TCR_Public/131016.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, October 16, 2013, Vol. 17, No. 287


                            Headlines

ACXIOM CORP: S&P Withdraws 'BB' Corporate Credit Rating
ADAYANA INC: Case Summary & 18 Largest Unsecured Creditors
ART AND ARCHITECTURE: Judge Explains Order on Lease Assumption
AIRTRONIC USA: SEC Completes Review of GDSI Registration Statement
ALCATEL LUCENT: Job Cuts Pose Test for France

ALITALIA SPA: Vote Reflects Troubles for National Airlines
ALITALIA SPA: Board Approves Measures to Secure EUR500 Million
ALLY FINANCIAL: Declares Dividends on Preferred Stock
ALVARION LTD: Obtains NASDAQ Listing Extension
AS SEEN ON TV: Unit Closes Sale of Meal Delivery Business

ASCENT AVIATION: Victory Park Capital Completes Sale to LongueVue
BALL FOUR: Court Confirms Bankruptcy-Exit Plan
BELLWEST HOLDINGS: Court Dismisses Chapter 11 Case
BOOMERANG SYSTEMS: Director Stephen C. Rockefeller Quits
BROWNSVILLE MD: Can Employ Husch Blackwell as Bankruptcy Counsel

BROWNSVILLE MD: Files Schedules of Assets and Liabilities
CALDERA PHARMACEUTICALS: Timothy Tyson Joins Board
CAMCO FINANCIAL: Inks Merger Agreement with Huntington
CAPITOL BANCORP: Inks Agreement to Sell Remaining Affiliates
CASCADE AG: Cairncross & Hempelmann Seeks to Withdraw as Counsel

CASCADE AG: Hearing on Bid to Dismiss Case Continued to Nov. 22
CENGAGE LEARNING: Wants to Avoid Liens on Disputed Copyrights
CHECKERS DRIVE-IN: S&P Affirms B- CCR & B- Rating on $160MM Notes
CHINA PRECISION: Widens Net Loss to $68.9 Million in Fiscal 2013
CITIZENS DEVELOPMENT: Use of LSM Lender's Cash Collateral Approved

CITIZENS DEVELOPMENT: May Incur $100,000 Loan to Pay Pac West
COLOREP INC: Hilco IP Okayed as Marketing Agent
COLOREP INC: May Sell Assets to Prepetition Lender for $20MM
COMARCO INC: Chief Operating Officer McKeefery Quits
CONCHO RESOURCES: Rowe Price held 10% Equity Stake at Sept. 30

CRESTWOOD MIDSTREAM: S&P Affirms Then Withdraws 'BB' CCR
CYCLONE POWER: Secures Agreement to Manufacture Engines
DETROIT, MI: Reaches Deal to Borrow $350MM From Barclays
DETROIT, MI: US Blasts Retirees' Attempt to Thwart Bankruptcy
DETROIT, MI: Gets Up to $350M Post-Petition Financing Commitment

DETROIT, MI: Bankruptcy Court Continues Operating Amid Shutdown
EASTMAN KODAK: S&P Assigns 'B-' CCR & Rates $420MM Loan 'B-'
ELBIT IMAGING: To Hold Meeting to Approve Plan of Arrangement
ENERGY CONVERSION: Trina Solar Says Suit is 'Baseless'
ENNIS COMMERCIAL: Administrator Can Employ Katten Muchin

EXCELITAS TECHNOLOGIES: S&P Lowers Corporate Credit Rating to 'B'
FINJAN HOLDINGS: Adopts Codes of Ethics for Officers & Employees
FIRST DATA: Fitch Affirms 'B' Issuer Default Rating
FRIENDFINDER NETWORKS: Gets OK for $500MM Restructuring Deal
FURNITURE BRANDS: Gets Nod For $140MM DIP, Employee Bonuses

GENIUS BRANDS: Obtains OK to Effect Reverse Split
GUIDED THERAPEUTICS: Secures Additional Distribution for LuViva
HIGHWAY TECHNOLOGIES: Estridge Appeal Abated Til Further Order
IBIO INC: NYSE MKT Grants Listing Compliance Extension
ICTS INTERNATIONAL: Holds 22.9% Equity Stake in InkSure

INTERMETRO COMMUNICATIONS: Sells 257,897 Preferred Shares
INTERNATIONAL TEXTILE: Unit Inks Transfer Agreements
JEFFERSON COUNTY, AL: Seeks to Change Debt Pact
LAFAYETTE YARD: Trustee Wants Auctioneer Tossed
LAFAYETTE YARD: FTI Consulting Approved as Financial Advisor

LAFAYETTE YARD: Wong Fleming Approved as Bankruptcy Counsel
LDB MEDIA: Gravitas Leasing Has No Valid Interests in News Trucks
LIGHTSQUARED INC: Court Temporarily Puts Harbinger Suit on Hold
MICHIGAN PUBLIC: S&P Lowers Rating on 2010 Revenue Bonds to 'BB+'
MONTREAL MAINE: Ch.11 Trustee May Use Cash Thru January 2014

MOON VALLEY: MVAZ Appeal From Confirmation Order Dismissed
NATIONAL ENVELOPE: Wants Plan Filing Deadline Extended to Jan. 6
NMP-GROUP: Oct. 22 Hearing on Adequacy of Plan Outline
OMNITRACS INC: S&P Assigns Preliminary 'B' CCR; Outlook Stable
POINT CENTER: Administratively Insolvent; Case Conversion Sought

POINT CENTER: Nov. 12 Hearing on Bank's Bid to Foreclose
REGIONAL EMPLOYERS: Involuntary Chapter 11 Case Summary
RYDER MEMORIAL: S&P Revises Outlook and Affirms 'BB-' Rating
SAVIENT PHARMACEUTICALS: Case Summary & 20 Top Unsecured Creditors
SR REAL ESTATE: Case Dismissal Hearing Set for Nov. 4

* Fitch Says Canadian CMBS Market Stable, Losses Rare
* Fitch Says US Bank Regulators' Asset Review Flags Possible Risks
* Fitch Says Weakened BDC Dividend Coverage a Ratings Negative

* Upcoming Meetings, Conferences and Seminars

                            *********

ACXIOM CORP: S&P Withdraws 'BB' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its ratings on
Acxiom Corp., including the 'BB' corporate credit rating, at the
company's request.


ADAYANA INC: Case Summary & 18 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Adayana, Inc.
        c/o Michael P. O'Neil
        Taft Stettinius & Hollister LLP
        One Indiana Square, Suite 3500

Case No.: 13-10919

Chapter 11 Petition Date: October 14, 2013

Court: United States Bankruptcy Court
       Southern District of Indiana (Indianapolis)

Debtor's Counsel: Michael P. O'Neil, Esq.
                  TAFT STETTINIUS & HOLLISTER LLP
                  1 Indiana Square, Suite 3500
                  Indianapolis, IN 46204
                  Tel: 317-713-3500
                  Email: moneil@taftlaw.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

List of Debtor's 18 Largest Unsecured Creditors:

   Entity                       Nature of Claim     Claim Amount
   ------                       ---------------     ------------
ComVest Capital II, L.P.        Blanket Lien        $13,250,000
525 Okeechobee Blvd. Suite
1050 West Palm Beach
Fl 33401

Vora, Geeta Sunderial           Promissory Note        $361,209
62 E Golden Lake Rd
Circle Pines, MN 550104

Parrell, Jeffrey                Promissory Note        $260,972
5504 Halifax Ln
Edina, MN 55424

Mehta, Ramesh                   Promissory Note        $208,611

Shamblot, Steve                 Promissory Note        $108,235

SHI International Corp          Trade Debt             $105,000

Peterson, Daniel                Promissory Note        $104,306

SSI Financial                   Promissory Note        $104,167

Heenan, Lucille & George        Promissory Note         $52,486

Buelt, Dave                     Promissory Note         $52,486

CP Pyramid Associates L.P.      Rent                    $43,174

Sivertson, Wayne                Promissory Note         $40,560

McGladrey LLP                   Accountant Fees         $10,000

Furber Timmer Zahn, PLLP        Legal Fees               $6,525

Ethos IT                        IT Services              $4,200

Main Street Partners, LLP       Rent                     $2,024

Ernst & Young LLP               Accountant Fees          $1,756

BMO Harris Bank                 Guaranty of debt        Unknown


ART AND ARCHITECTURE: Judge Explains Order on Lease Assumption
--------------------------------------------------------------
Bankruptcy Judge Robert Kwan issued a Separate Statement of
Decision on Art and Architecture Books of the 21st Century's
Motion to Assume Master Lease on Premises at 5500 Wilshire
Boulevard, Los Angeles, California -- where the judge provided
additional explanation of its reasoning for its decision on the
motion.

Ultimately, Judge Kwan held that the Debtor may assume the lease
and the Motion to Assume is granted.

According to Judge Kwan, while there may be some "lingering
doubts" of future performance, the debtor would be wise to
continue its good postpetition performance under the Master Lease
and fully comply with the terms of the lease to avoid any defaults
with a capital "D", but not engage in risky or dubious financial
behavior, such as issuing checks on bank accounts without
sufficient funds or issuing stop payment orders on checks without
notifying the payee, particularly if the payee is the landlord.

A copy of Judge Kwan's Sept. 12, 2013 Separate Statement of
Decision is available at http://is.gd/DNPwl5from Leagle.com.

Art and Architecture Books of the 21st Century, dba Ace Gallery,
filed for a voluntary Chapter 11 petition on Feb. 19, 2013, in the
U.S. Bankruptcy Court for the Central District of California, Case
No. 13-14135.  The petition was signed by Douglas Chrismas,
president.  Judge Robert Kwan presides over the case.  Joseph A.
Eisenberg, Esq., at Jeffer Mangels Butler & Mitchell LLP, serves
as counsel.  The Debtor reported $1 million to $10 million in
assets and $10 million to $50 million in debts.


AIRTRONIC USA: SEC Completes Review of GDSI Registration Statement
------------------------------------------------------------------
Global Digital Solutions, Inc., a company that is positioning
itself as a leader in providing small arms manufacturing,
complementary security and technology solutions and knowledge-
based, cyber-related, culturally attuned social consulting in
unsettled areas, on Oct. 11 disclosed that the Securities and
Exchange Commission has advised the Company that the SEC has
completed its review of the Company's Registration Statement on
Form 10, filed on August 10, 2013, as amended.

The Company is now a reporting Company under the Securities
Exchange Act of 1934 and expects to file its quarterly report for
the quarter ended September 30, 2013 on Form 10-Q within the
prescribed time frame.

"This is another important step in the evolution of GDSI," said
GDSI's President and CEO Richard J. Sullivan.  "This news is
especially welcome coming so soon after two other important
developments: our October 8, 2013 announcement that Airtronic has
become the exclusive OEM supplier for a major international client
with a first stage value of approximately $95 million and the
October 2nd court confirmation of Airtronic's reorganization plan.
All of these recent developments build enormous momentum for
GDSI."

               About Global Digital Solutions

Global Digital Solutions -- http://www.gdsi.co-- is positioning
itself as a leader in providing small arms manufacturing,
complementary security and technology solutions and knowledge-
based, cyber-related, culturally attuned social consulting in
unsettled areas.

                    About Airtronic USA

Airtronic -- http://www.Airtronic.net-- is an electro-mechanical
engineering design and manufacturing company.  It provides small
arms and small arms spare parts to the U.S. Department of Defense,
foreign militaries, and the law enforcement market.  The company's
products include grenade launchers, rocket propelled grenade
launchers, grenade launcher guns, flex machine guns, grenade
machine guns, rifles, and magazines.  Founded in 1990, the company
is based in Elk Grove Village, Illinois.

On May 16, 2012, the voluntary petition of Airtronic, Inc. for
liquidation under Chapter 7 was converted to a Chapter 11
reorganization.  The company had filed for chapter 7 bankruptcy on
March 13, 2012.


ALCATEL LUCENT: Job Cuts Pose Test for France
---------------------------------------------
Grainne McCarthy, writing for The Wall Street Journal, reported
that in France, old habits die hard, as exemplified by the pas de
deux between Alcatel-Lucent SA and the French government.

The report related that the ailing ailing Paris-based telecom-
equipment maker said last week that it had to slash some 10,000
jobs world-wide, including 900 in France, closing offices in
cities like Toulouse and Rennes.

Within hours, several members of Fran‡ois Hollande's government,
including the president himself, suggested that the French cuts
were too deep. The next morning, Mr. Hollande's prime minister
threw down the gauntlet: He was prepared to use a new labor law to
block the layoffs if Alcatel didn't reach a compromise with its
unions.

According to the WSJ report, the threat was remarkable because the
law, which took effect just three months ago, had been touted as a
boon for business, allowing companies to be more nimble in
restructuring, partly by making it easier for them to cut pay and
working hours in difficult times. Instead, the government was
using it to prod Alcatel to dial back job cuts.

The episode lays bare a deeper dilemma facing France's year-and-a-
half-old Socialist government: how to be more pro-business without
alienating left-wing factions of its party and the electorate, WSJ
pointed out.

Mr. Hollande, like his peers across Europe, is struggling with
economic growth that is too weak to overcome such ailments as
rising debt and mass unemployment, the report said.

Headquartered in Paris, France, Alcatel-Lucent is a leading
developer and manufacturer of telecommunications equipment, with
sales of approximately EUR15.3 billion for fiscal year 2011.


ALITALIA SPA: Vote Reflects Troubles for National Airlines
----------------------------------------------------------
Daniel Michaels in Brussels, Gilles Castonguay and Deborah Ball in
Milan, writing for The Wall Street Journal, reported that
Alitalia's shareholders meet on Oct. 14 to vote on raising EUR500
million (US$677 million) in a plan that could bring the Italian
government back as an owner of the airline, five years after
privatization of the carrier cost taxpayers billions of euros.

According to the report, Alitalia's latest tribulations illustrate
the problems faced by Europe's former national airlines in
deregulated markets and with limits to the subsidies on which they
long relied. Despite Alitalia's 2008 restructuring, it has lost
roughly a third of its home market and almost 20% of its market
share internationally, according to Innovata, an aviation
consulting firm.

Alitalia's board on Oct. 11 unanimously approved a plan to raise
EUR300 million in a capital increase and taking on EUR200 million
in new debt, the report related.  The airline, which hasn't turned
a profit in more than a decade, could be grounded by creditors and
Italian aviation regulators if the new funds aren't obtained.

Alitalia's shareholders -- a group of Italian companies and Air
France-KLM SA, which owns 25% -- are considering the plan after
Prime Minister Enrico Letta's government late on Oct. 10 arranged
for the state postal system to contribute a possible EUR75
million, the report said.

Under the deal, the government is demanding an overhaul of
Alitalia, the report noted.  Whether the plan will win approval
remains unclear.

                          About Alitalia

Alitalia-Compagnia Aerea Italiana has navigated its way through
a successful restructuring.  After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009.  Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania.  Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM.  An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.


ALITALIA SPA: Board Approves Measures to Secure EUR500 Million
--------------------------------------------------------------
Gilles Castonguay, writing for Daily Bankruptcy Review, reported
that Alitalia's board on Oct. 11 approved measures to secure 500
million euros (US$675.8 million) in new funding that are
desperately needed by the struggling Italian airline to avoid
bankruptcy during the weekend.

According to the report, the board met in Rome to vote on the
measures a day after Alitalia got help from the government to
convince shareholders and creditors to put up more money for an
airline that has failed to make a profit since coming out of
bankruptcy five years ago.

The government's support, which came in the form of a EUR75
million pledge from Poste Italiane, the state-owned postal
services operator, was crucial in getting Air France-KLM to agree
to the new funding, the report said.  With a 25% stake, the
French-Dutch airline is both a shareholder and a board member of
Alitalia, and it had shown reluctance to accept a previous
proposal to raise money.

The government's support and subsequent board vote came as a major
fuel supplier threatened to stop doing business with the airline
if it didn't come up with a convincing plan to stay solvent, the
report related.

Even the civil aviation authority warned Alitalia that it might to
have to ground the airline, the report added.

                          About Alitalia

Alitalia-Compagnia Aerea Italiana has navigated its way through
a successful restructuring.  After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009.  Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania.  Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM.  An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.


ALLY FINANCIAL: Declares Dividends on Preferred Stock
-----------------------------------------------------
The Ally Financial Inc. board of directors has declared quarterly
dividend payments for certain outstanding preferred stock.  Each
of these dividends were declared by the board of directors on
Oct. 1, 2013, and are payable on Nov. 15, 2013.

A quarterly dividend payment was declared on Ally's Fixed Rate
Cumulative Mandatorily Convertible Preferred Stock, Series F-2, of
approximately $134 million, or $1.125 per share, and is payable to
the U.S. Department of the Treasury.  A quarterly dividend payment
was also declared on Ally's Fixed Rate Cumulative Perpetual
Preferred Stock, Series G, of approximately $45 million, or $17.50
per share, and is payable to shareholders of record as of Nov. 1,
2013.  Additionally, a dividend payment was declared on Ally's
Fixed Rate/Floating Rate Perpetual Preferred Stock, Series A, of
approximately $22 million, or $0.53 per share, and is payable to
shareholders of record as of Nov. 1, 2013.

Including the aforementioned dividend payments on the Series F-2
Preferred Stock, Ally will have paid a total of approximately $6.3
billion to the U.S. Treasury since February 2009.  This amount
includes preferred stock dividends, interest payments and proceeds
received by the U.S. Treasury in its sale of Ally trust preferred
securities.

                         About Ally Financial

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

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

Ally Financial Inc. reported net income of $1.19 billion for the
year ended Dec. 31, 2012, as compared with a net loss of $157
million during the prior year.  As of June 30, 2013, the Company
had $150.62 billion in total assets, $131.46 billion in total
liabilities and $19.16 billion in total equity.


ALVARION LTD: Obtains NASDAQ Listing Extension
----------------------------------------------
Alvarion Ltd. (in receivership) on Oct. 14 disclosed that on
October 10, 2013, the Company received notice from The NASDAQ
Stock Market LLC indicating that the NASDAQ Listing Qualifications
Panel has granted the Company's request for continued listing on
NASDAQ through January 13, 2014.  In order to comply with the
terms of this exception, on or before January 13, 2014, the
Company must emerge from bankruptcy proceedings in Israel and
demonstrate compliance with all applicable requirements for
initial listing on NASDAQ.  In the event the Company does not
satisfy the terms of the Panel's decision by January 13, 2014, the
Panel will issue a final determination to delist the Company's
shares from NASDAQ.

Headquartered in Tel Aviv-Yafo, Israel, Alvarion Ltd. --
http://www.alvarion.com-- provides optimized wireless broadband
solutions addressing the connectivity, coverage and capacity
challenges of telecom operators, smart cities, security, and
enterprise customers.


AS SEEN ON TV: Unit Closes Sale of Meal Delivery Business
---------------------------------------------------------
eDiets.com, Inc., a wholly owned subsidiary of As Seen On TV,
Inc., completed the previously announced sale to Chefs Diet
National Co., LLC, a subsidiary of Chef's Diet Corp., of certain
assets relating to the eDiets meal delivery business.

The disposed assets consist primarily of a customer database of
active and inactive eDiets customers.  In addition, eDiets granted
Chef's Diet a perpetual royalty-free license to content and
certain other intellectual property used in connection with the
eDiets meal delivery business.  The base purchase price of $1.1
million consists of an initial cash payment of $200,000, plus
deferred cash payments totaling $900,000 payable as follows:

    (i) eight quarterly payments beginning Jan. 1, 2014, in an
        amount equal to the greater of $56,250 or seven percent of
        adjusted gross revenue for the immediately preceding
        period; and

   (ii) eight quarterly payments beginning Jan. 1, 2016, in an
        amount equal to the greater of $56,250 or five percent of
        adjusted gross revenue for the immediately preceding
        period.

In addition, Chef's Diet will make up to four quarterly bonus
payments of up to $50,000 each if it meets certain customer
acquisition and retention targets.

                        About As Seen on TV

Clearwater, Fla.-based As Seen On TV, Inc., is a direct response
marketing company.  It identifies, develops, and markets consumer
products.

As reported by the TCR on Nov. 6, 2012, As Seen On TV entered into
an Agreement and Plan of Merger with eDiets Acquisition Company
("Merger Sub"), eDiets.com, Inc., and certain other individuals.
Pursuant to the Merger Agreement, Merger Sub will merge with and
into eDiets.com, and eDiets.com will continue as the surviving
corporation and a wholly-owned subsidiary of the Company.

As Seen On TV disclosed net income of $3.69 million on $10.10
million of revenues for the year ended March 31, 2013, as compared
with a net loss of $8.07 million on $8.16 million of revenues
during the prior year.  The Company's balance sheet at June 30,
2013, showed $23.81 million in total assets, $13.05 million in
total liabilities and $10.75 million in total stockholders'
equity.

EisnerAmper LLP, in Edison, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the
year ended March 31, 2013.  The independent auditors noted that
the Company's recurring losses from operations and negative cash
flows from operations raise substantial doubt about its ability to
continue as a going concern.


ASCENT AVIATION: Victory Park Capital Completes Sale to LongueVue
-----------------------------------------------------------------
Victory Park Capital, an asset-management firm focused on debt and
equity investments in the lower middle market, on Oct. 11
announced the sale of its portfolio company, Ascent Aviation
Services Corp, to LongueVue Capital Partners II, LP, a New
Orleans-based private equity firm.  The terms of the transaction
were not disclosed.

VPC has held a stake in Ascent since December 2007, when it made a
senior secured loan to its predecessor company.  When the
predecessor company filed for bankruptcy protection in January
2009, VPC provided a debtor-in-possession loan to finance the
bankruptcy process, and subsequently purchased the assets in
November 2009.  VPC rebranded and repositioned the business,
leading to a successful operational turnaround.  The firm
implemented significant critical changes, including the following:

   -- Overhauled the management team with industry-leading
executives;

   -- Enhanced systems and operational controls, establishing
best-in-class practices;

   -- Shifted the business and customer mix, building a more
attractive revenue base;

   -- Implemented numerous planning tools and quality metrics to
drive increased customer satisfaction and margins; and

   -- Expanded into several new aircraft platforms, including the
B757, CRJ 100/200 and A320 aircraft.

"We are truly appreciative of the relationship established with
the Ascent team over the last several years," said Matthew Ray,
partner and co-founder of VPC.  "Together, we managed a
repositioning that drove strong organic growth; made substantial
operational improvements that enhanced the margin profile; and
executed strategic initiatives to secure future prospects at the
Tucson airport.  As a result of this collective effort, we are
confident that Ascent is well positioned for future success."

"The VPC team added tremendous value in all aspects of our
business since re-emerging as Ascent in 2009," said
Michael Melvin, President of Ascent.  "Their experience in
building businesses and the support they provided through a hands-
on investment approach helped guide us as we solidified our market
presence."

                    About Victory Park Capital

Victory Park Capital -- http://www.victoryparkcapital.com/--is a
privately held, registered investment advisor dedicated to
alternative investing.  As specialists in less efficient markets,
VPC focuses on niche credit and private equity opportunities in
both distressed and improving U.S.-based lower middle market
companies.  Whether as a lender or a control investor, VPC looks
to identify situations on behalf of its LP's where it believes the
potential for reward outweighs the risks entailed.  Founded in
2007, VPC is headquartered in Chicago with additional resources in
New York, Boston and San Francisco.

                About LongueVue Capital Partners

LongueVue Capital -- http://www.lvcpartners.com-- is a private
equity company focused on making value-oriented equity and debt
investments in lower middle market companies (up to $100 million
of revenue) to support buy-outs, recapitalizations, acquisitions,
and growth.  Since its formation in 2001, LVC has made successful
investments in a wide variety of industries, including
manufacturing, business services, energy services, and third party
logistics.  LVC is based in New Orleans with additional offices in
New York and Salt Lake City.

                  About Ascent Aviation Services

Headquartered in Tucson, Arizona, Ascent --
http://www.ascentmro.com/-- is a premier commercial aircraft
maintenance, repair and overhaul service provider with a
specialization in narrow body aircraft.  Ascent performs heavy and
line maintenance services, aircraft modification, transition and
refurbishment work, aircraft storage and reclamation services, and
consigned part sales.


BALL FOUR: Court Confirms Bankruptcy-Exit Plan
----------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado in late
September confirmed Ball Four, Inc.'s Second Amended Plan of
Reorganization.

Pursuant to the Plan, holders of allowed unsecured claims will be
paid the allowed amount of their claims in full plus interest at
the current Federal Judgment Interest Rate calculated from the
Effective Date until the date that the allowed unsecured claims
are paid in full.

To pay allowed unsecured claims, the Debtor will make sufficient
semi-annual payments of $50,000 each which will be distributed to
the holders of allowed unsecured claims on a Pro Rata basis with
the first semi-annual payment of $50,000 due on the Effective Date
and continuing thereafter with additional semi-annual payments of
$50,000 each until Class 4 claims are paid in full.

Additionally, the unsecured priority claim of the U.S. Internal
Revenue Service will be paid in full with interest at 5% per annum
amortized over 48 months with the first payment of principal and
interest due on the Effective Date and continuing monthly
thereafter until the claim is paid in full.

A full-text copy of the disclosure statement explaining the terms
of the Plan is available for free at:

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

Early in September, Denver Bankruptcy Judge Michael E. Romero
signaled he would approve the Amended Plan of Reorganization
proposed by Larry Ralph Gentry and Susan Ellen Gentry, the 100%
officers, directors and shareholders of Ball Four.  The bankruptcy
judge overruled objections filed by creditor 2011-SIP-1 CRE/CADC
Venture LLC.  No other objections remain to confirmation of the
Gentrys' Amended Plan, which is dated June 11, 2012.

The Gentrys were granted leave to file a Motion for Entry of Order
with a proposed confirmation order and an Affidavit in support of
confirmation of the Amended Plan, as modified by the Erratum, no
later than 14 days from the date of the Court's Order.

In a Sept. 12, 2013 Order available at http://is.gd/sygJAffrom
Leagle.com, Judge Romero directed the Gentrys to file an objection
to SIP's claim against the Gentrys, if any, within 60 days from
the Effective Date of the Amended Plan.

In late 2005, Ball Four borrowed approximately $1.9 million from
FirsTier Bank to pay off a previous loan and fund the construction
of two buildings to expand the business. The FirsTier loan was
secured by certain Ball Four assets, and the Gentrys personally
guaranteed this indebtedness pursuant to the terms of two
commercial guaranties dated Sept. 22, 2005.

According to the Gentrys, the construction project was underfunded
and completed one year late, and certain construction defects
remained. The economy declined soon after the project was
completed in June 2007. Over the next two years, Ball Four
struggled in the weakened economy, and by November 2009, it was
unable to make the interest payment due on the note to FirsTier.
In the midst of structuring a deal with FirsTier to cure the
arrears, FirsTier called the note and initiated a foreclosure
proceeding against Ball Four.

Ball Four filed for relief under Chapter 11 of the Bankruptcy Code
on Sept. 21, 2010 (Case No. 10-33952 EEB), and the case was
adjudicated before another division of the Colorado Bankruptcy
Court. Ball Four indicated FirsTier's foreclosure action was the
primary cause for seeking bankruptcy protection.

FirsTier filed a proof of claim in the amount of $3,572,158.12 in
Ball Four's case. Almost two months later, FirsTier was closed by
the Colorado Division of Banking, and the FDIC was appointed as
receiver and assumed all rights and operations of FirsTier. On
August 4, 2011, the FDIC conveyed all rights under the original
promissory note to SIP. It is undisputed SIP is the successor in
interest to FirsTier's claim.  In summary, Ball Four's plan
provides SIP's claim will be paid in full, in whatever amount
deemed allowed.

Notably, FirsTier, the FDIC and SIP did not object to the
treatment in Class 3 in Ball Four's plan, nor did they object to
the feasibility of the same. On August 29, 2011, Judge Brown
confirmed Ball Four's Second Amended Plan of Reorganization. Under
the confirmed plan, Ball Four's payments to SIP on the Class 3
claim are to commence on the later of the effective date or thirty
days after the Ball Four Court enters a final order allowing the
claim. Although the effective date has passed, a final
determination of SIP's claim has not been made. Based on the clear
language of Ball Four's confirmed plan, and until a final order
determining the allowance of SIP's claim enters, Ball Four is not
obligated to make any payments to SIP (a point SIP conceded at
oral argument before this Court).

Ball Four filed its Chapter 11 Final Report and Motion for Final
Decree, indicating the Second Amended Plan of Reorganization
became final and the Ball Four estate was fully administered
pursuant to FED. R. BANKR. P. 3022. The Court granted Ball Four's
Motion for Final Decree over SIP's objection, and Ball Four's
bankruptcy case was closed on March 13, 2013.

After acquiring the original promissory note, SIP commenced
litigation against the Gentrys in Jefferson County seeking
collection under the Personal Guaranties. On November 29, 2011,
the Gentrys filed their own Chapter 11 case (Bankr. D. Colo. Case
No. 11-37658), and the state court litigation was automatically
stayed. SIP's collection action was the primary cause of the
Gentrys' individual bankruptcy filing. As in the Ball Four case,
the Gentrys hired Allen & Vellone as special counsel to object to
SIP's claim, which objection has not yet been filed.

According to their Amended Disclosure Statement, the Gentrys each
receive a monthly gross salary of $7,000 from Ball Four. The
Gentrys anticipate their monthly gross salary will increase to
$10,000 each, and the they will fund their Amended Plan and
ongoing living expenses with this income. The Gentrys' Amended
Plan proposes 100% payment of all "allowed" secured and unsecured
claims.

As to SIP's claim, the Amended Plan provides the following
treatment: "The disputed unsecured claim of the Class 6 creditor
is evidenced by a personal guaranty signed by the Debtors
guarantying [sic] the secured claim of the Class 6 creditor which
is owed to the Class 6 creditor by Ball Four. When the Class 6
creditor's disputed claim is determined to be an allowed claim by
entry of a Final Order, the allowed unsecured claim will be paid
in full by Ball Four pursuant to the terms of the confirmed
Chapter 11 Plan of Reorganization of Ball Four. The Class 6
creditor's allowed unsecured claim will be paid by Ball Four as
provided for in Ball Four's confirmed Plan of Reorganization."

On December 5, 2012, the Court approved the Gentrys' Amended
Disclosure Statement and set a hearing on confirmation of the
Amended Plan. The deadline for ballots and objections to
confirmation of the Amended Plan was January 23, 2013. According
to the Ballot Summary, the general unsecured creditor class (Class
8) voted to accept the Amended Plan, thereby satisfying the
requirements of 11 U.S.C. Sec. 1126(c).12 SIP submitted the only
ballot rejecting the Amended Plan. Class 7, the only other
impaired class entitled to a vote, did not submit a ballot, and is
deemed to have accepted the Amended Plan.

The Office of the United States Trustee filed a Limited Objection
to Confirmation, which was resolved by the Gentrys' Erratum to the
Amended Plan and the objection was withdrawn. SIP filed the only
other objection to confirmation of the Amended Plan.

                        About Ball Four

Ball Four, Inc., has a 16.93-acre property located at 2101 W. 64th
Ave. in Adams County, Arvada, Colorado.  The site has a slow pitch
softball facility and an indoor-soccer facility.  Simulcast
wagering on dog and horse racing from tracks in the United States
is also operated at the site pursuant to a license obtained from
Mile High Racing in Commerce City.

Ball Four first sought Chapter 11 protection after it was
discovered in 1989 that a small portion of Ball Four's property
was contaminated.  Ball Four later sought confirmation of a
Chapter 11 plan, and an investigation found Ball Four's property
to be free of contaminants.

Ball Four completed its indoor soccer facility and another
building at its property in 2007 following a $1.9 million loan
from FirsTier Bank.  In November 2009, Ball Four was unable to
make the interest payment due on the note to FirsTier.  FirsTier
commenced a foreclosure proceeding which led to the Debtor filing
for Chapter 11 protection in 2010.

Ball Four, Inc., filed a Chapter 11 petition (Bankr. D. Colo. Case
No. 10-33952) on Sept. 21, 2010.  William A. Richey, Esq., at
Weinman & Associates, P.C., serves as the Debtor's bankruptcy
counsel.  The Debtor disclosed $16,220,990 in assets and
$3,483,420 in liabilities as of the Chapter 11 filing.


BELLWEST HOLDINGS: Court Dismisses Chapter 11 Case
--------------------------------------------------
The U.S. Bankruptcy Court approved a motion filed by Bellwest
Holdings, LLC, to dismiss its Chapter 11 case, citing that:

   1. The Debtor has reached an agreement with secured creditor
      MLCFC 2007-9 Surprise Retail, LLC, which will allow the
      debtor to dismiss its Chapter 11 proceeding.

   2. As part of the settlement agreement with secured creditor,
      the Debtor must have substantially completed the terms of
      the agreement which includes the dismissal of the Chapter 11
      proceeding.

   3. The Debtor believes it no longer needs the Court's
      assistance to complete its reorganization efforts.

The Court ruled that the Debtor is prohibited from filing another
bankruptcy petition within 180 days of the entry of the Dismissal
Order.

Attorney for the Debtor can be reached at:

         Eric Slocum Sparks, Esq.
         LAW OFFICES OF ERIC SLOCUM SPARKS, P.C.
         110 South Church Avenue, #2270
         Tucson, AZ 85701
         Tel: (520) 623-8330
         Fax: (520) 623-9157
         E-mail: eric@ericslocumsparkspc.com

                   About Bellwest Holdings LLC

Bellwest Holdings LLC, owner of a property in Surprise, Arizona,
filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 12-20126) on
Sept. 10, 2012, in Tucson.  The Debtor, a single asset real estate
under 11 U.S.C. Sec. 101 (51B), estimated assets and debts of $10
million to $50 million in the petition.

Bankruptcy Judge Eileen W. Hollowell presides over the case.  Eric
Slocum Sparks, Esq., at Eric Slocum Sparks PC, in Tucson, Ariz.,
serves as counsel.


BOOMERANG SYSTEMS: Director Stephen C. Rockefeller Quits
--------------------------------------------------------
Stephen C. Rockefeller, Jr., resigned from Boomerang Systems,
Inc.'s Board of Directors on Oct. 10, 2013.  Mr. Rockefeller
served as a member of the Company's Compensation Committee and
Audit Committee.  His resignation was not the result of any
disagreement on any matter, practice or policy.

                       About Boomerang Systems

Headquartered in Morristown, New Jersey, Boomerang Systems, Inc.
(Pink Sheets: BMER) through its wholly owned subsidiary, Boomerang
Utah, is engaged in the design, development, and marketing of
automated racking and retrieval systems for automobile parking and
automated racking and retrieval of containerized self-storage
units.

Boomerang incurred a net loss of $17.42 million for the fiscal
year ended Sept. 30, 2012, compared with a net loss of $19.10
million during the prior year.  The Company's balance sheet at
March 31, 2013, showed $4.46 million in total assets, $23.19
million in total liabilities and a $18.73 million total
stockholders' deficit.

                         Bankruptcy Warning

"Our operations may not generate sufficient cash to enable us to
service our debt.  If we were to fail to make any required payment
under the notes and agreements governing our indebtedness or fail
to comply with the covenants contained in the notes and
agreements, we would be in default.  Our debt holders would have
the ability to require that we immediately pay all outstanding
indebtedness.  If the debt holders were to require immediate
payment, we might not have sufficient assets to satisfy our
obligations under the notes or our other indebtedness.  In such
event, we could be forced to seek protection under bankruptcy
laws, which could have a material adverse effect on our existing
contracts and our ability to procure new contracts as well as our
ability to recruit and/or retain employees.  Accordingly, a
default could have a significant adverse effect on the market
value and marketability of our common stock," the Company said in
its annual report for the year ended Sept. 30, 2012.


BROWNSVILLE MD: Can Employ Husch Blackwell as Bankruptcy Counsel
----------------------------------------------------------------
Brownsville MD Ventures, LLC, sought and obtained approval from
the U.S. Bankruptcy Court to employ Husch Blackwell LLP of Austin,
Texas, as its bankruptcy counsel.  Kell C. Mercer will serve as
attorney in charge.

Prior to the Petition Date, the firm received an initial retainer
of $25,000.  Shortly before the filing of the case, the retainer
was replenished by $4,503.16 to $25,000.

The Debtor assures the Court that Husch Blackwell does not
represent any interest adverse to the Debtor, or the Estate, and
is a "disinterested party" pursuant to Section 327 of the
Bankruptcy Code.

Brownsville MD Ventures, LLC, filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 13-10341) on Aug. 26, 2013, in Brownsville,
Texas.  Chester Gonzalez signed the petition as chairman of
the board of managers.  The Debtor estimated assets and debts of
at least $10 million.  Kell Corrigan Mercer, Esq.
kell.mercer@huschblackwell.com -- at Husch Blackwell, LLP, in
Austin, Texas, serves as the Debtor's counsel.  Judge Richard S.
Schmidt presides over the case.


BROWNSVILLE MD: Files Schedules of Assets and Liabilities
---------------------------------------------------------
Brownsville MD Ventures, LLC filed with the Bankruptcy Court for
the Southern District of Texas its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $21,228,754
  B. Personal Property            $2,755,461
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $14,365,505
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $297,787
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                                $0
                                 -----------      -----------
        TOTAL                    $23,984,215      $14,663,292

Brownsville MD Ventures, LLC, filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 13-10341) on Aug. 26, 2013, in Brownsville,
Texas.  Chester Gonzalez signed the petition as chairman of
the board of managers.  The Debtor estimated assets and debts of
at least $10 million.  Kell Corrigan Mercer, Esq., at Husch
Blackwell, LLP, in Austin, Texas, serves as the Debtor's counsel.
Judge Richard S. Schmidt presides over the case.


CALDERA PHARMACEUTICALS: Timothy Tyson Joins Board
--------------------------------------------------
The Board of Directors of Caldera Pharmaceuticals, Inc., voted to
increase the size of the Board of Directors to seven and appointed
Timothy Tyson as a director of the Board.  For his service as
director of the Company, Mr. Tyson will receive the Company's
standard compensation applicable to non-employee directors.

Mr. Tyson brings over 30 years of experience, and is an
internationally recognized leader in the pharmaceutical industry.
He is currently the Chairman of Aptuit, a contract research
organization providing services to the pharmaceutical industry.
His previous leadership positions include his tenure as CEO of
Aptuit, and CEO of Valeant Pharmaceuticals.  In addition Mr. Tyson
has held senior executive positions at GlaxoSmithKline and at
Bristol-Myers.

Gary Altman, president and CEO of Caldera Pharmaceuticals, Inc.,
and XRpro, stated, "We are honored to have Tim join our Board.
His leadership, his business experience, and his wealth of
knowledge of the pharmaceutical industry, add a great deal to our
team.  I look forward to working with him, and gaining his
counsel."

Mr. Tyson is a graduate of the United States Military Academy, and
holds a Masters of Public Administration and an MBA from
Jacksonville State University.

                           About Caldera

Based in Cambridge, Massachusetts, Caldera Pharmaceuticals, Inc.,
is a drug discovery and pharmaceutical services company that is
based on a proprietary x-ray fluorescence technology, called
XRpro(R).

The Company's balance sheet at June 30, 2013, showed $2.9 million
in total assets, $3.4 million in total liabilities, $133,350 of
Series A Cumulative Convertible Redeemable Preferred Stock, and a
stockholders' deficit of $635,724.

The Company said in its quarterly report for the period ended
June 30, 2013: "We have generated losses to date and have
limited working capital.  We incurred a net loss of for the six
months ended June 30, 2013, of $(1,810,498).  At June 30, 2013, we
had an accumulated deficit of $(10,654,430) and a working capital
deficiency of $(1,107,739).  We have generated losses to date and
have limited working capital.  At Dec. 31, 2012, we had an
accumulated deficit of $(6,967,435) and a working capital
deficiency of $(742,499).  We incurred a net loss of for the year
ended Dec. 31, 2012, of $(792,061) and for the year ended Dec. 31,
2011, of $(2,152,923).  These factors raise substantial doubt
about our ability to continue as a going concern."


CAMCO FINANCIAL: Inks Merger Agreement with Huntington
------------------------------------------------------
Huntington Bancshares Incorporated and Camco Financial Corporation
signed a definitive agreement under which Huntington will acquire
Camco Financial, the parent company of Cambridge Ohio-based
Advantage Bank, in a cash and stock transaction.  As of June 30,
2013, Camco operated 22 banking offices throughout eastern and
southern Ohio with $0.8 billion in total assets and $0.6 billion
in total deposits.

"This is a great opportunity to enhance our presence in several
areas within our existing footprint and to expand into several new
attractive geographies," said Steve Steinour, chairman, president
and CEO of Huntington Bank.  "We are pleased to welcome the more
than 55,000 customers of Advantage Bank to Huntington.  Our new
customers will now have access to some of the highest rated
customer service in the industry and to some of the most
innovative banking products and services, which have helped to
grow our customer base by more than 30 percent in the past three
years.  The acquisition will also give our current customers the
convenience of more branches."

"Huntington has a well-known legacy of investing in its customers
and communities," said Jim Huston, chairman, president and CEO of
Camco Financial and Advantage Bank.  "We believe our customers
will enjoy excellent service along with Huntington's broader suite
of products."

Under the terms of the agreement, which was unanimously approved
by the boards of both companies, shareholders of Camco Financial
may elect to receive 0.7264 shares of Huntington common stock, or
$6.00 in cash, for each share of Camco Financial common stock,
subject to proration provisions specified in the merger agreement
that provide for a targeted aggregate split of total consideration
of 80 percent common stock and 20 percent cash.  Based upon the
Wednesday, Oct. 9, 2013, closing price of $8.12 per share of
Huntington common stock, the transaction is valued at
approximately $97 million, including outstanding options and
warrants.

The transaction is expected to be completed in the first half of
2014, subject to the satisfaction of customary closing conditions,
including regulatory approvals and the approval of the
shareholders of Camco Financial.  Given the size and structure,
the transaction has a de minimis impact to tangible book value.
With over 45 percent geographic overlap(1), Huntington expects the
acquisition to be accretive to earnings per share in the first
full year.  In completing diligence, Huntington reviewed over 75
percent of the loan portfolio.

(1) 45 percent geographic overlap defined as branches within 1.5
miles of a Huntington branch.

A copy of the Agreement and Plan of Merger is available at:

                       http://is.gd/vg2Xoj

                       About Camco Financial

Cambridge, Ohio-based Camco Financial Corporation is a bank
holding company that was organized under Delaware law in 1970.
Camco is engaged in the financial services business in Ohio,
Kentucky and West Virginia, through its wholly-owned subsidiary,
Advantage Bank, an Ohio bank.  On March 31, 2011, Camco divested
activities related to Camco Title Agency and decertified as a
financial holding company.  Camco remains a bank holding company
and continues to be regulated by the Federal Reserve Board.

Plante & Moran PLLC, in Auburn Hills, Michigan, noted that the
Corporation's bank subsidiary is not in compliance with revised
minimum regulatory capital requirements under a formal regulatory
agreement with the banking regulators, and that failure to comply
with the regulatory agreement may result in additional regulatory
enforcement actions.

As discussed in Note K, Camco's wholly-owned subsidiary Advantage
Bank's Tier 1 capital does not meet the requirements set forth in
the 2012 Consent Order.  As a result, the Corporation will need to
increase capital levels.

The Corporation reported net earnings of $4.2 million on net
interest income (before provision for loan losses) of
$23.9 million in 2012, compared with net earnings of $214,000 on
net interest income of $214,000 on net interest income (before
provision for loan losses) of $25.9 million in 2011.

As of June 30, 2013, the Company's balance sheet showed $756.77
million in total assets, $690.84 million in total liabilities and
$65.93 million in total stockholders' equity.


CAPITOL BANCORP: Inks Agreement to Sell Remaining Affiliates
------------------------------------------------------------
Capitol Bancorp Limited on Oct. 14 disclosed that it has entered
into a stock purchase agreement to sell the common stock of its
remaining consolidated entities, Bank of Las Vegas, Indiana
Community Bank, Michigan Commerce Bank and Sunrise Bank of
Albuquerque, to Talmer Bancorp, Inc., a bank holding company
located in Troy, Michigan.

Capitol's Chairman and CEO Joseph D. Reid said, "We are pleased to
provide the banks with a strategic partner that has the resources
and capital to support the banks' long-term success.  This
transaction presents significant opportunities for the banks, and
their employees and customers.  The Talmer organization is
community oriented and committed to continuing to build upon the
banks' existing operations and refocus on growth in their
respective markets.  I am confident that the banks will continue
their strong tradition of high standards of performance, service
and commitment to the communities that they serve for many years
to come."

Capitol officials stress that the pending transaction will not
have any impact on the operations of the banks, and their
employees and customers.  Customer deposits remain insured by the
Federal Deposit Insurance Corporation.

The sale is expected to close under Section 363 of the U.S.
Bankruptcy Code, and is subject to regulatory approval, and the
terms and conditions contained in the stock purchase agreement.

                     About Capitol Bancorp

Capitol Bancorp Ltd. and Financial Commerce Corporation filed
voluntary Chapter 11 bankruptcy petitions (Bankr. E.D. Mich. Case
Nos. 12-58409 and 12-58406) on Aug. 9, 2012.

Capitol Bancorp -- http://www.capitolbancorp.com/-- is a
community banking company with a network of individual banks and
bank operations in 10 states and total consolidated assets of
roughly $2.0 billion as of June 30, 2012.  CBC owns roughly 97% of
FCC, with a number of CBC affiliates owning the remainder.  FCC,
in turn, is the holding company for five of the banks in CBC's
network.  CBC is registered as a bank holding company under the
Bank Holding Company Act of 1956, as amended, 12 U.S.C. Sec. 1841,
et seq., and trades on the OTCQB under the symbol "CBCR."

Lawyers at Honigman Miller Schwartz and Cohn LLP represent the
Debtors as counsel.  John A. Simon, Esq., at Foley & Lardner LLP,
represents the Official Committee of Unsecured Creditors as
counsel.

In its petition, Capitol Bancorp scheduled $112,634,112 in total
assets and $195,644,527 in total liabilities.  The petitions were
signed by Cristin K. Reid, corporate president.

The Company's balance sheet at Sept. 30, 2012, showed
$1.749 billion in total assets, $1.891 billion in total
liabilities, and a stockholders' deficit of $141.8 million.

Prepetition, the Debtor arranged a reorganization plan that was
accepted by the requisite majorities of creditors and equity
holders in all classes.  Problems arose when affiliates of
Valstone Partners LLC declined to proceed with a tentative
agreement to fund the reorganization by paying $50 million for
common and preferred stock while buying $207 million in face
amount of defaulted commercial and residential mortgages.


CASCADE AG: Cairncross & Hempelmann Seeks to Withdraw as Counsel
----------------------------------------------------------------
The hearing on a motion filed by Cairncross & Hempelmann to
withdraw as counsel for 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 set for
October 25, 2013 at 9:30 a.m. at 700 Stewart Street Courtroom 7206
Seattle, WA 98101.

The hearing will be presided by Judge Karen A. Overstreet.

On September 9, 2013, the Court entered an order that, among other
things, approved the sale of substantially all of the Debtor's
assets.  The Sale Order appointed Pivotal Solutions, Inc. as
liquidating agent to assume sole custody and control over the
Debtor and all of its assets.  The Sale Order further stripped the
Debtor's principals, Craig Staffanson, Jocelyn Staffanson, and Ben
Lee, of any right to access or control the Debtor's business or
assets.

Since the Sale Order's entry, Cairncross's client contacts have
had no authority to act on behalf of Cairncross's client, whose
business and assets are controlled by the Liquidating Agent, who
is represented by separate counsel.

On September 26, 2013, Cairncross received an email from Jocelyn
Staffanson, stating that the Debtor's principals, Ben Lee, Craig
Staffanson, and Jocelyn Staffanson, had resigned as corporate
officers and directors.  Accordingly, Cairncross now has no client
contacts at all.

As the Court is well aware, the Debtor is no longer an operating
company, and the duty to protect and preserve the estate's assets
now rests with the Liquidating Agent.

Consequently, it is highly unlikely that any issues will arise
that do not fall within the scope of the Liquidating Agent's
duties under the Sale Order.  Even if such an issue were to arise,
Cairncross would not have any authority to act on behalf of the
Debtor in light of the withdrawal of the Debtor's principals.

Finally, Cairncross will remain subject to this Court's
jurisdiction in Cairncross's capacity as an administrative
claimant; and Cairncross voluntarily submits to this Court's
jurisdiction with respect to any other matters related to
Cairncross's representation of the Debtor.

                         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: Hearing on Bid to Dismiss Case Continued to Nov. 22
---------------------------------------------------------------
A continued hearing on the motion filed by the United States
Trustee seeking dismissal of the chapter 11 case of Cascade AG
Services, Inc., is continued to November 22, 2013.

The Court reviewed the Motion and the responses and objections of
Columbia State Bank, One Pacific Coast Bank, Washington Federal
and debtor Cascade Ag Services, Inc., dba Pleasant Valley Farms,
fdba Mo0untain View Produce, Inc., fdba Staffanson Harvesting
LLC, and fdba Sterling Investment Group, L.L.C., considered the
terms of the Order (A) Authorizing and Approving the Sale of
Assets Free and Clear of all Liens, Claims, Encumbrances and Other
Interests, (B) Appointing Liquidating Agent and (C) Granting
Related Relief and heard the arguments of counsel.

The Liquidating Agent shall file a written report with the Court
no later than Nov. 18, 2013, regarding the status of the matters
under the Liquidating Agent's charge pursuant to the Order.

                         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.


CENGAGE LEARNING: Wants to Avoid Liens on Disputed Copyrights
-------------------------------------------------------------
Cengage Learning, Inc., et al., filed with the U.S. Bankruptcy
Court for the Eastern District of New York an adversary proceeding
against:

   1. JPMorgan Chase Bank, N.A., solely in its capacity as
successor administrative agent and collateral agent under that
certain credit agreement dated July 5, 2007, and as amended;

   2. The Bank of New York Mellon, solely in its capacity as
trustee and collateral agent under that certain indenture dated
April 10, 2012; and

   3. CSC Trust Company of Delaware, solely in its capacity as
successor trustee and collateral agent under that certain
indenture dated as of July 5, 2012.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, on behalf of the
Debtors, asks:

   i) the Court to enter an order avoiding the liens on and
security interests in the Disputed Copyrights and the Security
Agreement Collateral pertaining to the Disputed Copyrights and
preserving them for the benefit of the Debtors' estates;

  ii) the Court to issue an order declaring that any interest in
Disputed Copyrights and Security Agreement Collateral avoided, and
preserved for the benefit of the Debtors' estates pursuant to
Section 551 of the Bankruptcy Code is superior in priority to any
other interests that the Defendants have in such Disputed
Copyrights and Security Agreement Collateral;

iii) the Court to issue an order declaring that the Debtors'
estates have no rights or obligations, and are not otherwise bound
by, any intercreditor agreement or other agreement to which the
Defendants were a party with respect to any recovery received on
account of the liens in any Disputed Copyrights or Security
Agreement Collateral pertaining to such Disputed Copyrights
avoided.

As of June 30, 2013, shortly before the Petition Date, the Debtors
had outstanding funded debt obligations in the aggregate principal
amount of approximately $5.8 billion.

                      About Cengage Learning

Stamford, Connecticut-based Cengage Learning --
http://www.cengage.com/-- provides innovative teaching, learning
and research solutions for the academic, professional and library
markets worldwide.  Cengage Learning's brands include
Brooks/Cole, Course Technology, Delmar, Gale, Heinle, South
Western and Wadsworth, among others.  Apax Partners LLP bought
Cengage in 2007 from Thomson Reuters Corp. in a $7.75 billion
transaction.  The acquisition was funded in part with $5.6 billion
in new debt financing.

Cengage Learning Inc. filed a petition for Chapter 11
reorganization (Bankr. E.D.N.Y. Case No. 13-bk-44106) on July 2,
2013, in Brooklyn, New York, after signing an agreement where
holders of $2 billion in first-lien debt agree to support a
reorganization plan.  The plan will eliminate more than $4 billion
of $5.8 billion in debt.

First-lien lenders who signed the so-called plan-support agreement
include funds affiliated with BlackRock Inc., Franklin Mutual
Adviser LLC, KKR & Co. and Oaktree Capital Management LP.  Second-
lien creditors and holders of unsecured notes aren't part of the
agreement.

The Debtors have tapped Kirkland & Ellis LLP as counsel, Lazard
Freres & CO. LLC as financial advisor, Alvarez & Marsal North
America, LLC, as restructuring advisor, and Donlin, Recano &
Company, Inc., as claims and notice agent.

The Debtors filed a Joint Plan of Reorganization and Disclosure
Statement dated Oct. 3, 2013, which provides that the Debtors took
extreme care to advance and protect the interest of unsecured
creditors -- including seeking to protect four primary sources of
potential recoveries for unsecured creditors and providint them
with appropriate time to conduct diligence, and discuss their
conclusions on, among other things, the value of those sources of
potential recoveries.


CHECKERS DRIVE-IN: S&P Affirms B- CCR & B- Rating on $160MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Tampa, Fl.-based restaurant chain Checkers Drive
In Restaurants Inc.  The outlook is stable.

At the same time, S&P affirmed its 'B-' issue-level rating on the
company's $160 million senior secured notes.  S&P's '4' recovery
rating on this facility indicates its expectation for average
recovery (30% to 50%) in the event of a payment default.  S&P do
not rate the company's $20 million revolver.  The company's new
$25 million HoldCo senior PIK toggle notes will not be rated.

"We believe credit measures will remain close to current levels
over the next year," said Standard & Poor's credit analyst Nalini
Saxena.  "We believe a slight increase to EBITDA generation will
offset the additional burden of the incremental debt."

Standard & Poor's could consider a downgrade if increasing
competition in the QSR segment impairs Checkers' sales growth and
margins.  S&P could consider a higher rating if Checkers
successfully increases its franchise income and overall
profitability.


CHINA PRECISION: Widens Net Loss to $68.9 Million in Fiscal 2013
----------------------------------------------------------------
China Precision Steel, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $68.93 million on $36.52 million of sales revenues for
the year ended June 30, 2013, as compared with a net loss of
$16.94 million on $142.97 million of sales revenues during the
prior fiscal year.  The increase in net loss is attributable to,
among other things, a substantial decrease in sales revenues, a
negative gross profit margin, and a substantial allowance for bad
and doubtful debts.

As of June 30, 2013, the Company had $119.92 million in total
assets, $67.01 million in total liabilities, all current, and
$52.91 million in total stockholders' equity.  As of June 30,
2013, the Company had cash and cash equivalents of approximately
$0.1 million.

Moore Stephens, Certified Public Accountants, in Hong Kong, issued
a "going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company has suffered a very significant
loss in the year ended June 30, 2013, and defaulted on interest
and principal repayments of bank borrowings that raise substantial
doubt about its ability to continue as a going concern.

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

                       http://is.gd/FhzkyS

                      About China Precision

China Precision Steel Inc. is a niche precision steel processing
company principally engaged in the production and sale of high
precision cold-rolled steel products and provides value added
services such as heat treatment and cutting medium and high
carbon hot-rolled steel strips.  China Precision Steel's high
precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-
rolled steel products are mainly used in the production of
automotive components, food packaging materials, saw blades and
textile needles.  The Company primarily sells to manufacturers in
the People's Republic of China as well as overseas markets such
as Nigeria, Thailand, Indonesia and the Philippines.  China
Precision Steel was incorporated in 2002 and is headquartered in
Sheung Wan, Hong Kong.


CITIZENS DEVELOPMENT: Use of LSM Lender's Cash Collateral Approved
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
approved a stipulation between Citizens Development Corp. and LSM
Lender LLC:

   -- authorizing the Debtor's use of cash collateral;

   -- authorizing adequate protection payments of $20,562 to
      LSM Lender LLC; and

   -- prohibiting foreclosure of the Debtor's property through and
      including Dec. 31, 2013.

                    About Citizens Development

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

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

A bankruptcy-exit plan filed in the case provides that funding for
the Plan will initially come from a new value contribution in the
amount of up to $375,000 to be made to the Reorganized Debtor by
LDG Golf Marketing, LLC, Telesis' cash collateral in the amount of
$50,000 allocated to the payment of allowed administrative
expenses pursuant to the Telesis Settlement, and the Debtor's
additional cash on hand which is estimated to be $50,000, which
collectively equates to up to $475,000.

Tiffany L. Carroll, Acting U.S. Trustee for Region 15, was unable
to appoint an official committee of unsecured creditors in the
Chapter 11 case of Citizens Development Corp.

As reported by the TCR on July 16, 2013, the funding for the Plan
of Reorganization dated May 24, 2013, filed by the Debtor will
come from: (1) the additional financing; (2) new value
contribution in the amount of $400,000 to be made to the
Reorganized Debtor by Atlantica, the new investor; (3) the
Debtor's cash on hand which is estimated to be approximately
$25,000 as of the Effective Date -- which collectively equates to
$2,925,000 -- and (4) the revenue generated from continued
business operations.


CITIZENS DEVELOPMENT: May Incur $100,000 Loan to Pay Pac West
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
authorized Citizens Development Corp., to obtain $100,000
postpetition financing from LSM Lender, LLC.

In a separate order, the Court approved the Debtor's settlement
agreement with Pac West TD Fund II, L.P.

As reported in the Troubled Company Reporter on Sept. 3, 2013, the
Debtor explained that the loan will enable the Debtor to meet the
payment requirements to Pac West TD Fund II, L.P.  The Debtor also
asked the Court to approve its Settlement Agreement with LSM and
Pac West.

Pursuant to the Settlement, Pac West has agreed to a payment from
the Debtor of $100,000 in full settlement and satisfaction of its
claims against the Debtor, which claims are asserted to be
comprised of a $875,000 secured claim against the Debtor.
Pursuant to the Settlement, the Debtor's avoidance action
commenced against Pac West will be resolved favorably for the
Debtor, at minimal cost to the Debtor.

"Indeed, the Settlement Loan amount is likely the minimal amount
that the Debtor would have to spend litigating with Pac West, with
no certainty that the Debtor's litigation will prove fruitful,"
says Krikor J. Meshefejian, Esq., at Krikor J. Meshefejian Levene,
Neale, Bender, Yoo & Brill L.L.P., counsel to the Debtor.  "The
Settlement and the Settlement Loan are clearly in the best
interests of the estate and should be approved," he adds.

The Settlement Loan will be secured by: (1) a first priority Deed
of Trust, Assignment of Rents and Leases, Security Agreement and
Fixture Filing encumbering the property; and (2) all of the
Debtor's assets.  The Settlement Loan will be due four years from
its inception.  The Debtor will be required to make interest only
payments on the Settlement Loan at a rate of 7 percent per annum.

                    About Citizens Development

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

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

A bankruptcy-exit plan filed in the case provides that funding for
the Plan will initially come from a new value contribution in the
amount of up to $375,000 to be made to the Reorganized Debtor by
LDG Golf Marketing, LLC, Telesis' cash collateral in the amount of
$50,000 allocated to the payment of allowed administrative
expenses pursuant to the Telesis Settlement, and the Debtor's
additional cash on hand which is estimated to be $50,000, which
collectively equates to up to $475,000.

Tiffany L. Carroll, Acting U.S. Trustee for Region 15, was unable
to appoint an official committee of unsecured creditors in the
Chapter 11 case of Citizens Development Corp.

As reported by the TCR on July 16, 2013, the funding for the Plan
of Reorganization dated May 24, 2013, filed by the Debtor will
come from: (1) the additional financing; (2) new value
contribution in the amount of $400,000 to be made to the
Reorganized Debtor by Atlantica, the new investor; (3) the
Debtor's cash on hand which is estimated to be approximately
$25,000 as of the Effective Date -- which collectively equates to
$2,925,000 -- and (4) the revenue generated from continued
business operations.


COLOREP INC: Hilco IP Okayed as Marketing Agent
-----------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
authorized Colorep, Inc. and Transprint USA, Inc., to employ Hilco
IP Services LLC as exclusive agent for the purposes of marketing
their assets for sale, nunc pro tunc to Aug. 14, 2013.

As reported in the Troubled Company Reporter on Sept. 9, 2013,
the Debtors propose to pay Hilco a fee of $60,000, which will be
paid in two installments: (i) $30,000 payable upon entry of an
order by the Court approving Hilco's retention; and (ii) $30,000
payable upon closing on the sale of the assets.

Hilco will also be paid a commission from the Gross Proceeds of
the sale: (i) 3% of the first $20 million of the aggregate gross
proceeds of the sale; and (ii) 10% for any aggregate gross
proceeds in excess of $20 million.

Hilco will also be reimbursed from the Gross Proceeds of the
sale for all reasonable and customary expenses in connection with
the performance of its services.

The firm's Ian S. Fredericks assures the Court that neither Hilco
nor the employees comprising it hold or represent an interest
adverse to the estates with respect to the matters on which they
are to be employed.

                        About Colorep Inc.

Colorep Inc., an industrial printer from Harrisonburg, Virginia,
filed for Chapter 11 protection (Bankr. C.D. Calif. Case No.
13-27689) on July 10 in Los Angeles, owing $17 million to secured
lender Meserole LLC.  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.

Gary E. Klausner, Esq., at Stutman, Treister & Glatt, P.C.
represents Colorep as reorganization counsel while Stubbs,
Alderton & Markiles LLP serves as it special corporate counsel.

Meserole, LLC, is represented by Frank T. Pepler, Esq., and Stuart
M. Brown, Esq., at DLA Piper LLP (US).


COLOREP INC: May Sell Assets to Prepetition Lender for $20MM
------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has authorized Colorep, Inc. to sell substantially all of its
assets, and other interests to the purchaser, pursuant to the
terms of that certain asset purchase agreement between the Debtors
and Beta Color, LLC as sellers, and the purchaser, as purchaser,
dated as of Oct. 4, 2013.

An asset purchase agreement was submitted jointly by Meserole,
LLC, as Prepetition lender and Fuller Smith Capital Management
LLC, the DIP Agent wherein they made a credit bid in the aggregate
amount of $20 million dollars consisting of the DIP Agent and
Saviva FS 1. L.P., the DIP Lender credit bidding the amount
outstanding under the DIP Financing and Meserole, credit bidding
that portion of its prepetition claim equal to the sum of $20
million minus the DIP credit bid amount.

The bid also provided for the payment of $25,000 cash to the
estates and the assumption by the purchaser of the assumed
liabilities.

The purchaser intends to assign the credit bids to AirDye
Solutions, LLC, which will be the purchaser upon the assignment at
or before closing of the transactions contemplated by the final
APA.  "Purchaser" refers to Meserole and DIP Agent, or AirDye as
their interests may appear and as applicable

The Final APA as subsequently negotiated and agreed to between the
parties provides for the following consideration:

   a) a credit bid in the amount of $20 million consisting of (i)
a credit bid by the DIP Agent of $250,000 of the amount
outstanding under the DIP Financing; and (ii) a credit bid by
Meserole of the outstanding amount owing under the Prepetition
Loan in the amount equal to $20 million less the DIP Financing
Credit Bid, which amount is $19,750,000;

   b) the purchaser's payment of all cure amounts for all assigned
contracts and the assumption of the assumed liabilities, as that
term is defined in the Final APA; and

   c) the payment of $25,000.

At the closing, the debt constituting the Credit Bid to the extent
of $250,000 of the DIP Financing and $19,750,000 of the Pre-
Petition Loan will be deemed satisfied and extinguished and
Debtors and their estates will have no further obligations with
respect thereto.  Any liens or security interests of the
Prepetition lender, DIP Agent or DIP Lender against the assets of
the Debtors owned or acquired after the Closing of the Sale will
be deemed released and extinguished without the need for any
further action by any party.

At the closing, purchaser will assume the assumed liabilities.
The purchaser will pay the assumed liabilities as liabilities and
obligations become due and payable unless otherwise expressly
provided with regards to terms and condition of payment in the
final APA or any agreement between purchaser and a holder of the
any assumed liability.

The Troubled Company Reporter, citing a Bloomberg News report,
said on Oct. 2, 2013, that an auction set for September was
cancelled after no offers were received by the Sept. 18 deadline.
According to the Bloomberg report, Colorep said in a court filing
that it was in talks Fuller Smith and Meserole, which was owed $17
million in secured debt.

Colorep in August received court approval to finance the
bankruptcy.  At the end of August, Meserole gave Fuller Smith the
role of agent on the bankruptcy financing and transferred its
interest in the loan itself to an affiliate of Fuller Smith.

The Bloomberg report notes that Meserole retained a limited
partnership interest in the loan, according to a court filing.

                        About Colorep Inc.

Colorep Inc., an industrial printer from Harrisonburg, Virginia,
filed for Chapter 11 protection (Bankr. C.D. Cal. Case No.
13-27689) on July 10, 2013, in Los Angeles, owing $17 million to
secured lender Meserole LLC.  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.

Stutman, Treister & Glatt, P.C. represents Colorep as
reorganization counsel while Stubbs, Alderton & Markiles LLP
serves as special corporate counsel.  Meserole, LLC, is
represented by Frank T. Pepler, Esq., and Stuart M. Brown, Esq.,
at DLA Piper LLP (US).


COMARCO INC: Chief Operating Officer McKeefery Quits
----------------------------------------------------
Donald L. McKeefery submitted to Comarco Inc. his resignation as
chief operating officer effective Oct. 4, 2013.

                       About Comarco Inc.

Based in Lake Forest, California, Comarco, Inc. (OTC: CMRO)
-- http://www.comarco.com/-- is a provider of innovative,
patented mobile power solutions that can be used to power and
charge notebook computers, mobile phones, and many other
rechargeable mobile devices with a single device.

Comarco disclosed a net loss of $5.59 million on $6.33 million of
revenue for the year ended Jan. 31, 2013, as compared with a net
loss of $5.31 million on $8.06 million of revenue for the year
ended Jan. 31, 2012.  Comarco's balance sheet at July 31, 2013,
showed $2.93 million in total assets, $10.89 million in total
liabilities and a $7.95 million total shareholders' deficit.

Squar, Milner, Peterson, Miranda & Williamson, LLP, 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 suffered recurring losses and
negative cashflow from operations, has negative working capital
and uncertainties surrounding the Company's ability to raise
additional funds.  These factors, among others, raise substantial
doubt about its ability to continue as a going concern.


CONCHO RESOURCES: Rowe Price held 10% Equity Stake at Sept. 30
--------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, T. Rowe Price Associates, Inc., disclosed that as of
Sept. 30, 2013, it beneficially owned 10,567,620 shares of common
stock of Concho Resources Inc. representing 10 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/eo23dt

                   About Concho Resources Inc.

Concho Resources Inc. is an independent oil and natural gas
company engaged in the acquisition, development and exploration of
oil and natural gas properties.  The Company's operations are
focused in the Permian Basin of Southeast New Mexico and West
Texas.  For more information, visit Concho?s website at
www.concho.com.

The Company's balance sheet at June 30, 2013, showed $9.24 billion
in total assets, $5.64 billion in total liabilities and $3.59
billion in total stockholders' equity.

                           *     *     *

As reported by the TCR on May 22, 2013, Moody's Investors Service
upgraded Concho Resources Inc.'s Corporate Family Rating to Ba2
from Ba3.

"The upgrade to Ba2 reflects Concho Resources' strong cash
margins, relatively high proportion of oil in the production mix,
and continued growth in production and reserves," said Arvinder
Saluja, Moody's Assistant Vice President-Analyst.

Concho Resources Inc. carries a BB+ corporate credit rating
from Standard & Poor's.


CRESTWOOD MIDSTREAM: S&P Affirms Then Withdraws 'BB' CCR
--------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions as
a result of the completion of the Inergy/Crestwood merger:

   -- S&P affirmed its 'BB' corporate credit rating on Inergy;

   -- S&P subsequently withdrew the rating because the combined
      entity has been renamed Crestwood Midstream Partners L.P.

   -- S&P's recovery expectations on Crestwood's (formerly
      Inergy's) $500 million senior unsecured debt remains
      unchanged at '4'.

   -- S&P raised its corporate credit rating on Crestwood to 'BB'
      from 'B' and raised the senior unsecured debt rating to 'BB'
      from 'B-'.  S&P also removed the ratings from CreditWatch,
      where it placed them with positive implications on May 6,
      2013.  The outlook is stable.  S&P raised the ratings as a
      result of the completion of the announced merger with an
      Inergy subsidiary.

   -- S&P revised its recovery rating to '4' from a '6' on
      Crestwood's $350 million senior unsecured notes, indicating
      its expectations for average (30% to 50%) recovery from
      modest (10% to 30%) recovery if a payment default occurs.

Ratings reflect the "fair" business risk profile and "significant"
financial risk profile.  Total debt at Crestwood was $779 million
as of June 30, 2013.

"The rating actions on Crestwood follow the completion of its
merger with an Inergy subsidiary. We believe the merger is
positive for Crestwood's credit risk profile," said Standard &
Poor's credit Analyst Michael Llanos.

S&P's ratings reflect the consolidated credit profile of the
combined entity.  The transaction expands Crestwood's asset and
geographic diversity while increasing its scale and overall cash
flow diversity.  However, S&P views there to be increased credit
risk from cash flow volatility associated with the gathering and
processing sector.  This is muted somewhat because more than 80%
of its 2013 total gross margin is under fixed-fee contracts, of
which more than 50% is under firm, take-or pay contracts.  S&P
expects crude oil and natural gas liquids to contribute to about
70% of the pro forma entity's cash flows.

S&P's stable outlook reflects its expectation Crestwood will
successfully integrate the merger with Inergy and the consolidated
entity will generate debt/EBITDA in the low 4x range in 2014.  S&P
could lower the ratings if management is unsuccessful with the
integration or if gathering volumes cause cash flows to drop such
that debt to EBITDA of 5x or higher is expected for 2014.  S&P do
not expect to raise the ratings in the near term because the Arrow
acquisition is expected to increase leverage to about 5x at year-
end 2013.  S&P could consider raising the ratings if it expects
debt to EBITDA below 3.5x on a sustained basis and if the company
improves its business risk profile by further expanding fee-based
cash flow and the crude oil logistics business.


CYCLONE POWER: Secures Agreement to Manufacture Engines
-------------------------------------------------------
Cyclone Power Technologies Inc. has signed a revised and restated
License Agreement with Phoenix Power Group LLC.  Under this
agreement, Cyclone and its waste-to-power operating subsidiary,
Cyclone-WHE LLC, will manufacture and supply Phoenix with a
minimum of 6,500 engines over the next five years.

Phoenix is Cyclone's exclusive, worldwide licensee with rights to
utilize Cyclone engines to produce power from the clean combustion
of used motor oil, as well as other waste fuels and engine
lubricants.  Phoenix's distributors currently control 70 percent
of the used motor oil furnace market, with more than 150,000 such
heat-producing units beings sold over the last several decades.

Under the terms of this new agreement, Phoenix will purchase
engines for a period of at least five years from Cyclone-WHE at
prices to be determined at a future date.  In order to maintain
its exclusivity under the ten-year license, Phoenix must purchase
at least 6,500 engines during the initial five-year period after
delivery of the first running prototypes.  The 10hp Waste Heat
Engine (WHE) model will be the first engine to be provided;
however, all Cyclone engines are covered under the license.  Upon
completing certain engine development milestones, the agreement
will be transferred to Cyclone-WHE to execute the production phase
of this program.

"This is an important agreement for Cyclone and its shareholders,
as it provides Cyclone-WHE with its first committed customer to
purchase engines over an extended period of time for a solid and
proven sales pipeline.  We expect this will generate substantial
product sales revenue, as opposed to license royalties, and a firm
base to ramp up our manufacturing operations.  We're thrilled to
be working with the capable and well supported team at Phoenix on
the launch of our engines," stated Christopher Nelson, president
of Cyclone and managing director of Cyclone-WHE.

Thomas Thillen, president of Phoenix, stated: "We have seen great
progress at Cyclone over the last few months with their focus on
commercialization of the WHE.  The addition of the engineering
team at Ohio State University and the manufacturing capacity with
Precision CNC has provided us confidence that we will see Cyclone
engines in Phoenix used oil cogeneration systems in the near
future.  We are supportive of their development path, and look
forward to a long, mutually profitable business relationship."

A copy of the Amended License Agreement is available for free at:

                         http://is.gd/Us9xgm

                         About Cyclone Power

Pompano Beach, Fla.-based Cyclone Power Technologies, Inc. (Pink
Sheets: CYPW) is a clean-tech engineering company, whose business
is to develop, commercialize and license its patented Rankine
cycle engine technology for applications ranging from renewable
power generation to transportation.  The Company is the successor
entity to the business of Cyclone Technologies LLLP, a limited
liability limited partnership formed in Florida in June 2004.
Cyclone Technologies LLLP was the original developer and
intellectual property holder of the Cyclone engine technology.

Cyclone Power disclosed a net loss of $3 million on $1.13 million
of revenue for the year ended Dec. 31, 2012, as compared with a
net loss of $23.70 million on $250,000 of revenue in 2011.  The
Company's balance sheet at June 30, 2013, showed $1.36 million
in total assets, $4.26 million in total liabilities and a $2.89
million total stockholders' deficit.

Mallah Furman, in Mallah Furman, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.  The independent auditors noted that the
Company's dependence on outside financing, lack of sufficient
working capital, and recurring losses raises substantial doubt
about its ability to continue as a going concern.


DETROIT, MI: Reaches Deal to Borrow $350MM From Barclays
--------------------------------------------------------
Katy Stech and Matthew Dolan, writing for Daily Bankruptcy Review,
reported that Detroit officials announced plans on Oct. 11 to take
out a $350 million bankruptcy loan from Barclays PLC in a deal
that would make it the first major U.S. city to borrow money while
in Chapter 9.

                     About Detroit, Michigan

The city of Detroit, Michigan, weighed down by more than
$18 billion in accrued obligations, sought municipal bankruptcy
protection on July 18, 2013, by filing a voluntary Chapter 9
petition (Bankr. E.D. Mich. Case No. 13-53846).  Detroit listed
more than $1 billion in both assets and debts.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergency
manager, signed the petition.  Detroit is represented by
lawyers at Jones Day and Miller Canfield Paddock and Stone PLC.

Michigan Governor Rick Snyder authorized the bankruptcy filing.

The filing makes Detroit the largest American city to seek
bankruptcy, in terms of population and the size of the debts and
liabilities involved.

The city's $18 billion in debt includes $5.85 billion in special
revenue obligations, $6.4 billion in post-employment benefits,
$3.5 billion for underfunded pensions, $1.13 billion on secured
and unsecured general obligations, and $1.43 billion on pension-
related debt, according to a court filing.  Debt service consumes
42.5 percent of revenue.  The city has 100,000 creditors and
20,000 retirees.

Detroit is represented by David G. Heiman, Esq., and Heather
Lennox, Esq., at Jones Day, in Cleveland, Ohio; Bruce Bennett,
Esq., at Jones Day, in Los Angeles, California; and Jonathan S.
Green, Esq., and Stephen S. LaPlante, Esq., at Miller Canfield
Paddock and Stone PLC, in Detroit, Michigan.

Sharon Levine, Esq., at Lowenstein Sandler LLP, is representing
the American Federation of State, County and Municipal Employees
and the International Union.

Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, is
representing the United Automobile, Aerospace and Agricultural
Implement Workers of America.

A nine-member official committee of retired workers was appointed
in the case.  The Retirees' Committee is represented by Dentons US
LLP.


DETROIT, MI: US Blasts Retirees' Attempt to Thwart Bankruptcy
-------------------------------------------------------------
Law360 reported that Detroit's bid for Chapter 9 bankruptcy
protection doesn't conflict with the U.S. Constitution, the
federal government told a U.S. bankruptcy judge on Oct. 11 in
response to objections by two of the unions representing some of
the city's public-sector retirees.

According to the report, contrary to the assertions of The
Michigan Council 25 of the American Federation of State, County &
Municipal Employees, AFL-CIO and Sub-Chapter 98, City of Detroit,
a Chapter 9 bankruptcy filing does not violate the 10th Amendment
of the Constitution, the government said in a brief.

                     About Detroit, Michigan

The city of Detroit, Michigan, weighed down by more than
$18 billion in accrued obligations, sought municipal bankruptcy
protection on July 18, 2013, by filing a voluntary Chapter 9
petition (Bankr. E.D. Mich. Case No. 13-53846).  Detroit listed
more than $1 billion in both assets and debts.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergency
manager, signed the petition.  Detroit is represented by
lawyers at Jones Day and Miller Canfield Paddock and Stone PLC.

Michigan Governor Rick Snyder authorized the bankruptcy filing.

The filing makes Detroit the largest American city to seek
bankruptcy, in terms of population and the size of the debts and
liabilities involved.

The city's $18 billion in debt includes $5.85 billion in special
revenue obligations, $6.4 billion in post-employment benefits,
$3.5 billion for underfunded pensions, $1.13 billion on secured
and unsecured general obligations, and $1.43 billion on pension-
related debt, according to a court filing.  Debt service consumes
42.5 percent of revenue.  The city has 100,000 creditors and
20,000 retirees.

Detroit is represented by David G. Heiman, Esq., and Heather
Lennox, Esq., at Jones Day, in Cleveland, Ohio; Bruce Bennett,
Esq., at Jones Day, in Los Angeles, California; and Jonathan S.
Green, Esq., and Stephen S. LaPlante, Esq., at Miller Canfield
Paddock and Stone PLC, in Detroit, Michigan.

Sharon Levine, Esq., at Lowenstein Sandler LLP, is representing
the American Federation of State, County and Municipal Employees
and the International Union.

Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, is
representing the United Automobile, Aerospace and Agricultural
Implement Workers of America.

A nine-member official committee of retired workers was appointed
in the case.  The Retirees' Committee is represented by Dentons US
LLP.


DETROIT, MI: Gets Up to $350M Post-Petition Financing Commitment
----------------------------------------------------------------
Kevyn Orr, the Emergency Manager for the City of Detroit, on
Oct. 11 disclosed that the City has received a commitment for
senior secured post-petition financing of up to $350 million from
Barclays.  The proceeds of the financing will benefit the ongoing
restructuring of Detroit in several ways:

   -- Allow the City to capture a large discount -- estimated to
be more than $60 million -- on the settlement of certain pension
debt interest rate swap obligations;

   -- Save the City tens of millions of dollars of annual debt
service;

   -- Afford the City additional resources to fund its
revitalization and improve the future recoveries of its creditors,
including retirees, as part of its restructuring process;

   -- Provide additional cash for investment in Detroit's delivery
of municipal services to its businesses and 700,000 residents,
including blight removal, public safety initiatives and technology
infrastructure improvements.

"[Fri]day is another important step in the continued
revitalization of Detroit," Mr. Orr said.  "We said at the outset
of this process that we are committed to improving the financial
condition of Detroit and the lives of its 700,000 citizens, and
our team worked tirelessly to bring this significant post-petition
financing to bear.  We are very encouraged by the level of
interest we received from the financial community, its implicit
support of the work we are doing and their desire to participate
in the ongoing recovery of one of America's great and vibrant
cities."

Approximately $230 million of the post-petition financing will be
used to exercise termination rights on certain pension debt
interest rate swap obligations.  The balance of the financing --
approximately $120 million -- will be used to advance certain key
investment initiatives of the City aimed at improving basic
services to Detroit's residents and businesses and the technology
infrastructure of the City's government.

The City, in conjunction with its investment banker, Miller
Buckfire & Co., and legal counsel, Jones Day, conducted a highly
competitive financing process over the past month, contacting more
than 50 institutions with experience in municipal or special
credit situations.  Detroit received 16 high-level financing
proposals from leading financial institutions such as local and
national commercial banks, investment banks and hedge funds, among
which were many of the City's financial creditors.  After
extensive review and negotiation between the City and prospective
lenders, the Emergency Manager, in consultation with the City's
advisors, chose the Barclays proposal as the most advantageous
based on structure and pricing.

                     Terms of the Financing

The financing commitment from Barclays in the amount of up to $350
million carries an interest rate of London Interbank Offered Rate
(LIBOR) + 2.5% (with a 1% LIBOR floor), subject to market flex.
The outside maturity date for the financing is two years and six
months from the closing date, with a commitment fee in connection
with the financing due from the City.  The financing is secured by
a pledge of income tax revenues, wagering tax revenues and net
cash proceeds from any potential monetization of City assets that
exceeds $10 million.  Asset monetizations are not required.
Barclays will be given a claim on the borrowing that has priority
over all administrative expense claims, all other post-petition
claims, and prepetition unsecured claims.

              Approval Process and Closing Conditions

The financing will be issued as Financial Recovery Bonds under
Section 36a of the Home Rule City Act.  As required under Michigan
Public Act 436 of 2012, the proposed financing has been submitted
to the Detroit City Council, which has 10 days to approve or
disapprove the financing.  The City also will seek the approval of
the emergency financial assistance loan board.  Finally, the
financing will be subject to the approval of the United States
Bankruptcy Court for the Eastern District of Michigan.  The City
intends to file a motion with the Court in late October for a
hearing in November.  The closing of the financing commitment is
subject to, among other conditions, the entry of an order of
relief in the bankruptcy case, exercise of termination rights
under Forbearance Agreement, and bankruptcy court approval of the
financing transaction.

                     About Detroit, Michigan

The city of Detroit, Michigan, weighed down by more than
$18 billion in accrued obligations, sought municipal bankruptcy
protection on July 18, 2013, by filing a voluntary Chapter 9
petition (Bankr. E.D. Mich. Case No. 13-53846).  Detroit listed
more than $1 billion in both assets and debts.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergency
manager, signed the petition.  Detroit is represented by
lawyers at Jones Day and Miller Canfield Paddock and Stone PLC.

Michigan Governor Rick Snyder authorized the bankruptcy filing.

The filing makes Detroit the largest American city to seek
bankruptcy, in terms of population and the size of the debts and
liabilities involved.

The city's $18 billion in debt includes $5.85 billion in special
revenue obligations, $6.4 billion in post-employment benefits,
$3.5 billion for underfunded pensions, $1.13 billion on secured
and unsecured general obligations, and $1.43 billion on pension-
related debt, according to a court filing.  Debt service consumes
42.5 percent of revenue.  The city has 100,000 creditors and
20,000 retirees.

Detroit is represented by David G. Heiman, Esq., and Heather
Lennox, Esq., at Jones Day, in Cleveland, Ohio; Bruce Bennett,
Esq., at Jones Day, in Los Angeles, California; and Jonathan S.
Green, Esq., and Stephen S. LaPlante, Esq., at Miller Canfield
Paddock and Stone PLC, in Detroit, Michigan.

Sharon Levine, Esq., at Lowenstein Sandler LLP, is representing
the American Federation of State, County and Municipal Employees
and the International Union.

Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, is
representing the United Automobile, Aerospace and Agricultural
Implement Workers of America.

A nine-member official committee of retired workers was appointed
in the case.  The Retirees' Committee is represented by Dentons US
LLP.


DETROIT, MI: Bankruptcy Court Continues Operating Amid Shutdown
---------------------------------------------------------------
Law360 reported that the federal bankruptcy court in Michigan
handling the biggest municipal insolvency case in U.S. history has
joined others around the country in continuing to work through the
government shutdown, now nearly two weeks old.

According to the report, following the Oct. 10 announcement from
D.C. federal court administrators that they had enough money to
fund the system two more days than expected, the U.S. Bankruptcy
Court in the Eastern District of Michigan posted a notice that
normal operations "will continue as usual."

                     About Detroit, Michigan

The city of Detroit, Michigan, weighed down by more than
$18 billion in accrued obligations, sought municipal bankruptcy
protection on July 18, 2013, by filing a voluntary Chapter 9
petition (Bankr. E.D. Mich. Case No. 13-53846).  Detroit listed
more than $1 billion in both assets and debts.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergency
manager, signed the petition.  Detroit is represented by
lawyers at Jones Day and Miller Canfield Paddock and Stone PLC.

Michigan Governor Rick Snyder authorized the bankruptcy filing.

The filing makes Detroit the largest American city to seek
bankruptcy, in terms of population and the size of the debts and
liabilities involved.

The city's $18 billion in debt includes $5.85 billion in special
revenue obligations, $6.4 billion in post-employment benefits,
$3.5 billion for underfunded pensions, $1.13 billion on secured
and unsecured general obligations, and $1.43 billion on pension-
related debt, according to a court filing.  Debt service consumes
42.5 percent of revenue.  The city has 100,000 creditors and
20,000 retirees.

Detroit is represented by David G. Heiman, Esq., and Heather
Lennox, Esq., at Jones Day, in Cleveland, Ohio; Bruce Bennett,
Esq., at Jones Day, in Los Angeles, California; and Jonathan S.
Green, Esq., and Stephen S. LaPlante, Esq., at Miller Canfield
Paddock and Stone PLC, in Detroit, Michigan.

Sharon Levine, Esq., at Lowenstein Sandler LLP, is representing
the American Federation of State, County and Municipal Employees
and the International Union.

Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, is
representing the United Automobile, Aerospace and Agricultural
Implement Workers of America.

A nine-member official committee of retired workers was appointed
in the case.  The Retirees' Committee is represented by Dentons US
LLP.


EASTMAN KODAK: S&P Assigns 'B-' CCR & Rates $420MM Loan 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned a 'B-'
corporate credit rating to Rochester, N.Y.-based Eastman Kodak Co.
The outlook is stable.

In addition, S&P assigned a 'B-' issue rating to the $420 million
first-lien term loan, with a '3' recovery rating (indicating S&P's
expectation of meaningful (50% to 70%) recovery of principal in
the event of a payment default), and a 'CCC' issue rating to the
$275 million second-lien term loan, with a '6' recovery rating
(indicating S&P's expectation of negligible (0% to 10%) recovery
of principal in the event of a payment default).

"The ratings reflect our assessment of the company's 'vulnerable'
business risk profile and 'highly leveraged' financial risk
profile," said Standard & Poor's credit analyst Molly Toll-Reed.

In S&P's view, Kodak's vulnerable business risk profile reflects
its small share of a large, mature global market in commercial
printing, facing secular decline in demand and significantly
larger competitors with greater resources.  S&P's base-case
forecast assumptions include:

   -- Mid-single-digit revenue decreases, as declining end-of-life
      segments outweigh new product growth in the near term.

   -- Cost reductions and restructurings will enable Kodak to
      sustain adjusted annual EBITDA of about $160 million in the
      near term.

   -- Preservation of adequate liquidity, including substantial
      offshore cash balances.

The stable outlook incorporates S&P's expectation that Kodak will
be challenged to stabilize revenues and grow operating earnings,
given expected declines in the commercial film and consumer inkjet
segments.  However, important rating support is provided by cash
balances in excess of $800 million, which provide a significant
cushion in the event of earnings and cash flow volatility.

The potential for a higher rating is constrained by Kodak's highly
leveraged financial profile and lack of predictability of
operating performance.  Although the potential for lower ratings
over the coming year is currently limited by sizeable cash
balances, ratings could be lowered if a substantial deterioration
in operations leads us to view Kodak's liquidity as less than
adequate.


ELBIT IMAGING: To Hold Meeting to Approve Plan of Arrangement
-------------------------------------------------------------
Elbit Imaging Ltd. disclosed that the Tel Aviv District Court
found no reason why noteholders will not approve the adjusted plan
of arrangement submitted by the Company on Sept. 18, 2013.  A
Noteholders' meetings that will be convened within 7 days.

                        About Elbit Imaging

Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF)
hold investments in real estate and medical companies.  The
Company, through its subsidiaries, also develops shopping and
entertainment centers in Central Europe and invests in and manages
hotels.

Elbit Imaging disclosed a loss of NIS455.50 million on NIS671.08
million of total revenues for the year ended Dec. 31, 2012, as
compared with a loss of NIS247.02 million on NIS586.90 million of
total revenues for the year ended Dec. 31, 2011.

Brightman Almagor Zohar & Co., in Tel-Aviv, Israel, expressed
substantial doubt about Elbit Imaging's ability to continue as a
going concern following the financial results for the year ended
Dec. 31, 2012.

The Certified Public Accountants noted that in the period
commencing Feb. 1, 2013, through Feb. 1, 2014, the Company is to
repay its debenture holders NIS 599 million (principal and
interest).  "Said amount includes NIS 82 million originally
payable on Feb. 21, 2013, that its repayment was suspended
following a resolution of the Company's Board of Directors.  The
Company's Board also resolved to suspend any interest payments
relating to all the Company's debentures.  In addition, as of
Dec. 31, 2012, the Company failed to comply with certain financial
covenants relating to bank loans in the total amount as of such
date of NIS 290 million.

As of June 30, 2013, the Company had NIS5.80 billion in total
assets, NIS5.19 billion in total liabilities and NIS613.57 million
in shareholders' equity.


ENERGY CONVERSION: Trina Solar Says Suit is 'Baseless'
------------------------------------------------------
Nathalie Tadena, writing for DBR Small Cap, reported that Trina
Solar Ltd. said a lawsuit recently filed by failed solar-panel
manufacturer Energy Conversion Devices over an alleged scheme to
dump low-cost solar panels in the U.S. is "without merit" and the
company will defend itself against the complaint's "baseless"
allegations.

According to the report, the Chinese solar-products maker said on
Oct. 11 it isn't in a position to evaluate the potential impact of
the lawsuit on its business at this time.

A bankruptcy trustee for Energy Conversion is suing Trina and two
other Chinese companies for $950 million over allegations of price
fixing and the dumping of cheap solar panels that drove the U.S.
company out of business, the report related.  The lawsuit was
filed in the U.S. District Court for the Eastern District of
Michigan.

John Madden, who heads a trust created to recover money for Energy
Conversion's creditors, said the three companies--Trina, Yingli
Green Energy Holding Co. and Suntech Power Holdings Co. --engaged
in a far-ranging scheme to flood the market with low-cost solar
panels in an illegal bid to take over the U.S. market, the report
further related.  Mr. Madden said the three Chinese companies
imported solar panels at "dramatically reduced prices" in a
sustained effort to "destroy and injure competitors, and over
time, all competition."

The U.S. moved last year to impose tariffs on Chinese-made solar
cells, after the Commerce Department determined that Chinese
manufacturers had dumped their goods in the U.S., the report said.
In July, China imposed antidumping tariffs on U.S. and South
Korean raw-material producers.

The U.S. actions, however, came too late for Energy Conversion and
nearly a dozen other American solar manufacturers--including
Solyndra LLC, Abound Solar and Evergreen Solar Inc.--which have
sought bankruptcy protection in recent years, the report pointed
out.

The case is Energy Conversion Devices Liquidation Trust v. Trina
Solar Ltd., 13-cv-14241, U.S. District Court, Eastern District of
Michigan (Detroit).

                      About Energy Conversion

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

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

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

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

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

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

The Debtors canceled an auction to sell USO as a going concern and
discontinued the court-approved sale process after failing to
receive an acceptable qualified bid by the bid deadline.  Quarton
Partners served as the companies' investment banker.  The Debtors
also hired auction services provider Hilco Industrial to prepare
for an orderly sale of the companies' assets.

In August 2012, the Debtors won confirmation of their Second
Amended Chapter 11 Plan of Liquidation.  The Plan was declared
effective in September 2012.  Under the Plan, unsecured creditors
owed up to $337 million in claims were to expect a recovery
between 50.1% and 59.3%.  The Plan creates a trust to sell
remaining assets and distribute proceeds in the order of priority
laid out in bankruptcy law.


ENNIS COMMERCIAL: Administrator Can Employ Katten Muchin
--------------------------------------------------------
David P. Stapleton of the Stapleton Group, solely in his capacity
as plan administrator for Ben Ennis, sought and obtained authority
from the U.S. Bankruptcy Court for the Eastern District of
California to employ Katten Muchin Rosenman LLP as special real
estate and corporate counsel, nunc pro tunc to July 13, 2013.

Katten's attorneys have been working with the Plan Administrator
and his team since July 13, 2013, to review the Debtor's assets
and perform due diligence in  preparation for the role of Plan
Administrator.

The primary attorneys who will be working on this matter, and who
will be paid based on their hourly rates are:

    Professional          Position     Rate
    ------------          --------     ----
    William B. Freeman    Partner      $700
    Douglas W. Pyle       Associate    $455
    Jennifer K. Brooks    Associate    $410

The firm will also be reimbursed for its out-of-pocket expenses.

Mr. Freeman assures the Court that Katten does not hold or
represent any interest materially adverse to the interests of the
estate or any class of creditors or equity security holders.

                      About Ennis Commercial

Porterville, California-based Ennis Commercial Properties, LLC's
business consists of acquiring raw land and building commercial
developments.  The Company then either operates or sells the
commercial buildings comprising the commercial development.

ECP is owned by Ben Ennis, Brian Ennis and Pamela Ennis, in equal
shares.  On Sept. 20, 2010, Pam Ennis and Brian Ennis transferred
all of their ownership interests in ECP to Ben Ennis.  ECP filed
for Chapter 11 bankruptcy protection (Bankr. E.D. Calif. Case No.
10-12709) on March 16, 2010.

Peter L. Fear, Esq., and Gabriel J. Waddell, Esq., at the Law
Offices of Peter L. Fear, in Fresno, Calif., represent ECP as
counsel.  No creditors committee has been formed in the case.
In its schedules, the Debtor disclosed $40,878,319 in assets and
$43,922,485 in liabilities.

Ben Ennis filed a voluntary petition under Chapter 11 (Bankr. E.D.
Calif. Case No. 10-62315) on Oct. 25, 2010.

On May 25, 2011, Terence Long was appointed as Chapter 11 Trustee
in the Benn Ennis bankruptcy.  Consequently, the Chapter 11
Trustee stands in the shoes of Ben Ennis, and holds all of the
membership interests in ECP and controls it accordingly.  Justin
D. Harris, Esq., at Motschiedler, Michaelides, Wishon, Brewer &
Ryan, LLP, in Fresno, represents the Chapter 11 Trustee as
counsel.


EXCELITAS TECHNOLOGIES: S&P Lowers Corporate Credit Rating to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Excelitas Technologies Corp., including the corporate credit
rating to 'B' from 'B+'.  The outlook is stable.  At the same
time, S&P assigned its 'B' issue-level and '3' recovery ratings to
the company's proposed $660 million senior secured credit
facilities.  The '3' recovery rating indicates S&P's expectation
for meaningful (50%-70%) recovery in a default scenario.  The
credit facilities will consist of a $40 million revolver, a $580
million term loan, and a $40 million delayed-draw term loan.

"The downgrade reflects our view that Excelitas' credit measures
continue to be subpar and will remain weaker than our expectations
for the former 'B+' rating," said credit analyst Carol Hom.
Following the company's recent announcement to acquire Qioptiq
S.a.r.l. (Qioptiq), the proposed funding to finance the
transaction -- in the form of the proposed credit facilities --
will result in higher leverage due to an increase in debt.  This
is only partially mitigated by the business benefits of the
purchase. With the acquisition, the company could also face
integration challenges from combining its businesses.

The ratings also reflect the company's "weak" business risk
profile and "highly leveraged" financial risk profile.  S&P's
business risk profile assessment reflects Excelitas' position in a
small niche industry and modest cash flow.  S&P believes the
company should benefit from moderate profitability.  S&P expects
its detection and defense segments to remain somewhat stable, but
its lighting segment could continue to see some softness over the
next few quarters.  The company is owned by private equity firm
Veritas Capital.  Consequently, S&P views the company's management
and governance profile as "fair."  Upon the transaction's closing,
S&P expects to withdraw the existing issue-level and recovery
ratings.

"We believe Excelitas will continue to hold the no. 1 or 2
position in most of the niche markets it serves.  The company
sells custom-designed lighting and sensor components, subsystems,
and integrated solutions to global original equipment
manufacturers.  We believe Excelitas' acquisition of Qioptiq will
increase its scale and scope by enhancing its breadth of product
offerings.  Excelitas' products are used in various health,
environmental, industrial, safety, and defense markets.  The
company operates in three product groups: lighting, detection, and
advanced electronic systems.  Post-acquisition, we believe
Excelitas will continue to maintain its relatively good customer
and geographic diversity (almost half of its revenues come from
outside the U.S.).  The company's products require a high degree
of customization and technological specialty.  Its long-term
relationships with customers and the "designed-in" nature of its
products -- whereby Excelitas' engineers are closely involved in
customers' product design cycles -- should continue to create
barriers to entry and high switching costs," S&P said.

With its broader product base, S&P believes Excelitas could
benefit from increased demand.  S&P's base-case forecast assumes
the following:

   -- Low-single-digit organic revenue growth;
   -- EBITDA margins in the low-20% range;
   -- Capital expenditures of 3% of revenues in 2013 and 2014; and
   -- Modest free cash flow generation.

S&P views the company's financial risk profile as "highly
leveraged."  Pro forma for the proposed transaction, total debt to
EBITDA (adjusted to include operating leases) was more than 6x as
of June 30, 2013.  Although this is weaker than S&P's expectation
for the rating (S&P expects total debt to EBITDA of 5x-6x for the
rating), S&P believes that the company's credit measures will
improve over the next 12-18 months, with total debt to EBITDA
(adjusted to include operating leases) approaching 6x.  Excelitas
could complete small bolt-on acquisitions in the future, but S&P's
rating does not incorporate the possibility of a significant
acquisition or meaningful shareholder initiatives after this
acquisition, which the company expects to close in 2013.

The rating outlook is stable.  Pro forma for the proposed
transaction, S&P expects Excelitas' credit metrics to be weaker
than its expectations for the rating.  However, S&P believes that
its credit metrics will gradually improve over the next 12-18
months through a combination of modest debt reduction and EBITDA
improvement, although leverage will likely remain higher than 6x
debt to EBITDA during that period.

S&P could lower the ratings if Excelitas experiences a worse-than-
expected market downturn or a significant loss of customers as a
result of integration issues, causing the company's revenues and
margins to contract by more than 5% and 100 basis points,
respectively.  S&P could also lower the ratings if additional debt
hurts the company's liquidity or meaningfully weakens its credit
measures.  This could occur if debt to EBITDA does not improve
from its pro forma leverage at the transaction's closing.

Although less likely, S&P could raise the ratings one notch if
stronger-than-expected growth in the company's end markets and a
more conservative financial policy improve leverage to 5x or less
for an extended period.

Excelitas does not release its financial results publicly.


FINJAN HOLDINGS: Adopts Codes of Ethics for Officers & Employees
----------------------------------------------------------------
The Board of Directors of Finjan Holdings, Inc., adopted a Code of
Business Conduct and Ethics applicable to the Board and the
Company's officers and employees.  The Board also adopted a
supplemental Code of Ethics for Principal and Senior Financial
Officers.  The Code and the Supplement replaced any codes of
ethics previously applicable to the Company.

The Code and the Supplement clarify, among other things, the
Company's policies and expectations regarding honest and ethical
conduct in connection with the Company?s business, including with
respect to conflicts of interest, financial records and reporting,
compliance with applicable laws, rules and regulations, reporting
of non-compliance and disciplinary action.  The Code, and the
Supplement in particular, emphasize the role of senior management
in promoting the honest and ethical conduct that the Code and
Supplement are intended to encourage, as well as in the other
areas covered by the Code.

Copies of the Codes are available for free at:

                       http://is.gd/Cb4hv0
                       http://is.gd/2I0jKi

                          About Finjan

Finjan, formerly known as Converted Organics, is a leading online
security and technology company which owns a portfolio of patents,
related to software that proactively detects malicious code and
thereby protects end-users from identity and data theft, spyware,
malware, phishing, trojans and other online threats.  Founded in
1997, Finjan is one of the first companies to develop and patent
technology and software that is capable of detecting previously
unknown and emerging threats on a real-time, behavior-based basis,
in contrast to signature-based methods of intercepting only known
threats to computers, which were previously standard in the online
security industry.

Converted Organics disclosed a net loss of $8.42 million in 2012,
as compared with a net loss of $17.98 million in 2011.  The
Company's balance sheet at June 30, 2013, showed $31.84 million in
total assets, $1.16 million in total liabilities and $30.67
million total stockholders' equity.

Moody, Famiglietti & Andronico, LLP, in Tewksbury, Massachusetts,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2012, citing
recurring losses and negative cash flows from operations and an
accumulated deficit that raises substantial doubt about the
Company's ability to continue as a going concern.


FIRST DATA: Fitch Affirms 'B' Issuer Default Rating
---------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating (IDR) for
First Data Corp. (FDC) at 'B' with a Stable Rating Outlook.

FDC has announced a refinancing of its parent company debt,
approximately $2 billion in senior unsecured PIK notes maturing
2016 issued by First Data Holdings Inc. (HoldCo) which is the
direct parent company of FDC and a subsidiary of New Omaha
Holdings L.P. These notes and the subsequent refinancing debt are
not obligations of FDC. Fitch did, however, view the maturity of
the HoldCo notes as a potential issue in any attempt to further
extend the capital structure beyond 2016. In addition, this
maturity could have affected efforts to refinance the still
outstanding $1.75 billion in subordinated notes due 2016 at FDC.

The HoldCo debt will be refinanced in part by an exchange for
roughly $1.4 billion in new 14.5% senior unsecured PIK notes due
2019 issued by HoldCo which will not be an obligation of FDC. The
2016 noteholders will also be paid approximately $300 million in
cash. The cash payment will be financed by the issuance of an
equal amount of 14.5% convertible preferred stock in the HoldCo to
existing equity owners. The preferred stock will also not be an
obligation of FDC.

Fitch believes this refinancing is a modest positive for the
credit by opening up a path to further extend the company's
capital structure. The nearest significant maturity for the
company is the aforementioned $1.75 billion in subordinated notes
due 2016. In 2017 and 2018 the company has various portions of its
secured term loans set to mature, which Fitch views as being
easier to refinance given their position in the capital structure.
The end result is essentially a viable five-year-plus runway for
the company to grow out of its currently highly levered capital
structure.

FDC has had other modestly positive events in 2013 relative to the
credit. In April, the company named Frank Bisignano as its new
CEO, having left his prior role as co-COO of JP Morgan. Fitch
believes that management has since taken on a more intense focus
on driving efficiencies, most notably in the Financial Services
(FS) segment, and enhancing its product offerings, particularly in
the Retail and Alliance Services (RAS) business. These efforts had
already begun to materialize in the June quarter results with
EBITDA margins for both the RAS and FS segments near record highs.

Ratings Drivers

From an operational perspective, Fitch believes core credit
strengths include:

-- Stable end-market demand with below-average susceptibility
   to economic cyclicality;

-- A highly diversified, global and stable customer base
   consisting principally of millions of merchants and large
   financial institutions;

-- A significant advantage in scale of operations and
   technological leadership which positively impact the
   company's ability to maintain its leading market share
   and act as barriers to entry to potential future
   competitors. In addition, FDC's FS business benefits
   from long-term customer contracts and generally high
   switching costs;

-- Low working capital requirements typically enable a high
   conversion of EBITDA less cash interest expense into cash
   from operations.

Fitch believes operational credit concerns include:

-- Mix shift in the RAS segment, including a shift in consumer
   spending patterns favoring large discount retailers, has
   negatively affected profitability and revenue growth and
   could lead to greater than anticipated volatility in results;

-- High fixed cost structure with significant operating leverage
   would typically drive volatility in profitability during
   business and economic cycles;

-- Consolidation in the financial services industry and changes
   in regulations could continue to negatively impact results
   in the company's FS segment;

-- Potential for new competitive threats to emerge over the
   long term including new payment technology in the RAS
   segment, the potential for a competitor to consolidate
   market share in the RAS segment, and the potential for
   historically niche competitors in the FS segment to move
   upstream and challenge FDC's relative dominance in card
   processing for large financial institutions.

From a financial perspective, Fitch believes core credit strengths
include expectations that the company will use the majority of
excess free cash flow (FCF) for debt reduction. Credit concerns
include a highly levered balance sheet that results in minimal
financial flexibility and reduces the company's ability to act
strategically in a business that has historically benefited from
consolidation opportunities.

Fitch estimates EBITDA for the LTM period at $2.3 billion, roughly
flat with the prior year period. Over the next 12 months, Fitch
would expect modest revenue growth with the potential for
relatively strong EBITDA growth as EBITDA margin enhancements
provide greater operating leverage. Fitch estimates leverage
(total debt/total EBITDA) at 9.8x as of June 2013. Fitch believes
leverage will likely remain high over the next several years but
could drop to roughly 8x by 2015.

Fitch estimates FCF for the LTM period at $75 million. Fitch's
estimate of FCF adjusts for payments made by FDC to its minority
interest partners in several consolidated joint ventures including
Bank of America Merchant Services (BAMS). These payments are not
recorded in FDC's cash flow from operations but rather cash flows
from financing. Cash flow generation is down over the prior year
reflecting recent weakness in the business. Going forward, Fitch
expects FCF to average above $200 million annually. This estimate
is aided in part by management's recent decision to significantly
increase equity compensation across a broad portion of the
employee base which is expected to save approximately $60 million
in cash the first year.

Liquidity as of June 30, 2013 was solid with cash of $363 million
($110 million of which was available to the company in the U.S.).
FDC has an undrawn revolving credit facility which, pro forma for
approximately $500 million of which expired in September 2013,
provides an additional $1 billion in liquidity and expires
September 2016. Fitch estimates that FDC generated approximately
$75 million in FCF over the LTM period which further adds to
liquidity.

Total debt as of June 30, 2013 was $22.7 billion, which includes
approximately $15.6 billion in secured debt, $4.6 billion in
unsecured debt and $2.5 billion in subordinated debt (all figures
approximate).

Fitch has affirmed the ratings for FDC as follows:

-- Long-term IDR at 'B';

-- $1 billion senior secured revolving credit facility expiring
   September 2016 at 'BB-/RR2';

-- $2.7 billion senior secured term loan B due 2017 at 'BB-/RR2';

-- $4.7 billion senior secured term loan B due 2018 at 'BB-/RR2';

-- $1 billion senior secured term loan B due 2018 at 'BB-/RR2';

-- $1.6 billion 7.375% senior secured notes due 2019 at 'BB-/RR2';

-- $510 million 8.875% senior secured notes due 2020 at 'BB-/RR2';

-- $2.2 billion 6.75% senior secured notes due 2020 at 'BB-/RR2';

-- $2 billion 8.25% junior secured notes due 2021 at 'CCC+/RR6';

-- $1 billion 8.75%/10.0% PIK Toggle junior secured notes due
   2022 at 'CCC+/RR6';

-- $815 million 10.625% senior unsecured notes due 2021 at
   'CCC+/RR6';

-- $785 million 11.25% senior unsecured notes due 2021 at
   'CCC+/RR6';

-- $3 billion 12.625% senior unsecured notes due 2021 at
   'CCC+/RR6';

-- $1.75 billion 11.25% senior subordinated notes due 2016 at
   'CCC/RR6';

-- $750 million 11.75% senior subordinated notes due 2021 at
   'CCC/RR6'.

The Rating Outlook is Stable.

The Recovery Ratings (RRs) for FDC reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of FDC, and hence recovery
rates for its creditors, will be maximized in a restructuring
scenario (as a going concern) rather than a liquidation scenario.
In deriving a distressed enterprise value, Fitch applies a 15%
discount to FDC's estimated operating EBITDA (adjusted for equity
earnings in affiliates) of approximately $2.4 billion for the LTM
ended Sept. 31, 2012 which is equivalent to Fitch's estimate of
FDC's total interest expense and maintenance capital spending.
Fitch then applies a 6x distressed EBITDA multiple, which
considers FDC's prior public trading multiple and that a stress
event would likely lead to multiple contraction. As is standard
with Fitch's recovery analysis, the revolver is fully drawn and
cash balances fully depleted to reflect a stress event. The 'RR2'
for FDC's secured bank facility and senior secured notes reflects
Fitch's belief that 71%-90% recovery is realistic. The 'RR6' for
FDC's second lien, senior and subordinated notes reflects Fitch's
belief that 0%-10% recovery is realistic. The 'CCC/RR6' rating for
the subordinated notes reflects the minimal recovery prospects and
inherent subordination in a recovery scenario.

Ratings Sensitivities

Future developments that may, individually or collectively, lead
to positive rating action include:

-- Greater visibility and confidence in the potential for the
   company to access the public equity markets.

Future developments that may, individually or collectively, lead
to negative rating action include:

-- If FDC were to experience sustained market share declines or
   if typical price compression accelerates;

-- If the U.S. economy were to experience a sustained recession.


FRIENDFINDER NETWORKS: Gets OK for $500MM Restructuring Deal
------------------------------------------------------------
Law360 reported that a Delaware bankruptcy judge gave the nod on
Oct. 11 to a transaction support agreement between the publisher
of Penthouse magazine and the vast majority of its senior debt
holders, allowing the company to restructure its more than $500
million in debt.

According to the report, U.S. Bankruptcy Judge Christopher S.
Sontchi approved FriendFinder Networks Inc.'s request after
hearing from the company's attorneys that support for the
recapitalization measure remained at 80 percent of senior debt
holders.

"I am prepared to sign the order," the judge said from the bench,
the report related.

As reported in the TCR on Sept 27, 2013, FriendFinder Networks
Inc., the operator of adult social networking Web sites, filed a
plan on Sept. 21 containing details on a reorganization worked out
with about 80 percent of first and second-lien lenders before the
Sept. 17 Chapter 11 filing.

Pursuant to the plan, holders of the $234.3 million in 14 percent
first-lien notes will receive accrued interest plus an equal
amount in new 14 percent first-lien notes to mature in five
years.  Excess cash will be used in part to pay down principal on
the notes before maturity.

Holders of $330.8 million in two issues of second-lien notes are
to receive all the new equity.  Unsecured creditors are to be paid
in full.

                    About FriendFinder Networks

FriendFinder Networks (formerly Penthouse Media Group) owns and
operates a variety of social networking Web sites, including
FriendFinder.com, AdultFriendFinder.com, Amigos.com, and
AsiaFriendFinder.com.  In total, its Web sites are offered in
12 languages to users in some 170 countries.  The company also
publishes the venerable adult magazine PENTHOUSE, and produces
adult video content and related images.  The Company is based in
Boca Raton, Florida.

FriendFinder Networks reported a net loss of $49.44 million
in 2012, a net loss of $31.14 million in 2011, and a net loss of
$43.15 million in 2010.

FriendFinder Networks and affiliates, including lead debtor PMGI
Holdings Inc., sought bankruptcy protection (Bankr. D. Del. Lead
Case No. 13-12404) on Sept. 17, 2013, estimating assets of
$465.3 million and debt totaling $662 million.

The Debtors are represented by Nancy A. Mitchell. Esq., Matthew L.
Hinker, Esq., and Paul T. Martin, Esq., at Greenberg Traurig, LLP,
in New York, as lead bankruptcy counsel; and Dennis A. Meloro,
Esq., in Wilmington, Delaware, as local Delaware counsel.  Akerman
Senterfitt serves as the Debtors' special and conflicts counsel.
The Debtors' financial advisor is SSG Capital Advisors LLC.  BMC
Group, Inc., is the Debtors' claims and noticing agent.

On Sept. 21, 2013, the Debtors filed a plan of reorganization
containing details on a reorganization worked out with about 80
percent of first and second-lien lenders before the Sept. 17
Chapter 11 filing.  Under the Plan, holders of the $234.3 million
in 14 percent first-lien notes will receive accrued interest plus
an equal amount in new 14 percent first-lien notes to mature in
five years.  Excess cash will be used in part to pay down
principal on the notes before maturity.  Holders of $330.8 million
in two issues of second-lien notes are to receive all the new
equity.


FURNITURE BRANDS: Gets Nod For $140MM DIP, Employee Bonuses
-----------------------------------------------------------
Law360 reported that a Delaware bankruptcy judge gave final
approval for Furniture Brands International Inc.'s $140 million
post-petition loan on Oct. 11 from KPS Capital Partners LP and
allowed the debtor to dole out millions of dollars in executive
and employee bonuses, despite the objections of the U.S. Trustee.

According to the report, U.S. Bankruptcy Judge Christopher S.
Sontchi said he was initially concerned about the key employee
incentive plan, but gave it the green light after hearing that the
unsecured creditors committee had reluctantly decided to support
it.

                       About Furniture Brands

Furniture Brands International (NYSE:FBN) --
http://www.furniturebrands.com-- engages in the designing,
manufacturing, sourcing and retailing home furnishings.
Furniture Brands markets products through a wide range of
channels, including company owned Thomasville retail stores and
through interior designers, multi-line/ independent retailers and
mass merchant stores.  Furniture Brands serves its customers
through some of the best known and most respected brands in the
furniture industry, including Thomasville, Broyhill, Lane, Drexel
Heritage, Henredon, Pearson, Hickory Chair, Lane Venture,
Maitland-Smith and LaBarge.

On Sept. 9, 2013, Furniture Brands International, Inc. and 18
affiliated companies sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 13-12329).

Attorneys at Paul Hastings LLP and Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtors.  Alvarez and Marsal
North America, LLC, is the restructuring advisors.  Miller
Buckfire & Co., LLC is the investment Banker.  Epiq Systems Inc.
dba Epiq Bankruptcy Solutions is the claims and notice agent.

Furniture Brands' balance sheet at June 29, 2013, showed $546.73
million in total assets against $550.13 million in total
liabilities.

The company has an official creditor's committee with seven
members.  The creditors' panel includes the Pension Benefit
Guaranty Corp., Milberg Factors Inc. and five suppliers.


GENIUS BRANDS: Obtains OK to Effect Reverse Split
-------------------------------------------------
Genius Brands International, Inc., terminated its consent
solicitation to approve:

    (1) an amendment to the Company's Articles of Incorporation in
        order to increase the number of shares of common stock,
        $0.001 par value per share, authorized to 700,000,000
        shares from 250,000,000 shares; and

   (ii) an amendment to the Company's Articles of Incorporation to
        effect a reverse stock split of its issued and outstanding
        common stock by a ratio of not less than one-for-ten and
        not more than one-for-one hundred at any time prior to
        Sept. 30, 2014, with the exact ratio to be set at a whole
        number within this range as determined by the Board of
        Directors in its sole discretion.

Approximately 52.59 percent of the Company's voting capital
approved the Authorized Capital Increase and approximately 52.52
percent of the Company's voting capital approved the Reverse Stock
Split.

San Diego, Calif.-based Genius Brands International, Inc., creates
and distributes music-based products which it believes are
entertaining, educational and beneficial to the well-being of
infants and young children under its brands, including Baby Genius
and Little Genius.

The Company's balance sheet at June 30, 2013, showed $1.88 million
in total assets, $3.26 million in total liabilities, and a
stockholders' deficit of $1.38 million.


GUIDED THERAPEUTICS: Secures Additional Distribution for LuViva
---------------------------------------------------------------
Guided Therapeutics, Inc., signed an additional distributors for
the LuViva(R) Advanced Cervical Scan in territories that include
France, Qatar, Malaysia, Indonesia and Bangladesh.  Combined,
these territories include approximately 86 million women aged 25
to 64 years.

"We continue to see high levels of interest for LuViva across the
globe as governments and other institutions work to reduce the
financial burden of managing cervical cancer," said Mark L.
Faupel, president and CEO of Guided Therapeutics.  "The regulatory
environment in international markets has been particularly
receptive to new technology.  Developed countries are beginning to
adopt human papillomavirus (HPV) testing to screen for cervical
cancer which is creating a high number of false positive results
leading to women receiving unnecessary, invasive testing.  LuViva
is uniquely suited to effectively help manage this population.  As
a result, the international market remains a potentially lucrative
opportunity for building shareholder value over the near term."

With the additions of France, Qatar, Malaysia, Indonesia and
Bangladesh, Guided Therapeutics currently has 21 countries covered
by definitive distribution agreements.

                     About Guided Therapeutics

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

Guided Therapeutics disclosed a net loss of $4.35 million on $3.33
million of contract and grant revenue for the year ended Dec. 31,
2012, as compared with a net loss of $6.64 million on $3.59
million of contract and grant revenue in 2011.  The Company's
selected balance sheet data at June 30, 2013, showed $4.39 million
in total assets and $1.74 million in stockholders' equity.

UHY LLP, in Sterling Heights, Michigan, issued a "going concern"
qualification on the Company's consolidated financial statements
for the year ended Dec. 31, 2012, citing recurring losses from
operations and accumulated deficit that raise substantial doubt
about its ability to continue as a going concern.

                        Bankruptcy Warning

"The Company's capital-raising efforts are ongoing.  If sufficient
capital cannot be raised during the second quarter of 2013, the
Company has plans to curtail operations by reducing discretionary
spending and staffing levels, and attempting to operate by only
pursuing activities for which it has external financial support,
such as under the Konica Minolta license agreement and additional
NCI, NHI or other grant funding.  However, there can be no
assurance that such external financial support will be sufficient
to maintain even limited operations or that the Company will be
able to raise additional funds on acceptable terms, or at all.  In
such a case, the Company might be required to enter into
unfavorable agreements or, if that is not possible, be unable to
continue operations, and to the extent practicable, liquidate
and/or file for bankruptcy protection," the Company said in its
annual report for the year ended Dec. 31, 2012.


HIGHWAY TECHNOLOGIES: Estridge Appeal Abated Til Further Order
--------------------------------------------------------------
The Court of Appeals of Texas, Fourteenth District, Houston,
entered an order abating the appeal David Estridge, Individually
and As Next Friend of His Minor Son, Caden ESTRIDGE, Appellant,
v. BRUCE McCOLLISTER, TRI-CITY SWEEPING, INC., AND HIGHWAY
TECHNOLOGIES, INC., Appellees, Case No. 14-13-00775-CV, for
administrative purposes only.

The abatement was in line with appellee Highway Technologies's
notice that it filed for a voluntary Chapter 11 petition.

Pursuant to the Abatement Order, the appeals case is treated as a
closed case until further order of the court.

A copy of the Appeals Court's Sept. 12, 2013 Order is available at
http://is.gd/wf0wZnfrom Leagle.com.

                   About Highway Technologies

Highway Technologies Inc. and affiliate HTS Acquisition Inc.
sought Chapter 11 protection (Bankr. D. Del. Case Nos. 13-11325 to
13-11326) on May 22, 2013, to conduct an orderly liquidation.

Richard M. Pachuiski, Esq., Debra I. Grassgreen, Esq., Bruce
Grohsgal, Esq., Maria A. Bove, Esq., and John W. Lucas, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as counsel to the
Debtors.  Kurtzman Carson Consultants LLC is the claims and notice
agent.

The prepetition lenders are represented by David M. Hilllman,
Esq., at Schulte Roth & Zabel, in New York.

The Company's balance sheet as of March 31, 2013, showed
$55 million in total assets and $102 million in liabilities.  In
its amended schedules, Highway Technologies disclosed $41,350,616
in assets and $91,780,181 in liabilities.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A.
represents the Official Unsecured Creditors' Committee as counsel.
Gavin/Solmonese LLC serves as its financial advisor.

The Debtors have asked the Court to convert their cases into
Chapter 7 proceedings.  An Oct. 16 hearing has been set for the
matter.


IBIO INC: NYSE MKT Grants Listing Compliance Extension
------------------------------------------------------
iBio, Inc. on Oct. 14 disclosed that on October 11, 2013, the
NYSE MKT notified the Company that it accepted the Company's
updated Plan of Compliance and granted the Company an extension
until December 2, 2013 to regain compliance with the continued
listing standards set forth in Sections1003(a)(ii), 1003(a)(iii),
and 1003(a)(iv) of the NYSE MKT Company Guide.

During the extension period, the Company will be subject to
periodic review by the Staff of the Exchange.  The failure by the
Company to make progress consistent with the accepted plan or to
regain compliance with the continued listing standards by the end
of the extension period could result in the Company being delisted
from the Exchange.

Although the Company's general policy is not to respond to market
rumors and to let its press releases and SEC filings speak for
themselves, it is making an exception to correct egregiously
misleading statements contained in an article about the Company
published during market trading on Friday, October 11, 2013.

The article stated that iBio "insider selling has been ferocious"
even though the table within the article purporting to support
that claim shows that during the trailing 19 month period, net
insider holdings of the Company's stock increased by more than 5.3
million shares.  The article also falsely claimed that the Company
was out of cash even though the audited financial statements of
the Company and the narrative discussion of the Annual Report,
both contained in the Company's 10-K filed on September 30, 2013,
and the Company's October 7, 2013 release discussing the 10-K and
subsequent events, all prove otherwise.

The Company cautions shareholders and interested investors to
refer to iBio's SEC filings for accurate information on the
Company and its financial condition and reiterates its
longstanding commitment to full and accurate disclosure of
material information.

                        About iBio, Inc.

iBio -- http://www.ibioinc.com-- develops and offers product
applications of its iBioLaunch(TM) and iBioModulator(TM)
platforms, providing collaborators full support for turn-key
implementation of its technology for both proprietary and
biosimilar products.  The iBioLaunch platform is a proprietary,
transformative technology for development and production of
biologics using transient gene expression in unmodified green
plants.  The iBioModulator platform is complementary to the
iBioLaunch platform and is designed to significantly improve
vaccine products by increasing potency and lengthening duration of
effect.  The iBioModulator platform can be used with any
recombinant expression technology for vaccine development and
production.


ICTS INTERNATIONAL: Holds 22.9% Equity Stake in InkSure
-------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, ICTS International, N.V., and its affiliates
disclosed that as of Oct. 1, 2013, they beneficially owned
9,915,555 shares of common stock of InkSure Technologies Inc.
representing 22.97 percent of the shares outstanding.  A copy of
the regulatory filing is available at http://is.gd/yDnfZH

                     About ICTS International

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

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

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

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

ICTS International incurred a net loss of US$9.01 million in 2012,
a net loss of US$2.14 million in 2011 and a net loss of US$8.12
million in 2010.  The Company's balance sheet at Dec. 31, 2012,
showed US$22.55 million in total assets, US$59.24 million in total
liabilities and a US$36.68 million total shareholders' deficit.

Mayer Hoffman McCann CPAs, 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 a history of recurring losses from continuing
operations, negative cash flows from operations, working capital
deficit, and is in default on its line of credit arrangement in
the United States as a result of the violation of certain
financial and non-financial covenants.  Collectively, these
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


INTERMETRO COMMUNICATIONS: Sells 257,897 Preferred Shares
---------------------------------------------------------
InterMetro Communications, Inc., and its subsidiaries sold the
remaining 257,897 shares of Series A2 Preferred Stock together
with warrants to purchase 257,897 shares of common stock at an
exercise price of $0.20 per share in exchange for a total purchase
price of $257,897.  The securities were sold to accredited
investors in a private placement exempt from registration under
Regulation D of the Securities Act of 1933, as amended.  The
Series A2 Preferred stock may be converted into shares of common
stock at a conversion rate of 6.66 shares of common stock for each
share of Series A2 Preferred.

                          About InterMetro

Simi Valley, Calif.-based InterMetro Communications, Inc.,
-- http://www.intermetro.net/-- is a Nevada corporation which
through its wholly owned subsidiary, InterMetro Communications,
Inc. (Delaware), is engaged in the business of providing voice
over Internet Protocol ("VoIP") communications services.

InterMetro Communications disclosed net income of $699,000 on
$20.06 million of net revenues for the year ended Dec. 31, 2012,
as compared with net income of $3.61 million on $21.31 million of
net revenue in 2011.  The Company's balance sheet at March 31,
2013, showed $2.74 million in total assets, $13.97 million in
total liabilities and a $11.23 million total stockholders'
deficit.

Gumbiner Savett Inc., in Santa Monica, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company incurred net losses in previous years, and as of
Dec. 31, 2012, the Company had a working capital deficit of
approximately $7,460,000 and a total stockholders' deficit of
approximately $10,692,000.  The Company anticipates that it will
not have sufficient cash flow to fund its operations in the near
term and through fiscal 2013 without the completion of additional
financing.


INTERNATIONAL TEXTILE: Unit Inks Transfer Agreements
----------------------------------------------------
Cone Denim de Nicaragua, S.A., a wholly?owned subsidiary of
International Textile Group, Inc., entered into various third
party agreements whereby Inter-American Investment Corporation and
certain other banks that had previously provided debt financing to
CDN, and the Corporacion De Zonas Francas De Nicaragua pursuant to
which, among other things and as of Oct. 7, 2013:

   (i) CZF paid, on behalf of CDN, certain amounts to the CDN
       Lenders in full satisfaction of CDN's term loan debt and
       related interest and fee obligations to the CDN Lenders;

  (ii) IIC assigned all of its rights in and to the CDN Loans to
       CZF in full satisfaction of CDN's obligations thereunder;
       and

(iii) CZF was granted ownership of certain assets of CDN,
       including all of CDN's land, buildings, machinery and
       equipment.

In addition, the Transfer Agreements provided for the cancellation
of all of the Company's guarantees, bonds and pledges related to
the CDN Loans, including the Project Funds and Subordination
Agreement as well as a lease obligation that CDN had to CZF.

ITG did not pay or receive any cash consideration in connection
with the entry into, or completion of the transactions
contemplated by, the Transfer Agreements.

The Company preliminarily expects that it will record a net non-
cash gain on the derecognition of the Obligations and the Security
Assets in the amount of approximately $27.7 million in the fourth
quarter of 2013, which will be included in discontinued
operations.

The Company is in the process of finalizing the preparation of its
consolidated financial results as of and for the period ended
Sept. 30, 2013.  Based on estimates to date, the Company currently
expects that its consolidated balance sheet as of Sept. 30, 2013,
will include the following: $38 million outstanding under the CDN
term loan, approximately $12.7 million of accrued interest
outstanding related to the CDN Loans, and approximately $1.9
million outstanding under the CZF lease obligation.  The principal
amount outstanding under the CDN Loans is included in the line
"callable long-term debt classified as current", accrued interest
is included in the line "sundry payables and accrued liabilities",
and the CZF lease obligation is included in the line "accounts
payable", in each case in the Company's historical consolidated
balance sheets.  The Company also preliminarily expects that the
Security Assets will have a total net book value of approximately
$24.8 million as of Sept. 30, 2013.

As a result of the execution and effectiveness of the Transfer
Agreements, the Obligations have been fully extinguished and the
Company does not have, and will not regain, control of the
Security Assets as of the date of execution of those agreements.
Consequently, ITG has derecognized the Obligations and Security
Assets as of Oct. 7, 2013, in its consolidated balance sheet.
Because the Obligations and Security Assets comprised the entire
business operations of CDN, the results of operations of CDN will
be presented as discontinued operations in all periods presented
in the Company's historical consolidated statements of operations,
beginning with the presentation of such statements in the
Company's quarterly report on Form 10-Q for the quarter ended
Sept. 30, 2013.  As previously disclosed by the Company, CDN has
been idled since 2009, and it has not had any trade sales revenues
since that date.  The Company preliminarily expects to report that
CDN incurred net losses of approximately $5.8 million in the nine
months ended September 30, 2013 and $7.7 million in the full year
2012 (including non-cash depreciation charges recorded in cost of
goods sold of $1.9 million and $2.6 million, and interest expense
of $3.1 million and $4.2 million, respectively, as well as other
miscellaneous idled facility costs in each period).


                    About International Textile

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

International Textile disclosed a net loss of $67.33 million in
2012, as compared with a net loss of $69.64 million in 2011.
The Company's balance sheet at March 31, 2013, showed $363.38
million in total assets, $482.75 million in total liabilities and
a $119.36 million total stockholders' deficit.


JEFFERSON COUNTY, AL: Seeks to Change Debt Pact
-----------------------------------------------
Katy Stech, writing for Daily Bankruptcy Review, reported that
Jefferson County, Ala., leaders met last week with J.P. Morgan
Chase & Co. and others to try to redraw the terms of their
proposed $1.9 billion debt settlement, in another sign that the
county's plan to get out of bankruptcy by the end of the year is
in jeopardy.

According to the report, county leaders have warned that their
bankruptcy-exit plan may not work without improvements in the
municipal-bond market, which has been rattled by Detroit's
bankruptcy filing and Puerto Rico's financial woes. The leaders
sat down with bank officials and other sewer-debt holders to try
to renegotiate the settlement terms in order to save the deal.

Jefferson County Commission President David Carrington called the
meetings "productive," but didn't say whether the proposed changes
would be enough for the county to move forward with the
refinancing of some of the $3.1 billion it borrowed to fix its
aging sewer system, the report related.

Mr. Carrington said he was "disappointed" that several hedge-fund
investors -- that hold about $900 million of the county's sewer
debt and were invited to the talks -- didn't attend, the report
further related.  An attorney who has represented the hedge funds
didn't respond to requests for comment on Oct. 11.

Without more concessions from major creditors including J.P.
Morgan, Jefferson County officials have said the bond market needs
to improve by November and December, when it is expected to sell
new bonds to refinance its debt under the terms of the deal, the
report added.

                     About Jefferson County

Jefferson County has its seat in Birmingham, Alabama.  It has a
population of 660,000.

Jefferson County filed a bankruptcy petition under Chapter 9
(Bankr. N.D. Ala. Case No. 11-05736) on Nov. 9, 2011, after an
agreement among elected officials and investors to refinance
$3.1 billion in sewer bonds fell apart.

John S. Young Jr. LLC was appointed as receiver by Alabama Circuit
Court Judge Albert Johnson in September 2010.

Jefferson County's bankruptcy represents the largest municipal
debt adjustment of all time.  The county said that long-term debt
is $4.23 billion, including about $3.1 billion in defaulted sewer
bonds where the debt holders can look only to the sewer system for
payment.

The county said it would use the bankruptcy court to put a value
on the sewer system, in the process fixing the amount bondholders
should be paid through Chapter 9.

Judge Thomas B. Bennett presides over the Chapter 9 case.  Lawyers
at Bradley ArantBoult Cummings LLP and Klee, Tuchin, Bogdanoff&
Stern LLP, led by Kenneth Klee, represent the Debtor as counsel.
Kurtzman Carson Consultants LLC serves as claims and noticing
agent.  Jefferson estimated more than $1 billion in assets.  The
petition was signed by David Carrington, president.

The bankruptcy judge in January 2012 ruled that the state court-
appointed receiver for the sewer system largely lost control as a
result of the bankruptcy. Before deciding whether Jefferson County
is eligible for Chapter 9, the bankruptcy judge will allow the
Alabama Supreme Court to decide whether sewer warrants are the
equivalent of "funding or refunding bonds" required under state
law before a municipality can be in bankruptcy.

U.S. District Judge Thomas B. Bennett ruled in March 2012 that
Jefferson County is eligible under state law to pursue a debt
restructuring under Chapter 9.  Holders of more than $3 billion in
defaulted sewer debt had challenged the county's right to be in
Chapter 9.

In June 2013, the county reached settlement with holders of 78
percent of the $3.1 billion in sewer debt at the core of the
county's financial problems.  The bondholders will be paid $1.84
billion through a refinancing, according to a term sheet.  The
settlement calls for JPMorgan Chase & Co., the owner of $1.22
billion in bonds, to make the largest concessions so other
bondholder will recover more.

On June 30, 2013, Jefferson County filed a Chapter 9 plan of debt
adjustment.  Pursuant to the Plan, sewer bondholders will receive
65 percent in cash. If they elect to waive claims against JPMorgan
and bond insurers, they receive 80 percent in cash.  Bondholders
supporting the plan already agreed to waive claims and receive the
larger recovery.  Existing sewer bonds will be canceled in
exchange for payments under the plan.  The county will fund plan
distributions by selling new sewer bonds calculated to generate
$1.96 billion to cover the $1.84 billion earmarked for existing
sewer bondholders.  JPMorgan has agreed to waive $842 million of
the sewer debt and a $657 million swap debt, resulting in an 88
percent overall write off by JPMorgan.  To finance the new sewer
bonds, there will be 7.4 percent in rate increases for sewer
customers in each of the first four years.  In later years, rate
increases will be 3.5 percent.


LAFAYETTE YARD: Trustee Wants Auctioneer Tossed
-----------------------------------------------
Law360 reported that U.S. trustee overseeing Lafayette Yard
Community Development Corp.'s Ch. 11 bankruptcy told a New Jersey
federal judge that the proposed auctioneer who would run the non-
profit hotel owner's sale process has a conflict of interest with
Lafayette's debtor-in-possession lender.

According to the report, U.S. Trustee Tracy Hope Davis urged U.S.
Bankruptcy Judge Michael B. Kaplan to reject Lafayette Yard's
application to retain auctioneer Sheldon Good & Co., a/k/a
Racebrook Marketing Concepts, LLC, saying DIP lender and
investment firm Racebrook Capital Advisors LLC has the same owner,
therefore creating an "adverse interest."

As previously reported by The Troubled Company Reporter, Sheldon
is an affiliate of Racebrook Capital.  Racebrook Capital and
Racebrook Marketing share common ownership.  Racebrook Marketing
is the sole owner and member of Sheldon Good.  Furthermore,
Racebrook Capital and Sheldon Good share only one Director, the
chairman of the board of all Racebrook entities, and share only
one Officer, their general counsel.  Further, management of
Sheldon Good is independent of other Racebrook entities.

Lafayette Yard Community Development Corporation, owner of the
Lafayette Yard Hotel & Conference Center, previously called the
Trenton Marriott, sought protection under Chapter 11 of the
Bankruptcy Code on Sept. 23, 2013 (Case No. 13-30752, Bankr.
D.N.J.).  The Debtor is represented by Gregory G. Johnson, Esq.,
at Wong Fleming, Attorneys At Law, in Princeton, New Jersey; and
Robert L. Rattet, Esq., Dawn Kirby, Esq., and Julie Cvek Curley,
Esq., at Delbello Donnellan Weingarten Wise & Wiederkehr, LLP, in
White Plains, New York.


LAFAYETTE YARD: FTI Consulting Approved as Financial Advisor
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey
authorized Lafayette Yard Community Development Corporation to
employ FTI Consulting, Inc. as financial advisor

FTI Consulting is expected to provide advice during the DIP
financing process and sale process, including:

   1. Financial Advisory Services:

      -- reviewing and analyzing the Debtor's business operations.

      -- assisting in developing and executing a sale of the Hotel
         (a landmark hotel located at 1 West Lafayette Street,
         Trenton, New Jersey) including determining a range of
         estimated values for the property, communicating directly
         with potential purchasers, and accessing FTI's network of
         potential purchasers.

      -- developing and formatting a 13 week cash forecast to
         assist in DIP financing and cash collateral issues.

   2. General Accounting Services:

      -- assisting in the development of monthly financial reports
         required by the court, including hotel operating reports,
         sources and uses schedules, statement of accounts, pre-
         petition payments and the financial condition of the
         Debtor.

      -- assisting the Debtor with claims analysis.

      -- all accounting services that are normally and reasonably
         associated with the chapter 11 process.

Alan Tantleff, senior managing director of corporate finance for
FTI Consulting, tells the Court that FTI's compensation structure
provides:

      a. an initial retainer in the amount of $25,000, which was
         received prepetition and may be applied to any unpaid
         prepetition billing.

      b. a blended hourly rate for all FTI professionals in the
         amount of $575.

      c. one percent of the total committed DIP financing.

      d. a consummation fee of $180,000 if the Debtor succeeds in
         obtaining (i) a consensual restructuring of a substantial
         amount of its existing indebtedness, or (ii) a final
         judicial order approving a plan of reorganization or a
         sale of substantially all of the Debtor's assets under
         Section 363 of the Bankruptcy Code.

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

      About Lafayette Yard Community Development Corporation

Lafayette Yard Community Development Corporation, owner of the
Lafayette Yard Hotel & Conference Center, previously called the
Trenton Marriott, sought protection under Chapter 11 of the
Bankruptcy Code on Sept. 23, 2013 (Case No. 13-30752, Bankr.
D.N.J.).  The Debtor is represented by Gregory G. Johnson, Esq.,
at Wong Fleming, Attorneys At Law, in Princeton, New Jersey; and
Robert L. Rattet, Esq., Dawn Kirby, Esq., and Julie Cvek Curley,
Esq., at Delbello Donnellan Weingarten Wise & Wiederkehr, LLP, in
White Plains, New York.


LAFAYETTE YARD: Wong Fleming Approved as Bankruptcy Counsel
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey
authorized Lafayette Yard Community Development Corporation to
employ Wong Fleming as bankruptcy counsel.

Gregory G. Johnson, a shareholder of Wong Fleming, tells the Court
that on Sept. 17, 2013, before commencement of the Chapter 11
cases, the Debtor paid Wong Fleming $20,740 in satisfaction of a
prepetition invoice for contemporaneous services rendered and
charges incurred within the 30 days before the filing date.

According to Mr. Johnson, Wong Fleming will be rendering services
on an hourly basis.  The current rates of Wong Fleming partners,
associates and paralegals are:

         Partners                   $350 - $450
         Special Counsel            $350 - $450
         Associates                 $250 - $275
         Paralegals                 $100 - $125

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

      About Lafayette Yard Community Development Corporation

Lafayette Yard Community Development Corporation, owner of the
Lafayette Yard Hotel & Conference Center, previously called the
Trenton Marriott, sought protection under Chapter 11 of the
Bankruptcy Code on Sept. 23, 2013 (Case No. 13-30752, Bankr.
D.N.J.).  The Debtor is represented by Gregory G. Johnson, Esq.,
at Wong Fleming, Attorneys At Law, in Princeton, New Jersey; and
Robert L. Rattet, Esq., Dawn Kirby, Esq., and Julie Cvek Curley,
Esq., at Delbello Donnellan Weingarten Wise & Wiederkehr, LLP, in
White Plains, New York.


LDB MEDIA: Gravitas Leasing Has No Valid Interests in News Trucks
-----------------------------------------------------------------
Bankruptcy Judge Michael G. Williamson entered a memorandum
opinion on the validity of security interests in the complaint LDB
MEDIA, LLC, Plaintiff, v. GRAVITAS LEASING, LLC, Defendant, Adv.
No. 8:12-AP-00715-MGW (Bankr. M.D. Fla.).

Gravitas Leasing claims to have a security interest in satellite
news trucks and other vehicles that the Debtor LDB Media uses to
operate its cable news channel, as well as the equipment located
in the news trucks.

On review, the Bankruptcy Court held that it undisputed that
Gravitas did not perfect its interest in the vehicles until
sometime during the "preference period" -- or the 90-day period
before the Debtor filed its Chapter 11 case -- and that perfection
of the security interest was a transfer of an interest in the
Debtor's property on account of an antecedent debt.  So there is
no question the liens on the vehicles are avoidable as a
preferential transfer, the Court held.

"To the extent the equipment on the news trucks is deemed a
fixture (referred to as an accession), the lien on the equipment
is avoidable for the same reason. To the extent the equipment is
not a fixture (or accession), however, then Gravitas does not have
a security interest in it because the parties' security agreement
(or, for that matter, Gravitas' financing statement) does not
reasonably identify the equipment as collateral".

Against this backdrop, Judge Williamson concludes that Gravitas
does not have a valid security interest in the news trucks or the
equipment located in them.  Accordingly, the Court will enter
final judgment in favor of the Debtor on Counts I and II of its
complaint.

A copy of Judge William's Sept. 12, 2013 Memorandum Opinion is
available at  http://is.gd/MypQCsfrom Leagle.com.

On February 24, 2012, LDB Media, LLC, dba SNN Local News 6, filed
for bankruptcy (Bankr. M.D. Fla., Case No. 12-02560).  Bernard J.
Morse, Esq. -- chipmorse@morsegomez.com -- of Morse & Gomez PA,
serves as counsel to the Debtor.  The Debtor lists $1 million to
$10 million in assets and liabilities.  The petition was signed by
Douglas C. Barker, managing member.


LIGHTSQUARED INC: Court Temporarily Puts Harbinger Suit on Hold
---------------------------------------------------------------
The U.S. Bankruptcy for the Southern District of New York
temporarily put on hold the lawsuit filed by Harbinger Capital
Partner, LLC against Deere & Co. and two other manufacturing
companies.

The bankruptcy court ordered that the Harbinger case is stayed for
60 days or until a time earlier than 60 days if the court grants a
motion to lift the stay, which can be filed by any interested
party.

Harbinger on August 9 sued Deere & Co., Garmin International Inc.,
Trimble Navigation Limited and two trade associations they
control.  The defendants are companies engaged in the design and
manufacturing of products using Global Positioning System
technology.

Harbinger alleges claims for fraud and negligent misrepresentation
as well as violations of securities law.  The company, which
invested about $1.9 billion in LightSquared, specifically alleges
that the defendants fraudulently failed to disclose that they had
designed their GPS devices to use some portions of LightSquared's
spectrum, which ultimately delayed approval for its network and
led to its bankruptcy filing.

                      About LightSquared Inc.

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

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

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

Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors.  Alvarez & Marsal North America, LLC, is the
financial advisor.  Kurtzman Carson Consultants LLC serves as
claims and notice agent.


MICHIGAN PUBLIC: S&P Lowers Rating on 2010 Revenue Bonds to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating to
'BB+' from 'BBB-' on Michigan Public Educational Facilities
Authority's series 2010 limited-obligation revenue bonds, issued
for New Branches School.  The outlook is stable.

"Despite stable enrollment trends, good academic results, and two
years of positive operations, the rating reflects our view of New
Branches' trend of weak liquidity metrics that are more consistent
with the 'BB' rating category," said Standard & Poor's credit
analyst Chris Littlewood.

Partially due to a volatile state funding environment, New
Branches achieved consecutive years of thin margins in fiscal 2012
and fiscal 2013 that resulted in minimal surpluses for the school.
Given the limited revenue diversity and size of the school, S&P
believes such levels will continue for the next few years, thus
making it difficult to build a deep unrestricted reserve position.
In addition, based on Standard & Poor's internal maximum annual
debt service calculations, the school was below 1x for the year.
Despite the school's weak liquidity and coverage metrics for
fiscal 2013 per S&P's internal calculations, management reports
they are in compliance with all bond covenants.


MONTREAL MAINE: Ch.11 Trustee May Use Cash Thru January 2014
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maine, in a sixth
interim order, authorized Robert J. Keach, Chapter 11 trustee of
Montreal Maine & Atlantic Railway, Ltd., to use cash collateral
for ordinary course operations.

Pursuant to an agreement reached between the trustee and Wheeling
& Lake Erie Railway Company, the trustee is authorized to use cash
collateral, including cash, through the close of business on
Jan. 31, 2014, provided, however, that if closing on the loan
facility with Camden National Bank will not have occurred on or
prior to Oct. 25, 2013, authority to use cash collateral pursuant
to the order will extend only through Oct. 25, 2013.

In the event that the closing occurs on or before Oct. 18,
Wheeling will be granted a $50,000 floating, first priority lien
and security interest on accounts receivable created by the Debtor
after the date of the closing in order to adequately protect
Wheeling against any diminution in the value of its cash
collateral as of the Petition Date.

In the event that the closing occurs after Oct. 18, and on or
before Oct. 25, Wheeling will be granted a $100,000 floating,
first priority lien and security interest on Post-Closing A/R in
order to adequately protect Wheeling against any diminution in the
value of the cash collateral as of the Petition Date.

As adequate protection from diminution in value of the lenders'
collateral, the trustee will grant replacement liens in all
accounts, inventory, and proceeds of accounts acquired by the
Debtor on or after the Petition Date to the same extent that
Wheeling had prior to the Petition Date.

In the event that the trustee and Wheeling agree to extend the use
of cash collateral past the expiration date, a further hearing
will be held at a time as the parties will agree and the Court
will be available to conduct the hearing.

                        About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., the railway company that
operated the train that derailed and exploded in July 2013,
killing 47 people and destroying part of Lac-Megantic, Quebec,
sought bankruptcy protection in U.S. Bankruptcy Court in Bangor,
Maine (Case No. 13-10670) on Aug. 7, 2013, with the aim of selling
its business.  Its Canadian counterpart, Montreal, Maine &
Atlantic Canada Co., meanwhile, filed for protection from
creditors in Superior Court of Quebec in Montreal.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., has been named as chapter 11 trustee.  His firm serves as
his chapter 11 bankruptcy counsel.  Development Specialists, Inc.,
serves as his financial advisor.

U.S. Bankruptcy Judge Louis H. Kornreich has been assigned to the
U.S. case.  The Maine law firm of Verrill Dana serves as counsel
to MM&A.

Justice Martin Castonguay oversees the case in Canada.

The Canadian Transportation Agency suspended the carrier's
operating certificate after the accident, due to insufficient
liability coverage.

The town of Lac-Megantic, Quebec, is seeking financial aid to
restore the gutted community and a civil complaint alleges a
failure to take steps to prevent a derailment.

The Hermon, Maine-based carrier is still working to create a
formal claims process for the families of the victims and other
claims holders.  The carrier will present a formal process to the
court for approval by Nov. 30, according to the filings, Bloomberg
News reported.


MOON VALLEY: MVAZ Appeal From Confirmation Order Dismissed
----------------------------------------------------------
In the appellate case captioned, MV AZ, LLC, Appellant, v. Moon
Valley Country Club, Appellee, Case No. CV13-00196-PHX-DGC (D.
Ariz.), District Judge David G. Campbell granted the appellee's
motion to dismiss the appeal.

Appellant MV AZ, LLC, controlled by land developer Jerry Tokph,
purchased the Debtor's defaulted loan from National Bank of
Arizona for about $3 million in December 2011.

The bankruptcy court order challenged in the Appeal is the
confirmation of the First Amended and Restated Plan of
Reorganization of Moon Valley Country Club based on the grounds of
mootness.

The Amended Plan called for the Debtor to restructure from a non-
profit to a for-profit corporate entity with new equity interests
in the Reorganized Debtor being issued to Moon Valley Acquisition
LLC (MVA).  In return for this equity interest, MVA provided a
$2 million capital contribution to the Debtor.  The Plan included
more than $1.6 million in voluntary contributions from the
Debtor's members and neighbors, for which the contributing parties
received no equity interest or other services.  The total $3.6
million capital infusion is to be used to pay back certain
classified creditors and to allow for MVCC's restructuring.  The
Plan valued MVAZ's note at $6 million and provided that a $2.5
million principal payment would be made to MVAZ on the Plan's
effective date.  MVAZ's note would bear interest at five percent
per annum and that the remaining $3.5 million balance would be
paid off in monthly installments over ten years.  For the first
two years, MVAZ would receive interest-only payments, and for the
following eight years, MVAZ would receive principal and interest
payments calculated on a 20-year amortization of the remaining
$3.5 million balance, with a final balloon payment due at the end
of that eight-year period.

MVAZ objected to the Plan on various grounds, including an
assertion of its right to credit bid on the sale of the Debtor's
assets to MVA.  As to MVAZ's assertion of a right to credit bit,
the bankruptcy court found that regardless of whether the equity
transfer to MVA constituted a sale, MVAZ had no statutory credit
bid right because the Plan allowed it to retain its lien on the
secured property until paid, and MVAZ failed to make a 11 U.S.C.
Sec. 1111(b) election.  The bankruptcy court confirmed the Plan
over MVAZ's objection on May 1, 2013.  The bankruptcy court and
the District Court denied MVAZ's motions for a stay pending appeal
and the Plan went into effect on May 24, 2013.

A copy of the District Court's Sept. 10, 2013 Order is available
at http://is.gd/MF9qygfrom Leagle.com.

Debtor Moon Valley Country Club, appellee, is represented by John
Anthony Harris, Esq. -- john.harris@quarles.com -- Robert Patrick
Harris, Esq. -- robert.harris@quarles.com -- and Walter Joseph
Ashbrook, Esq. -- walter.ashbrook@quarles.com -- of Quarles &
Brady LLP.

MV AZ LLC, appellant, is represented by Richard Lorenzen, Esq. --
RLorenzen@perkinscoie.com -- of Perkins Coie LLP.

United States Trustee, appellee, is represented by Elizabeth C
Amorosi, Esq. -- elizabeth.c.amorosi@usdoj.gov -- and Renee
Sandler Shamblin, Esq. -- renee.s.shamblin@usdoj.gov -- of the
U.S. Trustee's Office.

Moon Valley Neighborhood Association, Interested Party, Appellee,
is represented by Patrick A Clisham, Esq. -- pac@eblawyers.com --
of Engelman Berger PC.

MV Acquisition, Appellee, is represented by John J Fries, Esq. --
jfries@rcalaw.com -- of Ryley Carlock & Applewhite PA.

Maricopa County Treasurer, Appellee, is represented by Lori Ann
Lewis, of the Maricopa County Attorneys Office-Civil Services
Division at 301 West Jefferson Street, Suite 800 Phoenix, AZ
85003.

APS, Appellee, is represented by James P Kneller Esq., of Law
Office of James Kneller PC, at 6750 E Camelback Road #101, in
Scottsdale, Arizona 85251.

TCF Equipment Finance Incorporated, Appellee, is represented by
Alan R Costello, Esq. -- acostello@costello-law.com -- of Costello
Law Firm.

Troon Golf LLC, Appellee, represented by John Harvey Anderson,
Esq. -- janderson@carsonlawfirm.com -- and Matthew Hemler Mason,
Esq. -- mmason@carsonlawfirm.com -- of Carson Messinger PLLC.

National PEO Incorporated, Appellee, is represented by Jonathan B
Frutkin, Esq. -- jfrutkin@frutkinlaw.com -- of Frutkin Law Firm.

Christopher Baker, Appellee, is represented by Robert John Miller,
Esq. -- rjmiller@bryancave.com -- of Bryan Cave LLP in Phoenix,
AZ.

                  About Moon Valley Country Club

Phoenix, Arizona-based Moon Valley Country Club is a 50-year old
private country club with approximately 900 members.  It owns 183-
acres of land that includes a 46,178 square-foot clubhouse, a
43,192 sq. ft. fitness facility, an Olympic-size swimming pool,
eight lighted tennis courts, an 18-hole golf course, an executive
18-hole par-three golf course, a 5,946 sq.ft. maintenance
facility, and a 558-vehicle parking lot.  In 2008, the Debtor
borrowed about $6 million from National Bank of Arizona secured by
liens on the Debtor's real property and assets.

On July 25, 2012, Moon Valley Country Club filed for Chapter
11 bankruptcy (Bankr. D. Ariz. Case No. 12-16548) to avoid
foreclosure on its defaulted loan.  Bankruptcy Judge James M.
Marlar oversees the case.  Robert P. Harris, Esq., at Quarles &
Brady LLP, serves as the Debtor's counsel.  In its petition, the
Debtor estimated under $10 million in both assets and debts.  The
petition was signed by William Doyle, president.


NATIONAL ENVELOPE: Wants Plan Filing Deadline Extended to Jan. 6
----------------------------------------------------------------
NE Opco, Inc., et al., ask the U.S. Bankruptcy Court for the
District of Delaware to extend their exclusive periods to
extending the Debtors' exclusive periods to file a chapter 11 plan
until Jan. 6, 2014, and solicit acceptances for that plan until
March 7.

The Court will convene a hearing on Nov. 8, at 11 a.m., to
consider the Debtors' motion for exclusivity extension.
Objections, if any, are due Oct. 25, at 4 p.m.

The Debtors filed their request for an extension before the
exclusive periods was set to expire on Oct. 8.

According to the Debtors, the closing of the sale of substantially
all assets required additional time to analyze the path toward
winding down the Debtors' estates.  Moreover, if the Debtors
pursue a Chapter 11 plan, they will seek to do so with the support
of the major constituencies in the Chapter 11 cases, and
establishing the framework for a consensual time will require
further time and negotiations among the parties.  The filing of a
Chapter 11 plan at this juncture would be premature and disruptive
of the wind-down process.

                        About NE OPCO, Inc.

National Envelope is the largest privately-held 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.

The Official Committee of Unsecured Creditors is represented by
Pachulski Stang Ziehl & Jones LLP's Laura Davis Jones, Esq.,
Bradford J. Sandier, Esq., Robert J. Feinstein, Esq., and Peter J.
Keane, Esq.  Guggenheim Securities, LLC, serves as its investment
banker and financial advisor.

As reported in the TCR on July 25, National Envelope won court
approval on July 19 for a global settlement permitting a sale of
the company without objection from the official unsecured
creditors' committee.  The settlement ensures some recovery for
unsecured creditors.

The Company also won final approval for $67.5 million in
bankruptcy financing being supplied by Salus Capital Partners LLC.

The settlement will create a trust for unsecured creditors funded
with $250,000 over 10 weeks.  If a sale pays off the $67.5 million
of bankruptcy financing, the creditors' trust will receive another
$500,000.  From the first $4 million surplus after repaying
bankruptcy financing, secured lenders will receive 75 percent,
with the other 25 percent for unsecured creditors.  Secured
lenders will give 3 percent of additional sale proceeds to
unsecured creditors, all in return for the committee's agreement
to withhold objection to a sale.  The settlement creates a
separate $790,000 fund to be used in winding down the Chapter 11
case.

As reported in the TCR on August 26, NE Opco Inc., which does
business as National Envelope, struck a $65 million sales trifecta
Wednesday as the bankrupt envelope maker announced a series of
deals to parcel out its assets among three separate buyers.

The proposed transactions would see Connecticut-based printer
Cenveo Inc. acquire National Envelope's operating assets for
$25 million, Hilco Receivables LLC pick up accounts receivable for
$25 million and Southern Paper LLC take on its inventory for
$15 million, according to a sale motion filed in Delaware
bankruptcy court.


NMP-GROUP: Oct. 22 Hearing on Adequacy of Plan Outline
------------------------------------------------------
The Bankruptcy Court will convene a combined hearing on Oct. 22,
2013, at 9:45 a.m., to consider the adequacy of information in the
Disclosure Statement and confirmation of NMP-Group, LLC's Plan of
Orderly Liquidation.

As reported in the Troubled Company Reporter on Sept. 9, 2013,
Tracy Hope Davis, U.S. Trustee for Region 2, objected to the
motion for an order scheduling a combined hearing on the adequacy
of the disclosure statement and confirmation of the Debtor's
liquidation plan, stating that:

   -- the relief requested is inconsistent with Section 1125
      of the Bankruptcy Code because this is not a small business
      or prepackaged case; and

   -- the relief sought is premature because the Debtor has
      failed, in substance, to appear at the Section 341(a)
      meeting.

As reported in the TCR on Aug. 29, 2013, the Debtor filed with the
Court a Plan of Liquidation and Disclosure Statement on Aug. 22.

The Plan designates six classes of claims and interests -- Class 1
Real Estate Tax and Other In rem Governmental Lien Claims, Class 2
Mortgagee Claims estimated to total $51.64 million, Class 3
Subordinate Lien Claims, Class 4 Other Priority Claims, Class 5
General Unsecured Claims and Class 6 Equity Interests.  All the
claim classes are unimpaired and claimholders are expected to have
100% recovery on their claims.

The Plan embodies a sale of the Debtor's property to Madison 33
Owner LLC for $51,878,784, subject to adjustments.  The sale
proceeds will be used to satisfy the Class 1 and 2 Claims.  The
Purchaser has agreed to assume the payment of (i) any Allowed
General Unsecured Claim that is not paid by the Debtor because the
Purchase Price is otherwise insufficient to pay in full all of the
Claims secured by the Property, all of the Allowed Administrative
Claims, and all such Allowed General Unsecured Claims, and (ii)
administrative claims for attorneys' fees that are approved by the
Bankruptcy Court, that exceed $100,000 in amount (but not to
exceed $2,000,000 in the aggregate), and that cannot be paid from
the Purchase Price.

The Plan was signed by NMP-Group manager, Luiza Dubrovsky.

A full-text copy of the Disclosure Statement dated Aug. 22, 2013
is available for free at:

          http://bankrupt.com/misc/NMPGROUP_DSAug22.PDF

                         About NMP-Group

NMP-Group LLC, the owner of 21 East 33rd Street in Manhattan,
filed a petition for Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 13-bk-12269) on July 10, 2013, in New York to prevent a
foreclosure sale.  Ilana Volkov, Esq. --
ivolkov@coleschotz.com -- and Felice R. Yudkin, Esq. --
fyudkin@coleschotz.com -- at Cole, Schotz, Meisel, Forman &
Leonard, P.A., represent the Debtor.

The U.S. Trustee has not formed a creditors' committee due
to lack of interest of creditors to serve in a committee.


OMNITRACS INC: S&P Assigns Preliminary 'B' CCR; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned a preliminary
'B' corporate credit rating to San Diego, Calif.-based Omnitracs,
Inc.  The outlook is stable.

S&P also assigned its preliminary 'B+' issue-level rating and
preliminary '2' recovery rating to the company's proposed
$290 million first-lien term loan maturing 2020.  The '2' recovery
rating indicates S&P's expectations for substantial (70%-90%)
recovery in the event of payment default.  S&P also assigned its
preliminary 'CCC+' issue-level rating and preliminary '6' recovery
rating to the proposed $100 million second-lien term loan maturing
2021.  The '6' recovery rating indicates our expectations for
negligible (0%-10%) recovery in the event of payment default.

The preliminary issue ratings and expected 'B' corporate credit
rating are subject to S&P's review of final documentation.

"The ratings on Omnitracs reflect the company's 'weak' business
risk profile and 'highly leveraged' financial risk profile (as
defined by our criteria), incorporating the company's narrow
product base and lack of stand-alone operating history, and our
view that the company's purchase by a private equity owner is
likely to preclude sustained deleveraging over the longer term,"
said Standard & Poor's credit analyst Molly Toll-Reed.

The outlook is stable, reflecting S&P's expectation that
completion of the technology transition in Omnitracs' customer
base will generate revenue stabilization, EBITDA growth, and
modest FOCF.  A decline in customer renewals or lack of new
subscriptions to Omnitracs' software offerings, resulting in
sustained EBITDA declines, could lead to a downgrade.  Ratings
upside is limited by Omnitracs highly leveraged financial profile,
and S&P's view that the company's ownership structure is likely to
preclude sustained deleveraging.


POINT CENTER: Administratively Insolvent; Case Conversion Sought
----------------------------------------------------------------
Howard B. Grobstein, the Chapter 11 trustee for the bankruptcy
estate of Point Center Financial, Inc., asks the U.S. Bankruptcy
Court for the Central District of California to convert the case
of the Debtor to one under Chapter 7 of the Bankruptcy Code.

The Chapter 11 trustee relates that since learning of the
trustee's impending appointment, the trustee has investigated and
analyzed the Debtor's operations, assets, and related obligations;
and commenced substantial litigation against the Debtor's
principal, Dan J. Harkey, and companies with which Mr. Harkey is
affiliated.

Based on his investigation to date, the trustee has concluded that
conversion of the Debtor's case to Chapter 7 is in the best
interest of the Debtor's estate and its creditors for these
reasons:

   1) conversion is necessary to extricate the Debtor's estate
      from continuing to incur potential obligations and
      liabilities associated with the Debtor's status as the
      manager of a number of investment limited liability
      companies;

   2) the estate is administrative insolvent by over a half
      million dollars, and conversion is necessary to prevent the
      estate from continuing to incur the significantly-increased
      administrative expenses associated with Chapter 11; and

   3) conversion may be necessary to retain counsel and other
      related professionals capable of pursuing and maintaining
      the existing litigation against Mr. Harkey and his
      affiliated companies.

                        About Point Center

Point Center Financial, Inc., a hard money lender, filed a
Chapter 11 petition (Bankr. C.D. Calif. Case No. 13-11495) in
Santa Ana, California, on Feb. 19, 2013.  The Debtor disclosed
$109,257,545 in assets and $54,566,116 in liabilities as of the
Chapter 11 filing.

The Company claims to have a long track record of success in
originating and servicing loans from hundreds of investors.
Unfortunately, due to the historic collapse of the economy
beginning in about 2007, the Debtor, no different than many other
similar enterprises in real estate, has fallen on hard times.

From a high of about 130 performing loans with a total combined
face value of over $450 million in 2006, only 8 loans are now
performing.  There were a total of only four foreclosed properties
("REOs") as of 2006.  In comparison, between 2007 and 2012, there
were 60 foreclosure sales.

The result left the Debtor saddled with large secured liabilities
to PMB, which has a blanket lien on all of the Debtor's assets in
excess of $9 million, secured by the Debtor's primary asset of
loan servicing and management fees received from secured loans and
properties that have been taken back through foreclosure.

The MA Creditors are represented by Mary L. Fickel, Esq., at
Fickel & Davis.

The Official Committee of Unsecured Creditors is represented by
Marshack Hays LLP as counsel.

Howard B. Grobstein has been appointed as Chapter 11 trustee of
the Debtor's estate.  John P. Reitman, Esq., and Roy Zur, Esq. --
jreitman@lgbfirm.com and rzur@lgbfirm.com -- at Landau Gottfried &
Berger LLP, serve as general counsel for the Chapter 11 trustee.


POINT CENTER: Nov. 12 Hearing on Bank's Bid to Foreclose
--------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
will convene a hearing on Nov. 12, 2013, at 10:30 a.m., to
consider creditor Pacific Mercantile Bank's motion for relief from
stay in the property of Point Center Financial, Inc.

Mark Bradshaw, Esq., at Shulman Hodges & Bastian LLP, on behalf of
Pacific Mercantile Bank requested to relief from stay in the:

   1. Equipment -- blanket security interest in all inventory,
      equipment, accounts, chattle paper, insturuments, letters of
      credit, documents, deposit accounts, etc. at 7 Argonaut,
      Aliso Viejo, California; and

   2. Other Personal Property -- investment property, money, other
      rights to payment and performance, and general intangibles
      at 7 Argonaut, Aliso Viejo, California.

Mr. Bradshaw related that cause exists to grant the bank relief
from stay because, among other things:

   1) the bank's interest in the property is not adequately
      protected;

   2. the Debtor has no equity in the property; and

   3. the property is not necessary for an effective
      reorganization.

                        About Point Center

Point Center Financial, Inc., a hard money lender, filed a
Chapter 11 petition (Bankr. C.D. Calif. Case No. 13-11495) in
Santa Ana, California, on Feb. 19, 2013.  The Debtor disclosed
$109,257,545 in assets and $54,566,116 in liabilities as of the
Chapter 11 filing.

The Company claims to have a long track record of success in
originating and servicing loans from hundreds of investors.
Unfortunately, due to the historic collapse of the economy
beginning in about 2007, the Debtor, no different than many other
similar enterprises in real estate, has fallen on hard times.

From a high of about 130 performing loans with a total combined
face value of over $450 million in 2006, only 8 loans are now
performing.  There were a total of only four foreclosed properties
("REOs") as of 2006.  In comparison, between 2007 and 2012, there
were 60 foreclosure sales.

The result left the Debtor saddled with large secured liabilities
to PMB, which has a blanket lien on all of the Debtor's assets in
excess of $9 million, secured by the Debtor's primary asset of
loan servicing and management fees received from secured loans and
properties that have been taken back through foreclosure.

The MA Creditors are represented by Mary L. Fickel, Esq., at
Fickel & Davis.

The Official Committee of Unsecured Creditors is represented by
Marshack Hays LLP as counsel.

Howard B. Grobstein has been appointed as Chapter 11 trustee of
the Debtor's estate.  John P. Reitman, Esq., and Roy Zur, Esq., at
Landau Gottfried & Berger LLP, serve as general counsel for the
Chapter 11 trustee.


REGIONAL EMPLOYERS: Involuntary Chapter 11 Case Summary
-------------------------------------------------------
Alleged Debtor: Regional Employers Assurance
                Leagues Voluntary Employees' Beneficiary
                Association Trust
                  dba REAL VEBA Trust
                200 W 4th Street
                Bridgeport, PA 19405

Case Number: 13-05987

Involuntary Chapter 11 Petition Date: October 1, 2013

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

Judge: Hon. Jerry A. Funk

Debtor's Counsel: Scott Alan Orth, Esq.
                  LAW OFFICES OF SCOTT ALAN ORTH PA
                  3880 Sheridan Street
                  Hollywood, FL 33021
                  Tel: (305) 757-3300
                  Fax: (305) 757-0071
                  Email: scott@orthlawoffice.com

Petitioners' Counsel: Brett A Mearkle, Esq.
                      LAW OFFICE OF BRETT A. MEARKLE
                      8777 San Jose Blvd., Suite 801
                      Jacksonville, FL 32217
                      Tel: 904-352-1342
                      Fax: 904-352-1814
                      Email: bmearkle@mtalawyers.com

List of Debtor's petitioners:

  Petitioners                 Nature of Claim     Claim Amount
  -----------                 ---------------     ------------
Michael Graham                Beneficiary,           $210,000
Graham-Malone Inc. Welfare    Reimbursement,
Benefit Plan                  Contribution
721 Sandringham Drive
Jacksonville, Fl 32225

John D Braddock               Beneficiary,           $350,000
8103 Inc. Welfare             Reimbursement,
Benefit Plan                  Contribution
121 32nd Avenue South
Jacksonville Beach, FL 32250

Truman Gailey                 Beneficiary,           $500,000
Carter Electric Mgmt Co.      Reimbursement,
Welfare Bene.                 Contribution
936 John Anderson Drive
Ormond Beach, FL 32176

Jim Malone                    Beneficiary            $130,000
                              Reimbursement,
                              Contribution


RYDER MEMORIAL: S&P Revises Outlook and Affirms 'BB-' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to stable
from negative and affirmed its 'BB-' rating on Puerto Rico
Industrial, Medical & Higher Education & Environmental Pollution
Control Facilities Financing Authority's $9.5 million series 1996
bonds, issued for Ryder Memorial Hospital (Ryder).

"The outlook revision reflects our view of Ryder's strong
enterprise profile, highlighted by its dominant 67% market share
and its financial profile that we think has marginally improved
over the past year," said Standard & Poor's credit analyst
Jennifer Soule. Ryder reported an operating gain for fiscal 2012
and management expects to post similar results for fiscal 2013.

Contributing credit factors that support the rating include
Ryder's thin debt service coverage (DSC) of 1.5x through the first
seven months of fiscal 2013; negative operating margin through
fiscal 2013 interim period; weak, though improved, balance sheet
metrics, characterized by 38 days' cash on hand; and uncertainty
tied to the impact of healthcare reform, specifically reductions
in Medicare revenue over the coming years.

Offsetting these weaknesses are Ryder's operating gain reported
for fiscal 2012, which is expected to continue in fiscal 2013 and
successful recruitment of new physicians over the past year, which
could help stem the declining admission trend.

The stable outlook reflects Ryder's operating profit in fiscal
2012 and the expectation that this profit will continue in fiscal
2013.  It also reflects Ryder's slightly improved balance sheet
metrics as of July 31, 2013, although S&P views them as weak
overall.  S&P could assign a negative outlook or lower the rating
within the two-year outlook if Ryder falls short of S&P's
expectations for fiscal 2013 and/or if it reports net patient
revenue decline leading to operating losses in that fiscal year.
Any degradation of the hospital's balance sheet metrics, either
through additional debt or use of cash, could be given negative
consideration if absent a corresponding increase in net patient
revenue.  DSC below 1.25x would also be viewed negatively.

A positive outlook during the outlook period is unlikely due to
Ryder's weak balance sheet, but we could consider a positive
rating action over a longer period if Ryder maintains its
enterprise profile, sustains more than 60 days' cash on hand, and
consistently reports a system profit from operations.

Ryder's 165-staffed bed hospital in Humacao, P.R. secures the
bonds.  All of Ryder's debt is fixed rate, and the organization is
not a party to any swap transactions.  Standard & Poor's rating
and analysis incorporates the consolidated results unless
otherwise noted.


SAVIENT PHARMACEUTICALS: Case Summary & 20 Top Unsecured Creditors
------------------------------------------------------------------
Debtor entities filing separate Chapter 11 cases:

      Debtor                                 Case No.
      ------                                 --------
      Savient Pharmaceuticals, Inc.          13-12680
      400 Crossing Blvd., 3rd Floor
      Bridgewater, NJ 08807

      Savient Pharma Holdings, Inc.          13-12681
      400 Crossing Blvd., 3rd Floor
      Bridgewater, NJ 08807

Chapter 11 Petition Date: October 14, 2013

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Debtor's Counsel: Anthony W. Clark, Esq.
                  SKADDEN ARPS SLATE MEAGHER & FLOM
                  One Rodney Square
                  Wilmington, DE 19899, USA
                  Tel: 302 651-3000
                  Fax: 302-651-3001

Total Assets: $73.75 million

Total Liabilities: $260.37 million

The petitions were signed by John P. Hamill, co-president and
chief financial officer.

List of Debtors' 20 Largest Unsecured Creditors:

   Entity                         Nature of Claim   Claim Amount
   ------                         ---------------   ------------
U.S. Bank National Association     Senior Secured       Unknown
As Collateral Agent                Notes
Global Corporate Trust Services
100 Wall Street, Suite 1600
New York, NY 10005

U.S. Bank National Association     Conv. Notes       Outstanding
As Collateral Agent                                    Principal
Global Corporate Trust Services                          Amount:
100 Wall Street, Suite 1600                         $122,441,000
New York, NY 10005

Wells Reit-Multi-State Owner LLC   Lease              $2,037,292
c/o Piedmont Office Realty
Trust Inc.
11695 Johns Creek Parkway,
Suite 350, Johns Creek
GA 30097

Louis Ferrari                      Employee Debt        $928,376

Stephen Davies                     Employee Debt        $534,885

WIL Research Laboratories          Trade                $214,340

Consortium of Rheumatology         Trade                $183,083
Researchers of North America
Inc.

Bio-Technology General             Trade                $120,950
(Israel) Ltd.

ICS                                Trade                $111,282

State of California
Dept. of Health Srvs. MS1101       Rebate Claim         $109,250

Sparks Exhibits &
Environmental Corp                 Trade                 $99,382

Cisco Systems Capital Corp.        Equipment Lease       $90,516

Fallon Medica LLC                  Trade                 $74,000

Faith Ottery                       Employee Debt         $73,808

Display Works LLC                  Trade                 $71,420

Image Systems for Business, Inc.   Equipment Lease       $60,539

RxCrossroads                       Trade                 $49,048

Alan Glicklich                     Employee Debt         $38,537

C1 Consulting, LLC                 Trade                 $33,900

Lester Szymanik                    Employee Debt         $32,995



SR REAL ESTATE: Case Dismissal Hearing Set for Nov. 4
-----------------------------------------------------
The hearing on the motion to dismiss the chapter 11 case of SR
Real Estate Holdings, LLC, is set for Nov. 4, 2013, at 2:30 p.m.
at Courtroom 4, Room 328, Weinberger Courthouse.

SR Real Estate Holdings, LLC, owner of 14 parcels of real property
totaling 6,400 acres straddling Santa Cruz and Santa Clara
counties, filed a Chapter 11 petition (Bankr. N.D. Cal. Case No.
13-54471) in San Jose, California, on Aug. 20, 2013.  The Debtor
estimated that its assets total at least $10 million and
liabilities are at least $500 million.  Victor A. Vilaplana, Esq.,
at Foley and Lardner, serves as counsel to the Debtor.

This is the third bankruptcy filed with respect to the property.
The prior owner, Sargent Ranch, LLC, filed Chapter 11 cases in
January 2010 (Bankr. S.D. Cal. Case No. 10-00046-PB) and November
2011 (Bankr. S.D. Cal. Case No. 11-18853).  The second bankruptcy
case was dismissed in February 2012.


* Fitch Says Canadian CMBS Market Stable, Losses Rare
-----------------------------------------------------
Canadian CMBS will likely perform positively in the near term,
Fitch Ratings says. "We expect retail and office properties to be
positive but slightly lower than they have in recent years. Also,
Canadian transactions have had extremely low default rates over
the past 15 years. In 2Q13, we calculate a cumulative default rate
of 1.9% of issuance by balance. The U.S. rate for the same period
was 13.7%. In our view, more conservative lending, the commonality
of recourse loans, and the relatively small amount of Canadian
CMBS issuance and lending explain much of the difference," Fitch
says.

"Our view of the office market is rooted in our expectation that
Canadian unemployment will remain stable through 2015 at
approximately 7%. Nationwide the average vacancy rate in the
second quarter was 8.7%. Rents have been growing in Montreal
(4.2%) and Vancouver (3.0%) over the prior year.

"Over the longer term, we observe some trends in multifamily
housing that could slow its growth. The vacancy rate at the end of
the second quarter was under 3%. But an oversupply of condominiums
in Vancouver and Toronto may be forming. Those markets also have
higher youth unemployment rates than the rest of Canada.

"We expect the Canadian economy to grow 2% annually from 2013 to
2015. Much of the strongest growth has been in Alberta, Manitoba,
and Saskatchewan and is partially attributable to the expansion of
the oil and gas industry in those provinces."


* Fitch Says US Bank Regulators' Asset Review Flags Possible Risks
------------------------------------------------------------------
An inter-agency review of complex loans commonly held by multiple
U.S. and foreign financial institutions indicates that
improvements in asset quality have stalled year-over-year and
underwriting standards have diminished post-crisis, highlighting
potential risks for both bank and nonbank lenders going forward.
Fitch Ratings sees the review's results as further evidence that
competition among lenders is heightening risks in and outside the
banking system.

Each year the Fed, the FDIC and the Office of the Comptroller of
the Currency (OCC) take part in a review of the major U.S. banks'
Shared National Credit (SNC) portfolios to assess risk and
underwriting standards relating to large, complex loans shared
across the banking system, which total around $3 trillion, or 20%
of the U.S. GDP.

Coming off of their 2013 review, the regulators reported on Oct.
10 that "criticized" or high-risk assets remain elevated at $302
billion, or 10% of total SNC commitments. This level was down just
60 bps from 2012 after a 2.1% decline between 2011 and 2012.
Actual criticized loan volume increased 2.4% year over year and is
about double precrisis levels, highlighting the degree of asset
risk remaining in the system four years after the start of the
recovery.

"We believe the level of criticized assets remaining in SNC
portfolios and the observed increase in riskier assets is a
concern, given the current fragile state of the U.S. economy,
which has a substantial impact on the credit quality of these
large loans," Fitch says.

"Furthermore, we remain focused on the potential impact on loan
quality, particularly in commercial and industrial (C&I)
portfolios, once short-term rates begin to rise along with debt
payments. We believe that recent C&I loan loss rates, which are
below long-term historical averages, are unsustainable and have
also been deflated given somewhat higher growth rates in lending
activity over recent periods. Fitch observes that the C&I loss
rate at second-quarter 2013 for all FDIC insured banks stood at 33
bps compared with a 100 quarter average of 93 bps, thus supporting
our view that there will be mean reversion going forward.

"The SNC report confirms our view that underwriting, particularly
in the C&I space, has weakened since the crisis given market
liquidity and intense competition for loan growth."

The report points out that 34% of recently originated leverage
loans were cited for weak underwriting due to a combination of
high leverage and absence of covenants. This will likely cause C&I
loan loss rates to increase over coming quarters.

One potential mitigant to risk in the insured banking system is
that nonbank entities are among the primary buyers of these higher
risk leveraged loans, and are the largest holders of criticized
assets within the SNC portfolio (67%).

Fitch will continue to monitor loan portfolio performance within
its rating universe, particularly in the C&I space, and could take
rating actions if observed loss rates increase outside of our
expectations.


* Fitch Says Weakened BDC Dividend Coverage a Ratings Negative
--------------------------------------------------------------
In a report released on October 14, Fitch Ratings warns of
potential dividend pressure for Business Development Companies
(BDCs) given the increasingly competitive market environment.
Asset yields are under pressure and portfolio growth may begin to
wane, which could impact a BDC's ability to cover its dividend
with net investment income (NII).

Should these factors prove to be more than a temporary phenomenon,
BDC managers will need to choose between cutting dividend payments
and using principal to pay dividends, the latter of which will
moderately reduce asset coverage to rated debtholders.

Average NII coverage of dividends was 102.6% in 2Q'13 for BDCs in
the report compared to 97.6% in 2Q'12, as portfolio growth offset
a reduction in yields and larger equity bases. However, Fitch
expects the pace of growth to moderate as market spreads continue
to compress and underlying portfolio company leverage levels tick-
up.

BDCs have historically invested primarily in senior loans of
portfolio companies. However, competitive market conditions may
cause BDCs to increase their allocation to mezzanine positions in
an attempt to increase or maintain yield. While a shift into
higher yielding assets should generate additional interest income,
it could increase PIK levels and relative risk, which would be
viewed negatively by Fitch.

For those BDCs that have reported outsized portfolio growth in the
current environment, Fitch expects to closely monitor underlying
portfolio metrics, including leverage and interest coverage, in
addition to new origination yields and capital structure
positioning, in order to assess the level of credit risk being
taken.

Fitch remains concerned about outsized portfolio growth in the
current credit environment. Vintage concentrations in the
portfolio could yield asset quality deterioration down the road,
and thus, weaker dividend coverage in the future.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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.

                           *********

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, Valerie Udtuhan, 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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