases Closed
-----------------------------------------------------------
Pursuant to the order of the U.S. Bankruptcy Court for the
District of Delaware confirming B456 Systems, Inc., et al.'s
Modified First Amended Joint Plan of Liquidation and Section 7.09
of the Plan, providing for the closing of the Chapter 11 cases of
B456 Securities Corporation (Case No. 12-12860) and Grid Storage
Holdings LLC (Case No. 12-12861) as of the filing of the notice of
Effective Date, the Court has ordered that B456 Securities' and
Grid Storage's Chapter 11 cases will be closed for all purposes as
of the filing of the notice of Effective Date, without any further
action required of any of the Debtors.

As reported in the TCR on May 22, 2013, a federal judge in
Delaware confirmed the liquidation plan for the bankrupt battery
maker formerly known as A123 Systems Inc.  The Plan would repay
all secured creditors in full with some money left over for
unsecured creditors.

According to Bloomberg News, the plan is structured so holders of
$143.8 million in subordinated notes should have a recovery of
36.3 percent.  If B456 reduces claims to amounts the company
believes correct, the recovery on the subordinated notes could
increase to 62.9 percent, according to the disclosure statement.
General unsecured creditors, who previously were said to have
$124 million in claims, would have roughly the same recovery.

                       About A123 Systems

Based in Waltham, Massachusetts, A123 Systems Inc. designed,
developed, manufactured and sold advanced rechargeable lithium-ion
batteries and battery systems and provided research and
development services to government agencies and commercial
customers.  A123 was the recipient of a $249 million federal grant
from the Obama administration.

A123 and U.S. affiliates, A123 Securities Corporation and Grid
Storage Holdings LLC, sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 12-12859 to 12-12861) on Oct. 16, 2012.
A123 disclosed assets of $459.8 million and liabilities totaling
$376 million.  Lawyers at Richards, Layton & Finger, P.A., and
Latham & Watkins LLP serve as the Debtors' counsel.  Lazard Freres
& Co. LLC acts as the Debtors' financial advisors, while Alvarez &
Marsal serves as restructuring advisors.  Logan & Company Inc.
serves as the Debtors' claims and noticing agent.  Brown Rudnick
LLP and Saul Ewing LLP serve as counsel to the Official Committee
of Unsecured Creditors.

Prior to the bankruptcy filing, A123 had an agreement to sell an
80% stake in the business to Chinese auto-parts maker Wanxiang
Group Corp.  U.S. lawmakers opposed the deal over concerns on the
transfer of American taxpayer dollars and technology to China.
When it filed for bankruptcy, the Debtors presented a deal to sell
all assets to Johnson Controls Inc., subject to higher and better
offers.  At the auction in December 2012, most of the assets ended
up being sold for $256.6 million to Wanxiang.  The deal received
approval from the Committee on Foreign Investment in the U.S. on
Jan. 29, 2013.

A123 Systems was renamed B456 Systems Inc., following the sale.

Wanxiang America Corporation and Wanxiang Clean Energy USA Corp.
are represented in the case by lawyers at Young Conaway Stargatt &
Taylor, LLP, and Sidley Austin LLP.  JCI is represented in the
case by Josh Feltman, Esq., at Wachtell Lipton Rosen & Katz LLP.

In May 2013, the Delaware bankruptcy court confirmed the
liquidation plan for A123 Systems Inc.  The Plan repays all
secured creditors in full with some money left over for unsecured
creditors.  Holders of $143.8 million in subordinated notes are
projected to recoup 36.3 percent.  If B456 Systems Inc., the
company's new name, reduces claims to amounts the company believes
correct, the recovery on the subordinated notes could increase to
62.9 percent, according to the disclosure statement.  General
unsecured creditors, who previously were said to have $124 million
in claims, would have roughly the same recovery.


ALLIED INDUSTRIES: Wants Plan Filing Exclusivity Until Nov. 19
--------------------------------------------------------------
Allied Industries, Inc., is asking Judge Maureen A. Tighe to
extend the exclusive period under which it may file a plan of
reorganization by four months through Nov. 19, 2013.  The Debtor's
current exclusive plan filing deadline falls on July 19.

The Debtor asserts that it needs more time to resolve major
issues, problems and disputes before submitting a Chapter 11 plan.
Among other things, the Debtor cites that it is facing a number of
lawsuits from subcontractors, vendors and former employees.  It
also has brought lawsuits against a number of entities to collect
money it is owed.  Moreover, the Debtor relates that it needs more
time to develop its cash flow to support plan projections to fund
a plan.

The Debtor has four non-residential real property leases -- one
for its principal place of business in North Hollywood, one for
the Pomona office, one for the San Diego office and one for a yard
in San Diego.  The Debtor says it needs more time to decide on the
North Hollywood lease.  It intends to reject the other three
leases.

Secured creditor California United Bank expressed opposition to
the Debtor's Exclusivity Period Extension Motion.  The Bank
asserts that the Debtor has not demonstrated cause for the
requested extension.

On behalf of the Bank, Russell H. Rapoport, Esq., of Mirman,
Bubman & Nahmias, LLP, relates that the Debtor's last monthly
operating report filed shows that the estate is deteriorating
quickly and a turnaround for the Debtor may be impossible.  He
also cites a complaint filed by American Safety Casualty Insurance
Company on June 24, 2013, alleging that the Debtor's management
made fraudulent misrepresentations on their administration of
government contract work which caused substantial damage.  If
those allegations are true, Mr. Rapoport argues, not only is the
Debtor in danger of losing the opportunity for all future
government work, it also shows that dishonest management cannot be
trusted to act in the best interest of the estates.

                   More Time to Decide on Leases

The Debtor is also asking the U.S. Bankruptcy Court for the
Central District of California to extend the time by which it must
assume non-residential real property leases for 90 days.

The Court will convene a hearing on July 18, 2013 at 9:30 a.m. to
consider the Debtor's requests.

                     About Allied Industries

Allied Industries, Inc., filed a Chapter 11 petition (Bankr. C.D.
Cal. Case. No. 13-11948) on March 21, 2013.  The petition was
signed by Ernesto Gutierrez as president and chief executive
officer.  The Debtor scheduled assets of $13,086,216 and
scheduled liabilities of $7,457,365.  Dheeraj K. Singhal, Esq., at
DCDM Law Group, P.C., serves as the Debtor's counsel.


ALLIED INDUSTRIES: Can Hire Special Counsel, Turnaround Consultant
------------------------------------------------------------------
Allied Industries, Inc., won Bankruptcy Court approval to hire
Melinda Guzman, Professional Corporation, and Hunter, Molloy &
Salcido LLP as special counsel.

The Debtor also won Bankruptcy Court approval to tap Capital
Turnaround Group, Inc., as its turnaround consultant.

As reported in the June 19, 2013 edition of the Troubled Company
Reporter, (i) MGPC represents the Debtor in its civil litigation
over its construction contracts and employment litigation, and
advises the Debtor on personnel and general corporate matters; and
(ii) HMS represents the Debtor in the administrative claims made
by the California Contractor's State License Board against the
Debtor and for claims made by contract parties against the
contractor's license bonds of the Debtor and its bonding companies
regarding alleged contract breaches committed by the Debtor in its
construction projects.

CTG, on the other hand, will assist the Debtor with the
development and execution of a turnaround plan to return the
Debtor to a healthy financial position.  Rafael Sanchez, the chief
executive officer of CTG, will act as turnaround consultant to the
Debtor.

MGPC charges $325 per hour for the services of Melinda Guzman and
$100 for her paralegals to represent the Debtor.

HMS charges $375 per hour for partners, $250 for associates, and
$145 for paralegals to represent the Debtor.

CTG charges a flat rate fee of $6,000 per month plus reasonable
expenses for travel and meals and other expenses.

                     About Allied Industries

Allied Industries, Inc., filed a Chapter 11 petition (Bankr. C.D.
Cal. Case. No. 13-11948) on March 21, 2013.  The petition was
signed by Ernesto Gutierrez as president and chief executive
officer.  The Debtor scheduled assets of $13,086,216 and
scheduled liabilities of $7,457,365.  Dheeraj K. Singhal, Esq., at
DCDM Law Group, P.C., serves as the Debtor's counsel.


ALLIED INDUSTRIES: Wants to Tap Glenn Gelman Firm as Accountants
----------------------------------------------------------------
Allied Industries, Inc. filed an application to the U.S.
Bankruptcy Court for the Central District of California for the
retention of Glenn M. Gelman & Associates as accountant.

Warren E. Hennagin is a director of GGA and will be responsible
for supervising the contemplated services to be provided by the
firm.

GGA will bill at these hourly rates for its services:

                                      Hourly Rate
                                      -----------
           Directors                  $340 to $360
           Senior managers            $250 to $315
           Supervisor/Manager         $180 to $240
           Management Consultants     $145 to $165
           Other Professional Staff   $125 to $170
           Administrative Staff        $50 to $90

The Debtors will pay for the out-of-pocket costs, not to exceed
$8,000, incurred by GGA related to the contemplated services.

Mr. Hennagin assures the Court that GGA does not hold or represent
an interest adverse to the Debtor's estate.  He maintains that his
firm has no conflicts that would render its employment by the
Debtor impermissible in the case.

                    About Allied Industries

Allied Industries, Inc., filed a Chapter 11 petition (Bankr. C.D.
Cal. Case. No. 13-11948) on March 21, 2013.  The petition was
signed by Ernesto Gutierrez as president and chief executive
officer.  The Debtor scheduled assets of $13,086,216 and
scheduled liabilities of $7,457,365.  Dheeraj K. Singhal, Esq., at
DCDM Law Group, P.C., serves as the Debtor's counsel.


ALLON THERAPEUTICS: Paladin Buys Business Following Bankruptcy
--------------------------------------------------------------
Paladin Labs Inc. on July 16 disclosed that in accordance with the
Order for Reorganization in Allon Therapeutics Inc.'s proposal
proceedings under the Bankruptcy and Insolvency Act (Canada) and
under the Canada Business Corporations Act which have been
previously announced, Paladin has become the sole shareholder of
Allon.

Immediately prior to Paladin becoming the sole shareholder of
Allon, all existing issued and outstanding shares and other
securities of Allon were, pursuant to the Court Order, cancelled
without payment or other consideration.  One of the other
consequences of Paladin becoming the sole shareholder of Allon is
that Allon will cease being a reporting issuer in Canada.

                       About Paladin Labs

Headquartered in Montreal, Canada, Paladin Labs Inc. (TSX:PLB) --
http://www.paladinlabs.com-- is a specialty pharmaceutical
company focused on developing, acquiring or in-licensing
innovative pharmaceutical products for the Canadian market.

                          About Allon

Allon Therapeutics Inc. is a clinical-stage biotechnology company
focused on bringing to market innovative central nervous system
therapies. The Company is listed on the Toronto Stock Exchange
under the trading symbol "NPC".


BERNARD L. MADOFF: Investors, Bank Near Pact in Cases
-----------------------------------------------------
James Sterngold, writing for The Wall Street Journal, reported
that in one of the first lawsuits to go to trial involving Bernard
L. Madoff's massive fraud, a group of investors is nearing a
settlement with a Connecticut bank that they said should have
uncovered the Ponzi scheme years before it collapsed, according to
a lawyer involved in the cases whose clients aren't settling.

The report said the tentative settlement, reached just as the two
sides were about to deliver closing arguments, may return a
fraction of the $60 million that the investors said they lost.
But any sums could be a blow for the bank, Connecticut Community
Bank and its branch, Westport National Bank, which are controlled
by William R. Berkley, chairman of a large insurance company.

The bank, which has reported losses for the last four years, also
faces a $28 million lawsuit from the trustee overseeing the
liquidation of Mr. Madoff's securities firm and it is operating
under a formal order from the Office of the Comptroller of the
Currency demanding operational improvements as a result of what
the regulator said were "unsafe and unsound" practices and
violations of the law, according to a notice on the comptroller's
website, the report related.

According to the report, Bill Mahone, the bank's general counsel,
declined to comment on any of the suits.  A spokesman for Mr.
Berkley's insurance company, W.R. Berkley Corp., and Mr. Berkley's
son, W. Robert Berkley Jr., who is the insurance company's
president and a shareholder in the bank, didn't return calls or
emails.

The bank has maintained in the trial that it had few
responsibilities beyond keeping records based on the fictitious
accounts provided by Mr. Madoff's firm, handling occasional
requests for redemptions and collecting fees, the report further
related.

                      About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970.  The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP
as his counsel, and (iii) removed the SIPA Liquidation proceeding
to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)
(Lifland, J.).  Mr. Picard has retained AlixPartners LLP as claims
agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).

Mr. Picard has made three distributions, paying more than half of
smaller claims in full and satisfying just over 50 percent of
larger customer claims totaling more than $17 billion.


BIOVEST INTERNATIONAL: Emerges From Reorganization With New CEO
---------------------------------------------------------------
Biovest International, Inc., has successfully emerged from Chapter
11 reorganization, formally completing its restructuring and
recapitalization strategy with its Plan of Reorganization becoming
effective on July 9, 2013.  Biovest also promoted Carlos F.
Santos, Ph.D., as its new Chief Executive Officer.  Dr. Santos
will lead the Company's efforts to transition from the clinical-
stage to the commercial-stage.  With Biovest's balance sheet
significantly strengthened and virtually debt-free, the Company
believes it is well-positioned to continue advancing its global
regulatory strategy for BiovaxIDTM, including seeking European
marketing approval, as well as supporting the development of its
pipeline of patient-specific cancer vaccines.

Samuel S. Duffey resigned as the Company's Chief Executive Officer
and President, effective on July 8, 2013.

"Biovest's active immunotherapy platform heralds a new era in
truly personalized immunotherapy.  Clinical trials have shown that
our personalized cancer vaccine, BiovaxID, increases the duration
of cancer remission in patients treated following chemotherapy.
Once approved, this vaccine will offer patients with lymphoma who
are in remission a means to guard against the return of cancer,"
stated Dr. Santos.  "I am very proud and excited to take the role
of CEO in leading our highly talented and capable team into the
approval stage for BiovaxID."

Biovest's former CEO, Samuel S. Duffey, Esq., will lead a new
Biovest-owned subsidiary to be formed to create special
opportunities based on the Company's proprietary biomanufacturing
technology and to advance innovative anti-viral and anti-cancer
new product development.

"We are extremely grateful for all of Mr. Duffey's efforts to date
on behalf of Biovest and are very excited that he has agreed to
continue his involvement with the Company," stated Dr. Santos.

In other organizational changes related to the Board of Directors,
Biovest announced that current Director, Ronald E. Osman, Esq.,
was elected Chairman of the Board and Eugene Grin was elected as a
new addition to the Board.  Mr. Grin is a principal of Valens
Capital Management, LLC, a registered investment advisor based out
of New York, which manages multiple private investment vehicles.

As a reorganized entity, Biovest's balance sheet is significantly
strengthened with the elimination of approximately $48.5 million
in debt, which has been converted into new shares of the Company's
common stock and represents all of the Company's new common stock
outstanding post-reorganization.  These new shares are being
issued to the secured and unsecured creditors.  Additionally,
shares of common stock, warrants and options that were outstanding
prior to the effective date of Biovest's Plan of Reorganization
have been cancelled and have ceased to trade or be recognized as
an ownership interest in the Company.  Biovest is registered with
the SEC and continues to file Exchange Act reports.

Biovest filed its First Amended Plan of Reorganization on
April 18, 2013,, and on June 10, 2013, the Company filed the First
Modification to the First Amended Plan of Reorganization.  On
May 31, 2013, and June 10, 2013, the Bankruptcy Court held a
confirmation hearing and confirmed the Plan, and on June 28, 2013,
entered an Order Confirming Debtor's First Amended Plan of
Reorganization Under Chapter 11 of the Bankruptcy Code, which
approved and confirmed the Plan.

On July 8, 2013, the Bankruptcy Court held a hearing to consider
the Response and Limited Objection by the Official Committee of
Unsecured Creditors to the Plan.  At the hearing, counsel to the
Debtor, the Committee, and Corps Real, LLC, and the Laurus/Valens
Entities announced that an agreement had been reached resolving
the Committee Response and providing for a further modification of
Article 9.11 to the Plan.  As a result of that agreement, the
Committee withdrew the Committee Response, and on July 9, 2013,
the Bankruptcy Court entered an Agreed Order Resolving Response
and Limited Objection by the Official Committee of Unsecured
Creditors to First Modification to First Amended Plan of
Reorganization, which included a new Article 9.11 to be added to
the Plan.

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

                       http://is.gd/5K2EL2

                    About Biovest International

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

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

Biovest, along with its subsidiaries, Biovax, Inc., AutovaxID,
Inc., Biolender, LLC, and Biolender II, LLC, filed for Chapter 11
bankruptcy protection (Bankr. M.D. Fla. Case No. 08-17796) on
Nov. 10, 2008.  Biovest emerged from Chapter 11 protection, and
its reorganization plan became effective, on Nov. 17, 2010.

Biovest International Inc., filed a petition for Chapter 11
reorganization (Bankr. M.D. Fla. Case No. 13-02892) on March 6,
2013, in Tampa, Florida.  The new bankruptcy case was accompanied
by a proposed reorganization plan supported by secured lenders
owed about $38.5 million.  Total debt is $44.9 million, with
assets listed in a court filing as being valued at $4.7 million.
About $5.4 million is owing to unsecured creditors, according to a
court paper.


BOART LONGYEAR: S&P Lowers CCR to 'B+'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on Salt Lake City, Utah-based Boart
Longyear Ltd. to 'B+' from 'BB-'.  The rating outlook is stable.

S&P also lowered the rating on the company's $300 million senior
unsecured notes to 'B+' (the same as the corporate credit rating)
from 'BB-'.  The recovery rating on the notes remains '3',
indicating S&P's expectation for meaningful (50% to 70%) recovery
in the event of payment default.

"The downgrade reflects our expectation that operating conditions
for Boart Longyear will remain difficult for the next 12 months
due to reduced exploration drilling budgets of major mining
companies.  In the second half of 2012, major mining companies,
which account for more than 80% of Boart Longyear's revenues,
began to cut back on their exploration drilling budgets due to
shareholder pressure to preserve capital.  The difficulty that
mid-tier, or junior, mining companies had in raising equity
capital provided further pressure on exploration spending.  Since
the beginning of 2013, the price of gold, which accounts for
nearly 50% of Boart Longyear's revenues, has fallen about 25%.
Standard & Poor's believes even if gold prices rebound modestly,
exploration spending will remain subdued in 2013 and 2014; our
gold price assumptions are for $1,350 per ounce in 2013 and 2014,
and for $1,200 per ounce in 2015," S&P noted.

"The stable rating outlook reflects our view that Boart Longyear's
liquidity should remain adequate, as the company has recently
sought covenant relief, and we believe that cost-cutting measures
should eventually lead to improved credit measures," said Standard
& Poor's credit analyst Megan Johnston.

S&P expects leverage of between 4x and 4.5x in 2013 and 2014, and
FFO to debt of between 10% and 20%.  S&P considers these measures
to be in line with the 'B+' rating and aggressive financial risk
profile.

S&P could lower the ratings if it no longer deemed liquidity to be
adequate.  This could occur if demand weakens further, resulting
in increased revolving credit facility borrowings and reduced
headroom under the company's covenants.  S&P could also lower the
ratings if leverage rises to and is sustained at more than 5x.

S&P could raise the ratings if demand improves and Boart Longyear
can cut costs and reduce debt, such that adjusted leverage
improves to and is sustained between 3x and 4x.  For a higher
rating, S&P would also expect the company's liquidity position to
improve, including reduced revolving credit facility borrowings
and consistent free cash flow generation.


BVC PARTNERS: BVC X Files Schedules of Assets and Liabilities
-------------------------------------------------------------
BVC Partners X, LLC, an affiliate of Orlando, Florida-based BVC
Partners I, LLC, filed with the U.S. Bankruptcy Court for the
Middle District of Florida its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property                    $0
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                                $0
                                 -----------      -----------
        TOTAL                             $0               $0

A copy of the schedules is available for free at
http://bankrupt.com/misc/BVC_PARTNERS_X_sal.pdf

                       About BVC Partners

Orlando, Florida-based BVC Partners I, LLC, and two affiliates
filed separate Chapter 11 petitions (Bankr. M.D. Fla. Case No.
13-07396) on June 14, 2013.  In its petition, BVC Partners I
estimated $10 million to $50 million in both assets and debts.
Sham Maharaj signed the petition as managing member.

The other debtor-affiliates are BVC Partners X, LLC (Case No.
13-07398) and BVC Partners XII, LLC (Case No. 13-07403).

Jeffrey Ainsworth, Esq., at Law Office of Robert B. Branson, P.A.,
serves as the Debtors' counsel.


BVC PARTNERS: BVC XII Files Schedules of Assets and Liabilities
---------------------------------------------------------------
BVC Partners XII, LLC, an affiliate of Orlando, Florida-based BVC
Partners I, LLC, filed with the U.S. Bankruptcy Court for the
Middle District of Florida its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property                    $0
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $1,413,769
                                 -----------      -----------
        TOTAL                             $0       $1,413,769

A copy of the schedules is available for free at
http://bankrupt.com/misc/BVC_PARTNERS_XII_sal.pdf

                       About BVC Partners

Orlando, Florida-based BVC Partners I, LLC, and two affiliates
filed separate Chapter 11 petitions (Bankr. M.D. Fla. Case No.
13-07396) on June 14, 2013.  In its petition, BVC Partners I
estimated $10 million to $50 million in both assets and debts.
Sham Maharaj signed the petition as managing member.

The other debtor-affiliates are BVC Partners X, LLC (Case No.
13-07398) and BVC Partners XII, LLC (Case No. 13-07403).

Jeffrey Ainsworth, Esq., at Law Office of Robert B. Branson, P.A.,
serves as the Debtors' counsel.


CAPUTO TOLLGATE: Case Summary & 2 Unsecured Creditors
-----------------------------------------------------
Debtor: Caputo Tollgate Property, LLC
        500 West Street
        Harrison, NY 10528

Bankruptcy Case No.: 13-23129

Chapter 11 Petition Date: July 8, 2013

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

Judge: Robert D. Drain

Debtor's Counsel: Anne J. Penachio, Esq.
                  PENACHIO MALARA, LLP
                  235 Main Street, Sixth Floor
                  White Plains, NY 10601
                  Tel: (914) 946-2889
                  Fax: (914) 946-2882
                  E-mail: apenachio@pmlawllp.com

Estimated Assets: $0 to $50,000

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

The Company's list of its two largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/nysb13-23129.pdf

The petition was signed by Robert Caputo, managing member.


CASA CASUARINA: Versace Miami Beach Mansion Listed at $75 Million
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the owner of the former Versace Mansion on Ocean
Drive in Miami Beach, Florida, is due in bankruptcy court July 16
in Miami to set up procedures for a Sept. 19 auction.

According to the report, before the hearing, the owner filed
formal lists of assets and debt putting the property's value at
$75 million.  Total debt is $31.6 million, including a secured
claim of $30.4 million.  The home was owned by fashion designer
Gianni Versace, who was murdered on the doorstep in 1997.  Built
in 1930, the mansion was designed to resemble Christopher
Columbus's home in Genoa.

Until his Ponzi scheme fell apart in 2009, Scott Rothstein
controlled the company that owned the property.  The secured
lender, VM South Beach LLC, acquired the mortgage from the prior
lender.  The other major financial interest rests in the hands of
Herbert Stettin, the Chapter 11 trustee for Rothstein's law firm,
Rothstein Rosenfeldt Adler PA.

Mr. Stettin has an agreement under which he can receive as much as
half of the net proceeds from the sale after expenses and the VM
mortgage are paid.

                        About Casa Casuarina

Casa Casuarina, LLC, filed a Chapter 11 petition (Bankr. S.D. Fla.
Case No. 13-25645) in Miami on July 1, 2013.  Peter Loftin signed
the petition as manager.  Judge Laurel M. Isicoff presides over
the case.  The Debtor estimated assets of at least $50 million and
debts of at lease $10 million.  Joe M. Grant, Esq., at Marshall
Socarras Grant, P.L., serves as the Debtor's counsel.


CASCADE AG: Court Approves Bidding Procedures
---------------------------------------------
Judge Karen A. Overstreet of the U.S. Bankruptcy Court for the
Western District of Washington at Seattle approved bidding
procedures governing the sale of all or substantially all of the
assets of Cascade AG Services, Inc.

Triak Holdings, LLC, the stalking horse bidder, will be deemed a
final bidder.  One Pacific Coast Bank, Washington Federal and
Columbia State Bank, Skagit Farmers and RSF Mezzanine Fund are
deemed qualified bidders and are excused from satisfying the
qualifying bid requirements.

The Debtors are directed to file a motion to approve the sale of
their assets no later than July 22, 2013.  If two or more
qualified bids are received, an auction will be conducted on July
30, at the offices of Cairncross & Hempelmann, P.S., in Seattle,
Washington.  A hearing seeking approval of the sale will be held
during the week of Aug. 12, at a date and time certain to be
determined.  Objections to the sale must be submitted no later
than Aug. 8.

The Court overruled the objection raised by the Official Committee
of Unsecured Creditors, which complained that the break-up fee,
originally capped at $150,000, has a chilling effect on other
parties interested to bid for the Debtor's assets.  In the bidding
procedures order, the Court approved a reduced break-up fee of
$100,000 for the stalking horse bidder's reasonable and actual
expenses.

John R. Rizzardi, Esq., and Jessica C. Tsao, Esq., at Cairncross &
Hempelmann, P.S., represent the Debtor.

Deborah A. Crabbe, Esq., at Foster Pepper PLLC, represents
Columbia State Bank.

David W. Criswell, Esq., at Ball Janik LLP, represents One Pacific
Coast Bank.

Charles R. Ekberg, Esq., at Lane Powell PC, represents Washington
Federal Bank.

Lawrence R. Ream, Esq., and Richard G. Birinyi, Esq., at Schwabe,
Williamson & Wyatt, P.C., represent the Creditors' Committee.

                         About Cascade AG

Cascade AG Services, Inc., dba Pleasant Valley Farms, fdba
Mountain View Produce, Inc., fdba Staffanson Harvesting LLC, fdba
Sterling Investment Group, L.L.C., is a vegetable processing
company that processes Washington-grown cucumbers and cabbage into
pickles and sauerkraut.

Cascade AG filed for Chapter 11 bankruptcy (Bankr. W.D. Wash. Case
No. 12-18366) on Aug. 13, 2012.  In amended schedules, the Debtor
disclosed $25,522,648 in assets and $21,354,742 in liabilities as
of the Chapter 11 filing.

Lawyers at Cairncross & Hempelmann PS, in Seattle, serve as the
Debtor's counsel.  Clyde A. Hamstreet & Associates, LLC, is the
Debtor's chief restructuring officer and financial advisor.  The
petition was signed by Craig Staffanson, president.

The U.S. Trustee appointed seven creditors to the Official
Unsecured Creditors' Committee.  Lawrence R. Ream, Esq., at
Schwabe, Williamson & Wyatt PC, Seattle, represents the Committee
as counsel.

DIP lender One PacificCoast Bank, FSB, is represented by Brad T.
Summers, Esq., and David W. Criswell, Esq.

The Plan filed in the Debtor's case contemplates a $3.0 million
capital infusion.  Money contributed to fund the Plan will be used
to satisfy Administrative Expense Claims to the extent that those
Claims must be satisfied for Confirmation, unless there is
agreement with Holders of Administrative Expense Claims to defer
payment.


CASCADE AG: Wants to Use Cash Collateral Until Asset Sale Closes
----------------------------------------------------------------
Cascade Ag Services, Inc., seeks authority from Judge Karen A.
Overstreet of the U.S. Bankruptcy Court for the Western District
of Washington at Seattle to continue its use of cash, accounts,
and inventory until the anticipated sale of its assets closes,
likely in late August.

According to the Debtor's counsel, John R. Rizzardi, Esq., at
Cairncross & Hempelmann, P.S., in Seattle, Washington, if the
Debtor's ability to use its Cash Collateral expires after July 31,
2013, the Debtor will be forced to cease operations on August 1 --
well before a sale closes.  Potential going-concern purchasers
will no doubt account for the costs of restarting operations by
decreasing their bids -- or by not submitting going-concern bids
at all, if they deem restarting overly burdensome, Mr. Rizzardi
states.

Jessica Tsao, Esq., at Cairncross & Hempelmann, P.S., in Seattle,
Washington, also represent the Debtor.

A hearing on the request will be held on July 19, 2013, at 9:30
a.m.

                         About Cascade AG

Cascade AG Services, Inc., dba Pleasant Valley Farms, fdba
Mountain View Produce, Inc., fdba Staffanson Harvesting LLC, fdba
Sterling Investment Group, L.L.C., is a vegetable processing
company that processes Washington-grown cucumbers and cabbage into
pickles and sauerkraut.

Cascade AG filed for Chapter 11 bankruptcy (Bankr. W.D. Wash. Case
No. 12-18366) on Aug. 13, 2012.  In amended schedules, the Debtor
disclosed $25,522,648 in assets and $21,354,742 in liabilities as
of the Chapter 11 filing.

Lawyers at Cairncross & Hempelmann PS, in Seattle, serve as the
Debtor's counsel.  Clyde A. Hamstreet & Associates, LLC, is the
Debtor's chief restructuring officer and financial advisor.  The
petition was signed by Craig Staffanson, president.

The U.S. Trustee appointed seven creditors to the Official
Unsecured Creditors' Committee.  Lawrence R. Ream, Esq., at
Schwabe, Williamson & Wyatt PC, Seattle, represents the Committee
as counsel.

DIP lender One PacificCoast Bank, FSB, is represented by Brad T.
Summers, Esq., and David W. Criswell, Esq.

The Plan filed in the Debtor's case contemplates a $3.0 million
capital infusion.  Money contributed to fund the Plan will be used
to satisfy Administrative Expense Claims to the extent that those
Claims must be satisfied for Confirmation, unless there is
agreement with Holders of Administrative Expense Claims to defer
payment.


CEDC: S&P Withdraws 'D' CCR Due to Lack of Financial Reporting
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D' corporate
credit rating on U.S.-based Central European Distribution Corp.
(CEDC), the parent company of Poland-based vodka manufacturer CEDC
International sp. z o.o.

At the same time, S&P withdrew its 'D' issue rating on CEDC's
convertibles notes due 2013 and senior secured notes due 2016.

The withdrawal reflects S&P's conclusion that it is not in a
position to maintain surveillance on the ratings on CEDC.

S&P's conclusion was reached after:

   -- Two consecutive restatements of both CEDC's 2010 and 2011
      historical accounts over the past few months; and

   -- The adverse opinion from CEDC's former auditors, Ernst &
      Young, related to the lack of internal controls over the
      company's financial reporting, as expressed in CEDC's latest
      10-K report filed with the U.S. Securities and Exchange
      Commission (SEC).

In addition, S&P is unable to obtain certain information on CEDC,
such as its:

   -- Liquidity position.  CEDC stated in its latest 10-K report
      that it could not confirm whether it had complied with its
      December 2012 bank covenants.  Since then, S&P has been
      unable to obtain any update from CEDC.

   -- Organizational structure.  Following the takeover of CEDC by
      Russian Standard Corporation as part of CEDC's
      reorganization, S&P has not received any update on the new
      group structure and how Russian Standard intends to run its
      various subsidiaries, including CEDC.


CETERA FINANCIAL: New $265MM Sr. Term Loan Gets Moody's B3 Rating
-----------------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Cetera
Financial Group, Inc., including a B3 Corporate Family Rating
(CFR) and a B3 rating for the firm's $265 million first-lien
senior secured term loan. The rating outlook for Cetera is stable.

Ratings Rationale:

Cetera is an independent retail brokerage firm in the United
States formed in 2010 through the purchase of three retail
brokerage subsidiaries of ING by Lightyear Capital, Cetera's
private equity sponsor. Since its formation, the company has grown
substantially through acquisition, most recently with an
acquisition of 2 brokerage subsidiaries from MetLife agreed to in
April 2013. As of March 31, 2013, on a pro forma basis including
the Met Life acquisition, Cetera had over 6,500 financial advisors
managing $138 billion in client assets. The new term loan being
rated will be used to finance the MetLife acquisition, refinance
existing debt, and fund a dividend to shareholders.

The B3 ratings reflect Cetera's significant scale within the
fragmented independent broker industry and its ability to attract
financial advisors to its platform. In addition, financial advisor
recruitment and broker dealer platform acquisitions have been an
important source of revenue and client asset growth for Cetera and
its senior management team has demonstrated the ability to
successfully integrate these financial advisors while maintaining
their productivity. Moreover, a significant portion of Cetera's
revenue streams are recurring which should make revenues less
volatile during cyclical periods.

Cetera's pretax and EBITDA margins are significantly below
comparable industry peers which make the Company's operating
profitability more sensitive to revenue declines. However, the
firms highly variable cost structure helps to alleviate some of
this risk. The proposed debt refinancing and subsequent dividend
distribution plans will result in high cash flow leverage (pro
forma Moody's Adjusted Debt/EBITDA of approximately 5.8x) and
limited future financial flexibility. The substantial dividend
payout to its majority private equity owners also highlights an
aggressive financial policy that could weaken the company's credit
profile going forward. Additionally, Moody's believes that
Cetera's integration of the MetLife platform presents a turnaround
challenge based on its weak historic operating performance and may
not deliver the projected profitability improvements.

The rating reflects Moody's expectation that Cetera's $25 million
revolving credit facility and the $50 million incremental term
loan facility that is available to the firm will be used solely
for acquisitions that will be accretive to earnings within a
reasonable period of time and that any increase in cash flow
leverage (Moody's Adjusted Debt/EBITDA) will not exceed 6.0x.

The rating outlook is stable, based on Cetera's demonstrated
ability to operate profitably during difficult operating
environments.

What Could Change the Rating Up/Down?

Positive rating pressure could develop if Cetera experiences
consistently improving profitability and debt reduction that
results in substantial cash flow deleveraging, or increases its
business diversification without increasing the company's risk
profile. Negative rating pressure could develop if there was a
material decrease in operating profitability or margins that
further increased cash flow leverage, or if the firm undertook
additional debt financed acquisitions or dividends that led to
materially higher cash flow leverage.

Principal Methodology

The principal methodology used in this rating was Global
Securities Industry Methodology published in May 2013.


CETERA FINANCIAL: S&P Assigns 'B' Issuer Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
issuer credit rating to Cetera Financial Group Inc.  The rating
outlook is stable.  At the same time, S&P assigned its 'B' issue
rating to the company's proposed $265 million senior secured
first-lien term loan and $25 million revolving credit facility.

"The ratings on Cetera reflect the firm's aggressive financial
management, including a considerable debt burden and negative
tangible equity, as well as integration risk as the result of
several recent acquisitions," said Standard & Poor's credit
analyst Olga Roman.  Although these acquisitions enabled Cetera to
quickly gain scale and become one of the largest independent
brokers, S&P views negatively its limited track record of
operating as an independent firm, rapid growth, and still
relatively small size in the highly competitive U.S. brokerage
business.  S&P believes that favorable growth trends in the U.S.
independent financial advisory industry and the firm's variable
cost structure and limited balance sheet risk only partially
offset these weaknesses.

"Our rating on Cetera is two notches lower than the group credit
profile ('bb-') to reflect the structural subordination between
Cetera's operating subsidiaries and the debt-issuing non-operating
holding company.  We differentiate ratings at the operating
company and holding company consistent with our general approach
to analyzing non-operating holding companies.  For securities
firms, this relationship typically results in a lower rating on
debt issued by holding companies to reflect the possibility that
resources will be maintained at the operating company level to
meet regulatory capital requirements or other liquidity
guidelines.  The holding company's ability to implement fiscal
policy most favorable to it is limited, and this supports the
notching.  When the group credit profile is speculative grade, as
in Cetera's case, we generally rate the non-operating holding
company two notches lower than the implied operating company-level
rating", S&P added.

Cetera provides brokerage and registered investment advisor
platforms, services, and training to independent financial
advisors (FAs).  Since its 2010 lift out from ING, the firm has
rapidly become one of the largest independent brokers, with
approximately 5,700 producing FAs and $113 billion in total client
assets as of March 31, 2013.  Cetera operates four divisions that
allow it to leverage its consolidated scale while also catering to
a variety of independent brokerage and financial advisor niches.
Cetera's FAs are mostly independent contractors.  S&P believes
that companies with an independent contractor model have
inherently higher operating and compliance risks than employee
model firms that have direct supervision in each of their offices.
Cetera mitigates the risk of the independent model through its
approximately 600 people in supervision, compliance, and risk
management functions, including 480 field supervisors.

Cetera is pursuing a new $290 million credit facility, consisting
of a $265 million of senior secured first-lien term loan and a
$25 million revolving credit facility, which S&P expects to remain
undrawn at the time of the transaction.  The company intends to
use the proceeds and $68 million of cash on the balance sheet to
repay $114 million of existing debt, pay a $134 million dividend,
and finance $62 million for the MetLife acquisition.  The
additional debt and large dividend will strain Cetera's financial
profile with high debt leverage and negative tangible equity,
bringing its debt to adjusted EBITDA metric to approximately 3.9x.

The stable outlook reflects S&P's expectation that Cetera will
successfully complete the integration of its recent acquisitions.
S&P also expects the company to continue to operate with minimal
principal risk exposure and adequate liquidity.  S&P could raise
its ratings if Cetera reduces its debt to adjusted EBITDA to less
than 3x and improves its interest coverage to more than 5.5x on a
sustained basis.  On the other hand, if the company's earnings or
liquidity were to materially deteriorate or if debt to adjusted
EBITDA were to increase above 5x, S&P could lower the rating.
Additionally, S&P could lower its ratings if Cetera were to
experience significant operational issues or civil litigation.


COCHRAN AVENUE: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Cochran Avenue Baptist Church
        1304 S. Cochran Avenue
        Los Angeles, CA 90019

Bankruptcy Case No.: 13-27524

Chapter 11 Petition Date: July 8, 2013

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

Debtor's Counsel: Charles O. Agege, Esq.
                  LAW OFFICE OF CHARLES AGEGE
                  12400 Wilshire Boulevard, Suite 400
                  Los Angeles, CA 90025
                  Tel: (310) 447-1212
                  Fax: (310) 447-6100
                  E-mail: coagege@aol.com

Scheduled Assets: $1,151,576

Scheduled Liabilities: $977,285

The Company's list of its 20 largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/cacb13-27524.pdf

The petition was signed by Frankie Haynes-Correa, trustee.


CODA HOLDINGS: Debtor Changes Case Caption Following Sale
---------------------------------------------------------
Coda Holdings, Inc., et al., ask the U.S. Bankruptcy Court for the
District of Delaware to enter an order amending the case caption
used in the Debtors' Chapter 11 cases to:

"In re Adoc Holdings, Inc., et al. (f/k/a Coda Holdings, Inc)."

According to papers filed with the Court, the Debtors are in the
process of changing their names as required by section 5.6 of the
Asset Purchase Agreement executed by and among the Debtors and FCO
MA Coda Holdings LLC dated June 11, 2013.  Pursuant to the Sale
Order filed June 11, 2013, the Debtors sold substantially all of
their non-automotive assets to the Purchaser.  Section 5.6
requires that the Debtor ceasing using the "Coda" name after
closing.

As such, the Debtors have taken appropriate action to change the
affected Debtors' names:

  OLD DEBTOR NAME             NEW DEBTOR NAME          CASE NUMBER
  ---------------             ---------------          -----------
Coda Holdings, Inc.         Adoc Holdings, Inc.          13-11153
Coda Automotive, Inc.       Adoc Automotive, Inc.        13-11154
Coda Automotive (CA), Inc.  Adoc Automotive (CA), Inc.   13-11155
Coda Energy LLC             Adoc Energy LLC              13-11156

Counsel for the Debtors can be reached at:

         Jeffrey M. Schlerf, Esq.
         John H. Strock, Esq.
         L. John Bird, Esq.
         FOX ROTHSCHILD LLC
         919 N. Market Street, Suite 1600
         Wilmington, DE 19801
         Tel: (302) 654-7444
         Fax: (302) 656-8920

                        About CODA Holdings

Los Angeles, California-based CODA Energy --
http://www.codaenergy.com-- made an electric auto that was a
commercial failure.  The company marketed the Coda Sedan, which
sold only 100 copies.  It was an electrically powered version of
the Hafei Saibao, made in China.  After bankruptcy, Los Angeles-
based Coda intends to concentrate on making stationery electric-
storage systems.

CODA Holdings, Inc., Coda Energy LLC and three other affiliates
filed for Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No.
13-11153) on May 1, 2013, to enable the Company to complete a
sale, confirm a plan, and emerge from bankruptcy in a stronger
position to execute its new business plan.  The Company expects
the sale process to take 45 days to complete.

FCO MA CODA Holdings LLC, an affiliate of Fortress Investment
Group, is leading a consortium of lenders intending to provide DIP
financing to enable the Company's energy storage business to
remain fully operational during the restructuring process.  The
consortium, or its designee, will also as stalking horse bidder to
acquire the Company post-bankruptcy.  In addition, the Company
will seek to monetize value of its existing automotive business
assets.

CODA disclosed assets of $10 million to $50 million and
liabilities of less than $100 million.  Coda Automotive Inc.,
disclosed $24,950,641 in assets and $95,859,413 in liabilities as
of the Chapter 11 filing.  The Debtors have incurred prepetition a
significant amount of secured indebtedness: secured notes of with
principal in the amount of $59.1 million; term loans in the
principal amount of $12.6 million; and a bridge loan with $665,000
outstanding.  FCO and other bridge loan lenders have "enhanced
priority" over other secured noteholders that did not participate
in the bridge loans, pursuant to the intercreditor agreement.
Jeffrey M. Schlerf, Esq., John H. Strock, Esq., and L. John Bird,
Esq., at Fox Rothschild LLP are the proposed counsel for the
Debtors.

CODA's legal advisor in connection with the restructuring is White
& Case LLP.  Emerald Capital Advisors serves as its chief
restructuring officer and restructuring advisor, and Houlihan
Lokey serves as its investment banker for the restructuring.
Sidley Austin LLP is serving as FCO MA CODA Holdings LLC's legal
advisor.  Brent T. Robinson, Esq., at Robinson, Anthon & Tribe
represents the Debtors in their restructuring efforts.

The Committee tapped Brown Rudnick as its counsel and Deloitte
Financial Advisory Services LLP as its financial advisor.


CODA HOLDINGS: Committee Can Retain Deloitte FAS as Advisor
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
the Official Committee of Unsecured Creditors of Coda Holdings,
Inc., et al., to retain Deloitte Financial Advisory Services LLP
as financial advisor, nunc pro tunc to May 14, 2013.

As reported in the TCR on July 10, 2013, Deloitte FAS will, among
other things:

   a. assist in the evaluation of the asset sale process,
      including the identification of potential buyers;

   b. assist in evaluating the terms, conditions, and impact of
      any proposed asset sale transactions; and

   c. advise the Committee in connection with its negotiations and
      marketing efforts with other parties relating to the sale of
      the Debtors' assets.

Deloitte FAS will be compensated at the hourly rate of $350 per
hour for professional time across all personnel classifications,
plus reasonable expenses incurred in connection with providing the
services.

                        About CODA Holdings

Los Angeles, California-based CODA Energy --
http://www.codaenergy.com-- made an electric auto that was a
commercial failure.  The company marketed the Coda Sedan, which
sold only 100 copies.  It was an electrically powered version of
the Hafei Saibao, made in China.  After bankruptcy, Los Angeles-
based Coda intends to concentrate on making stationery electric-
storage systems.

CODA Holdings, Inc., Coda Energy LLC and three other affiliates
filed for Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No.
13-11153) on May 1, 2013, to enable the Company to complete a
sale, confirm a plan, and emerge from bankruptcy in a stronger
position to execute its new business plan.  The Company expects
the sale process to take 45 days to complete.

FCO MA CODA Holdings LLC, an affiliate of Fortress Investment
Group, is leading a consortium of lenders intending to provide DIP
financing to enable the Company's energy storage business to
remain fully operational during the restructuring process.  The
consortium, or its designee, will also as stalking horse bidder to
acquire the Company post-bankruptcy.  In addition, the Company
will seek to monetize value of its existing automotive business
assets.

CODA disclosed assets of $10 million to $50 million and
liabilities of less than $100 million.  Coda Automotive Inc.,
disclosed $24,950,641 in assets and $95,859,413 in liabilities as
of the Chapter 11 filing.  The Debtors have incurred prepetition a
significant amount of secured indebtedness: secured notes of with
principal in the amount of $59.1 million; term loans in the
principal amount of $12.6 million; and a bridge loan with $665,000
outstanding.  FCO and other bridge loan lenders have "enhanced
priority" over other secured noteholders that did not participate
in the bridge loans, pursuant to the intercreditor agreement.
Jeffrey M. Schlerf, Esq., John H. Strock, Esq., and L. John Bird,
Esq., at Fox Rothschild LLP are the proposed counsel for the
Debtors.

CODA's legal advisor in connection with the restructuring is White
& Case LLP.  Emerald Capital Advisors serves as its chief
restructuring officer and restructuring advisor, and Houlihan
Lokey serves as its investment banker for the restructuring.
Sidley Austin LLP is serving as FCO MA CODA Holdings LLC's legal
advisor.  Brent T. Robinson, Esq., at Robinson, Anthon & Tribe
represents the Debtors in their restructuring efforts.

The Committee tapped Brown Rudnick as its counsel and Deloitte
Financial Advisory Services LLP as its financial advisor.


CODA HOLDINGS: Court Appoints Direct Fee Review as Fee Examiner
---------------------------------------------------------------
On July 10, 2013, the U.S. Bankruptcy Court for the District of
Delaware entered an order appointing Direct Fee Review, LLC, as
Fee Examiner in Coda Holdings, Inc., et al.'s Chapter 11 cases,
subject to the terms and conditions of the Fee Examiner Retention
Agreement, and establishing procedures for consideration of
requested fee compensation and reimbursement of expenses.

A copy of the order is available at:

          http://bankrupt.com/misc/codaholdings.doc344.pdf

                        About CODA Holdings

Los Angeles, California-based CODA Energy --
http://www.codaenergy.com-- made an electric auto that was a
commercial failure.  The company marketed the Coda Sedan, which
sold only 100 copies.  It was an electrically powered version of
the Hafei Saibao, made in China.  After bankruptcy, Los Angeles-
based Coda intends to concentrate on making stationery electric-
storage systems.

CODA Holdings, Inc., Coda Energy LLC and three other affiliates
filed for Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No.
13-11153) on May 1, 2013, to enable the Company to complete a
sale, confirm a plan, and emerge from bankruptcy in a stronger
position to execute its new business plan.  The Company expects
the sale process to take 45 days to complete.

FCO MA CODA Holdings LLC, an affiliate of Fortress Investment
Group, is leading a consortium of lenders intending to provide DIP
financing to enable the Company's energy storage business to
remain fully operational during the restructuring process.  The
consortium, or its designee, will also as stalking horse bidder to
acquire the Company post-bankruptcy.  In addition, the Company
will seek to monetize value of its existing automotive business
assets.

CODA disclosed assets of $10 million to $50 million and
liabilities of less than $100 million.  Coda Automotive Inc.,
disclosed $24,950,641 in assets and $95,859,413 in liabilities as
of the Chapter 11 filing.  The Debtors have incurred prepetition a
significant amount of secured indebtedness: secured notes of with
principal in the amount of $59.1 million; term loans in the
principal amount of $12.6 million; and a bridge loan with $665,000
outstanding.  FCO and other bridge loan lenders have "enhanced
priority" over other secured noteholders that did not participate
in the bridge loans, pursuant to the intercreditor agreement.
Jeffrey M. Schlerf, Esq., John H. Strock, Esq., and L. John Bird,
Esq., at Fox Rothschild LLP are the proposed counsel for the
Debtors.

CODA's legal advisor in connection with the restructuring is White
& Case LLP.  Emerald Capital Advisors serves as its chief
restructuring officer and restructuring advisor, and Houlihan
Lokey serves as its investment banker for the restructuring.
Sidley Austin LLP is serving as FCO MA CODA Holdings LLC's legal
advisor.  Brent T. Robinson, Esq., at Robinson, Anthon & Tribe
represents the Debtors in their restructuring efforts.

The Committee tapped Brown Rudnick as its counsel and Deloitte
Financial Advisory Services LLP as its financial


COLOREP INC: Industrial Printer Files in Los Angeles to Sell
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Colorep Inc., an industrial printer from
Harrisonburg, Virginia, filed for Chapter 11 protection (Bankr.
C.D. Cal. Case No. 13-27689) on July 10 in Los Angeles, owing
$17 million to secured lender Meserole LLC.

According to the report, the company licenses a fabric-dyeing
process known as AirDye.  Colorep's subsidiary Transprint USA Inc.
also filed in Chapter 11.  Transprint produces transfer-printing
paper.

The report notes that a working capital deficiency required filing
Chapter 11, where the intention is to sell the assets.

The report discloses that Meserole is offering $2.5 million in
secured financing to bear interest at 16 percent.


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

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                   $57,000
  B. Personal Property           $46,228,698
  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                                       $30,280,492
                                 -----------      -----------
        TOTAL                    $46,285,698      $30,280,492

A copy of the schedules is available for free at
http://bankrupt.com/misc/COMMUNITY_HOME_sal_amended.pdf

                      About Community Home

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.


CORELOGIC INC: S&P Assigns 'BB+' Rating to New Credit Facility
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue-level
rating and '2' recovery rating to CoreLogic Inc.'s new first-lien
credit facility (term loan A and revolving credit facility) due
2018.  The '2' recovery rating indicates S&P's expectation for
substantial (70% to 90%) recovery under our default scenario.  The
company intends to use the proposed term loan proceeds, as well as
proceeds from a partial draw on the proposed revolving credit
facility to fund its pending acquisitions of assets of Marshall &
Swift/Boeckh and DataQuick and to refinance its existing credit
facility.  The issue-level ratings and recovery ratings on the
company's debt and positive outlook remain unchanged.  S&P rates
the new facility one notch higher than the corporate credit rating
on the company.

The 'BB' corporate credit and other ratings reflect the company's
"fair" business risk profile and financial services sector client
concentration, leading position as a provider of outsourced
mortgage processing services, and exposure to mortgage origination
cyclicality.  The rating also reflects the company's "significant"
financial risk profile, incorporating S&P's expectation for
leverage to subside to 3.0x over the coming year.

RATINGS LIST

CoreLogic Inc.
Corporate Credit Rating                            BB/Positive/--

New Rating

CoreLogic Inc.
CoreLogic Australia Pty Ltd.
First Lien (Term Loan A And Revolving Credit Fac.) BB+
  Due 2018
   Recovery Rating                                  2


D & L ENERGY: Court Sets Oct. 14 Proofs of Claim Deadline
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Ohio has
established Oct. 14, 2013, as the General Bar Date for the filing
of proofs of claim in D & L Energy, Inc., et al.'s Chapter 11
cases.

                          About D&L Energy

D & L Energy has been involved in a number of joint ventures and
limited partnerships that drill, own, and operate conventional oil
and gas wells throughout Northeast Ohio and Northwest
Pennsylvania.  D&L has also been involved in the drilling,
construction, operation and ownership of saltwater injection wells
in the State of Ohio.  D&L has also been involved in marketing and
selling the "deep rights" to its oil and gas leases.

In early 2013, the then-principal of D&L, Ben Lupo, was accused of
violating the U.S. Clean Water Act by allegedly instructing
agents/employees of a separate entity to dump waste water in an
improper manner.  As a result of Mr. Lupo's alleged actions, the
Debtors were forced to incur substantial clean up costs.

D & L Energy, based in Youngstown, Ohio, and affiliate Petroflow,
Inc., filed for Chapter 11 bankruptcy (Bankr. N.D. Ohio Lead Case
No. 13-40813) on April 16, 2013.  Judge Kay Woods oversees the
case.  Brian T. Angeloni, Esq., Kathryn A. Belfance, Esq., Steven
Heimberger, Esq., and Todd A. Mazzola, Esq., at Roderick Linton
Belfance, LLP, serve as the Debtors' counsel, and Walter
Haverfield, LLP, is the environmental counsel.  The Debtor
disclosed $41,015,677 in assets and $6,185,158 in liabilities as
of the Chapter 11 filing.

Daniel M. McDermott, U.S. Trustee for Region 9, appointed seven
creditors to serve in the Official Committee of Unsecured
Creditors.  Sherri Lynn Dahl, Esq., and Peter R. Morrison, Esq.,
at Squire Sanders (US) LLP, represent the Creditors Committee as
counsel.


D & L ENERGY: Has Interim OK to Access HNB Cash Until Sept. 18
--------------------------------------------------------------
In a second interim order dated July 10, 2013, the U.S. Bankruptcy
Court for the Northern District of Ohio granted D & L Energy,
Inc., et al., interim authority to use cash collateral of HNB
until 12:00 a.m. on Sept. 18, 2013, pursuant to a budget.

According to the Second Interim Order, at this time, the value of
the Debtors' assets appears to substantially exceed the Debtors'
liabilities and as such, there is a sufficient equity cushion
available to satisfy/adequately protect HNB's secured interests.

As further adequate protection of HNB's secured interest, the
Court ordered the Debtors to continue to make all postpetition
payments, as they become due, to HNB with respect to the March 9,
2011 Term Loan, account ending in 2349, which was in the initial
amount of $13,000.

A final hearing on the use of cash collateral motion is set for
Tuesday, Sept. 17, 2013, at 9:30 a.m.  Objections, if any, to the
motion must be filed so as to be received no later than Sept. 9,
2013.

                          About D&L Energy

D & L Energy has been involved in a number of joint ventures and
limited partnerships that drill, own, and operate conventional oil
and gas wells throughout Northeast Ohio and Northwest
Pennsylvania.  D&L has also been involved in the drilling,
construction, operation and ownership of saltwater injection wells
in the State of Ohio.  D&L has also been involved in marketing and
selling the "deep rights" to its oil and gas leases.

In early 2013, the then-principal of D&L, Ben Lupo, was accused of
violating the U.S. Clean Water Act by allegedly instructing
agents/employees of a separate entity to dump waste water in an
improper manner.  As a result of Mr. Lupo's alleged actions, the
Debtors were forced to incur substantial clean up costs.

D & L Energy, based in Youngstown, Ohio, and affiliate Petroflow,
Inc., filed for Chapter 11 bankruptcy (Bankr. N.D. Ohio Lead Case
No. 13-40813) on April 16, 2013.  Judge Kay Woods oversees the
case.  Brian T. Angeloni, Esq., Kathryn A. Belfance, Esq., Steven
Heimberger, Esq., and Todd A. Mazzola, Esq., at Roderick Linton
Belfance, LLP, serve as the Debtors' counsel, and Walter
Haverfield, LLP, is the environmental counsel.  The Debtor
disclosed $41,015,677 in assets and $6,185,158 in liabilities as
of the Chapter 11 filing.

Daniel M. McDermott, U.S. Trustee for Region 9, appointed seven
creditors to serve in the Official Committee of Unsecured
Creditors.  Sherri Lynn Dahl, Esq., and Peter R. Morrison, Esq.,
at Squire Sanders (US) LLP, represent the Creditors Committee as
counsel.


D & L ENERGY: Can Employ SS&G Parkland as Financial Advisor
-----------------------------------------------------------
In an agreed order dated July 12, 2013, the U.S. Bankruptcy Court
for the Northern District of Ohio granted D & L Energy, Inc.,
permission to employ SS&G Parkland Consulting, LLC, as the
Debtor's financial advisor and investment banker.

As reported in the TCR on July 12, 2013, SS&G Parkland will, among
other things:

   a. act as the Debtor's exclusive agent to market some or all
      of the Debtor's assets for sale;

   b. assist the Debtor in the generation, or review of,
      financial plans and projections, if and as needed; and

   c. assist the Debtor in the preparation of the U.S. Trustee's
      Monthly Operating Reports, if and as needed.

The Debtor believes that it is necessary and appropriate to employ
SS&G Parkland on a flat monthly fee rate of $20,000 for its
investment banking services because of the financial, marketing
and sale expertise that will be required.  In addition, the Debtor
has agreed to pay SS&G Parkland a success fee of 1.5 percent of
the gross sales proceeds of all assets sold well as the value of
all assets retained by Debtor in its Plan of Reorganization, if
any, for which one or more buyers made offers, but which the
Debtor elected to retain in its discretion.

SS&G Parkland will charge the Debtor separately for its
consulting/financial advisor services on an hourly basis in
accordance with its ordinary and customary hourly rates in effect
on the date services are rendered; and for the firm's out of
pocket disbursements incurred in connection therewith.

The firm's Laurence Goddard will lead the engagement.  His hourly
rate is $395.  Other SS&G Parkland personnel may be used on the
engagement as their particular skills are required. SS&G
Parkland's rates for services range between $175 and $395 per
hour.  SS&G Parkland bills one half of its standard billing rates
for time incurred by its professionals for travel beyond 25 miles
of Cleveland, Ohio.

                          About D&L Energy

D & L Energy has been involved in a number of joint ventures and
limited partnerships that drill, own, and operate conventional oil
and gas wells throughout Northeast Ohio and Northwest
Pennsylvania.  D&L has also been involved in the drilling,
construction, operation and ownership of saltwater injection wells
in the State of Ohio.  D&L has also been involved in marketing and
selling the "deep rights" to its oil and gas leases.

In early 2013, the then-principal of D&L, Ben Lupo, was accused of
violating the U.S. Clean Water Act by allegedly instructing
agents/employees of a separate entity to dump waste water in an
improper manner.  As a result of Mr. Lupo's alleged actions, the
Debtors were forced to incur substantial clean up costs.

D & L Energy, based in Youngstown, Ohio, and affiliate Petroflow,
Inc., filed for Chapter 11 bankruptcy (Bankr. N.D. Ohio Lead Case
No. 13-40813) on April 16, 2013.  Judge Kay Woods oversees the
case.  Brian T. Angeloni, Esq., Kathryn A. Belfance, Esq., Steven
Heimberger, Esq., and Todd A. Mazzola, Esq., at Roderick Linton
Belfance, LLP, serve as the Debtors' counsel, and Walter
Haverfield, LLP, is the environmental counsel.  The Debtor
disclosed $41,015,677 in assets and $6,185,158 in liabilities as
of the Chapter 11 filing.

Daniel M. McDermott, U.S. Trustee for Region 9, appointed seven
creditors to serve in the Official Committee of Unsecured
Creditors.  Sherri Lynn Dahl, Esq., and Peter R. Morrison, Esq.,
at Squire Sanders (US) LLP, represent the Creditors Committee as
counsel.


DETROIT, MI: 20 Percent Offer Jeopardizes Insurers' Recovery
------------------------------------------------------------
Darrell Preston & Steven Church, writing for Bloomberg News,
reported that Detroit's bid to stick investors with losses as part
of an effort to avert a historic bankruptcy is jeopardizing
municipal bond insurers' recovery prospects.

According to the report, insurers, including Assured Guaranty Ltd.
and FGIC Corp., are on the hook for at least 95 percent of the $2
billion of unsecured Detroit debt that wasn't issued for city
utilities, data compiled by Bloomberg show. Kevyn Orr, the city's
emergency financial manager, proposes paying investors less than
20 cents on the dollar on those bonds as the auto-industry capital
bleeds cash.

The report said even as last month's surge in muni yields to a 26-
month high makes it more economical for localities to pay for the
bond backing, Orr's plan may damp confidence in the insurers, said
Matt Fabian at Municipal Market Advisors. By serving as a model
for other municipalities facing financial distress, the approach
makes insured bonds a target for cost savings, he said.

"The city is relying on insurers to pay bondholders that it
chooses not to pay," said Fabian, a managing director at the
Concord, Massachusetts-based research firm, the report cited.  "It
does appear that the insurance companies are sitting ducks."


DEWEY STRIP HOLDINGS: Files Schedules of Assets and Liabilities
---------------------------------------------------------------
Dewey Strip Holdings LLC filed with the U.S. Bankruptcy Court for
the District of Delaware its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $35,000,000
  B. Personal Property                    $0
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $243,570,000
  E. Creditors Holding
     Unsecured Priority
     Claims                                            $3,461
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                                $0
                                 -----------      -----------
        TOTAL                    $35,000,000     $243,573,461

A copy of the schedules is available for free at
http://bankrupt.com/misc/DEWEY_STRIP_sal.pdf

                       About Dewey Strip

Las Vegas, Nevada-based Dewey Strip Holdings LLC and Las Vegas
North Strip Holdings Syndications Group LLC sought Chapter 11
protection (Bankr. D. Del. Case Nos. 13-11479 and 13-11480) on
June 7 in Delaware, without stating a reason.

Each debtor, a Single Asset Real Estate as defined in 11 U.S.C.
Sec. 101(51B), estimated at least $10 million in assets and at
least $100 million in liabilities.

The Debtors are represented by Womble Carlyle Sandridge & Rise,
LLP as bankruptcy counsel.

The petitions were signed by Martin H. Walrath, IV, vice-president
of International Property Syndications, Ltd., as manager and sole
member.


DIGERATI TECHNOLOGIES: Seeks OK to Incur Debt to Pay Expenses
-------------------------------------------------------------
Digerati Technologies, Inc., asks the U.S. Bankruptcy Court for
the Southern District of Texas for authority to incur debt under
Section 364(c)(1) as an administrative expense with superpriority
over other administrative expenses allowable under Section
503(b)(1) and 507.

According to papers filed with the Court, the Debtor is a holding
company that generates no income, and will require an infusion of
funds to pay ongoing expenses, specifically ongoing expenses and
professional fees related to its business.

Hurley Fairview, LLC and Riverfront Capital, LLC, current
shareholders of the Debtor, will each provide secured DIP
Financing in connection of up to $375,000 to cover the projected
shortfall, for DIP loans totaling $750,000.

Digerati anticipates plan confirmation or a sale of its assets
prior to the maturity of both the Hurley DIP Promissory Note and
the Riverfront Promissory Note.

The material terms of the DIP Financing Agreements are:

Amount       : Up to $750,000 (both notes) by advances not
               to exceed $110,000 per month (or $55,000 per month
               per note), so long as Arthur L. Smith remains
               Chairman of the Board and CEO of the Debtor.  An
               initial advance of $110,000 (or $55,000 per note)
               shall be made upon entry of the Order approving the
               DIP Financing.
.
Interest Rate: 7%

Maturity Date: Note comes due on or before the earlier of
(a)  6 months from the date of the Note; (b) the
sale of collateral securing such notes, (c) the
effective date of a plan of reorganization or
arrangement in this Chapter 11 case, dismissal of
               this Chapter 11 case to a Chapter 7 case, or
               appointment of a Chapter 11 Trustee in this
               Chapter 11 case, or (d) removal of Arthur L. Smith
               as chairman of the board and CEO of the Debtor.

Collateral   : None.

Treatment/
Priority     : Superpriority administrative expense claim as
               provided by 11 U.S.C. Section 364(c)(1), Section
               503(b)(1) and Section 507(a)

Other        : After the second advance, DIP Lenders in their
               sole discretion may refuse to make any further
               advances.

According to the Debtor, there is little harm to general unsecured
creditors under this agreement since the DIP Lenders or their
principals already have liens on substantially all of the Debtor's
assets, and the Debtor will not be able to realize equity above
those secured liens absent moving the Chapter 11 case forward.

Counsel for the Debtor can be reached at:

         Melissa A. Haselden, Esq.
         Edward L. Rothberg, Esq.
         HOOVER SLOVACEK LLP
         5847 San Felipe, Suite 2200
         Houston, TX 77057
         Tel: (713) 977-8686
         Fax: (713) 977.5395

                    About Digerati Technologies

Digerati Technologies, Inc., filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 13-33264) in Houston, on May 30, 2013.
Digerati -- http://www.digerati-inc.com-- is a diversified
holding company which owns operating subsidiaries in the oil field
services and the cloud communications industry.  Digerati and its
subsidiaries maintain Texas Offices in San Antonio and Houston.
The Debtor has no independent operations apart from its
subsidiaries.

Debtor's subsidiaries include Shift 8 Networks, a cloud
communication service, Hurley Enterprises, Inc., and Dishon
Disposal, Inc., both oil field services companies.

The Debtor disclosed $60 million in assets and $62.5 million in
liabilities as of May 29, 2013.

Bankruptcy Judge Jeff Bohm oversees the case.  Deirdre Carey
Brown, Esq., Annie E. Catmull, Esq., Melissa Anne Haselden, Esq.,
Mazelle Sara Krasoff, Esq., and Edward L Rothberg, at Hoover
Slovacek, LLP, in Houston, represent the Debtor as counsel.


DIGERATI TECHNOLOGIES: Can Employ HP as Investment Banker
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
authorized Digerati Technologies, Inc., to employ Gilbert A.
Herrera and Herrera Partners as the Debtor's investment banker,
effective as of July 1, 2013, in connection with the marketing and
sale of Hurley Enterprises or Dishon Disposal or raising new
capital.

The services to be provided by HP will include:

   * Planning and execution of sale of Hurley Enterprises and
Dishon Disposal;

   * Preparing a Confidential Information Memorandum;

   * Conducting certain industry due diligence including
evaluating and analyzing Hurley Enterprises and Dishon Disposal's
financial statements;

   * Conducting certain industry due diligence including
qualifying, evaluating and analyzing prospective buyers;

   * Handling contacts, confidentiality agreements and managing
discussions with prospective candidates; and

   * Assisting Digerati with negotiations with prospective
candidates.

Subject to Court approval in accordance with section 328 of the
Bankruptcy Code, the Debtor agrees that compensation will be
payable to Herrera on an hourly basis at the following rates:

  -- Managing Director & Director Level Staff at $350 per hour;
  -- Vice President level staff at $275 per hour; and
  -- Associate level staff at $200 per hour

Additionally, in connection with Herrera's employment, the Debtor
will be required to pay an initial retainer to Herrera in the
amount of $40,000, consisting of $25,000 related to the sale of
Hurley Enterprises and $15,000 related to the sale of Dishon
Disposal.  Fees and expenses for Herrera will be billed against
the Retainer.

Herrera will also receive a fee of 2% of any amount received from
a sale which is in excess of $30 million for either Hurley
Enterprises or Dishon Disposal (2% fee is only assessed on the
excess amount received).

To the best of Debtor's knowledge, Mr. Herrera and Herrera
Partners are each a "disinterested person" within the definition
of section 101(14) of the Code and as required by section ?327(a)
of the Code.

                    About Digerati Technologies

Digerati Technologies, Inc., filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 13-33264) in Houston, on May 30, 2013.
Digerati -- http://www.digerati-inc.com-- is a diversified
holding company which owns operating subsidiaries in the oil field
services and the cloud communications industry.  provider of cloud
communication services.  Digerati and its subsidiaries maintain
Texas Offices in San Antonio and Houston.  The Debtor has no
independent operations apart from its subsidiaries.

Debtor's subsidiaries include Shift 8 Networks, a cloud
communication service, Hurley Enterprises, Inc., and Dishon
Disposal, Inc., both oil field services companies.

The Debtor disclosed $60 million in assets and $62.5 million in
liabilities as of May 29, 2013.

Bankruptcy Judge Jeff Bohm oversees the case.  Deirdre Carey
Brown, Esq., Annie E. Catmull, Esq., Melissa Anne Haselden, Esq.,
Mazelle Sara Krasoff, Esq., and Edward L Rothberg, at Hoover
Slovacek, LLP, in Houston, represent the Debtor as counsel.


DIGERATI TECHNOLOGIES: Seeks OK to Hire Nevada Litigation Counsel
-----------------------------------------------------------------
Digerati Technologies, Inc., asks the U.S. Bankruptcy Court for
the Southern District of Texas for authorization to employ Gordon
R. Goolsby, Esq., and Armstrong Teasdale, as special local
litigation counsel in Nevada.

According to papers filed with the Court, on Feb. 5, 2013, the
disputed board of directors of Digerati initiated suit in Nevada
state court against majority shareholder, Oleum Capital, LLC, in
Case No. A-13-675246-C, Digerati Technologies, Inc. v. Oleum
Capital, LLC, alleging that Oleum was using its status as majority
shareholder to "usurp" control of Digerati by removing Board
members and terminating its attorneys, Sonfield & Sonfield.  The
lawsuit was subsequently removed to the United States District
Court in Las Vegas, Nevada, where it remains pending as Case No.
2:13-cv-00191-GMN-VCF, Digerati Technologies, Inc. v. Oleum
Capital, LLC ("Nevada Litigation").

Harold P. Gewerter, Esq., is the current attorney of record for
Digerati in the Nevada Litigation whose representation was engaged
by the disputed board of directors.

Digerati says it intends to seek dismissal of the Nevada
Litigation and terminate Mr. Gewerter's representation in the
Nevada Litigation.  Hoover Slovacek LLP will represent the Debtor
in the Nevada Litigation.  However, the local rules of the Nevada
Federal District Court require that local counsel also be engaged
in connection with the Nevada Litigation.

The hourly rates of the Firm are:

     Doug Kurdziel, Esq.          $450
     Gordon R. Goolsby, Esq.      $315
     Other Attorneys           $200 - $550
     Legal Assistants          $100 - $240

Additionally, the Debtor is required to remit to the Firm a
retainer in the amount of $5,000 in connection with this
representation.  Fees and expenses owed to the Firm will be billed
against the Retainer.

To the best of the Debtor's knowledge, the Firm and its employees
are "disinterested persons" as that term is defined by 11 U.S.C.
Sec. 101(14) and as required by Sec. 327(a) of the Code.

                    About Digerati Technologies

Digerati Technologies, Inc., filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 13-33264) in Houston, on May 30, 2013.
Digerati -- http://www.digerati-inc.com-- is a diversified
holding company which owns operating subsidiaries in the oil field
services and the cloud communications industry.  Digerati and its
subsidiaries maintain Texas Offices in San Antonio and Houston.
The Debtor has no independent operations apart from its
subsidiaries.

Debtor's subsidiaries include Shift 8 Networks, a cloud
communication service, Hurley Enterprises, Inc., and Dishon
Disposal, Inc., both oil field services companies.

The Debtor disclosed $60 million in assets and $62.5 million in
liabilities as of May 29, 2013.

Bankruptcy Judge Jeff Bohm oversees the case.  Deirdre Carey
Brown, Esq., Annie E. Catmull, Esq., Melissa Anne Haselden, Esq.,
Mazelle Sara Krasoff, Esq., and Edward L Rothberg, at Hoover
Slovacek, LLP, in Houston, represent the Debtor as counsel.


DIGERATI TECHNOLOGIES: Can Employ Middleton as Tax Accountants
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
authorized Digerati Technologies, Inc., to employ Wesley Middleton
of MiddletonRaines + Zapanta, LLP, for the limited purpose of
preparing state and federal tax returns and related filings for
the periods ending Dec. 31, 2011, and Dec. 31, 2012.

The Firm's hourly rates are:

     Partner             $250 - $320
     Manager             $200 - $250
     Tax Senior          $150 - $200
     Other Tax Staff     $100 - $140

According to papers filed with Court, additionally, the Debtor is
required to remit to the Firm a retainer in the amount of $5,750
in connection with this engagement and fees and expenses will be
capped at this amount.  Fees and expenses owed to the Firm will be
billed against the Retainer in accordance with the Firm's usual
billing practices, not to exceed the amount of the Retainer.

To the best of the Debtor's knowledge, the Firm and its employees
are "disinterested persons" as that term is defined by 11 U.S.C.
Sec. 101(14) and as required by Sec. 327(a) of the Code.

                    About Digerati Technologies

Digerati Technologies, Inc., filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 13-33264) in Houston, on May 30, 2013.
Digerati -- http://www.digerati-inc.com-- is a diversified
holding company which owns operating subsidiaries in the oil field
services and the cloud communications industry.  Digerati and its
subsidiaries maintain Texas Offices in San Antonio and Houston.
The Debtor has no independent operations apart from its
subsidiaries.

Debtor's subsidiaries include Shift 8 Networks, a cloud
communication service, Hurley Enterprises, Inc., and Dishon
Disposal, Inc., both oil field services companies.

The Debtor disclosed $60 million in assets and $62.5 million in
liabilities as of May 29, 2013.

Bankruptcy Judge Jeff Bohm oversees the case.  Deirdre Carey
Brown, Esq., Annie E. Catmull, Esq., Melissa Anne Haselden, Esq.,
Mazelle Sara Krasoff, Esq., and Edward L Rothberg, at Hoover
Slovacek, LLP, in Houston, represent the Debtor as counsel.


DRYSHIPS INC: Ocean Rig Enters Into $1.8-Bil. Term Loan Facility
----------------------------------------------------------------
DryShips Inc. and through its majority owned subsidiary, Ocean Rig
UDW Inc., of offshore deepwater drilling services, on July 15
disclosed that Ocean Rig, through its wholly-owned subsidiaries,
Drillships Financing Holding Inc., and Drillships Projects Inc.,
entered into a $1.8 billion senior secured term loan facility,
comprised of tranche B-1 term loans in an aggregate principal
amount equal to $975.0 million and tranche B-2 term loans in an
aggregate principal amount equal to $825.0 million, with
respective maturity dates in the first quarter of 2021, subject to
adjustment to the third quarter of 2020 in certain circumstances,
and the third quarter of 2016.

The Term Loans are initially guaranteed by Ocean Rig and certain
existing and future subsidiaries of DFHI and are secured by
certain assets of, and by a pledge of the stock of, DFHI and the
subsidiary guarantors.

The net proceeds of the Term Loans were used by Ocean Rig to repay
in full amounts outstanding under Ocean Rig's $800.0 million
secured term loan agreement and two $495.0 million senior secured
credit facilities, amounting to approximately $1.6 billion in the
aggregate.  The balance of the net proceeds are expected to be
used by Ocean Rig to finance offshore drilling rigs and for the
payment of fees and expenses associated therewith.

                       About DryShips Inc.

Headquartered in Athens, Greece, DryShips Inc. (NASDAQ: DRYS) is
an owner of drybulk carriers and tankers that operate worldwide.
Through its majority owned subsidiary, Ocean Rig UDW Inc.,
DryShips owns and operates 10 offshore ultra deepwater drilling
units, comprising of 2 ultra deepwater semisubmersible drilling
rigs and 8 ultra deepwater drillships, 3 of which remain to be
delivered to Ocean Rig during 2013 and 1 is scheduled for
delivery during 2015.  DryShips owns a fleet of 46 drybulk
carriers (including newbuildings), comprising of 12 Capesize, 28
Panamax, 2 Supramax and 4 Very Large Ore Carriers (VLOC) with a
combined deadweight tonnage of about 5.1 million tons, and 10
tankers, comprising 4 Suezmax and 6 Aframax, with a combined
deadweight tonnage of over 1.3 million tons.

The Company reported a net loss of US$288.6 million on
US$1.210 billion of revenues in 2012, compared with a net loss of
US$47.3 million on US$1.078 billion of revenues in 2011.

The Company's balance sheet at Dec. 31, 2012, showed
US$8.878 billion in total assets, US$5.010 billion in total
liabilities, and shareholders' equity of US$3.868 billion.

                       Going Concern Doubt

Ernst & Young (Hellas), in Athens, Greece, expressed substantial
doubt about DryShips Inc.'s ability to continue as a going
concern, citing the Company's working capital deficit of
US$670 million at Dec. 31, 2012, and in addition, the non-
compliance by the shipping segment with certain covenants of its
loan agreements with banks.

As of Dec. 31, 2012, the shipping segment was not in compliance
with certain loan-to-value ratios contained in certain of its
loan agreements.  In addition, as of Dec. 31, 2012, the shipping
segment was in breach of certain financial covenants, mainly the
interest coverage ratio, contained in the Company's loan
agreements relating to US$769,098,000 of the Company's debt.  As
a result of this non-compliance and of the cross default
provisions contained in all bank loan agreements of the shipping
segment and in accordance with guidance related to the
classification of obligations that are callable by the creditor,
the Company has classified all of its shipping segment's bank
loans in breach amounting to US$941,339,000 as current at
Dec. 31, 2012.


EAGLE RECYCLING SYSTEMS: Lieze Associates Files Schedules
---------------------------------------------------------
Lieze Associates, Inc., filed with the U.S. Bankruptcy Court for
the District of New Jersey its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property                    $0
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $6,473,183
                                 -----------      -----------
        TOTAL                             $0       $6,473,183

A copy of the schedules is available for free at
http://bankrupt.com/misc/EAGLE_RECYCLING_LIEZE_ASSOCIATES_sal.pdf

                       About Eagle Recycling Systems

Eagle Recycling Systems and affiliate Lieze Associates Inc. sought
Chapter 11 bankruptcy protection (Bankr. D.N.J. Case Nos. 13-18412
and 13-18413) on April 19, 2013, in Newark, New Jersey.  Judge
Rosemary Gambardella oversees the case.  The Debtors have tapped
CohnReznick LLP as financial advisors; and Vincent F. Papalia,
Esq., at Saiber, LLC as counsel.  The petition was signed by
Jeffrey Marangi, authorized agent.


EASTMAN KODAK: Says It Will Emerge From Chapter 11 With No Debt
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Eastman Kodak Co., whose Chapter 11 plan is up for
approval Aug. 20, said it expects to have $821 million in cash on
a worldwide basis on emerging from bankruptcy reorganization.

According to the report, after deducting the sizeable cash
balance, there will no net debt after bankruptcy, Rochester, New
York-based Kodak said in a filing on July 15.  Kodak publicly
disclosed material given to prospective lenders for a $200 million
asset-backed loan, a $420 million first-lien term loan and a $275
million second-lien term loan to constitute part of the funds
financing the reorganization plan.

The report notes that the company predicted cash to grow to
$1.5 billion by 2017, while debt totaling an estimated $694
million in 2013 will decline to $677 million in 2017 if Kodak
meets projections.  Kodak predicted cash flow will go from
negative $138 million in 2011 to a positive $167 million this
year, even though revenue will have declined over the same period
to $2.52 billion from $5.15 billion.  Kodak said revenue will
climb to $3.2 billion by 2017, when cash flow is expected to
increase to $494 million.

The report relates that Kodak said assets include 7,000 patents,
including 4,400 in the U.S.  Confirming the plan will complete a
bankruptcy begun in January 2012.

                        About Eastman Kodak

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

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

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

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

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

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

The Retirees Committee has hired Haskell Slaughter Young &
Rediker, LLC, and Arent Fox, LLC as Co-Counsel; Zolfo Cooper,
LLC, as Bankruptcy Consultants and Financial Advisors; and the
Segal Company, as Actuarial Advisors.

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

Kodak completed the $527 million sale of digital-imaging
technology on Feb. 1, 2013.  Kodak intends to reorganize by
focusing on the commercial printing business.

At the end of April 2013, Kodak filed a proposed reorganization
plan offering 85 percent of the stock to holders of the remaining
$375 million in second-lien notes. The other 15 percent is for
unsecured creditors with $2.7 billion in claims and retirees who
have a $635 million claim from the loss of retirement benefits.


EUROFRESH INC: Name Changed to "EF23, Inc."
-------------------------------------------
Judge Eileen W. Hollowell of the U.S. Bankruptcy Court for the
District of Arizona granted Eurofresh, Inc.'s motion to change its
name as a result of the sale under Section 363 of the Bankruptcy
Code to Zona Acquisition Company, LLC.  Accordingly, Eurofresh,
Inc. is now named to EF23, Inc.

According to the Debtor, the name "Eurofresh, Inc." was sold to
Zona Acquisition, along with substantially all of its assets.  As
the name Eurofresh is now owned by Zona, the Debtor deemed it
improper to continue to use that name.

The Debtor has registered the name EF23, Inc. with the Delaware
division of corporations and intends to close out its business
operations under the name.

The Debtor is represented by Michael McGrath, Esq., Frederick J.
Petersen, Esq., and Isaac D. Rothschild, Esq., at MESCH, CLARK &
ROTHSCHILD, P.C., in Tucson, Arizona.

                      About EuroFresh Inc.

EuroFresh , Inc., is America's largest greenhouse grower spanning
318 aces of glass covered facilities.  EuroFresh grows premium
quality, great tasting, certified pesticide residue free
greenhouse tomatoes and cucumbers year-round.  The 274-acre
flagship facility in Willcox, Arizona, is the world's largest.
There's also a second 44-acre acre property in Snowflake, Arizona.
EuroFresh has 964 employees.

EuroFresh filed a Chapter 11 petition (Bankr. D. Ariz. Case No.
13-01125) on Jan. 27, 2013, to complete a sale of the business to
NatureSweet Limited, absent higher and better offers.

NatureSweet and EuroFresh Farms are two of the leading producers
of high-quality tomatoes in North America.

EuroFresh first filed for Chapter 11 protection (Bankr. D. Ariz.
Lead Case No. 09-07970) on April 21, 2009.  Eurofresh exited
bankruptcy in November 2009 following a deal with majority of
their existing debt holders to convert more than $200 million of
debt into equity.

In the new Chapter 11 case, Frederick J. Petersen, Esq., and Isaac
D. Rothschild, Esq., at Mesch, Clark & Rothschild, P.C., serve as
counsel to the Debtors.

The Official Committee of Unsecured Creditors appointed in the
case has retained Lowenstein Sandler LLP; and Jennings, Strouss &
Salmon, P.L.C., as bankruptcy counsel.


FREESEAS INC: Issues Add'l 600,000 Settlement Shares to Hanover
---------------------------------------------------------------
FreeSeas, Inc., issued 600,000 additional settlement shares to
Hanover Holdings I, LLC, pursuant to the terms of the Settlement
Agreement approved by the Supreme Court of the State of New York,
County of New York, on June 25, 2013.  The Court approved, among
other things, the settlement agreement between FreeSeas and
Hanover in the matter entitled Hanover Holdings I, LLC v. FreeSeas
Inc., Case No. 651950/2013.

Hanover commenced the Action against the Company on May 31, 2013,
to recover an aggregate of $5,331,011 of past-due accounts payable
of the Company, plus fees and costs.  The Order provides for the
full and final settlement of the Claim and the Action.

Pursuant to the terms of the Settlement Agreement, on June 26,
2013, the Company issued and delivered to Hanover 890,000 shares
of the Company's common stock, $0.001 par value, and between
July 2, 2013, and July 11, 2013, the Company issued and delivered
to Hanover an aggregate of 1,958,000 additional settlement shares.

The Settlement Agreement provides that the Initial Settlement
Shares will be subject to adjustment.

A copy of the Form 6-K is available for free at:

                        http://is.gd/uKZ0t1

                         About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

Freeseas disclosed a net loss of US$30.88 million in 2012, a net
loss of US$88.19 million in 2011, and a net loss of US$21.82
million in 2010.  The Company's balance sheet at Dec. 31, 2012,
showed US$114.35 million in total assets, $106.55 million in
total liabilities and US$7.80 million in total shareholders'
equity.

RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012.  The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency.  In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements.  It has also failed to make required payments to
Deutsche Bank Nederland as agreed to in its Sept. 7, 2012,
amended and restated facility agreement and received notices of
default from First Business Bank.  Furthermore, the vast majority
of the Company's assets are considered to be highly illiquid and
if the Company were forced to liquidate, the amount realized by
the Company could be substantially lower that the carrying value
of these assets.  These conditions, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.


GAVILON GROUP: Moody's Withdraws Ratings Following Asset Sale
-------------------------------------------------------------
Moody's Investor Service withdrew the ratings for The Gavilon
Group LLC following the acquisition of its agricultural and
fertilizer assets by Marubeni Corporation (Baa2 stable) for $2.7
billion. The outstanding term loan has been repaid and a rating on
the downsized ABL facility is no longer required.

Ratings withdrawn:

The Gavilon Group LLC

Corporate Family Rating at Ba3

Probability of Default Rating at Ba3-PD

Senior secured ABL facility at Ba2 (LGD3, 41%)

Senior secured term loan at Ba3(LGD4, 54%)

Gavilon LLC, headquartered in Omaha, Nebraska, was a global
merchandiser and distributor of agricultural commodities (grains,
fertilizers, feed ingredients, oils, fats, etc.), and petroleum
and fuel commodities (crude oil, natural gas, biofuels, etc.).
Gavilon had revenues of roughly $18 billion. Gavilon's owners are
in the process of the selling the petroleum and fuel commodities
business, which includes more than four million barrels of crude
oil storage capacity in Cushing, Oklahoma.


GMX RESOURCES: Lenders, Creditors Fight Over $86 Million Payment
----------------------------------------------------------------
Katy Stech writing for Dow Jones' DBR Small Cap reports that
lenders who have extended $336 million to struggling GMX Resources
Inc., an Oklahoma-based oil-and-gas exploration company, are
pressing the company to pay a nearly $86 million penalty despite
arguments from the company's unsecured creditors that such a
payment is improper under bankruptcy law.

                        About GMX Resources

GMX Resources Inc. -- http://www.gmxresources.com/-- is an
independent natural gas production company headquartered in
Oklahoma City, Oklahoma.  GMXR has 53 producing wells in Texas &
Louisiana, 24 proved developed non-producing reservoirs, 48 proved
undeveloped locations and several hundred other development
locations.  GMXR has 9,000 net acres on the Sabine Uplift of East
Texas.  GMXR has 7 producing wells in New Mexico.  The Company's
strategy is to significantly increase production, revenues and
reinvest in increasing production.  GMXR's goal is to grow and
build shareholder value every day.

The Company reported net losses of $206.44 million in 2011,
$138.29 million in 2010, and $181.08 million in 2009.

GMX Resources filed a Chapter 11 petition in its hometown (Bankr.
W.D. Okla. Case No. 13-11456) on April 1, 2013, so secured lenders
can buy the business in exchange for $324.3 million in first-lien
notes.

GMX missed a payment due in March 2013 on $51.5 million in second-
lien notes.  Other principal liabilities include $48.3 million in
unsecured convertible senior notes.

The DIP financing provided by senior noteholders requires court
approval of a sale within 75 days following approval of sale
procedures. The lenders and principal senior noteholders include
Chatham Asset Management LLC, GSO Capital Partners, Omega Advisors
Inc. and Whitebox Advisors LLC.

The Official Committee of Unsecured Creditors tapped Winston &
Strawn LLP as its counsel.


HILCORP ENERGY: S&P Raises CCR to 'BB'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on Houston-based Hilcorp Energy I L.P.
(Hilcorp) to 'BB' from 'BB-'.  The outlook is stable.

S&P also raised the issue-level rating on the partnership's senior
unsecured debt to 'BB' (the same level as the corporate credit
rating) from 'BB-'.  The recovery rating on this debt remains '3',
indicating S&P's expectation for meaningful (50% to 70%) recovery
in the event of a payment default.

"The upgrade reflects the improvement in our assessment of
Hilcorp's business risk profile, following a series of
acquisitions and divestitures over the past 18 months.  Pro forma
for the partnership's most recent acquisitions, including the
closing of the Marathon assets in Alaska and the Forest assets in
south Texas, Hilcorp's reserves have increased to 410 million
barrels of oil equivalent (mboe) at year-end 2012 from 323 mboe at
year-end 2011.  At the same time, pro forma average daily
production was 104,000 barrels per day in the first quarter of
2013, more than 50% higher than the average daily production for
2011.  Although we expect production and reserves to remain
slightly more skewed toward natural gas for the next couple of
years due to its recent acquisitions in Alaska, fixed supply
contracts substantially above Henry Hub prices for a large portion
of its Alaskan production mitigates Hilcorp's exposure to weak
natural gas prices.  In addition, we expect the partnership will
continue to actively hedge its production, ensuring that about
two-thirds of its current year production and one-third of the
following year is hedged.  In addition, Hilcorp typically hedges
80% to 100% of the production from acquired assets for up to five
years.  Finally, we think that the partnership's geographical
diversity was enhanced by the acquisition of the Alaskan assets,"
S&P noted.

"The stable outlook on Hilcorp Energy I L.P. reflects Standard &
Poor's expectation that the partnership will maintain steady
operating performance in its core regions while maintaining debt
leverage of 2.5x or less," said Standard & Poor's credit analyst
Christine Besset.

"We could lower ratings if Hilcorp's debt leverage exceeded 3.25x
with no near-term remedy.  Given the currently strong debt
measures, commodity prices would have to fall substantially below
current market prices or the partnership would have to double its
forecasted capex and acquisition spending for leverage to fall
below this level.  We consider both scenarios unlikely in the next
12 months," S&P addded.

S&P's ratings on Hilcorp are currently constrained by the
partnership's moderate reserve size and its exposure to natural
gas.  S&P would consider upgrading Hilcorp if the partnership is
able to meaningfully increase its reserves while maintaining debt
leverage at less than 2.5x.


HOFFMASTER GROUP: S&P Keeps B CCR After $10MM 1st Lien Loan Add-On
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' corporate
credit rating and stable outlook on Hoffmaster Group Inc. remain
unchanged following Hoffmaster's proposed $10 million add-on to
its existing first-lien term loan and $6 million add-on to its
existing second-lien term loan.

"We have maintained our 'B' issue-level rating and '3' recovery
rating on the first-lien facilities, indicating our expectation of
meaningful (50% to 70%) recovery in the event of a payment
default.  We have maintained our 'CCC+' issue-level rating and '6'
recovery rating on the second-lien term loan, indicating our
expectation of negligible (0% to 10%) recovery in the event of
a payment default.  We based the ratings on preliminary terms and
conditions," S&P said.

"We expect the company to use about $16 million of proceeds from
the add-on offerings, cash of about $11 million, and $13 million
in revolver borrowings to fund the acquisition of a paper tabletop
products company.  We expect pro forma credit metrics to remain
relatively unchanged, with funds from operations to total adjusted
debt in the high-single-digit percentage area in the next few
years," S&P added.

"The ratings on Oshkosh, Wis.-based Hoffmaster reflect a "weak"
business profile that incorporates the company's position as a
niche player in disposable tableware products with limited product
and geographic diversity and moderate customer concentration.  In
addition, Standard & Poor's Ratings Services views the financial
risk profile as "highly leveraged" and believes financial policy
is likely to be very aggressive.  Some mitigating factors include
the company's long-standing customer relationships, sizable
positions with leading North American food service providers,
above-average profit margins and cash flow generation, "adequate"
liquidity, and a favorable debt maturity profile," S&P noted.

RATINGS LIST

Hoffmaster Group Inc.
Corporate Credit Rating                 B/Stable/--

Senior Secured
$260mil term loan due 2018              B
  Recovery Rating                        3
$91mil 2nd lien term loan due 2019      CCC+
  Recovery Rating                        6


HOYT TRANSPORTATION: NY School Bus Operator Files for Chapter 11
----------------------------------------------------------------
Brooklyn, New York-based Hoyt Transportation Corp. filed a
Chapter 11 petition (Bankr. E.D.N.Y. Case No. 13-44299) on
July 13, 2013, estimating at least $10 million in assets and
liabilities.

The Debtor is represented by:

         Kevin J. Nash, Esq.
         GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
         1501 Broadway, 22nd Floor
         New York, NY 10036
         Tel: (212) 301-6944
         Fax: (212) 422-6836
         E-mail: KNash@gwfglaw.com

The longtime New York City school-bus operator filed for
Chapter 11 bankruptcy protection over the weekend after losing its
routes amid the city's controversial decision to eliminate certain
worker protection requirements that caused a month long strike
earlier this year, Stephanie Gleason, writing for Dow Jones' DBR
Small Cap, reports.

Brooklyn-based Hoyt specializes in transportation for children
with disabilities.  Hoyt operated 350 buses until the contract
with the Department of Education expired at the end of the school
year.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Hoyt wasn't awarded a new contract because it was
bidding against companies "not obligated to utilize union
personnel."

Listing assets and debt both exceeding $10 million, Hoyt pointed a
finger at termination of the Mollen Agreement dating to 1979,
which compelled school bus operators to use union workers and hire
from a master seniority list.

The report discloses that late last year, the city abrogated the
requirement to hire union workers, setting off a school bus strike
in early 2013.  The company said it couldn't compete because it's
compelled to pay "premium labor rates."

The Chapter 11 case will be a liquidation, according to court
papers, because Hoyt's routes have already been awarded to other
operators.


IGPS COMPANY: Files Schedules of Assets and Liabilities
-------------------------------------------------------
IGPS Company LLC filed with the U.S. Bankruptcy Court for the
District of Delaware its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property          $592,604,506
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $148,708,175
  E. Creditors Holding
     Unsecured Priority
     Claims                                        $2,350,262
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $23,035,386
                                ------------     ------------
        TOTAL                   $592,604,506     $174,093,823

A copy of the schedules is available for free at
http://bankrupt.com/misc/IGPS_COMPANY_sal.pdf

                       About IGPS Co.

iGPS Company LLC filed a Chapter 11 bankruptcy petition (Bankr. D.
Del. Case No. 13-11459) on June 4, 2013, to sell its assets to a
group led by Balmoral Funds LLC, absent higher and better offers.

iGPS Company -- http://www.igps.net-- is the first and only
plastic pallet pooling rental and leasing company in the U.S. It
offers plastic pallets with embedded radio frequency
identification (RFID) tags.  Founded in 2006, the company is
headquartered in Orlando, Florida, and has a sales and innovation
center in Bentonville, Arkansas.

The Debtor estimated $100 million to $500 million in assets and
liabilities in its Chapter 11 petition.

According to the board resolution authorizing the bankruptcy,
Pegasus IGPS LLC owns 12.55% of the company; iGPS Co-Investment
LLC owns 18.75%; Kia VIII (iGPS Sub), LLC owns 30.74%; and KIA
VIII iGPS Blocker, LLC, owns 12.27%.


IGPS CO: U.S. Trustee Says Sale Price Too Low
---------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the U.S. Trustee is opposing the sale of IGPS Co. to
secured lenders largely in exchange for debt.

According to the report, the bankruptcy watchdog for the U.S.
Justice Department argued in its July 12 court filing that IGPS is
solvent, with assets worth $592 million and liabilities of less
than $200 million.  The U.S. Trustee sees no reason for selling
the business to secured lenders for $52 million when other
creditors aren't being paid in full.

The report notes that the purchase price includes $2.3 million in
cash.  The cash component was raised from $1 million under a
settlement where the creditors' committee agreed to drop
opposition to the sale.

Balmoral Funds LLC, One Equity Partners LLC, and Jeff and Robert
Liebesman are under contract to buy the business in exchange for
the cash, secured debt and assumption of the loan financing
bankruptcy.  Just before bankruptcy, they purchased the $250
million working-capital loan on which $148.8 million was
outstanding, according to court filings.

                          About iGPS Co.

iGPS Company LLC filed a Chapter 11 bankruptcy petition (Bankr. D.
Del. Case No. 13-11459) on June 4, 2013, to sell its assets to a
group led by Balmoral Funds LLC, absent higher and better offers.

iGPS Company -- http://www.igps.net-- is the first and only
plastic pallet pooling rental and leasing company in the U.S. It
offers plastic pallets with embedded radio frequency
identification (RFID) tags.  Founded in 2006, the company is
headquartered in Orlando, Florida, and has a sales and innovation
center in Bentonville, Arkansas.

The Debtor estimated $100 million to $500 million in assets and
liabilities in its Chapter 11 petition.

According to the board resolution authorizing the bankruptcy,
Pegasus IGPS LLC owns 12.55% of the company; iGPS Co-Investment
LLC owns 18.75%; Kia VIII (iGPS Sub), LLC owns 30.74%; and KIA
VIII iGPS Blocker, LLC, owns 12.27%.


INNOVIDA HOLDINGS: Tox Exec Convicted in $40MM Investor Scheme
--------------------------------------------------------------
Ama Sarfo of BankruptcyLaw360 reported that a Florida federal jury
on Friday convicted a top executive of bankrupt Miami Beach-based
manufacturing company InnoVida Holdings LLC on charges that he and
a fellow executive conned investors out of $40 million.

According to the report, Craig Stanley Toll, 64, of Pembroke Pines
was convicted of two counts of conspiracy to commit wire fraud,
three counts each of substantive wire fraud and making false
statements to a U.S. government agency, and one count each of
major fraud against the U.S. and conspiracy to commit money
laundering.

The case is USA v. Eleazar Osorio et al, Case No. 1:12-cr-20901
(S.D. Fla.).


JETCOM INC: In Default of CSNX Requirements; Trading Halted
-----------------------------------------------------------
Jetcom Inc. is in default of requirements of the Canadian National
Stock Exchange (CNSX).  Effective immediately, Jetcom is suspended
pursuant to CNSX Policy 3.  The suspension is considered a
Regulatory Halt as defined in National Instrument 23-101 Trading
Rules.

        Date: Effective Immediately, July 15, 2013
        Symbol: JTM


JOHNSTON LITHOGRAPH: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Johnston Lithograph, Inc.
        11334 Hunt
        Romulus, MI 48174

Bankruptcy Case No.: 13-53213

Chapter 11 Petition Date: July 8, 2013

Court: U.S. Bankruptcy Court
       Eastern District of Michigan (Detroit)

Judge: Marci B. McIvor

Debtor's Counsel: Afan Bapacker, Esq.
                  JAAFAR AND MAHDI LAW GROUP, P.C.
                  23400 Michigan Avenue, Suite 110
                  Dearborn, MI 48124
                  Tel: (313) 846-6400
                  Fax: (313) 846-3200
                  E-mail: abpetitions@gmail.com

                         - and ?

                  Zakaria Mahdi, Esq.
                  JAAFAR AND MAHDI LAW GROUP, P.C.
                  23400 Michigan Avenue, Suite 110
                  Dearborn, MI 48124
                  Tel: (313) 846-6400
                  Fax: (313) 846-1910
                  E-mail: zmpetitions@jaafarandmahdi.com

Estimated Assets: $0 to $50,000

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

The Company's list of its 20 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/mieb13-53213.pdf

The petition was signed by Kurt Johnston, chief financial officer.


LAGUNA BRISAS: Files Blacklined 3rd Amended Disclosure Statement
----------------------------------------------------------------
Laguna Brisas LLC filed with the U.S. Bankruptcy Court for the
Central District of California on July 12, 2013, a Third Amended
(Blacklined) Disclosure Statement describing the Debtor's Third
Amended Chapter 11 Plan.  The hearing to consider the approval of
the Disclosure Statement is set for Aug. 1, 2013, at 10:30 a.m.

The Debtor will fund the Plan from the income it receives from the
operation of the Hotel.  The management of the Debtor will
continue to be Andy Kim, as it was prior to the appointment of the
Receiver upon turnover of the Debtor's to the Debtor by the
Receiver by the Effective Date.  The Debtor, through the
management company, Matrix Hospital Group LLC, will act as the
disbursing agent for the purpose of making the distributions
provided for under the Plan.

Under the Third Amended Plan, unless the Court rules otherwise to
the Debtor's objection to allowance of Wells Fargo Bank's Class 1
claim, the Debtor will reinstate the loan by curing any arrears
after applying all post-petition payments received by this
claimholder with equal monthly payments starting on the Effective
Date and continuing through May 1, 2016, plus make all remaining
payments pursuant to the loan documents including the final payoff
on May 1, 2016, plus make all remaining payments pursuant to the
loan documents including the final payoff on May 1, 2016.

Unsecured Claims in Class 5A, with a total claims amount of
$260,000, will be paid in full over 34 months from the Effective
Date without interest unless this Class does not vote in favor of
the confirmation of the Plan, in which case it will receive
interest but be paid over the earlier of 120 months after the
Effective Date or the months required to satisfy all these claims
in full.

Unsecured Claims, convenience class, with a total claim amount of
$21,000 will be paid in full on the Effective Date.

The Debtor's owners will retain their ownership interest in the
Debtor.

A copy of the Third Amended (Blacklined) Disclosure Statement is
available at http://bankrupt.com/misc/lagunabrisas.doc404.pdf

                        About Laguna Brisas

Laguna Beach, California-based Laguna Brisas LLC, doing business
as Best Western Laguna Brisas Spa Hotel, is owned by A&J Mutual,
LLC, which is owned and operated by Dae In "Andy" Kim and his wife
Jane.  The Company owns a Best Western Plus Hotel and Spa in
Laguna Beach, California.

The Company filed for Chapter 11 protection (Bankr. C.D. Cal.
Case No. 12-12599) on Feb. 29, 2012.

The Debtor filed the Chapter 11 petition to stop foreclosure sale
of the first priority trust deed holder, Wells Fargo Bank.  The
hotel has been in possession of and operated by a receiver, Bryon
Chapman of Rim Hospitality, since Oct. 3, 2011.

Giovanni Orantes, Esq., at Orantes Law Firm PC, represents the
Debtor as counsel.  Johnny Kim, Esq. -- no relation to the
Debtor's insider, "Andy" Kim -- represents the Debtor as special
counsel.  The Debtor disclosed $15,097,815 in assets and
$13,982,664 in liabilities.

The petition was signed by Dae In "Andy" Kim, managing member.


LAKELAND INDUSTRIES: Stockholders Elect Two Directors
-----------------------------------------------------
Lakeland Industries, Inc., held its 2013 annual meeting of
stockholders on July 12, 2013, at which the stockholders (a)
elected Duane W. Albro and Thomas McAteer to serve for three years
expiring at the Company's 2016 Annual Meeting of Stockholders and
until their respective successors are       elected and qualified,
(b) ratified the appointment of Warren Averett, LLC, as the
Company's independent registered public accounting firm for the
fiscal year ending Jan. 31, 2014, and
(c) approved, on an advisory basis, the named executive officer's
compensation.

The Stockholders expressed their preference to hold future
advisory votes on Executive Officer Compensation every year.
Nevertheless, the Company has determined to implement an advisory
vote on executive compensation every three years.

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

                        http://is.gd/q2Nu9P

                      About Lakeland Industries

Ronkonkoma, N.Y.-based Lakeland Industries, Inc., manufactures and
sells a comprehensive line of safety garments and accessories for
the industrial protective clothing market.

In its audit report on the consolidated financial statements for
the year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham,
Alabama, expressed substantial doubt about Lakeland Industries'
ability to continue as a going concern.  The independent auditors
noted that Company is in default on certain covenants of its loan
agreements at Jan. 31, 2013.  "The lenders have not waived these
events of default and may demand repayment at any time.
Management is currently trying to secure replacement financing but
does not have new financing available at the date of this report."

The Company reported a net loss of $26.3 million on $95.1 million
of net sales for the year ended Jan. 31, 2013, compared with a net
loss of $376,825 on $96.3 million of sales for the year ended
Jan. 31, 2012.


LEHMAN BROTHERS: Workers Can't Pursue Lawsuit vs. Executives
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Lehman Brothers Holdings Inc. workers who invested
part of their incomes in company stock can't pursue a lawsuit
against executives who served as trustees of the employee stock
ownership plan, an appeals court said.

According to the report, in a suit filed in October 2008, shortly
after Lehman's bankruptcy began, the employees alleged that the
trustees violated their fiduciary duties by failing to sell Lehman
stock when they should have known the broker was in dire financial
condition.  The district court dismissed the suit and U.S. Court
of Appeals in Manhattan affirmed that decision July 15.  Writing
for the appeals court, U.S. Circuit Judge Richard C. Wesley said
in a 41-page ruling that the complaint didn't make out a
"plausible claim that the defendants breached" their fiduciary
duties under federal pension law.  Lehman employees were permitted
to invest no more than 20 percent of deductions from income in the
plan, which was precluded from investing in anything other than
Lehman stock.  The lack of discretion to make other investment was
the key to dismissal of the suit.

The report notes that the employees said that if Lehman executives
had investigated, they would have found "material, nonpublic
information sufficient to confirm that Lehman was on the verge of
collapse."  Judge Wesley countered that, had they found nonpublic
information and sold the stock, the executives could have been
liable for securities-law violations.  The judge said a complaint
can't be based on a legal obligation to seek out nonpublic
information and risk being sued for such violations.

The report relates that he also said stories in the press about
Lehman's condition "do not give rise to a plausible assertion" the
trustees should have known Lehman was in dire straits.  The proper
targets for employees' claims should be Lehman executives who
allegedly issued false statements, Judge Wesley said.

The appeal is Rinehart v. Akers, 11-4232, U.S. Court of Appeals
for the Second Circuit (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.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012 and a second payment of $10.2 billion on Oct. 1.  A
third distribution is set for around March 30, 2013.  The
brokerage is yet to make a first distribution to non-customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LEHMAN BROTHERS: Court Rejects Retirees' Lawsuit Against Fuld
-------------------------------------------------------------
Patrick Fitzgerald writing for Dow Jones' DBR Small Cap reports
that a U.S. appellate court on Monday upheld a lower court's
decision to dismiss a lawsuit by retirees of Lehman Brothers
Holdings Inc. that sought to hold the company's directors,
including former chief executive Dick Fuld, accountable for
squandering their retirement savings on stock that was rendered
worthless when the investment bank collapsed into bankruptcy.

                       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.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012 and a second payment of $10.2 billion on Oct. 1.  A
third distribution is set for around March 30, 2013.  The
brokerage is yet to make a first distribution to non-customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LUKEN COMMUNICATIONS: Files Schedules of Assets and Liabilities
---------------------------------------------------------------
Luken Communications LLC filed with the U.S. Bankruptcy Court for
the Eastern District of Tennessee its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property            $6,020,105
  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                                       $83,312,128
                                 -----------      -----------
        TOTAL                     $6,020,105      $83,312,128

A copy of the schedules is available for free at
http://bankrupt.com/misc/LUKEN_COMMUNICATIONS_sal.pdf

                      About Luken Communications

Luken Communications, LLC, filed a bare-bones Chapter 11 petition
(Bankr. E.D. Tenn. Case No. 13-13069) on June 23, 2013, in
Chattanooga, Tennessee.  The Debtor estimated at least $10 million
in assets and liabilities.  Henry G. Luken, III, as managing
member, signed the petition.  Judge John C. Cook presides over the
case.

Luken Communications sought Chapter 11 bankruptcy protection after
founder Henry Luken was slapped with a $47.4 million civil verdict
Friday in a lawsuit involving another bankrupt company,
Equity Media Holdings Corp.  Mr. Luken was the former chairman and
CEO of Equity Media.

Equity Media Holdings Corp., which operated 121 television
stations including 23 full power, 38 Class A and 60 low power
stations, filed for Chapter 11 protection on Dec. 8, 2008 (Bankr.
E. D. Ark. Case No. 08-17646).  In June 2010, Bankruptcy Judge
James G. Mixon approved Equity Media's motion to convert its
Chapter 11 case to a chapter 7 liquidation.  M. Randy Rice was
named Chapter 7 bankruptcy trustee.


MADISON PARK: Indiana Church Files After Nearby GM Plant Closes
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Madison Park Church of God in Anderson, Indiana,
saying it was the victim of the recession and the closing of a
General Motors Co. plant, filed a petition for Chapter 11
reorganization (Bankr. S.D. Ind. Case No. 13-07430) on July 12 in
Indianapolis.

According to the report, the church bought a 200-acre site in 2007
and built a new church using three bridge loans.  One $6 million
loan matured in July 12 and couldn't be repaid because the church
was unable to sell some of the real estate.

The report discloses that the petition lists assets of less than
$10 million and debt exceeding $10 million.

Anderson is 43 miles (69 kilometers) northeast of Indianapolis.
The church is looking for a pastor, according to the website.


MIDTOWN SCOUTS SQUARE: Files Schedules of Assets and Liabilities
----------------------------------------------------------------
Midtown Scouts Square Property, LP filed with the U.S. Bankruptcy
Court for the Southern District of Texas its schedules of assets
and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $14,544,450
  B. Personal Property            $2,863,878
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $11,959,271
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $4,707,053
                                 -----------      -----------
        TOTAL                    $17,408,328      $16,666,325

A copy of the schedules is available for free at
http://bankrupt.com/misc/MIDTOWN_SCOUTS_sal.pdf

                       About Midtown Scouts

Midtown Scouts Square Property, LP, filed a Chapter 11 petition
(Bankr. S.D. Tex. Case No. 13-32920) on May 9, 2013.  The
petitions were signed by Erich Mundinger as president of general
partner.  Judge Karen K. Brown presides over the case.  MSS
Property estimated assets and debts of at least $10 million.
Hoover Slovacek, LLP, serves as the Debtor's counsel.


MUNICIPAL CORRECTIONS: Balks at Motion to Dismiss Chapter 11 Case
-----------------------------------------------------------------
Municipal Corrections LLC objected to Detention Management LLC's
motion to convert or dismiss the Debtor's Chapter 11 case.

DM, the manager of the Debtor's Detention Center, asserts an
unsecured claim of $6,062,001.  According to the Debtor, the
motion is based on an inaccurate portrayal of the facts of the
case, specifically the Debtor's financial condition and
performance.

As reported by the Troubled Company Reporter on April 24, 2013,
DM claims that since the order for relief was entered in the case
on Aug. 15, 2012, the Debtor has made no progress in formulating
or negotiating a plan of reorganization with its creditors; it has
not obtained or identified any new sources of revenues with which
to fund a plan or even its own operations; its cash position has
deteriorated dramatically, and it has failed to meet its own
budgets and projections.

"Moreover, due to changes in government policies beyond the
control of the Debtor, the competition for new detainees has
become much more difficult.  Simply put, this over-leveraged and
cash strapped Debtor cannot reorganize and its assets should be
sold as soon as possible to avoid further deterioration in value,"
DM said in court papers.

DM also alleges that bond trustee UMB Bank, N.A., has treated the
Debtor as a source of cash to enrich itself and its professionals
while further delaying a resolution of this case and delaying
payments to other creditors.  According to DM, the Bond Trustee
has paid itself and its professionals over $1.2 million from
estate assets since September 2012 with no objective
accomplishments to show for these expenditures.

"Because of this misuse of the Debtor's cash, the Debtor is no
longer in compliance with the terms of its lease with Irwin
County, Georgia and its cash reserves are at dangerously low
levels.  It is clear that the Bond Trustee is deliberately
delaying any progress in this Chapter 11 case and placing its own
interests and the interests of its professionals above both the
Debtor's contractual obligations and the continuing financial
viability of the Debtor," DM said.

In separate court filings, DM also has asked the Bankruptcy Court
to deny the Debtor's request for an extension of its exclusivity
periods.  According to DM, no further extensions of exclusive
periods for filing and soliciting must be granted.  The Debtor, in
collusion with the Bond Trustee, moved for a second extension of
the exclusive periods for filing the proposed Chapter 11 Plan
until June 30, 2013, and soliciting acceptances for that plan
until Aug. 29, respectively.

DM said it would not participate in or interfere with the process
since there is no prospect of reorganization in the case and it
must be converted to a case under Chapter 7 of the Bankruptcy
Code.

Accordingly, Bankruptcy Judge Paul W. Bonapfel has denied the
Debtor's request to extend the exclusive periods to file and
solicit acceptances of a plan for an additional 76 days, through
and including June 30, 2013, and Aug. 29, 2013, respectively, for
reasons stated at the June 20, 2013 hearing.

The Court ruled that the deadline for the filing of plans in the
case is July 31, 2013.  The hearing to consider approval of
disclosure statements related to any filed plans will be held on
Aug. 15, 2013, at 10:00 a.m.  Aug. 9, 2013, is fixed as the last
day for filing and serving in accordance with Federal Rule of
Bankruptcy Procedure 3017(a) written objections to any disclosure
statement.

Henry F. Sewell, Jr., Esq., at McKenna Long & Aldridge LLP,
represents DM.

                    About Municipal Corrections

Hamlin Capital Management, LLC, Oppenheimer Rochester National
Municipals, and UMB, N.A., as indenture trustee -- owed an
aggregate $90 million on a bond debt -- filed an involuntary
Chapter 11 petition for Municipal Corrections, LLC (Bankr. D. Nev.
Case No. 12-12253) on Feb. 29, 2012.  Jon T. Pearson, Esq., at
Ballard Spahr LLP, in Las Vegas, Nevada, serves as counsel to the
petitioners.  In August 2012, the bankruptcy judge ruled that the
prison is properly in Chapter 11 to reorganize.

Austin E. Carter, Esq., at Stone & Baxter LLP, in Macon, Ga.; and
Lenard E. Schwartzer, Esq., at Schwartzer & McPherson Law Firm, in
Las Vegas, Nev., represent the Debtor as counsel.  The Debtor
disclosed $656,378 in assets and $61,769,528 in liabilities as of
the Chapter 11 filing.

As reported by the TCR on Jan. 3, 2013, Bankruptcy Judge Thad J.
Collins granted the request of creditor Irwin County to transfer
the venue of the Debtor's Chapter 11 bankruptcy case to the U.S.
Bankruptcy Court for the Northern District of Georgia.

The Hon. Paul W. Bonapfel of the U.S. Bankruptcy Court for the
Northern District of Georgia presides over the case.

No committee has been appointed in the case.

James A. Wagner, Esq., at Wagner Choi & Verbrugge, represents Sun
Kona Finance I, LLC and Sun Kona Finance II, LLC, as counsel.


MUNICIPAL CORRECTIONS: James Bates to Handle Tax Assessments
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
authorized Municipal Corrections, LLC, to expand the scope of
employment of James Bates Brannan Groover LLP as special counsel.

James Bates' scope of work will now include representing the
Debtor with respect to the appeal of ad valorem tax assessments by
Irwin County, Georgia for the years 2011 and 2012, and all ad
valorem tax claims asserted in the case.

As reported by the Troubled Company Reporter on Jan. 24, 2013,
the Debtor obtained Court approval to employ James Bates Brannan
Groover LLP as its special counsel.  As reported by the TCR on
Oct. 18, 2012, James Bates will, among others:

   -- represent the Debtor in an appeal of the 2011 and 2012 ad
      valorem assessment or bankruptcy court determination of the
      assessment; and

   -- handle all issues relating to ad valorem claims made by
      Irwin County, including without limitation possible
      objections to claims of the Irwin County or the City of
      Occilla, Georgia.

The hourly rates of James Bates' personnel are:

         Attorneys                         $140 - $355
         Paralegals/Reserach Assistants     $50 - $120
         John Flanders Kennedy                 $290
         Jack Nichols                          $180
         Dawn Hussey, paraprofessional         $120

                    About Municipal Corrections

Hamlin Capital Management, LLC, Oppenheimer Rochester National
Municipals, and UMB, N.A., as indenture trustee -- owed an
aggregate $90 million on a bond debt -- filed an involuntary
Chapter 11 petition for Municipal Corrections, LLC (Bankr. D. Nev.
Case No. 12-12253) on Feb. 29, 2012.  Jon T. Pearson, Esq., at
Ballard Spahr LLP, in Las Vegas, Nevada, serves as counsel to the
petitioners.  In August, the bankruptcy judge ruled that the
prison is properly in Chapter 11 to reorganize.

Austin E. Carter, Esq., at Stone & Baxter LLP, in Macon, Ga.; and
Lenard E. Schwartzer, Esq., at Schwartzer & McPherson Law Firm, in
Las Vegas, Nev., represent the Debtor as counsel.

The Debtor disclosed $656,378 in assets and $61,769,528 in
liabilities as of the Chapter 11 filing.

As reported by the TCR on Jan. 3, 2013, Bankruptcy Judge Thad J.
Collins granted the request of creditor Irwin County to transfer
the venue of the Debtor's Chapter 11 bankruptcy case to the U.S.
Bankruptcy Court for the Northern District of Georgia.

The Hon. Paul W. Bonapfel of the U.S. Bankruptcy Court for the
Northern District of Georgia presides over the case.

No committee has been appointed in the case.

James A. Wagner, Esq., at Wagner Choi & Verbrugge, represents Sun
Kona Finance I, LLC and Sun Kona Finance II, LLC, as counsel.


MUNICIPAL CORRECTIONS: UMB Balks at Bid for Stay Relief
-------------------------------------------------------
UMB Bank, N.A., responded to Irwin County, Georgia's motion for
relief from the automatic stay in the Chapter 11 case of Municipal
Corrections, LLC.

UMB appears in its capacity as the successor indenture trustee
with respect to participation certificates in the amount of $55
million, issued by Irwin County, Georgia, with respect to
Municipal Corrections.  The trustee disagrees with the major
assertions by Irwin County in its stay relief motion.  The trustee
also disagrees with the County's ultimate conclusion that cause
exists to lift the stay "because the Debtor is not fulfilling its
postpetition obligations under the lease."

The trustee asserts that, among other things:

   1.  the County has no interest that is not being adequately
       protected;

   2. the County does not have the option to terminate the lease;

   3. the Detention Center is generating sufficient revenues to
      continue operations.

                    About Municipal Corrections

Hamlin Capital Management, LLC, Oppenheimer Rochester National
Municipals, and UMB, N.A., as indenture trustee -- owed an
aggregate $90 million on a bond debt -- filed an involuntary
Chapter 11 petition for Municipal Corrections, LLC (Bankr. D. Nev.
Case No. 12-12253) on Feb. 29, 2012.  Jon T. Pearson, Esq., at
Ballard Spahr LLP, in Las Vegas, Nevada, serves as counsel to the
petitioners.  In August, the bankruptcy judge ruled that the
prison is properly in Chapter 11 to reorganize.

Austin E. Carter, Esq., at Stone & Baxter LLP, in Macon, Ga.; and
Lenard E. Schwartzer, Esq., at Schwartzer & McPherson Law Firm, in
Las Vegas, Nev., represent the Debtor as counsel.

The Debtor disclosed $656,378 in assets and $61,769,528 in
liabilities as of the Chapter 11 filing.

As reported by the TCR on Jan. 3, 2013, Bankruptcy Judge Thad J.
Collins granted the request of creditor Irwin County to transfer
the venue of the Debtor's Chapter 11 bankruptcy case to the U.S.
Bankruptcy Court for the Northern District of Georgia.

The Hon. Paul W. Bonapfel of the U.S. Bankruptcy Court for the
Northern District of Georgia presides over the case.

No committee has been appointed in the case.

James A. Wagner, Esq., at Wagner Choi & Verbrugge, represents Sun
Kona Finance I, LLC and Sun Kona Finance II, LLC, as counsel.


MUD KING: Wants to Hire BKD LLP as Accountant to File Tax Returns
-----------------------------------------------------------------
Mud King Products, Inc., asks the U.S. Bankruptcy Court for the
Southern District of Texas for permission to employ Gregory E.
Usry of BKD LLP as accountant for the limited purposes of
preparing state and federal tax returns and related filings.

The hourly rates of firm's personnel are:

         Gregory Usry               $390
         Assistants              $150 - $300

To the best of the Debtor's knowledge, the firm and its employees
are "disinterested persons" as that term is defined in Section
101(14) of the Bankruptcy Code.

                     About Melissa A. Haselden

Mud King Products, Inc., filed a Chapter 11 petition (Bank. S.D.
Tex. Case No. 13-32101) on April 5, 2013.  The petition was signed
by Erich Mundinger as vice president.  The Debtor disclosed
$18,959,158 in assets and $3,351,216 in liabilities as of the
Chapter 11 filing.  Melissa Anne Haselden, Esq., at Hoover
Slovacek, LLP, represents the Debtor in its restructuring effort.
Judge Karen K. Brown presides over the case.

The U.S. Trustee was unable to appoint an official committee of
unsecured creditor.


MUD KING: Wants to Hire O'Connor & Associates as Tax Consultants
----------------------------------------------------------------
Mud King Products, Inc., asks the U.S. Bankruptcy Court for the
Southern District of Texas for permission to employ O'Connor &
Associates as tax consultants as of May 7, 2013, for the limited
purposes of protesting the property tax valuation assessed on the
industrial lease space, located at 5390 Greens Road, Houston,
Texas 77032, for which Mud King is responsible.

To the best of the Debtor's knowledge, O'Connor and its employees
are "disinterested persons" as that term is defined in Section
101(14) of the Bankruptcy Code.

The Debtor has been advised by O'Connor that it will not be
charged for expenses.

                   About Mud King Products, Inc.

Mud King Products, Inc., filed a Chapter 11 petition (Bank. S.D.
Tex. Case No. 13-32101) on April 5, 2013.  The petition was signed
by Erich Mundinger as vice president.  The Debtor disclosed
$18,959,158 in assets and $3,351,216 in liabilities as of the
Chapter 11 filing.  Melissa Anne Haselden, Esq., at Hoover
Slovacek, LLP represents the Debtor in its restructuring effort.
Judge Karen K. Brown presides over the case.

The U.S. Trustee was unable to appoint an official committee of
unsecured creditor.


NASSAU TOWER: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Nassau Tower Realty, LLC
        619 Alexander Road
        Princeton, NJ 08540

Bankruptcy Case No.: 13-24984

Chapter 11 Petition Date: July 9, 2013

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

Judge: Michael B. Kaplan

Debtor's Counsel: Paul Maselli, Esq.
                  MASELLI WARREN, P.C.
                  600 Alexander Road
                  Princeton, NJ 08540
                  Tel: (609) 452-8411
                  Fax: (609) 452-8422
                  E-mail: pmaselli@maselliwarren.com

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

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

The petition was signed by Louis Mercatanti, officer of Nassau
Holdings, Inc.

Debtor's List of Its 20 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Fox Rothschild, LLP                --                     $242,642
P.O. Box 5231
Princeton, NJ 08540

Second Goodier                     --                     $240,000
2330 West Joppa Road
Lutherville, MD 21093

The Elm Group, Inc.                --                      $71,373
345 Wall Street
Princeton, NJ 08540

Crow & Associates                  --                      $20,441

140-144 Nassau St. Condo           --                      $16,756
Association

Global Signal Acquisitions, LLC    --                       $6,300

Treasurer ? State of New Jersey    --                       $4,350

Samuel Stoth2Off Co., Inc.         --                       $3,624

Ray's HVAC Service Corp.           --                       $3,432

Jersey Coast Appliance             --                       $3,000

Larsen Plumbing and Heating, LLC   --                       $2,600

Knox Hill Townhomes Condo          --                       $2,370
Association

Barlo & Associates, LLC            --                       $2,250

InTouch America                    --                       $1,711

Air Consulting Services, LLC       --                       $1,580

Amy Greene Environmental           --                       $1,500

Jersey Central Power and Light     --                       $1,388

Scott's Lawn Care, LLC             --                       $1,017

R.C. Burdick, P.E., P.C.           --                         $960

Timothy R. Smith, Esq.             --                         $917


NATIONAL ENVELOPE: Reaches Deal Allowing for Consensual Bankruptcy
------------------------------------------------------------------
Michael Bathon, writing for Bloomberg News, reported that NE Opco
Inc., the largest closely held envelope maker in North America,
reached a settlement with creditors and lenders that will allow
for a consensual ride through the bankruptcy process, a company
lawyer said.

According to the report, the envelope maker was set to seek court
approval at a hearing on July 13 in Wilmington, Delaware, to
obtain access to the final $7.5 million of a $67.5 million
bankruptcy loan. Instead, the company announced that it had
reached an agreement on how the bankruptcy will proceed, gaining
the support of the official unsecured creditors committee.

"We have come up with a fully negotiated comprehensive settlement"
with key stakeholders, John Knight, a lawyer for NE Opco, told
U.S. Bankruptcy Judge Christopher Sontchi, the report related.
"It sends a message to the market that buyers that are interested
are not buying into" a litigious or contentious case, he added.

NE Opco will return to court July 19 to seek approval of the
settlement and final amount of financing, the report said.

Under the agreement, $25,000 will be put into a trust every week
for 10 weeks for general unsecured creditors and those with
503(b)(9) claims, referring to the section of the bankruptcy code
about creditors that have supplied goods within the 20 days
preceding a company's bankruptcy filing, the report added.

In addition, $500,000 would be deposited when the company reaches
a sale agreement with a buyer, according to Robert J. Feinstein, a
lawyer for unsecured creditors, the report further related.

                    About National Envelope

National Envelope is the largest privately-help manufacturer of
envelopes in North America.  Headquartered in Frisco, Texas,
National Envelope has eight plants and 15 percent of the envelope
market.  Revenue of $427 million in 2012 resulted in a $60.1
million net loss, continuing an unbroken string of losses since
2007.

NE OPCO, Inc., doing business as National Envelope, along with
affiliate NEV Credit Holdings, Inc., filed petitions seeking
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 13-11483) on June 10, 2013.

The company disclosed liabilities including $148.4 million in
secured debt, with $37.5 million owing on a revolving credit and
$15.6 million on a secured term loan.  There is a $55.7 million
second-lien debt 82 percent held by a Gores Group LLC affiliate.

National Envelope, then known as NEC Holdings Corp., first sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 10-11890) on
June 10, 2010.  The business was bought by Gores Group LLC for
$208 million in a bankruptcy sale.

National Envelope, through NE OPCO, has returned to bankruptcy to
pursue a plan of reorganization or sell the assets as a going
concern via 11 U.S.C. Sec. 363.  The Debtor plans to facilitate a
sale of the business with publicly traded competitor Cenveo Inc.

In the new Chapter 11 case, the company has tapped the law firm
Richards, Layton & Finger as counsel, PricewaterhouseCoopers LLP
as financial adviser, and Epiq Bankruptcy Solutions as claims and
notice agent.

The Gores Group is represented by Weil, Gotshal and Manges LLP and
Lowenstein Landler LLP.  Salus Capital Partners, the DIP agent, is
represented by Choate, Hall & Stewart LLP and Morris Nichols Arsht
& Tunnell LLP.   Wells Fargo Capital Finance, LLC, the prepetition
senior agent, is represented by Goldberg Kohn Ltd and DLA Piper.


NATIONAL SURGICAL: Moody's Assigns B2 Rating to New Debt Facility
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 (LGD 3, 49%) rating to
National Surgical Hospitals, Inc.'s proposed senior secured credit
facility, consisting of a $30 million revolver expiring 2018 and a
$157.5 million term loan due 2019. Moody's also affirmed the
existing ratings of NSH, including the B2 Corporate Family Rating
and B2-PD Probability of Default Rating. The outlook for the
ratings is stable.

Moody's understands that the proceeds of the new facility will be
used to refinance the company's existing debt. Moody's will
withdraw the ratings on NSH's existing bank debt at the close of
the financing transaction.

Ratings assigned:

  $30 million senior secured revolving credit facility expiring
  2018 at B2 (LGD 3, 49%)

  $157.5 million senior secured term loan B due 2019 at B2
  (LGD 3, 49%)

Ratings affirmed:

  Senior secured revolving credit facility expiring 2016 at B2
  (LGD 4, 51%)

  Senior secured term loan due 2017 at B2 (LGD 4, 51%)

  Corporate Family Rating at B2

  Probability of Default Rating at B2-PD

Ratings Rationale:

NSH's B2 Corporate Family Rating reflects Moody's expectation that
leverage will remain high as modest free cash flow limits the
ability to materially reduce debt levels. Further, since
legislation limits the ability to develop and open new physician
owned hospitals or add beds at existing facilities, Moody's
expects that meaningful growth will likely require a combination
of acquisitions and investments in service line extensions.
Moody's also recognizes that the company's hospitals have a
relatively favorable payor mix, which limits exposure to
uncompensated care costs and supports continued profitability.

The stable rating outlook reflects Moody's expectation that the
company will continue to realize modest same facility revenue
growth, which should result in EBITDA growth but not meaningfully
reduce leverage. The outlook also reflects Moody's view that while
the company will look for acquisitions in the surgical hospital
space to gain additional scale, NSH will maintain a disciplined
approach to its acquisition strategy and its use of additional
leverage.

Given the expectation that considerable leverage will remain and
the relatively small scale of the company, Moody's does not
foresee an upgrade of the ratings in the near term. However, if
the company can effectively increase its scale, thereby reducing
the concentration in a small number of facilities, and grow its
same facility revenue base while reducing leverage, Moody's could
upgrade the ratings. More specifically, if Moody's comes to expect
adjusted debt to EBITDA to decline and be sustained below 4.0
times, excluding the adjustment for preferred stock, the ratings
could be upgraded.

If the company increases leverage to acquire facilities or
experiences difficulty in growing same facility revenue, Moody's
could downgrade the rating. Moody's could also downgrade the
rating if there are additional restrictions placed on the
physician owned specialty hospital operating model or if there are
negative reimbursement developments related to the services
provided by the company's hospitals, especially in the orthopedic
area in which the company focuses. Specifically, if debt to
EBITDA, excluding the adjustment for preferred stock, were to be
sustained at or above 6.0 times, the ratings could be downgraded.

The principal methodology used in this rating was the Global
Healthcare Service Providers 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.

Headquartered in Chicago, IL, National Surgical Hospitals, Inc.
owns and operates surgical facilities specializing in orthopedic,
neurosurgery and more complex general surgery cases. The company's
facilities are operated in partnership or joint venture
relationships with physicians or other providers in the respective
market area. As of March 31, 2013, the company operated 13
surgical hospitals and six ambulatory surgery centers. The company
recognized $296 million in revenue for the twelve months ended
March 31, 2013.


NAVISTAR INTERNATIONAL: Extends Expiration of Rights Plan to 2015
-----------------------------------------------------------------
Navistar International Corporation has amended the settlement
agreements the company has in place with each of Icahn Partners
and MHR Fund Management LLC.  The Company also made changes to its
Stockholder Rights Plan.

As part of the agreements, each of Icahn and MHR will have the
opportunity to designate two nominees for election to the Board of
Directors at the company's Annual Meeting of Shareholders in
February 2014.  In addition, Icahn and MHR each has agreed that it
will not run a proxy contest at the 2014 Annual Meeting and will
support the Board's nominees, as well as certain other provisions.

The Board has also approved an amendment to the Company's Rights
Plan that extends its expiration date from Aug. 31, 2013, to
June 18, 2015, and allows for an increase in beneficial ownership
of common stock from 15 percent to 19.99 percent without
triggering the Rights pursuant to the Rights Plan.  The Amendment
No. 5 amends the Rights Agreement, as amended, between Navistar
and Computershare Inc., as successor-in-interest to Computershare
Shareowner Services LLC, as rights agent.  On June 19, 2012, the
Board of Directors of Navistar authorized and declared a dividend
distribution of one right for each outstanding share of the common
stock of the Company, par value $0.10 per share, to stockholders
of record at the close of business on June 29, 2012.  Each Right
entitles the registered holder to purchase from the Company a unit
consisting of one one-thousandth of a share of a newly authorized
series of Junior Participating Preferred Stock, Series A, par
value $1.00 per share, at a purchase price of $140.00 per Unit,
subject to adjustment.

To allow for the additional director designated by the amended
settlement agreements, John C. (Jack) Pope has determined to
retire from the Board effective immediately.  Mr. Pope's
retirement leaves nine members on Navistar's Board until the
Company's Annual Meeting of Shareholders in February 2014, at
which point the Company plans to nominate ten directors.

"On behalf of the Board, I would like to thank Jack Pope for his
contributions and service to Navistar during his time as a
director," said James Keyes, Navistar Board of Directors non-
executive chairman.

"We view the updated agreements with Icahn Partners and MHR, as
well as the amendment to the Rights Plan, as positive steps as we
continue to execute our turnaround plan and drive the company to
restored profitability," said Troy Clarke, Navistar president and
chief executive officer.

Details about the Rights Plan and the amended agreements with
Icahn and MHR are available for free at http://is.gd/RFPsSX

                   About Navistar International

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

Navistar incurred a net loss attributable to the Company of $3.01
billion for the year ended Oct. 31, 2012, compared with net income
attributable to the Company of $1.72 billion during the prior
year.  As of April 30, 2013, the Company had $8.72 billion in
total assets, $12.36 billion in total liabilities and a $3.64
billion total stockholders' deficit.

                          *     *     *

In the Aug. 3, 2012, edition of the TCR, Moody's Investors Service
lowered Navistar International Corporation's Corporate Family
Rating (CFR), Probability of Default Rating (PDR), and senior note
rating to B2 from B1.  The downgrade of Navistar's ratings
reflects the significant challenges the company will face during
the next eighteen months in re-establishing the profitability and
competitiveness of its US and Canadian truck operations in light
of the failure to achieve EPA certification of its EGR emissions
technology, the significant reductions in military revenues and
substantially higher engine warranty reserves.

As reported by the TCR on June 19, 2013, Standard & Poor's Ratings
Services said it lowered its long-term corporate credit rating on
Illinois-based truckmaker Navistar International Corp. (NAV) to
'B-' from 'B'.  The rating downgrades reflect S&P's negative
reassessment of NAV's business risk profile to "vulnerable" from
"weak".

As reported by the TCR on Jan. 24, 2013, Fitch Ratings has
affirmed the Issuer Default Ratings (IDR) for Navistar
International Corporation and Navistar Financial Corporation at
'CCC' and removed the Negative Outlook on the ratings.  The
removal reflects Fitch's view that immediate concerns about
liquidity have lessened, although liquidity remains an important
rating consideration as NAV implements its selective catalytic
reduction (SCR) engine strategy. Other rating concerns are already
incorporated in the 'CCC' rating.


NAVISTAR INTERNATIONAL: M. Rachesky Holds 14.9% Equity Stake
------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Mark H. Rachesky, M.D., MHR Institutional
Partners III LP, MHR Institutional Advisors III LLC, MHR Fund
Management LLC and MHR Holdings LLC disclosed that as of July 14,
2013, they beneficially owned 12,006,878 shares of common stock of
Navistar International Corporation representing 14.933 percent of
the shares outstanding.  The MHR Entities previously disclosed
beneficial ownership of 11,873,000 common shares or 14.98 percent
equity stake as of Oct. 24, 2012.

On July 14, 2013, the MHR Entities and the Company entered into
Amendment No. 1 to the Settlement Agreement, dated Oct. 5, 2012.
Pursuant to the Settlement Agreement Amendment, the Company agreed
that Dr. Rachesky would continue to serve on the Company's board
of directors.  In addition, MHR will not solicit proxies or
conduct a proxy contest at the 2014 Annual Meeting and will
support the Board's nominees, as well as certain other provisions.

A copy of the amended regulatory filing is available at:

                        http://is.gd/Bs39rN

                   About Navistar International

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

Navistar incurred a net loss attributable to the Company of $3.01
billion for the year ended Oct. 31, 2012, compared with net income
attributable to the Company of $1.72 billion during the prior
year.  As of April 30, 2013, the Company had $8.72 billion in
total assets, $12.36 billion in total liabilities and a $3.64
billion total stockholders' deficit.

                          *     *     *

In the Aug. 3, 2012, edition of the TCR, Moody's Investors Service
lowered Navistar International Corporation's Corporate Family
Rating (CFR), Probability of Default Rating (PDR), and senior note
rating to B2 from B1.  The downgrade of Navistar's ratings
reflects the significant challenges the company will face during
the next eighteen months in re-establishing the profitability and
competitiveness of its US and Canadian truck operations in light
of the failure to achieve EPA certification of its EGR emissions
technology, the significant reductions in military revenues and
substantially higher engine warranty reserves.

As reported by the TCR on June 19, 2013, Standard & Poor's Ratings
Services said it lowered its long-term corporate credit rating on
Illinois-based truckmaker Navistar International Corp. (NAV) to
'B-' from 'B'.  The rating downgrades reflect S&P's negative
reassessment of NAV's business risk profile to "vulnerable" from
"weak".

As reported by the TCR on Jan. 24, 2013, Fitch Ratings has
affirmed the Issuer Default Ratings (IDR) for Navistar
International Corporation and Navistar Financial Corporation at
'CCC' and removed the Negative Outlook on the ratings.  The
removal reflects Fitch's view that immediate concerns about
liquidity have lessened, although liquidity remains an important
rating consideration as NAV implements its selective catalytic
reduction (SCR) engine strategy. Other rating concerns are already
incorporated in the 'CCC' rating.


NNN PARKWAY: Hearing on Cash Use Continued to Aug. 7
----------------------------------------------------
Debtor NNN Parkway 400 26, LLC, and Lender WBCMT 2007-C31
Amberpark Office Limited Partnership have agreed to the Debtor's
continued use of cash collateral on the same terms and conditions
as previously approved, pursuant to a budget for the months of
July 2013 through September 2013.

Pursuant to the Stipulation, on or before July 15, 2013, the
Debtor will make a payment to Lender in the amount of $42,500.
The cash collateral hearing will be continued from July 10, 2013,
to Aug. 7, 2013, at 11:00 a.m.

As reported in the TCR on June 28, 2013, the Court has authorized
the Debtor, on an interim basis, to use cash collateral in which
WBCMT 2007-C31 Amberpark Office Limited Partnership, the lender,
asserts an interest.  The Debtor had access to cash collateral
through June 30, 2013, to make disbursement necessary to protect,
preserve and maintain the value of the property -- a commercial
real property located in Alpharetta, Georgia.

As adequate protection from any diminution in value of the
lender's collateral, the Debtor will grant the lender replacement
liens in the property's postpetition rents.

Counsel for the Debtor can be reached at:

         Christine E. Baur, Esq.
         LAW OFFICE OF CHRISTINE E. BAUR
         4563 Carmel Mountain Drive, Suite 308 #332
         San Diego, CA 92130
         Tel: (858) 350-3757
         Fax: (858) 876-9480
         E-mail: christine@baurbklaw.com

                    - and -

         Beth E. Gaschen, Esq.
         WEILAND, GOLDEN, SMILEY, WANT EKVALL & STROK, LLP
         650 Town Center Drive, Suite 950
         Costa Mesa, CA 92626
         Tel: (714) 966-1000
         Fax: (714) 966-1002
         E-mail: bgaschen@wgllp.com

Counsel for Lender can be reached at:

         Charles R. Gibbs, Esq.
         AKIN GUMP STRAUSS HAUER & FELD LLP
         Dallas, TX
         Tel: (214) 969-4710
         Fax: (214) 969-4343
         E-mail: cgibbs@akingump.com

                       About NNN Parkway 400

NNN Parkway 400 26, LLC, filed a bare-bones Chapter 11 petition
(Bankr. C.D. Cal. Case No. 12-24593) in Santa Ana, California,
on Dec. 31, 2012.  Judge Theodor Albert presides over the case.
Dana Point, California-based NNN Parkway estimated assets and
debts of $10 million to $50 million.

Christine E. Baur, Esq., at the Law Office of Christine E. Baur;
Beth Gaschen, Esq., and David A. Lee, Esq., at Weiland, Golden,
Smiley, Wang Ekvall & Strok, LLP, represent the Debtor.


OCD LLC: Wants Receiver to Turn Over Property
---------------------------------------------
OCD, LLC, objected to FTL Lorian LLC's motion to vacate the
automatic stay under Section 362 (d)(1) and authorize the receiver
to retain possession of the property.

According to the Debtor, (i) it has not mismanaged the property;
(ii) the retention of the receiver will only benefit FTL; and
(iii) the Debtor is not insolvent.

The Debtor notes that to date, FTL has failed to provide any
evidence supporting its contentions.

The Debtor also requests that the Court direct the receiver to
turn over possession of the Debtor's property.

                          About OCD, LLC

OCD, LLC, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No.
13-22416) on March 12, 2013.  Charles E. Dewey, Jr., signed the
petition as managing member.  The Debtor disclosed $28,014,340 in
assets and $17,021,500 in liabilities as of the Chapter 11 filing.

Jeffrey A. Reich, Esq., at Reich Reich & Reich, P.C. represents
the Debtor in its restructuring effort.

The Court has established July 15, 2013, as the deadline for any
individual or entity to file proofs of claim against the Debtor.
The Court set Sept. 9, as governmental units bar date.


OCD LLC: Butler Burgher to Provide Real Estate Valuation
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized OCD, LLC to employ Butler Burgher Group LLC to provide
real estate valuation and consulting services regarding the
Debtor's real property located in the Colorado resort area of
Telluride, known as the Lorian -- Phase III, 111 San Joaquin Road,
Mountain Village, Colorado.

To the best of Debtor's knowledge, BBG does not have an interest
materially adverse to the interest of the estate or of any class
of creditors or equity security holders.

BBG will be paid $8,000 prior to commencement of the work on an
appraisal of the property by a third party -- DDDG LLC, the
majority owner of the Debtor -- and at the standard billing rates
of Mike Rinner, MAI, a director of BBG as:

   Standard Hourly Rate:           $190/hour including travel time
   Testimony/Deposition:           $380/hour, four hour minimum.
                                   Five hours of time or more away
                                   from the office during one day
                                   will be billed as a full day at
                                   $3,040.

   Travel, Mileage, Other          Cost
   Itemized Expenses

                     About OCD, LLC

OCD, LLC, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No.
13-22416) on March 12, 2013.  Charles E. Dewey, Jr., signed the
petition as managing member.  The Debtor disclosed $28,014,340 in
assets and $17,021,500 in liabilities as of the Chapter 11 filing.

Jeffrey A. Reich at Reich Reich & Reich, P.C. represents the
Debtor in its restructuring effort.

The Court has established July 15, 2013, as the deadline for any
individual or entity to file proofs of claim against the Debtor.
The Court set Sept. 9, as governmental units bar date.


ONCURE HOLDINGS: US Trustee Rips Latham's Retainer
--------------------------------------------------
Lance Duroni of BankruptcyLaw360 reported that the U.S. trustee on
Friday balked at the proposed fee arrangement private equity-owned
OnCure Holdings Inc. has struck with its bankruptcy counsel,
Latham & Watkins LLP, saying the $425,000 retainer is a gratuitous
financial protection for the law firm.

According to the report, Latham has requested that a prepetition
retainer paid by the cancer center operator be converted to a so-
called "evergreen retainer," which means it will be held
throughout the case until the firm's fees are approved on a final
basis.

                       About OnCure Holdings

Headquartered in Englewood, Colorado, OnCure Holdings, Inc. --
http://www.oncure.com/-- provides management services and
facilities to oncology physician groups throughout the country.

OnCure Holdings and its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 13-11540 to 13-11562) in
Wilmington on June 14, 2013.  Bradford C. Burkett signed the
petition as CEO.

On the Petition Date, the Debtors disclosed total assets of
$179,327,000 and total debts of $250,379,000.  There's at least
$15 million owing on a first-lien term loan facility, as well as
$210 million on prepetition secured notes.

Paul E. Harner, Esq., and Keith A. Simon, Esq., at Latham &
Watkins LLP, in New York, serve as the Debtors' lead bankruptcy
counsel.  Daniel J. DeFranceschi, Esq., at Richards, Layton &
Finger P.A., in Wilmington, Delaware, serves as the Debtors' local
Delaware counsel.  Kurtzman Carson Consultants is the claims and
notice agent.  Match Point Partners LLC provides management
services to OnCure.

The Debtors have signed a deal to sell the business to Radiation
Therapy Services Holdings Inc. for $125 million, absent higher and
better offers. RTS's offer comprises $42.5 million in cash (plus
covering certain expenses and subject to certain working capital
adjustments) and up to $82.5 million in assumed debt.  Secured
noteholders are supporting the RTS deal.

Millstein & Co., Kirkland & Ellis LLP, Alvarez & Marsal and
Deloitte advised Radiation Therapy in connection with the
transaction.

Promptly before the bankruptcy filing, the Debtors entered into a
restructuring support agreement with the members of an ad hoc
committee of its secured notes, constituting 100% of the lenders
under the first lien term loan credit agreement and approximately
73% of the secured notes, pursuant to which they have agreed to
support a stand-alone restructuring of the Debtors, subject to an
auction process for a sale of substantially all of the Debtors'
assets or the equity of the reorganized Debtors pursuant to a
chapter 11 plan.


ORCHARD SUPPLY: $177-Mil. DIP Financing Gets Final Court Okay
-------------------------------------------------------------
Orchard Supply Hardware Stores on July 16 disclosed that the
United States Bankruptcy Court for the District of Delaware has
given final approval for the Company to access $177 million in
debtor in-possession financing provided by Wells Fargo Bank, the
Company's existing ABL Lender, and its Term Loan Lenders.

This financing, in addition to Orchard's ongoing cash flow, will
ensure the Company is able to continue meeting its financial
obligations throughout the Chapter 11 case.  The Court previously
had given interim approval for the DIP financing agreement on
June 19, 2013.

"We appreciate the Court's careful consideration and approval of
our DIP financing, which is critical to maintaining our normal
operations during the Chapter 11 process" said Mark Baker, Orchard
President and Chief Executive Officer.  "Our suppliers, customers
and associates have been tremendously supportive, and we look
forward to our sale hearing at the end of August."

As disclosed on June 17, 2013, Orchard has reached an agreement
through which Lowe's Companies, Inc. will acquire the majority of
its assets for $205 million in cash, plus the assumption of
payables owed to nearly all of Orchard's supplier partners.  Under
the terms of this agreement, Orchard will operate as a separate,
standalone business at the completion of the sale process,
retaining its brand, management team and associates.

To facilitate the sale and restructure its balance sheet, Orchard
filed voluntary Chapter 11 petitions in the United States
Bankruptcy Court for the District of Delaware.  The agreement with
Lowe's comprises the initial stalking horse bid in the Court-
supervised auction process under Section 363 of the Bankruptcy
Code.

On July 8, 2013, the Court approved bidding procedures
establishing August 9, 2013, as the deadline by which any
competing offers for the Company's assets must be received.  If
the Company receives any qualifying bids in advance of this
deadline, an auction will be held on August 14, 2013.  The final
sale hearing has been scheduled for August 20, 2013.

Orchard's customers and suppliers can access additional
information about the Company's Chapter 11 filing on its dedicated
website, http://www.OrchardRestructuring.com

Orchard also has established a supplier support center, which may
be reached at 855-529-6819 or suppliers@osh.com.

Orchard is advised in this financial restructuring by Moelis &
Company, FTI Consulting, and DLA Piper.

                         *     *     *

Jamie Santo of BankruptcyLaw360 reported that U.S. Bankruptcy
Judge Christopher S. Sontchi agreed to sign off on the DIP
package, overruling the objection of the official committee of
unsecured creditors, which had urged the court to reject a $12
million loan furnished by a group of prepetition lenders.

Meanwhile, Jacqueline Palank writing for Dow Jones' DBR Small Cap
reports that Orchard's chief financial officer testified in court
Monday afternoon that a competing bid from Orchard Supply Hardware
Corp.'s lenders helped push Lowe's Cos.' offer for the hardware
chain's assets to $205 million from $190 million.

                       About Orchard Supply

San Jose, Calif.-based Orchard Supply Hardware Stores Corporation
operates neighborhood hardware and garden stores focused on paint,
repair and the backyard.  It was spun off from Sears Holdings
Corp. in 2012.

Orchard Supply and two affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 13-11565) on June 16 to facilitate a
restructuring of the company's balance sheet and a sale of its
assets for $205 million in cash to Lowe's Companies, Inc., absent
higher and better offers.  In addition to the $205 million cash,
Lowe's has agreed to assume payables owed to nearly all of
Orchard's supplier partners.

Bankruptcy Judge Christopher S. Sontchi oversees the case.
Michael W. Fox signed the petitions as senior vice president and
general counsel.  The Debtors disclosed total assets of
$441,028,000 and total debts of $480,144,000.

Stuart M. Brown, Esq., at DLA Piper LLP (US), in Wilmington,
Delaware; and Richard A. Chesley, Esq., Chun I. Jang, Esq., and
Daniel M. Simon, Esq., at DLA Piper LLP (US), in Chicago,
Illinois, are the Debtors' counsel.  Moelis & Company LLC serves
as the Debtors' investment banker.  FTI Consulting, Inc., serves
as the Debtors' financial advisors.  A&G Realty Partners, LLC,
serves as the Debtors' real estate advisors.  BMC Group Inc. is
the Debtors' claims and noticing agent.


ORECK CORP: Court Approves RAM as Winning Bidder for Assets
-----------------------------------------------------------
Royal Appliance Mfg. Co., a subsidiary of the TTI Group, on
July 16 disclosed that the United States Bankruptcy Court, Middle
District of Tennessee formally approved RAM as the winning bidder
for the assets of the Oreck Corporation.

"Oreck is a great brand representing high quality innovative
products and great customer service," Simon Lawson, Global
President, TTI Floor Care said.

TTI confirmed its plans to maintain production at the Cookeville,
TN facility.

"The Cookeville plant has unique capabilities and represents a
strong fit with our existing portfolio of production facilities,"
Mr. Lawson said.  "We will be reviewing the situation with regard
to Oreck company-owned stores and will be meeting with the team in
Oreck's Nashville headquarters over the next few days to discuss
future opportunities."

The Oreck Brand, founded 50 years ago, earned category leading
consumer loyalty by delivering high quality premium products and
backing up those products with unbeatable customer service.

                         About Oreck Corp.

Oreck Corporation and eight affiliates sought Chapter 11
protection (Bankr. M.D. Tenn. Lead Case No. 13-04006) in
Nashville, Tennessee, on May 6, 2013, with plans to sell the
business as a going concern.

Oreck has been in the business of manufacturing, marketing and
selling vacuum cleaners and related products since the late 1960s.
The corporate offices are located in Nashville, and the
manufacturing and call center is located in Cookeville, Tennessee.

Oreck has 70 employees in Nashville, 250 employees at its plant in
Cookeville and 325 employees operating 96 company-owned and
managed retail stores.  The Debtor estimated at least $10 million
in assets and liabilities as of the Chapter 11 filing.

William L. Norton III, Esq., and Alexandra E. Dugan, Esq., at
Bradley Arant Boult Cummings LLP, serve as counsel to the Debtor.
BMC Group Inc. is the claims and notice agent. Sawaya Segalas &
Co., LLC serves as financial advisor.

The U.S. Trustee appointed six creditors to the Official Committee
of Unsecured Creditors.  Daniel H. Puryear, Esq., at Puryear Law
Group, and Sharon L. Levine, Esq., and Kenneth A. Rosen, Esq., at
Lowenstein Sandler LLP represent the Committee.  The Committee
tapped to retain Gavin/Solmonese LLC as it financial advisor.


PATRIOT COAL: Knighthead, Aurelius Facing Opposition to Fees
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Department of Justice is arguing in newly filed
court papers that Patriot Coal Corp. shouldn't be allowed to pay
unlimited fees to Knighthead Capital Management LLC and Aurelius
Capital Management LP to reimburse them for expenses in
negotiating a rights offering to buy hundreds of millions of
dollars of securities not purchased by other creditors.

According to the report, the objection was raised by the U.S.
Trustee in advance of a July 23 hearing in U.S. Bankruptcy Court
in St. Louis.  The rights offering would represent some of the
funds to enable emergence from bankruptcy.  The two investors
together have 54 percent of Patriot's senior notes and about 10
percent of the convertible notes, according to a court filing.

The report notes that a June 18 bankruptcy court filing by Patriot
didn't give details of the rights offering or the reorganization
plan.

                        About Patriot Coal

St. Louis-based Patriot Coal Corporation (NYSE: PCX) is a producer
and marketer of coal in the eastern United States, with 13 active
mining complexes in Appalachia and the Illinois Basin.  The
Company ships to domestic and international electricity
generators, industrial users and metallurgical coal customers, and
controls roughly 1.9 billion tons of proven and probable coal
reserves.

Patriot Coal and nearly 100 affiliates filed voluntary Chapter 11
petitions in U.S. bankruptcy court in Manhattan (Bankr. S.D.N.Y.
Lead Case No. 12-12900) on July 9, 2012.  Patriot said it had
$3.57 billion of assets and $3.07 billion of debts, and has
arranged $802 million of financing to continue operations during
the reorganization.

Davis Polk & Wardwell LLP is serving as legal advisor, Blackstone
Advisory Partners LP is serving as financial advisor, and AP
Services, LLC is providing interim management services to Patriot
in connection with the reorganization.  Ted Stenger, a Managing
Director at AlixPartners LLP, the parent company of AP Services,
has been named Chief Restructuring Officer of Patriot, reporting
to the Chairman and CEO.  GCG, Inc. serves as claims and noticing
agent.

The U.S. Trustee appointed a seven-member creditors committee.
Kramer Levin Naftalis & Frankel LLP serves as its counsel.
HoulihanLokey Capital, Inc., serves as its financial advisor and
investment banker.  Epiq Bankruptcy Solutions, LLC, serves as its
information agent.

On Nov. 27, 2012, the New York bankruptcy judge moved Patriot's
bankruptcy case to St. Louis.  The order formally sending the
reorganization to Missouri was signed December 19 by the
bankruptcy judge.  The New York Judge in a Jan. 23, 2013 order
denied motions to transfer the venue to the U.S. Bankruptcy Court
for the Southern District of West Virginia.


PENSON WORLDWIDE: Exclusive Periods Extension Sought
----------------------------------------------------
BankruptcyData reported that Penson Worldwide filed with the U.S.
Bankruptcy Court a second motion to extend the exclusive period
during which the Company can file a plan and solicit acceptances
for its plan through and including September 10, 2013 and November
8, 2013.

The motion explains, "Since the Entry of the First Extension
Order, the Debtors have worked diligently to: (i) wind down their
business operations in an orderly manner; (ii) respond to requests
from the Committee, vendors, customers, employees, and other
creditors; (iii) prepare amendments to the Debtors' schedules of
assets and liabilities and statements of financial affairs
(collectively, the 'Schedules and Statements'); (iv) prepare
objections to various claims; (v) obtain Court approval of the
Disclosure Statement; and (vi) negotiate and draft a confirmable
plan of liquidation. In light of the Debtors' accomplishment of
the above-enumerated milestones, and viewed in light of the
various factors considered by courts in determining whether cause
exists for an extension of the Exclusive Periods, the Debtors
believe that each of the factors relevant to these cases weighs in
favor of the relief requested herein."

The Court scheduled an August 6, 2013 hearing to consider the
motion.

                    About Penson Worldwide

Plano, Texas-based Penson Worldwide Inc. and its affiliates filed
for Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No. 13-10061)
on Jan. 11, 2013.

Founded in 1995, Penson Worldwide is provider of a range of
critical securities and futures processing infrastructure products
and services to the global financial services industry.  The
company's products and services include securities and futures
clearing and execution, financing and cash management technology
and other related offerings, and it provides tools and services to
support trading in multiple markets, asset classes and currencies.

Penson was one of the top two clearing brokers overall in the
United States.  Its foreign-based subsidiaries were some of the
largest independent clearing brokers in Canada and Australia and
the second largest independent clearing broker in the United
Kingdom as of Dec. 31, 2010.

In 2012, the company sold its futures division to Knight Capital
Group Inc. and its broker-deal subsidiary to Apex Clearing Corp.
But the company was unable to successfully streamline is business
after the asset sales.

Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP, and
Young, Conaway, Stargatt & Taylor serve as counsel to the Debtors.
Kurtzman Carson Consultants LLC is the claims and notice agent.

The U.S. Trustee for Region 3 appointed three members to the
Official Committee of Unsecured Creditors: (i) Schonfeld Group
Holdings LLC; (ii) SunGard Financial Systems LLC; and (iii) Wells
Fargo Bank, N.A., as Indenture Trustee.  The Committee selected
Hahn & Hessen LLP and Cousins Chipman & Brown, LLP to serve as its
co-counsel, and Capstone Advisory Group, LLC, as its financial
advisor.  Kurtzman Carson Consultants LLC serves as its
information agent.

The company estimated $100 million to $500 million in assets and
liabilities in its Chapter 11 petition.  The last publicly filed
financial statements as of June 30 showed assets of $1.17 billion
and liabilities totaling $1.227 billion.


PHAZAR CORP: More Time to Solicit Proxies for Plan of Merger
------------------------------------------------------------
PHAZAR CORP disclosed that at its Special Meeting of Stockholders
held on July 16, the Company's stockholders approved the
adjournment of the Special Meeting to allow additional time to
solicit proxies for the proposal to adopt the Agreement and Plan
of Merger, dated March 13, 2013, by and among PHAZAR, QAR
Industries, Inc. and Antenna Products Acquisition Corp., a wholly
owned subsidiary of Parent, pursuant to which Merger Sub will be
merged with and into PHAZAR, with PHAZAR surviving the merger as a
private company wholly owned by Parent.  The Special Meeting will
reconvene on July 24, 2013 at 4:00 p.m., Central Daylight Time, at
the same location -- the National Depository Office, located at
405 W. Loop 820 South, Suite 100, Fort Worth, Texas.

The Board of Directors, acting through its independent members,
has recommended that stockholders vote "FOR" adoption of the
Merger Agreement.  As previously stated by the Company, the
ramifications of failing to adopt the Merger Agreement and
complete the merger include:

-- Stockholders losing the certainty provided by the Merger
Agreement of receiving a fixed amount of cash consideration for
their shares of $1.25 per share;

-- PHAZAR's plan to delist from NASDAQ and deregister from the SEC
in order to reduce operating costs, which the Company expects
would have a significant and adverse effect on the liquidity of
its stock; and

-- The probability that the Company will be unable to meet its
obligations as they come due and may be forced to file for
bankruptcy.  These obligations include the $500,000 loan from
Parent secured by the Company's real estate assets, which will
become due and payable on July 31, 2013.  The Company currently
has insufficient cash to repay the loan and no anticipated source
for refinancing.

Of the votes that were submitted by proxy prior to the July 16
meeting, more than two-thirds were cast in favor of adoption of
the Merger Agreement.  However, the adoption of the Merger
Agreement requires the affirmative vote of the holders of a
majority of outstanding shares of PHAZAR's common stock, which
includes nearly 700,000 shares that remained unvoted as of the
time of the July 16 meeting.

"The strong support for the Merger Agreement that we have received
thus far from our stockholders who have voted is very
encouraging," said Gary W. Havener, Chairman of the Board of
Directors of PHAZAR.  Mr. Havener added: "As we previously
announced, leading independent proxy advisory firms ISS Proxy
Advisory Services and Glass, Lewis & Co. have both recommended
that stockholders vote FOR adoption of the Merger Agreement.
[Tues]day's adjournment will provide stockholders who have not yet
participated in this critical process the opportunity to do so,
which we urge them to do."

Stockholders who need assistance in voting their shares or who
have questions regarding the special meeting may contact the
Company's proxy solicitor, Georgeson, Inc. at 1-800-790-6795 or
Kathy Kindle at PHAZAR 940-325-3301 ext. 245.

Headquartered in Mineral Wells, Texas, PHAZAR CORP (NASDAQ: ANTP)
-- http://www.phazarcorp.com/-- is a public company engaged,
through its principal operating subsidiary, Antenna Products
Corporation(TM), in the design and manufacture of antenna systems,
towers and communication accessories worldwide.  In addition, the
Company has developed a line of military grade high performance
mesh transceiver radios sold under the True Mesh Networks(TM)
brand.  United States government, military, civil agencies and
prime contractors represent Antenna Products Corporation's
principal customers.  Under the PHAZAR(TM) brand, it sells to
commercial markets.


PICCADILLY RESTAURANTS: Yucaipa Finances Plan to Retain Ownership
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Piccadilly Restaurants LLC and a fund affiliated with
Yucaipa Cos., the owner of the chain of 68 cafeteria-style
eateries, filed a Chapter 11 reorganization plan last week to
which Yucaipa will contribute funds to implement.  Secured and
unsecured creditors are to be paid in full over time.  Full
payment coupled with new investments will enable Los Angeles-based
Yucaipa to retain ownership.

The hearing for approval of the explanatory disclosure statement
will take place on Aug. 13.

The report recounts that Piccadilly filed for Chapter 11
protection in September in Lafayette, Louisiana, to prevent
secured lender Atalaya Capital Management LP from having a
receiver appointed.  Atalaya, which Baton Rouge, Louisiana-based
Piccadilly previously characterized as a "New York-based vulture
fund," acquired the secured debt in April 2011, according to a
filing in bankruptcy court.

According to the report, the plan calls for rolling over the $24.2
million in debt owed to Atalaya into a new, five-year note with
interest at 4.75 percent.  The $990,000 in financing Atalaya
supplied to finance the reorganization will be paid in full in
cash when the plan is implemented.  Unsecured creditors owed as
much as $5.8 million will get notes bearing 9 percent interest.
If not paid from excess cash flow, the notes will mature in two
years.

The report discloses that Yucaipa will receive a 9 percent note
for the cash it contributes to confirmation.  The Yucaipa note
will be subordinated to the new notes to Atalaya and unsecured
creditors.  The amount of the contribution from Yucaipa hadn't
been decided when the disclosure statement was filed.

                    About Piccadilly Restaurants

Piccadilly Restaurants, LLC, and two affiliated entities sought
Chapter 11 bankruptcy protection (Bankr. W.D. La. Case Nos.
12-51127 to 12-51129) on Sept. 11, 2012.  The affiliates are
Piccadilly Food Service, LLC, and Piccadilly Investments LLC.

Piccadilly Restaurants, LLC, headquartered in Baton Rouge,
Louisiana, is the largest cafeteria-style restaurant in the United
States, with operations in 10 states in the Southeast and Mid-
Atlantic regions.  It is wholly owned by Piccadilly Investments,
LLC.  Piccadilly operates an institutional foodservice division
through a wholly owned subsidiary, Piccadilly Food Service, LLC,
servicing schools and other organizations.  With a history dating
back to 1944, the Company operates 81 restaurants at three owned
and 78 leased locations.

Then known as Piccadilly Cafeterias, Inc., the Company filed for
Chapter 11 relief (Bankr. S.D. Fl. Case No. 03-27976) on Oct. 29,
2003.  Paul Steven Singerman, Esq., and Jordi Guso, Esq., at
Berger Singerman, P.A. represented the Debtor in the case.  After
Piccadilly declared bankruptcy under Chapter 11, but before its
plan was submitted to the Bankruptcy Court for the Southern
District of Florida, the Bankruptcy Court authorized Piccadilly to
sell its assets to Yucaipa Cos., for about $80 million.  In
October 2004, the Bankruptcy Court confirmed the plan.

Judge Robert Summerhays oversees the 2012 cases.  Lawyers at
Jones, Walker, Waechter, Poitevent, Carrere & Denegre, LLP, in New
Orleans, serve as the 2012 Debtors' counsel.  BMC Group, Inc.,
serves as claims agent, noticing agent and balloting agent.  In
its schedules, the Debtor disclosed $34,952,780 in assets and
$32,000,929 in liabilities.

New York-based vulture fund Atalaya Administrative LLC, in its
capacity as administrative agent for Atalaya Funding II, LP,
Atalaya Special Opportunities Fund IV LP (Tranche B), and Atalaya
Special Opportunities Fund (Cayman) IV LP (Tranche B), the
Debtors' prepetition secured lender, is represented in the case
by lawyers at Carver, Darden, Koretzky, Tessier, Finn, Blossman &
Areaux, L.L.C.; and Patton Boggs, LLP.

Henry G. Hobbs, Jr., Acting United States Trustee for Region 5,
has appointed seven members to the official committee of unsecured
creditors in the Debtors' Chapter 11 cases.  In October, the
Committee sought and obtained Court approval to employ Frederick
L. Bunol, Albert J. Derbes, IV, of The Derbes Law Firm, L.L.C. as
attorneys.


PITT PENN: Ch.11 Trustee Seeks to Expand 2 Law Firms' Roles
-----------------------------------------------------------
Norman Pernick, the Chapter 11 trustee for Pitt Penn Holding Co.,
et al., asks the Bankruptcy Court for an order modifying the
employment of Peckar & Abramson, P.C., and Epstein & Cresci P.C.,
as special litigation counsels.

A July 18, 2013, hearing at 10 a.m. has been set.

The Debtors relate that it had filed a Chapter 11 Plan while
Omtammot LLC have proposed competing plans of reorganization.
These competing Plans and litigation from the Omtammot Plan and
other issues between the Debtor and Omtammot cause the cases to
progress at a pace which prompted the Court to issue an oral show
cause order as to why the cases must not be converted to cases
under Chapter 7 of the Bankruptcy Code.

By the supplemental application, the Chapter 11 trustee seeks
modification of P&A's and E&C's employment as special litigation
counsel to the Debtors to provide that P&A and E&C are being
retained as special litigation counsel to the trustee to continue
prosecuting the adversary proceedings the Debtors are involved
with.

Cole Schotz, Meisel, Forman & Leonard, P.A., as bankruptcy counsel
for the Debtors, and P&A and E&C will make every effort to
minimize duplication of their work.

To the best of the Chapter 11 trustee's knowledge, P&A and E&C had
not provided services to the Debtor's creditors, equity security
holders, or other parties in interest, or their respective
attorneys, in any matter relating to the Debtors or their estates.

           About Pitt Penn and Industrial Enterprises

Pitt Penn Holding Co., Inc., and Pitt Penn Oil Co., LLC, each
filed voluntary petitions for Chapter 11 relief (Bankr. D. Del.
Case Nos. 09-11475 and 09-11476) on April 30, 2009.  Industrial
Enterprises of America, Inc., f/k/a Advanced Bio/Chem, Inc., filed
for Chapter 11 protection (Bankr. D. Del. Case No. 09-11508) on
May 1, 2009.  EMC Packaging, Inc., filed a voluntary petition for
Chapter 11 relief (Bankr. D. Del. Case No. 09-11524) on May 4,
2009.  Unifide Industries, LLC, and Today's Way Manufacturing LLC,
each filed a voluntary petition for Chapter 11 relief (Bankr. D.
Del. Case Nos. 09-11587 and 09-11586) on May 6, 2009.

PPH, PPO, EMC, Unifide, and Today's Way are each subsidiaries of
IEAM.  The cases are jointly administered under Case No. 09-11475.

Christopher D. Loizides, Esq., at Loizides, P.A., in Wilmington,
Del., represents the Debtors as counsel.  In its petition,
Industrial Enterprises disclosed total assets of $50,476,697 and
total debts of $17,853,997.

Industrial Enterprises originally operated as a holding company
with four wholly owned subsidiaries, PPH, EMC, Unifide, and
Today's Way.  PPH, through its wholly owned subsidiary, PPO, was a
leading manufacturer, marketer and seller of automotive chemicals
and additives.

EMC's original business consisted of converting hydrofluorocarbon
gases R134a and R152a into branded private label refrigerant and
propellant products.  Unifide was a leading marketer and seller of
automotive chemicals and additives.  Today's Way manufactured and
packaged the products which were sold by Unifide.

Norman L. Pernick was appointed as the chapter 11 trustee for the
Debtors.  The trustee tapped Cole, Schotz, Meisel, Forman &
leonard, P.A., as counsel, and CohnReznick LLP as his exclusive
financial advisor.


PLAZA VILLAGE: May Hire Mountain Lakes as Management Company
------------------------------------------------------------
The U.S. Bankruptcy Court authorized Plaza Village Senior Living,
LLC to employ Mountain Lakes Senior Living, Inc., as their
management company.

As reported by the Troubled Company Reporter on June 7, 2013,
the Debtor believes Mountain Lakes is well qualified to represent
it in marketing, managing, and operating the Debtor's Senior
Living Project located at 950 L Avenue, National City, CA.
Mountain Lakes has more than 30 years experience in marketing,
managing, and operating senior living in the United States.

The management agreement signed by the parties provide for a five-
year term.  Mountain Lakes will receive a monthly management fee
equal to 5 percent of the facility's monthly gross receipts for
the first year of the agreement, but in no case less than $5,000
per month; thereafter, the fee will increase to 6 percent.
Mountain Lakes will also receive incentive fees of 5 percent of
net operating income (NOI) in excess of the targeted NOI.

Mountain Lakes' C. Rick Jensen attests that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code.

                 About Plaza Village Senior Living

Plaza Village Senior Living, LLC, filed a Chapter 11 petition
(Bankr. S.D. Cal. Case No. 13-02723) on March 19, 2013.

The Debtor owns the facility known as Plaza Village Senior Living,
consisting of 62 memory care beds, 32 assisted living beds and 14
independent living beds located at 950 L avenue, National City,
California.

Darryl Clubb signed the petition as managing member.  The Debtor
scheduled assets of $11,533,346 and scheduled liabilities of
$15,751,246.  Andrew H. Griffin, III, Esq., of Law Offices of
Andrew H. Griffin, III, serves as the Debtor's counsel.

On March 27, 2013, the bankruptcy case was transferred to the
calendar of Bankruptcy Judge Peter W. Bowie for all further
matters and hearings.

Tiffany L. Carroll, Acting U.S. Trustee for Region 15, informed
the Court that no committee of unsecured creditors has been
appointed because sufficient indications of willingness to serve
on the committee have not been received from eligible persons.


PMI GROUP: Has Interim Court Permission to Retain New CEO and VP
----------------------------------------------------------------
Judge Brendan L. Shannon entered an interim order modifying the
retention of Goldin Associates, LLC, to authorize the appointment
of David W. Prager as chief executive officer and Matthew R. Flynn
as vice president of The PMI Group, Inc.

The Debtor is permitted to indemnify Messrs. Prager and Flynn on
the same terms as provided to the Debtor's other officers and
directors under the corporate bylaws and applicable state law,
along with insurance coverage under the Debtor's directors and
officers' policy.

The Debtor is further authorized to designate Messrs. Prager and
Flynn as named insureds under its directors' and officers'
insurance policy on an interim basis.

A final hearing on the motion will be held on July 18, 2013, at
11:00 a.m. ET

                       About The PMI Group

The PMI Group, Inc., is an insurance holding company whose stock
had, until Oct. 21, 2011, been publicly-traded on the New York
Stock Exchange.  Through its principal regulated subsidiary, PMI
Mortgage Insurance Co., and its affiliated companies, the Debtor
provides residential mortgage insurance in the United States.

The PMI Group filed for Chapter 11 bankruptcy (Bankr. D. Del. Case
No. 11-13730) on Nov. 23, 2011.  In its schedules, the Debtor
disclosed $167,963,354 in assets and $770,362,195 in liabilities.
Stephen Smith signed the petition as chairman, chief executive
officer, president and chief operating officer.

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

The Debtor is represented by James L. Patton, Esq., Pauline K.
Morgan, Esq., Kara Hammond Coyle, Esq., and Joseph M. Barry, Esq.,
at Young Conaway Stargatt & Taylor LLP.

The Official Committee of Unsecured Creditors appointed in the
case retained Morrison & Foerster LLP and Womble Carlyle Sandridge
& Rice, LLP, as bankruptcy co-counsel.  Peter J. Solomon Company
serves as the Committee's financial advisor.

The Plan provides that, generally, each holder of an allowed
secured claim will be paid in full in cash.  The Debtor did not
schedule any claims as secured claims, but notes that
approximately $129,000 in fixed amount has been asserted on an
aggregate basis in proofs of claim filed against it, all subject
to review and possible objection.

As reported by the TCR on June 12, 2013, the Court has approved
the disclosure statement explaining PMI Group, Inc.'s plan of
reorganization and scheduled the confirmation hearing for July 18,
2013, at 11:00 a.m. (Prevailing Eastern Time).


PRIMCOGENT SOLUTIONS: Files Schedules of Assets and Liabilities
---------------------------------------------------------------
Primcogent Solutions LLC filed with the U.S. Bankruptcy Court for
the District of Arizona its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $82,990,751
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $11,323,415
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $626,584
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $15,340,445
                                 -----------      -----------
        TOTAL                    $82,990,751      $27,290,444

A copy of the schedules is available for free at
http://bankrupt.com/misc/PRIMCOGENT_SOLUTIONS_sal.pdf

                    About Primcogent Solutions

Primcogent Solutions, LLC, is a supplier and distributor of
medical equipment and services in North America.  Primcogent
operates as the exclusive North American (and, through its
European subsidiaries, Western European) seller or distributor of
equipment manufactured by Erchonia Corporation, pursuant to
exclusive license and supply agreements.  Products sold include
Erchonia's non-invasive body-contouring laser technology
trademarked under the name Zerona(R), including the Zerona Body
Laser.

Primcogent was formed in late 2011 following the acquisition
of the business of Santa Barbara Medical Innovations LLC for
$18 million.  Although the Erchonia agreement gave Primcogent
perpetual rights to sell Erchonia products, Erchonia declared in
March 2013 that the agreement has been terminated due to
Primcogent's alleged failure to perform and starting that time
stopped servicing Primcogent's products.  Primcogent, on the other
hand, claims Erchonia has committed fraud, breached the agreement
and tortiously interfered with Primcogent's business.  Primcogent
cites, among other things, Erchonia's failure to obtain FDA
clearance of Lunula, a laser technology used to treat or cure toe
fungus.

Primcogent also claims ORIX, its secured lender, is working in
concert with Erchonia.  A default in the Erchonia agreement
triggered a cross-default in the credit agreement, and the secured
lender has already seized control of Primcogent's cash account and
is attempting to control warehouse inventory.

Primcogent filed a bare-bones Chapter 11 petition (Bankr. N.D.
Tex. Case No. 13-42368) in Ft. Worth, Texas, on May 20, 2013.  The
petition was signed by David Boris, chairman of board of managers
of managing member.  The Debtor estimated assets of at least $50
million and debts of at least $10 million.  Judge Michael Lynn
presides over the case.  Jason Napoleon Thelen, Esq.,at Andrews
Kurth, LLP, serves as the Debtor's counsel.

ORIX is represented by Robert W. Jones, Esq., and Brian Smith,
Esq., at Patton Boggs, LLP.

Erchonia is represented by Ira M. Schwartz, Esq., and Lawrence D.
Hirsh, Esq., at Deconcini McDonald Yetwin & Lacy, P.C., and J.
Michael Sutherland, Esq., and Lisa M. Lucas, Esq., at Carrington,
Coleman, Sloman & Blumenthal, LLP.


PROMMIS HOLDINGS: Can Use Cash Thru Plan Effective Date
-------------------------------------------------------
The Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware gave his stamp of approval on a stipulation
and agreed final order authorizing Prommis Holdings, LLC, et al.,
to use cash collateral in which Gleacher Products Corp., as
administrative agent to the lenders, asserts an interest.

As of the Petition Date, the Debtors owed the lenders in the
approximate outstanding principal amount of no less than
$73,979,885.

The agent has consented to the Debtors' limited use of cash
collateral to pay postpetition vendors and other expenses of the
Debtors' business until the effective date of the Debtors' Chapter
11 Plan or Plans.  Such Effective Date must occur by Aug. 9, 2013.

As adequate protection from any diminution in value of the
lender's collateral, the Debtor will grant the agent adequate
protection liens and claims, subject to carve out on certain
expenses.

                     About Prommis Holdings

Atlanta, Georgia-based Prommis Holdings, LLC, and its 10
affiliates delivered their petitions for voluntary bankruptcy
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case
No. 13-10551) on March 18, 2013.

Three subsidiaries -- EC Closing Corp., EC Closing Corp. of
Washington, and EC Posting Closing Corp. -- sought Chapter 11
protection (Bankr. D. Del. Case Nos. 13-11619 to 13-11621) on
June 25, 2013.

Judge Brendan Linehan Shannon presides over the case.  Steven K.
Kortanek, Esq., at Womble Carlyle Sandridge & Rice, LLP, serves as
the Debtors' counsel, while David S. Meyer at Kirkland & Ellis LLP
serves as co-counsel.  The Debtors' restructuring advisor is Huron
Consulting Services, LLC.  Donlin Recano & Company, Inc., is the
Debtors' claims agent.

The petition estimated the lead Debtors' assets to range between
$10 million and $50 million and the lead Debtor's debts between
$50 million and $100 million.  Prommis Solutions, LLC, a debtor-
affiliate disclosed $18,488,803 in assets and $260,232,313 in
liabilities as of the Chapter 11 filing.  The petitions were
signed by Charles T. Piper, chief executive officer.

The U.S. Trustee for Region 3 appointed three creditors to serve
in the Official Committee of Unsecured Creditors.  The Committee
tapped Saul Ewing LLP and Hahn & Hessen as its co-counsels, and
FTI Consulting, Inc., as its financial advisor.


PROMMIS HOLDINGS: Interface Inc. Changes Name to EC Mailing Corp.
-----------------------------------------------------------------
Prommis Holdings, LLC, et al., notified the Bankruptcy Court that
Interface Inc., a debtor-affiliate, has changed its name to EC
Mailing Corp., pursuant to an asset purchase agreement.

The Debtor noted that on May 29, 2013, the Court approved the
Debtors' sale of certain assets of Interface, Inc. to Cypress
Innovations, Inc.  On May 31, 2013, Interface Inc. amended Article
One of its Amended and Restated Articles of Incorporation to
change its name to "EC Mailing Corp."

In May, Prommis auctioned off the assets of three of its
subsidiaries with a $4.4 million offer from Cypress kicking off
the bidding.

                     About Prommis Holdings

Atlanta, Georgia-based Prommis Holdings, LLC, and its 10
affiliates delivered their petitions for voluntary bankruptcy
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case
No. 13-10551) on March 18, 2013.

Three subsidiaries -- EC Closing Corp., EC Closing Corp. of
Washington, and EC Posting Closing Corp. -- sought Chapter 11
protection (Bankr. D. Del. Case Nos. 13-11619 to 13-11621) on
June 25, 2013.

Judge Brendan Linehan Shannon presides over the case.  Steven K.
Kortanek, Esq., at Womble Carlyle Sandridge & Rice, LLP, serves as
the Debtors' counsel, while David S. Meyer at Kirkland & Ellis LLP
serves as co-counsel.  The Debtors' restructuring advisor is Huron
Consulting Services, LLC.  Donlin Recano & Company, Inc., is the
Debtors' claims agent.

The petition estimated the lead Debtors' assets to range between
$10 million and $50 million and the lead Debtor's debts between
$50 million and $100 million.  Prommis Solutions, LLC, a debtor-
affiliate disclosed $18,488,803 in assets and $260,232,313 in
liabilities as of the Chapter 11 filing.  The petitions were
signed by Charles T. Piper, chief executive officer.

The U.S. Trustee for Region 3 appointed three creditors to serve
in the Official Committee of Unsecured Creditors.  The Committee
tapped Saul Ewing LLP and Hahn & Hessen as its co-counsels, and
FTI Consulting, Inc., as its financial advisor.


PROMMIS HOLDINGS: FTI Consulting Okayed as Committee Fin'l Advisor
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
the Official Committee of Unsecured Creditors in the Chapter 11
cases of Prommis Holdings, LLC, et al., to retain FTI Consulting,
Inc., as its financial advisor.

FTI will assess and monitor the efforts of the Debtors and their
professional advisors to maximize the value of the estates and to
reorganize successfully.

The hourly rates of FTI's personnel are:

         Senior Manging Directors              $790 - $895
         Directors/Managing Directors          $570 - $755
         Consultants/Senior Consultants        $290 - $540
         Administrative/Paraprofessional/
           Associates                          $120 - $250

FTI has agreed to cap its blended hourly rate at $495 per hour.

To the best of the Committee's knowledge, FTI does not hold or
represent any interest adverse to the estate.

                     About Prommis Holdings

Atlanta, Georgia-based Prommis Holdings, LLC, and its 10
affiliates delivered their petitions for voluntary bankruptcy
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case
No. 13-10551) on March 18, 2013.

Three subsidiaries -- EC Closing Corp., EC Closing Corp. of
Washington, and EC Posting Closing Corp. -- sought Chapter 11
protection (Bankr. D. Del. Case Nos. 13-11619 to 13-11621) on
June 25, 2013.

Judge Brendan Linehan Shannon presides over the case.  Steven K.
Kortanek, Esq., at Womble Carlyle Sandridge & Rice, LLP, serves as
the Debtors' counsel, while David S. Meyer at Kirkland & Ellis LLP
serves as co-counsel.  The Debtors' restructuring advisor is Huron
Consulting Services, LLC.  Donlin Recano & Company, Inc., is the
Debtors' claims agent.

The petition estimated the lead Debtors' assets to range between
$10 million and $50 million and the lead Debtor's debts between
$50 million and $100 million.  Prommis Solutions, LLC, a debtor-
affiliate disclosed $18,488,803 in assets and $260,232,313 in
liabilities as of the Chapter 11 filing.  The petitions were
signed by Charles T. Piper, chief executive officer.

The U.S. Trustee for Region 3 appointed three creditors to serve
in the Official Committee of Unsecured Creditors.  The Committee
tapped Saul Ewing LLP and Hahn & Hessen as its co-counsels, and
FTI Consulting, Inc., as its financial advisor.


PROMMIS HOLDINGS: Panel Can Retain Hahn & Hessen as Co-Counsel
--------------------------------------------------------------
The Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware authorized the Official Committee of
Unsecured Creditors in the Chapter 11 cases of Prommis Holdings,
LLC,et al., to retain Hahn & Hessen as its co-counsel.

Mark T. Power, member of the firm, assures the Court that Hahn &
Hessen is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code.

                     About Prommis Holdings

Atlanta, Georgia-based Prommis Holdings, LLC, and its 10
affiliates delivered their petitions for voluntary bankruptcy
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case
No. 13-10551) on March 18, 2013.

Three subsidiaries -- EC Closing Corp., EC Closing Corp. of
Washington, and EC Posting Closing Corp. -- sought Chapter 11
protection (Bankr. D. Del. Case Nos. 13-11619 to 13-11621) on
June 25, 2013.

Judge Brendan Linehan Shannon presides over the case.  Steven K.
Kortanek, Esq., at Womble Carlyle Sandridge & Rice, LLP, serves as
the Debtors' counsel, while David S. Meyer at Kirkland & Ellis LLP
serves as co-counsel.  The Debtors' restructuring advisor is Huron
Consulting Services, LLC.  Donlin Recano & Company, Inc., is the
Debtors' claims agent.

The petition estimated the lead Debtors' assets to range between
$10 million and $50 million and the lead Debtor's debts between
$50 million and $100 million.  Prommis Solutions, LLC, a debtor-
affiliate disclosed $18,488,803 in assets and $260,232,313 in
liabilities as of the Chapter 11 filing.  The petitions were
signed by Charles T. Piper, chief executive officer.

The U.S. Trustee for Region 3 appointed three creditors to serve
in the Official Committee of Unsecured Creditors.  The Committee
tapped Saul Ewing LLP and Hahn & Hessen as its co-counsels, and
FTI Consulting, Inc., as its financial advisor.


PT BERLIAN: Indonesian Proceeding Recognized in U.S. Courts
-----------------------------------------------------------
The Hon. Stuart M. Bernstein of the Bankruptcy Court for the
Southern District of New York on May 22 recognized the Indonesian
proceedings of PT Berlian Laju Tanker TB, pending in the Central
Jakarta Commercial Court, as a "foreign main" proceeding pursuant
to Sections 1515 and 1517 of the U.S. Bankruptcy Code.

As reported by the Troubled Company Reporter on April 5, 2013, the
Court entered an order granting provisional relief to PT Berlian
Laju Tanker, and enjoining creditors from executing against BLT's
assets and commencing lawsuits against BLT in the U.S.

Cosimo Borrelli, the foreign representative of BLT, sought a
preliminary injunction pending a hearing to consider recognition
of the company's proceedings in the Central Jakarta Commercial
Court in Indonesia as a "foreign main proceeding".

                         About PT Berlian

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations primarily
in Asia with some expansion into the Middle East and Europe.
It has about 70 tankers.

Starting in the latter half of 2008, the financial crisis in the
United States and Europe led to dramatic decreases in various
industrial production capabilities.  As a result BLT suffered
significant financial difficulties.  In January 2012, BLT breached
a covenant to maintain certain cash ratios and some of its
subsidiaries had failed to pay certain charter hires.

In March 2012, PT Berlian put 15 subsidiaries into Chapter
15 proceedings in Manhattan (Bankr. S.D.N.Y. Lead Case No. 12-
11007) to complement a bankruptcy reorganization in Singapore,
where the subsidiaries are based, and to prevent creditors from
seizing the company's vessels when they call on U.S. ports.  In
April 2012 the U.S. judge ruled that Singapore is home to the so-
called foreign main proceeding for the operating subsidiaries.

In June 2012, Indonesian bank PT Bank Mandiri (Persero) Tbk began
involuntary bankruptcy proceedings in Indonesia against the PT
Berlian parent, followed by the involuntary petition the Gramercy
funds filed in New York in December.

PT Berlian was the subject of an involuntary Chapter 11 bankruptcy
filed in New York (Bankr. S.D.N.Y. Case No. 12-14874) on Dec. 13,
2012, by investor Gramercy Distressed Opportunity Fund II along
with two sister funds.  The funds, all located in Greenwhich,
Conn., are allegedly owed $125.5 million.

In addition, more than a dozen subsidiaries have been under
Chapter 11 protection in New York since 2012.

PT Berlian Laju filed a Chapter 15 cross-border bankruptcy (Bankr.
S.D.N.Y. Case No. 13-10901) on March 26, 2013, in New York to
enforce its restructuring in Indonesia.


QBEX ELECTRONICS: Can Hire CBIZ MHM as Financial Advisor
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
authorized Qbex Electronics Corporation, Inc., et al., to employ
Brian Ryniker and CBIZ MHM LLC as financial advisor.

CBIZ has agreed to perform its monthly services for a flat fee of
$15,000 per month.  The maximum fee paid in any one month, prior
to final fee applications, will be $12,000 per month and payment
of the full remaining balance of the fees incurred to be paid upon
approval of their final fee application.

To the best of the Debtors' knowledge, CBIZ does not represent any
interest adverse to the Debtors.

                     About QBEX Electronics

QBEX Electronics Corporation, Inc., based in Miami, Florida, and
its affiliates, Qbex Colombia, S.A., and Comercializadora De
Productos Tecnologicos CPT Colombia SAS, are manufacturers,
assemblers and distributors of personal computers, notebooks,
tablets and compatible accessories, marketed throughout Latin
America under the QBEX brand.

QBEX Electronics filed for Chapter 11 bankruptcy (Bankr. S.D. Fla.
Case No. 12-37551) on Nov. 15, 2012.  Judge Robert A. Mark
oversees the case.  Robert D. Peters, Esq., Robert A. Schatzman,
Esq., and Steven J. Solomon, Esq., at GrayRobinson, P.A., serve as
the Debtor's counsel.

QBEX scheduled assets of $11,027,058 and liabilities of
$8,246,385.  The petitions were signed by Jorge E. Alfonso,
president.

Qbex Colombia, S.A., also sought Chapter 11 protection (Bankr.
S.D. Fla. Case No. 12-37558) on Nov. 15, listing $433,627 in
assets and $5,792,217 in liabilities.

Glenn D. Moses, Esq., and Michael L. Schuster, Esq., at Genovese
Joblove & Battista, P.A., represent the Official Committee of
Unsecured Creditors.  The Committee tapped Marcum, LLP, as its
financial advisors.


QBEX ELECTRONICS: Wins Court Approval to Hire Real Estate Agent
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
authorized Qbex Electronics Corporation, Inc., et al., to employ
Martha Maria Florez A. as non-exclusive real estate agent for the
purpose of marketing and selling the Debtors' property located in
Edificio Puesta del Sol, Apt. 101e, Santa Marta, Columbia.

Qbex Electronics will pay Ms. Florez a sale commission equal
either: (i) three percent of the sales price of the property, if
the property is sold to a buyer presented by Ms. Florez or (ii)
one percent of the sales price of the property, if the property is
sold to a buyer that is not presented by Ms. Florez.

To the best of the Debtors' knowledge, Ms. Florez does not
represent or hold any interest adverse to the Debtors or to the
estate with respect to the matters upon Ms. Florez is to be
engaged.

                     About QBEX Electronics

QBEX Electronics Corporation, Inc., based in Miami, Florida, and
its affiliates, Qbex Colombia, S.A., and Comercializadora De
Productos Tecnologicos CPT Colombia SAS, are manufacturers,
assemblers and distributors of personal computers, notebooks,
tablets and compatible accessories, marketed throughout Latin
America under the QBEX brand.

QBEX Electronics filed for Chapter 11 bankruptcy (Bankr. S.D. Fla.
Case No. 12-37551) on Nov. 15, 2012.  Judge Robert A. Mark
oversees the case.  Robert D. Peters, Esq., Robert A. Schatzman,
Esq., and Steven J. Solomon, Esq., at GrayRobinson, P.A., serve as
the Debtor's counsel.

QBEX scheduled assets of $11,027,058 and liabilities of
$8,246,385.  The petitions were signed by Jorge E. Alfonso,
president.

Qbex Colombia, S.A., also sought Chapter 11 protection (Bankr.
S.D. Fla. Case No. 12-37558) on Nov. 15, listing $433,627 in
assets and $5,792,217 in liabilities.

Glenn D. Moses, Esq., and Michael L. Schuster, Esq., at Genovese
Joblove & Battista, P.A., represent the Official Committee of
Unsecured Creditors.  The Committee tapped Marcum, LLP, as its
financial advisors.


QUINTILES TRANSNATIONAL: Moody's Revises Outlook to Positive
------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Quintiles
Transnational Holdings Inc. (the parent company of Quintiles
Transnational Corp.), including the B1 Corporate Family Rating and
the B1-PD Probability of Default Rating. In addition, Moody's
changed the rating outlook to positive from stable and assigned a
first-time Speculative Grade Liquidity Rating of SGL-1, reflecting
Moody's expectations for very good liquidity.

The positive outlook reflects Moody's expectation for improvement
in credit metrics following approximately $350 million of debt
repayment with proceeds from the company's recent initial public
equity offering. The Speculative Grade Liquidity Rating of SGL-1
reflects the company's significant cash balance, Moody's
expectation of at least $200 million of free cash flow per year,
ample revolver availability and no financial maintenance covenants
on the term loans.

Moody's Rating Actions:

Ratings Affirmed/LGD estimates revised:

Quintiles Transnational Corp.

  $300 million senior secured revolving credit facility expiring
  2017, B1 (LGD 3, to 46% from 42%)

  $2.1 billion senior secured term loans due 2018, B1 (LGD 3, to
  46% from 42%)

Quintiles Transnational Holdings Inc.

  B1 Corporate Family Rating

  B1-PD Probability of Default Rating

Ratings assigned:

Quintiles Transnational Holdings Inc.

  Speculative Grade Liquidity Rating, SGL-1

Ratings withdrawn due to repayment:

Quintiles Transnational Holdings Inc.

  $300 million Term Loan due 2017, B3 (LGD 5, 89%)

The outlook is positive.

Ratings Rationale:

Quintiles' B1 Corporate Family Rating is constrained by the
company's financial leverage, which -- though improved --remains
elevated, and the company's history of aggressive financial
policies, including numerous dividends to shareholders and share
repurchase transactions. The ratings also reflect risks inherent
in the contract research organization ("CRO") industry, which is
highly competitive, has high reliance on the pharmaceutical
industry, and is subject to cancellation risk. Moody's also
expects pricing pressure in the industry to increase as
pharmaceutical companies and CROs increasingly enter into large
partnership deals, which often trade volume for price.

The ratings are supported by the company's size, scale and leading
position as both a pharmaceutical CRO and a contract sales
organization. Quintiles, as the largest pharmaceutical service
provider, is well-positioned to gain market share and benefit from
the industry's growth, the outlook for which is favorable, as
pharmaceutical companies look to outsource an increasing portion
of their non-core functions. The ratings are also supported by the
company's liquidity profile, which Moody's anticipates will be
very good over the next year.

Moody's could upgrade Quintiles' ratings if the company
demonstrates continued stable revenue growth and margins. If, as a
public company, Quintiles demonstrates a financial policy that
balances both shareholder and creditor interests (i.e., the
company refrains from doing large debt-funded shareholder
dividends as it has done in the past), Moody's could upgrade the
ratings. Specifically, if adjusted debt/EBITDA approaches 4.0
times and CFO/debt is sustained around 15%, Moody's could upgrade
the ratings.

Moody's could downgrade the ratings if the company experiences
revenue declines and/or margin erosion due to broader trends
within the CRO or CSO industry or if the company undertakes a
significant debt-financed acquisition or shareholder initiatives
beyond Moody's expectations. For example, sustained CFO/debt below
10%, adjusted debt to EBITDA above 5.5 times, or negative free
cash flow could lead to a downgrade.

The principal methodology used in rating Quintiles Transnational
Holdings Inc. was the Global Business & Consumer Service Industry
Rating Methodology, published October 2010. Other methodologies
used include Loss Given Default for Speculative Grade Issuers in
the US, Canada, and EMEA, published June 2009.

Headquartered in Durham, North Carolina, Quintiles (NYSE: Q) is a
leading global provider of outsourced contract research and
contract sales services to pharmaceutical, biotechnology and
medical device companies. The company is publicly traded but
remains majority owned by founder and Chairman, Dr. Dennis
Gillings, and private equity firms Bain, TPG, 3i and Temasek.
Quintiles recorded net service revenue of approximately $3.7
billion for the twelve month period ended March 30, 2013.


REFCO INC: Ex-Mayer Brown Partner Gets 1 Year for Fraud
-------------------------------------------------------
Richard Vanderford of BankruptcyLaw360 reported that former Mayer
Brown LLP partner Joseph P. Collins was sentenced Monday to one
year and one day in prison for allegedly helping hide the $1
billion accounting fraud that sunk brokerage Refco Inc.

According to the report, Collins, who has lost his law license,
must also serve two years of probation under a sentence imposed by
U.S. District Judge Loretta Preska.

Jurors in November found Collins guilty on seven of 10 counts he
faced, including counts of securities fraud and conspiracy, the
report related.

As previously reported, Mayer Brown has agreed to pay an
undisclosed amount to Refco's bankruptcy trustee to settle claims
the law firm aided a $1.5 billion fraud scheme that produced a
flurry of criminal convictions.  The Trustee claims Mayer Brown,
as primary counsel for Refco until its 2005 collapse, knew about
and affirmatively aided a fraud against foreign exchange
customers, but a New York federal judge tossed the claims in
December 2010.

                         About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/--
was a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries were members of
principal U.S. and international exchanges, and were among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  Refco was also a major broker of cash
market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products.  Refco was one of the largest global clearing firms for
derivatives.  The Company had operations in Bermuda.

The Company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No.
05-60006).  J. Gregory Milmoe, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, represented the Debtors in their restructuring
efforts.  Milbank, Tweed, Hadley & McCloy LLP, represented the
Official Committee of Unsecured Creditors.  Refco reported
US$16.5 billion in assets and US$16.8 billion in debts to the
Bankruptcy Court on the first day of its Chapter 11 cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006.  That Plan became effective on Dec. 26,
2006.  Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc., and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.


REFCO INC: Grant & Eisenhofer Sues Cantor Over Asset Acquisition
----------------------------------------------------------------
Grant & Eisenhofer P.A. on July 16 disclosed that the bankruptcy
estate of collapsed futures broker Refco Inc. has filed a lawsuit
against financial services firm Cantor Fitzgerald, L.P.  The suit
alleges that Cantor's Nevada gaming businesses acquired
proprietary technology and other assets from a subsidiary in which
Refco held a 10% stake, without ever compensating the subsidiary
(thereby depriving Refco of its interest in that technology).

The lawsuit comes ahead of Cantor's pursuit of a potential initial
public offering of its subsidiary in the mobile gaming space,
Cantor Entertainment Technology, Inc.

Leading financial litigation law firm Grant & Eisenhofer filed the
suit on behalf of Refco bankruptcy estate representative
Marc Kirschner to recover compensation owed to the estate under
Chapter 11.  Refco's ownership portion of the gaming technology is
estimated at tens of millions of dollars.  The complaint was filed
in the U.S. District Court for the Southern District of New York
before Judge Ronnie Abrams.

The suit contends that in 2002, Refco invested $8 million in a
Cantor Fitzgerald subsidiary, Cantor Index Holdings, in exchange
for a 10% partnership interest.  Over the next several years, CIH
developed successful gaming technology, such as devices for remote
gambling and other betting techniques.

The bankruptcy estate alleges that after CIH and its subsidiaries
successfully developed and deployed these technologies, Cantor
Gaming ultimately shut down CIH and took the rights of CIH's key
assets and intellectual property for its own development and
profit.  The suit alleges that this was done for the benefit of
Cantor's Nevada businesses, without properly compensating the
subsidiary (and through its ownership interest in the subsidiary,
Refco's bankruptcy estate).  In one instance, the defendants in
2010 took Cantor Index's profitable betting business in the U.K.,
by transferring it to a Nevada affiliate, for nominal
consideration of GBP1.00.  At another point, Cantor transferred
valuable patents for a price to be set later, yet after nearly six
years, never set a price or paid any compensation.

The Refco estate's lawsuit contends that having taken assets and
business lines from CIH, Cantor used them to create highly
valuable businesses in Nevada and elsewhere.  The suit asserts
claims of breach of contractual and fiduciary duty, conversion,
and waste.

The complaint also contends that Cantor has repeatedly admitted to
regulators, analysts and the press that the technology developed
by CIH and its subsidiaries in the U.K. was critical to the build-
out of Cantor's Nevada operations.

Among defendants named in the suit are Cantor G&W (Nevada) L.P.,
as well as Cantor Fitzgerald CEO Howard Lutnick and Cantor Gaming
president Lee Amaitis.

Plaintiffs are seeking millions of dollars in compensatory and
punitive damages.  An IPO of Cantor Entertainment Technology could
potentially value the company in the hundreds of millions of
dollars.

"Cantor drained CIH of its assets, and then co-opted the
intellectual property for its gambling businesses," said Grant &
Eisenhofer co-managing director Jay Eisenhofer.  "The brazenness
of the Cantor scheme is illustrated in the sham transaction valued
at barely a dollar, and the company's public admissions that
significant capital was put into developing remote gambling
technology key to Cantor's Nevada businesses."

Mr. Eisenhofer continued: "The company still owes its subsidiary,
and indirectly Refco's bankruptcy estate, for these technologies
and other assets which Refco helped finance a decade ago.  Cantor
Entertainment Technology's success in the mobile gaming industry
and its potential IPO rely heavily on these technologies, and we
seek recovery for the bankruptcy estate the fair value of Refco's
investment."

In addition to Mr. Eisenhofer, Grant & Eisenhofer directors
Geoffrey Jarvis and Matthew Morris and associates Nathan Cook and
Ned Weinberger are special litigation counsel to plaintiff
bankruptcy estate.

The case is captioned as: Refco Group LTD., LLC v. Cantor
Fitzgerald, L.P., et al.

Note: Grant & Eisenhofer P.A. represents plaintiffs in a wide
range of complex financial litigation.  The firm has played a
central role in some of the largest bankruptcies in recent years,
including Parmalat, Global Crossing, Delphi, Refco and others.


RENO REDEVELOPMENT: S&P Corrects LT Bonds Rating to 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services corrected its long-term rating
to 'B+' from 'B' on Reno Redevelopment Agency, Nev.'s taxable
series 2007A tax increment senior-lien bonds.  The outlook is
stable.

The ratings are based on the rating on the bond insurer, Radian
Asset Assurance Inc. (B+/Stable).


RESIDENTIAL CAPITAL: 2nd Circ. Remands Appeal of FHFA's MBS Suit
----------------------------------------------------------------
Stewart Bishop of BankruptcyLaw360 reported that the Second
Circuit on Monday remanded to district court an appeal by bankrupt
mortgage lender Residential Capital LLC of a ruling that allowed
the Federal Housing Finance Agency to sue ResCap's affiliates over
mortgage-backed securities, ruling that further determination is
needed as to whether an automatic stay may apply.

According to the report, in a summary order, a three-judge panel
for the appeals court found that since the Bankruptcy Code's
automatic stay provision may apply to nondebtors in some limited
circumstances, the district court needs to supplement the record.

                     About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.

Neither Ally Financial nor Ally Bank is included in the bankruptcy
filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities as of March 31, 2012.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap.  Morrison & Foerster LLP is acting as legal
adviser to ResCap.  Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel.  Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.

Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


RESTORATION HARDWARE: Renovation Is Private-Equity Boon
-------------------------------------------------------
Ryan Dezember and Matt Jarzemsky, writing for The Wall Street
Journal, reported that once teetering on the edge of bankruptcy
and subject of a buyout bidding war during which offers shrank,
Restoration Hardware Holdings Inc. is turning into a bonanza for
its private-equity owners.

The firms that bought the luxury-home-furnishings retailer in 2008
are on track to make about eight times their initial investment,
when including their remaining stock holdings in the company, the
report related, citing a Wall Street Journal analysis of
securities filings. This is a huge return among deals struck in
the years leading up to and during the financial crisis.

According to the report, five years ago, as the housing crash
crimped the company's profits, a group led by Connecticut private-
equity firms Catterton Partners and Tower Three Partners LLC and
the retailer's chief executive took the company private for about
$177 million.

Restoration still doesn't turn out consistent profits but today
the retailer, which returned to public ownership in a November
initial public offering, has a stock-market value of about $2.7
billion, the report said.

At one point last week, shares traded at more than three times
their IPO price of $24, the report pointed out.  The surge has
prompted the company's owners to cash in.  Late Thursday, the
buyout group and executives sold some $560 million of stock, the
report said.

Corte Madera, California-based Restoration Hardware, Inc. --
http://www.restorationhardware.com/-- is a specialty retailer
of hardware, bathware, furniture, lighting, textiles,
accessories and gifts.


RODEO CREEK: Court Dismisses Chapter 11 Cases
---------------------------------------------
On July 12, 2013, the U.S. Bankruptcy Court for the District of
Nevada granted the motion of Rodeo Creek Gold, Inc., et al., for
the dismissal of their Chapter 11 cases.  A copy of the dismissal
order is available at:
http://bankrupt.com/misc/rodeocreek.doc608.pdf

The State of Nevada, on Relation of its Department of Taxation,
filed on July 10 a limited objection to the Debtors' Motion to
dismiss the Chapter 11 cases.  The Department says it has no issue
with the dismissal of the cases, but submits that it should
receive a distribution from the sale proceeds on its secured claim
and should take this distribution before distributions are made on
administrative claims.

As reported in the TCR on July 5, 2013, Rodeo Creek, in seeking
the dismissal, said that on May 20 it closed the sale to Waterton
Global Mining Company, LLC.  The bid was comprised of $15 million
in cash and a certain "net profits interest" ("NPI") entitling the
Debtors to 15% of the net profits from the business over a period
of 9 years.

According to Rodeo, the sale yielded proceeds that were far less
than initially anticipated and are likely sufficient to pay in
cash only the administrative expenses of the Chapter 11 cases and
other payments approved by the Court in the final order approving
the DIP financing.  The DIP lenders and prepetition lenders, out
of whose cash collateral such payments will be made, will likely
see minimal cash recovery and will instead receive a "net profits
royalty" interest in any future profits of the Hollister mine.
Other than the general unsecured creditor trust fund, no excess or
unencumbered funds are available to fund distributions to
unsecured creditors.

The Final DIP order authorized a certain "waterfall" for the
distribution of sale proceeds.  This waterfall provided for the
establishment of the GUC Trust Fund, a $1 million fund for the
exclusive payment of allowed nonpriority unsecured claims.

Accordingly, the Debtors, Credit Suisse (agent for the DIP lenders
and secured lenders), and the statutory committee of unsecured
creditors agree that the best available option for all parties is
the Debtors' expeditious exit from bankruptcy protection.

                 About Rodeo Creek and Great Basin

Canada-based The Great Basin Gold Ltd and its subsidiaries are
engaged in the exploration, development, and operation of high-
quality gold properties.  The GBG Group's primary projects are a
trial mine and a recently constructed start-up mine, both of which
are located in rich gold-producing regions: the Hollister trial
mine in Nevada and the Burnstone start-up mine in South Africa.
The GBG Group also holds interests in early-stage mineral
prospects located in Canada and Mozambique.

On Sept. 18, 2012, the GBG Group's primary South African operating
subsidiary and owner of the Burnstone Start-up Mine, Southgold
Exploration (Pty) Ltd., commenced business rescue proceedings
under chapter 6 of the South African Companies Act, 2008.

On Sept. 19, 2012, Great Basin Gold Ltd., the ultimate parent
company, applied for protection from its creditors in Canada
pursuant to the Companies' Creditors Arrangement Act, R.S.C. 1985,
c. C-36 in the Supreme Court of British Columbia Vancouver
Registry.  GBG arranged -- and the U.S. debtors cross-guaranteed
-- DIP financing from Credit Suisse and Standard Chartered Bank in
the amount of $51 million, of which $10 million was made available
to the U.S. subsidiaries and $25 million for South Africa.

On Feb. 25, 2013, Rodeo Creek Gold Inc., which operates and owns
the Hollister Trial-Mine, along with other U.S. subsidiaries of
Great Basin, filed petitions for Chapter 11 protection (Bankr. D.
Nev. Case No. 13-50301), in Reno, Nevada, as cash ran out before
they could complete the sale of the mine.

Rodeo Creek estimated assets worth less than $100 million and debt
in excess of $100 million.  Credit Suisse is the agent under the
Debtors' secured prepetition credit facilities: (i) the Existing
Hollister Credit Facility, under which the Debtors had $52.5
million outstanding at the end of 2012 and (ii) the Canadian DIP
Facility, under which the Debtors had guaranteed $35 million
outstanding as of the Petition Date.  The Debtors also had
$13.5 million in outstanding trade debt, in addition to certain
intercompany obligations.

A three-member Official Committee of Unsecured Creditors, composed
of Quality Transportation Inc., Prometheus Energy Group, Inc., and
F & H Mine Supply, was appointed in the Debtors' Chapter 11 cases.
The Committee is represented by Pachulski Stang Ziehl & Jones LLP
as counsel, Armstrong Teasdale LLP as its local Nevada counsel,
and BDO Consulting as its financial advisor.


ROTECH HEALTHCARE: Equity Panel Wants Valuation Deferred
--------------------------------------------------------
BankruptcyData reported that Rotech Healthcare's official
committee of equity security holders filed with the U.S.
Bankruptcy Court an emergency motion for an order to continue the
July 29, 2013 scheduled hearing to consider the Debtors' motion,
pursuant to Bankruptcy Rule 3012, for an order determining the
valuation of security for confirmation purposes and disbanding
equity committee if the estate is solvent and for brief
continuation of the confirmation hearing.

The committee states, "Following this Court's ruling denying the
Debtors' first Motion to Disband, the Debtors have engaged in
repeated and multiple stalling tactics to thwart the ability of
the Equity Committee to fulfill its statutory duties to the
estates and its shareholders. Vigorous resistance to any
cooperation on discovery, strong opposition to the retention of
any valuation expert and the filing of the premature Valuation
Motion are all transparent attempts to effectuate a de facto
disbandment of the Equity Committee so that no competing view on
valuation is presented to this Court. The Debtors articulate in
their Motion no cause for this expedited trial, other than to
again seek yet to disband the Equity Committee. Importantly, no
other substantive matters remain for the Court to address at any
confirmation hearing in view of the fact that all voting
constituencies have pledged their support for the proposed debt to
equity conversion in the Proposed Plan at the expense of Rotech's
equity holders. Therefore, the Equity Committee should be afforded
the reasonable time sought by Berenson to conduct due diligence
and prepare to present an independent valuation at the
confirmation hearing which the Equity Committee respectfully
requests be continued briefly to a date in early to mid-September
2013 -- a reasonable brief extension of only a couple of weeks
from the currently scheduled confirmation hearing."

The Company subsequently filed with the Court an objection to this
motion.

The objection explains, "The Equity Committee contends it 'has not
pursued, and has no intention of pursuing scorched-earth
litigation tactics, to the detriment of the estates.' The Equity
Committee's repeated actions in these chapter 11 cases, however,
speak louder than its words. First, the Equity Committee and
Berenson & Company, LLC ('Berenson') know the results of Rotech's
most recent sale process where Barclays reached out to eighty-
seven (87) entities, including parties identified by the Equity
Committee and its previously proposed financial advisor, Moelis &
Company LLC ('Moelis'). For more than two (2) years when Rotech's
projected income was greater than it is now, Rotech was unable to
find a buyer who would assume all debt and pay shareholders.
Indeed, the sale process recently conducted by Barclays has not
produced a different result. Nevertheless, with a knee-jerk (but
highly predictable) response, the Equity Committee rejected this
best evidence of insolvency and claimed that no one would give
Barclays a bid higher than Barclay's own valuation. The Equity
Committee's rejection of the actual results of the sale process
proves it is knowingly pursuing a strategy designed to capitalize
on nuisance value while increasing the administrative cost of
these chapter 11 cases, to the benefit of the professionals on all
sides and to the detriment of Rotech and its creditors."

                    About Rotech Healthcare

Based in Orlando, Florida, Rotech Healthcare Inc. (NASDAQ: ROHI)
-- http://www.rotech.com/-- provides home medical equipment and
related products and services in the United States, with a
comprehensive offering of respiratory therapy and durable home
medical equipment and related services.  The company provides
equipment and services in 48 states through approximately 500
operating centers located primarily in non-urban markets.

The Company reported a net loss of $14.76 million in 2011, a net
loss of $4.20 million in 2010, and a net loss of $21.08 million
in 2009.

The Company's balance sheet at Sept. 30, 2012, showed
$255.76 million in total assets, $601.98 million in total
liabilities, and a $346.22 million total stockholders' deficiency.

On April 8, 2013, Rotech Healthcare and 114 subsidiary companies
filed petitions seeking relief under chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Lead Case No. 13-10741) to implement a pre-
arranged plan negotiated with secured lenders.

Attorneys at Proskauer Rose LLP, and Young, Conaway, Stargatt &
Taylor serve as counsel to the Debtors; Foley & Lardner LLP is the
healthcare regulatory counsel; Akin Gump Strauss Hauer & Feld LLP
is the special healthcare regulatory counsel; Barclays Capital
Inc. is the financial advisor; Alix Partners, LLP is the
restructuring advisor; and Epiq Bankruptcy Solutions LLC is the
claims agent.

Prepetition term loan lender and DIP lender Silver Point Capital
and other consenting noteholders are represented by Wachtell,
Lipton, Rosen & Katz, and Richards Layton & Finger PA.

The U.S. Trustee at the end of April appointed an official
committee of equity holders.  Members include Alden Global
Recovery Master Fund LP, Varana Capital Master LP, Wynnefield
Partners Small Cap Value LP I, Bastogne Capital Partners, LP, and
Kenneth S. Grossman P.C. Pension Plan.

The plan is supported by holders of a majority of the first- and
second-lien secured notes.  The $290 million in 10.5 percent
second-lien notes are to be exchanged for the new equity.  Trade
suppliers are to be paid in full, if they agree to continue
providing credit.  The existing $23.5 million term loan would be
paid in full, and the $230 million in 10.75 percent first-lien
notes will be amended.

The Official Committee of Unsecured Creditors tapped Otterbourg,
Steindler, Houston & Rosen, P.C., as counsel; Buchanan Ingersoll &
Rooney PC as Delaware counsel; and Grant Thornton LLP as financial
advisor.


ROTECH HEALTHCARE: 50 Units File Schedules of Assets & Debts
------------------------------------------------------------
Fifty affiliates of Rotech Healthcare Inc. filed with the U.S.
Bankruptcy Court separate schedules of assets and liabilities,
disclosing:

    Affiliate                  Total Assets   Total Liabilities
    ---------                  ------------   -----------------
GEORGIA MEDICAL
  RESOURCES, INC                 $1,724,509        $560,910,309
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz14.pdf
ROTHERT'S HOSPITAL
  EQUIPMENT, INC.                $1,500,333        $560,959,683
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz18.pdf
PIONEER MEDICAL
  SERVICES, INC                  $5,434,737        $560,921,141
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz34.pdf
ROTECH HOME MEDICAL
  CARE, INC.                    $10,030,842        $561,041,364
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz28.pdf
G&G MEDICAL, INC.               $18,957,684        $561,061,215
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz19.pdf
PSI HEALTH CARE, INC.           $31,028,718        $561,138,410
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz20.pdf
PROFESSIONAL RESPIRATORY
  HOME HEALTHCARE, INC.         $13,571,432         $13,571,432
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz23.pdf
ROTECH OXYGEN AND
  MEDICAL EQUIPMENT, INC.       $13,573,384        $592,352,456
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz25.pdf
FOUR RIVERS HOME
  HEALTH CARE, INC.              $7,045,124        $560,937,714
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz21.pdf
GATE CITY MEDICAL
  EQUIPMENT, INC.                $1,447,609        $561,897,528
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz16.pdf
FISCHER MEDICAL
  EQUIPMENT, INC                 $7,743,913        $560,909,370
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz24.pdf
FIRSTCARE, INC.                 $10,437,233        $560,934,625
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz26.pdf
ROTECH EMPLOYEE
  BENEFITS CORPORATION                   $0        $560,872,946
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz31.pdf
SAMPSON CONVALESCENT
  MEDICAL SUPPLY, INC.           $4,597,538        $560,897,683
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz15.pdf
FIRST COMMUNITY CARE
  OF NIAGARA, INC.               $2,295,529        $560,962,135
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz29.pdf
ROSWELL HOME MEDICAL, INC.      $30,796,643    $561,229,041
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz33.pdf
PROFESSIONAL BREATHING
  ASSOCIATES, INC.              $31,159,937        $561,156,407
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz27.pdf
HOME CARE OXYGEN
  SERVICE, INC.                 $14,703,454     $560,963,858
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz1.pdf
SIGMA MEDICAL
  EQUIPMENT, INC                  $7,785,365        $560,976,154
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz8.pdf
QUALICARE HOME
  MEDICAL, INC.                  $1,781,127        $564,405,644
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz13.pdf
HOLLAND MEDICAL
  SERVICES, INC.                 $6,566,791        $651,437,694
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz4.pdf
IHS ACQUISITION XXVII, INC.      14,350,205        $560,999,890
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salw.pdf
QUALITY HOME HEALTH CARE,        $4,140,741        $560,886,508
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz10.pdf
SUNSHINE HOME HEALTH
  CARE, INC.                     $1,844,982        $560,894,723
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz.pdf
VALLEY MEDICAL EQUIPMENT, INC.  $15,707,744        $561,086,127
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salp.pdf
VALUE CARE, INC.                 $9,697,583        $561,059,422
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_saln.pdf
HAMILTON MEDICAL
  EQUIPMENT SERVICE, INC.       $20,125,681        $561,001,374
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz9.pdf
MEDCO PROFESSIONAL
  SERVICES, CORP.                $3,707,630        $560,891,923
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salq.pdf
HOME MEDICAL SYSTEMS, INC.      $64,239,814        $561,559,284
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_saly.pdf
MAJOR MEDICAL SUPPLY, INC        $9,580,456        $560,997,804
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salv.pdf
SOUTHEASTERN HOME
  HEALTH, INC.                   $5,284,599        $560,896,047
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz5.pdf
INTENSIVE HOME CARE
  SERVICES, INC.                 $8,532,699        $561,027,805
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salr.pdf
TUPELO HOME HEALTH, INC.         $5,978,517        $560,930,660
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_sals.pdf
RCG INFORMATION
  SERVICES CORPORATION           $2,530,650        $574,812,391
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz3.pdf
HEALTH CARE SERVICES OF
  MISSISSIPPI, INCORPORATED      $5,460,646        $560,900,817
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz6.pdf
R.C.P.S., INC.                   $1,262,978        $561,121,031
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz7.pdf
THE KILROY COMPANY               $3,704,713        $560,941,482
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salx.pdf
SUN MEDICAL SUPPLY, INC.         $7,127,775        $560,961,982
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz2.pdf
GLADWIN AREA HOME CARE, INC.     $1,905,202        $560,917,890
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salz12.pdf
VITALCARE HEALTH
  SERVICES, INC                  $7,753,872         $560,924,731
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_sal_l.pdf
LAMS, INC.                         $378,767         $560,880,399
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salh.pdf
INTEGRATED HEALTH SERVICES AT
  JEFFERSON HOSPITAL, INC.       $2,809,920         $560,892,516
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_sal_t.pdf
WHITES MEDICAL RENTALS, INC.     $1,324,281         $560,887,704
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_sal_e.pdf
LOVEJOY MEDICAL, INC.           $24,061,341         $561,098,159
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salf.pdf
VITALCARE OF TEXAS, INC.           $309,600         $566,397,449
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_sali.pdf
WICHITA MEDICAL CARE, INC.       $3,987,324         $560,881,218
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salc.pdf
MICHIGAN MEDICAL SUPPLY, INC.    $6,214,827         $560,918,850
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salb.pdf
ZETA HOME HEALTH CARE, INC.     $16,243,105         $561,042,432
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_sal.pdf
MEDIC-AIRE MEDICAL
  EQUIPMENT, INC.                $6,388,413         $560,941,332
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salk.pdf
MEDICAL ELECTRO-THERAPEUTICS,
  INC.                          $10,783,576         $561,044,638
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salg.pdf
LAMBDA MEDICAL
  EQUIPMENT, INC.                  $505,083         $560,882,490
  See: http://bankrupt.com/misc/ROTECH_HEALTHCARE_salj.pdf


ROTECH HEALTHCARE: GAO Nixes Protest of $68MM Home Oxygen Contract
------------------------------------------------------------------
Lance Duroni of BankruptcyLaw360 reported that B&B Medical
Services Inc. has lost its protest of a $68 million contract to
provide veterans with home oxygen supplies that was awarded to
now-bankrupt Rotech Healthcare Inc., according to a U.S.
Government Accountability Office decision made public Friday.

The GAO rejected B&B's argument that the contracting officer at
the U.S. Department of Veterans Affairs failed to consider all of
the available information about Rotech's financial health and
ethics record in determining that the company was a "responsible
contractor," the report related, citing the decision.

A full-text copy of the GAO Decision is available for free
At http://bankrupt.com/misc/ROTECH_GAO655850.pdf

                    About Rotech Healthcare

Based in Orlando, Florida, Rotech Healthcare Inc. (NASDAQ: ROHI)
-- http://www.rotech.com/-- provides home medical equipment and
related products and services in the United States, with a
comprehensive offering of respiratory therapy and durable home
medical equipment and related services.  The company provides
equipment and services in 48 states through approximately 500
operating centers located primarily in non-urban markets.

The Company reported a net loss of $14.76 million in 2011, a net
loss of $4.20 million in 2010, and a net loss of $21.08 million
in 2009.

The Company's balance sheet at Sept. 30, 2012, showed
$255.76 million in total assets, $601.98 million in total
liabilities, and a $346.22 million total stockholders' deficiency.

On April 8, 2013, Rotech Healthcare and 114 subsidiary companies
filed petitions seeking relief under chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Lead Case No. 13-10741) to implement a pre-
arranged plan negotiated with secured lenders.

Attorneys at Proskauer Rose LLP, and Young, Conaway, Stargatt &
Taylor serve as counsel to the Debtors; Foley & Lardner LLP is the
healthcare regulatory counsel; Akin Gump Strauss Hauer & Feld LLP
is the special healthcare regulatory counsel; Barclays Capital
Inc. is the financial advisor; Alix Partners, LLP is the
restructuring advisor; and Epiq Bankruptcy Solutions LLC is the
claims agent.

Prepetition term loan lender and DIP lender Silver Point Capital
and other consenting noteholders are represented by Wachtell,
Lipton, Rosen & Katz, and Richards Layton & Finger PA.

The U.S. Trustee at the end of April appointed an official
committee of equity holders.  Members include Alden Global
Recovery Master Fund LP, Varana Capital Master LP, Wynnefield
Partners Small Cap Value LP I, Bastogne Capital Partners, LP, and
Kenneth S. Grossman P.C. Pension Plan.

The plan is supported by holders of a majority of the first- and
second-lien secured notes.  The $290 million in 10.5 percent
second-lien notes are to be exchanged for the new equity.  Trade
suppliers are to be paid in full, if they agree to continue
providing credit.  The existing $23.5 million term loan would be
paid in full, and the $230 million in 10.75 percent first-lien
notes will be amended.

The Official Committee of Unsecured Creditors tapped Otterbourg,
Steindler, Houston & Rosen, P.C., as counsel; Buchanan Ingersoll &
Rooney PC as Delaware counsel; and Grant Thornton LLP as financial
advisor.


ROTECH HEALTHCARE: Equity Holders' Delay Would Pad Attys' Bills
---------------------------------------------------------------
Matt Chiappardi of BankruptcyLaw360 reported that counsel for
Rotech Healthcare Inc. on Monday blasted a request by equity
holders to delay the Chapter 11 plan confirmation hearing until
September, saying it was just a stall ploy to generate higher
bills for the committee's attorneys.

According to the report, during a status conference in court
Monday, the committee said it was seeking to have the trial over
the company's valuation pushed back to Aug. 20 and the plan
confirmation to Sept. 10 in order to have more time to go through
"a mountain of information."

                    About Rotech Healthcare

Based in Orlando, Florida, Rotech Healthcare Inc. (NASDAQ: ROHI)
-- http://www.rotech.com/-- provides home medical equipment and
related products and services in the United States, with a
comprehensive offering of respiratory therapy and durable home
medical equipment and related services.  The company provides
equipment and services in 48 states through approximately 500
operating centers located primarily in non-urban markets.

The Company reported a net loss of $14.76 million in 2011, a net
loss of $4.20 million in 2010, and a net loss of $21.08 million
in 2009.

The Company's balance sheet at Sept. 30, 2012, showed
$255.76 million in total assets, $601.98 million in total
liabilities, and a $346.22 million total stockholders' deficiency.

On April 8, 2013, Rotech Healthcare and 114 subsidiary companies
filed petitions seeking relief under chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Lead Case No. 13-10741) to implement a pre-
arranged plan negotiated with secured lenders.

Attorneys at Proskauer Rose LLP, and Young, Conaway, Stargatt &
Taylor serve as counsel to the Debtors; Foley & Lardner LLP is the
healthcare regulatory counsel; Akin Gump Strauss Hauer & Feld LLP
is the special healthcare regulatory counsel; Barclays Capital
Inc. is the financial advisor; Alix Partners, LLP is the
restructuring advisor; and Epiq Bankruptcy Solutions LLC is the
claims agent.

Prepetition term loan lender and DIP lender Silver Point Capital
and other consenting noteholders are represented by Wachtell,
Lipton, Rosen & Katz, and Richards Layton & Finger PA.

The U.S. Trustee at the end of April appointed an official
committee of equity holders.  Members include Alden Global
Recovery Master Fund LP, Varana Capital Master LP, Wynnefield
Partners Small Cap Value LP I, Bastogne Capital Partners, LP, and
Kenneth S. Grossman P.C. Pension Plan.

The plan is supported by holders of a majority of the first- and
second-lien secured notes.  The $290 million in 10.5 percent
second-lien notes are to be exchanged for the new equity.  Trade
suppliers are to be paid in full, if they agree to continue
providing credit.  The existing $23.5 million term loan would be
paid in full, and the $230 million in 10.75 percent first-lien
notes will be amended.

The Official Committee of Unsecured Creditors tapped Otterbourg,
Steindler, Houston & Rosen, P.C., as counsel; Buchanan Ingersoll &
Rooney PC as Delaware counsel; and Grant Thornton LLP as financial
advisor.


SAAB CARS: Gets Nod for Chapter 11 Liquidation Plan
---------------------------------------------------
Matt Chiappardi of BankruptcyLaw360 reported that after spending
about a year and a half in a sometimes contentious bankruptcy
process, the U.S. arm of Saab Automobile AB on Monday won a
Delaware bankruptcy's judge's approval for its Chapter 11
liquidation plan.

According to the report, the estate of Saab Cars North America
Inc. is expected to have a liquidating trust of about $20 million
to use for disbursements that will see administrative, priority
and secured claims paid in full, attorneys for the company said in
court.

                       About Saab Cars N.A.

More than 40 U.S.-based Saab dealerships have signed an
involuntary chapter 11 bankruptcy petition for Saab Cars North
America, Inc., (Bankr. D. Del. Case No. 12-10344) on Jan. 30,
2012.  The petitioners, represented by Wilk Auslander LLP, assert
claims totaling $1.2 million on account of "unpaid warranty and
incentive reimbursement and related obligations" and/or "parts and
warranty reimbursement."  Leonard A. Bellavia, Esq., at Bellavia
Gentile & Associates, in New York, signed the Chapter 11 petition
on behalf of the dealers.

Donlin, Recano & Company, Inc. (DRC), has been retained to provide
claims and noticing agent services to Saab Cars North America,
Inc. in its Chapter 11 case.

The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December an
outside administrator, McTevia & Associates, to run the company as
part of a plan to avoid immediate liquidation following its parent
company's bankruptcy filing.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.

On Feb. 24, 2012, the Court, inconsideration of the petition filed
on Jan. 30, 2012, granted Saab Cars North America, Inc., relief
under Chapter 11 of the Bankruptcy Code.

On March 9, 2012, the U.S. Trustee formed an official Committee of
Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.


SAVE MOST: Aug. 14 Hearing to Approve Plan Outline
--------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
will convene a hearing on Aug. 14, 2013, at 10 a.m., to consider
the adequacy of information in the Original Disclosure Statement
explaining Save Most Desert Rancho, Ltd.'s proposed Original Plan
of Reorganization.

According to the Disclosure Statement, the Plan may provide for
the Debtor to reorganize by continuing to operate, to liquidate by
selling assets of the Debtor's estate, or a combination of both.

The Debtor seeks to accomplish payment under the Plan by the sale
or refinance of the Laguna Hills Property or sale of the Laguna
Hills Property.

The Plan will be funded by proceeds from the sale or refinance of
the Laguna Hills Property as well as postpetition rents generated
by the Laguna Hills Property.

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

                 About Save Most Desert Rancho

Save Most Desert Rancho, Ltd., filed a Chapter 11 petition (Bankr.
C.D. Cal. Case No. 12-23173) in Santa Ana, California on
Nov. 15, 2012.  The Laguna Hills-based company disclosed
$10,134,997 in assets and $14,874,770 in liabilities as of the
Chapter 11 filing.  The petition was signed by Charles Kaminskas
for Brighton Park, LP, general partner.  The Law Offices of
Michael G. Spector serves as Chapter 11 insolvency counsel.


SEA TRAIL: Bankruptcy Administrator Withdraws Dismissal Motion
--------------------------------------------------------------
Marjorie K. Lynch, the Bankruptcy Administrator for the Eastern
District of North Carolina, has withdrawn her motion to dismiss
Sea Trail Corporation's Chapter 11 case as filed with the U.S.
Bankruptcy for the eastern District of North Carolina on April 24,
2013.

As reported in the TCR on May 28, 2013, the Bankruptcy
Administrator said that the Debtor has the inability to effectuate
substantial consummation of a confirmed plan.

                    About Sea Trail Corporation

Sunset Beach, North Carolina-based Sea Trail Corporation owns and
operates the Sea Trail Golf Resort and Conference Center.  The
Debtor's business operations are comprised of three operating
divisions, including the golf division, the convention and resort
division, and the real estate division.

Sea Trail filed a Chapter 11 petition (Bankr. E.D.N.C. Case No.
11-07370) on Sept. 27, 2011, in Wilson, North Carolina.  The
Debtor reported $34,222,281 in assets and $22,174,201 in
liabilities as of the Chapter 11 filing.  Amy M. Currin, Esq.,
Laurie B. Biggs, Esq., and Trawick H. Stubbs, Esq., at Stubbs &
Perdue, P.A., is the Debtors' attorney.  McIntyre, Paradis, Wood &
Company CPA's PLLC is the Debtor's accountants.  The Finley Group,
Inc., is the Debtor's financial consultant.

Sea Trail Corporation's official committee of unsecured creditors
retained J.M. Cook and his firm, J.M. Cook, P.A., as counsel.

In October 2012 Bankruptcy Judge Stephani W. Humrickhouse
confirmed the First Amended Plan of Reorganization that Sea Trail
filed on Sept. 20, 2012.  The Court entered an amended
order confirming the Plan on Dec. 3, 2012.  The Plan Effective
Date is contingent upon a sale of the assets.


SEA TRAIL: Court Approves Sale of Assets to Wealth Spring
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina has approved, on a final basis, the sale of substantially
all of the assets of Sea Trail Corporation to Wealth Spring
Industries, LLC, who was the prevailing bidder at the auction that
was held on June 17, 2013.  Wealth Spring offered to buy the
assets for $8,500,000.

Pursuant to the Bid Procedures Order, a company named Sea Trail
Company, LLC, who submitted the next highest bid, is approved as
the back up bidder with a purchase price of $8,200,000.

Following the closing of the sale, the Debtor will file with the
Court a "Notice of Effective Date of Debtor's Plan," which will
provide the date the Debtor's Plan becomes effective.

As reported in the TCR on June 20, 2013, the buyer, Wealth Spring,
is owned by a Chinese investor, identified only as Mr. Pan, during
a bankruptcy auction, according to a press release from Tryon
Capital Ventures, a company representing Mr. Pan's company.

                    About Sea Trail Corporation

Sunset Beach, North Carolina-based Sea Trail Corporation owns and
operates the Sea Trail Golf Resort and Conference Center.  The
Debtor's business operations are comprised of three operating
divisions, including the golf division, the convention and resort
division, and the real estate division.

Sea Trail filed a Chapter 11 petition (Bankr. E.D.N.C. Case No.
11-07370) on Sept. 27, 2011, in Wilson, North Carolina.  The
Debtor reported $34,222,281 in assets and $22,174,201 in
liabilities as of the Chapter 11 filing.  Amy M. Currin, Esq.,
Laurie B. Biggs, Esq., and Trawick H. Stubbs, Esq., at Stubbs &
Perdue, P.A., is the Debtors' attorney.  McIntyre, Paradis, Wood &
Company CPA's PLLC is the Debtor's accountants.  The Finley Group,
Inc., is the Debtor's financial consultant.

Sea Trail Corporation's official committee of unsecured creditors
retained J.M. Cook and his firm, J.M. Cook, P.A., as counsel.

In October 2012 Bankruptcy Judge Stephani W. Humrickhouse
confirmed the First Amended Plan of Reorganization that Sea Trail
filed on Sept. 20, 2012.  The Court entered an amended
order confirming the Plan on Dec. 3, 2012.  The Plan Effective
Date is contingent upon a sale of the assets.


SEMINOLE SHORES: Case Summary & 2 Unsecured Creditors
-----------------------------------------------------
Debtor: Seminole Shores, LLC
        2911 W. 39th Street, Suite 300
        Orlando, FL 32839

Bankruptcy Case No.: 13-08414

Chapter 11 Petition Date: July 8, 2013

Court: U.S. Bankruptcy Court
       Middle District of Florida (Orlando)

Judge: Cynthia C. Jackson

Debtor's Counsel: Aldo G. Bartolone, Jr., Esq.
                  BARTOLONE LEGAL GROUP, P.A.
                  230 E. Marks Street
                  Orlando, FL 32803
                  Tel: (407) 999-2236
                  Fax: (407) 999-2237
                  E-mail: aldo@bartolonelaw.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 largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/flmb13-08414.pdf

The petition was signed by William A. Canty, Sr., manager.


SERVICEMASTER COMPANY: Moody's Cuts Corp. Family Rating to B3
-------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family and
Probability of Default ratings of The Servicemaster Company to B3
and B3-PD from B2 and B2-PD, respectively. All other debt
instrument ratings were also downgraded by one notch. The
Speculative Grade Liquidity rating of SGL-2 was affirmed. The
outlook was revised to stable from negative.

Ratings Rationale:

The downgrade to a B3 Corporate Family Rating reflects Moody's
expectations for lower revenue and EBITDA in 2013 attributable to
ongoing disappointing performance in the TruGreen segment. Debt to
EBITDA is expected to remain above 7 times through 2014, a level
of financial leverage which is high for the B3 rating. Capital
investment needs at TruGreen and Terminix could limit free cash
flow available for debt repayments. Moody's also expects
Servicemaster will use cash to acquire larger franchises as they
become available. Although a new CEO has been hired, ongoing
senior management instability could delay progress in boosting
business performance. Moody's anticipates a flat to low single
digit overall revenue growth rate and flat profitability in 2013,
driven by expected mid-single digit sales increases at both
Terminix and American Home Shield. The ratings are supported by
solid market positions and scale in key business segments.
Improving US consumer confidence and conditions in the housing
sector should help turn-around efforts at TruGreen, but
performance at this segment will drag on overall results.
Liquidity is good, with expected annual free cash flow of at least
$100 million, cash balances expected to remain above $250 million,
$265 million of available revolver capacity through 2014 and no
material near-term debt maturities.

The stable ratings outlook reflects Moody's expectation for at
least $100 million of annual free cash flow and revenue and profit
growth in operating segments other than TruGreen. The ratings
could be downgraded if ServiceMaster's growth, efficiency and
turn-around initiatives fail to produce EBITDA and free cash flow
growth, or if TruGreen does not demonstrate profitable customer
growth during the 2014 season. Impaired liquidity or shareholder-
friendly financial policies could also lead to lower ratings. The
ratings could be upgraded if Servicemaster demonstrates steady
revenue and profitability growth in all businesses, reduces
financial leverage and grows free cash flow, while maintaining
good liquidity and balanced financial policies. If Moody's expects
debt to EBITDA and free cash flow to debt will be sustained at
less than 5.5 times and above 5%, respectively, the ratings could
be raised.

Issuer: ServiceMaster Company (The)

Downgrades:

  Corporate Family Rating, Downgraded to B3 from B2

  Probability of Default Rating, Downgraded to B3-PD from B2-PD

  Senior Secured Revolving Credit Facility due Jul 24, 2013,
  Downgraded to B1 (LGD2, 29%) from Ba3 (LGD3, 30%)

  Senior Secured Revolving Credit Facility due Jul 24, 2014,
  Downgraded to B1 (LGD2, 29%) from Ba3 (LGD3, 30%)

  Senior Secured Revolving Credit Facility due Jan 31, 2017,
  Downgraded to B1 (LGD2, 29%) from Ba3 (LGD3, 30%)

  Senior Secured Term Loan due Jan 31, 2017, Downgraded to B1
  (LGD2, 29%) from Ba3 (LGD3, 30%)

  Senior Unsecured Notes due Feb 15, 2020, Downgraded to Caa1
  (LGD5, 71%) from B3 (LGD5, 72%)

  Senior Unsecured Notes due Aug 15, 2020, Downgraded to Caa1
  (LGD5, 71%) from B3 (LGD5, 72%)

Affirmations:

  Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

Outlook, Changed To Stable from Negative

Issuer: ServiceMaster Company (The) (Old)

  Senior Unsecured Notes due Mar 1, 2038, Downgraded to Caa2
  (LGD6, 94%) from Caa1 (LGD6, 95%)

  Senior Unsecured Notes due Mar 1, 2018, Downgraded to Caa2
  (LGD6, 94%) from Caa1 (LGD6, 95%)

Outlook Actions:

  Outlook, Changed To Stable from Negative

Issuer: ServiceMaster Company Limited Partnership (The)

  Senior Unsecured Notes due Aug 15, 2027, Downgraded to Caa2
  (LGD6, 94%) from Caa1 (LGD6, 95%)

Outlook Actions:

Outlook, Changed To Stable from Negative

The principal methodology used in this rating 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.

The ServiceMaster Company, based in Memphis, TN, is a national
provider of lawn care, termite and pest control, home service
contracts, cleaning and disaster restoration, house cleaning,
furniture repair and home inspection products and services through
company-owned operations and franchise licenses. Brands include:
TruGreen, Terminix, American Home Shield (AHS), ServiceMaster
Clean, Merry Maids, Furniture Medic and AmeriSpec.


SLM CORP: Fitch Says Cash Flow Analysis Supports Debt Repayment
---------------------------------------------------------------
In a run-off scenario, expected cash flows from the spun-off
businesses of SLM Corp. (SLM, rated 'BB+' Rating Watch Negative)
would be sufficient to repay the existing $17.9 billion of senior
unsecured debt obligations to be spun off along with the new
company, according to a special report published by Fitch Ratings.

"Our cash-flow analysis of the SLM's proposed spin-off also
included three single-factor stress scenarios incorporating higher
credit losses on the company's legacy private student portfolio,
accelerated return of capital to shareholders, and an inability to
securitize unencumbered private student loans," Fitch says.

Fitch estimates that senior unsecured debt will be repaid under
each of these additional scenarios, albeit with less cash cushion
in the case of accelerated capital return. On the other hand,
Fitch believes a combination of these factors would likely
pressure the company's ability to repay debt in full.

Ratings assigned to SLM's outstanding debt reflect continued
uncertainty regarding the long-term strategic direction of the
company to be spun off, although Fitch believes this cash flow
analysis provides a degree of downside protection to the
debtholders in a run-off scenario.

Management has indicated that they do not intend to solely run off
the assets and liabilities of the company, but will instead seek
growth opportunities in other servicing and collections
businesses. While these could create additional earnings capacity,
they may also introduce incremental risk. The new company may also
purchase private student loans from SLM Bank to support the brand,
which could impact ratings depending on the purchase details (e.g.
size, price) and amount of leverage utilized.


SMITHFIELD FOODS: Moody's Mulls Downgrade of B1-Rated Senior Debt
-----------------------------------------------------------------
Moody's Investors Service revised its rating review of Smithfield
Foods, Inc. to a review for downgrade from a review direction
uncertain, based on Moody's expectation that a rating downgrade is
more likely than a rating upgrade resulting from the proposed
acquisition of Smithfield by Shuanghui International Holdings Ltd.
The ratings review-direction uncertain began on May 30, 2013
following the acquisition announcement. The transaction is subject
to shareholder and regulatory approval, which the companies expect
to receive in the second half of 2013. Moody's affirmed
Smithfield's SGL-1 Speculative Grade Liquidity rating.

Moody's review for downgrade will focus on details of the merger
agreement, the post-closing capital structure of Smithfield, and
the terms of related financing arrangements. Moody's will also
assess the credit profile of Shuanghui and its likely influence on
Smithfield's future business profile. Should the transaction be
consummated as currently contemplated, Moody's expects to conclude
its review by downgrading Smithfield's senior unsecured ratings to
B2 from B1.

Smithfield Foods, Inc.

Ratings placed under review for downgrade:

  Corporate Family Rating at Ba3;

  Probability of Default Rating at Ba3-PD;

  Senior unsecured debt at B1 (LGD 5, 75%).

Ratings affirmed:

  Speculative Grade Liquidity Rating at SGL-1.

On May 29, 2013, Smithfield and Shuanghui announced a definitive
merger agreement valued at approximately $7.1 billion, including
the assumption of some Smithfield debt. Under the agreement,
Shuanghui will acquire all of the outstanding shares of Smithfield
at a price of $34/share or approximately $4.7 billion, a 31%
premium to the previous day closing share price. At the time of
the announcement, Smithfield had approximately $2.4 billion of
debt. Shuanghui, currently an important export customer of
Smithfield, intends to operate Smithfield as an independent
operating subsidiary.

Smithfield Foods, Inc., headquartered in Smithfield, Virginia, is
the world's largest pork producer and processor. Sales for the
fiscal year ended April 28, 2013 were approximately $13.2 billion.

The principal methodology used in this rating was the Global Food
- Protein and Agriculture Industry published in May 2013. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.


SMITHFIELD FOODS: S&P Assigns 'BB-' Rating to $800MM Senior Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue-level
rating to Smithfield Foods Inc.'s proposed $800 million senior
unsecured 144-A notes, consisting of a tranche maturing in 2018
and a tranche maturing 2021.  The recovery rating is '3',
indicating S&P's expectation for meaningful (50%-70%) recovery for
lenders in the event of a payment default.  Sun Merger Sub Inc. is
the issuer.  It will be merged into Smithfield Foods Inc. upon
closure of the acquisition.

S&P's existing 'BB' corporate credit rating on Smithfield remains
on CreditWatch with negative implications.  Following the
successful completion of this transaction, S&P anticipates
lowering the long-term corporate credit rating one notch to 'BB-'
and removing this rating from CreditWatch.

The new issue-level ratings on the proposed notes are not on
CreditWatch but are dependent on a successful buyout transaction,
are based on the assumption that S&P will lower the long-term
corporate credit rating to 'BB-' upon the completion of the
acquisition, and are subject to a review of final documentation.
The proceeds from the offering will be held in escrow until the
proposed acquisition is completed.  If the acquisition does not
occur then the notes will be subject to a special mandatory
redemption, at which point S&P would withdraw the ratings on these
new notes.

The ratings on the company's existing senior unsecured notes
currently remain unchanged at 'BB' and also remain on CreditWatch,
and will be lowered one notch to 'BB-' at the close of the
transaction.  The recovery ratings would remain unchanged at '3',
indicating S&P's expectation for meaningful recovery (50%-70%) in
the event of a payment default.

"We believe that following the completion of the transaction as
currently described, Smithfield's increased debt levels will leave
it with a weaker credit profile," said Standard & Poor's credit
analyst Chris Johnson.

Prior to this transaction, Standard & Poor's had anticipated
Smithfield would repay its upcoming near-term debt maturities,
including a $200 million unsecured term loan and $400 million
convertible notes.  S&P had indicated that it would lower the
ratings if the company's adjusted debt-to-EBITDA ratio would
approach 4x on a sustained basis and funds from operations (FFO)
to total debt fell below 20%.  In S&P's opinion, the $800 million
in proposed notes will delay the company's ability to improve
credit measures to levels that support the 'BB' rating.  S&P
estimates that pro forma debt to EBITDA will total about 4.8x
(compared with about 3.9x at fiscal year-end 2013), and that this
ratio will only approach 3.5x by fiscal year-end 2014 compared
with S&P's prior expectations of closer to 3x by that time.  S&P
estimates pro forma FFO to debt is about 15.3% (compared with
18.7% at fiscal year-end 2013), and will remain below 20% by
fiscal year-end 2014.


SOUTH FLORIDA SOD: Case Summary & 12 Unsecured Creditors
--------------------------------------------------------
Debtor: South Florida Sod, Inc.
        4366 E. Kinsey Road
        Avon Park, FL 33825

Bankruptcy Case No.: 13-08466

Chapter 11 Petition Date: July 9, 2013

Court: U.S. Bankruptcy Court
       Middle District of Florida (Orlando)

Judge: Cynthia C. Jackson

Debtor's Counsel: R. Scott Shuker, Esq.
                  LATHAM SHUKER EDEN & BEAUDINE, LLP
                  P.O. Box 3353
                  Orlando, FL 32802
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  E-mail: bknotice@lseblaw.com

                         - and ?

                  Jason H. Klein, Esq.
                  LATHAM SHUKER EDEN & BEAUDINE, LLP
                  P.O. Box 3353
                  Orlando, FL 32802-3353
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  E-mail: bknotice@lseblaw.com

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

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

The petition was signed by Wiley T. McCall, president.

Debtor's List of Its 12 Largest Unsecured Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Schiff Law Group                   Legal Services          $91,635
1211 N. Westshore Boulevard, Suite 401
Tampa, FL 33607

Rossway Moore Taylor & Swan        Legal Services          $13,682
2101 Indian River Boulevard, Suite 200
Vero Beach, FL 32960

Masters and Sellars, P.C.          Legal Services          $13,000
152 Colorado Avenue
Monstrose, CO 81401

Tractor Supply                     Trade Debt                 $776

Peace River Electric               Utilities                $1,035

Home Depot Credit Services         Credit Card Account        $960

Blue Ridge Mountain EMC            Utilities                  $257

Lynch, Johnson & Long              Accounting Services        $247

Choice Environmental               Utilities                  $200

Century Link                       Utilities               Unknown

Duke Energy                        Utilities               Unknown

Verizon Wireless Svcs              Utilities               Unknown


STAFFORD RHODES: Court Says Estate Fully Administered, Case Closed
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Georgia
entered a final decree on May 15 closing the Chapter 11 case of
Stafford Rhodes, LLC.  The Court has determined that the estate of
the Debtor has been fully administered.

                     About Stafford Rhodes

Stafford Rhodes, LLC, owns 27.41 acres of land located in
Bluffton, Beaufort County, South Carolina.  The land is improved
by a 95,233 square foot retail shopping center that has 16
tenants, including Best Buy Stores, Petco, and Dollar Tree.
Affiliate Beaufort Crossing, LLC, owns 10 acres of land, improved
by an unanchored 19,600 square foot shopping center, the Crossings
of Beaufort, in Beaufort County.  Stafford Vista, LLC, owns 5.69
acres of land located in Decatur, DeKalb County, Georgia, which is
improved by a 45,450 square foot shopping center identified as the
Vista Grove Plaza.  Stafford Wesley, LLC, has 2.34 acres of land
in Decatur, improved by a 30,683 square foot shopping center
identified as the Wesley Chappel Retail Shopping Center.

Stafford Rhodes and its three affiliates sought Chapter 11
protection (Bankr. M.D. Ga. Lead Case No. 12-70859) on June 29,
2012.  Judge John T. Laney, III, presides over the Debtors' cases.
Darryl S. Laddin, Esq. at Arnall Golden Gregory LLP, in Atlanta,
represent the Debtors as counsel.  In its petition, Stafford
Rhodes estimated assets and debts of between $10 million and $50
million.  The petitions were signed by Frank J. Jones, Jr., VP,
Treasurer and CFO of Debtor's sole member.


SUN MERGER: Moody's Assigns 'B1' CFR; Outlook Stable
----------------------------------------------------
Moody's Investors Service, Inc. assigned a B1 Corporate Family
Rating and B1-PD Probability of Default Rating (PDR) to Sun Merger
Sub, Inc., a newly-formed entity that will facilitate the pending
$7.1 billion leveraged acquisition of Smithfield Foods (Ba3 RUR-
Down) by Shuanghui International Holdings.

Moody's also assigned a B2 rating to $800 million of senior
unsecured notes being offered by Sun Merger to prefund a portion
of the acquisition. The rating outlook is stable.

The $7.1 billion LBO transaction includes approximately $2.4
billion of Smithfield debt outstanding at the time of the
announcement. Shuanghui plans to fund the $4.7 billion equity
purchase through approximately $700 million of permitted dividends
from Smithfield, and a $4 billion term loan facility being
arranged by Shuanghui. The special dividend to Shuanghui will be
funded through proceeds from $800 million of senior unsecured
notes being offered by Sun Merger in five-year and eight-year
tranches. These notes will become direct obligations of Smithfield
at closing of the LBO through the merger of Sun Merger into
Smithfield. Shuanghui will not guarantee any new or existing debt
at Smithfield.

The ratings of Smithfield are under review for downgrade. These
ratings were placed under review-direction uncertain on May 30,
2013 following the company's announcement that it had agreed to be
acquired by Shuanghui for $34.00 per share. The review was revised
to a review for downgrade on July 15, 2013 after Moody's
determined that the credit profile of Smithfield will be weakened
by the proposed acquisition. The transaction is expected to close
in the third quarter of 2013, subject to Smithfield shareholder
and U.S. regulatory approval.

Rating Rationale

The B1 Corporate Family Rating of Sun Merger reflects the high
financial leverage that will result from the LBO transaction and
uncertainty regarding Smithfield's long-term operating strategy
under new ownership. Moody's is not expecting any major changes in
Smithfield's business profile in the near-term -- Shuanghui plans
to operate the Smithfield as an independent operating company and
will contractually retain most of the current senior management
team for at least three years. Smithfield plans to use free cash
flow to retire all of the $800 million of acquisition debt being
issued within two years. Smithfield's ratings will continue to
reflect its global leadership in hog production and pork
processing and its single-protein focus that results in high
exposure to commodity price volatility.

Moody's estimates Smithfield's closing leverage at 5 times
debt/LTM EBITDA on a standalone basis, which the company plans to
reduce steadily through free cash flow and suspension of share
repurchases. Consolidated closing leverage at Shuanghui will
approximate 5.5 times. Shuanghui plans to reduce debt balances at
Smithfield from $3.2 billion at closing to below $2.5 billion
within 24 months after closing, which should reduce debt/EBITDA
below 4 times. Smithfield does not currently pay a dividend and
Moody's assumes the company will not make any shareholder
distributions before it meets its targeted debt levels.

Sun Merger Sub, Inc. (to be merged into Smithfield Foods):

Ratings assigned:

  Corporate Family Rating at B1;

  Probability of Default rating at B1-PD;

  Senior unsecured notes due 2018 at B2 LGD-4 (65%);

  Senior unsecured notes due 2021 at B2 LGD-4 (65%).

The outlook is stable.

The assigned ratings reflect the proposed capital structure at
Smithfield including total debt outstanding at closing of
approximately $3.2 billion. The senior unsecured ratings are one
notch below the CFR due to the higher payment priority of the
existing $1 billion asset-based liquidity facility. However, the
debt instrument ratings could be affected if the final debt
capitalization structure changes.

Sun Merger will be merged into Smithfield at closing with
Smithfield being the surviving company. Should the transaction be
consummated as currently contemplated, Moody's expects to
downgrade Smithfield's senior unsecured ratings to B2 from B1 at
closing. If the transaction is not consummated, the proceeds from
the Sun Merger debt issuance will be returned to investors and all
Sun Merger's ratings will be withdrawn.

Sun Merger Sub, Inc. is a wholly owned subsidiary of Shuanghui
International Holdings, Inc. and was formed solely for the purpose
of acquiring Smithfield. Shuanghui, based in the Cayman Islands,
is an investment holding company that controls the largest poultry
producer in China (Henan Shuanghui Investment & Development Co.,
Ltd). Shuanghui, currently an important Smithfield export
customer, intends to operate Smithfield as a wholly-owned
independent operating subsidiary.

Smithfield Foods, Inc., headquartered in Smithfield, Virginia, is
the world's largest pork producer and processor. Sales for the
fiscal year ended April 28, 2013 were approximately $13.2 billion.

The principal methodology used in this rating was the Global
Protein and Agriculture Industry published in May 2013. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.


SYNAGRO TECHNOLOGIES: Files Schedules of Assets and Liabilities
---------------------------------------------------------------
Synagro Technologies, Inc. filed with the U.S. Bankruptcy Court
for District of Delaware its schedules of assets and liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property            $8,714,426
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $329,960,675
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                      $100,528,486
                                 -----------      -----------
        TOTAL                     $8,714,426     $430,489,161

A copy of the schedules is available for free at
http://bankrupt.com/misc/SYNARGO_TECHNOLOGIES_sal.pdf

                       About Synagro

Synagro Technologies, Inc., based in Houston, Texas, is the
recycler of bio-solids and other organic residuals in the U.S. and
is one of the largest national companies focused exclusivity on
biosolids recycling, which has a market size of $2 billion.  The
Company was formed in 1986, under the name RPM Marketing, Inc.
Synagro's corporate headquarters is currently located in Houston,
Texas but is in the process of being transferred to White Marsh,
Maryland.  The Company also has offices in Lansdale, Pennsylvania,
Rayne, Louisiana, and Watertown, Connecticut.

Synagro Technologies and 29 affiliates sought Chapter 11
protection (Bankr. D. Del. Case no. 13-11041) on April 24, 2013.

Synagro was owned by The Carlyle Group at the time of the
bankruptcy filing.  It was acquired in April 2007 by Carlyle in a
$741 million transaction.

Synagro is being advised by the law firm of Skadden Arps Slate
Meagher & Flom, along with financial adviser AlixPartners and
investment bankers Evercore Partners.  Kurtzman Carson &
Consultants serves as notice and claims agent.


T-L CHEROKEE: Court to Hear Cash Collateral Use Motion on July 24
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Indiana will convene
a hearing on July 24, 2013, at 2:30 p.m. to consider for a request
of T-L Cherokee South LLC for further extension of the use of cash
collateral through July 31, 2013.

                        About T-L Cherokee

T-L Conyers LLC, T-L Cherokee South, LLC, and two affiliates
sought Chapter 11 protection in Hammond, Indiana, on Feb. 1, 2013.
They are represented by David K. Welch, Esq., at Crane, Heyman,
Simon, Welch & Clar, in Chicago.

The Debtors own various shopping centers in Georgia and Kansas.

T-L Cherokee South (Bankr. N.D. Ind. Case No. 13-20283) estimated
assets and debts of $10,000,001 to $50,000,000.  T-L Cherokee owns
and operates a commercial shopping center in Overland Park, Kansas
known as "Cherokee South Shopping Center".

The Debtors are entities managed by Westchester, Illinois-based
Tri-Land Properties, Inc., which sought Chapter 11 protection
(Case No. 12-22623) on July 11, 2012.


TLO LLC: Committee Retaining Genovese Joblove as Counsel
--------------------------------------------------------
The Official Committee of Unsecured Creditors of TLO, LLC, asks
the U.S. Bankruptcy Court for the Southern District of Florida for
authorization to retain Paul J. Battista, Esq., and the law firm
of Genovese, Joblove & Battista, P.A., as counsel for the
Committee, effective as of June 4, 2013.

In addition to acting as primary spokesman for the Committee, GJB
will provide, among others, these services:

a. advise the Committee with respect to its rights, powers, and
    duties in this Chapter 11 case;

b. assist and advise the Committee in its consultations with
    the Debtor relative to the administration of this Chapter 11
    case;

c. assist the Committee in analyzing the claims of the Debtor's
    creditors and in negotiation with such creditors; and

d. assist with the Committee's investigation of the acts,
    conduct, assets, liabilities, and financial condition of the
    Debtor and of the operation of the Debtor's business.

GJB's professionals bill at these hourly rates:

     Paul J. Battista, Esq., Partner               $595
     Mariaelena Gayo-Guitian, Esq., Partner        $435
     Associate Attorneys                        $250-$350
     Legal Assistants/Paralegals                 $75-$200

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

Counsel for the Committee can be reached at:

         Paul J. Battista, Esq.
         GENOVESE, JOBLOVE & BATTISTA, P.A.
         100 Southeast Second Street, Suite 4400
         Miami, FL 33131
         Tel: (305) 349-2300
         Fax: (305) 349-2310
         E-mail: pbattista@gjb-law.com

        - and -

         Mariaelena Gayo-Guitian, Esq.
         200 East Broward Boulevard, Suite 1110
         Fort Lauderdale, FL 33301
         Tel: (954) 453-8000
         Fax: (954) 453-8010
         E-mail: mguitian@gjb-law.com

                          About TLO LLC

TLO LLC, a provider of risk-mitigation services, filed a petition
for Chapter 11 reorganization (Bankr. S.D. Fla. Case No.
13-bk20853) on May 9, 2013, in West Palm Beach, Florida, near the
company's headquarters in Boca Raton.  The petition was signed by
E. Desiree Asher as CEO.  Judge Paul G. Hyman, Jr., presides over
the case.  Robert C Furr, Esq., and Alvin S. Goldstein, Esq. at
Furr & Cohen serve as the Debtor's counsel.

The Debtor disclosed assets of $46.6 million and liabilities of
$109.9 million, including $93.4 million in secured claims.  The
principal lender is Technology Investors Inc., owed $89 million.
TII is owned by the estate of Hank Asher, the company's primary
owner who died this year.  There is $4.6 million secured by
computer equipment.

Paul J. Battista, Esq., and Mariaelena Gayo-Guitian, Esq., at
Genovese, Joblove & Battista, P.A., represent the Official
Committee of Unsecured Creditors as counsel.


TLO LLC: Can Employ R. Hugh Lumpkin as Special Counsel
------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida has
granted TLO, LLC, permission to employ R. Hugh Lumpkin, Esq., and
the law firm of Ver Ploeg & Lumpkin, as special counsel.  Mr.
Lumpkin will represent the Debtor in insurance litigation in State
Court regarding disputes between the Debtor and Prudential
Insurance Company.

According to papers filed with the Court, the Debtor is the
beneficiary of a $40 million key man life insurance policy on its
founder, Hank Asher, who passed away in January, 2013.  The policy
proceeds have not yet been paid and represent a significant asset
of the bankruptcy estate.

Mr. Lumpkin and the law firm of Ver Ploeg & Lumpkin will charge
these hourly rates: $600 for partners, $235 for associates, $205
for paralegals and $190 for law clerks.

To the best of the Mr. Lumpkin's knowledge, he and the law firm of
are disinterested persons as required by 11 U.S.C. Section 327(a).

According to Mr. Lumpkin, there are prepetition fees owed to the
law firm of Ver Ploeg & Lumpkin by the Debtor in the amount of
$4,709.54.

                          About TLO LLC

TLO LLC, a provider of risk-mitigation services, filed a petition
for Chapter 11 reorganization (Bankr. S.D. Fla. Case No.
13-bk20853) on May 9, 2013, in West Palm Beach, Florida, near the
company's headquarters in Boca Raton.  The petition was signed by
E. Desiree Asher as CEO.  Judge Paul G. Hyman, Jr., presides over
the case.  Robert C Furr, Esq., and Alvin S. Goldstein, Esq. at
Furr & Cohen serve as the Debtor's counsel.

The Debtor disclosed assets of $46.6 million and liabilities of
$109.9 million, including $93.4 million in secured claims.  The
principal lender is Technology Investors Inc., owed $89 million.
TII is owned by the estate of Hank Asher, the company's primary
owner who died this year.  There is $4.6 million secured by
computer equipment.

Paul J. Battista, Esq., and Mariaelena Gayo-Guitian, Esq., at
Genovese, Joblove & Battista, P.A., represent the Official
Committee of Unsecured Creditors as counsel.


TLO LLC: Has Final Approval to Employ Alan Barbee as Accountant
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida has
granted TLO, LLC, final authority to employ Alan R. Barbee, CPA,
ABV and Marcum LLP, as accountants for the Debtor, nunc pro tunc
to the Petition Date.

As reported in the TCR on May 29, 2013, the firm will, among other
things, assist the Debtor with the preparation of Federal Tax
Returns and in maintaining books and records.  The firm will apply
for compensation and reimbursement of costs at its ordinary rates
and charges.

Mr. Barbee and the firm have agreed to accept compensation at
these hourly rates:

         Category                   Hourly Rate
         --------                   -----------
         Partners                  $350 to $475
         Senior Managers           $275 to $360
         Managers                  $230 to $270
         Supervisors               $180 to $240
         Seniors                   $160 to $190
         Staff                     $145 to $160
         Paraprofessionals          $75 to $130

                          About TLO LLC

TLO LLC, a provider of risk-mitigation services, filed a petition
for Chapter 11 reorganization (Bankr. S.D. Fla. Case No.
13-bk20853) on May 9, 2013, in West Palm Beach, Florida, near the
company's headquarters in Boca Raton.  The petition was signed by
E. Desiree Asher as CEO.  Judge Paul G. Hyman, Jr., presides over
the case.  Robert C Furr, Esq., and Alvin S. Goldstein, Esq. at
Furr & Cohen serve as the Debtor's counsel.

The Debtor disclosed assets of $46.6 million and liabilities of
$109.9 million, including $93.4 million in secured claims.  The
principal lender is Technology Investors Inc., owed $89 million.
TII is owned by the estate of Hank Asher, the company's primary
owner who died this year.  There is $4.6 million secured by
computer equipment.

Paul J. Battista, Esq., and Mariaelena Gayo-Guitian, Esq., at
Genovese, Joblove & Battista, P.A., represent the Official
Committee of Unsecured Creditors as counsel.


TMT USA: Files 2nd Motion for Cash Collateral Use to Pay Insurance
------------------------------------------------------------------
TMT USA Shipmanagement LLC, et al., filed a second motion seeking
bankruptcy court authority to use the cash collateral of their
existing secured lenders to pay insurance premiums due and
payable, particularly on vessel assets.

The Secured Lenders are (1) First Commercial Bank Co., Ltd; (2)
Bank SinoPac; (3) Mega International Commercial Bank; (4) Cathay
United Bank; and (5) Shanghai Commercial and Savings Bank Ltd.

As adequate protection for the diminution in value of the Secured
Lenders' cash collateral, the Debtors will provide adequate
protection to the Secured Lenders consistent with the Interim Cash
Collateral Order.

Bracewll & Guiliani LLP's William A. (Trey) Wood III, Esq., Marcy
E. Kutz, Esq., Jason G. Cohen, Esq., as well as Evan Flaschen,
Esq., and Robert G. Burns, Esq., represent the Debtors.

                          About TMT Group

Known in the industry as TMT Group, TMT USA Shipmanagement LLC and
its affiliates own 17 vessels.  Vessels range in size from
approximately 27,000 dead weight tons (dwt) to approximately
320,000 dwt.

TMT USA and 22 affiliates, including C. Ladybug Corporation,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 13-
33740) in Houston, Texas, on June 20, 2013 after lenders seized
seven vessels.

TMT has tapped attorneys from Bracewell & Giuliani LLP and
AlixPartners as financial advisors.

On a consolidated basis, the Debtors have $1.52 billion in assets
and $1.46 billion in liabilities.

TMT already filed a lawsuit in U.S. bankruptcy court aimed at
forcing creditors to release the vessels so they can return to
generating income.


TMT USA: Bank Lenders Seek Dismissal of Chapter 11 Cases
--------------------------------------------------------
Four bank lenders of TMT USA Shipmanagement LLC, et al., filed a
joint motion seeking dismissal of the Debtors' Chapter 11 cases
with prejudice.

The Lenders reason that their request is based on, among other
things, (a) "cause," given that the Debtors filed their Chapter 11
cases in bad faith and/or manufactured jurisdiction in bad faith;
(b) absence of a reasonbale likelihood of rehabilitation; (c)
inability to effectuate a Chapter 11 plan; (d) availability of an
alternate forum; and (e) the interests of creditors and the
Debtors are better served by dismissal.

The Petitioning Lenders are Mega International Commercial Bank
Co., Ltd.; Cathay Bank United; Shanghai Commercial & Savings Bank;
First Commercial Bank Co., Ltd.; and BHP Billiton Marketing A.G.

The U.S. Bankruptcy Court for the Southern District of Texas was
slated to convene a hearing on July 16, 2013, at 9:00 a.m. Central
to consider the Dismissal Motion.

Counsel to Mega International Commercial Bank Co., Ltd. is:

          MAYER BROWN LLP
          Charles S. Kelley, Esq.
          700 Louisiana Street, Suite 3400
          Houston, TX 77002-2730
          Tel No.: 713-238-3000
          Fax No.: 713-238-4888
          E-mail: ckelley@mayerbrown.com

               -- and ?

          MAYER BROWN LLP
          Frederick D. Hyman, Esq.
          Michael F. Lotito, Esq.
          1675 Broadway
          New York, NY
          Tel No.: 212-506-2500
          Fax No.: 212-262-1910
          E-mail: fhyman@mayerbrown.com
                 mlotito@mayerbrown.com

Counsel to Cathay Bank United is:

          David W. Parham, Esq.
          2300 Trammel Crow Center
          2001 Ross Avenue
          Dallas, Texas 75201
          Tel No: (214) 978-3000
          Fax No: (214) 978-3099
          E-mail: david.parham@bakermckenzie.com

Counsel for Shanghai Commercial & Savings Bank is:

          John P. Melko, Esq.
          1000 Louisiana Street, Suite 3400
          Houston, Texas 77002
          Tel No: (713) 276-5500
                  (713) 276-5555
          E-mail: jmelko@gardere.com

Counsel for First Commercial Bank Co., Ltd. is:

          WINSTEAD PC
          Eli O. Columbus, Esq.
          500 Winstead Building
          2728 N. Harwood Street
          Dallas, Texas 75201
          Tel No: (214) 745-5400
          Fax No: (214) 745-5390
          E-mail: ecolumbus@winstead.com

Counsel to BHP Billiton Marketing A.G. is:

          Alfredo R. Perez, Esq.
          700 Louisiana Street
          Houston, Texas 77002
          Tel No: (713) 546-5000
          Fax No: (713) 224-9511
          E-mail: alfredo.perez@weil.com

                          About TMT Group

Known in the industry as TMT Group, TMT USA Shipmanagement LLC and
its affiliates own 17 vessels.  Vessels range in size from
approximately 27,000 dead weight tons (dwt) to approximately
320,000 dwt.

TMT USA and 22 affiliates, including C. Ladybug Corporation,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 13-
33740) in Houston, Texas, on June 20, 2013 after lenders seized
seven vessels.

TMT has tapped attorneys from Bracewell & Giuliani LLP and
AlixPartners as financial advisors.

On a consolidated basis, the Debtors have $1.52 billion in assets
and $1.46 billion in liabilities.

TMT already filed a lawsuit in U.S. bankruptcy court aimed at
forcing creditors to release the vessels so they can return to
generating income.


TMT USA: Sec. 341 Meeting Slated for Aug. 15
--------------------------------------------
A meeting of creditors under 11 U.S.C. Sec. 341 is scheduled for
August 15, 2013 at 10:00 a.m. in the Chapter 11 cases of TMT USA
Shipmanagement LLC, et al.  The meeting will be held at 515 Rusk,
Suite 3401, in Houston, Texas.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.  All
creditors are invited, but not required, to attend.  This meeting
of creditors offers the one opportunity in a bankruptcy proceeding
for creditors to question a responsible office of the Debtor under
oath about the company's financial affairs and operations that
would be of interest to the general body of creditors.

                          About TMT Group

Known in the industry as TMT Group, TMT USA Shipmanagement LLC and
its affiliates own 17 vessels.  Vessels range in size from
approximately 27,000 dead weight tons (dwt) to approximately
320,000 dwt.

TMT USA and 22 affiliates, including C. Ladybug Corporation,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 13-
33740) in Houston, Texas, on June 20, 2013 after lenders seized
seven vessels.

TMT has tapped attorneys from Bracewell & Giuliani LLP and
AlixPartners as financial advisors.

On a consolidated basis, the Debtors have $1.52 billion in assets
and $1.46 billion in liabilities.

TMT already filed a lawsuit in U.S. bankruptcy court aimed at
forcing creditors to release the vessels so they can return to
generating income.


TMT USA: Claims Bar Date Fixed at Nov. 13
-----------------------------------------
The claims deadline for creditors of TMT USA Shipmanagement LLC,
et al., has been set for November 13, 2013.  Creditors must submit
their proofs of claim by that date for the said claims to be
considered.

                          About TMT Group

Known in the industry as TMT Group, TMT USA Shipmanagement LLC and
its affiliates own 17 vessels.  Vessels range in size from
approximately 27,000 dead weight tons (dwt) to approximately
320,000 dwt.

TMT USA and 22 affiliates, including C. Ladybug Corporation,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 13-
33740) in Houston, Texas, on June 20, 2013 after lenders seized
seven vessels.

TMT has tapped attorneys from Bracewell & Giuliani LLP and
AlixPartners as financial advisors.

On a consolidated basis, the Debtors have $1.52 billion in assets
and $1.46 billion in liabilities.

TMT already filed a lawsuit in U.S. bankruptcy court aimed at
forcing creditors to release the vessels so they can return to
generating income.


TOUSA INC: Receives Approval for Settlement, Confirmation Next
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Tousa Inc. received court sanction on July 12 for a
$67 million settlement with several insurance companies allowing
the former homebuilder to proceed with an Aug. 1 confirmation
hearing for approval of a liquidating Chapter 11 plan ending a
five-year battle among creditor groups.

According to the report, the dispute with the insurance companies
involved a fraudulent transfer before bankruptcy where Tousa
operating subsidiaries were made liable on debts which previously
hadn't been their responsibilities.  A judgment in a separate
lawsuit finding fraudulent transfers was upheld in the U.S. Court
of Appeals in Atlanta.

The report notes that alongside the main suit, Tousa's creditors
sued the company's directors and officers for authorizing the
fraudulent transfers.  There were also lawsuits with insurance
companies that provided directors' and officers' liability
insurance over the question of whether there was liability on the
policies.  The insurance companies included Federal Insurance Co.,
XL Specialty Insurance Co. and Zurich American Insurance Co.

The report relates that Tousa's secured lenders also sued the
directors and officers, who turned the claims over to the
insurance companies.  In settlement, the insurance companies will
pay $67 million, with $47.9 million going to creditors of the
Tousa companies that were forced to take on debt improperly.  The
first-lien lenders receive $7.66 million, while second-lien
lenders take home $11.5 million.  Some of the insurance companies
also pay $8.27 million of the directors' and officers' defense
costs.

The report says that Tousa's Chapter 11 plan has recoveries
ranging from 58 percent for senior noteholders to 5 percent for
creditors with general unsecured claims.  The plan was the result
of the decision from the appeals court in May 2012 finding banks
received fraudulent transfers exceeding $400 million.  The opinion
reinstated a ruling by U.S. Bankruptcy Judge John K. Olson which
had been set aside on the first appeal in federal district court.

The appeal in the circuit court of appeals was Citicorp North
America Inc. v. Official Committee of Unsecured Creditors (In re
Tousa Inc.), 11-11071, U.S. Court of Appeals for the Eleventh
Circuit (Atlanta).

                         About TOUSA Inc.

Headquartered in Hollywood, Florida, TOUSA, Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.

The Debtor and its debtor-affiliates filed for separate
Chapter 11 protection on Jan. 29, 2008 (Bankr. S.D. Fla. Case
No. 08-10928).  Richard M. Cieri, Esq., M. Natasha Labovitz,
Esq., and Joshua A. Sussberg, Esq., at Kirkland & Ellis LLP, in
New York, N.Y.; and Paul S. Singerman, Esq., at Berger Singerman,
in Miami, Fla., represent the Debtors in their restructuring
efforts.  Lazard Freres & Co. LLC is the Debtors' investment
banker.  Ernst & Young LLP is the Debtors' independent auditor and
tax services provider.  Kurtzman Carson Consultants LLC acts as
the Debtors' Notice, Claims & Balloting Agent.

TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746).  It estimated assets and
debts of $1 million to $10 million in its Chapter 11 petition.

The official committee of unsecured creditors has filed a proposed
chapter 11 liquidating plan for Tousa.  However, the committee
said it would no longer pursue approval of its liquidation plan
because of the pending appeal of its fraudulent transfer case in
the U.S. Court of Appeals for the Eleventh Circuit.  A district
court in February 2011 held that the bankruptcy judge was wrong in
ruling that lenders who were paid off received fraudulent
transfers when Tousa gave liens on subsidiaries' properties to
bail out and refinance a joint venture.  Daniel H. Golden, Esq.,
and Philip C. Dublin, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, N.Y., represent the creditors committee.

Tousa and the official committee of unsecured creditors has filed
a proposed chapter 11 liquidating plan following a settlement
between the Debtor and creditors and other settlements crafted by
mediator Peter L. Borowitz.  The settlement was made after a May
2012 U.S. Court of Appeals in Atlanta decision that found that
banks received fraudulent transfers exceeding $400 million.  Tousa
intends to have a confirmation hearing for the Plan in August.


TPO HESS: To Sell to Bang Printing After No Rival Bidders Emerge
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that commercial and educational printer D.B. Hess Corp.
fielded no competing bids, canceled an auction set for July 17 and
will request court approval at a July 24 hearing to sell the
business for $19.3 million to Bang Printing of Ohio Inc.

Before the bankruptcy filing, holders of $74 million in second-
lien notes had already unanimously accepted a plan under which
they would receive $1.5 million for a 2 percent recovery.

The report notes that first-lien debt of $11.9 million is to be
paid in full.  Unsecured creditors with $20 million in claims
didn't vote on the plan because they are to get nothing.  A court
filing listed $14.2 million in debt owed to trade suppliers.
July 24 will also be the confirmation hearing for approval of the
plan.

The report discloses that at the hearing, the bankruptcy judge
will entertain any objections to the plan and must rule that
disclosure materials adequately describe the circumstances.  The
business was acquired in 2006 by Wellspring Capital Partners IV
LP.

                          About TPO Hess

Commercial and educational printer TPO Hess Holdings Inc., D.B.
Hess Co., The Press of Ohio and other affiliates sought Chapter 11
protection (Bankr. D. Del. Case No. 13-11327) on May 22, 2013, to
seek approval of a liquidation plan that contemplates the sale of
the business to Bang Printing of Ohio Inc., absent higher and
better offers.

D.B. Hess was founded 1797 in Woodstock, Illinois.  D.B. Hess and
its affiliates are now leading provider of print, related
services, and technology.  Hess ranks among the top 50 U.S.
printers and has become one of the industry's most respected low-
to-medium volume producers of commercial and educational
materials. Hess Holdings, the ultimate parent, was formed after
Wellspring Capital Management LLC and certain co-investors
acquired D.B. Hess and The Press of Ohio in 2006.

General Electric Capital Corp., already owed $13.4 million on a
prepetition revolving credit, is financing the Chapter 11 effort.


TRINITY COAL: Mines Heading for Auction on July 30
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Trinity Coal Corp. will sell its mines at auction on
July 30 under procedures approved last week by the U.S. Bankruptcy
Court in Lexington, Kentucky.

According to the report, bidders must submit preliminary offers by
July 19.  So-called qualified bids are due July 26.  The hearing
for approval of the sale will take place Aug. 8.

Secured lenders have the right to participate in the auction using
debt rather than cash to buy the mines.

                        About Trinity Coal

Trinity Coal Corp. is a coal mining company that owns coal
deposits located in the Appalachian region of the eastern United
States, specifically, in Breathitt, Floyd, Knott Magoffin, and
Perry Counties in eastern Kentucky and in Boone, Fayette, Mingo,
McDowell and Wyoming Counties in West Virginia.

Trinity's coal mining operations are organized into six distinct
coal mining complexes. Three complexes are located in Kentucky and
are referred to as Prater Branch Resources, Little Elk Mining and
Levisa Fork.  The Kentucky Operations produced compliance and low
sulfur steam coal.  Three complexes are located in West Virginia
and are referred to as Deep Water Resources, North Springs
Resources and Falcon Resources.

Trinity is a wholly owned subsidiary of privately held
multinational conglomerate Essar Global Limited.

Credit Agricole Corporate & Investment Bank, ING Capital LLC and
Natixis, New York Branch filed an involuntary petition for relief
under Chapter 11 against Trinity Coal Corporation and 15
affiliates (Bankr. E.D. Ky. Lead Case No. 13-50364).  The three
entities say they are owed a total of $104 million on account
loans provided to Trinity.

On Feb. 14, 2013, Austin Powder Company, Whayne Supply Company and
Cecil I. Walker Machinery Co. filed an involuntary petition for
relief under Chapter 11 (Bankr. E.D. Ky. Case No. 13-50335)
against Frasure Creek Mining, LLC.  On Feb. 19, 2013, Credit
Agricole, ING Capital and Natixis joined as petitioning creditors.

On March 4, 2013, the Debtors filed their consolidated answer to
involuntary petitions and consent to an order for relief and
reservation of rights, thereby consenting to the entry of an order
for relief in each of their respective Chapter 11 cases.  An order
for relief in each of the Debtors was entered by the Court on
March 4, 2013, which converted the involuntary cases to voluntary
Chapter 11 cases.  Sturgill, Turner, Barker & Moloney, PLLC serves
as the Committee's local counsel.


UHHS/CSAHS-CUYAHOGA INC: Moody's Affirms 'Ba2' Rating
-----------------------------------------------------
Moody's Investors Service has affirmed the Ba2 rating on
UHHS/CSAHS-Cuyahoga, Inc. & CSAHS/UHHS-Canton's (dba Mercy Medical
Center) outstanding bonds. The outlook is negative.

Ratings Rationale:

The affirmation of the Ba2 rating reflects the recent improvement
in financial performance through 5 months of year-to-date FY 2013
through expense reduction strategies, Mercy's conservative debt
structure with 100% fixed rate debt with no derivatives, a
conservative investment allocation, receipt of approximately $13
million in cash legal settlement in June 2013, and ownership by
Sisters of Charity Health System (although not legally obligated
on the bonds) which provides some shared services, oversight and a
recent history of financial support.

The maintenance of the negative outlook reflects continued weak
financial performance in FY 2012 marking a three year trend of
sizable losses and material declines in liquidity balances as of
fiscal year-end FYE 2012. Inability to show durability of the
recent improvement and stabilization of cash balances will result
in a rating downgrade.

Strengths

- Better financial performance through March 31, 2013;
   management has put in place cost reduction, revenue
   enhancement, and clinical redesign strategies that should
   result in higher cash flow in 2013

- Debt structure is fixed rate with no interest rate derivatives

- Current investment allocation is conservative with primarily
   fixed income investments, helping to preserve a modest cash
   position; 100% of Mercy's investment portfolio can be
   liquidated in one month or less

- Receipt of cash legal settlement will add liquidity
   (approximately $13 million) back to the balance sheet as of
   June 30, 2013

- Sisters of Charity Health System (SCHS) is the sole corporate
   member of Mercy Medical Center, and while SCHS is not legally
   obligated on the Series 2000 bonds, the greater management
   oversight, as well as significant investments at SCHS with
   some demonstration of support in the past, provides an
   additional credit strength

Challenges

- Another year of weak operating performance at Mercy in fiscal
   year 2012 with low operating cash flow (2.0% margin), due to
   sizeable inpatient volume declines, rising charity care and
   bad debt expense

- Weak liquidity position of 55 days of cash on hand as of
   December 31, 2012

- Formidable competition in the region with a larger competitor
   in Aultman Healthcare (management reports 38% market share
   compared with 29% for Mercy) which owns a large health plan;
   Mercy reports recent gains in market share, although inpatient
   volumes for the overall market are down, including at Mercy
   due to increasing observation cases and economic issues in
   Mercy's service area

Outlook

The negative outlook reflects Moody's expectation while that
financial performance in FY 2013 will show some improvement it
still remains relatively weak. Inability to improve and approach
FY 2013 budget and preserve current levels of cash will result in
a rating downgrade. Revision of the outlook to stable would occur
only if Mercy is able to show sustained improvement in financial
performance while growing cash.

What Could Make the Long Term Rating Go Up

Unlikely over the near term given the negative outlook, however
over the longer term, significant, and sustainable, improvement in
financial performance; material growth in liquidity and
improvement in debt coverage measures; a rating upgrade is
unlikely in the next 12-18 months

What Could Make the Long Term Rating Go Down

Inability to improve financial performance in FY 2013; further
reduction in cash balances; continued declines in patient volumes
or loss of market share

Rating Methodology

The principal methodology used in this rating was Not-for-Profit
Healthcare Rating Methodology published in March 2012.


UNIVERSAL CORP: Fitch Rates Convertible Preferred Stock at 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned the following initial ratings to
Universal Corporation (UVV):

-- Issuer Default Rating (IDR) 'BBB-';
-- Senior unsecured credit facility 'BBB-';
-- Senior unsecured notes 'BBB-';
-- Convertible perpetual preferred stock 'BB'.

The Rating Outlook is Stable.

At March 31, 2013 UVV had approximately $500 million of total
debt.

Key Rating Drivers

UVV is one of the leading suppliers within the leaf tobacco
industry with substantial global market share and extensive
geographic diversity that helps minimize its reliance on any one
region. The company's experienced local management teams foster
strategic alliances by working closely with tobacco manufacturers
that UVV maintains long-term relationships with. UVV also
coordinates with a large and highly diverse farmer and supplier
base to source higher quality compliant leaf tobacco that meets
its customers' exacting blend requirements. These factors have
allowed UVV to be competitive and carve out a defensible niche,
which is key to sustaining long-term profitability.

UVV maintains a relatively solid financial profile underpinned by
sufficient liquidity, lower leverage, manageable maturities, low
capital investment requirements and cash generation that supports
the operations. The above factors largely mitigate the operating,
regulatory and financial risk factors inherent to the leaf tobacco
industry.

UVV's operating results can be susceptible to volatility. The
company can have material working capital fluctuations as a result
of its agricultural business, which lead to a higher than average
business risk for the company. UVV extends credit through
substantial advances to farmers with contractual agreements that
totaled $199 million as of March 31, 2013; this exposes the
company to bad debt risk that will increase during periods of crop
deterioration. Numerous factors can affect green leaf prices
including global supply and demand imbalances, market conditions,
production costs, competition and foreign exchange movements.

UVV is also indirectly exposed to significant regulatory and
governmental oversight within the tobacco industry that can
negatively affect cigarette consumption and heighten the company's
operational risk by reducing demand for leaf tobacco. The European
Union recently moved one step closer toward limiting the use of
certain cigarettes with the European Parliament's vote to approve
a ban on menthol and other flavored cigarettes and increase the
awareness of health warnings on packaging. Excise tax increases
are another tool that lawmakers have frequently used to curtail
smoking. However, these regulatory actions can also spur increases
for illicit tobacco products that can negatively impact UVV's
volumes.

Operating performance:
The tobacco industry expects a stable operating environment with
good demand conditions in fiscal 2014, which Fitch views as
reasonable. Global demand should grow modestly with growing demand
in emerging markets offsetting declines in developed markets. UVV
entered fiscal year 2014 with very low uncommitted inventories
available for sale and fewer shipments of prior year crop carrying
into the first fiscal quarter. Consequently volumes will decline
this fiscal year. Crop sizes for flue-cured, burley and oriental
tobaccos are expected to increase in fiscal year 2014 although the
demand for certain types of tobacco, including higher quality
flue-cured and burley leaf, may exceed supply.

UVV's normal segment operating income and EBITDA is approximately
$200 million and $240 million, respectively. The company has
operated substantially above those levels during the past four
years. EBITDA margins are typically in the low double digits,
which Fitch believes constrain the ratings. Other factors that can
affect UVV's cash flows include seasonality of operations, weather
events, reduced demand in mature markets, timing of shipments to
customers, changes in input costs (denominated in local currency)
and tobacco leaf prices (dollar denominated). Fitch expects UVV
will generate a more normal operating income level for FY 2014.

Liquidity, Maturities & Financial Covenants:

UVV's liquidity is sufficient given its cash, revolver
availability and free cash flow. Liquidity is a key rating factor
given the working capital and input advance requirements for its
suppliers. UVV's committed inventory levels which are typically at
least 80% of total inventory also provides modest additional
support to UVV's liquidity position. As of March 31, 2013, cash
was $368 million with the majority of the cash in the U.S. UVV has
an undrawn $450 million five-year revolving credit facility which
expires in November 2016 with meaningful room under the covenants.

UVV maintains uncommitted, unsecured credit facilities to fund
working capital needs in some countries where the company
operates. Fitch views uncommitted lines as a weaker form of
liquidity. At the end of the 1Q'13, UVV had up to $412 million in
uncommitted lines available of which $105 million was outstanding.
UVV maintains its revolver and cash balances at a level to provide
full backstop for the uncommitted bank lines. UVV's maturity
schedule is manageable with $211 million due in fiscal year 2014
including $200 million in October 2013 and $116 million in fiscal
year 2015.

Fitch expects free cash flow, which has averaged approximately $90
million the past four years, will decrease materially in fiscal
2014. Several factors affecting free cash generation include a
substantial swing in working capital needs, reduced operating
income due to lower volumes and increased capital spending
following a below average investment during fiscal 2013 of $31
million.

UVV's common stock dividend was $46 million for the past year. UVV
has modestly increased its dividend annually for over the past 40
years. This does not include the $15 million convertible perpetual
preferred stock dividend. Fitch believes UVV's total dividend
level constrains UVV's financial flexibility when the company
experiences operating volatility and/or expansion of working
capital. As such, future dividend increases that are not supported
by sustained operating income increases or are outside of
historical norms, would be concerning.

In November 2011, UVV announced a two year $100 million share
repurchase program. UVV repurchased approximately $8.5 million
shares during fiscal year 2013. Fitch does not expect the company
to engage in a material level of share repurchases during fiscal
year 2014.

Credit metrics:

UVV's total leverage was 1.9x as of the end of its fiscal year
2013. Fitch's hybrid security criteria treat the convertible
preferred stock as 100% equity. This is due to the ability to
defer dividends, a long-dated effective maturity, noncumulative
coupon deferral and the lack of any coupon step-up on the
preferred stock. Fitch expects leverage could increase during
fiscal year 2014 but will remain well within rating expectations,
given the expected modest to moderate decline in EBITDA from
fiscal 2013.

Similarly, Fitch expects FFO adjusted leverage will weaken
modestly from current levels of 2.5x and interest coverage
(EBITDA/interest expense) of approximately 12x. However, Fitch
views UVV's current credit metrics as solid for the 'BBB-'
category particularly considering the relative volatility overall
in UVV's operating performance year-to-year and the tobacco
industry business risk.

SENSITIVITY/RATING DRIVERS

Negative: Future developments that may, individually or
collectively lead to negative rating action include:

-- A period of significant crop deterioration in multiple
   regions that adversely affects cash generation;

-- Sustained contraction with margins that could occur due
   to numerous factors;

-- Sustained leverage greater than 2.5x;

-- Significant increase with the dividend;

-- Loss of a key customer's business;

-- Increased vertical integration by customers;

-- Increased losses on supplier advances;

-- Adverse changes in regulatory or operating environment
   that affects leaf tobacco demand.

Positive: Future developments that may, individually or
collectively lead to positive rating action include:

-- Improvement in leverage to less than 1.5x driven by debt
   reduction;

-- Sustained margin increase to low teen range;

-- Moderation of regulatory pressure on tobacco companies
   worldwide;

-- Increase in levels of global tobacco consumption;

-- Sustained free cash generation with FCF to adjusted debt
   closer to 10% on a consistent basis;

-- Increased diversity with customer base.


W.R. GRACE: Settles Patent Suit Over Propex Concrete Fibers
-----------------------------------------------------------
Kathryn Brenzel of BankruptcyLaw360 reported that a Delaware
federal judge on Monday signed off on a settlement reached between
bankrupt chemical conglomerate W.R. Grace & Co. and Propex
Operating Co. LLC, ending a patent infringement lawsuit claiming
Propex infringed technology used in W.R. Grace's reinforcing
fibers for concrete structures.

Propex must pay W.R. Grace for past infringement on its patents
and for royalties on licenses on certain products, the report
related, citing an order filed on Monday. The companies reached an
agreement June 26, which U.S. District Judge Richard G. Andrews
approved on Monday, the report added.

The case is W.R. Grace & Co. - Conn v. Propex Operating Company
LLC, Case No. 1:12-cv-01402 (D. Del.), before Judge Richard G.
Andrews.

                          About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.

Roger Frankel serves as legal representative for victims of
asbestos exposure who may file claims against W.R. Grace.  Mr.
Frankel, a partner at Orrick Herrington & Sutcliffe LLP, replaces
David Austern, who was appointed to that role in 2004.  Mr.
Frankel has served as legal counsel for Mr. Austern who passed
away in May 2013.

Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

W.R. Grace obtained confirmation of a plan co-proposed with the
Official Committee of Asbestos Personal Injury Claimants, the
Official Committee of Equity Security Holders, and the Asbestos
Future Claimants Representative.   The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.  Implementation of the Plan has
been held up by appeals in District Court from various parties,
including a group of prepetition bank lenders and the Official
Committee of Unsecured Creditors.

District Judge Ronald Buckwalter on Jan. 31, 2012, entered an
order affirming the bankruptcy court's confirmation of the Plan.
Bankruptcy Judge Judith Fitzgerald had approved the Plan on
Jan. 31, 2011.

The plan can't be implemented because pre-bankruptcy secured bank
lenders filed an appeal currently pending in the U.S. Court of
Appeals in Philadelphia.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000).


WASHINGTON MUTUAL: JPMorgan Must Produce More Docs in Suit
----------------------------------------------------------
Erica Teichert of BankruptcyLaw360 reported that a Washington
district judge on Monday blasted JPMorgan Chase & Co. and a group
of insurance company bondholders of Washington Mutual NA for
dragging out a suit alleging JPMorgan engineered WaMu's downfall
to purchase it cheaply, and ordered the bank to hand over
information on large trading transactions that could have affected
WaMu's solvency.

According to the report, U.S. District Judge Rosemary M. Collyer
directed JPMorgan to hand over additional documents that detail
its and its institutional investors' WaMu stock sales and large
transactions stemming from their WaMu bank accounts.

The case is AMERICAN NATIONAL INSURANCE COMPANY et al vs. FDIC,
Case No. 1:09-cv-01743 (D.D.C.), before Judge Rosemary M. Collyer.

                      About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- was the holding company for Washington
Mutual Bank as well as numerous non-bank subsidiaries.

Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators.  The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  WaMu owns
100% of the equity in WMI Investment.  When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695.  WMI Investment
estimated assets of $500 million to $1 billion with zero debts.

WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP.  The Debtor tapped Valuation Research Corporation as
valuation service provider for certain assets.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Fled LLP in New
York, and David B. Stratton, Esq., at Pepper Hamilton LLP in
Wilmington, Del., represent the Official Committee of Unsecured
Creditors. Stephen D. Susman, Esq., at Susman Godfrey LLP and
William P. Bowden, Esq., at Ashby & Geddes, P.A., represent the
Equity Committee.  The official committee of equity security
holders also tapped BDO USA as its tax advisor. Stacey R.
Friedman, Esq., at Sullivan & Cromwell LLP and Adam G. Landis,
Esq., at Landis Rath & Cobb LLP in Wilmington, Del., represent
JPMorgan Chase, which acquired the WaMu bank unit's assets prior
to the Petition Date.

Records filed Jan. 24, 2012, say that Washington Mutual Inc.,
former owner of the biggest U.S. bank to fail, has spent
$232.8 million on bankruptcy professionals since filing its
Chapter 11case in September 2008.

In March 2012, the Debtors' Seventh Amended Joint Plan of
Affiliated, as modified, and as confirmed by order, dated Feb. 23,
2012, became effective, marking the successful completion of the
chapter 11 restructuring process.

The Plan is based on a global settlement that removed opposition
to the reorganization and remedy defects the judge identified in
September.  The plan is designed to distribute $7 billion.  Under
the reorganization plan, WaMu established a liquidating trust to
make distributions to parties-in-interest on account of their
allowed claims.


WIDEOPENWEST FINANCE: Moody's Retains B2 Corp. Family Rating
------------------------------------------------------------
Moody's Investors Service assigned an SGL-2 Speculative Grade
Liquidity Rating to WideOpenWest Finance, LLC, reflective of the
company's good liquidity. The company's B2 corporate family rating
and stable outlook are unchanged.

WideOpenWest Finance, LLC

Speculative Grade Liquidity Rating, Assigned SGL-2

The $200 million revolver supports good liquidity for WOW. Moody's
forecasts good cushion under the facility's one covenant, a
maximum net secured leverage test, and does not believe this
covenant will preclude draw of the full $200 million. Moody's
anticipates a peak draw of less than $50 million over the next 12
months and projects paydown of the facility to zero sometime in
2014.

Annual interest expense of approximately $205 million (following
the April 2013 repricing) and capital expenditures of about $215
million will likely lead to about breakeven free cash flow over
the next 12 months, with improvements thereafter as cash spending
on the integration wanes and the company realizes the benefits of
synergies. Additional cash requirements include annual required
term loan amortization of approximately $20 million.

WOW pledged its assets to creditors, but could likely improve
liquidity by paying down debt with asset sale proceeds or
reinvesting proceeds in the business to fund capital expenditures.
The company has discrete clusters of assets which could be sold
without materially impacting the overall operations. Through its
purchase of Knology, WOW acquired a modest ownership stake in
TowerCloud, a wireless backhaul provider, and eSolutions, a data
center, and could monetize these non-core assets, though Moody's
does not believe the company could quickly exit either for a
meaningful amount of cash.

With its headquarters in Englewood, Colorado, WideOpenWest
Finance, LLC provides residential and commercial video, high speed
data, and telephony services to nineteen Midwestern and
Southeastern markets in the United States. The company reported
691,000 video, 707,000 high speed data, and 433,000 phone
subscribers as of March 31. WOW expanded to the Southeastern
markets with its acquisition of Knology, Inc., which closed in
July 2012. Avista Capital Partners owns the company, and its
annual revenue pro forma for the Knology combination is
approximately $1.2 billion.


WINSTAR COMMS: Grant Thornton to Pay $10MM in Fraud Settlement
--------------------------------------------------------------
Kat Greene of BankruptcyLaw360 reported that Grant Thornton LLP
agreed to pay $10 million to settle claims it helped conceal a $1
billion revenue hole at now-bankrupt Internet service provider
Winstar Communications Inc.

According to the report, Italian private bank Banca
Intermobiliare, Detroit-based Drye Custom Pallets Inc. and Robert
Ahearn led a class of plaintiffs alleging that the nation's sixth-
largest accounting and advisory firm knew Winstar was concealing
losses when it audited the company in 1999, but failed to report
the problems.

The case is Gould, et al v. Winstar, Inc., et al., Case No. 1:01-
cv-03014 (S.D.N.Y.), before Judge George B. Daniels.

                About Winstar Communications, Inc.

Based in New York, Winstar Communications, Inc., provided
broadband services to business customers.  The company and its
debtor-affiliates filed for chapter 11 protection on April 18,
2001 (Bankr. D. Del. Case Nos. 01-01430 through 01-01462).  As
part of their chapter 11 restructuring strategy, the Debtors sold
their domestic telecom assets to IDT Winstar Acquisition, Inc.
IDT later sold the Winstar Assets to GVC Networks, LLC, resulting
in the creation of GVCwinstar, a wholly owned subsidiary of GVC
Networks.

On Jan. 24, 2002, the Bankruptcy Court converted the Debtors'
cases to a Chapter 7 liquidation proceeding.  Christine C. Shubert
serves as the Debtors' Chapter 7 trustee.  The Chapter 7
trustee is represented by Fox Rothschild LLP and Kaye Scholer LLP.
When the Debtors filed for bankruptcy, they listed $4,975,437,068
in total assets and $4,994,467,530 in total debts.

In early 2009, the U.S. Court of Appeals for the Third Circuit
affirmed a ruling that required an Alcatel-Lucent SA unit to
return to the Chapter 7 trustee a $188.2 million loan payment it
accepted in 2000.  As a business partner to the telecommunications
company, Lucent Technologies Inc. was an "insider" under U.S.
bankruptcy law and owes Winstar's trustee the money, the appeals
court said.


* Title Company Entitled to Nondischargeable Judgment
-----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a district judge in Florida wrote an opinion last
week that reads like a treatise explaining when a title insurance
company has a valid fraud claim surviving bankruptcy.

According to the report, the outcome of the case was a close
question because the title company wasn't without blame.  Although
a $2 million mortgage wasn't properly recorded with the legal
description of the property, the title company would have
discovered the mortgage had it searched for encumbrances on
properties owned by those in the chain of title to the property
being insured.

The report notes that the title company eventually paid a
$2 million claim and sued someone involved in the transaction
who filed bankruptcy.  The bankruptcy judge ruled there was a
$2 million debt for fraud.  Nonetheless, the bankruptcy court held
that the debt was discharged because the title company failed to
show justifiable reliance on the bankrupt's sworn statement
failing to disclose the improperly recorded mortgage.

The report relates that U.S. District Judge K. Michael Moore in
Miami reversed, saying the title company "should not be required
to untangle the web of deception to uncover fraud when it was
apparent on the face of the transaction that it was business as
usual."  Saying that the lower court's finding of fact showed
justifiable reliance, Moore ruled that the debt wasn't discharged
under Section 523(a)(2)(A) of the Bankruptcy Code.

The report discloses that Judge Moore acknowledged it was a close
case. Still, he said the insurance company wasn't required to
"take numerous steps to uncover the lien purposefully hidden."  He
cited a prior case saying someone cannot "blindly rely on a
misrepresentation" after discovering "something which should serve
as a warning he is being deceived."

The case is Stewart Title Guaranty Co. v. Roberts-Dude, 13-cv-
080243, U.S. District Court, Southern District of Florida
(Miami).  A copy of the Court's July 11 Order is available at
http://is.gd/aP5Zwgfrom Leagle.com.


* Children's Game Arranged to Resolve Childish Dispute
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. District Judge Gregory A. Presnell in Orlando,
Florida, developed a novel version of alternative dispute
resolution to use when lawyers can't resolve petty squabbles on
their own.

According to the report, about seven years ago, according to court
filings, lawyers in an insurance case couldn't agree on where to
hold a deposition, so the judge told them to meet on the
courthouse steps at 4 p.m. one July 12 to play rock, paper,
scissors.

The report discloses that the judge said the winner got to pick
the location for the deposition.  If the loser was still
dissatisfied, a hearing would be held at 8:30 a.m. the following
July 12.  The record doesn't reflect the outcome.  The case was
dismissed without prejudice in November 2006.

The case is Avista Management Inc. v. Wausau Underwriters
Insurance Co., 05-cv-01430, U.S. District Court, Middle District
of Florida (Orlando).


* BofA Says Ex-Workers Made Impossible Loan-Program Claims
----------------------------------------------------------
Hugh Son & David McLaughlin, writing for Bloomberg News, reported
that Bank of America Corp. said former workers who alleged the
firm awarded bonuses for sending homeowners into foreclosure
misrepresented their roles and made "impossible" claims about the
lender's assistance program.

According to the report, the ex-employees, whose sworn statements
were filed last month in a lawsuit against the bank, had limited
roles that didn't allow them to understand the full scope of
efforts to assist distressed borrowers, the Charlotte, North
Carolina-based company said in documents in federal court in
Boston.

The former employees' "wild misrepresentations about their roles
lead to impossible claims about what they did and saw," Bank of
America said, the report said.  They "could not have witnessed
what they claim to have witnessed because they were not in a
position to do so and would not have witnessed such things in any
event because Bank of America's actual practices were
diametrically opposite."

Bank of America, the second-biggest U.S. lender by assets, is
being sued by homeowners who claim the company didn't comply with
the government's Home Affordable Modification Program, the report
related. The borrowers said in court filings last month that the
bank instructed employees to stall mortgage-modification
applications, lie to customers and falsify documents.

Bank of America is seeking to block the plaintiffs' efforts to
proceed on behalf of a class of homeowners, the report added. The
lender unsuccessfully tried to get the complaint dismissed in
2011. U.S. District Judge Rya Zobel scheduled an Aug. 1 hearing to
consider the class-certification request.

The case is In Re Bank of America Home Affordable Modification
Program (HAMP) Contract Litigation, 10-md-02193, U.S. District
Court, District of Massachusetts (Boston).


* Closed-Door Showdown on Filibuster Fight
------------------------------------------
Corey Boles, writing for The Wall Street Journal, reported that
Republicans say they hope a meeting Monday of senators of both
parties will avert a clash this week over President Barack Obama's
executive-branch nominees that is threatening to poison relations
in the Senate and slow progress on a range of legislation.

But the Senate's Democratic leader, Sen. Harry Reid, gave no
signal Sunday that he expected anything from the Monday meeting to
dissuade him and other Democrats from moving forward on a plan to
change Senate rules on nominations, the report said.  "We're going
to make a simple change," Mr. Reid said.

According to the report, Republicans have said they would
retaliate for the rules change, meaning the arcane matter could
have wide repercussions, potentially slowing business on
legislation and other matters.

The fight centers on whether senators can use filibusters to slow
and potentially block nominees to cabinet agencies and other
executive-branch slots, the report related. Invoking a filibuster
forces a nominee to win 60 votes in order to shut down the
filibuster, a harder target than the 51 votes needed for
confirmation. It is a tactic used most often by the Senate's
minority party, currently the Republicans.

Democrats say that Republican filibuster threats have limited Mr.
Obama's ability to govern, the report further related.  Mr. Reid
has set up votes on seven presidential nominees for Tuesday,
expecting that some will fail. Democrats might then change Senate
rules on how to deal with executive-branch nominations.


* FINRA Plan Would Shine Light on "Dark Pools"
----------------------------------------------
Jacob Bunge, writing for The Wall Street Journal, reported that
U.S. stock-market regulators approved a plan for new rules
requiring private trading venues such as "dark pools" to disclose
and detail trading activity on their platforms.

The move would give market authorities their clearest view yet
into private markets that claim a growing slice of daily stock
dealing and would help police potentially abusive trading
practices, the report said, citing regulators.

The Financial Industry Regulatory Authority's staff are expected
to propose the new regulations in the coming weeks, and the
Securities and Exchange Commission will need to approve them, the
report added.

The effort is "a real positive step from a market-integrity
standpoint," said Richard Ketchum, chief executive of Finra, in a
report to members issued late Thursday, the report related.

The report came after the Washington-based regulator's board of
governors earlier in the day approved plans for rules that will
require alternative trading systems like dark pools to report
trading activity on a stock-by-stock basis to Finra each week,
which will be published on a Finra website, WSJ said.


* Moody's Says Rising Interest Rate is Good for Insurers
--------------------------------------------------------
A continued rise in interest rates would be credit positive for
the US life insurance sector, as spread products would regain
popularity and reinvestment risk would decline, says Moody's
Investors Service in a new report, "Gradually Rising Interest
Rates Would be Positive for US Life Insurers." However, a rapid
spike in interest rates could lead to annuity policyholders
jumping to higher-return products at the same time that life
insurers' investment portfolios report unrealized losses.

"We could revise our US life insurance sector outlook to stable
from our current negative stance if the recent rising interest
rate trend and improving economy continues," said Neil Strauss,
Vice President -- Senior Credit Officer. "The prolonged low
interest rate environment and macroeconomic challenges are major
contributors to our negative sector outlook."

Rising interest rates would increase appetite for spread-based
products, such as fixed rate annuities, which fell out of favor
with consumers and insurers given low rates and tight credit
spreads, says Moody's. Prior to the financial crisis and the onset
of historically very low interest rates, annuities had been an
industry growth engine for about 20 years, notes the rating
agency.

In addition, rising interest rates would reduce reinvestment risk
for companies as both new money rates and portfolio yields would
rise, says Moody's.

Some products in addition to fixed annuities that would benefit
from an increase in interest rates include structured settlements,
pension products, universal and interest-sensitive life, long-term
care and long-term disability products, says Moody's.

However, a rapid and steep increase in rates would be negative for
most life insurers. In this scenario, annuity policyholders may
flock to new products with higher returns, including bank products
which react more quickly to a rise in new money rates, says the
rating agency.

At the same time, the market value of insurers' fixed income
holdings would decrease due to the rise in rates, leading to
unrealized capital losses. Moody's believes the liquidity profile
of most life insurers is strong, mitigating the impact of having
to crystallize losses on assets to fund policyholder surrenders.


* Vault.com Unveils Law Firm Practice Area Rankings for 2014
------------------------------------------------------------
Vault.com, the source of ratings, rankings and insight for law
students and lawyers, on July 10 released its Practice Area
Rankings for 2014.  This year, as has been the case for the
previous four years, Weil, Gotshal & Manges was the firm rated
strongest in bankruptcy law by associates.

"The Vault Practice Area rankings look beyond overall prestige and
offer law students and lateral candidates an insider's perspective
on which firms excel in the practice area of their choice," said
Vera Djordjevich, Vault.com's Director of Research and Consulting.
"Choosing a potential employer involves considering an array of
factors, and none is more important than practice area prowess."

In order to determine the Vault Practice Area Rankings, nearly
17,000 associates were asked to vote for up to three firms they
consider strongest in their own practice area, but were not
permitted to vote for their own firm.  Vault's rankings feature
the firms that received the highest percentage of votes from
survey respondents.

The Top 10 Bankruptcy Law Firms Are:

     1. Weil, Gotshal & Manges
     2. Kirkland & Ellis
     3. Skadden, Arps, Slate, Meagher & Flom
     4. Jones Day
     5. Akin Gump Strauss Hauer & Feld
     6. Milbank, Tweed, Hadley & McCloy
     7. Pachulski Stang Ziehl & Jones
     8. Davis Polk & Wardwell
     9. Wachtell, Lipton, Rosen & Katz
    10. Paul, Weiss, Rifkind, Wharton & Garrison

Survey respondents call Weil, Gotshal & Manges a "great firm,"
staffed by "smart lawyers" who are "very talented" in their field.
The firm is lauded as the "gold standard in bankruptcy," with an
"elite restructuring group."

Consistency is the theme of this year's Bankruptcy Rankings; in
addition to Weil holding on to the No. 1 spot, there were no
changes since last year among the top seven firms. Beyond that,
Davis Polk and Paul, Weiss moved into the Top 10, nudging past
Cleary and Latham, which now sit at Nos. 11 and 12, respectively.
This year, Vault increased the published rankings from the Top 10
to the Top 15 firms, making room for three new entries: Kramer
Levin (No. 13), Quinn Emanuel (No. 14) and Cadwalader, Wickersham
& Taft (No. 15).

Vault's influential rankings, considered the "bible" for law
students, associates, partners and law firm recruiters, provide a
detailed perspective on the criteria considered by candidates when
evaluating law firms.  Nearly 17,000 law associates took part in
the Law Firm Associate Survey this year, offering feedback on peer
firms as well as the inside scoop on their own employers.

The Vault Practice Area Rankings were released as part of a summer
rollout of the Vault.com Top 100 Law Firm Rankings. Today,
Vault.com has also released its Regional Law Firm Rankings,
examining how law firms rank in specific legal markets across the
United States. Next week, Vault will release its Quality of Life
Rankings, determining which law firms go beyond prestige and
provide the best overall working experience, in categories ranging
from firm culture and compensation to training and career outlook.
Vault will also review the best Summer Associate programs.

To view each ranking as they are released, click
http://www.vault.com/rankings-reviews/company-rankings/law.aspx

In addition to rankings, Vault.com also features individual
profiles of each law firm that provide readers with an insider's
perspective, revealing information on compensation, culture,
training, diversity, and other pros and cons of associate life, as
well as "The Buzz," external perceptions of each firm.

                            About Vault

Vault is the source for employer and university rankings, ratings
and insight for highly credentialed, in-demand candidates.
Vault's editorial mission is to provide the research required by
candidates to evaluate professions, industries, educational
pathways, and top companies.  Vault ratings and rankings inform
candidates' analysis of companies and allow direct comparison
between potential employers in such high value industries as law,
banking, consulting and accounting.  Vault's customers include
Fortune 1000 advertisers and recruiters, the country's top
universities and graduate schools -- and 8 millionn consumers
worldwide.


* FTI Consulting Bags Six Turnaround Atlas Awards
-------------------------------------------------
FTI Consulting, Inc. on July 16 announced that the global business
advisory firm recently was honored by the Global M&A Network for
excellence and outstanding achievements in the global
restructuring, special situation merger and acquisition (M&A), and
turnaround markets.

FTI Consulting was awarded in the following categories at the
annual Turnaround Atlas Awards gala:

-- Chapter 11 Reorganization Deal of the Year (Middle Markets) for
representation of Reddy Ice Corporation Chapter 11 plan of
reorganization and sale

-- Chapter 11 Reorganization Deal of the Year (Small Mid Markets)
for representation of Northstar Aerospace Inc. Chapter 11 plan of
reorganization and sale to affiliate of Wynnchurch Capital

-- Corporate Turnaround of the Year (Middle Markets) for
representation of Trinidad Cement Limited Group

-- Cross-Border Special Situation M&A Deal of the Year for
representation of Digital Domain Media Group, Inc. Chapter 11
bankruptcy sale of Mothership Media and assets to Galloping Horse
Film & TV Production Co. Ltd. and Reliance MediaWorks joint
venture

-- Energy Services Turnaround of the Year for representation of
Dynegy Holdings Chapter 11 plan of reorganization

-- Special Situation M&A Deal of the Year (Small Mid Markets) for
representation of Blitz U.S.A. Inc. Chapter 11 plan of
reorganization and sale of assets to Scepter Holdings Inc.

"We hold ourselves to high standards of performance and client
service," said Bob Duffy, Global Co-leader of the FTI Consulting
Corporate Finance/Restructuring segment.  "FTI Consulting served
as a trusted advisor on a number of transactions with varying
challenges and complexities.  It is rewarding for our firm to be
recognized for our ability to meet our clients' unique needs.  Our
diverse service offerings, global breadth and deep industry
expertise allow FTI Consulting to provide our clients with
customized solutions to address their most critical issues
whenever and wherever they arise."

The Turnaround Atlas Awards exclusively honors top performers from
the distressed M&A, restructuring, reorganizations and turnaround
communities worldwide.  Winners are selected independently based
on multiple criteria for each distinct award category.  For 2013,
320 restructuring transactions were reviewed, with ultimately 38
unique transactions being designated as award winners from around
the globe.

                     About FTI Consulting

FTI Consulting, Inc. -- http://www.fticonsulting.com-- is a
global business advisory firm dedicated to helping organizations
protect and enhance enterprise value in an increasingly complex
legal, regulatory and economic environment.  With more than 4,000
employees located in 24 countries, FTI Consulting professionals
work closely with clients to anticipate, illuminate and overcome
complex business challenges in areas such as investigations,
litigation, mergers and acquisitions, regulatory issues,
reputation management, strategic communications and restructuring.
The company generated $1.58 billion in revenues during fiscal year
2012.


* Winston Mar Joins SierraConstellation as Managing Director
------------------------------------------------------------
SierraConstellation Partners, LLC (SCP), an interim management and
advisory firm to middle-market companies in transition, on July 16
disclosed that Winston Mar has joined the firm as a managing
director.  In this role, Mr. Mar provides advisory and interim
management services to companies that are financially distressed
or faced with volatile market conditions.

"Winston is a valuable addition to our team," said Lawrence
Perkins, founder and CEO of SCP.  "He is a respected turnaround
professional who has negotiated successful restructurings, both
out-of-court and in Chapter 11 proceedings.  His knowledge and
professionalism will be extremely beneficial to SCP as we continue
to grow our business."

Mr. Mar's experience includes interim management, strategic
business planning, creditor negotiation, and financial and
operational restructuring.  He has worked across a wide variety of
industries, including entertainment, information technology, food
services, agricultural products, manufacturing, energy, and
advertising and marketing.

Prior to joining SCP, Mr. Mar was a managing director at CRG
Partners, which was acquired by Deloitte Corporate Restructuring
Group (Deloitte CRG).  Some of Mr. Mar's notable engagements
include serving as chief restructuring officer (CRO) to a biomass
power plant, running the sale process as a CRO on a multi-store
restaurant chain, working as interim chief financial officer for a
consumer products company throughout its Chapter 11 proceedings,
and leading a food processing company as CEO.

"I'm excited to have joined a growing, results-oriented firm with
a collaborative approach to restructurings," said Mr. Mar.  "SCP
is focused on helping businesses overcome obstacles which will
allow them to thrive well into the future.  I'm eager to be able
to contribute to such an important endeavor."

              About SierraConstellation Partners, LLC
SierraConstellation Partners, LLC --
http://www.sierraconstellation.com-- is a Los Angeles-based
advisory firm serving middle market companies and stakeholders in
those firms.  Clients include companies, management teams, their
private equity investors, lenders, creditors, and other financial
constituents.  The firm's professionals have a record of success
and achievement as financial advisors, interim managers and CROs
to firms needing financial and operational restructuring and
turnaround.  SCP has four main service lines: interim management,
advisory services, strategic investment advisory services, and
direct capital investments.  SCP also partners with select
investors to serve as management teams for potential acquisitions
and portfolio companies.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      20th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.



                            *********

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.

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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., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Howard C. Tolentino, 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 2013.  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 $975 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 Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-241-8200.


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