TCR_Public/131227.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Friday, December 27, 2013, Vol. 17, No. 357

                            Headlines

56 WALKER LLC: Tribeca Bldg to Sell for $18MM in Second Bankruptcy
710 LONG RIDGE: HealthBridge in Contempt for Not Paying Workers
AEOLUS PHARMACEUTICALS: Incurs $3.2-Mil. Net Loss in Fiscal 2013
ALLENS INC: Sets Jan. 6 Hearing for Auction Procedures
APOLLO MEDICAL: Incurs $1 Million Net Loss in Third Quarter

ASR CONSTRUCTORS: May Hire Rodgers Anderson as Accountant
ATLANTIC COAST FIN'L: Atlanta Fed Okays Hogan Appointment as CFO
CDT HORMIGUEROS: Case Summary & 23 Largest Unsecured Creditors
CHA CHA ENTERPRISES: Has Nod to Use Cash Collateral Until Jan. 12
COLEMAN CABLE: S&P Puts 'B+' CCR on CreditWatch Developing

COLLEGE WAY: Sec. 341(a) Creditors' Meeting Set for Jan. 15
COMMUNITYONE BANCORP: Director to Retire for Personal Reasons
CONSTAR INTERNATIONAL: Returns to Chapter 11; Has $14MM Financing
CONSTAR INTERNATIONAL: Meeting to Form Creditors' Panel on Jan. 3
CONSTAR INTERNATIONAL: Sec. 341(a) Creditors' Meeting on Jan. 28

COYOTE MOON: Section 341(a) Meeting Scheduled for Jan. 28
DETROIT, MI: City, Banks Agree to Further Cut Termination Amount
DETROIT, MI: Bankruptcy Judge Bars Appeal in Civil Rights Case
DETROIT, MI: Now Has Official Creditors' Committee in Chapter 9
DOLPHIN BAY: Sec. 341(a) Creditors' Meeting Scheduled for Jan. 15

DYNASIL CORP: Incurs $8.7 Million Net Loss in Fiscal 2013
ELEPHANT TALK: Stockholders Elect Three Directors
F & H ACQUISITION: Meeting to Form Creditors' Panel on Jan. 3
FAIRMONT GENERAL: Expects Buyer or Investor in March
FIRSTLIGHT HYDRO: Fails to Receive Bondholders' Consent

FISKER AUTOMOTIVE: Plan Approval May Be Delayed by Workers' Claims
FNBH BANCORP: Moross LP No Longer Holds Shares
FNBH BANCORP: Stanley Dickson Held 43.5% Stake at Dec. 11
FNBH BANCORP: Steven Dickson Held 7.5% Equity Stake at Dec. 11
FPL ENERGY: S&P Raises Rating on $365MM Sr. Sec. Bonds to 'BB'

FRIENDFINDER NETWORKS: Emerges From Chapter 11 Bankruptcy
FRIENDSHIP DAIRIES: Wants McFinney & Agstar Held in Contempt
FURNITURE BRANDS: Meredith Graham Okayed to Lead Liquidation
HARI RAM: Voluntary Chapter 11 Case Summary
HOKU CORP: Washington Contractor Wins Auction for Idaho Plant

HOVNANIAN ENTERPRISES: Posts $31.3MM Net Income in Fiscal 2013
INT'L FOREIGN EXCHANGE: CDG Group May Provide Crisis Mgmt Services
INT'L FOREIGN EXCHANGE: DiConza Taurig Okayed as Conflicts Counsel
KAIDANS INC: Voluntary Chapter 11 Case Summary
KEYWELL LLC: Creditors Sue Executives Over Bankruptcy

KGB: S&P Withdraws 'B-' Corp. Credit Rating on Issuer's Request
LEHMAN BROTHERS: Judge Peck Wants Intel Swap Suit in His Court
LIFECARE HOLDINGS: Dismissal of Chapter 11 Sought
LOEHMANN'S HOLDINGS: Proposes Up to $650,000 Bonus to Top Execs
LONE PINE: Requests Reorganization Plan Confirmation in U.S.

LONGVIEW POWER: Court Approves Plan Outline
LOS GATOS HOTEL: Jan. 16 Hearing on Creditor's Bid to Market Hotel
MERCANTILE BANCORP: Seeks Exclusivity to Complete Bank Sale
METEX MANUFACTURING: Files Plan With $190 Million Asbestos Trust
MI PUEBLO: Court Okays Cash Collateral Use Until Jan. 12

MICROVISION INC: Receives Nasdaq Listing Deficiency Notice
MONTREAL MAINE: Victims Seek to Disband Committee
MOORE FREIGHT: Drew McElroy, et al. Okayed as Litigation Counsel
NAVISTAR INTERNATIONAL: Had $898 Million Net Loss in Fiscal 2013
NEW ENGLAND COMPOUNDING: $100+ Mil. Creditors Fund to Be Set Up

NEWLEAD HOLDINGS: Gets NASDAQ Non-Compliance Notice
NEXTAG INC: Providence Equity's Firm at Caa2 on Lower Revenue
OCZ TECHNOLOGY: To Auction Assets in Jan.; Toshiba Leads Bidding
ORCHARD SUPPLY: Sold as Chapter 11 Plan Confirmed
PALM BEACH COMMUNITY: May Hire Furr and Cohen as Attorneys

PALM BEACH COMMUNITY: SmartPlan Financial Okayed as Accountant
PALM BEACH COMMUNITY: Won't Have Creditors' Committee
PAPA ADVERTISING: Case Summary & 20 Largest Unsecured Creditors
PHYSIOTHERAPY HOLDINGS: Has Access to Cash Collateral Until Jan. 3
PHYSIOTHERAPY HOLDINGS: Prepackaged Chapter 11 Plan Is Confirmed

RESIDENTIAL CAPITAL: Trust to Make Initial Cash Distribution
RGR WATKINS: Reaches Settlement With CJUF, Wants Case Dismissed
RIH ACQUISITIONS: Judge Approves Sale of Atlantic Club Casino
RIVIERA DRILLING: Deadline Doesn't Apply to Block Creditor's Plan
RJC REALTY: Case Summary & 20 Largest Unsecured Creditors

SAN JOSE, CA: Judge Blocks Pension Cuts
SCICOM DATA: May Hire George McGunnigle as Mediator
SCICOM DATA: Court Okays HLB Tautges as Accountant
SHILO INN, TWIN FALLS: Can Use CBT's Cash Collateral Until June 30
SIMPLY WHEELZ: Court Approves Advantage, Hertz Vehicle Settlement

SOUND SHORE: Exclusive Plan Filing Deadline Moved to Jan. 24
SURTRONICS INC: Can Continue Cash Collateral Use Until Dec. 31
SURTRONICS INC: May Hire Poyner Spruill as Special Counsel
SURTRONICS INC: Amends Schedules of Assets & Liabilities
SURTONICS INC: No Creditors' Committee Appointed

T-L BRYWOOD: Has OK to Use RCG-KC's Cash Collateral Until Dec. 31
TIM C. THOMAS INC: Case Summary & Largest Unsecured Creditors
TLO LLC: Equity Holders Want Asher Loan Subordinated
UNITED PROPERTIES: Case Summary & 2 Largest Unsecured Creditors
USEC INC: Says Energy Dept. Prepared to Extend Centrifuge Research

VERMILLION INC: Completes $17.6 Million Warrant Exercise
WR GRACE: Last Settlement Permits Chapter 11 Exit
WAVE SYSTEMS: Completes $1.2 Million Stock Offering
WESTERN FUNDING: Westlake Services Wins Auction for Loans
WHEATLAND MARKETPLACE: Can Use Cash Collateral Until Jan. 31

WPCS INTERNATIONAL: Investors Swap $827,000 Notes for Equity
YRC WORLDWIDE: Has Deal With Noteholders to Cut Debt by $300MM
YUKOS OIL: Russia Supreme Court to Review Khodorkovsky Cases
ZLOMREX INTERNATIONAL: Finance Company Seeks U.S. Protection
ZLOMREX INTERNATIONAL: Chapter 15 Case Summary

* Child Tax Credit Doesn't Qualify as Exempt Property
* Mortgage Enforceable Without Interest Rate or Maturity
* Real Estate Broker's Contested Commission Is Dischargeable Debt

* American Express Reaches Add-On Card Settlement
* Housing Sales Rise to Highest Level Since 2008
* PNC Agrees to Pay $35MM to Settle Discriminatory Loan Claims
* Volcker Rule Challenged in U.S. Court by American Bankers Asso.

* BOOK REVIEW: Creating Value through Corporate Restructuring:
               Case Studies in Bankruptcies, Buyouts, and
               Breakups


                            *********


56 WALKER LLC: Tribeca Bldg to Sell for $18MM in Second Bankruptcy
------------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the building at 56 Walker Street in the Tribeca
section of Manhattan is scheduled to be sold next month for $18
million as part of a Chapter 11 plan.

According to the report, in bankruptcy a second time, the
building's owner filed a Chapter 11 petition in May, at the time
aiming to sell the property for $23 million to pay off what was
then said to be about $14 million in mortgages and $2 million in
unsecured debt.  An auction was canceled when no one outbid the
$18 million offer.

The bankruptcy court is on the cusp of approving disclosure
materials explaining the Chapter 11 plan, the building's attorney,
Jonathan Pasternak, said in a phone interview. The confirmation
hearing for approval of the plan will take place on Jan. 28, said
Pasternak, of Delbello Donnellan Weingarten Wise & Wiederkehr LLP
in White Plains, New York.

The sale will be completed about a week after plan approval, he
said. Closing the sale along with plan confirmation avoids paying
transfer taxes under Section 1146 of the Bankruptcy Code,
according to the lawyer.

The plan is designed to pay secured creditors in full.  Depending
on the outcome of litigation or settlement with the lender on the
amount of the mortgage, unsecured creditors with $4.88 million in
claims could be paid in full.

The previous bankruptcy began in September 2011 and was dismissed
in August 2012 when the bankruptcy judge refused to approve a
settlement.

                        About 56 Walker LLC

56 Walker LLC, the owner of a six-story building at 56 Walker
Street in the Tribeca section of Manhattan, returned to Chapter 11
(Bankr. S.D.N.Y. Case No. 13-11571) on May 13, 2013, this time
aiming for a $23 million sale to pay off about $14 million in
mortgages and $2 million in unsecured debt.  The Debtor scheduled
assets of $23,000,000 and liabilities of $15,996,104.

Judge Shelley Chapman was initially assigned to the case but the
case was transferred to Judge Allan L. Gropper.  Erica Feynman
Aisner, Esq., at Delbello Donnellan Weingarten Wise & Wiederkehr,
LLP, serves as the Debtor's counsel.

The previous Chapter 11 case began in September 2011 and was
dismissed in August 2012 when the bankruptcy judge refused to
approve a settlement.


710 LONG RIDGE: HealthBridge in Contempt for Not Paying Workers
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that HealthBridge Management LLC, the non-bankrupt manager
of five bankrupt Connecticut nursing homes, was held in contempt
for failure to obey a federal district court order requiring
compliance with a union contract, casting doubt over whether the
nursing homes can win approval of their reorganization plan at a
Jan. 30 confirmation hearing.

According to the report, in December 2012, U.S. District Judge
Robert N. Chatigny in New Haven, Connecticut, ordered HealthBridge
and the nursing homes to reinstate fired workers and pay wages and
benefits under an expired union contract. The nursing homes
responded by filing a Chapter 11 petition in February in U.S.
Bankruptcy Court in Newark, New Jersey, blaming financial problems
on the cost of union contracts. HealthBridge itself didn't file.

The nursing homes rehired the workers, while asking U.S.
Bankruptcy Judge Donald H. Steckroth in Newark to invoke
bankruptcy law to let the homes cut benefits to levels lower than
under the expired contract.

The National Labor Relations Board filed in May to hold
HealthBridge in contempt for non-compliance with Judge Chatigny's
order.  HealthBridge said it was never the employer and couldn't
be held in contempt for not volunteering to pay back wages and
benefits.  The company also said the NLRB's motion infringed on
the jurisdiction of the bankruptcy court.

Judge Chatigny rejected those defenses, and on Dec. 23 held
HealthBridge in contempt for failure to restore the wages and
benefits in violation of last year's injunction. He also directed
HealthBridge to make the workers whole for wages and benefits lost
since February. He gave HealthBridge 20 days to file an affidavit
showing compliance.

"We expect them to comply but given their past performance they
will use every effort to delay compliance," labor attorney John
Creane, Esq. -- JMCreane@AOL.com -- of Milford, Connecticut, said
in phone interview.  Creane represents the New England Health Care
Employees Union, District 1199, which participated in the
injunction actions.

Rosemary Alito, Esq. -- rosemary.alito@klgates.com -- an attorney
for HealthBridge at K&L Gates LLP in Newark, didn't return a call
seeking comment on the ruling.

On the offensive in another regard, the NLRB filed papers in
bankruptcy court on Dec. 24 seeking temporary validity for its
$14.6 million in claims on behalf of workers. The labor board said
$8.9 million of the sum represents a priority claim that must be
paid in full in Chapter 11.

In return for covering future operating deficits, the nursing home
owners are to retain the equity under a reorganization plan.
HealthBridge isn't in bankruptcy, nor is Care Realty LLC, the
ultimate owner of the homes and a sponsor of the plan.

          About 710 Long Ridge Road Operating Company II

710 Long Ridge Road Operating Company II, LLC and four affiliates
own sub-acute and long-term nursing care facilities for the
elderly in Connecticut.  The facilities, which are managed by
HealthBridge Management LLC, are Long Ridge of Stamford, Newington
Health Care Center, Westport Health Care Center, West River Health
Care Center, and Danbury Health Care Center.

710 Long Ridge Road Operating Company II and its affiliates sought
Chapter 11 protection (Bankr. D.N.J. Case Nos. 13-13653 to 13-
13657) on Feb. 24, 2013, to modify their collective bargaining
agreements with the New England Health Care Employees Union,
District 1199, SEIU.

The Debtors owe $18.9 million to M&T Bank and $7.99 million on
loans from the U.S. Department of Housing and Urban Development
Federal Housing Administration.

Michael D. Sirota, Esq., at Cole, Schotz, Meisel, Forman &
Leonard, serve as counsel to the Debtors.  Logan & Company, Inc.
is the claims and notice agent.  Alvarez & Marsal Healthcare
Industry Group, LLC, is the financial advisor.

Porzio, Bromberg & Newman, P.C., represents the Official Committee
of Unsecured Creditors.  The Committee tapped to retain
EisnerAmper LLP as accountant.


AEOLUS PHARMACEUTICALS: Incurs $3.2-Mil. Net Loss in Fiscal 2013
----------------------------------------------------------------
Aeolus Pharmaceuticals, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $3.20 million on $3.92 million of contract revenue for
the fiscal year ended Sept. 30, 2013, as compared with net income
of $1.69 million on $7.29 million of contract revenue during the
prior fiscal year.

As of Sept. 30, 2013, the Company had $1.96 million in total
assets, $1.26 million in total liabilities and $705,000 in total
stockholders' equity.

Grant Thornton LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2013.  The independent auditors noted
that the Company has incurred recurring losses and negative cash
flows from operations, and management believes the Company does
not currently possess sufficient working capital to fund its
operations through fiscal 2014.  These conditions, along with
other matters . . . raise substantial doubt about the Company's
ability to continue as a going concern.

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

                        http://is.gd/7bAs9M

                   About Aeolus Pharmaceuticals

Mission Viejo, California-based Aeolus Pharmaceuticals, Inc., is a
Southern California-based biopharmaceutical company leveraging
significant government investment to develop a platform of novel
compounds in oncology and biodefense.  The platform consists of
over 200 compounds licensed from Duke University and National
Jewish Health.

The Company's lead compound, AEOL 10150, is being developed as a
medical countermeasure ("MCM") against the pulmonary sub-syndrome
of acute radiation syndrome ("Pulmonary Acute Radiation Syndrome"
or "Lung-ARS") as well as the gastrointestinal sub-syndrome of
acute radiation syndrome ("GI-ARS").  Both syndromes are caused by
acute exposure to high levels of radiation due to a radiological
or nuclear event.  It is also being developed for use as a MCM for
exposure to chemical vesicants such as chlorine gas, sulfur
mustard gas and nerve agents.


ALLENS INC: Sets Jan. 6 Hearing for Auction Procedures
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Allens Inc., a processor of canned vegetables, filed
formal papers setting up a hearing on Jan. 6 for approval of
auction procedures to determine if the $148 million offer from
Seneca Foods Corp. is the best bid to buy the business.

According to the report, Allens, based in Siloam Springs,
Arkansas, asked that competing bids be initially submitted by
Jan. 14 for a Jan. 21 auction followed by a hearing on Jan. 24 to
approve a sale.

Originally, Allens wanted the bankruptcy judge in Fayetteville,
Arkansas, to hold a hearing last week and approve a $5 million
breakup fee and $1.5 million in expense reimbursement if Marion,
New York-based Seneca is outbid.

Holders of $65 million in second-lien debt, including affiliates
of Sankaty Advisors LLC, successfully opposed quick approval of
the breakup fee. Affiliated with Bain Capital Partners LLC,
Sankaty said Allens failed to meet a Dec. 10 deadline for
producing a so-called stalking horse, or initial bidder, eligible
for such a fee.

Allens previously said three potential buyers were in talks about
being the stalking horse.

The bankruptcy is being financed with a $105 million on a
revolving credit and $14.2 million on a term loan from Bank of
America NA as agent. The loan financing the Chapter 11
reorganization, begun in late October, requires a hearing to
approve a sale by Jan. 27.

Allens has four processing plants and six warehouses, encumbered
with $178 million in secured debt and $101.9 million owing to
unsecured trade suppliers, according to court filings.  Secured
debt includes a first-lien, $96.5 million revolving credit and a
$14 million term loan with Bank of America. There is a second-lien
note for $65.6 million.

                           About Allens Inc.

Siloam Springs, Arkansas-based Allens, Inc., a maker of canned and
frozen vegetables in business since 1926, filed for bankruptcy
(Bankr. W.D. Ark. Case No. 13-73597) on Oct. 28, 2013, seeking to
sell some divisions or reorganize as a new company.

The Debtors' proposed counsel are Stan D. Smith, Esq., Lance R.
Miller, Esq., and Chris A. McNulty, Esq., at Mitchell, Williams,
Selig, Gates & Woodyard, P.L.L.C., in Little Rock, Arkansas; and
Nancy A. Mitchell, Esq., Maria J. DiConza, Esq., and Matthew L.
Hinker, Esq., at Greenberg Traurig, LLP, in New York.

Jonathan Hickman of Alvarez & Marsal North America, LLC, serves as
the Debtors' chief restructuring officer.  Cary Daniel, Nick
Campbell and Markus Lahrkamp of A& serve as assistant CROs.

Lazard Freres & Co. LLC and Lazard Middle Market LLC serve as
investment bankers, while GA Keen Realty Advisors, LLC, serves as
real estate advisor to the Debtors.


APOLLO MEDICAL: Incurs $1 Million Net Loss in Third Quarter
-----------------------------------------------------------
Apollo Medical Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $1.01 million on $2.60 million of net revenues for the
three months ended Oct. 31, 2013, as compared with a net loss of
$4.72 million on $1.96 million of net revenues for the same period
a year ago.

For the nine months ended Oct. 31, 2013, the Company reported a
net loss of $3.39 million on $7.64 million of net revenues as
compared with a net loss of $8.08 million on $5.24 million of net
revenues for the same period during the prior year.

The Company's balance sheet at Oct. 31, 2013, showed $3.24 million
in total assets, $4.29 million in total liabilities and a $1.04
million total stockholders' deficit.

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

                        http://is.gd/HkMQ7J

                        About Apollo Medical

Glendale, Calif.-based Apollo Medical Holdings, Inc., provides
hospitalist services in the Greater Los Angeles, California area.
Hospitalist medicine is organized around the admission and care of
patients in an inpatient facility such as a hospital or skilled
nursing facility and is focused on providing, managing and
coordinating the care of hospitalized patients.

Kabani & Company, Inc., in Los Angeles, California, issued a
"going concern qualification on the consolidated financial
statements for the fiscal year ended Jan. 31, 2013.  The
independent auditors noted that the Company had a loss from
operations of $2,078,487 for the year ended Jan. 31, 2013, and had
an accumulated deficit of $11,022,272 as of Jan. 31, 2013.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern.

Apollo Medical reported a net loss of $8.90 million on $7.77
million of net revenues for the year ended Jan. 31, 2013, as
compared with a net loss of $720,346 on $5.11 million of net
revenues for the year ended Jan. 31, 2012.


ASR CONSTRUCTORS: May Hire Rodgers Anderson as Accountant
---------------------------------------------------------
ASR Constructors, Inc., has obtained authorization from the U.S.
Bankruptcy Court for the Central District of California to employ
Rodgers, Anderson, Malody & Scott LLP CPAs as accountant.

As reported by the Troubled Company Reporter on Nov. 19, 2013,
Rodgers Anderson will, among other things, prepare the Debtor's
annual federal and state income tax returns and if necessary,
assist the Debtor in resolution of tax matters.  Peter C.
Anderson, the United States Trustee for Region 16, said that
because the firm is a prepetition creditor, it is not
disinterested and is ineligible to be employed by the estate.
The employment application states the firm is owed $40,126 for
prepetition services.

ASR Constructors, Inc., filed a Chapter 11 petition (Bankr. C.D.
Cal. Case No. 13-25794) on Sept. 20, 2013.  The petition was
signed by Alan Regotti as president.  The Debtor estimated assets
and debts of at least $10 million.  Judge Mark D. Houle presides
over the case.  James C Bastian, Jr., Esq., at Shulman Hodges &
Bastian, LLP, serves as the Debtor's counsel.


ATLANTIC COAST FIN'L: Atlanta Fed Okays Hogan Appointment as CFO
----------------------------------------------------------------
The Federal Reserve Bank of Atlanta notified Atlantic Coast
Financial Corporation that it did not have any objection to the
appointment of Mr. James D. Hogan as executive vice president,
chief financial officer and a director of the Company.  Mr. Hogan
began his service as executive vice president, chief financial
officer and a director of the Company effective Dec. 19, 2013.

                       About Atlantic Coast

Jacksonville, Florida-based Atlantic Coast Financial Corporation
is the holding company for Atlantic Coast Bank, a federally
chartered and insured stock savings bank.  It is a community-
oriented financial institution serving northeastern Florida and
southeastern Georgia markets through 12 locations, with a focus on
the Jacksonville metropolitan area.

The Company reported a net loss of $6.66 million on $33.50 million
of total interest and dividend income for the year ended Dec. 31,
2012, as compared with a net loss of $10.28 million on $38.28
million of total interest and dividend income in 2011.

As of Sept. 30, 2013, Atlantic Coast had $714.11 million in total
assets, $684.23 million in total liabilities and $29.87 million in
total stockholders' equity.

McGladrey LLP, in Jacksonville, Florida, 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 from operations that have
adversely impacted capital at Atlantic Coast Bank.  The failure to
comply with the regulatory consent order may result in Atlantic
Coast Bank being deemed undercapitalized for purposes of the
consent order and additional corrective actions being imposed that
could adversely impact the Company's operations.  This raises
substantial doubt about the Company's ability to continue as a
going concern.


CDT HORMIGUEROS: Case Summary & 23 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: CDT Hormigueros Preventive Medicine, Inc.
        Munoz Rivera #2
        Hormigueros, PR 00660

Case No.: 13-10723

Chapter 11 Petition Date: December 23, 2013

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
                  FUENTES LAW OFFICES, LLC
                  Po Box 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 722-5216
                  Fax: (787) 722-5206
                  Email: alex@fuentes-law.com

Total Assets: $1.85 million

Total Liabilities: $1.67 million

The petition was signed by Dr. Carlos J. Miranda, president.

A list of the Debtor's 23 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb13-10723.pdf


CHA CHA ENTERPRISES: Has Nod to Use Cash Collateral Until Jan. 12
-----------------------------------------------------------------
The Hon. Arthur S. Weissbrodt of the U.S. Bankruptcy Court for the
Northern District of California issued an eighth interim order,
authorizing Cha Cha Enterprises, LLC, to use the cash collateral
of Wells Fargo Bank, N.A., until Jan. 12, 2014.

As adequate protection for the Debtor's use of cash collateral,
the Debtor will make these adequate protection payments to the
Bank:

      (1) on Jan. 2, 2014, the amount equal to the sum of (i) the
          monthly payment of principal and interest at the non-
          default rate that will be due and owing by the Debtor to
          the Bank pursuant to (a) the term note dated May 15,
          2006, in the original principal amount of $10 million;
          (b) the term note dated April 1, 2009, in the original
          principal amount of $3.26 million; (c) the term note
          dated Jan. 22, 2010, in the original principal amount of
          $3.37 million; and (d) the term note dated Jan. 22,
          2010, in the original principal amount of $1.06 million,
          each made by the Debtor to the order of the Bank, on
          that payment date; and (ii) monthly payment required to
          be paid by the Debtor to the Bank pursuant to the swap
          documents executed by the Debtor in favor of the Bank
          for Trade Nos. 89372, 518708, 611495, and 611496, on
          that payment date; and

      (2) on certain dates and in amounts to be specified, any
          further adequate protection payments required to be made
          pursuant to any further interim cash collateral order.

As further adequate protection, the Bank has been granted a valid,
non-avoidable, and fully perfected replacement lien in the
replacement collateral, or all property of the same type as the
prepetition collateral acquired by the Debtor on or after the
Petition Date, to secure any diminution in value of any of the
prepetition collateral.  In addition to the continuation of the
replacement lien, the Bank will continue to be entitled to an
administrative expense claim with a superpriority status.

A copy of the budget is available for free at:

         http://bankrupt.com/misc/CHACHAcashcoll8budget.pdf

                     About Cha Cha Enterprises

Cha Cha Enterprises, LLC, is a California limited liability
company formed in 1998 to purchase a fee interest in property
located at 1775 Story Road, San Jose, California and a leasehold
interest in  property located at 1745 Story Road in San Jose.  Cha
Cha's primary business is the rental of real property.

Cha Cha filed a Chapter 11 petition (Bankr. N.D. Cal. Case
No. 13-53894) on July 22, 2013.  The Debtor estimated at least
$10 million in assets and liabilities.

An affiliate, Mi Pueblo San Jose, Inc., sought Chapter 11
protection (Case No. 13-53893) on the same day.  The cases are not
jointly administered.

Steven H. Felderstein, Esq., at Felderstein Fitzgerald Willoughby
& Pascuzzi LLP serves as counsel.

Nicolas De Lancie, Esq., at Jeffer Mangels Butler & Mitchell LLP
Robert B. Kaplan, P.C. represents secured creditor Wells Fargo
Bank, N.A.


COLEMAN CABLE: S&P Puts 'B+' CCR on CreditWatch Developing
----------------------------------------------------------
Standard & Poor's Ratings Services said it placed its ratings,
including its 'B+' corporate credit rating, on electrical wire and
cable processor Coleman Cable Inc. on CreditWatch with developing
implications.  The CreditWatch developing listing means S&P could
affirm, raise, or lower the ratings following its review.

The CreditWatch listing follows the announcement that Southwire
Co. (unrated) signed a definitive agreement to acquire Waukegan,
Ill.-based Coleman Cable.  The transaction is expected to close in
the first quarter of 2014.  The CreditWatch developing listing
reflects the potential for Standard & Poor's to affirm, raise, or
lower the corporate credit and issue level ratings for Coleman,
depending on S&P's assessment of the changes from this transaction
on the company's financial risk and business risk profiles,
including its ownership structure, diversity, capital structure,
financial policy, and liquidity profile.

Coleman Cable Inc. designs, develops, manufactures, and supplies
electrical wire and cable products for consumer, commercial, and
industrial applications in the U.S., Honduras, and Canada.  The
company operates three segments: distribution, original equipment
manufacturers (OEM), and engineered solutions. Coleman's products
are sold to end users in the industrial, energy, electronic,
construction, and transportation industries.  The company was
founded in 1970.

In resolving the CreditWatch listing, Standard & Poor's expects to
meet with management and assess the company's capital structure
after the close of transaction.

"We could raise the corporate credit rating if Coleman's financial
profile after the transaction results in credit measures and a
business risk profile more consistent with a higher rating," said
Standard & Poor's credit analyst Marie Shmaruk.  "Alternatively,
if the proposed transaction leads to a meaningful deterioration of
the financial profile, we could lower than rating.  We could
affirm the ratings if the company's financial measures remain in a
range we believe is consistent with a 'B+' rating."


COLLEGE WAY: Sec. 341(a) Creditors' Meeting Set for Jan. 15
-----------------------------------------------------------
A meeting of creditors in the bankruptcy case of College Way
Commercial Plaza, LLC, will be held on Jan. 15, 2014, at 12:30 PM
at Courtroom J, Union Station.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

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

College Way Commercial Plaza, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. W.D. Wash Case No. 13-47724) on Dec. 19, 2013.
The petition was signed by Sherwood B Korssjoen as member and
manager.  The Debtor estimated assets and debts of at least $10
million.  Masafumi Iwama, Esq., at Iwama Law Firm, serves as the
Debtor's counsel.  Judge Brian D Lynch presides over the case.


COMMUNITYONE BANCORP: Director to Retire for Personal Reasons
-------------------------------------------------------------
Louis A. "Jerry" Schmitt, a director of CommunityOne Bancorp and
its bank subsidiary, CommunityOne Bank, N.A., announced his
retirement from the board of directors of CommunityOne Bancorp and
CommunityOne Bank, N.A., effective Dec. 31, 2013.

Mr. Schmitt has served as a director of CommunityOne Bancorp and
CommunityOne Bank, N.A., since its recapitalization on Oct. 21,
2011, and was a member of the Risk Management Committee and the
Compensation and Nominating Committee, serving as the Chair until
October 2013.

Mr. Schmitt's retirement was for personal reasons, and not because
of a disagreement with CommunityOne Bancorp, CommunityOne Bank
N.A., or their respective boards of directors.

                        About CommunityOne

CommunityOne Bancorp (formerly FNB United) is the North Carolina-
based bank holding company for CommunityOne Bank, N.A.
(community1.com), which offers a full range of consumer, mortgage
and business banking services, including loan, deposit, cash
management, wealth and online banking services through 55 branches
in 44 communities throughout the central, southern and western
regions of the state.

FNB United incurred a net loss of $40 million in 2012, a net loss
of $137.31 in 2011, and a net loss of $131.82 million in 2010.
The Company's balance sheet at Sept. 30, 2013, showed $2.03
billion in total assets, $1.95 billion in total liabilities and
$80.80 million in total shareholders' equity.


CONSTAR INTERNATIONAL: Returns to Chapter 11; Has $14MM Financing
-----------------------------------------------------------------
Peg Brickley, writing for Daily Bankruptcy Review, reported that
plastic-container maker Constar International Holdings LLC
returned to bankruptcy for the third time and is marching toward
the auction block.

According to the report, Constar nearly averted a shutdown in the
days before the filing, which saw most of its board of directors
resign after some shareholders balked at the Chapter 11 filing
that prospective purchaser Amcor Rigid Plastics USA Inc. required
as a condition of moving ahead with its $68.5 million proposed
acquisition, court papers said.

Shareholders ultimately consented to the bankruptcy filing, an
effort to address some $123 million in funded debt, most of it
debts Constar carried with it out of the previous Chapter 11
proceeding, the DBR report related.

To fund its new bankruptcy sale effort, Constar has an offer of
$14 million of new financing from some of its existing backers,
court papers said, the DBR report further related.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Constar got interim approval of the financing on
Dec. 20.

Owned by an assortment of former creditors, including hedge funds
managed by Solus Alternative Asset Management LP, Black Diamond
Capital Management LLC and J.P. Morgan Chase & Co., Constar has
lined up a so-called "stalking-horse" bid from Amcor for its U.S.
assets, court filings said, according to the DBR report.  A
stalking-horse bidder is one that would commit to buy the assets
at a set price, putting a floor on the auction.

According to the Bloomberg report, a bankruptcy judge in Delaware
will consider a timetable for auctioning off the business at a
hearing on Jan. 9.

Wells Fargo Capital Finance NA, as agent for revolving-credit
lenders owed $20 million, is continuing the facility.  In
addition, some of the lenders on the pre-bankruptcy term loan are
providing $56 million in financing to come ahead of existing debt.

The new term loan will have $14 million in fresh cash, with
$7 million to be advanced along with interim borrowing approval
given by the court on Dec. 20. The second segment of $7 million in
new money will be available when final loan approval is given
following a Jan. 9 hearing.

The new term loan also converts $42 million of existing debt into
a post-bankruptcy obligation.

                    About Constar International

Privately-held Constar International Holdings and nine affiliated
debtors filed for Chapter 11 protection (Bankr. D. Del. Lead Case
No. 13-13281) on Dec. 19, 2013.

The company, which manufactures plastic containers, is represented
by Robert S. Brady of Young, Conaway, Stargatt & Taylor.

This is Constar International's third bankruptcy.  Constar first
filed for Chapter 11 protection (Bankr. D. Del. Lead Case No.
08-13432) in December 2008, with a pre-negotiated Chapter 11 Plan
and emerged from bankruptcy in May 2009.  Constar and its
affiliates returned to Chapter 11 protection (Bankr. D. Del. Case
No. 11-10109) on Jan. 11, 2011, with a pre-negotiated Chapter 11
plan and emerged from bankruptcy in June 2011.

The new petition listed assets worth less than $100 million
against $123 million on three layers of secured debt.


CONSTAR INTERNATIONAL: Meeting to Form Creditors' Panel on Jan. 3
-----------------------------------------------------------------
Roberta A. DeAngelis, United States Trustee for Region 3, will
hold an organizational meeting on Jan. 3, 2014, at 10:00 a.m. in
the bankruptcy case of Constar International Holdings, LLC, et al.

The meeting will be held at:

         J. Caleb Boggs Federal Building
         844 King St., Room 2112
         Wilmington, DE 19801

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.

                    About Constar International

Privately-held Constar International Holdings and nine affiliated
debtors filed for Chapter 11 protection (Bankr. D. Del. Lead Case
No. 13-13281) on Dec. 19, 2013.

The company, which manufactures plastic containers, is represented
by Robert S. Brady of Young, Conaway, Stargatt & Taylor.

This is Constar International's third bankruptcy.  Constar first
filed for Chapter 11 protection (Bankr. D. Del. Lead Case No.
08-13432) in December 2008, with a pre-negotiated Chapter 11 Plan
and emerged from bankruptcy in May 2009.  Constar and its
affiliates returned to Chapter 11 protection (Bankr. D. Del. Case
No. 11-10109) on Jan. 11, 2011, with a pre-negotiated Chapter 11
plan and emerged from bankruptcy in June 2011.


CONSTAR INTERNATIONAL: Sec. 341(a) Creditors' Meeting on Jan. 28
----------------------------------------------------------------
A meeting of creditors in the bankruptcy case of Constar
International Holdings LLC will be held Jan. 28, 2014, at 10:00
a.m.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

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

Constar International Holdings LLC and nine of its affiliates
filed separate Chapter 11 bankruptcy petitions (Bankr. D.Del.
Case Nos. 13-13281 to 13-13290) on Dec. 19, 2013.  The petitions
were signed by Louis Imbrogno as chief executive officer and
president.  The Debtors estimated assets of at least $50 million
and liabilities of at least $100 million.  Young, Conaway,
Stargatt & Taylor, LLP, serves as the Debtors' counsel.  Lincoln
Partners Advisors LLC acts as the Debtors' financial advisor.
Prime Clerk LLC is the Debtors' claims and noticing agent.  Judge
Christopher S. Sontchi presides over the cases.


COYOTE MOON: Section 341(a) Meeting Scheduled for Jan. 28
---------------------------------------------------------
A meeting of creditors in the bankruptcy case of Coyote Moon L.P.
will be held on Jan. 28, 2014, at 2:30 p.m. at RM 720, 3801
University Ave., Riverside, CA 92501.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

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

San Bernardino, California-based Coyote Moon L.P. filed a Chapter
11 bankruptcy petition (Bankr. C.D. Cal. Case No. 13-30080) in
Riverside, California, on Dec. 17, 2013.  The Debtor estimated
assets of at least $10 million and liabilities of between
$1 million and $10 million.  Gil Rodriguez, Jr., signed the
petition as general partner.  Stephen R Wade, Esq., at The Law
Offices of Stephen R Wade serves as the Debtor's counsel.  Judge
Wayne E. Johnson presides over the case.


DETROIT, MI: City, Banks Agree to Further Cut Termination Amount
----------------------------------------------------------------
The City of Detroit on Dec. 24 disclosed that following two days
of intense negotiations with a federal mediator, the City and the
banks that underwrote a controversial pension funding plan have
agreed to further reduce the termination amount to $165 million.

The agreement, which must still be approved by federal bankruptcy
Judge Steven Rhodes, would remove a major hurdle to Detroit's
continued restructuring and turnaround efforts.  The deal on the
pension funding instruments will free up the City's casino
revenue -- about $15 million a month -- to be used on rebuilding
and improving basic services for its 700,000 residents and it
closes the chapter on a financial deal that helped drive the city
to insolvency.

"This is an important development for the City and its residents
because it means we can start moving forward on implementing
needed investments in public safety and services," Emergency
Manager Kevyn Orr said.  "This agreement represents a significant
reduction from the original deal struck with the banks. The banks
and the City, through mediation, and with the mediator's
recommendation, have accepted the reduction in terms."

Originally, the banks -- Bank of America Merrill Lynch and UBS --
had agreed to terminate the City's debt on the pension deals for
$230 million, which represented approximately a 25-percent
reduction from the $293.3 million the City owed on the secured
debt.  The Dec. 24 deal put the savings to the city at $128
million, or 43 percent of the original amount owed.

To pay the banks, the City has secured $350 million in post-
petition financing loan through Barclays.  As a result of the
mediation deal on Dec. 24, the City has agreed to lower the post-
petition financing loan to $285 million: $165 million to the
termination amount to the banks and $120 million cash to the City
to fund immediate improvements to basic city services.

The termination agreement and the revised post-petition financing
loan must be approved by Judge Rhodes at a hearing scheduled for
Jan. 3, 2014.

Chief U.S. District Judge Gerald Rosen led the mediation
negotiation.

              Deal Reached to End Interest-Rate Swaps

Reuters reported that Detroit reached an agreement on Dec. 24 with
two banks to end a costly interest-rate swap agreement, a
significant step as the city negotiates with creditors to put
together a plan to exit the largest municipal bankruptcy in U.S.
history.

According to the report, Detroit will pay $165 million, plus up to
$4.2 million in costs, to end the interest-rate swap agreements
with UBS AG and Bank of America Corp's Merrill Lynch Capital
Services at a 43 percent discount. The new agreement, which was
reached after the judge overseeing the case implored the city to
negotiate better terms than it first proposed, will save the city
about $65 million.

As part of the arrangement, Detroit will also take out a $285
million loan from Barclays PLC to pay to end the swaps, the report
related.  It will use $120 million of that toward improvements to
services in the city, which is hampered by $18.5 billion in debt.

Terms of the agreement were announced by Robert Hertzberg, Esq. --
hertzberg@pepperlaw.com -- of the law firm Pepper Hamilton, which
represents Detroit, before U.S. District Judge Gerald Rosen, the
chief mediator in the bankruptcy case, the report said.  The deal
must still be approved by the U.S. bankruptcy judge overseeing the
case, Steven Rhodes.

Robert Gordon, an attorney representing the city's two pension
funds, said the funds would continue to oppose the deal even with
the changes. "The revised deal is better, but that is not saying a
lot," Gordon, of the law firm Clark Hill, wrote in an email.

                 About City of 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 Judge Bars Appeal in Civil Rights Case
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that before Detroit filed for bankruptcy, the city would
arrest every customer in a bar and seize their cars if the tavern
didn't have a liquor license.

According to the report, the practice resulted in a civil-rights
lawsuit in federal district court, where a judge found that the
raids were unconstitutional.  The city conceded the raids were
improper and has changed its practices, appealing only that part
of the judgment which found individual police officers didn't have
qualified immunity from monetary damages.

The appeal had been fully briefed when July's bankruptcy filing
brought the proceeding to a halt.  U.S. Bankruptcy Judge Steven
Rhodes denied the plaintiffs' request to let the appeal proceed,
saying the city's concessions mean that the public interest
already "has largely been vindicated."

Proceeding with the appeal would gain the plaintiffs nothing,
because they only have claims in the bankruptcy, Judge Rhodes
said.  The judge did leave the door open a crack, giving the
plaintiffs a month to better explain why the public interest would
be served by allowing the appeal.

                 About City of 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: Now Has Official Creditors' Committee in Chapter 9
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Detroit now has an official committee of unsecured
creditors to complement the retiree committee previously formed.

According to the report, the U.S. Trustee has named five creditors
to the committee, including two retirement systems, Financial
Guaranty Insurance Co., Wilmington Trust Co. and a city worker.

Detroit also negotiated a revised settlement where the city will
pay $165 million rather than $230 million to terminate a swap
agreement. The reduction allows Detroit to invest $120 million in
infrastructure while reducing a loan from $350 million to $285
million.

                 About City of 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.


DOLPHIN BAY: Sec. 341(a) Creditors' Meeting Scheduled for Jan. 15
-----------------------------------------------------------------
A meeting of creditors in the bankruptcy case of Dolphin Bay
Developers, Inc., will be held on Jan. 15, 2014, at 2:30 p.m. at
1515 N Flagler Dr Room 870, West Palm Beach.  Creditors have until
April 15, 2014, to submit their proofs of claim.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

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

Dolphin Bay Developers, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Fla. Case No. 13-40027) on Dec. 19, 2013.
David Ross signed the petition as president.  The Debtor estimated
assets of at least $10 million and liabilities of at least
$1 million.  Philip J Landau, Esq., serves as the Debtor's
counsel.  The case is assigned to Judge Paul G. Hyman Jr.


DYNASIL CORP: Incurs $8.7 Million Net Loss in Fiscal 2013
---------------------------------------------------------
Dynasil Corporation of America filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $8.72 million on $42.75 million of net revenue for the
year ended Sept. 30, 2013, as compared with a net loss of $4.30
million on $47.88 million of net revenue during the prior year.

As of Sept. 30, 2013, the Company had $26.67 million in total
assets, $16.03 million in total liabilities and $10.64 million in
total stockholders' equity.

McGladrey LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Sept. 30, 2013.  The independent auditors noted that
the Company is in default with the financial covenants set forth
in the terms of its outstanding loan agreements (and may enter
into a forbearance arrangement with its lenders) and has sustained
substantial losses from operations for the years ended Sept. 30,
2013, and 2012.  These factors, among others, raise substantial
doubt about the Company's ability to continue as a going concern.

                        Bankruptcy Warning

"As of September 30, 2013 and September 30, 2012, we were in
default of certain covenants under our loan agreement with
Santander Bank, N.A. ("Santander") and our note agreement with
Massachusetts Capital Resource Company ("MCRC"), which is
subordinated to the Santander Bank loan.  This indebtedness is
secured by substantially all of our assets and is guaranteed by
our subsidiaries.  Our debt agreements include financial covenants
which require us to maintain compliance with certain financial
ratios during the term of the agreements.  Failure to comply with
the financial covenants is an event of default under the debt
agreements.  In an event of default, each of the lenders has the
right to accelerate repayment of all outstanding indebtedness,
impose a higher default interest rate and (in the case of
Santander Bank) take any and all action, at its sole option, to
collect monies owed to it, including to enforce and foreclose on
its security interest on all of our assets.  While we continue to
be current with all principal and interest payments with
Santander, we have not paid approximately $0.3 million in interest
owed to MCRC.  Additionally, as of both September 30, 2012 and
2013 and as of the date hereof, we were in violation of certain
financial covenants contained in each of the loan agreements that
require us to maintain certain ratios of earnings before interest,
taxes, depreciation and amortization to fixed charges and to
total/senior debt.

"If our lenders were to accelerate our debt payments, our assets
may not be sufficient to fully repay the debt and we may not be
able to obtain capital from other sources at favorable terms or at
all.  If additional funding is required, this funding may not be
available on favorable terms, if at all, or without potentially
very substantial dilution to our stockholders.  If we do not raise
the necessary funds, we may need to curtail or cease our
operations, sell certain assets and/or file for bankruptcy, which
would have a material adverse effect on our financial condition
and results of operations," the Company said in the Annual Report.

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

                         http://is.gd/fkSCe9

                            About Dynasil

Watertown, Mass.-based Dynasil Corporation of America (NASDAQ:
DYSL) -- http://www.dynasil.com/-- develops and manufactures
detection and analysis technology, precision instruments and
optical components for the homeland security, medical and
industrial markets.


ELEPHANT TALK: Stockholders Elect Three Directors
-------------------------------------------------
Elephant Talk Communications Corp. held its annual meeting of
stockholders on Dec. 18, 2013, during which the stockholders:

   (a) elected Steven van der Velden, Johan Dejager, and Rijkman
       Groenink as directors of the Company to hold office until
       the next annual meeting of stockholders and until their
       successors will be elected;

   (b) approved the issuance of the warrant to the Company's
       Chairman and chief executive officer, Steven van der
       Velden, in connection with his participation in a financing
       of the Company:

   (c) approved the 2008 Plan and re-approved the performance
       criteria thereunder; and

   (d) ratified the appointment of BDO USA, LLP, as the Company's
       independent registered public accounting firm for the
       fiscal year ending Dec. 31, 2013.

Mr. Levine indicated by e-mail correspondence on Dec. 17, 2013,
that he intended to abide by the Company's stockholders' wishes
and resign from the Board.  On the Annual Meeting Date, Mr. Levine
submitted his written resignation from the Board.  On the Annual
Meeting Date, Mr. Levine was the Chairman of the Compensation
Committee and also served on the Audit and Finance Committee and
the Nominating and Corporate Governance Committee.  In his e-mail
correspondence to the Company, Mr. Levine stated his resignation
is based on his differences with the management of the Company and
certain minority stockholders regarding the roles and
responsibilities of the independent directors on the Board.

The 2008 Plan, among other things, increases the maximum number of
shares of the Company's common stock available for issuance under
the 2008 plan by 23,000,000 to 46,000,000.

                        About Elephant Talk

Lutz, Fla.-based Elephant Talk Communications, Inc. (OTC BB: ETAK)
-- http://www.elephanttalk.com/-- is an international provider of
business software and services to the telecommunications and
financial services industry.

Elephant Talk disclosed a net loss attributable to the Company of
$23.13 million in 2012, a net loss attributable to the Company of
$25.31 million in 2011 and a net loss attributable to the Company
of $92.48 million in 2010.  The Company's balance sheet at
Sept. 30, 2013, showed $46.45 million in total assets, $22.53
million in total liabilities and $23.91 million in total
stockholders' equity.

BDO USA, 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 from operations has an accumulated
deficit of $203.3 million and continues to generate negative cash
flows that raise substantial doubt about its ability to continue
as a going concern.


F & H ACQUISITION: Meeting to Form Creditors' Panel on Jan. 3
-------------------------------------------------------------
Roberta A. DeAngelis, United States Trustee for Region 3, will
hold an organizational meeting on Jan. 3, 2014, at 10:00 a.m. in
the bankruptcy case of F&H Acquisition Corp.  The meeting will be
held at:

         The DoubleTree Hotel
         700 King Street
         Wilmington, DE 19801

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.

The owner of the Fox & Hound, Champps, and Bailey's Sports Grille
casual dining restaurants filed a Chapter 11 petition on Dec. 16
in Delaware designed to sell the operation at auction on March 4.

The parent holding company, F&H Acquisition Corp., is based in
Wichita, Kansas.

The case is In re F&H Acquisition Corp., 13-bk-13220, U.S.
Bankruptcy Court, District of Delaware (Wilmington).


FAIRMONT GENERAL: Expects Buyer or Investor in March
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Fairmont General Hospital Inc., a 207-bed acute-care
facility in Fairmont, West Virginia, is asking for an expansion of
the exclusive right to propose a plan.

According to the report, unless a creditor objects in the next
three weeks, exclusive plan-filing rights will be extended until
April 1.

The hospital said its investment bankers are looking for a "buyer
or strategic partner." Fairmont expects the process will be
complete by March, allowing a plan to be filed at that time.

                      About Fairmont General

Fairmont General Hospital Inc. and Fairmont Physicians, Inc.,
which operate a 207-bed acute-care facility in Fairmont, West
Virginia, sought Chapter 11 bankruptcy protection (Bankr. N.D.
W.Va. Case No. 13-01054) on Sept. 3, 2013, listing between
$10 million and $50 million in both assets and debts.

The fourth-largest employer in Marion County, West Virginia, filed
for bankruptcy as it looks to partner with another hospital or
health system.

The Debtors are represented by Rayford K. Adams, III, Esq., and
Casey H. Howard, Esq., at Spilman Thomas & Battle, PLLC, in
Winston-Salem, North Carolina; David R. Croft, Esq., at Spilman
Thomas & Battle, PLLC, in Wheeling, West Virginia, and Michael S.
Garrison, Esq., at Spilman Thomas & Battle, PLLC, in Morgantown,
West Virginia.  The Debtors' financial analyst is Gleason &
Associates, P.C.  The Debtors' claims and noticing agent is Epiq
Bankruptcy Solutions.

UMB Bank is represented by Nathan F. Coco, Esq., and Suzanne Jett
Trowbridge, Esq., at McDermott Will & Emery LLP.

The Committee of Unsecured Creditors is represented by Andrew
Sherman, Esq., and Boris I. Mankovetskiy, Esq., at Sills Cummis &
Gross P.C. and Kirk B. Burkley, Esq., Bernstein Burkley, P.C.
Janet Smith Holbrook, Esq., at Huddleston Bolen LLP, represents
the Committee as local counsel.


FIRSTLIGHT HYDRO: Fails to Receive Bondholders' Consent
-------------------------------------------------------
FirstLight Hydro Generating Company on Dec. 23 disclosed that it
did not receive the consents necessary to effect the proposed
amendments and the proposed waiver to the indenture governing the
Issuer's $320,000,000 outstanding 8.812% Series B Senior Secured
Bonds due 2026.  The consent solicitation expired at 5:00 p.m.
New York City time on December 20, 2013.

Headquartered in Hartford, Connecticut, FirstLight Hydro
Generating Company provides pumped storage and conventional
hydroelectric power in the northeastern United States.


FISKER AUTOMOTIVE: Plan Approval May Be Delayed by Workers' Claims
------------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that although Fisker Automotive Inc. has a confirmation
hearing on Jan. 3 for approval of a Chapter 11 plan, it looks as
though the one-time electric carmaker won't be exiting bankruptcy
so quickly as a result of $3.8 million in priority claims filed by
workers fired without required 60 days' notice.

According to the report, Fisker filed for Chapter 11 protection on
Nov. 22, immediately after Hybrid Tech Holdings LLC bought the
$168.5 million secured loan made by the U.S. Department of Energy.

As part of a reorganization plan filed alongside the Chapter 11
petition, Hybrid Tech would buy the assets in exchange for $75
million of the government loan. It will also supply $725,000 cash
for distribution to creditors under the liquidating plan. In
addition, the buyer will waive the $8 million loan to finance
bankruptcy.

Fisker filed papers on Dec. 19 importuning the bankruptcy judge to
rule on a tentative basis that the workers have no valid claims.
U.S. Bankruptcy Judge Kevin Gross the next day rebuffed Fisker's
effort at knocking out the claims at the Jan. 3 confirmation
hearing.

Judge Gross said Fisker was seeking "oppressive relief" by trying
to extinguish the claims so quickly when the workers first sued in
April.  Judge Gross said he has "expressed concern on several
occasions" about the "compressed schedule for confirmation."

Fisker said in its papers last week that the workers' claim is
$3.8 million, including $2 million that must be paid in full in
cash if it's a valid priority claim.  Unless the claim is knocked
out, Fisker said, there won't be "any Chapter 11 plan" in view of
the requirement to pay priority claims in full to merit plan
confirmation.

The company contends the claim is invalid under the "faltering
company and unforeseen business circumstances exceptions" to the
so-called Warn Act that gives wage claims to workers filed without
required notice.

The plan would give a 1 percent recovery to unsecured creditors
with about $320 million in claims. The cash comes from Hybrid
Tech, although only if the class votes for the plan.  Similarly,
Hybrid Tech will waive its unsecured deficiency claim only if the
class votes "yes."

The disclosure statement, approved tentatively this month, doesn't
specify the percentage recovery by Hybrid Tech.

                    About Fisker Automotive

Fisker Automotive Holdings, Inc., developer of the Karma plug-in
hybrid electric sedan, filed a petition for Chapter 11 protection
(Bankr. D. Del. Case No. 13-13087) on Nov. 22, 2013, with plans
to sell the business to Hybrid Tech Holdings, LLC.

Fisker estimated assets of more than $100 million and listed debt
of $500 million in its bankruptcy petition.  The assets include an
assembly plant purchased for $21 million from General Motors Corp.
The plant never operated.  The cars were assembled in Finland.
Fisker now has 21 employees.

Fisker received a $529 million loan from the Department of
Energy's Advanced Technology Vehicles Manufacturing Loan Program
and drew down about $192 million before the department froze the
loan after Fisker failed to hit several development targets.  The
company defaulted on its loan in April 2013.

The Debtors have tapped James H.M. Sprayregen, P.C., Esq., Anyp
Sathy, P.C., Esq., and Ryan Preston Dahl, Esq., at Kirkland &
Ellis LLP, in Chicago, Illinois, as co-counsel; Laura Davis Jones,
Esq., James E. O'Neill, Esq., and Peter J. Keane, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, as co-
counsel; Beilinson Advisory Group as restructuring advisors; and
Rust Consulting/Omni Bankruptcy, as notice and claims agent and
administrative advisor.

The Debtors disclosed that they have entered into an asset
purchase agreement with Hybrid for the sale of substantially all
of its assets.  Hybrid is represented by Tobias Keller, Esq., and
Peter Benvenutti, Esq., at Keller & Benvenutti LLP, in San
Francisco, California.


FNBH BANCORP: Moross LP No Longer Holds Shares
----------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Moross Limited Partnership disclosed that as
of Dec. 11, 2013, it no longer owns any securities issued by FNBH
Bancorp Inc.  On Dec. 11, 2013, Moross Limited sold its entire
interest in the Company (comprised of 51,743 shares of Common
Stock) to Stanley B. Dickson for an aggregate purchase price of
$36,220.  A copy of the regulatory filing is available at:

                         http://is.gd/ykGLT4

                          About FNBH Bancorp

Howell, Michigan-based FNBH Bancorp, Inc., is a one-bank holding
company, which owns all of the outstanding capital stock of First
National Bank in Howell.  The Bank was originally organized in
1934 as a national banking association.  As of Dec. 31, 2011, the
Bank had approximately 85 full-time and part-time employees.  The
Bank serves primarily five communities, Howell, Brighton, Green
Oak Township, Hartland, and Fowlerville, all of which are located
in Livingston County.

FNBH disclosed net income of $329,000 in 2012, as compared with a
net loss of $3.57 million in 2011.  The Company's balance sheet at
Sept. 30, 2013, showed $301.79 million in total assets, $292.65
million in total liabilities and $9.14 million in total
shareholders' equity.

BDO USA, LLP, in Grand Rapids, Michigan, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.

"The Corporation's subsidiary bank ("Bank") is significantly
undercapitalized under regulatory capital guidelines and, during
2009, the Bank entered into a consent order regulatory enforcement
action ("consent order") with its primary regulator, the Office of
the Comptroller of the Currency.  The consent order requires
management to take a number of actions, including, among other
things, increasing and maintaining its capital levels at amounts
in excess of the Bank's current capital levels.  As discussed in
Note 20, the Bank has not yet met the higher capital requirements
and is therefore not in compliance with the consent order.  As a
result of the uncertain potential impact of future regulatory
actions, circumstances exist that raise substantial doubt about
the Corporation's ability to continue as a going concern."


FNBH BANCORP: Stanley Dickson Held 43.5% Stake at Dec. 11
---------------------------------------------------------
In a Schedule 13D filed with the U.S. Securities and Exchange
Commission, Stanley B. Dickson, Jr., disclosed that as of
Dec. 11, 2013, it beneficially owned 10,766,028 shares of common
stock of FNBH Bancorp Inc. representing 43.5 percent of the shares
outstanding.

Mr. Dickson purchased 51,743 shares of Common Stock from Moross
L.P. for a total purchase price of $36,220.  Mr. Dickson also
purchased 7,500 shares of Series B Preferred Stock from the
Company for a total net purchase price of $7,050,000.  The source
of funding for both transactions was the personal funds of Mr.
Dickson.

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

                          http://is.gd/SCY9QN

                           About FNBH Bancorp

Howell, Michigan-based FNBH Bancorp, Inc., is a one-bank holding
company, which owns all of the outstanding capital stock of First
National Bank in Howell.  The Bank was originally organized in
1934 as a national banking association.  As of Dec. 31, 2011, the
Bank had approximately 85 full-time and part-time employees.  The
Bank serves primarily five communities, Howell, Brighton, Green
Oak Township, Hartland, and Fowlerville, all of which are located
in Livingston County.

FNBH disclosed net income of $329,000 in 2012, as compared with a
net loss of $3.57 million in 2011.  The Company's balance sheet at
Sept. 30, 2013, showed $301.79 million in total assets, $292.65
million in total liabilities and $9.14 million in total
shareholders' equity.

BDO USA, LLP, in Grand Rapids, Michigan, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.

"The Corporation's subsidiary bank ("Bank") is significantly
undercapitalized under regulatory capital guidelines and, during
2009, the Bank entered into a consent order regulatory enforcement
action ("consent order") with its primary regulator, the Office of
the Comptroller of the Currency.  The consent order requires
management to take a number of actions, including, among other
things, increasing and maintaining its capital levels at amounts
in excess of the Bank's current capital levels.  As discussed in
Note 20, the Bank has not yet met the higher capital requirements
and is therefore not in compliance with the consent order.  As a
result of the uncertain potential impact of future regulatory
actions, circumstances exist that raise substantial doubt about
the Corporation's ability to continue as a going concern."


FNBH BANCORP: Steven Dickson Held 7.5% Equity Stake at Dec. 11
--------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Steven Dickson disclosed that as of Dec. 11, 2013,
he beneficially owned 1,866,071 shares of common stock of
FNBH Bancorp, Inc., representing 7.5 percent of the shares
outstanding.  A copy of the regulatory filing is available for
free at http://is.gd/AONnJA

                           About FNBH Bancorp

Howell, Michigan-based FNBH Bancorp, Inc., is a one-bank holding
company, which owns all of the outstanding capital stock of First
National Bank in Howell.  The Bank was originally organized in
1934 as a national banking association.  As of Dec. 31, 2011, the
Bank had approximately 85 full-time and part-time employees.  The
Bank serves primarily five communities, Howell, Brighton, Green
Oak Township, Hartland, and Fowlerville, all of which are located
in Livingston County.

FNBH disclosed net income of $329,000 in 2012, as compared with a
net loss of $3.57 million in 2011.  The Company's balance sheet at
Sept. 30, 2013, showed $301.79 million in total assets, $292.65
million in total liabilities and $9.14 million in total
shareholders' equity.

BDO USA, LLP, in Grand Rapids, Michigan, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.

"The Corporation's subsidiary bank ("Bank") is significantly
undercapitalized under regulatory capital guidelines and, during
2009, the Bank entered into a consent order regulatory enforcement
action ("consent order") with its primary regulator, the Office of
the Comptroller of the Currency.  The consent order requires
management to take a number of actions, including, among other
things, increasing and maintaining its capital levels at amounts
in excess of the Bank's current capital levels.  As discussed in
Note 20, the Bank has not yet met the higher capital requirements
and is therefore not in compliance with the consent order.  As a
result of the uncertain potential impact of future regulatory
actions, circumstances exist that raise substantial doubt about
the Corporation's ability to continue as a going concern."


FPL ENERGY: S&P Raises Rating on $365MM Sr. Sec. Bonds to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its rating to
'BB' from 'BB-' on FPL Energy National Wind LLC's (National Wind)
$365 million senior secured bonds due 2024.  The recovery rating
on National Wind's senior secured bonds is now '1', indicating
S&P's expectation of very high (90% to 100%) recovery if a default
occurs.  At the same time, S&P affirmed its 'B-' rating on FPL
Energy National Wind Portfolio LLC's (Wind Portfolio) $100 million
senior secured bonds due 2019 and revised the outlook to stable
from negative.  The recovery rating on Wind Portfolio's senior
secured bonds is now '5', indicating S&P's expectation of modest
(10% to 30%) recovery if a default occurs.  The outlook is stable.

"We raised the rating on National Wind because we believe that
following the sale of its Wyoming project, National Wind's
financial performance will improve substantially as it will redeem
a significant portion of its outstanding debt," said Standard &
Poor's credit analyst Jeong-A Kim.

S&P affirmed the rating on Wind Portfolio because it believes that
Wind Portfolio will also redeem a smaller portion of its
outstanding debt and find its financial position stabilizing as it
receives steady distributions from National Wind.

S&P has revised its base case scenario to include a 15% increase
in operating and maintenance (O&M) expenses from the management
forecast, based on historical data since its revision.  S&P has
relied on management's reduced projected revenues in its base
case, while maintaining an estimate of 97% availability because
the portfolio has demonstrated historically high availability
levels.  Other base case assumptions remain the same.

The stable outlook on National Wind reflects S&P's view of the
effect of the Wyoming asset sale and its positive effect in
significantly reducing National Wind's debt service.  S&P could
lower the rating if the project's wind resource is lower than
expected or O&M expenses are higher than expected, failing its
distribution test at 1.25x.  S&P could consider raising the rating
if O&M costs become more predictable or liquidity becomes
sufficient to maintain the rating so that the average debt service
coverage through maturity increases to 1.40x.

The stable outlook on Wind Portfolio reflects S&P's view of its
stabilizing financial condition following National Wind's improved
financial profile post-Wyoming sale.  S&P could lower the rating
if National Wind fails its distribution test and Wind Portfolio
draws on its debt service reserve.  S&P could raise the rating if
the debt service coverage consistently tops 1.35x due to National
Wind's better performance.


FRIENDFINDER NETWORKS: Emerges From Chapter 11 Bankruptcy
---------------------------------------------------------
FriendFinder Networks Inc. on Dec. 23 disclosed that its plan of
reorganization has become effective and the Company has emerged
from bankruptcy protection.

FriendFinder implemented the Chapter 11 plan on Dec. 20.  The
bankruptcy judge in Delaware approved the plan by signing a
confirmation order four days before.

The plan of reorganization becomes effective just three months
after the Company filed for bankruptcy protection in order to
strengthen its balance sheet and enable FriendFinder Networks to
grow its flagship brands.  Through this process, the Company's
annual interest expense is expected to be reduced by over $50
million and approximately $300 million of secured debt will be
eliminated.  As part of the reorganization, the Company's shares
are being deregistered and will no longer trade on the open
market.

FriendFinder Networks' founder and majority equity holder,
Andrew Conru, is the reorganized Company's Chairman and Chief
Executive Officer.  Anthony Previte serves as President and Chief
Operating Officer.

The reorganization plan was overwhelmingly supported by the
Company's stakeholders.  Under the terms of the plan, the 14%
Senior Secured Notes due 2013 have been exchanged for new notes in
the same principal amount, plus certain cash consideration.
Holders of the 11.5% Non-Cash Pay Secured Notes due 2014 and 14%
Cash Pay Secured Notes due 2013 receive substantially all of the
new common stock to be issued by reorganized FriendFinder
Networks, plus certain cash consideration subject to compliance
with certain conditions.

FriendFinder Networks is being advised by the law firm of
Greenberg Traurig LLP and Akerman LLP and financial advisor SSG
Capital Advisors, LLC.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the plan gives accrued interest plus an equal amount
in new 14 percent first-lien notes to holders of $234.3 million in
14 percent first-lien notes.  Negotiated before the bankruptcy
filing in September with 80 percent of first- and second-lien
lenders, the plan eliminates $300 million in secured debt by
giving the new equity to holders of $330.8 million in two issues
of second-lien notes.  The plan pays unsecured creditors in full.

The first-lien notes last traded on Dec. 13 for 109 cents on the
dollar, according to Trace, the bond-price reporting system of the
Financial Industry Regulatory Authority.

                About FriendFinder Networks Inc.

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.


FRIENDSHIP DAIRIES: Wants McFinney & Agstar Held in Contempt
------------------------------------------------------------
Friendship Dairies asks the U.S. Bankruptcy Court for the Northern
District of Texas Friendship to hold McFinney Agri-Finance LLC and
its attorney-in-fact Agstar Financial Services, FLCA, in contempt
for violating the automatic stay.

McFinney is the owner and holder of a claim against the Debtor.
AgStar is its loan servicer and attorney-in-fact.

According to the Debtor, AgStar on Jan. 30, 2013, commenced a
lawsuit against the Debtor's principals, Patrick VanAdrichem,
Lidwina VanAdrichem, and Jakob VanDerweg in the 222nd Judicial
District Court in and for Deaf Smith County, Texas.  AgStar
commenced the lawsuit on behalf of its principal, McFinney.  The
claims in the state court lawsuit brought against the Debtor's
principals are based on their individual and personal liability
for the same indebtedness as provides the basis for McFinney's
claim against the Debtor's estate.

On Sept. 18, 2013, the 222nd Judicial District Court entered
judgment against the Debtor's principals, jointly and severally,
in the amount of $17,057,566, plus additional interest.  As a
means of pursuing collection of that judgment, AgStar applied to
the 222nd Judicial District Court for a charging order against the
Debtor's principals' respective partnership interests in the
Debtor.  AgStar sought the charging order on its own behalf as
McFinney's loan servicer and on McFinney's behalf as its agent and
attorney-in-fact.

Accordingly, the Debtor requests that the motion be set for
hearing with notice to AgStar and McFinney to appear and show
cause why each should not be held in contempt for violating the
automatic stay and for interfering with the Court's exclusive
jurisdiction over the Debtor's affairs and over the property of
the bankruptcy estate.

                     About Friendship Dairies

Friendship Dairies, a general partnership, filed a Chapter 11
petition (Bankr. N.D. Tex. Case No. 12-20405) in Amarillo, Texas,
on Aug. 6, 2012.  The Debtor operates a dairy near Hereford, Deaf
Smith County, Texas.  The dairy consists of 11,000 head of cattle,
fixtures and equipment.  The Debtor also farms 5,000 acres of land
for production of various crops used in feeding for the cattle.

The Debtor owes McFinney Agri-Finance, LLC, $16 million secured
by the Debtor's property, which is appraised at more than
$24 million.  The Debtor disclosed $44,421,851 in assets and
$45,554,951 in liabilities as of the Chapter 11 filing.

Bankruptcy Judge Robert L. Jones oversees the case.  J. Bennett
White, P.C., serves as the Debtor's counsel.  The petition was
signed by Patrick Van Adrichem, partner.

The U.S. Trustee appointed a six-member creditors committee in the
Debtor's case.  The Committee tapped Levenfeld Pearlstein
as lead counsel, and Mullin, Hoard & Brown as local counsel.


FURNITURE BRANDS: Meredith Graham Okayed to Lead Liquidation
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
the engagement agreement that FBI Wind Down, Inc., formerly known
as Furniture Brands International, Inc., et al., entered into with
Meredith M. Graham to liquidate the remaining company assets.

The Troubled Company Reporter on Dec. 13, 2013, citing a
BankruptcyData report, said the Debtors' official committee of
unsecured creditors filed with the Bankruptcy Court a statement in
support of the Debtors' motion for an order approving the
engagement agreement with Ms. Graham, nunc pro tunc to Nov. 25,
2013.

According to the statement, ". . . the Committee supports the
approval of the Plan Confirmation Bonus, as an appropriate
incentive to insure Ms. Graham uses her best efforts to obtain
confirmation of a plan and the winding down of the Debtors'
estates in an efficient and expeditious manner. If Ms. Graham is
able to earn her Plan Confirmation Bonus by getting a consensual
chapter 11 plan confirmed in these complicated cases within the
next 4-6 months, the Committee believes that the Plan Confirmation
Bonus will be creditor money well spent as her efforts will have
resulted in a significant savings to creditors in reduced
administrative expenses many multiples of the cost of the Plan
Confirmation Bonus and will result in a quicker potential date for
making distributions to creditors.  This is why the Committee was
willing to use what is essentially creditors' money in the first
place to incentivize Ms. Graham to get a plan confirmed quickly."

The TCR, citing Richard Craver at the Winston-Salem Journal,
reported on Dec. 12, 2013, that Ms. Graham will be in charge of
liquidating remaining company assets.

Ms. Graham has served as Furniture Brands' chief administrative
officer and general counsel since May.

Winston-Salem Journal said Ms. Graham will be paid $286,000 a
year. She also is eligible to receive a one-time bonus equal to a
percentage of her base compensation if the debtors confirm a
Chapter 11 plan with the U.S. Bankruptcy Court, the report
related.

According to the Winston-Salem Journal report, KPS Capital
Partners was confirmed Nov. 22 as the top bidder for Furniture
Brands' assets at $280 million. On Nov. 28, KPS announced a new
name for the assets -- Heritage Home Group LLC -- and that
Furniture Brands' top executive, Ralph Scozzafava, has resigned.

Winston-Salem Journal said Ira Glazer, 61, a veteran corporate
turnaround expert, has been named president and chief executive.

Heritage Home will operate as an independent company, the report
said.

                       About Furniture Brands

Furniture Brands International (NYSE:FBN) --
http://www.furniturebrands.com-- engaged 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.  Its brands include Thomasville, Broyhill, Lane,
Drexel Heritage, Henredon, Pearson, Hickory Chair, Lane Venture,
Maitland-Smith and LaBarge.

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

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.

The official creditor's committee is comprised of the Pension
Benefit Guaranty Corp., Milberg Factors Inc. and five suppliers.
The Committee tapped Blank Rome LLP as co-counsel, Hahn &
Hessen LLP as lead counsel, BDO Consulting as financial advisor,
and Houlihan Lokey Capital, Inc., as investment banker.

In November 2013, Furniture Brands won bankruptcy court approval
to sell the business to KPS Capital Partners LP for $280 million.
Private-equity investor KPS formed a new company named Heritage
Home Group LLC to operate the business.


HARI RAM: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: Hari Ram, Inc.
        350 Bent Creek Blvd.
        Mechanicsburg, PA 17050

Case No.: 13-06524

Chapter 11 Petition Date: December 24, 2013

Court: United States Bankruptcy Court
       Middle District of Pennsylvania (Harrisburg)

Judge: Hon. Mary D France

Debtor's Counsel: Henry W Van Eck, Esq.
                  METTE, EVANS, & WOODSIDE
                  3401 North Front Street
                  Harrisburg, PA 17110-0950
                  Tel: 717 232-5000
                  Fax: 717 236-1816
                  Email: hwvaneck@mette.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kanjibhai R. Patel, president.

The Debtor did not file a list of its largest unsecured creditors
when it filed the petition.


HOKU CORP: Washington Contractor Wins Auction for Idaho Plant
-------------------------------------------------------------
Patrick Fitzgerald, writing for DBR Small Cap, reported that a
U.S. bankruptcy judge approved a Washington construction company's
$8.3 million bid for Hoku Corp.'s Idaho plant for manufacturing
polysilicon, a key ingredient in the making of solar panels.

Hoku Corp., which promised to become one of Eastern Idaho's
largest employers with a proposed $700 million plant in Pocatello,
went bankrupt in July 2013.

In May 2012, Hoku halted construction of its Pocatello facility
and laid off 100 employees after struggling to even pay its
electric bill to Idaho Power.  The CEO of Hoku Solar tendered his
resignation shortly thereafter.

Hoku filed for bankruptcy in Pocatello federal court, reporting
nearly $1 billion in red ink, the report said. The plant has been
shuttered and no one is allowed on the site unless authorized by a
bankruptcy trustee.

More than 30 separate entities have been listed at creditors.


HOVNANIAN ENTERPRISES: Posts $31.3MM Net Income in Fiscal 2013
--------------------------------------------------------------
Hovnanian Enterprises, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing net
income of $31.29 million on $1.85 billion of total revenues for
the year ended Oct. 31, 2013, as compared with a net loss of
$66.19 million on $1.48 billion of total revenues during the prior
year.

As of Oct. 31, 2013, the Company had $1.75 billion in total
assets, $2.19 billion in total liabilities and a $432.79 million
total deficit.

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

                        http://is.gd/IVvgNc

                    About Hovnanian Enterprises

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)
-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian,
is one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Kentucky, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and
West Virginia.  The Company's homes are marketed and sold under
the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton
Homes, Parkwood Builders, Town & Country Homes, Oster Homes and
CraftBuilt Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

                           *     *     *

As reported by the Troubled Company Reporter on April 25, 2013,
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Hovnanian Enterprises Inc. to 'B-' from 'CCC+'.
"The upgrade reflects strengthening operating performance
supported by the broader recovery in the housing market that, we
believe, should support modest profitability in 2013," said
Standard & Poor's credit analyst George Skoufis.

In the Dec. 9, 2013, edition of the TCR, Fitch Ratings upgraded
the Issuer Default Rating (IDR) of Hovnanian Enterprises to 'B-'
from 'CCC'.  The upgrade and the Stable Outlook reflects HOV's
operating performance year-to-date (YTD), adequate liquidity
position, and moderately better prospects for the housing sector
during the remainder of this year and in 2014.

As reported in the TCR on Aug. 5, 2013, Moody's Investors Service
raised the Corporate Family Rating of Hovnanian Enterprises, Inc.
to Caa1 from Caa2.  The upgrade reflects both the industry's
growing strength and Hovnanian's own improved results, which make
it far less likely that the company will default on its debt
obligations.


INT'L FOREIGN EXCHANGE: CDG Group May Provide Crisis Mgmt Services
------------------------------------------------------------------
The Hon. Robert E. Gerber of the U.S. Bankruptcy Court for the
Southern District of New York authorized International Foreign
Exchange Concepts Holdings, Inc., et al., to employ CDG Group, LLC
to provide crisis management services to the Debtors; and (ii)
employ Michael Meenan, managing director of CDG, as chief
restructuring officer until March 1, 2014.

CDG will, among other things:

   a. serve as a principal contact with the Debtors' creditors
      with respect to the Debtors' financial and operational
      matters;

   b. gather and analyze data, interview appropriate management
      and evaluate the Debtors' existing liquidity, financial
      forecasts and budgets; and

   c. evaluate the feasibility of strategic alternatives being
      considered by the Debtors given their current operating
      businesses, current capital structure and business
      prospects.

To the best of the Debtors' knowledge, Mr. Meenan has no interest
adverse to the Debtors' estates with respect to the matters upon
which they are to be engaged.

            About International Foreign Exchange

International Foreign Exchange Concepts Holdings, Inc., and
International Foreign Exchange Concepts, L.P., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
13-13380) on Oct. 17, 2013.

Judge Robert Gerber oversees the case.  Counsel to the Debtors is
Henry P. Baer, Jr., Esq., at Finn Dixon & Herling LLP, in
Stamford, Connecticut.  The Debtors' restructuring advisors is CDG
Group.  The Debtors' special counsel is Withers Bergman LLP.  The
Debtors' notice, claims, solicitation and balloting agent is Logan
& Company, Inc.

Counsel to AMF-FXC Finance LLC, the DIP lender, is Michael L.
Cook, Esq., and Christopher Harrison, Esq., at Schulte Roth &
Zabel LLP, in New York.

International Foreign Exchange Concepts, L.P. disclosed
$67,833,917 in assets and $51,354,154 in liabilities as of the
Chapter 11 filing.


INT'L FOREIGN EXCHANGE: DiConza Taurig Okayed as Conflicts Counsel
------------------------------------------------------------------
The Hon. Robert E. Gerber of the U.S. Bankruptcy Court for the
Southern District of New York authorized International Foreign
Exchange Concepts Holdings, Inc., et al., to employ DiConza
Traurig LLP as conflicts counsel.

As reported in the Troubled Company Reporter on Dec. 6, 2013, the
Debtors required DiConza Traurig to:

   (a) advise the Debtors concerning, and assisting in the
       negotiation, litigation and resolution of, Conflicts
       Matters relating to claims against insiders for sums due
       and owing, and any other potential Conflicts Matters
       involving insiders;

   (b) advise the Debtors concerning protection of their interests
       in Inspiration Biopharmaceuticals, Inc.;

   (c) advise the Debtors concerning, and taking appropriate
       actions with respect to, additional Conflicts Matters;

   (d) conduct discovery and Bankruptcy Rule 2004 examinations, as
       the Debtors and the Court may deem appropriate, to
       investigate Conflicts Matters;

   (e) advise concerning, and commence or respond to court
       proceedings as the Debtors may deem appropriate, in
       connection with Conflicts Matters; and

   (f) perform all other legal services for and on behalf of the
       Debtors, and at their request, which may be necessary or
       appropriate in connection with Conflicts Matters.

Richard Milin will be the primary attorney providing services to
the Debtors; his current hourly rate is $550 per hour.  The
current hourly rates of the other attorneys at DiConza Traurig
range between $375 and $575 per hour and paralegal/law clerk rates
range between $110 and $195 per hour.

DiConza Traurig will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Mr. Milin assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtors and their estates.

               About International Foreign Exchange

International Foreign Exchange Concepts Holdings, Inc., and
International Foreign Exchange Concepts, L.P., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
13-13380) on Oct. 17, 2013.

Judge Robert Gerber oversees the case.  Counsel to the Debtors is
Henry P. Baer, Jr., Esq., at Finn Dixon & Herling LLP, in
Stamford, Connecticut.  The Debtors' restructuring advisors is CDG
Group.  The Debtors' special counsel is Withers Bergman LLP.  The
Debtors' notice, claims, solicitation and balloting agent is Logan
& Company, Inc.

Counsel to AMF-FXC Finance LLC, the DIP lender, is Michael L.
Cook, Esq., and Christopher Harrison, Esq., at Schulte Roth &
Zabel LLP, in New York.


KAIDANS INC: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Kaidans, Inc.
           d/b/a University Inn
        1101 Frontage Road
        Oxford, MS 38655

Case No.: 13-15275

Chapter 11 Petition Date: December 24, 2013

Court: United States Bankruptcy Court
       Northern District of Mississippi (Aberdeen)

Debtor's Counsel: Craig M. Geno, Esq.,
                  LAW OFFICES OF CRAIG M. GENO, PLLC
                  587 Highland Colony Parkway
                  Ridgeland, MS 39157
                  Tel: 601-427-0048
                  Email: cmgeno@cmgenolaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Rajendra C. Patel, president.

The Debtor did not file a list of its largest unsecured creditors
when it filed the petition.


KEYWELL LLC: Creditors Sue Executives Over Bankruptcy
-----------------------------------------------------
Joseph Checkler, writing for DBR Small Cap, reported that
creditors of Keywell LLC are suing the executives of the recently
sold scrap-metal recycler, saying they engaged in self-dealing
that sapped the company of resources while "lining their own
pockets," eventually driving the company into bankruptcy.

According to the report, in a Dec. 17 filing with U.S. Bankruptcy
Court in Chicago, Keywell's official committee of unsecured
creditors said that among other things, Chief Executive J. Mark
Lozier, Chairman Joel D. Tauber and other executives arranged
disguised equity infusions through a newly created entity from
which they received "illegal" dividends.

"Rather than re-investing its revenues or strengthening its
capital reserves, Keywell's management (who were the largest
shareholders of the company) opted to distribute the remaining
value in the enterprise to Keywell's equity holders through
massive dividends that would ultimately render Keywell insolvent,"
lawyers for the creditors said, the report cited.  After a
profitable 2007, Keywell executed a "special distribution," to
insiders, the creditors said, which left the company
"substantially undercapitalized."

Mr. Lozier and 20 other Keywell executives and employees are named
in the suit, as are several entities related to them, the report
related.  The creditors said Mr. Lozier and the others made the
decision to pay themselves, "emptying the company's coffers" with
hopes of future good results that never came.  Lawyers for
Keywell, where Mr. Lozier, Mr. Tauber and the other employees
still work, didn't immediately respond to a request for comment.

After getting approval on a new equity infusion from shareholders
-- mostly themselves -- Keywell allegedly sent a note out to
"destroy all copies" of a letter describing the proposal,
according to the complaint, the report further related.  That is
because the company wanted to create a new entity called Newkey,
which would offer the money to shareholders as a "secured loan,"
thus putting the money higher on the totem pole in the event of a
bankruptcy.  That bankruptcy eventually happened and was
structured to benefit holders of the Newkey notes, creditors said.

                       About Keywell L.L.C.

Keywell L.L.C. filed a Chapter 11 petition (Bankr. N.D. Ill. Case
No. 13-37603) on Sept. 24, 2013.  Mark Lozier signed the petition
as president and CEO.  The Debtor estimated assets and debts of at
least $10 million.  Judge Eugene R. Wedoff presides over the case.

Adelman & Gettleman Ltd. serves as the Debtor's counsel.  Patzik,
Frank & Samotny Ltd. serves as the Debtor's as special counsel.
Eureka Capital Markets, LLC, serves as the Debtor's investment
banker, while Conway MacKenzie, Inc., serves as its financial
advisors.

The Debtor's lenders are represented by Steven B. Towbin, Esq.,
and Gordon E. Gouveia, Esq., at Shaw Fishman Glantz & Towbin LLC,
in Chicago, Illinois.


KGB: S&P Withdraws 'B-' Corp. Credit Rating on Issuer's Request
---------------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its 'B-'
corporate credit rating on U.S. directory assistance and
information provider kgb at the company's request.


LEHMAN BROTHERS: Judge Peck Wants Intel Swap Suit in His Court
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Intel Corp.'s dispute with Lehman Brothers Holdings
Inc. over whether the chipmaker owes the defunct bank as much as
$312 million on a swap agreement should be decided in bankruptcy
court, U.S. Bankruptcy Judge James M.Peck said.

According to the report, the month before it filed for bankruptcy
in September 2008, Lehman signed a contract to buy as much as $1
billion of Intel stock, which Intel in turn was to acquire from
Lehman. Intel possessed nonpublic information that could have
touched off lawsuits had it purchased its own stock directly.

As a consequence of Lehman's bankruptcy, Santa Clara, California-
based Intel, the world's largest chipmaker, declared a termination
event and glommed $1 billion in collateral that Lehman had posted
as security for the transaction. Lehman sued in U.S. Bankruptcy
Court in Manhattan, contending Intel used a faulty damage
calculation.

Judge Peck said in a Dec. 19 opinion that New York-based Lehman
intends to recover at least $127 million from Intel, or as much as
$312 million, using a different damage calculation.

Judge Peck, who has announced his retirement, said Lehman drafted
the complaint to contain claims for turnover and violation of the
automatic stay because those allegations would give the bankruptcy
court power to render a final ruling. He dismissed those claims,
leaving the breach-of-contract allegation intact for the full
amount sought.

Intel's next move would be to seek to get the breach-of-contract
claim taken out of bankruptcy court and decided in federal
district court, Judge Peck said. Intel can argue that the U.S.
Supreme Court's decision in Stern v. Marshall precludes a
bankruptcy court from issuing a final ruling on a pre-bankruptcy
breach claim.

Still, Judge Peck said, "it is most efficient and eminently
sensible for all disputes involving swap agreements" to be handled
in bankruptcy court. He cited an opinion involving the Federal
Housing Finance Agency in which U.S. District Judge Lorna G.
Schofield asked Judge Peck to issue a report and recommendation
even if his court can't enter a final ruling.  Judge Peck proposed
that Intel "agree to an adjudication of this adversary proceeding
in the Lehman bankruptcy court."

                      About Lehman Brothers

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

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

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

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

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

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

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

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012, a second payment of $10.2 billion on Oct. 1, 2012,
and a third distribution of $14.2 billion on April 4, 2013.  The
brokerage is yet to make a first distribution to non-customers,
although customers are being paid in full.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000).


LIFECARE HOLDINGS: Dismissal of Chapter 11 Sought
-------------------------------------------------
BankruptcyData reported that LifeCare Holdings filed with the
Court a motion seeking dismissal of its Chapter 11 proceedings.
The motion explains, "At the conclusion of the sale process, the
highest bid was a credit bid from the Prepetition Secured Lenders
for less than all of the outstanding debt owed to them. As a
result of successfully closing this transaction, the Purchaser
continues to operate the business as a going concern, patients
continue to be cared for and employees continue to have jobs.
However, as no cash bid sufficient to pay the Prepetition Secured
Lenders in full was received, the Debtors are unable to confirm a
chapter 11 plan. Although the Purchaser provided limited funds to
be placed in escrows to satisfy certain specified wind down costs,
the Debtors' estates have no remaining assets with which to
satisfy the Prepetition Secured Lenders' remaining claims or any
other secured, administrative or priority claims against the
Debtors' estates. However, because certain processes related to
the Chapter 11 Cases remain unresolved -- including the
Committee's claims resolution process and the United States'
Appeals -- the Debtors believe it would be inappropriate to seek
to convert these Chapter 11 Cases to chapter 7. Accordingly, the
Debtors seek entry of an order dismissing the Chapter 11 Cases as
the most efficient way to keep fees and expenses to a minimum
without impairing the rights of third parties."

The Court scheduled a Jan. 28, 2014 hearing to consider the
motion.

Judge Gross in September granted the request of LCI Holding and
its debtor affiliates for an extension of their exclusive plan
filing period through Feb. 28, 2014, and a corresponding extension
of their exclusive right to solicit acceptance of that plan
through April 29, 2014.

                          About LifeCare

LCI Holding Company, Inc., and its affiliates, doing business as
LifeCare Hospitals, operate eight "hospital within hospital"
facilities and 19 freestanding facilities in 10 states.  The
hospitals have about 1,400 beds at facilities in Louisiana, Texas,
Pennsylvania, Ohio and Nevada.  LifeCare is controlled by Carlyle
Group, which holds 93.4% of the stock following a
$570 million acquisition in August 2005.

LCI Holding Company, Inc., and its affiliates, including LifeCare
Holdings Inc., sought Chapter 11 protection (Bankr. D. Del. Lead
Case No. 12-13319) on Dec. 11, 2012, with plans to sell assets to
secured lenders.

The Debtors are represented by Anthony W. Clark, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, in Wilmington, Delaware;
Kenneth S. Ziman, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York; and Felicia Gerber Perlman, Esq., and Matthew N.
Kriegel, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in
Chicago, Illinois.  Rothschild Inc. is the financial advisor.
Huron Management Services LLC will provide the Debtors an interim
chief financial officer and certain additional personnel; and (ii)
designate Stuart Walker as interim chief financial officer.

The steering committee of lenders is represented by attorneys at
Akin Gump Strauss Hauer & Feld LLP and Blank Rome LLP.  The agent
under the prepetition and postpetition secured credit facility is
represented by Simpson Thacher & Barlett LLP.

The Debtors disclosed assets of $422 million and liabilities
totaling $575.9 million as of Sept. 30, 2012.  As of the
bankruptcy filing, total long-term obligations were $482.2 million
consisting of, among other things, institutional loans and
unsecured subordinated loans.  A total of $353.4 million is owing
under the prepetition secured credit facility.  A total of
$128.4 million is owing on senior subordinated notes.  LifeCare
Hospitals of Pittsburgh, LLC, a debtor-affiliate disclosed
$24,028,730 in assets and $484,372,539 in liabilities as of the
Chapter 11 filing.

The Official Committee of Unsecured Creditors is represented by
Pachulski Stang Ziehl & Jones LLP.  FTI Consulting, Inc., serves
as its financial advisor.


LOEHMANN'S HOLDINGS: Proposes Up to $650,000 Bonus to Top Execs
---------------------------------------------------------------
Katy Stech, writing for Dow Jones Business News, reported that
Loehmann's Holdings Inc. top executive is in line to collect a
bonus from the discount retailer which filed for bankruptcy and
plans to begin shutting down its 39 stores next month.

According to the report, the Bronx-based company has proposed to
pay Chief Operating Officer William Thayer and another employee up
to $650,000 in bonuses, according to court papers filed on Dec. 23
in U.S. Bankruptcy Court in New York.  Loehmann's bankruptcy
lawyers said Mr. Thayer has been "working the equivalent of three
jobs" as the company prepares to hold a Jan. 3 auction for the
right to liquidate Loehmann's stores, which employ about 1,600
people, the report related.  Already, the company got a $19
million bid from a team of three liquidators: SB Capital Group
LLC, Tiger Capital Group LLC and A&G Realty Partners LLC.

Under the proposed bonus pay-out plan, the amount that Mr. Thayer
collects would grow with the amount of money that the liquidation
sales bring in. In addition, he would be required to provide
"transition services," according to court papers, the report said.

The bonus plan also offers cash awards to the retailer's top
lawyer, Mindy Novack, the report further related.

                         About Loehmann's

Discount retailer Loehmann's Holdings Inc., and two affiliates
sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No.
13-14050) on Dec. 15, 2013.

This is Loehmann's third bankruptcy filing, but this time it will
be a liquidation with going-out-of-business sales.

The first bankruptcy was a 14-month Chapter 11 reorganization
completed in September 2000.  At the time the chain had 44 stores
in 17 states.  The second bankruptcy culminated in a
reorganization plan implemented in March 2011.  It was acquired by
Istithmar in July 2006 in a $300 million transaction.

Loehmann's, based in the Bronx borough of New York City, operated
39 stores in 11 states as of the 2013 bankruptcy filing.

In the new Chapter 11 case, Loehmann's disclosed assets and debt
both totaling $96.7 million.  The debt includes $4.3 million on a
first-lien credit agreement with Wells Fargo Bank NA as agent, not
including about $9 million in letters of credit.

Kristopher M. Hansen, Esq., at Stroock & Stroock & Lavan LLP,
serves as counsel to the Debtors; Canaccord Genuity Inc. is the
investment banker; Clear Thinking Group LLC is the restructuring
advisor; and Epiq Bankruptcy Solutions LLC is the claims and
notice agent.


LONE PINE: Requests Reorganization Plan Confirmation in U.S.
------------------------------------------------------------
Stephanie Gleason, writing for The Wall Street Journal, reported
that Lone Pine Resources Inc. is requesting U.S. Bankruptcy Court
approval of its reorganization plan, contingent with it also
receiving the Canadian bankruptcy court's blessing early next
year.

According to the report, the company is scheduled to ask the
Canadian court to approve its plan during a sanction hearing on
Jan. 9. That approval will implement the plan in Canada, but it
still would require U.S. court confirmation.

Lone Pine is requesting that on Jan. 14, the U.S. Bankruptcy Court
in Wilmington, Del., approve the sanction order from Canada,
making the plan binding in the U.S., the report related.

On Dec. 13, Lone Pine received a "meeting order" from the Canadian
court, directing it to call meetings with creditors to vote on the
plan, which it is doing now in anticipation of its sanction
hearing next month, the report said.

Lone Pine's plan of reorganization is a debt-for-equity swap that
would allow it to shed $195 million in bond debt, the report
further related.  The plan would hand equity in the reorganized
company to those bondholders and raise $100 million in new cash
through a private rights offering. Current equity holders are
being wiped out.

                    About Lone Pine Resources

Calgary, Canada-based Lone Pine Resources Inc. is an independent
oil and gas exploration, development and production company with
operations in Canada.  The Company's reserves, producing
properties and exploration prospects are located in the provinces
of Alberta, British Columbia and Quebec, and in the Northwest
Territories.  The Company is incorporated under the laws of the
State of Delaware.

Lone Pine entered bankruptcy protection in Canada on Sept. 25,
2013, under the Companies' Creditors Arrangement Act and received
an initial protection order from an Alberta court the same day.
Lone Pine Resources simultaneously filed for Chapter 15 protection
in Delaware in the United States (Bankr. D. Del. Case No. 13-
12487) to seek recognition of the CCAA proceedings.

Lone Pine, LPR Canada and all other subsidiaries of the Company
are parties to the CCAA and Chapter 15 proceedings.

Lone Pine is being advised by RBC Capital Markets, Bennett Jones
LLP, Vinson & Elkins LLP and Richards Layton & Finger P.A. in
connection with the restructuring, with Wachtell, Lipton, Rosen &
Katz LLP providing independent advice to the Company's board of
directors.  The Supporting Noteholders are being advised by
Goodmans LLP and Stroock & Stroock & Lavan LLP.


LONGVIEW POWER: Court Approves Plan Outline
-------------------------------------------
Peg Brickley, writing for Daily Bankruptcy Review, reported that
Longview Power LLC won court permission to start polling creditors
on a Chapter 11 restructuring that swaps more than $1 billion in
debt for equity and provides money to fix its troubled plant.

According to the report, Judge Brendan Shannon signed off on
voting materials describing the bankruptcy-exit plan at a hearing
in the U.S. Bankruptcy Court in Wilmington, Del.

Once creditors cast their ballots, Longview will return to court
to seek confirmation of the Chapter 11 exit plan, the report
related.  Under the plan, existing lenders have agreed to provide
$150 million to fund emergence and repair the plant, which is in
West Virginia.

Longview bowed to unsecured creditor demands for more information
on its Chapter 11 plan in order to get permission to start the
polling, the report said.  General unsecured creditors owed an
estimated $4.5 million will get a recovery of 5.5% to 22%,
according to revised plan materials.

The company also added information to fend off preliminary
objections from contractors that are fighting with Longview over
who's to blame for the operational troubles that have dogged the
plant, the report added.

                     About Longview Power LLC

Longview Power LLC is a special purpose entity created to
construct, own, and operate a 695 MW supercritical pulverized
coal-fired power plant located in Maidsville, West Virginia, just
south of the Pennsylvania border and approximately 70 miles south
of Pittsburgh.  The project is owned 92% by First Reserve
Corporation (First Reserve or sponsor), a private equity firm
specializing in energy industry investments, through its affiliate
GenPower Holdings (Delaware), L.P., and 8% by minority interests.

Longview Power, LLC, filed a Chapter 11 (Bank. D. Del. Lead Case.
13-12211) on Aug. 30, 2013.  The petitions were signed by Jeffery
L. Keffer, the Company's chief executive officer, president,
treasurer and secretary.  The Debtor estimated assets and debts of
more than $1 billion.  Judge Brendan Linehan Shannon presides over
the case.  Kirkland & Ellis LLP and Richards, Layton & Finger,
P.A., serve as the Debtors' counsel.  Lazard Freres & Company LLC
acts as the Debtors' investment bankers.  Alvarez & Marsal North
America, LLC, is the Debtors' restructuring advisors.  Ernst &
Young serves as the Debtors' accountants.  The Debtors' claims
agent is Donlin, Recano & Co. Inc.

The Debtor disclosed assets of $1,717,906,595 plus undisclosed
amounts and liabilities of $1,075,748,155 plus undisclosed
amounts.

Roberta A. DeAngelis, U.S. Trustee for Region 3, disclosed that as
of September 11, 2013, a committee of unsecured creditors has not
been appointed in the case due to insufficient response to the
U.S. Trustee's communication/contact for service on the committee.

Longview in November 2013 filed a bankruptcy-exit plan that will
drop $1 billion in debt from the Debtor's balance sheet and raise
money to cover the cost of fixing the plant.  Under the Plan, the
lenders would share between 85 percent and 90 percent of the
reorganized company's equity, court papers show.  The lenders
providing the bankruptcy loan would get the rest of the equity.


LOS GATOS HOTEL: Jan. 16 Hearing on Creditor's Bid to Market Hotel
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
will hold a hearing Jan. 16 to consider creditor Terrie Ogilvie
Christiansen's motion to compel Los Gatos Hotel Corporation to
market its hotel for sale.

The Ogilvies asked the Court to require the Debtor to retain a
broker and expose the hotel to the market before seeking approval
of any sale.  According to the Ogilvies, the decision to ignore
market alternatives is unusual enough; choosing to do so in the
face of dramatic recent increases in hospitality industry values
in the Bay Area is inexplicable.  The hotel is profitable and has
substantial equity, so there is no need for an urgent sale.  The
Debtor must be required to retain a broker and to expose the hotel
to the market before it asks the Court to approve a quick sale.

                       About Los Gatos Hotel

San Jose, California-based Los Gatos Hotel Corporation, dba Hotel
Los Gatos, was formed in 2000 to build and operate Hotel Los
Gatos, a full-service boutique hotel in downtown Los Gatos,
California.

Los Gatos Hotel filed for Chapter 11 bankruptcy protection on
December 27, 2010 (Bankr. N.D. Cal. Case No. 10-63135).  The
Debtor disclosed $17,191,277 in assets and $12,896,468 in
liabilities as of the Chapter 11 filing.  Affiliate Blossom Valley
Investors, Inc., filed a separate Chapter 11 petition on September
10, 2009 (Bankr. N.D. Cal. Case No. 09-57669).

Jeffry A. Davis, Esq., at Mintz Levin Cohn Ferris Glovsky Popeo,
serves as the Debtor's bankruptcy counsel.  The Debtor has tapped
OSAS Inc. as financial advisor and investment banker.


MERCANTILE BANCORP: Seeks Exclusivity to Complete Bank Sale
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Mercantile Bancorp Inc. completed the sale of its
non-bankrupt bank subsidiary on Dec. 13 and for a second time
asked for an extension of its exclusive right to propose a
liquidating Chapter 11 plan.

According to the report, United Community Bancorp Inc. bought the
subsidiary under a contract meant to generate $23 million. Quincy,
Illinois-based Mercantile is seeking two more months to file a
plan.  If approved at a Dec. 29 hearing, the new deadline would be
Feb. 24.  Mercantile said it should be able to fund a
"confirmable" Chapter 11 plan of liquidation.

                      About Mercantile Bancorp

Mercantile Bancorp -- http://www.mercbanx.com/-- is a Quincy,
Illinois-based bank holding company with wholly owned subsidiaries
consisting of one bank in Illinois and one each in Kansas and
Florida, where the Company conducts full-service commercial and
consumer banking business, engages in mortgage banking, trust
services and asset management, and provides other financial
services and products.  The Company also operated Mercantile Bank
branch offices in Missouri and Indiana.

On Aug. 10, 2011, the Illinois Division of Banking released a
Consent Order that Mercantile Bank, the Federal Deposit Insurance
Corporation, and the Division entered into as of July 28, 2011.
Under the Order, Mercantile Bank will cease operating with all
money transmitters and currency businesses providing brokerage,
sale or exchange of non-United States currency for deposit
customers.  Furthermore, Mercantile Bank may not enter into a new
line of business without the prior written consent of the FDIC and
the Division.

Mercantile Bancorp filed a Chapter 11 petition (Bankr. D. Del.
Case No. 13-11634) on June 27, 2013.  The petition shows assets
and debt both exceeding $50 million.  Liabilities include
$61.9 million owing on junior subordinated debentures.  Mercantile
stopped paying interest on the debentures in 2009, since then
running up $14 million in unpaid interest.

Stuart M. Brown, Esq. at DLA Piper LLP (US), in Wilmington,
Delaware; and Richard A. Chesley, Esq., Kimberly D. Newmarch,
Esq., and Aaron M. Paushter, Esq., at DLA Piper LLP (US), in
Chicago, Illinois, are the attorneys for the Debtor.

A three-member official committee of unsecured creditors was
appointed by the U.S. Trustee.

An official committee of trust preferred securities holders was
also appointed by the U.S. Trustee.  The TruPS Committee is
represented by Domenic E. Pacitti, Esq., at Klehr Harrison Harvey
Branzburg LLP, in Wilmington, Delaware; Morton R. Branzburg, Esq.,
at Klehr Harrison Harvey Branzburg LLP, in Philadelphia,
Pennsylvania; David R. Seligman, P.C., Esq., and Jeffrey W.
Gettleman, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois;
and Joseph Serino Jr., P.C., Esq., and John P. Del Monaco, Esq.,
at Kirkland & Ellis LLP, in New York.


METEX MANUFACTURING: Files Plan With $190 Million Asbestos Trust
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Metex Manufacturing Corp., known as Kentile Floors
Inc. during its first bankruptcy reorganization, filed another
Chapter 11 plan this week to address asbestos claims arising after
the first bankruptcy was completed.

According to the report, into the 1980s, Kentile made tile using
asbestos.  From 1992 to 1998, Kentile's first bankruptcy dealt
with claims filed up to that time.  That bankruptcy proved
insufficient for dealing with later-filed claims.

Kentile said its insurance companies paid out $154 million after
the first bankruptcy to settle 10,000 claims. Renamed Metex on
filing for Chapter 11 protection again in November 2012, the
company had 26,000 active or inactive personal injury or wrongful
death claims.

Before the new bankruptcy, Great Neck, New York-based Metex put
together a prepackaged Chapter 11 plan supported by eight
insurance companies and several law firms representing thousands
of asbestos claimants. The plan didn't work as a prepack because
only about 66 percent of asbestos claims, by amount, voted for it,
shy of the 75 percent required.

In the prepackaged plan that failed, insurance companies would
have contributed $165 million to a trust.

The company and representatives of current and future asbestos
claimants cobbled together a new Chapter 11 plan substantially
similar to the one that failed. The major difference is that the
new plan is funded with $182.1 million to $189.75 million from
nine insurance companies, and it's richer by $15 million to $20
million, according to a court filing.

The plan takes advantage of a provision in bankruptcy law allowing
the insurance companies to obtain immunity from further liability
on their Kentile policies in return for the settlements, which are
to be approved along with the plan.

There will be a hearing on Feb. 20 in U.S. Bankruptcy Court in
Manhattan for approval of the disclosure statement explaining the
plan. Voting on the plan is to end May 2, followed by a
confirmation hearing on May 22.

Liberty Mutual Insurance Co. has been paying most of the claims in
recent years, Metex said in a court filing.

                            About Metex

Great Neck, New York-based Metex Mfg. Corporation, formerly known
as Kentile Floors, Inc., started business in the late 1800's as a
manufacturer of cork tile, and thereafter progressed to making
composite tile for commercial and residential use.

Metex filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y.
Case No. 12-14554) on Nov. 9, 2012.  The petition was signed by
Anthony J. Miceli, president.  The Debtor estimated its assets and
debts at $100 million to $500 million.  Judge Burton R. Lifland
presides over the case.

Paul M. Singer, Esq., and Gregory L. Taddonio, Esq., at Reed Smith
LLP, in Pittsburgh, Pa.; and Paul E. Breene, Esq., and Michael J.
Venditto, Esq., at Reed Smith LLP, in New York, N.Y., represent
the Debtor as counsel.


MI PUEBLO: Court Okays Cash Collateral Use Until Jan. 12
--------------------------------------------------------
The Hon. Arthur S. Weissbrodt issued a ninth interim order,
granting Mi Pueblo San Jose, Inc., permission to use Wells Fargo
Bank, N.A.'s cash collateral until Jan. 12, 2014.

As adequate protection, the Debtor will make these adequate
protection payments to the Bank:

      (1) on Dec. 30, 2013, the amount equal to the sum of (i) the
          monthly payment of principal and interest at the non-
          default rate that will be due and owing by the Debtor to
          the Bank pursuant to the Term Note dated May 15, 2012,
          in the original principal amount of $12.50 million, made
          by the Debtor to the order of the Bank, on that payment
          date; (ii) the monthly payment of interest at the non-
          default rate that will be due and owing by the Debtor to
          the Bank pursuant the revolving reducing note dated
          May 15, 2012, in the original principal amount of
          $12.50 million, made by the Debtor to the order of the
          Bank, on that payment date; and (iii) the monthly
          payment required to be paid by the Debtor to the Bank
          pursuant to the swap documents executed by the Debtor in
          favor of the Bank for Trade No. 9285392, on that payment
          date; and

      (2) on certain dates and in amounts to be specified, any
          further adequate protection payments required to be made
          pursuant to any further interim cash collateral order.

As further adequate protection for the Debtor's use of cash
collateral, the Bank has been granted a valid, nonavoidable, and
fully perfected replacement lien in the replacement collateral, or
all property of the same type as the pre-petition collateral
acquired by the Debtor on or after the Petition Date, to secure
any diminution in value of any of the pre-petition collateral.  In
addition to the continuation of the replacement lien, the Bank
will continue to be entitled to an administrative expense claim
with a superpriority status.

A copy of the budget is available for free at:

       http://bankrupt.com/misc/MIPUEBLOcashcoll9budget.pdf

                     About Mi Pueblo San Jose

Mi Pueblo San Jose, Inc., filed a Chapter 11 petition (Bankr. N.D.
Calif. Case No. 13-53893) in San Jose, California, on July 22,
2013.  An affiliate, Cha Cha Enterprises, LLC, sought Chapter 11
protection (Case No. 13-53894) on the same day.  The cases are not
jointly administered.

In its amended schedules, Mi Pueblo disclosed $61,577,296 in
assets and $68,735,285 in liabilities as of the Petition Date.

Heinz Binder, Esq., at Binder & Malter, LLP, is the Debtor's
general reorganization counsel.  The Law Offices of Wm. Thomas
Lewis, sometimes doing business as Robertson & Lewis, is the
Debtor's special counsel.  Avant Advisory Partners, LLC serves as
its financial advisors. Bustamante & Gagliasso, P.C. serves as its
special counsel.

The U.S. Trustee appointed seven members to the Official Committee
of Unsecured Creditors.  Protiviti Inc. serves as financial
advisor.  Stutman, Treister & Glatt P.C. serves as counsel to the
Committee.


MICROVISION INC: Receives Nasdaq Listing Deficiency Notice
----------------------------------------------------------
MicroVision, Inc., received a notice on Dec. 17, 2013, from The
Nasdaq Stock Market advising the company that for 30 consecutive
business days preceding the date of the notice the company was not
in compliance with the $50,000,000 minimum market value of listed
securities required for continued listing on The Nasdaq Global
Market pursuant to Nasdaq's listing requirements.  In accordance
with Nasdaq's listing rules, the company has 180 calendar days, or
until June 16, 2014, to regain compliance with this requirement.
This notification is simply a notice of deficiency, not of
imminent delisting, and has no current effect on the listing or
trading of MicroVision's common stock on The Nasdaq Global Market.

During the 180-day compliance period, MicroVision can regain
compliance if the market value of its listed securities closes at
$50,000,000 or more for a minimum of 10 consecutive business days.
The Company could also regain compliance with Nasdaq's continued
listing requirements by reporting stockholders' equity of $10
million or more.  If the company does not regain compliance by
June 16, 2014, Nasdaq will notify the company that its securities
are subject to delisting.

The company said its key objectives are to secure customer
commitments under the company's Image by PicoP(R) licensing
business model, to strengthen its supply chain to enable customers
to bring products to market and to aggressively manage cash used
in operations.  The company believes the best way to regain
compliance is to successfully execute on its strategy.

                       About Microvision Inc.

Headquartered in Redmond, Washington, MicroVision, Inc. (NASDAQ:
MVIS) is the creator of PicoP(R) display technology, an ultra-
miniature laser projection solution for mobile consumer
electronics, automotive head-up displays and other applications.

The Company reported a net loss of $7.09 million on $3.67 million
of total revenue for the six months ended June 30, 2013, compared
with a net loss of $14.77 million on $3.03 million of total
revenue for the corresponding period of 2012.

The Company's balance sheet at Sept. 30, 2013, showed $12.01
million in total assets, $12.20 million in total liabilities and a
$190,000 total shareholders' deficit.


MONTREAL MAINE: Victims Seek to Disband Committee
-------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that victims of the Montreal Maine & Atlantic Railway Ltd.
train disaster urged a bankruptcy judge to disband the newly
formed official committee representing those injured or killed.

According to the report, in a railroad reorganization like MM&A's,
creditors' committees aren't automatically appointed as they are
for ordinary companies in Chapter 11, in part because railroads
must have trustees appointed.

Initially, MM&A's trustee and the U.S. Trustee both objected to
having a victims' committee. U.S. Bankruptcy Judge Louis H.
Kornreich in Bangor, Maine, decided on a committee limited to
conferring with the trustee and participating in formulation of a
Chapter 11 plan. The committee was to represent those who
sustained damages when a runaway MM&A train killed 47  people
after derailing and burning in Lac-Megantic, Quebec.

In October, Judge Kornreich formally called for an official
committee "of sufficient size and diversity" to assist in
"formulation of a plan which will determine the extent to which
victims may share in any distribution."

After the U.S. Trustee formed a four-member panel, an ad hoc
committee asked to have the official committee disbanded.  The ad
hoc group said it represents 46 victims of the disaster.

The U.S. Trustee filed papers in opposition on Dec. 24. He said
the inability to form a larger, more representative committee was
the work of the ad hoc group, which refused to serve.

The ad hoc group said in their filing that they won't serve on the
committee because recoveries won't come from the Chapter 11 case.
They said recompense for their damages will come through the
parallel Canadian bankruptcy or through government largesse.

There will be an auction on Jan. 21 to determine whether a $14.3
million bid from Fortress Investment Group LLC for the railroad is
the best offer.

                        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.  Gordian Group, LLC, serves as
the Chapter 11 Trustee's investment banker.

U.S. Bankruptcy Judge Louis H. Kornreich has been assigned to the
U.S. case.  The Maine law firm of Verrill Dana served as counsel
to MM&A.  It now serves as counsel to the Chapter 11 Trustee.

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.

An unofficial committee of wrongful death claimants consisting of
representatives of the estates of the 46 victims, is represented
by George W. Kurr, Jr., Esq., at GROSS, MINSKY & MOGUL, P.A.;
Daniel C. Cohn, Esq., at MURTHA CULLINA LLP; Peter J. Flowers,
Esq., at MEYERS & FLOWERS, LLC; Jason C. Webster, Esq., at THE
WEBSTER LAW FIRM; and Mitchell A. Toups, Esq., at Weller, Green,
Toups & Terrell LLP.


MOORE FREIGHT: Drew McElroy, et al. Okayed as Litigation Counsel
----------------------------------------------------------------
The Bankruptcy Court authorized Moore Freight Services, Inc. and
G.R.E.A.T. Logistics, Inc., to employ the Law Office of Drew
McElroy, Tate Law Group, and Savage, Turner, Pinckney & Madison as
special litigation counsel.

As reported in the Troubled Company Reporter on Nov. 26, 2013,
those firms are expected to represent the Debtors in connection
with their claims against Pilot Flying J.  The professional
services that the special counsel will render to the Debtors
include, but will not be limited to, the following:

   (a) assist and advise the Debtors with respect to claims
       against Pilot Flying J generally for withheld rebates;

   (b) prepare, file, and prosecute on the Debtors' behalf an
       action against Pilot Flying J;

   (c) appear, as appropriate, before the Court and other
       state or federal courts and tribunals on behalf of the
       Debtors with respect to the claims against PFJ; and

   (d) perform all other necessary legal services related to the
       Debtors' claims against PFJ for withheld rebates.

The Debtors wish to retain special counsel on a contingency basis
on the following terms:

   (a) 40% of any amount recovered in excess of the $240,713
       already paid to Moore Freights, the 40% contingency fee is
       the total percentage payable jointly to the Special
       Counsel;

   (b) reasonable costs and expenses incurred solely and directly
       for the benefit of Moore Freight or as pro-rated among all
       plaintiffs if beneficial to the entire group;

   (c) in the event of termination of the representation by
       Special Counsel for lack of cooperation by Moore Freight,
       then the Debtors agree to pay, in addition to the
       reasonable costs and expenses incurred solely and directly
       on behalf of Moore Freight, the reasonable value of
       services performed by Special Counsel that would not
       otherwise have been performed for or provided on behalf
       of other plaintiffs represented by Special Counsel at
       a rate of $250 per hour; and

   (d) in the event of termination of the representation by Moore
       Freight, then the Debtors agree to pay, in addition to the
       reasonable costs and expenses incurred solely and directly
       on behalf of Moore Freight, the reasonable value of
       services performed by Special Counsel that would not
       otherwise have been performed for or provided on behalf of
       other plaintiffs represented by Special Counsel at the
       greater of an hourly rate of $250 or the applicable
       percentage of fee due under any offers for settlement with
       Moore Freight made by Pilot Flying J.

L. Andrew McElroy, II, principal of The Law Office of Drew
McElroy, Mark A. Tate, principal of The Tate Law Group, LLC, and
Robert Bartley Turner, principal of Savage, Turner, Pinckney &
Madison, assured the Court that their respective firms are a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtors and their estates.

                    About Moore Freight Service
                      and G.R.E.A.T. Logistics

Moore Freight Service, Inc. and G.R.E.A.T. Logistics Inc. sought
Chapter 11 protection (Bankr. M.D. Tenn. Case Nos. 12-08921 and
12-08923) in Nashville on Sept. 28, 2012.  Moore Freight is a
freight service company specializing in flat gas transportation.
Founded in 2001, Moore is the largest commercial flat glass
logistics firm in the U.S.  It operates in the U.S., Canada and
Mexico.  GLI does not have any operations other than the limited,
occasional freight brokerage services currently provided to Moore
Freight.

Bankruptcy Judge Keith M. Lundin oversees the cases.  Attorneys at
Harwell Howard Hyne Gabbert & Manner, P.C., serve as counsel.  LTC
Advisory Services LLC serves as the Debtor's financial advisors.
Moore Freight estimated assets and debts of $10 million to $50
million.  CEO Dan R. Moore signed the petitions.

Counsel for the Debtor's pre-bankruptcy and DIP lender, Marquette
Transportation Finance, Inc., are Linda W. Knight, Esq., at
Gullett, Sanford, Robinson & Martin, PLLC; and Thomas J. Lallier,
Esq., at Foley & Mansfield PLLP.

On Sept. 17, 2013, the Court approved Moore Freight Service, Inc.,
et al.'s Amended Disclosure Statement describing the Debtors'
Amended Plan of Reorganization dated Sept. 16, 2013.

The Amended Plan contemplates the continuation of the Debtors'
business, payment in full of Allowed Secured Claims, and a fair
distribution to unsecured creditors, which distribution Debtor
believe far exceeds the amount unsecured creditors would receive
in the event of a Chapter 7 liquidation.


NAVISTAR INTERNATIONAL: Had $898 Million Net Loss in Fiscal 2013
----------------------------------------------------------------
Navistar International Corporation filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K disclosing
a net loss attributable to the Company of $898 million on $10.77
billion of net sales and revenues for the year ended Oct. 31,
2013, as compared with a net loss attributable to the Company of
$3.01 billion on $12.69 billion of net sales and revenues during
the prior fiscal year.

For the quarter ended Oct. 31, 2013, the Company reported a net
loss attributable to the Company of $154 million on $2.75 billion
of net sales and revenues as compared with a net loss attributable
to the Company of $2.76 billion on $3.17 billion of net sales and
revenues for the same quarter a year ago.

The Company's balance sheet at Oct. 31, 2013, showed $8.31 billion
in total assets, $11.91 billion in total liabilities and a $3.60
billion total stockholders' deficit.

"Operationally, we hit our plan this quarter, and we ended the
year with an order backlog that is up 26 percent compared to this
time last year.  Those are just two examples of the continued
progress we are making on our Drive to Deliver turnaround plan,"
said Troy A. Clarke, Navistar's president and chief executive
officer.  "During the quarter, we strengthened our cash position,
continued to reduce structural costs, completed our on-highway
Class 8 transition to SCR emissions technology, and progressed
with our medium-duty product transition launches, resulting in 500
medium duty SCR trucks and buses built this month, as planned.

"Clearly, we are disappointed that our previous engine strategy
continues to negatively impact us in the form of additional
warranty expense, but we will continue to stand behind our
products and manage this issue as these engines work their way
through the standard and extended warranty cycles," Clarke said.
"We're not letting it overshadow the strong progress we've made to
fundamentally change Navistar's operations and culture in 2013. We
still have a lot of hard work ahead of us, but we are pleased to
be entering 2014 in a much stronger position than we were one year
ago."

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

                        http://is.gd/Vjfl81

                   About Navistar International

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

                           *     *     *

As reported by the TCR on Oct. 9, 2013, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on
Navistar International Corp. to 'CCC+' from 'B-'.  "The rating
downgrades reflect our increased skepticism regarding NAV's
prospects for achieving the market shares it needs for a
successful business turnaround," said credit analyst Sol Samson.

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

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


NEW ENGLAND COMPOUNDING: $100+ Mil. Creditors Fund to Be Set Up
---------------------------------------------------------------
Brown Rudnick LLP on Dec. 23 disclosed that owners of the bankrupt
New England Compounding Pharmacy ("NECC") and NECC's insurers have
reached agreements in principle concerning settlements with
Bankruptcy Trustee Paul D. Moore, the Official Unsecured
Creditor's Committee (the "Committee") and the Plaintiffs Steering
Committee (the "PSC") in multidistrict litigation involving NECC
pending in Federal Court in Boston (the "MDL") to contribute an
amount estimated to exceed $100 million to a compensation fund to
be distributed to NECC creditors, including victims who received
injections of tainted steroids traced to NECC.  The settlement
agreements are subject to final documentation and Bankruptcy Court
approval.

The fund will be implemented as part of a Chapter 11 plan.

The Center for Disease Control estimates that well over 700 people
nation-wide have been diagnosed with fungal meningitis or other
serious fungal infections.  At least 64 deaths have been
confirmed.

Paul Moore, the Trustee of bankrupt NECC, commented, "We are
pleased that a significant amount of funds will become available
for distribution to victims and their families as compensation for
the deaths, injuries and suffering they endured as a result of
this tragic meningitis outbreak."

David Molton and William Baldiga, partners at Brown Rudnick and
counsel to the Committee, added that these settlements "are a
material step in expediting compensation to victims and should
bring momentum to the Trustee's and Committee's ongoing and
vigorous efforts to add to this victims' fund with settlements
from others, including medical care providers and pain clinics
that administered the tainted steroids to their patients."

"This preliminary settlement marks a critical milestone in our
efforts to maximize recovery for the victims and their families,"
added Anne Andrews and Harry Roth, co-chairs of the Committee.
"We are enormously pleased with what the Trustee and our Committee
have accomplished after prolonged negotiations."

Thomas Sobol, lead counsel for the PSC and the PSC's
representative with respect to the negotiations, stated that the
PSC is also supportive of the preliminary settlements.

NECC's owners commented that "while they deny any liability or
wrongdoing, nonetheless they strongly desire to play a major role
in establishing a fund for people who died or suffered as a result
of this tragic outbreak."

The victim compensation fund will be funded by cash contributions
by the owners of NECC as well as from proceeds from, among other
things, insurance, tax refunds and the sale of a related business.
Pursuant to the bankruptcy process, Judge Henry J. Boroff of the
U.S. Bankruptcy Court of the Eastern District of Massachusetts
will be asked to confirm a plan containing the terms of the
settlement agreements creating and funding the victim's
compensation fund.

                    Jan. 15 Claims Bar Date Set

As a reminder to all victims and creditors, the Bankruptcy Court
established January 15, 2014, at 4:00 p.m. EST as the deadline for
submitting their proofs of claim in the NECC bankruptcy
proceeding.  This Bar Date Order establishes procedures for filing
and submitting claims for injuries suffered due to NECC's
contaminated steroid injections.  The Trustee and the Committee
stress that it is extremely important that anyone who believes he
or she has a claim against NECC or involving an NECC product
timely file a proof of claim.  Failing to do so may have an impact
on a person's ability to obtain a distribution from the
compensation fund established to compensate NECC victims or
creditors.

Information regarding the filing date deadline and the proof of
claim process can be found at:

     http://www.donlinrecano.com/cases/proofofclaim/necp

                Hagens Berman's Statement on Accord

Hagens Berman Sobol Shapiro, LLP disclosed that the Court-
appointed Plaintiffs' Steering Committee (PSC), charged with
speaking for hundreds of victims of tainted steroids produced by
the New England Compounding Pharmacy, Inc. (NECC), on Dec. 23
announced a preliminary settlement with the owners, operators and
insurers of the bankrupt NECC.

A conditional agreement has been reached between bankruptcy
trustee Paul D. Moore, the PSC and the Unsecured Creditors
Committee under which the Cadden and Conigliaro families, the
insurers of NECC and related company Ameridose, have promised to
pay to a compensation fund an amount that may exceed $100 million.
This fund will allow victims who received injections of tainted
steroids made by NECC to seek a measure of justice against those
wrongdoers.

The agreements are not final, require due diligence on the part of
the PSC to ensure the rights to victims are protected under these
agreements, and will be conditional upon approval by creditors and
a federal court for fairness and adequacy.

Thomas M. Sobol, lead counsel for the PSC in the national
litigation pending before a federal court in Boston, said, "The
PSC has worked hard over the last several months to evaluate the
liability of everyone involved in this tragedy and the tentative
agreements are a big step forward in getting justice for victims.
However, we must all be mindful that the agreements still require
much work in order to protect the rights of victims.  We also
recognize that any amount of money would be grossly inadequate to
compensate the families of those persons killed and others
grievously injured by the callous conduct of those in charge of
NECC."

Mr. Sobol said, "This is but one chapter in this saga; litigation
will continue against medical clinics, doctors, hospitals and
other companies who were hired by NECC that bear responsibility to
those who were badly injured or who died horrible and painful
deaths as a result of having the injection of the tainted product
into their bodies.  This case is not over until all the wrongdoers
have been brought to justice."

"The proposed settlement does not resolve families' claims against
the corporate-owned clinics that sold and injected these
contaminated medications, such as St. Thomas Outpatient
Neurosurgery Clinic in Nashville, Tenn., and other related St.
Thomas companies.  Numerous St. Thomas patients died or suffered
serious illnesses as a result of receiving contaminated
medications sold and administered at St. Thomas' Nashville
facility," said PSC Member Gerard Stranch.

"These corporate-owned companies chose to put profits over patient
safety, as detailed in the hundreds of lawsuits filed against
these companies, including St. Thomas, by families whose loved
ones died or suffered serious injuries," said PSC Member
Mark Chalos, who also represents a number of affected families.
"Any corporation that endangers our families by breaking patient
safety rules should be held accountable for their conduct -- no
matter how rich or powerful those corporations are," said
Mr. Chalos.

There is no deadline set for when details of the proposal will be
made public.

The next court hearing in connection with this case is scheduled
for January 10, 2014, at which point further due diligence will
have been undertaken and additional details can likely be
released.  Full and complete information will be released to the
public in due course and all victims who file a proof of claim in
the Bankruptcy Court will have the opportunity to support or
oppose the settlement.

All victims and their counsel are reminded that the Bankruptcy
Court has established a deadline of January 15th, 2014 at
4:00 p.m. EST to submit a claim in the NECC bankruptcy proceeding.
Further information regarding that can be found at
http://www.donlinrecano.com/cases/proofofclaim/necp

For further information, please contact the Plaintiffs' Steering
Committee:

        Thomas M. Sobol
        Kristen Johnson Parker
        HAGENS BERMAN SOBOL SHAPIRO, LLP
        55 Cambridge Parkway, Suite 301
        Cambridge, MA 02142
        Telephone: 617/482-3700
        Facsimile: 617/482-3003
        E-mail: tom@hbsslaw.com
                kristenjp@hbsslaw.com

        Plaintiffs' Lead Counsel

        Elizabeth J. Cabraser
        Mark P. Chalos
        LIEFF CABRASER, HEIMANN & BERNSTEIN, LLP
        150 Fourth Avenue North, Suite 1650
        Nashville, TN 37219-2417
        Telephone: 615/313-9000
        Facsimile: 615/313-9965
        E-mail: ecabraser@lchb.com
                mchalos@lchb.com

        Marc E. Lipton
        LIPTON LAW
        18930 W. 10 Mile Road
        Southfield, MI 48075
        Telephone: 248/557-1688
        Facsimile: 248/557-6344
        E-mail: marc@liptonlaw.com

        Kimberly A. Dougherty
        JANET, JENNER & SUGGS, LLC
        31 St. James Avenue, Suite 365
        Boston, MA 02116
        Telephone: 617/933-1265
        E-mail: kdougherty@myadvocates.com

        Patrick T. Fennell
        CRANDALL & KATT
        366 Elm Avenue SW
        Roanoke, VA 24016
        Telephone: 540/342-2000
        Facsimile: 540/400-0616
        E-mail: pfennell@crandalllaw.com

        Mark Zamora
        ZAMORA FIRM
        5 Concourse Parkway, Suite 2350
        Atlanta, GA 30328
        Telephone: 404/451-7781
        Facsimile: 404/506-9223
        E-mail: mark@markzamora.com

        J. Gerard Stranch, IV
        Benjamin A. Gastel
        BRANSTETTER, STRANCH &
        JENNINGS, PLLC
        227 Second Avenue North
        Nashville, TN 37201
        Telephone: 615/254-8801
        Facsimile: 615/255-5419
        E-mail: gerards@branstetterlaw.com

                      About Hagens Berman

Hagens Berman Sobol Shapiro, LLP -- http://www.hbsslaw.com-- is a
consumer-rights class-action law firm with offices nine cities.

             About New England Compounding Pharmacy

New England Compounding Pharmacy Inc., filed a Chapter 11 petition
(Bankr. D. Mass. Case No. 12-19882) in Boston on Dec. 21, 2012,
after a meningitis outbreak linked to an injectable steroid,
methylprednisolone acetate ("MPA"), manufactured by NECC, killed
39 people and sickened 656 in 19 states, though no illnesses have
been reported in Massachusetts.  The Debtor owns and operates the
New England Compounding Center is located in Framingham, Mass.  In
October 2012, the company recalled all its products, not just
those associated with the outbreak.


NEWLEAD HOLDINGS: Gets NASDAQ Non-Compliance Notice
---------------------------------------------------
NewLead Holdings Ltd. disclosed that on December 23, 2013, the
Company received notice from the Listing Qualifications Staff of
The NASDAQ Stock Market LLC indicating that the Company did not
satisfy the $50 million in market value of listed securities
requirement for continued listing on The NASDAQ Global Select
Market, as set forth in Listing Rule 5450(b)(2)(A), for the prior
30 consecutive business days.  In accordance with the NASDAQ
Listing Rules, the Company has been granted a 180-day grace
period, through June 23, 2014, to evidence compliance with the
Market Cap Requirement.  Compliance with the Market Cap
Requirement can be achieved if the Company evidences a market
value of listed securities of at least $50 million for a minimum
of 10 consecutive business days, but generally for no more than 20
consecutive business days, during the grace period.  The Company
believes it can achieve compliance with the Market Cap Requirement
during the grace period as it executes on its business plan, which
contemplates the completion of additional acquisitions; however,
there can be no assurance that the Company will be able to do so.
Currently, the Company has approximately 29.7 million shares
outstanding, which based on the Dec. 24 closing price reflects a
market capitalization of approximately $43.0 million

The Company previously attended a hearing before the NASDAQ
Listing Qualifications Panel to address the Company's non-
compliance with the $1.00 bid price requirement.  Compliance with
the bid price requirement can be achieved if the Company's common
stock closes at or above $1.00 per share for a minimum of 10
consecutive business days, but generally for no more than 20
consecutive business days.  To address the bid price deficiency,
on December 6, 2013, the Company implemented a 1-for-3 reverse
stock split, which has resulted in the Company evidencing a
closing bid price of at least $1.00 per share for 13 consecutive
business days as of December 24, 2013.  The Company is awaiting
the Panel's decision with respect to its compliance with the $1.00
bid price requirement.

                   About NewLead Holdings Ltd.

NewLead Holdings Ltd. -- http://www.newleadholdings.com/-- is an
international, vertically integrated shipping company that owns
and manages product tankers and dry bulk vessels.  NewLead
currently controls 22 vessels, including six double-hull product
tankers and 16 dry bulk vessels of which two are newbuildings. N
ewLead's common shares are traded under the symbol "NEWL" on the
NASDAQ Global Select Market.

Newlead Holdings incurred a net loss of $403.92 million on $8.92
million of operating revenues for the year ended Dec. 31, 2012, as
compared with a net loss of $290.39 million on $12.22 million of
operating revenues for the year ended Dec. 31, 2011.  The Company
incurred a net loss of $86.34 million on $17.43 million of
operating revenues in 2010.

                        Going Concern Doubt

PricewaterhouseCoopers S.A., in Athens, Greece, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company has incurred a net loss, has negative cash flows
from operations, negative working capital, an accumulated deficit
and has defaulted under its credit facility agreements resulting
in all of its debt being reclassified to current liabilities, all
of which raise substantial doubt about its ability to continue as
a going concern.


NEXTAG INC: Providence Equity's Firm at Caa2 on Lower Revenue
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that NexTag Inc., a comparison-shopping website, has an
"elevated" risk of default in view of "rapid erosion in its core
product," Moody's Investors Service said on Dec. 23 in a report.

According to the report, Moody's downgraded the corporate rating
one notch to Caa2, matching action taken on Dec. 6 by Standard &
Poor's.

The company's "cash burn" is increasing, Moody's said, thus
degrading creditors' recoveries absent an infusion of new capital.

S&P said revenue in the third quarter was "significantly" lower
and that the company "doesn't have adequate liquidity to fund the
cost associated with developing new sites."

The competition is Google Shopping, Shopzilla.com, and
Pricegrabber.com, S&P said.

Based in San Mateo, California, NexTag generated $184 million in
revenue for a year ended in September 2012, Moody's said. For a
year ended in September, annual revenue was down to $154 million,
Moody's said.

NexTag is controlled by private-equity investor Providence Equity
Partners Inc.


OCZ TECHNOLOGY: To Auction Assets in Jan.; Toshiba Leads Bidding
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that OCZ Technology Group Inc., a maker of solid-state
computer drives, will hold an auction Jan. 15 to determine whether
a $35 million offer from Toshiba Corp. is the best bid to purchase
the business.

According to the report, under procedures approved Dec. 23 by the
U.S. Bankruptcy Court in Delaware, competing bids are due Jan. 13.
A hearing to approve a sale to the high bidder will take place
Jan. 16.

OCZ filed a petition for Chapter 11 protection on Dec. 2, having
already negotiated the contract with Toshiba. The purchase price
will be paid in part with $23.5 million in financing it's
supplying for the reorganization.

The U.S. Trustee objected to granting Minato-Ku, Japan-based
Toshiba a breakup fee if outbid. The court approved a $700,000
termination fee and another $500,000 in expense reimbursement if
someone else wins the auction.

OCZ listed $29.3 million in secured debt and $31.4 million in
unsecured claims held by trade creditors. In addition to $9.7
million owing to secured lender Hercules Technology Growth Capital
Inc., secured obligations include a $6.5 million second lien and
$13.1 million owing on 9 percent convertible senior secured notes.

For the fiscal year ended in February, OCZ reported a $133.8
million loss from operations and a $125.8 million net loss on
revenue of $334 million.

The balance sheet as of Feb. 28 showed assets of $78.8 million and
total liabilities of $52.5 million. The Chapter 11 petition listed
assets of $34.1 million against debt of $65.5 million.

                             About OCZ

San Jose, Calif.-based OCZ Technology Group, Inc. (Nasdaq: OCZ)
designs, manufactures, and distributes high-performance solid-
state storage solutions and premium computer components.

OCZ and two affiliates on Dec. 2, 2013, filed for Chapter 11
protection (Bankr. D. Del. Lead Case No. 13-13126) with a deal to
sell all assets under 11 U.S.C. Sec. 363 to Toshiba Corporation
for $35 million.

As of the bankruptcy filing, the Debtors had funded indebtedness
of $29.3 million and general unsecured trade obligations of $31.4
million.

Young Conaway Stargatt & Taylor represents the Debtors as counsel.
Mayer Brown LLP serves as the Debtors' special counsel.  Deutsche
Bank is the Debtors' investment banker.  The Hon. Peter J. Walsh
presides over the case.


ORCHARD SUPPLY: Sold as Chapter 11 Plan Confirmed
-------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that creditors of Orchard Supply Hardware Stores Corp.
will soon get a recovery of 2.1 percent to 3 percent on $25
million to $35 million in claims now that a bankruptcy judge in
Delaware has signed a confirmation order approving its Chapter 11
plan.

According to the report, the plan confirmed Dec. 20 resulted from
a settlement between the creditors' committee and secured term-
loan lenders.  It assured payment of costs of the Chapter 11 case,
with excess remaining for unsecured creditors.

After the business was sold, the company changed its name to OSH 1
Liquidating Corp.

Holders of senior notes whose claims totaled $130.7 million were
predicted to recover 74 percent to 86 percent.

Objections to the plan lodged by the Internal Revenue Service were
resolved by including provisions in the confirmation order saying
the plan won't preclude the IRS from pursuing non-bankrupt
individuals for their personal liability on tax debt. The plan
also preserves the tax agency's rights of setoff and recoupment.

By settling, the committee gave up the right to sue lenders over
the validity of a $127 million term loan.

Lowe's Companies Inc. bought 72 of San Jose, California-based
Orchard Supply's 91 stores for $205 million. There was $118
million owing on an asset-backed loan with a lien ahead of the
term-loan lenders.

The settlement called for paying off bankruptcy financing from
sale proceeds, with term lenders receiving the remainder after
Orchard Supply retained $25 million.

The settlement also created a trust for unsecured creditors funded
with $500,000 from the company. After term lenders recover 90
percent of their claims, the next $1.5 million is for the
creditors' trust. From proceeds of lease sales at the 19 stores
Lowe's didn't buy, the creditors' trust receives the first
$250,000, with the remainder for term lenders.

At the outset of bankruptcy, Orchard had 89 stores in California
and two in Oregon.

Orchard Supply was 80.1 percent owned by Sears Holdings Corp.
until spun off in December 2011.

                      About Orchard Supply

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

Orchard Supply and two affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 13-11565) on June 16, 2013, to
facilitate a restructuring of the company's balance sheet and a
sale of its assets for $205 million in cash to Lowe's Companies,
Inc., absent higher and better offers.  In addition to the $205
million cash, Lowe's has agreed to assume payables owed to nearly
all of Orchard's supplier partners.

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

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

The Official Committee of Unsecured Creditors appointed in case
has retained Pachulski Stang Ziehl & Jones LLP as counsel, and
Alvarez & Marsal as financial advisors.

Lowe's Cos. completed the $205 million acquisition of 72 of
Orchard Supply's 91 stores.

The Company changed its name to OSH 1 Liquidating Corporation and
reduced the size and simplified the structure of the Board of
Directors effective as of Aug. 20, 2013.


PALM BEACH COMMUNITY: May Hire Furr and Cohen as Attorneys
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida has
granted Palm Beach Community Church, Inc., permission to employ
Robert C. Furr and the law firm of Furr and Cohen, P.A., as
attorney, nunc pro tunc to Oct. 20, 2013.

As reported by the Troubled Company Reporter on Nov. 29, 2013, the
Debtor requires Furr and Cohen to, among other things, advise the
Debtor with respect to its responsibilities in complying with the
U.S. Trustee's operating guidelines and reporting requirements and
with the rules of the court.

Palm Beach Community Church, Inc., filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 13-35141) on Oct. 20, 2013.  The
petition was signed by Raymond Underwood as president.  The Debtor
disclosed total assets of $15.55 million and total liabilities of
$11.43 million.


PALM BEACH COMMUNITY: SmartPlan Financial Okayed as Accountant
--------------------------------------------------------------
Palm Beach Community Church, Inc., has obtained authorization from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ Roy Wiley and Covenant Financial, Inc. dba SmartPlan
Financial Services as accountants, nunc pro tunc to the Petition
Date.

As reported by the Troubled Company Reporter on Nov. 29, 2013,
SmartPlan Financial will, among other things, prepare required
Federal, State and local tax returns with supporting schedules for
the tax year ended, Dec. 31, 2013 and subsequent years.

Palm Beach Community Church, Inc., filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 13-35141) on Oct. 20, 2013.  The
petition was signed by Raymond Underwood as president.  The Debtor
disclosed total assets of $15.55 million and total liabilities of
$11.43 million.


PALM BEACH COMMUNITY: Won't Have Creditors' Committee
-----------------------------------------------------
The U.S. Trustee has informed the U.S. Bankruptcy Court for the
Southern District of Florida that it will not appoint a committee
of creditors in the Palm Beach Community Church, Inc. Chapter 11
case, until further notice.

Palm Beach Community Church, Inc., filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 13-35141) on Oct. 20, 2013.  The
petition was signed by Raymond Underwood as president.  The Debtor
disclosed total assets of $15.55 million and total liabilities of
$11.43 million.


PAPA ADVERTISING: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Papa Advertising, Inc.
        1673 West Eighth Street
        Erie, PA 16505

Case No.: 13-11525

Chapter 11 Petition Date: December 23, 2013

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Erie)

Judge: Hon. Thomas P. Agresti

Debtor's Counsel: Guy C. Fustine, Esq.
                  KNOX MCLAUGHLIN GORNALL & SENNETT, P.C.
                  120 West Tenth Street
                  Erie, PA 16501
                  Tel: 814-459-2800
                  Email: mwernick@kmgslaw.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Victor J. Papa, Jr., president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/pawb13-11525.pdf


PHYSIOTHERAPY HOLDINGS: Has Access to Cash Collateral Until Jan. 3
------------------------------------------------------------------
The U.S, Bankruptcy Court for the District of Delaware authorized,
on a final basis, Physiotherapy Holdings, Inc., to use cash
collateral securing their prepetition indebtedness from U.S. Bank
National Association, as administrative and collateral agent for a
consortium of lenders.

U.S. Bank consented to the use of cash collateral until Jan. 3,
2014.

As reported in the Troubled Company Reporter on Nov. 20, 2013, the
Cash Collateral would be used to fund and support, among other
obligations, (i) working capital requirements; (ii) general
corporate purposes; and (iii) the costs and expenses of
administering the Chapter 11 cases.

As adequate protection, U.S. Bank will be granted replacement
liens upon and security interests in all of the Debtors' property.
To the extent that the Replacement Liens are insufficient
protection against the diminution in value of their interests in
the Prepetition Collateral, the Agent will be granted an allowed
superpriority administrative expense claim.  The Replacement Liens
will be senior to all other liens and will be junior and
subordinate only to (i) the Carve-out and (ii) the Permitted
Liens.

The carve out means (i) all unpaid fees required to be paid to the
Clerk of the Court and to the U.S. Trustee; (ii) fees and expenses
of up to $25,000 incurred by a trustee under Section 726(b) of the
Bankruptcy Code; (iii) all reasonable fees and expenses of
professionals employed by the Debtors incurred at any time before
the delivery of a carve-out trigger notice; (iv) all reasonable
fees and expenses of professionals retained by any committee that
are incurred prior to the delivery of a carve-out trigger notice;
and (v) all fees incurred by professionals employed by the Debtors
and any committee not exceeding $100,000 incurred on or after the
delivery of the trigger date.

                   About Physiotherapy Holdings

Physiotherapy Holdings, Inc., and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
13-12965) on Nov. 12, 2013.  The Debtors are the largest pure-play
provider of outpatient physical therapy services in the United
States with a national footprint of 581 outpatient rehabilitation
and orthotics & prosthetics clinics located in 29 states plus the
District of Columbia.

The Debtor is represented by Domenic E. Pacitti, Esq., and Michael
W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP, in
Wilmington, Delaware; Morton Branzburg, Esq., at Klehr Harrison
Harvey Branzburg LLP, in Philadelphia, Pennsylvania; and Jonathan
S. Henes, P.C., Esq., Nicole L. Greenblatt, Esq., and David S.
Meyer, Esq., at Kirkland & Ellis LLP, in New York.

The Ad Hoc Committee of Senior Noteholders is represented by
Michael L. Tuchin, Esq., and David A. Fidler, Esq., at Klee,
Tuchin, Bogdanoff & Stern LLP, in Los Angeles, California.

U.S. Bank, National Association, as Bridge Loan Agent, is
represented by Stacey Rosenberg, Esq., at Latham & Watkins LLP, in
Los Angeles, California.

The Bank of New York Mellon Trust Company, N.A., as Senior Notes
Indenture Trustee, is represented by Eric A. Schaffer, Esq., at
Reed Smith, in Pittsburgh, Pennsylvania.

The Consenting Shareholders are represented by Michael J. Sage,
Esq., Matthew L. Larrabee, Esq., and Nicole B. Herther-Spiro,
Esq., at Dechert LLP, in New York.

PHI, in its prepackaged plan, stated that it is paying unsecured
creditors because it intends to emerge from bankruptcy by the
year's end under a prepackaged reorganization plan accepted by
affected creditors before the Nov. 12 Chapter 11 filing.

Roberta A. DeAngelis, the United States Trustee for Region 3
notified the U.S. Bankruptcy Court for the District of Delaware
that a committee of unsecured creditors has not been appointed
in the Chapter 11 cases of Physiotherapy Holdings, Inc.


PHYSIOTHERAPY HOLDINGS: Prepackaged Chapter 11 Plan Is Confirmed
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Physiotherapy Holdings Inc., a provider of outpatient
physiotherapy, can complete the prepackaged Chapter 11
reorganization begun Nov. 12 in Delaware.

According to the report, the bankruptcy judge signed a
confirmation order on Dec. 23 approving the plan that gives
noteholders all the stock in exchange for debt and a predicted
recovery of 40.3 percent.  Noteholders voted for the plan before
the Chapter 11 filing.

The judge turned back objections to the plan lodged by the
company's former owners, who are likely to be sued.

                   About Physiotherapy Holdings

Physiotherapy Holdings, Inc., and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
13-12965) on Nov. 12, 2013.  The Debtors are the largest pure-play
provider of outpatient physical therapy services in the United
States with a national footprint of 581 outpatient rehabilitation
and orthotics & prosthetics clinics located in 29 states plus the
District of Columbia.

The Debtor is represented by Domenic E. Pacitti, Esq., and Michael
W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP, in
Wilmington, Delaware; Morton Branzburg, Esq., at Klehr Harrison
Harvey Branzburg LLP, in Philadelphia, Pennsylvania; and Jonathan
S. Henes, P.C., Esq., Nicole L. Greenblatt, Esq., and David S.
Meyer, Esq., at Kirkland & Ellis LLP, in New York.

The Ad Hoc Committee of Senior Noteholders is represented by
Michael L. Tuchin, Esq., and David A. Fidler, Esq., at Klee,
Tuchin, Bogdanoff & Stern LLP, in Los Angeles, California.

U.S. Bank, National Association, as Bridge Loan Agent, is
represented by Stacey Rosenberg, Esq., at Latham & Watkins LLP, in
Los Angeles, California.

The Bank of New York Mellon Trust Company, N.A., as Senior Notes
Indenture Trustee, is represented by Eric A. Schaffer, Esq., at
Reed Smith, in Pittsburgh, Pennsylvania.

The Consenting Shareholders are represented by Michael J. Sage,
Esq., Matthew L. Larrabee, Esq., and Nicole B. Herther-Spiro,
Esq., at Dechert LLP, in New York.

Roberta A. DeAngelis, the United States Trustee for Region 3
notified the U.S. Bankruptcy Court for the District of Delaware
that a committee of unsecured creditors has not been appointed
in the Chapter 11 cases of Physiotherapy Holdings, Inc.


RESIDENTIAL CAPITAL: Trust to Make Initial Cash Distribution
------------------------------------------------------------
The ResCap Liquidating Trust on Dec. 24 disclosed that it expects
to make an initial distribution of Units of beneficial interest in
the Trust and cash on or about Friday, December 27, 2013 to
holders of allowed general unsecured claims in the ResCap
bankruptcy case who have timely provided their brokerage
information necessary to receive the Units and cash.  The Second
Amended Joint Chapter 11 Plan of Residential Capital, LLC et al.
was declared effective by the Bankruptcy Court on December 17,
2013.

A maximum of 100 million Units are issuable by the Trust.  The
CUSIP number assigned to the Units is 760841205.

Distributions of Units will be made in the following ratios:

   -- For holders of claims against the ResCap Debtors:
      0.014305344 Units per dollar of allowed claim.

   -- For holders of claims against the GMACM Debtors: 0.011848742
      Units per dollar of allowed claim.

   -- For holders of claims against the RFC Debtors: 0.003528361
      Units per dollar of allowed claim.

Based on the reserve order issued by the Bankruptcy Court, the
Trust will allocate 3,619,088 Units to the Disputed Claims
Reserve, which is being established for holders of currently
disputed claims that may be allowed in the future.

The Trust will make an initial distribution of cash on or about
December 27, 2013 of $17.65 per Unit.  The cash actually received
by claim holders may depend on expense deductions for their
fiduciaries or professionals.

For a claim holder to receive the Units to which it is entitled
under the Plan, the broker, bank or other nominee of the claim
holder must initiate a DWAC transfer in accordance with the
procedures of the Depository Trust Company (DTC) for the number of
Units previously communicated to the nominee by the Trust.  After
the transfer of Units to the DTC participant account of the
nominee has been confirmed, the corresponding cash distribution
will be paid by wire transfer to the account of the nominee (or in
certain cases, as otherwise instructed by the claim holder).  The
transfer of the Units and the cash distribution will be made by
Continental Stock Transfer, the transfer agent and registrar for
the Trust.

The Trust will make distributions of Units and cash to allowed
claim holders who have not yet provided their brokerage
information at intervals determined by the Trust, after the
information is received. The Trust will make distributions of
Units and cash from the Disputed Claims Reserve to holders of
disputed claims that become allowed at intervals determined by the
Trust.

                About the ResCap Liquidating Trust

The ResCap Liquidating Trust was established under the Second
Amended Joint Chapter 11 Plan of Residential Capital, LLC et al.
for the purpose of liquidating and distributing the assets of the
debtors in the ResCap bankruptcy case.

                    About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.

Neither Ally Financial nor Ally Bank is included in the bankruptcy
filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities at March 31, 2012.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap.  Morrison & Foerster LLP is acting as legal
adviser to ResCap.  Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel.  Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.

Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11
Plan co-proposed by Residential Capital and the Official Committee
of Unsecured Creditors.


RGR WATKINS: Reaches Settlement With CJUF, Wants Case Dismissed
---------------------------------------------------------------
RGR Watkins, LLC, has asked Hon. K. Rodney May of the U.S.
Bankruptcy Court for the Middle District of Florida to dismiss its
Chapter 11 case.

The Debtor has reached a mediated settlement agreement with CJUF
III Atlas Portfolio, LLC, as successor in interest to CSMI
Investors LLC, as successor in interest to Bank of America, N.A.,
the Debtor's major secured creditor.  CJUF has been the sole
active creditor in the bankruptcy case.

Elena Paras Ketchum, Esq., at Stichter, Riedel, Blain & Prosser,
P.A., the attorney for the Debtor, says the Debtor intends to
negotiate with its four unsecured creditors outside of court.  Ms.
Ketchum adds that dismissal is in the best interest of creditors
as it effectuates the settlement agreement with CJUF and obviates
the need for further litigation and administrative costs, which
would be to the detriment of all creditors.

Ms. Ketchum has consulted with Denise Barnett, attorney for the
U.S. Trustee, and Denise Dell-Powell, counsel for CJUF, regarding
dismissal of the case.  Both the U.S. Trustee and CJUF consent to
the dismissal.

Ms. Dell-Powell can be reached at:

      Burr & Forman LLP
      200 South Orange Avenue, Suite 800
      Orlando, FL 32801
      Tel: (407) 540-6607
      Fax: (407) 264-6466
      E-mail: denise.dell-powell@burr.com

                         About RGR Watkins

RGR Watkins, LLC, owns Watkins Business Center, which is comprised
of 25 one-story office/flex buildings in Norcross, Gwinnett
County, Georgia.  The site is comprised of eight parcels totaling
41 acres or 1,778,147 square feet.

RGR Watkins filed a petition for Chapter 11 protection
(Bankr. M.D. Fla. Case No. 13-12147) on Sept. 12, 2013, in Tampa,
Florida.  The petition was signed by Robert G. Roskamp as manager.
The Debtor estimated assets and debts of at least $10 million.
The Debtor is represented by Elena P. Ketchum, Esq., and Amy
Denton Harris, Esq., at Stichter, Riedel, Blain & Prosser, P.A.,
in Tampa, FL, as counsel.


RIH ACQUISITIONS: Judge Approves Sale of Atlantic Club Casino
-------------------------------------------------------------
Joseph Checkler, writing for The Wall Street Journal, reported
that a judge on Dec. 23 approved the piecemeal sale of the
Atlantic Club Casino Hotel to two of its rivals, which will
shutter the venerable gambling hall for good by next month.

According to the report, Judge Gloria M. Burns of U.S. Bankruptcy
Court in Camden, N.J. approved the sale agreement, which calls for
Caesars Entertainment Corp. to pay $15 million for the casino
property and fixtures and Tropicana Entertainment Inc. to pay $8.4
million for Atlantic Club's slot machines and other gambling
equipment.

"The debtor has offered sufficient evidence that it exercised its
business judgment," the judge said, although she pointed out that
the sales fetched far less than Atlantic Club originally hoped for
when it wished to sell itself to a buyer that would keep the
business going, the report cited.

Judge Burns overruled an objection from Sobe Holdings LLC, which
tried to buy both the property and the gambling equipment but lost
out at the auction, the report related.

A lawyer for Sobe said Caesars was "not qualified" to buy part of
Atlantic Club, and cross-examined Imperial Capital's Scott
Farnsworth, an investment banking adviser to Atlantic Club who had
determined Caesars's bid contained "less risk on closing," the
report further related.

                     About RIH Acquisitions

RIH Acquisitions NJ LLC, doing business as the Atlantic Club
Casino Hotel in Atlantic City, New Jersey, filed a Chapter 11
petition (Bankr. D.N.J. Case No. 13-34483) on Nov. 6, 2013, in
Camden, New Jersey, designed to sell the property in the near
term.

The Debtors are represented by Michael D. Sirota, Esq., and Warren
A. Ustaine, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A.,
in Hackensack, New Jersey; and Paul V. Shalhoub, Esq., at Willkie
Farr & Gallagher LLP, in New York.  Duane Morris, LLP, serves as
the Debtors' special gaming regulatory counsel.

Imperial Capital, LLC, serves as financial advisor and investment
banker to the Debtors, while Mercer (US) Inc. serves as
compensation consultant.  Kurtzman Carson Consultants LLC is the
Debtors' claims and noticing agent.

Northlight Financial LLC, as DIP Lender, is represented by Harlan
W. Robins, Esq., at Dickinson Wright PLLC, in Columbus, Ohio;
Kristi A. Katsma, Esq., at Dickinson Wright PLLC, in Detroit,
Michigan; and Bruce Buechler, Esq., and Kenneth A. Rosen, Esq., at
Lowenstein Sandler LLP, in Roseland, New Jersey.

Financing for the Chapter 11 reorganization is being provided by
Northlight Financial LLC.


RIVIERA DRILLING: Deadline Doesn't Apply to Block Creditor's Plan
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that if a small-business debtor fails to file a Chapter 11
plan within 300 days, a creditor can file and obtain confirmation
of a plan later, the Bankruptcy Appellate Panel in Denver ruled on
Dec. 17.

According to the report, a bankrupt company didn't file a plan
within the 300-day deadline established for small businesses under
Section 1121(e)(2) of the Bankruptcy Code. Years later, a creditor
filed a liquidating plan, which the court approved in a
confirmation order.

At the time the creditor's plan was pending, the U.S. Trustee had
a motion on file seeking dismissal or conversion to Chapter 7. The
company appealed from the confirmation order, contending that its
failure to meet the 300-day deadline barred everyone from filing a
plan.

U.S. Bankruptcy Judge Robert E. Nugent rejected that argument in
his opinion for the three-judge panel, which considers bankruptcy
appeals Colorado, Kansas, New Mexico, Oklahoma, Utah and Wyoming.

Judge Nugent said there was only one other case on the question of
whether a creditor is barred from filing a plan if the debtor
doesn't comply with the 300-day deadline.

He said that applying the deadline against a creditor "to defeat a
result that is otherwise beneficial to creditors and the estate
makes little sense."

The case is Thurner Industries Inc. v. Gunnison Energy Corp. (In
re Riviera Drilling & Exploration Co.), 12-112, U.S. Bankruptcy
Appellate Panel for the 10th Circuit (Denver).

Riviera Drilling & Exploration Company filed for Chapter 11
bankruptcy (Bankr. D. Colo. Case No. 10-11902) on February 2,
2010.  The Debtor employed Kutner Miller Brinen, P.C., as
bankruptcy counsel.


RJC REALTY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: RJC Realty Holding Corp.
           dba Pure Maximus
        399 Old Country Road
        Carle Place, NY 11514

Case No.: 13-76369

Chapter 11 Petition Date: December 23, 2013

Court: United States Bankruptcy Court
       Eastern District of New York (Central Islip)

Judge: Hon. Robert E. Grossman

Debtor's Counsel: Fred S Kantrow, Esq.
                  THE LAW OFFICES OF AVRUM J. ROSEN, PLLC
                  38 New Street
                  Huntington, NY 11743
                  Tel: (631) 423-8527
                  Fax: (631) 423-4536
                  Email: fkantrow@avrumrosenlaw.com

                       - and -

                  Avrum J Rosen, Esq.
                  THE LAW OFFICES OF AVRUM J ROSEN, PLLC
                  38 New Street
                  Huntington, NY
                  Tel: 631-423-8527
                  Fax: 631-423-4536
                  Email: ajrlaw@aol.com

Total Assets: $601,000

Total Liabilities: $1.51 million

The petition was signed by Richard Calcasola, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nyeb13-76369.pdf


SAN JOSE, CA: Judge Blocks Pension Cuts
---------------------------------------
Dale Kasler, writing for The Sacramento Bee, reported that in a
case with major implications for public employees around the
state, a judge on Dec. 23 shot down a voter-approved measure in
San Jose, California, that cuts workers' pensions.  But the judge
did say the city of San Jose could trim workers' salaries to
achieve the desired savings.

According to the report, the ruling by Santa Clara Superior Court
Judge Patricia Lucas comes at a pivotal time as cash-strapped
cities continue to scrutinize pensions as a potential target for
cost cutting.

The bankrupt city of San Bernardino has indicated it might try and
slash its annual contribution to CalPERS, the report related.  It
may have gotten a recent legal boost when a bankruptcy judge in
Michigan said the city of Detroit is free to go after pensions.
CalPERS officials have said they think the Detroit ruling would
have no bearing on public pensions in California, however.

Meanwhile, San Jose Mayor Chuck Reed -- who championed the ballot
initiative, Measure B, that was the subject of the Dec. 23 ruling
-- is pushing for a separate, statewide public vote that would
give state and local government agencies throughout California the
right to impose cuts to pension plans for existing workers, the
report said.  Reed told the San Jose Mercury News that he was
pleased that even though the pension cuts were blocked, the city
can proceed with millions of dollars in pay cuts, the report
further related.  Although he would have preferred to reduce
pension costs directly, "I think we'll get very close to what we
had hoped for," he told the newspaper.


SCICOM DATA: May Hire George McGunnigle as Mediator
---------------------------------------------------
Scicom Data Services, Ltd., obtained authorization from the U.S.
Bankruptcy Court for the District of Minnesota to employ George F.
McGunnigle, an attorney and senior judge for the Hennepin County
District Court, to mediate a claim objection.

The Troubled Company Reporter reported on Dec. 19, 2013, that
prior to the filing date, the Debtor and Actuate Corporation were
involved in litigation in the U.S. District Court for the District
of Minnesota regarding a software license.  To compensate Judge
McGunnigle for his mediation services, the Debtor and Actuate
would each pay half of Judge McGunnigle's hourly rate of $400,
plus expenses.  Thus, the Debtor proposes to pay Judge McGunnigle
$200 per hour, plus half of any expenses.

                          About SCICOM

Headquartered in Minnetonka, Minnesota, SCICOM provides data
processing solutions that transform critical data into effective
customer communications, on any platform, at any time.  SCICOM's
business focus has been employee benefits, retirement and
investment services, and statement processing.

SCICOM Data Services, Ltd., filed a Chapter 11 petition (Bankr. D.
Minn. Case No. 13-43894) on Aug. 6, 2013, in Minneapolis,
Minnesota, with a deal to sell assets to Venture Solutions without
an auction.

Arden Hills, MN-based Venture Solutions is a provider of print and
digital transactional Communications and is a subsidiary of Taylor
Corporation.

Judge Michael E. Ridgway presides over the case.  The Debtor has
tapped Fredrikson & Byron, P.A., as counsel; Lighthouse Management
Group, Inc., as financial consultant; and Shenehon Company as
valuation expert.

The Debtor disclosed $13,254,128 in assets and $17,801,787 in
liabilities as of the Chapter 11 filing.  The petition was signed
by Timothy L. Johnson, senior vice president and CFO.

Daniel M. McDermott, the U.S. Trustee for Region 12, appointed
three creditors to serve in the Official Committee of Unsecured
Creditors in the Chapter 11 case of Scicom Data Services, Ltd.


SCICOM DATA: Court Okays HLB Tautges as Accountant
--------------------------------------------------
The U.S. Bankruptcy Court for the District of Minnesota has
granted SCICOM Data Services, Ltd., permission to employ HLB
Tautges Redpath, Ltd., to perform various accounting services,
consisting of: (a) preparing federal and state tax returns for the
Debtor's 2013 fiscal year (ended June 30, 2013) and preparing
final federal and state tax returns; (b) conducting ERISA-required
audits for both the 2013 plan year (ended June 30, 2013) and 2014
plan year for the Debtor's defined benefit pension plan, employee
stock ownership plan, and 401(k) plan; and (c) preparing Form 5500
for the Pension Plan for the 2013 and 2014 plan years.

As reported by the Troubled Company Reporter on Nov. 18, 2013, the
Debtor proposed that: (a) the flat fees totaling $42,300 ($9,000
for the tax return preparation and $33,300 for the audits and Form
5500 preparation) paid to HLB Tautges prior to the Filing Date for
the Accounting Services be approved, without need for a fee
application by HLB Tautges upon completion of the Accounting
Services; and (b) in accordance with paragraph 9 of the Court's
Instructions for Filing a Chapter 11 Case, if any Potential
Additional Services become necessary (i) HLB Tautges be authorized
to schedule a hearing on its applications for allowance of fees
and reimbursement of expenses for the Potential Additional
Services not more than once every 90 days; (ii) HLB Tautges be
allowed to submit bills to the Debtor for Potential Additional
Services provided, with copies to the Committee of Unsecured
Creditors and the Office of the United States Trustee; and
(iii) the Debtor be authorized to pay up to 80% of fees and 100%
of costs on a monthly basis for Potential Additional Services
provided by HLB Tautges, subject to later court approval under
Section 330 of the Bankruptcy Code.

                          About SCICOM

Headquartered in Minnetonka, Minnesota, SCICOM provides data
processing solutions that transform critical data into effective
customer communications, on any platform, at any time.  SCICOM's
business focus has been employee benefits, retirement and
investment services, and statement processing.

SCICOM Data Services, Ltd., filed a Chapter 11 petition (Bankr. D.
Minn. Case No. 13-43894) on Aug. 6, 2013, in Minneapolis,
Minnesota, with a deal to sell assets to Venture Solutions without
an auction.

Arden Hills, MN-based Venture Solutions is a provider of print and
digital transactional Communications and is a subsidiary of Taylor
Corporation.

Judge Michael E. Ridgway presides over the case.  The Debtor has
tapped Fredrikson & Byron, P.A., as counsel; Lighthouse Management
Group, Inc., as financial consultant; and Shenehon Company as
valuation expert.

The Debtor disclosed $13,254,128 in assets and $17,801,787 in
liabilities as of the Chapter 11 filing.  The petition was signed
by Timothy L. Johnson, senior vice president and CFO.

Daniel M. McDermott, the U.S. Trustee for Region 12, appointed
three creditors to serve in the Official Committee of Unsecured
Creditors in the Chapter 11 case of Scicom Data Services, Ltd.


SHILO INN, TWIN FALLS: Can Use CBT's Cash Collateral Until June 30
------------------------------------------------------------------
The Hon. Vincent P. Zurzolo of the U.S. Bankruptcy Court for the
Central District of California has entered a final order
authorizing Shilo Inn, Twin Falls, LLC, et al., to use California
Bank & Trust's cash collateral through June 30, 2014.

The Debtors will provide adequate protection by making these
monthly payments to CBT on the first day of the month, commencing
on Feb. 1, 2014, and ending on July 1, 2014, with payments to be
applied in arrears:

      Shilo Inn, Boise Airport, LLC               $15,458.38
      Shilo Inn, Moses Lake Inc.                  $11,810.83
      Shilo Inn, Nampa Blvd, LLC                   $5,217.20
      Shilo Inn, Newberg, LLC                      $6,569.81
      Shilo Inn, Rose Garden, LLC                  $5,975.11
      Shilo Inn, Seaside East, LLC                 $7,729.12
      Shilo Inn, Twin Falls, LLC                  $23,187.62

                    About Shilo Inn, Twin Falls

Shilo Inn, Twin Falls, LLC, and six affiliates filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 13-21601) on May 1, 2013.
Judge Richard M. Neiter presides over the case.  Shilo Inn, Twin
Falls, estimated assets of at least $10 million and debts of at
least $1 million.

Shilo Inn, Twin Falls; Shilo Inn, Nampa Blvd, LLC; Shilo Inn,
Newberg, LLC; Shilo Inn, Seaside East, LLC, Shilo Inn, Moses Lake,
Inc.; and Shilo Inn, Rose Garden, LLC each operates and owns a
hotel.  California Bank and Trust is the primary, senior secured
lender for each of the Debtors.

The Debtors sought Chapter 11 protection after CBT on May 1, 2013,
filed for receiverships in district court.

David B. Golubchick, Esq., Kurt Ramlo, Esq., and J.P. Fritz, Esq.,
at Levene, Neale, Bender, Yoo & Brill LLP, in Los Angeles,
represent the Debtors in their restructuring effort.

The Debtors' Joint Plan of Reorganization dated Aug. 29, 2013,
provides for payment of all claims in full, unless otherwise
agreed with the claimholder, with unsecured claims to be paid over
a three-month period from the Plan Effective Date.


SIMPLY WHEELZ: Court Approves Advantage, Hertz Vehicle Settlement
-----------------------------------------------------------------
Jacqueline Palank, writing for The Wall Street Journal, reported
that Advantage Rent a Car won bankruptcy-court approval to settle
a battle with former owner Hertz Global Holdings Inc. over leased
vehicles and is now seeking to borrow more than $100 million to
help build its own fleet of rental cars.

According to the report, Judge Edward Ellington of the U.S.
Bankruptcy Court in Jackson, Miss., signed off on the settlement
with Hertz, which removes a significant obstacle to Advantage's
future operations and will help pave the way for its proposed sale
to a Canadian private-equity firm.

Federal regulators ordered Hertz to spin off Advantage in
connection with its $2.3 billion acquisition of Dollar Thrifty
Automotive Group Inc., the report said.  Under the spinoff, Hertz
agreed to lease Advantage 24,000 vehicles. But disputes arose over
the agreement, prompting Advantage to seek Chapter 11 protection
in November, shortly after the divestiture was finalized.

Under the settlement, reached earlier this month, Hertz will allow
Advantage to continue using the vehicles for a limited amount of
time in exchange for payments, the report related.  Hertz also
will pay Advantage's proposed buyer, Catalyst Capital Group Inc.,
$2.75 million when the sale closes.

The deal with Hertz means that Advantage will now need to work on
building its own fleet of rental cars, a step that recent court
filings show the company already is taking, the report further
related.

Simply Wheelz LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Miss. Case No. 13-03332) on Nov. 5,
2013.  The case is assigned to Judge Edward Ellington.  The Debtor
estimated assets and debt in excess of $100 million.

The Debtors are represented by Christopher R. Maddux, Esq., and
Stephen W. Rosenblatt, Esq., at Butler Snow O'Mara Stevens &
Cannada, in Ridgeland, Mississippi.


SOUND SHORE: Exclusive Plan Filing Deadline Moved to Jan. 24
------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York has extended -- at the behest of
Sound Shore Medical Center of Westchester and its affiliates --
the exclusive periods within which the Debtors may file a Chapter
11 plan through and including Jan. 24, 2014, and the exclusive
period within which the Debtors may solicit acceptances to the
plan through and including March 25, 2014.

As reported by the Troubled Company Reporter on Sept. 23, 2013,
the Debtors asked the Bankruptcy Court to extend the exclusive
periods, saying the filing of a plan of reorganization would be
premature at this time, as the Debtors' efforts have been focused
on addressing immediate concerns stemming from these filings and
the anticipated sale of substantially all assets to Montefiore
Medical Center's designees, many of must be resolved prior to the
formulation of a plan.  Among other things, the Debtors must
attend not only to the administration of the estates and these
cases, but cash management and the continued viability of
operations, the myriad of information requests from the creditor
constituencies, and the legal, operational and transitional issues
relating to the sale and post closing process.

           About Sound Shore Medical Center of Westchester

Sound Shore Medical Center of Westchester, Mount Vernon Hospital
Inc., Howe Avenue Nursing Home and related entities sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 13-22840) on
May 29, 2013, in White Plains, New York.

The Debtors are the largest "safety net" providers for Southern
Westchester County in New York.  Affiliated with New York Medical
College, Sound Shore is a not-for-profit 242-bed, community based-
teaching hospital located in New Rochelle, New York.  Mountain
Vernon Hospital is a voluntary, not-for-profit 176-bed hospital
located in Mount Vernon, New York.  Howe Avenue Nursing Home is a
150-bed, comprehensive facility.

The Debtors tapped Burton S. Weston, Esq., at Garfunkel Wild, P.C.
as counsel; Alvarez & Marsal Healthcare Industry Group, LLC, as
financial advisors; and GCG Inc., as claims agent.

The Debtors are seeking to sell their assets to the Montefiore
health system.  In June 2013, Montefiore added $4.75 million to
its purchase offer for Sound Shore Medical Center and Mount Vernon
Hospital to speed up the sale.  Montefiore raised its bid to
$58.75 million plus furniture and equipment as part of a request
for a private sale of the bankrupt New Rochelle and Mount Vernon
hospitals, which the Bronx-based health system would like to buy
by August 2.  Montefiore is represented by Togut, Segal & Segal
LLP.

Alston & Bird LLP represents the Official Committee of Unsecured
Creditors.  Deloitte Financial Advisory Services LLP serves as its
as financial advisor.

Sound Shore disclosed assets of $159.6 million and liabilities
totaling $200 million.  Liabilities include a $16.2 million
revolving credit and a $5.8 million term loan with Midcap
Financial LLC.  There is $9 million in mortgages with Sun Life
Assurance Co. of Canada (US) and $11.5 million owing to the New
York State Dormitory Authority.

Neubert, Pepe & Monteith, P.C., represents Daniel T. McMurray, the
patient care ombudsman for Sound Shore.


SURTRONICS INC: Can Continue Cash Collateral Use Until Dec. 31
--------------------------------------------------------------
The Hon. Stephani W. Humrickhouse of the U.S. Bankruptcy Court for
the Eastern District of North Carolina, in a second interim order,
has authorized Surtronics, Inc., to use First Citizens Bank &
Trust Co.'s cash collateral until Dec. 31, 2013.

A copy of the budget is available for free at:

     http://bankrupt.com/misc/SURTRONICSINCcashcoll2budget.pdf

First Citizens will have a lien post-petition on the Debtor's cash
collateral, including insurance proceeds, to the same extent,
validity, and priority as existed pre-petition.

On Nov. 26, 2013, Judge Humrickhouse entered an order stating that
in addition to those uses approved, on an interim basis, in the
cash collateral order dated Oct. 29, the Debtor is authorized to
use cash collateral outside the ordinary scope of business for the
repair-related expenses generally set forth in this budget:

    http://bankrupt.com/misc/SURTRONICSINCcashcoll2budgetb.pdf

In an agreed second motion dated Oct. 31, 2013, the Debtor stated
that in June 2013, a fire resulted in significant damage at the
Debtor's facility.  Through this case, the Debtor has and
continues to address its fire loss claims by rebuilding its
manufacturing facility and continuing negotiations with the
Debtor's insurance provider for resolution of the full claim of
loss.  In the meantime, the Debtor is moving forward with
cleaning, repair and restoration of the fire-damaged area, and
removal of damaged equipment and other property.

According to David A. Matthews, Esq., at Shumaker Loop & Kendrick,
LLP, the attorney for the Debtor, the repair expenses are largely
one-time expenses not included in the Debtor's monthly operating
budget approved by the Bankruptcy Court in the previous order, or
in the subsequent budget for November and December 2013.  The
Debtor intends to use partial proceeds it has already received
from its insurance claim to pay the repair expenses, and has
sufficient cash-on-hand to make the payments without any
detrimental effect on operations or the budgets.

In the previous cash collateral order, the Bankruptcy Court ruled
that the Debtor "may spend no more than the budget, with a ten
percent variance allowance, without (i) advance consent of First
Citizens, or (ii) further order of this Court."  The Debtor
reviewed the repair expenses with counsel for First Citizens.
First Citizens approved payment of the repair expenses, and
counsel for First Citizens consents to the relief requested in
this motion.

A hearing was slated for Dec. 19, 2013, to consider the Debtor's
continued use of cash collateral.  Results of that hearing are not
yet available as of press time.

First Citizens is represented by:

      Paul A. Fanning, Esq.
      WARD AND SMITH, P.A.
      P.O. Box 8088
      Greenville, NC 27835-8088
      E-mail: PAF@wardandsmith.com

                   About Surtronics, Inc.

Raleigh, North Carolina-based Surtronics, Inc., filed a Chapter 11
bankruptcy petition in Wilson, North Carolina (Bankr. E.D.N.C.
Case No. 13-05672) on Sept. 9, 2013.  Founded in 1965, Surtronics
is in the business of providing electroplating and anodizing
services to base-metal alloys for use across various industries,
including but not limited to aerospace, defense, medical,
telecommunications, and automotive.  Surtronics' primary
production facility and corporate office are located in a series
of buildings at 4001 and 4025 Beryl Drive, and 508 Method Road,
Raleigh, North Carolina.

The Debtor is represented by David A. Matthews, Esq., at Shumaker,
Loop & Kendrick, LLP, in Charlotte, North Carolina.  Carr Riggs &
Ingram PLLC, serves as its accountants.

In its schedules, the Debtor disclosed $16,300,878 in total assets
and $3,507,088 in total liabilities.


SURTRONICS INC: May Hire Poyner Spruill as Special Counsel
----------------------------------------------------------
The Hon. Stephani W. Humrickhouse of the U.S. Bankruptcy Court for
the Eastern District of North Carolina entered a consent order
allowing Surtronics, Inc., to employ Keith Johnson, Esq., and
Poyner Spruill LLP as special counsel.

As reported by the Troubled Company Reporter on Oct. 21, 2013, the
Bankruptcy Administrator asked the Court to deny the Debtor's
request to employ Mr. Johnson and Poyner Spruill to provide legal
advice about environmental conditions at the Debtor's facility on
Beryl Road in Raleigh, North Carolina, and to represent the Debtor
in pursuit of contributions to environmental costs the Debtor has
and will incur from potentially responsible parties.  The
Bankruptcy Administrator said that the attorney and paralegal
hourly rates sought by the firm appear to be excessive for the
district.  The engagement letter stated that Mr. Johnson's hourly
rate is $430 and that paralegals charge between $180 and $220 per
hour.

The Debtor, Mr. Johnson, and the Bankruptcy Administrator have
discussed the Bankruptcy Administrator's concerns and have agreed
that the attorney hourly rates won't exceed $425 and the paralegal
hourly rates won't exceed $135.

                   About Surtronics, Inc.

Raleigh, North Carolina-based Surtronics, Inc., filed a Chapter 11
bankruptcy petition in Wilson, North Carolina (Bankr. E.D.N.C.
Case No. 13-05672) on Sept. 9, 2013.  Founded in 1965, Surtronics
is in the business of providing electroplating and anodizing
services to base-metal alloys for use across various industries,
including but not limited to aerospace, defense, medical,
telecommunications, and automotive.  Surtronics' primary
production facility and corporate office are located in a series
of buildings at 4001 and 4025 Beryl Drive, and 508 Method Road,
Raleigh, North Carolina.

The Debtor is represented by David A. Matthews, Esq., at Shumaker,
Loop & Kendrick, LLP, in Charlotte, North Carolina.  Carr Riggs &
Ingram PLLC, serves as its accountants.

In its schedules, the Debtor disclosed $16,300,878 in total assets
and $3,507,088 in total liabilities.


SURTRONICS INC: Amends Schedules of Assets & Liabilities
--------------------------------------------------------
Surtronics, Inc., filed with the Bankruptcy Court its amended
schedules of assets and liabilities in November, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                $1,450,000
  B. Personal Property            14,850,878
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $1,843,448
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $19,740
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                         1,643,900
                                 -----------      -----------
        TOTAL                    $16,300,878       $3,507,088

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

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

As reported by the Troubled Company Reporter on Sept. 11, 2013,
the Debtor disclosed in its schedules that it owed $1,573,167 to
creditors holding unsecured non-priority claims and that
liabilities totaled $3,436,355.

                   About Surtronics, Inc.

Raleigh, North Carolina-based Surtronics, Inc., filed a Chapter 11
bankruptcy petition in Wilson, North Carolina (Bankr. E.D.N.C.
Case No. 13-05672) on Sept. 9, 2013.  Founded in 1965, Surtronics
is in the business of providing electroplating and anodizing
services to base-metal alloys for use across various industries,
including but not limited to aerospace, defense, medical,
telecommunications, and automotive.  Surtronics' primary
production facility and corporate office are located in a series
of buildings at 4001 and 4025 Beryl Drive, and 508 Method Road,
Raleigh, North Carolina.

The Debtor is represented by David A. Matthews, Esq., at Shumaker,
Loop & Kendrick, LLP, in Charlotte, North Carolina.  Carr Riggs &
Ingram PLLC, serves as its accountants.


SURTONICS INC: No Creditors' Committee Appointed
------------------------------------------------
The Bankruptcy Administrator for the Eastern District of North
Carolina has been unable to organize and recommend to the
Bankruptcy Court the appointment of a committee of creditors
holding unsecured claims against Surtronics, Inc.

"Despite efforts by the Bankruptcy Administrator to contact
unsecured creditors, as of the date of the Section 341 meeting of
creditors, sufficient indications of willingness to serve on a
committee of unsecured creditors were not received from persons
eligible to serve on a committee," the Bankruptcy Administrator
said in an Oct. 31 notice to the Bankruptcy Court.

                   About Surtronics, Inc.

Raleigh, North Carolina-based Surtronics, Inc., filed a Chapter 11
bankruptcy petition in Wilson, North Carolina (Bankr. E.D.N.C.
Case No. 13-05672) on Sept. 9, 2013.  Founded in 1965, Surtronics
is in the business of providing electroplating and anodizing
services to base-metal alloys for use across various industries,
including but not limited to aerospace, defense, medical,
telecommunications, and automotive.  Surtronics' primary
production facility and corporate office are located in a series
of buildings at 4001 and 4025 Beryl Drive, and 508 Method Road,
Raleigh, North Carolina.

The Debtor is represented by David A. Matthews, Esq., at Shumaker,
Loop & Kendrick, LLP, in Charlotte, North Carolina.  Carr Riggs &
Ingram PLLC, serves as its accountants.

In its schedules, the Debtor disclosed $16,300,878 in total assets
and $3,507,088 in total liabilities.


T-L BRYWOOD: Has OK to Use RCG-KC's Cash Collateral Until Dec. 31
-----------------------------------------------------------------
T-L Brywood, LLC, has obtained permission from the Hon. J. Philip
Klingeberger of the U.S. Bankruptcy Court for the Northern
District of Indiana to use cash collateral of RCG-KC Brywood LLC,
successor to The Private Bank and Trust Company, until Dec. 31,
2013.

As adequate protection, the Lender will be granted valid,
perfected, enforceable security interests in and to the Debtor's
post-petition assets, to the extent and priority of its alleged
prepetition liens, to the extent of any diminution in the value of
the assets.

                       About T-L Brywood

T-L Brywood LLC filed for Chapter 11 bankruptcy (Bankr. N.D. Ill.
Case No. 12-09582) on March 12, 2012.  T-L Brywood owns and
operates a commercial shopping center known as the "Brywood
Centre" -- http://www.brywoodcentre.com/-- in Kansas City,
Missouri.  The Property encompasses roughly 25.6 acres and
comprises 183,159 square feet of retail space that is occupied by
12 operating tenants.  The occupancy rate for the Property is
approximately 80%.

The Debtor and lender The PrivateBank and Trust Company reached an
impasse over the terms and conditions of another extension of a
mortgage loan on the Property.  As a result, the Debtor filed the
Chapter 11 case to protect the Property from foreclosure while the
Debtor formulates an exit strategy from the reorganization case.
As of the Petition Date, no foreclosure relating to the Property
had been filed by the Lender.

Judge Donald R. Cassling oversees the case.  The Debtor is
represented by David K. Welch, Esq., Arthur G. Simon, Esq., and
Jeffrey C. Dan. Esq., at Crane, Heyman, Simon, Welch & Clar, in
Chicago.

The Debtor disclosed total assets of $16,666,257 and total
liabilities of $13,970,622 in its schedules.  The petition was
signed by Richard Dube, president of Tri-Land Properties, Inc.,
manager.

PrivateBank is represented by William J. Connelly, Esq., at
Hinshaw & Culbertson LLP.

No committee of creditors was appointed by the U.S. Trustee.
The case was transferred to the U.S. Bankruptcy Court for the
Northern District of Indiana (Case. 13-21804) on May 14, 2013.


TIM C. THOMAS INC: Case Summary & Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Tim C. Thomas, Inc.
        2809 River Oaks Drive
        Richmond Hill, GA 31324

Case No.: 13-42350

Chapter 11 Petition Date: December 23, 2013

Court: United States Bankruptcy Court
       Southern District of Georgia (Savannah)

Debtor's Counsel: James L. Drake, Jr., Esq.
                  JAMES L. DRAKE, JR., P.C.
                  P. O. Box 9945
                  Savannah, GA 31412
                  Tel: 912-790-1533
                  Email: jdrake7@bellsouth.net

Total Assets: $4.47 million

Total Liabilities: $5.23 million

The petition was signed by Tim C. Thomas, president.

The Debtor listed Georgia Power as its largest unsecured creditor
holding a claim of $3,516.


TLO LLC: Equity Holders Want Asher Loan Subordinated
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that non-insider equity holders of TLO LLC are entitled to
a distribution following the $154 million sale of the business
because an $89 million loan owing to the deceased founder should
be treated as equity, according to a lawsuit begun in bankruptcy
court by two shareholders.

According to the report, TLO, a provider of risk-mitigation
services, held an auction where TransUnion Holding Co. Inc. came
out on top with a $154 million bid approved on Dec. 13 by the U.S.
Bankruptcy Court in West Palm Beach, Florida.

There is about $20 million in unsecured debt, according to the
Dec. 20 lawsuit by Jules Kroll and Thomas H. Glover, who together
own 11.3 percent of the equity.  Kroll is the founder of Kroll
Inc., the investigations firm.

They contend that the $89 million secured loan made by TLO's
deceased founder, Hank Asher, should be treated as equity or
subordinated to creditors' claims.  They contend TLO was initially
undercapitalized. They lay out in the complaint how the Asher loan
doesn't contains terms ordinarily found in a commercial lending
arrangement and thus should be treated as equity.

In October, TLO filed a liquidating Chapter 11 that would
distribute assets according to priorities in bankruptcy law, with
unsecured creditors taking what remains after secured creditors
and those with priorities are paid in full. If the Asher loan is
demoted to or below equity, creditors and other shareholders come
out well after the sale to TransUnion, the complaint says.

In addition to sale proceeds, assets available for creditors
include recoveries from a $40 million policy on Asher's life. He
died early this year before bankruptcy.

                           About TLO LLC

TLO LLC, a provider of risk-mitigation services, filed a petition
for Chapter 11 reorganization (Bankr. S.D. Fla. Case No.
13-bk20853) on May 9, 2013, in West Palm Beach, Florida, near the
company's headquarters in Boca Raton.  The petition was signed by
E. Desiree Asher as CEO.

Judge Paul G. Hyman, Jr., presides over the case.  Robert C. Furr,
Esq., and Alvin S. Goldstein, Esq., at Furr & Cohen, serve as the
Debtor's counsel.  Bayshore Partners, LLC is the Debtor's
investment banker.  Thomas Santoro and GlassRatner Advisory &
Capital Group, LLC are the Debtor's financial advisors.

Paul J. Battista, Esq., and Mariaelena Gayo-Guitian, Esq., at
Genovese, Joblove & Battista, P.A., represent the Official
Committee of Unsecured Creditors as counsel.

The Debtor disclosed assets of $46.6 million and liabilities of
$109.9 million, including $93.4 million in secured claims.  The
principal lender is Technology Investors Inc., owed $89 million.
TII is owned by the estate of Hank Asher, the company's primary
owner who died this year.  There is $4.6 million secured by
computer equipment.


UNITED PROPERTIES: Case Summary & 2 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: United Properties, LLC
        702 Oberlin Road, #400
        Raleigh, NC 27605

Case No.: 13-07926

Chapter 11 Petition Date: December 23, 2013

Court: United States Bankruptcy Court
       Eastern District of North Carolina (Raleigh Division)

Judge: Hon. Stephani W. Humrickhouse

Debtor's Counsel: George M. Oliver, Esq.
                  OLIVER FRIESEN CHEEK, PLLC
                  PO Box 1548
                  New Bern, NC 28563
                  Tel: 252 633-1930
                  Fax: 252 633-1950
                  Email: efile@ofc-law.com

Total Assets: $5.87 million

Total Liabilities: $5.30 million

The petition was signed by James I. Anthony, Jr., member/manager.

A list of the Debtor's two largest unsecured creditors is
available for free at http://bankrupt.com/misc/nceb13-7926.pdf


USEC INC: Says Energy Dept. Prepared to Extend Centrifuge Research
------------------------------------------------------------------
Michael Calia, writing for Daily Bankruptcy Review, reported that
the U.S. Department of Energy is prepared to extend a cooperative
centrifuge research program for three months beyond Jan. 15,
uranium supplier USEC Inc. said.

According to the report, shares of USEC, down 88% since late July,
were up 4.6% at $3.66 after hours on Dec. 19.

The announcement comes after USEC said it plans to file for
bankruptcy early next year as it seeks to restructure its debt,
the report related. The company said at the time that a debt-
restructuring deal would help it continue the American Centrifuge
program.

The Energy Department and USEC would share the program's cost in
an 80%/20% split, with total funding at about $10 million a month,
USEC said, the report added.

USEC said it would continue to work with the Energy Department and
Congress, among others, to get the extension for the American
Centrifuge program, which uses technology developed by the U.S.,
the report further related.  USEC said the program achieved three
milestones under a plan originally proposed by the Energy
Department in 2011.

                         About USEC Inc.

Headquartered in Bethesda, Maryland, USEC Inc. (NYSE: USU) --
http://www.usec.com/-- supplies enriched uranium fuel for
commercial nuclear power plants.

USEC disclosed a net loss of $1.20 billion in 2012 as compared
with a net loss of $491.1 million in 2011.  The Company's balance
sheet at Sept. 30, 2013, showed $1.70 billion in total assets,
$2.16 billion in total liabilities and a $462.1 million
stockholders' deficit.

PricewaterhouseCoopers LLP, in McLean, Virginia, 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 reported net losses and a stockholders'
deficit at Dec. 31, 2012, and is engaged with its advisors and
certain stakeholders on alternatives for a possible restructuring
of its balance sheet, which raise substantial doubt about its
ability to continue as a going concern.

                        Bankruptcy Warning

"A delisting of our common stock by the NYSE and the failure of
our common stock to be listed on another national exchange could
have significant adverse consequences.  A delisting would likely
have a negative effect on the price of our common stock and would
impair stockholders' ability to sell or purchase our common stock.
As of September 30, 2013, we had $530 million of convertible notes
outstanding.  Under the terms of our convertible notes, a
"fundamental change" is triggered if our shares of common stock
are not listed for trading on any of the NYSE, the American Stock
Exchange (now NYSE-MKT), the NASDAQ Global Market or the NASDAQ
Global Select Market, and the holders of the notes can require
USEC to repurchase the notes at par for cash.  We have no
assurance that we would be eligible for listing on an alternate
exchange in light of our market capitalization, stockholders'
deficit and net losses.  Our receipt of a NYSE continued listing
standards notification described above did not trigger a
fundamental change.  In the event a fundamental change under the
convertible notes is triggered, we do not have adequate cash to
repurchase the notes.  A failure by us to offer to repurchase the
notes or to repurchase the notes after the occurrence of a
fundamental change is an event of default under the indenture
governing the notes.  Accordingly, the exercise of remedies by
holders of our convertible notes or the trustee of the notes as a
result of a delisting would have a material adverse effect on our
liquidity and financial condition and could require us to file for
bankruptcy protection," the Company said in its quarterly report
for the period ended Sept. 30, 2013.


VERMILLION INC: Completes $17.6 Million Warrant Exercise
--------------------------------------------------------
Vermillion, Inc., said Oracle Investment Management, Jack W.
Schuler, Matthew W. Strobeck and certain other investors have
exercised warrants to purchase 12.1 million shares of Vermillion
common stock at an exercise price of $1.46 per share.

The warrants were issued in conjunction with an equity financing
transaction that closed on May 13, 2013.  With the exercise of the
warrants, Vermillion received $17.6 million in proceeds, bringing
the total investment by investors in the May 2013 equity financing
transaction to approximately $30.9 million, before transaction
costs.

Emerging Growth Equities, Ltd., advised Vermillion on the equity
financing transaction.

Proceeds from the warrant exercise will be used to increase test
sales and improve reimbursement for OVA1, expand commercial
opportunities in the U.S. and new markets and advance one or more
next-generation ovarian cancer diagnostic tests.

                          About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 on March 30, 2009 (Bankr. D. Del.
Case No. 09-11091).  Vermillion's legal advisor in connection with
its successful reorganization efforts wass Paul, Hastings,
Janofsky & Walker LLP.  Vermillion emerged from bankruptcy in
January 2010.  The Plan called for the Company to pay all claims
in full and equity holders to retain control of the Company.

Vermillion incurred a net loss of $7.14 million in 2012, as
compared with a net loss of $17.79 million in 2011.  The Company's
balance sheet at Sept. 30, 2013, showed $15.08 million in total
assets, $4.84 million in total liabilities, and stockholders'
equity of $10.25 million.

BDO USA, LLP, in Austin, Texas, 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, all of
which raise substantial doubt about the Company's ability to
continue as a going concern.


WR GRACE: Last Settlement Permits Chapter 11 Exit
-------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that W.R. Grace & Co. settled the last appeal from
approval of its reorganization plan and should be able to exit
bankruptcy around the 13th anniversary of the Chapter 11 filing.

According to the report, the company already defeated four appeals
from approval of the reorganization plan dealing with asbestos
liability.  Emerging from reorganization remained blocked by the
fifth and final appeal by secured bank lenders claiming the right
to $185 million of interest at the contractual default rate.

The lenders based their claim for a higher interest rate on the
fact that shareholders are keeping stock worth $4.9 billion.

The settlement announced on Dec. 23 calls for the lenders to
receive $129 million in settlement of the claim for additional
interest. They will also receive $971 million, representing the
principal amount of the loan plus interest at the non-default
rate.

No appeals were taken to the U.S. Supreme Court from the four
cases already decided by the U.S. Court of Appeals in
Philadelphia.

The U.S. Bankruptcy Court in Delaware will hold a hearing on
Jan. 29 to consider approval of the settlement. Grace's Chapter 11
plan creates trusts to take care of existing and future asbestos
claims.

Banks filing the appeals include Bank of America NA, Barclays Bank
Plc, and JPMorgan Chase Bank NA.

                         About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.  Grace employs
approximately 6,500 people in over 40 countries and had 2012 net
sales of $3.2 billion.

The company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.

Roger Frankel serves as legal representative for victims of
asbestos exposure who may file claims against W.R. Grace.  Mr.
Frankel, a partner at Orrick Herrington & Sutcliffe LLP, replaces
David Austern, who was appointed to that role in 2004.  Mr.
Frankel has served as legal counsel for Mr. Austern who passed
away in May 2013.  The FCR is represented by Orrick Herrington &
Sutcliffe LLP as counsel; Phillips Goldman & Spence, P.A., as
Delaware co-counsel; and Lincoln Partners Advisors LLC as
financial adviser.

Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

W.R. Grace obtained confirmation of a plan co-proposed with the
Official Committee of Asbestos Personal Injury Claimants, the
Official Committee of Equity Security Holders, and the Asbestos
Future Claimants Representative.   The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.  Implementation of the Plan has
been held up by appeals in District Court from various parties,
including a group of prepetition bank lenders and the Official
Committee of Unsecured Creditors.

District Judge Ronald Buckwalter on Jan. 31, 2012, entered an
order affirming the bankruptcy court's confirmation of the Plan.
Bankruptcy Judge Judith Fitzgerald had approved the Plan on
Jan. 31, 2011.

The plan can't be implemented because pre-bankruptcy secured bank
lenders filed an appeal currently pending in the U.S. Court of
Appeals in Philadelphia.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000).


WAVE SYSTEMS: Completes $1.2 Million Stock Offering
---------------------------------------------------
Wave Systems Corp. sold to investors 1,253,351 shares of its Class
A common stock at a price of $0.9725 per share, yielding gross
proceeds of approximately $1,218,885.  Investors in the offering
also received five-year warrants to purchase an aggregate of
626,674 shares of Wave's Class A common stock for $0.91 per share.
The net proceeds of the financing will be used to fund Wave's
ongoing operations.

Security Research Associates acted as placement agent in
connection with the offering.  The shares and shares underlying
the warrants in this offering are being issued under a shelf
registration statement declared effective by the Securities and
Exchange Commission on Sept. 12, 2013.  A prospectus supplement
related to the public offering will be filed with the Securities
and Exchange Commission.

Additional information is available for free at:

                       http://is.gd/5rQ0Hb

                        About Wave Systems

Lee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX) --
http://www.wave.com/-- develops, produces and markets products
for hardware-based digital security, including security
applications and services that are complementary to and work with
the specifications of the Trusted Computing Group, an industry
standards organization comprised of computer and device
manufacturers, software vendors and other computing products
manufacturers.

For the 12 months ended Dec. 31, 2012, the Company incurred a net
loss of $33.96 million, as compared with a net loss of $10.79
million in 2011.  The Company's balance sheet at Sept. 30, 2013,
showed $12.03 million in total assets, $19.82 million in total
liabilities and a $7.79 million total stockholders' deficit.

KPMG LLP, in Boston Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.  The independent auditors noted that
Wave Systems Corp. has suffered recurring losses from operations
and has an accumulated deficit that raise substantial doubt about
its ability to continue as a going concern.


WESTERN FUNDING: Westlake Services Wins Auction for Loans
---------------------------------------------------------
Tom Corrigan, writing for DBR Small Cap, reported that Westlake
Services LLC, a subprime auto lender, topped stalking horse bidder
Carfinco Financial Group Inc. at a bankruptcy auction for Western
Funding Inc.'s assets, with a winning bid of more than $26.2
million.

According to the report, the proceeds from the sale, which
requires court approval, will go toward repaying some of Western
Funding's $30.8 million bank loan.  A hearing to approve the sale
was scheduled for Dec. 20 in U.S. Bankruptcy Court in Las Vegas.

As reported by the TCR on Nov. 22, 2013, the Debtors filed a
proposed Chapter 11 plan that contemplates the transfer of equity
interests to Carfinco, absent higher and better offers at a court-
sanctioned auction.

Carfinco offered $24.5 million for the assets.

Carfinco, a Canadian car finance giant, will collect a breakup fee
of $365,000 and an expense reimbursement of $450,000, protections
that were put in place when it agreed to serve as the lead bidder
in November, the report said.  Carfinco had agreed to pay the
value of 70% of the finance receivables owed to Western Funding.

"The bidding reached a purchase price which exceeded management's
upper threshold for risk versus returns on equity deployed," said
Tracy Graf, Carfinco's chief executive, in a press release, the
report cited.

Las Vegas-based Western Funding has struggled to repay a loan
organized by Chicago-based BMO Harris Bank, which declared the
loan agreement to be in default in April, citing Western Funding's
interest coverage ratio amount and its minimum loss reserve
levels, the report further related.

Cody Lyon, reporting for autofinancenews.net, reports that court-
appointed ombudsman, Timothy Yoo, filed a statement Dec. 19 over
consumer privacy concerns.  He said the proposed sale of Western's
auto finance contracts to Westlake violates Western's privacy
policy and will require analysis under section 332 of the
Bankruptcy Code.

                       About Western Funding Inc.

Las Vegas car-loan maker Western Funding Inc. filed for Chapter 11
bankruptcy protection (Bankr. D. Nev. Case No. 13-17588) on
Sept. 4, 2013, after its own lender said the company broke
borrowing promises made in 2012.  Matthew C. Zirzow, Esq., at
Larson & Zirzow, LLC, in Las Vegas, Nevada, represents the Debtor.
The Debtors tapped FTI Consulting, Inc., as investment bankers to
assist with sales transactions.

Jeanette E. McPherson, Esq., at Schwartzer & McPherson Law Firm
represents the Official Committee of Unsecured Creditors.  The
Committee retained Amherst Consulting, LLC, as investment banker.


WHEATLAND MARKETPLACE: Can Use Cash Collateral Until Jan. 31
------------------------------------------------------------
The Hon. Pamela S. Hollis of the U.S. Bankruptcy Court for the
Northern District of Illinois entered an interim order allowing
Wheatland MarketPlace, LLC, to use until Jan. 31, 2014, the cash
collateral of U.S. Bank National Association, as Trustee for Bear
Stearns Commercial Mortgage Securities, Inc., Commercial Mortgage
Pass-Through Certificates, Series 2003-TOP12 acting by and through
C-III Asset Management LLC, in its capacity as special servicer
pursuant to an Oct. 1, 2003 pooling and servicing agreement.

A copy of the budget is available for free at:

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

The cash collateral includes any cash or cash equivalents, funds
or proceeds of or from that certain improved real property
described in the certain mortgage and security agreement dated
Aug. 27, 2003, executed by the Debtor for the benefit of Principal
Commercial Funding, LLC, to pay operating expenses of the
Property.

As adequate protection for the Debtor's use of cash collateral,
(a) the Debtor will make a $95,020.58 payment to the Noteholder by
Jan. 15, 2014; provided, however, that the application of the
payment by the Noteholder against any indebtedness owing in
accordance with the terms of the loan documents will be
provisional only and subject to further court order, and (b) the
Noteholder will have nunc pro tunc as of the commencement of the
Chapter 11 case, a replacement lien and security interest on all
property acquired or generated postpetition by the Property, to
the same extent and priority and of the same kind and nature as
the Noteholder's prepetition liens and security interests in the
cash collateral.

A hearing on the Debtor's cash collateral use will be held
Jan. 28, 2014.

                  About Wheatland Marketplace

Wheatland Marketplace, LLC, owner of a commercial retail center in
Naperville, Illinois, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Ill. Case No. 13-46492) in Chicago on Dec. 3, 2013.

The Debtor has tapped Thomas W Toolis, Esq., at Jahnke, Sullivan &
Toolis, LLC, in Frankfurt, Illinois, as counsel.

Coleen J. Lehman Trust and Lucy Koroluk each holds a 50%
membership interest in the Debtor.


WPCS INTERNATIONAL: Investors Swap $827,000 Notes for Equity
------------------------------------------------------------
Between Dec. 17, 2013, and Dec. 19, 2013, WPCS International
Incorporated received conversion notices to issue an aggregate of
4,153,179 shares of its common stock, par value $0.0001 per share,
to six investors upon the conversion of $827,000 of principal face
value secured convertible notes issued Dec. 5, 2012.  The shares
were issued pursuant to the exemption from registration provided
by Section 4(a)(2) of the Securities Act of 1933, as amended.

As of the close of business on Dec. 19, 2013, the Company had
5,711,848 shares of Common Stock deemed issued and outstanding.

                      About WPCS International

WPCS International -- http://www.wpcs.com-- is a design-build
engineering company that focuses on the implementation
requirements of communications infrastructure.  The company
provides its engineering capabilities including wireless
communications, specialty construction and electrical power to the
public services, healthcare, energy and corporate enterprise
markets worldwide.

CohnReznick LLP, in Roseland, New Jersey, expressed substantial
doubt about WPCS International's ability to continue as a going
concern following the annual report for the year ended April 30,
2013.  The independent auditors noted that the Company has
incurred net losses and negative cash flows from operating
activities, had a working capital deficiency as of and for the
years ended April 30, 2013, and 2012, and has an accumulated
deficit as of April 30, 2103.

The Company reported a net loss of $6.8 million on $42.3 million
of revenue in fiscal 2013, compared with a net loss of
$20.6 million on $65.5 million in fiscal 2012.  The Company's
balance sheet at Oct. 31, 2013, showed $18.41 million in total
assets, $13.87 million in total liabilities, and $4.54 million in
total equity.


YRC WORLDWIDE: Has Deal With Noteholders to Cut Debt by $300MM
--------------------------------------------------------------
YRC Worldwide, Inc. on Dec. 23 disclosed that it has reached an
agreement with certain holders of its Series A Convertible Notes,
Series B Convertible Notes and other institutional investors that
will allow it to reduce debt by approximately $300 million.  In
doing so, the company will meet a primary requirement (retiring at
least 90% of the company's Series A and B Convertible Notes)
needed to satisfy the International Brotherhood of Teamsters'
(IBT) conditionality of ratifying the Memorandum of Understanding
(MOU) proposal that is currently out for ratification by the
company's employees who are IBT members.  However, the agreement
will still remain contingent on getting the MOU proposal ratified
by its members.  The vote on the MOU is anticipated to be complete
on January 8, 2014 and results will be available shortly
thereafter.  In addition, the debt reduction deal is contingent on
getting holders of at least 90% of the $124 million of the
company's pension fund debt to amend and extend the currently
outstanding note.

"The agreement is a momentous step toward delevering the company's
balance sheet, significantly improving the company's credit
profile, and is expected to secure some of the best paying jobs in
the LTL industry," said James Welch, Chief Executive Officer of
YRC Worldwide and President of YRC Freight.  "The last two years
have been a long and hard fought journey in turning around one of
the largest trucking companies in America.  After shedding a
significant portion of our non-core assets and operations and with
the help of our unionized and non-unionized employees, we have
focused our attention back to what we do best -- North American
LTL trucking."

Under the agreement, the investors will invest $250 million in
cash for newly-issued shares of common stock of YRC Worldwide at a
price of $15.00 per share.  The proceeds will be used to pay off
the existing 6% Convertible Notes due February 2014 and defease
and/or pay off the existing Series A Convertible Notes due March
2015.  In addition, holders of approximately $50 million principal
amount of the existing Series B Convertible Notes due March 2015
will convert those notes to common stock at a price of $15.00 to
$16.01 per share, further reducing debt.  The Series B Note
holders that participate in the proposed transaction will also
consent to amend the indenture to remove substantially all
covenants and release the collateral securing those notes.  The
remaining Series B Convertible Notes may continue to be
outstanding until their scheduled maturity of March 31, 2015.
Consummation of the agreement is subject to a number of other
customary conditions as well.

"These transactions will result in a substantial reduction of our
debt and will position the company to address impending
maturities, including the 6% Convertible Notes due in February
2014," said Jamie Pierson, YRC Worldwide Chief Financial Officer.
"These transactions also clear the way for us to enter the senior
debt markets to refinance our current term and asset- based loans
at more favorable interest rates."

"We must now focus on the upcoming ratification vote and amendment
and extension of the pension note as the two final steps in
completing this major debt reduction transaction and
reestablishing YRCW as a leader in the LTL industry.  With a
positive ratification vote and an amended and extended pension
fund note, the improved financial picture will allow the company
to increase its investment in new tractors, trailers, technology
and equally if not more importantly training and developing its
people. Alternatively, if we are not successful, it would
unfortunately mean some very difficult decisions for the company
and its employees," added Mr. Welch.

                       About YRC Worldwide

Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ:
YRCW) -- http://www.yrcw.com/-- is a holding company that offers
its customers a wide range of transportation services.  These
services include global, national and regional transportation as
well as logistics.

After auditing the 2011 results, the Company's independent
auditors expressed substantial doubt about the Company's ability
to continue as a going concern.  KPMG LLP, in Kansas City,
Missouri, noted that the Company has experienced recurring net
losses from continuing operations and operating cash flow deficits
and forecasts that it will not be able to comply with certain debt
covenants through 2012.

For the year ended Dec. 31, 2012, the Company incurred a net loss
of $136.5 million on $4.85 billion of operating revenue, as
compared with a net loss of $354.4 million on $4.86 billion of
operating revenue during the prior year.  As of Sept. 30, 2013,
the Company had $2.13 billion in total assets, $2.79 billion in
total liabilities and a $665.8 million total shareholders'
deficit.

                           *     *     *

As reported by the TCR on Aug. 2, 2013, Moody's Investors Service
affirmed the rating of YRC Worldwide, Inc., corporate family
rating at Caa3.  The ratings outlook is has been changed to
positive from stable.

"The positive ratings outlook recognizes the important progress
that YRCW has made in restoring positive operating margins through
implementation of yield management initiatives, during a period of
stabilizing demand in the less than truckload ('LTL') segment,"
the report stated.

In August 2011, Standard & Poor's Ratings Services raised its
corporate credit rating on YRC Worldwide Inc. to 'CCC' from 'SD'
(selective default), after YRC completed a financial
restructuring.  Outlook is stable.

"The ratings on Overland Park, Kan.-based YRCW reflect its
participation in the competitive, capital-intensive, and cyclical
trucking industry," said Ms. Ogbara, "as well as its meaningful
off-balance-sheet contingent obligations related to multiemployer
pension plans." "YRCW's substantial market position in the less-
than-truckload (LTL) sector, which has fairly high barriers to
entry, partially offsets these risk factors. We categorize YRCW's
business profile as vulnerable, financial profile as highly
leveraged, and liquidity as less than adequate."


YUKOS OIL: Russia Supreme Court to Review Khodorkovsky Cases
------------------------------------------------------------
Lukas I. Alpert and Olga Razumovskaya, writing for The Wall Street
Journal, reported that Russia's Supreme Court opened a review into
the cases against recently released oil tycoon Mikhail
Khodorkovsky and his jailed business partner to determine how to
address alleged procedural flaws.

According to the report, the exact impact of the Russian court's
ruling wasn't immediately clear, but a court official said the
review -- which may take up to two months -- could lead to an
adjustment of the terms of the 2005 tax-evasion conviction against
the two men or even a possible retrial.

The report related that the move also could open the door to Mr.
Khodorkovsky's possible return to Russia from Berlin, where he
flew after being pardoned by President Vladimir Putin and released
from a Russian prison after serving more than 10 years.

His imprisonment had been seen by many as politically motivated
because of his criticism of the Kremlin and his political
ambitions, the report said.  His business partner, Platon Lebedev,
remains behind bars and is scheduled to be released in May.

The two men have long proclaimed their innocence, insisting the
cases against them were political retribution, the report further
related.

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- was an
open joint stock company under the laws of the Russian Federation.
Yukos was involved in energy industry substantially through its
ownership of its various subsidiaries, which own or are otherwise
entitled to enjoy certain rights to oil and gas production,
refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days later,
the Russian Government sold its main production unit Yugansk to a
little-known firm Baikalfinansgroup for US$9.35 billion, as
payment for US$27.5 billion in tax arrears for 2000-2003.  Yugansk
eventually was bought by state-owned Rosneft, which is now
claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775),
in an attempt to halt the sale of Yukos' 53.7% ownership interest
in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.

On Nov. 23, 2007, the Russian Trading System and Moscow Interbank
Currency Exchange stopped trading Yukos shares after the company
formally ceased to exist.  Mr. Rebgun completed the company's
liquidation process after Russia's Federal Tax Service has entered
Yukos' liquidation on the Uniform State Register of Legal
Entities.

As reported in the Troubled Company Reporter-Europe on Nov. 14,
2007, the Moscow Arbitration Court entered an order closing the
liquidation proceedings of Yukos, 15 months after it was declared
bankrupt on Aug. 1, 2006.


ZLOMREX INTERNATIONAL: Finance Company Seeks U.S. Protection
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Zlomrex International Finance SA, the financing
vehicle for an integrated Polish steel producer, filed a Chapter
15 petition on Dec. 23 in Manhattan to assist a U.K. court in
extending the Feb. 1 maturity of 117.9 million euros ($161.49
million) in 8.5 percent senior secured notes.

According to the report, the notes provided primary financing for
affiliates Hutta Stali Jakosciowych SA, Ferrostal Labedy Sp,
Zlomrex Metal Sp, and their parent Cognor SA. The company said it
would be unable to refinance the notes at maturity.

Although the financing vehicle is a French-incorporated business,
the company said that bankruptcy proceedings in France were
impracticable because it would touch off defaults on other
obligations. Chapter 11 in the U.S. was rejected because of "high
costs," according to a court filing.

Instead, the company in November initiated proceedings in the
Chancery Division of the High Court of Justice of England and
Wales designed to effect a scheme of arrangement under U.K. law,
akin to Chapter 11 in the U.S.

For full payment under the scheme, there is already agreement with
holders of 69 percent of the notes where they will be given new
secured notes maturing in 2010 for 80 percent of the current debt.
The other 20 percent will be in the form of exchangeable debt
securities to mature in 2021.

The company said total debt of the financing vehicle is 126.1
million euros. If enough noteholders accept the proposal, it can
be consummated as an exchange offer without court intervention.

The steel-producing affiliates have 5.5 percent of the Polish
market.  They were hurt by the decline in European and Polish
steel consumption and prices.

If the U.S. Bankruptcy Court determines that the company's main
bankruptcy is in the U.K., creditor actions in the U.S. will be
halted, and the U.S. court can assist in enforcement of the U.K.
bankruptcy scheme.

The case is In re Zlomrex International Finance SA, 13-14138, U.S.
Bankruptcy Court, Southern District New York (Manhattan).


ZLOMREX INTERNATIONAL: Chapter 15 Case Summary
----------------------------------------------
Chapter 15 Petitioner: Krzysztof Zola

Chapter 15 Debtor: Zlomrex International Finance S.A.
                   90 Long Acre
                   Covent Garden
                   London WC2E 9RZ

Chapter 15 Case No.: 13-14138

Type of Business: Steel company

Chapter 15 Petition Date: December 23, 2013

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

Judge: Hon. Sean H. Lane

Chapter 15 Petitioner's Counsel: Richard A. Graham, Esq.
                                 WHITE & CASE, LLP
                                 1155 Avenue of the Americas
                                 New York, NY 10036
                                 Tel: (212) 819-8630
                                 Fax: (212) 354-8113
                                 Email: rgraham@whitecase.com

                                      - and -

                                 Scott G. Greissman, Esq.
                                 WHITE & CASE LLP
                                 1155 Avenue of the Americas
                                 New York, NY 10036
                                 Tel: (212) 819-8567
                                 Fax: (212) 354-8113
                                 Email: sgreissman@whitecase.com

Estimated Assets: $100 million to $500 million

Estimated Debts: $100 million to $500 million


* Child Tax Credit Doesn't Qualify as Exempt Property
-----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the portion of an income tax refund attributable to a
federal child tax credit isn't a public assistance benefit
qualifying as an exempt asset, the Bankruptcy Appellate Panel in
St. Louis ruled on Dec. 23.

According to the report, an individual in Chapter 13 claimed that
a refund attributable to a federal child tax credit qualified as a
public assistance benefit that is an exempt asset under Missouri
law.  U.S. Bankruptcy Judge Charles L. Nail Jr. rejected the
argument, writing for the three-judge appellate panel.

Judge Nail found the answer in the plain meaning of "public
assistance" contained in the dictionary. He noted that the tax
credit of $1,000 for each child is available for a couple with
less than $110,000 of adjusted gross income.  He said that a
couple with that much income isn't "needy" and thus can't exempt
the refund.

The case is Hardy v. Fink (In re Hardy), 13-6029, U.S. Eighth
Circuit Bankruptcy Appellate Panel (St. Louis).


* Mortgage Enforceable Without Interest Rate or Maturity
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a recorded mortgage in Illinois is enforceable in
bankruptcy even if it didn't state the interest rate or the
maturity date, the U.S. Court of Appeals in Chicago ruled on
Dec. 23.

According to the report, lower federal courts in Illinois reached
different conclusions, Circuit Judge David F. Hamilton said in his
opinion for the three-judge court.

Before amendment in 2013, the Illinois statute contained a
permissive rather than a mandatory list of items for inclusion in
a recorded mortgage. The interest rate and maturity date were
among them.

In the two cases before the Seventh Circuit in Chicago, the
recorded mortgage didn't specify either item. However, the
interest rate and maturity were contained in the mortgage note
incorporated by reference in the mortgage.

The case involved the so-called strong-arm power where a trustee
has the status of a hypothetical bona-fide purchaser without
notice of a non-recorded mortgage.

Judge Hamilton concluded that a bankruptcy trustee had sufficient
constructive notice about the mortgage under Illinois law. He said
it was "hard to imagine" that a purchaser who discovered a
recorded mortgage would believe it was unenforceable because the
interest rate and maturity weren't shown on public records.  He
also said there were no Illinois authorities saying that a
recorded mortgage is unenforceable for lack of those items.

The case is In re Crane, 13-1518, U.S. Court of Appeals for the
Seventh Circuit (Chicago).


* Real Estate Broker's Contested Commission Is Dischargeable Debt
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Wisconsin real estate brokers failed to persuade the
U.S. Court of Appeals in Chicago to adopt a rule that would make a
debt automatically non-dischargeable if a bankrupt broker violated
an exclusive-listing agreement.

According to the report, the standard real estate listing
agreement makes a property owner liable for the commission. That
liability extends beyond the end of the agreement and if the
broker contacts a prospective buyer while the agreement is in
effect, the owner is still liable for the commission, even if that
customer buys the property within a year after exclusivity
expires.

In this case, a broker left a firm that had a listing agreement
with a homeowner. He went to work for another firm and, less than
a year after exclusivity expired, sold the home to a buyer he had
located while at his prior firm.

The "old" firm sued the broker for a $6,000 commission and won a
judgment of about $10,000. The broker filed for Chapter 7
bankruptcy. In bankruptcy court, the "old" employer unsuccessfully
contended that the judgment wasn't dischargeable because it was a
willful and malicious injury to property under Section 523(a)(6)
of the Bankruptcy Code.

Writing for the U.S. Court of Appeals in Chicago, Chief Judge
Diane P. Wood said the "old" broker was required to prove, among
other things, that the bankrupt intended to injure and that the
injury was substantially certain to occur.

The bankruptcy judge had ruled that the bankrupt wasn't aware he
had a continuing obligation to his prior employer once he joined
another firm. Also, the "old" broker could have collected from the
owner.

The case is First Weber Group Inc. v. Horsfall, 13-1026, U.S.
Court of Appeals for the Seventh Circuit (Chicago).


* American Express Reaches Add-On Card Settlement
-------------------------------------------------
Alan Zibel and Robin Sidel, writing for The Wall Street Journal,
reported that American Express Corp. reached a $76 million
settlement with federal regulators over allegations it misled
consumers about the benefits of extra card services such as
identity-theft protection.

According to the report, the New York-based company agreed on
Dec. 24 to pay $16.2 million in fines to the Federal Deposit
Insurance Corp., Office of the Comptroller of the Currency and the
Consumer Financial Protection Bureau and issue $59.5 million in
refunds to more than 335,000 customers. The company said in a
statement that most of the money has already been paid to
customers.

The case is the latest in a string of actions by regulators
against credit-card products known as "add-ons" that companies say
offer extra protection to customers, the report related.
Regulators say the credit-card companies' marketing of such
products has often been deceptive and that the benefits of such
services are often less than advertised. The identity-theft
protection service offered by AmEx cost as much as $15.99 a month,
but consumers often received little benefit, regulators said.

The regulators also accused AmEx of misleading consumers about the
benefits of a product that canceled debt if a customer lost a job
or became disabled, the report said.  While some consumers were
led to believe the product would cover their payments in the event
of a job loss, such payments were capped at $500, regulators said.

"Consumers deserve to be treated fairly and should not pay for
services they do not receive," said the CFPB's director, Richard
Cordray, in a statement, the report further related.


* Housing Sales Rise to Highest Level Since 2008
------------------------------------------------
Jia Lynn Yang, writing for The Washington Post, reported that
pent-up demand for housing continues to lift new-home sales
figures to their highest levels since 2008, according to new
monthly figures released Tuesday by the Commerce Department.

According to the report, new-home sales in November hit an
annualized rate of 464,000, which is 16.6 percent higher than a
year ago. The figure slipped 2.1 percent from October, but the
rate of sales is still just below a five-year high.

Although the housing market still has a long way to go to make a
full recovery, analysts said the latest numbers point to positive
trends that are likely to pick up more steam in the new year,
helping to buttress the U.S. economy even further as it slowly
picks up momentum, the report related.

"The numbers keep improving every month," said Patrick Newport, an
economist with research firm IHS Global Insight, the report cited.
"They're improving slowly, but they're improving. This is one of
the key pieces of the recovery."

Newport said that based on current U.S. demographics, a healthy,
normal housing market would see about 800,000 new-home sales in a
year, the report further related.  IHS estimates that there will
be about 430,000 sales this year and roughly 560,000 next year.


* PNC Agrees to Pay $35MM to Settle Discriminatory Loan Claims
--------------------------------------------------------------
Associated Press reported that PNC Financial Services Group is
paying $35 million to resolve government claims of discrimination
in car loans against a Cleveland-based bank that PNC bought in
2009.

According to the report, the agreement by the Justice Department
and the Consumer Financial Protection Bureau addresses claims that
more than 75,000 African-American and Latino customers of National
City Bank paid more for their car loans between 2002 and 2008.
There is no allegation of discrimination by Pittsburgh-based PNC,
which bought National City Bank.

The discrimination settlement follows a similar but larger $98
million agreement between the government and Detroit-based Ally
Financial Inc., the report related.


* Volcker Rule Challenged in U.S. Court by American Bankers Asso.
-----------------------------------------------------------------
Joel Rosenblatt, writing for Bloomberg News, reported that the
final version of the Volcker Rule was challenged in a lawsuit over
claims that requiring small banks to divest their holdings in some
collateralized debt obligations will cause them about $600 million
in losses.

According to the report, the American Bankers Association, which
represents mostly community banks, objects to a portion of the
rule that will force lenders to get rid of CDOs backed by trust-
preferred securities, according to the complaint filed on Dec. 24
in federal court in Washington. The association seeks a court
order blocking the rule from taking effect before the end of the
year.

"Without the requested relief, hundreds of community banks across
the nation will be required to recognize unexpected and, in many
cases, significant earnings and capital losses on or before
December 31, 2013," according to the complaint, the report cited.

The rule named for former Fed Chairman Paul Volcker, who
championed it as an adviser to President Barack Obama, was
included in the 2010 Dodd-Frank Law that overhauled U.S. financial
regulation as a way to restrict banks' proprietary trading and
other risky bets after the 2008 credit crisis, the report said.
The Fed has given banks a delay until July 21, 2015, to comply.

The final version approved by the Federal Reserve System, Federal
Deposit Insurance Corp., Securities and Exchange Commission,
Commodity Futures Trading Commission and Office of the Comptroller
of the Currency includes CDOs in the definition of covered funds
subject to restriction, the report said.  The Federal Reserve, the
FDIC and the OCC are named as defendants in the Dec. 24 complaint.


* BOOK REVIEW: Creating Value through Corporate Restructuring:
               Case Studies in Bankruptcies, Buyouts, and
               Breakups
--------------------------------------------------------------
Author:  Stuart C. Gilson
Publisher:  Wiley
Hardcover:  516 pages
List Price:  $79.95
Review by David M. Henderson

Most business books fall into two categories.  The first is very
important. It is like that stuff you have to drink before you
have a colonoscopy.  You keep telling yourself, this is very
good for me, while you would rather be at the beach reading
Liar's Poker or Barbarians at the Gate.

Stuart Gilson, of the Harvard Business School, has managed to
write a book important to everybody in the distressed market
that is also quite enjoyable.  His prose is fluid and succinct
and a pleasure to read.  But don't take my word for it.  The
dust jacket endorsements come from Jay Alix, Martin Fridson,
Harvey Miller, Arthur Newman, and Sanford Sigoloff.  At a
collective gazillion dollars a billing hour, that's a lot of
endorsement.

Be advised that this is designed as a text book.  The case study
format might be off-putting to some.  The effect can be jarring
as you read the narrative history of the case and suddenly
confront the financial statements without any further clue as to
what to do, but this must be what it is like for the turnaround
manager.  Even after reading several of the cases, when I got to
the financials I had that sinking feeling of, what do I do now?
If you read carefully, clues to the solutions are in the
introductions.

The book is divided into three "modules", bizspeek for sections:
Restructuring Creditors' Claims,. Restructuring Shareholders'
Claims, and Restructuring Employees' Claims. The text covers 13
corporate restructurings focusing on debt workouts, vulture
investing, equity spinoffs, tracking stock, assete divestitures,
employee layoffs, corporate downsizing, M & A, HLTs, wage give-
backs, employee stock buyouts, and the restructuring of employee
benefit plans.  That's a pretty comprehensive survey, wouldn't
you say?

Dr. Gilson's chapter on "Investing in Distressed Situations" is
an excellent summary of the distressed market and a good
touchstone even for seasoned vultures.

Even in the two appendices on technical analysis, this book is
marvelously free of those charts and graphs that purport to show
some general ROI of distressed investing.  Those are cute,
aren't they?  As Judy Mencher has famously said, "You can buy
the paper at 50 thinking it's going to 70, but it can just as
easily go to 30 if you are not willing to act on it."  Therein
lies the rub and the weakness, if inevitable, of this or any
book on corporate restructurings.  As Dr. Gilson notes, no two
are alike, and the outcome is highly subjective, in our out of
Court, but especially in Chapter 11. Is the Judge enthralled by
Jack Butler as Debtor's Counsel or intimidated by Harvey Miller
as Debtor's Counsel?  Are you holding "secured" paper only to
discover that when it was issued the bond counsel forgot to
notify the Indenture Trustee of the most Senior debt?    Is
somebody holding Junior paper that you think is out of the money
only to have Hugh Ray read the fine print and discover that the
"Junior" paper is secured?  This is the stuff of corporate
reorganizations that is virtually impossible to codify into a
textbook.

That said, this is an especially valuable text for anybody
working in the distressed market.  As a Duke grad, I tend to be
disdainful of all things Harvard, but having read Dr. Gilson's
book, I am enticed to encamp by the dirty waters of the Charles
long enough to take his course, appropriately entitled,
"Creating Value Through Corporate Restructuring."


                             *********

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
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firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
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