TCR_Public/140108.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Wednesday, January 8, 2014, Vol. 18, No. 7

                            Headlines

1ST FINANCIAL: Merges with First Citizens Bank
41 FOREST REALTY: Case Summary & 2 Unsecured Creditors
AFFIRMATIVE INSURANCE: Extends Employments of Executives to 2016
ALTREC INC: Case Summary & 20 Largest Unsecured Creditors
AMERICAN AIRLINES: LAX Wants Dispute in U.S. District Court

ARCHDIOCESE OF MILWAUKEE: De Sales Tolling Period Okayed
ARINC INC: Moody's Withdraws Ratings Following Rockwell Sale
AS SEEN ON TV: Executes MoU to Acquire Infusion Brands
ASPEN GROUP: Has 11.3MM Shares Available Under 2012 Incentive Plan
ASR-FOUNTAINVIEW PLACE: Case Summary & 20 Top Unsecured Creditors

BAJA MINING: Posts $1.2-Mil. Net Loss in Q3 Ended Sept. 30
BELO CORP: Fitch Withdraws Ratings After Closing of Gannett Buyout
BERNARD L. MADOFF: J.P. Morgan Officials Excluded from Penalties
BIOZONE PHARMACEUTICALS: Registers 53.6MM Shares Under Plan
BERRY PLASTICS: Graham Berry Lowers Equity Stake to 1.4%

C&K MARKET: Can Employ Kieckhafer Schiffer as Advisors
C&K MARKET: Has Green Light to Hire Edward Hostmann as CRO
CAMAC ENERGY: Has $2.7-Mil. Net Loss for Third Quarter
CAPABILITY RANCH: Gordon Silver Won't Push Case Conversion
CARRIZO ENERGY: Case Summary & 4 Largest Unsecured Creditors

CELL THERAPEUTICS: Partial Clinical Hold on Tosedostat Removed
CENGAGE LEARNING: To Spar with Creditors over Arrangers' Fees
CHRISTIAN BROTHERS: Archbishop of Seattle Objects to Exit Plan
COMARCO INC: Board OKs Deferred Compensation for CEO
COMPREHENSIVE CARE: Sells Unit's Capital Stock to Imagen for $100

CONSTAR INTERNATIONAL: Has 5-Member Creditors' Committee
CONSTAR INTERNATIONAL: Sec. 341 Creditors' Meeting Set for Jan. 28
CONSTAR INTERNATIONAL: Seeks More Time to File Schedules
CONVERGYS CORP: Moody's Reviews 'Ba1' CFR for Downgrade
CYCLONE POWER: Inks $220K Securities Purchase Deal With Peak One

DETROIT, MI: Manager Freezes Pension Fund, Creates 401k-Type Plan
DEXIA SA: Sells Remaining Stake in Popular Banca Privada
DIAMOND ONE DENTAL: Case Summary & 5 Unsecured Creditors
DIOCESE OF GALLUP, NM: U.S. Trustee Appoints Creditors Committee
DIOCESE OF GALLUP, NM: Obtains Loans to Pay Professional Fees

DIOCESE OF GALLUP, NM: Value of Assets Yet to Be Determined
EAGLE EYES: Voluntary Chapter 11 Case Summary
EARTHBOUND HOLDINGS III: S&P Withdraws 'B-' Corp. Credit Rating
ECONOMY HOME: Voluntary Chapter 11 Case Summary
EDENOR SA: Shareholders Approve Merger With Emdersa Holding

EMERALD EXPOSITIONS: Loan Upsize No Impact on Moody's 'B3' CFR
EPAZZ INC: Asher Enterprises Held 9.9% Equity Stake at Dec. 31
EVERGREEN INTERNATIONAL: Sued Again for Wages After Mass Firings
EVOLUCIA INC: Has $3.43-Mil. Net Loss for Q3 Ended Sept. 30
FIRST NATIONAL COMMUNITY: Shareholders' Meeting Held Dec. 23

FLETCHER INTERNATIONAL: Sued by Trustee for $143 Million
FRESH & EASY: Vows to Pay Creditors Fully From Sales
FUN VALLEY PARK: Case Summary & 14 Unsecured Creditors
FURNITURE BRANDS: Sale of Roble Road Property Approved
GASCO ENERGY: To Suspend Reporting Obligations with SEC

GELTECH SOLUTIONS: Reports $1.91-Mil. Net Loss in Sept. 30 Quarter
GENERAL STEEL: Stockholders Elect Five Directors
GIGGLES N HUGS: Posts $356K Net Loss in Quarter Ended Sept. 29
GLOBALSTAR INC: Thermo Invests Additional $13.5 Million
GREEN AUTOMOTIVE: Files Amendment No. 2 to Q2 2013 Form 10-Q

GREEN AUTOMOTIVE: Amends Form 10-Q for Third Quarter 2013
GREEN FIELD ENERGY: Committee Wants Examiner for Secret Reasons
GREEN FIELD ENERGY: Government Claims Bar Date Set for April 25
HARRIS MANUFACTURING: Case Summary & Largest Unsecured Creditor
HOVNANIAN ENTERPRISES: S&P Assigns CCC Rating to New $150MM Notes

IBAHN CORP: Seeks More Time to Find Buyer
IMS HEALTH: S&P Puts 'B+' Corp. Credit Rating on Watch Positive
IN PLAY: Homeowners Object to Plan of Reorganization
INFINITY ENERGY: Amegy Bank Hikes Equity Stake to 22.3%
INNOVATIVE RESTAURANT: Case Summary & 20 Top Unsecured Creditors

IVEDA SOLUTIONS: Posts $1.57-Mil. Net Loss in Q3 Ended Sept. 30
JEH COMPANY: Wants to Sell 2 Vehicles Pledged to Frost Bank
JEH COMPANY: Wants to Sell Vehicles, Wells Fargo to Get Proceeds
KAMAYAN HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
LAKELAND INDUSTRIES: HSBC Facility Extended for One Year

LEHMAN BROTHERS: Inks Deal With BP 399 Park Avenue to Settle Claim
LEHMAN BROTHERS: BNY Mellon's $201.9MM Claim vs. LBI Subordinated
LEHMAN BROTHERS: Thomas Drops Appeal on Claim Disallowance
LEHMAN BROTHERS: Parkes Deal Could Take Months to Finalize
LIBERTY PROPERTY: Leverage Hike Prompts Fitch to Lower Ratings

LIGHTSQUARED INC: No Plan Has Affirmative Creditor Votes
LIGHTSQUARED INC: Some Lenders Oppose New Financing Arrangement
LIME ENERGY: Issues 400,000 Pref. Shares to Investor Group
LOCATION BASED TECHNOLOGIES: Expects $416K of Revenue in Q1 2014
LOEHMANN'S HOLDINGS: Receives Liquidation Sale Approval

LOEHMANN'S HOLDINGS: Sells Assets to 3 Buyers at Auction
LOMBARD PUBLIC: S&P Lowers LT Rating to 'D' Over Payment Default
LONE PINE: On Track for Reorganization by Jan. 31
MAGIC APPAREL: Case Summary & 4 Unsecured Creditors
MITCHELL BRIDGE: Case Summary & 5 Largest Unsecured Creditors

MITEL NETWORKS: Moody's Lifts CFR to 'B2' & Rates New Debt 'Ba3'
MS CARGO: Case Summary & 18 Largest Unsecured Creditors
MT. LAUREL LODGING: Can Hire Taft Stettinius as Co-Counsel
MT. LAUREL LODGING: Court Approves Motion to Use Cash Collateral
MT. LAUREL LODGING: NRB Objects to Perkins Coie Employment

MUSCLEPHARM CORP: Sydney Rollock to Serve as CMO
NEP/NCP HOLDCO: Moody's Lowers 1st Lien Debt Rating to 'B2'
NEP/NCP HOLDCO: S&P Affirms 'B' CCR Over Global TV Purchase
NEWLEAD HOLDINGS: Regains Compliance with NASDAQ Listing Rules
NEWPAGE HOLDINGS: Verso Takes Reorganized Firm for $1.4 Billion

NORTEL NETWORKS: Settlement Between U.S., European Units Approved
OCZ TECHNOLOGY: Secured Creditors Group Supports Assets Sale
OCZ TECHNOLOGY: Panel Hires BDO USA as Financial Advisor
OCZ TECHNOLOGY: Hires Deutsche Bank as Investment Banker
OCZ TECHNOLOGY: Creditors Committee Opposes Executive Bonuses

OGX PETROLEO: Has 15 Days to Pay Oil Field Investments
ORCKIT COMMUNICATIONS: Shareholders Re-elect 3 Directors to Board
OSAGE EXPLORATION: Controls 53% of Nemaha Ridge Project Operations
OZARK MOUNTAIN: Case Summary & 11 Largest Unsecured Creditors
PATIENT SAFETY: Inks $2.3MM Patent Agreement with ClearCount

PATIENT SAFETY: To be Acquired by Stryker for $120 Million
PINE VIEW REALTY: Voluntary Chapter 11 Case Summary
PROVIDENT COMMUNITY: Terminates Registration of Common Shares
PSM HOLDINGS: Incurs $1.53-Mil. Net Loss for Third Quarter
PWK TIMBERLAND: Withdrawing Members Object to Disclosure Statement

RADIO ONE: Moody's Alters Outlook to Positive & Affirms 'Caa1' CFR
RAM OF EASTERN: Court Confirms Plan of Reorganization
REEVES DEVELOPMENT: Iberiabank Seeks to Convert Case to Ch. 7
RESIDENTIAL CAPITAL: U.S. Trustee Objects to $2MM Bonus for CRO
S.A.B. INVESTMENTS: Voluntary Chapter 11 Case Summary

SAVIENT PHARMACEUTICALS: Wind Down Personnel Hiring Approved
SCIENTIFIC LEARNING: Suspending Reporting Obligations with SEC
SCIENTIFIC LEARNING: Trigran Held 23.2% Equity Stake at Dec. 31
SHAFER BROTHERS: Case Summary & 20 Largest Unsecured Creditors
SIMPLY WHEELZ: Rival Bidder Sixt Appeals Advantage Rent a Car Sale

SOLAR POWER: Amends Q2 Form 10-Q to Correct Classification Errors
SPINDLE INC: Posts $747K Net Loss in Third Quarter of 2013
SUMMIT MATERIALS: Moody's Cuts CFR to B3 & Rates Senior Notes Caa3
SUMMIT MATERIALS: S&P Raises Rating on $150MM Debt to 'BB-'
SURGERY CENTER: Moody's Affirms B3 CFR & Rates 2nd Term Loan Caa2

STELLAR BIOTECHNOLOGIES: Incurs $14.9 Million Loss in 2013
T3 MOTION: Adam Benowitz Held 8.4% Equity Stake at Dec. 18
TAMRAC INC: Case Summary & 20 Largest Unsecured Creditors
TAYLOR BEAN: Settles $5.4 Billion Ginnie Mae Claim
TOWER GROUP: Plan Merger Cues Fitch to Revise Rating Status

UNI-PIXEL INC: Appoints Interim Co-President and Co-CEO
UNIVERSITY GENERAL: To Host Investor Conference on Feb. 3-4
UPPER VALLEY COMMERCIAL: Taps McLane as Securities Counsel
UPPER VALLEY COMMERCIAL: Proposes Tamposi Law Group as Counsel
UPPER VALLEY COMMERCIAL: N.H. Objects to Borrowing Requests

UPPER VALLEY COMMERCIAL: Amends List of 20 Top Unsecured Creditors
USG CORP: Warren Buffett Held 30.5% Equity Stake at Dec. 9
VIGGLE INC: Accel IX Held 6.3% Equity Stake at December 16
VISION INDUSTRIES: Amends Sept. 30, 2013 Quarter Form 10-Q
W.R. GRACE: Seeks Approval of Deal With Bank Lender Group

W.R. GRACE: Completes Purchase of Dow's UNIPOL Process
WAVE SYSTEMS: Inks Employment Agreement with CEO
WESTERN FUNDING: Judge Approves Sale to Westlake Services
WPCS INTERNATIONAL: Discusses New Contracts, Operations Update

* Creditors of Distressed Companies Seek Disclosures
* Rules Proposed to Curb Muni-Bond Advisers
* Filings Drop 13% as December Marks 6-Year Low

* Yellen Confirmed as Fed Chief
* SEC Names Michael Osnato as Enforcement Division Unit Chief

* Moody's Says Oversupply to Cool Oil Prices in North America

* NewOak Appoints Neil McPherson as Head of Business Development


                            *********

1ST FINANCIAL: Merges with First Citizens Bank
----------------------------------------------
First-Citizens Bank & Trust Company filed articles of merger with
the North Carolina Secretary of State on Dec. 31, 2013.  In
accordance with the Articles of Merger, 1st Financial Services
Corporation and its subsidiary, Mountain 1st Bank & Trust Company,
merged with and into First Citizens Bank effective as of 12:01
a.m. on Jan. 1, 2014.

The shareholders of 1st Financial have approved the Merger at a
special meeting held on Dec. 10, 2013.

In a separate regulatory filing with the U.S. Securities and
Exchange Commission, 1st Financial filed a post-effective
amendment to its registration statement on Form S-8 filed with the
SEC on Dec. 2, 2008, to remove from registration any securities
that remain unsold (1,174,590 shares) under that Registration
Statement.  The Company registered 1,292,890 shares of the common
stock, $5.00 par value per share, of the Company for issuance
under the Company's four stock-based incentive plans - Director
Stock Option Plan, Employee Stock Option Plan, 2008 Omnibus Equity
Plan and 2008 Employee Stock Purchase Plan.

                        About 1st Financial

Hendersonville, North Carolina-based 1st Financial Services
Corporation is the bank holding company for Mountain 1st Bank &
Trust Company.  1st Financial has essentially no other assets or
liabilities other than its investment in the Bank.  1st
Financial's business activity consists of directing the activities
of the Bank.  The Bank has a wholly owned subsidiary, Clear Focus
Holdings LLC.

The Bank was incorporated under the laws of the state of North
Carolina on April 30, 2004, and opened for business on May 14,
2004, as a North Carolina chartered commercial bank.  At Dec. 31,
2011, the Bank was engaged in general commercial banking primarily
in nine western North Carolina counties: Buncombe, Catawba,
Cleveland, Haywood, Henderson, McDowell, Polk, Rutherford, and
Transylvania.  The Bank operates under the banking laws of North
Carolina and the rules and regulations of the Federal Deposit
Insurance Corporation (the FDIC).

As a North Carolina bank, the Bank is subject to examination and
regulation by the FDIC and the North Carolina Commissioner of
Banks.  The Bank is further subject to certain regulations of the
Federal Reserve governing reserve requirements to be maintained
against deposits and other matters.  The business and regulation
of the Bank are also subject to legislative changes from time to
time.

The Bank's primary market area is southwestern North Carolina.
Its main office and Hendersonville South office are located in
Hendersonville, North Carolina.  At Dec. 31, 2011, the Bank also
had full service branch offices in Asheville, Brevard, Columbus,
Etowah, Forest City, Fletcher, Hickory, Marion, Shelby, and
Waynesville, North Carolina.  The Bank's loans and deposits are
primarily generated from within its local market area.

1st Financial reported net income of $1.27 million in 2012 as
compared with a net loss of $20.47 in 2011.  The Company's balance
sheet at Sept. 30, 2013, showed $674.65 million in total assets,
$664.70 million in total liabilities and $9.95 million in total
stockholders' equity.

Elliott Davis, PLLC, in Greenville, South Carolina, 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 that
have eroded regulatory capital ratios, and the Company's wholly
owned subsidiary, Mountain 1st Bank & Trust Company, is under a
regulatory Consent Order with the Federal Deposit Insurance
Corporation and the North Carolina Commissioner of Banks that
requires, among other provisions, capital ratios to be maintained
at certain heightened levels.  In addition, the Company is under a
written agreement with the Federal Reserve Bank of Richmond that
requires, among other provisions, the submission and
implementation of a capital plan to improve the Company and the
Bank's capital levels.  As of Dec. 31, 2012, both the Bank and the
Company are considered "significantly undercapitalized" based on
their respective regulatory capital levels.


41 FOREST REALTY: Case Summary & 2 Unsecured Creditors
------------------------------------------------------
Debtor: 41 Forest Realty, LLC
        c/o Forest Pizza
        90 Forest Avenue
        Glen Cove, NY 11542

Case No.: 14-70023

Chapter 11 Petition Date: January 6, 2014

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

Judge: Hon. Robert E. Grossman

Debtor's Counsel: Howard B Kleinberg, Esq.
                  MEYER SUOZZI ENGLISH & KLEIN P.C.
                  990 Stewart Avenue Suite 300
                  PO Box 9194
                  Garden City, NY 11530-9194
                  Tel: (516) 741- 6565
                  Fax: (516) 741- 6706
                  Email: hkleinberg@MSEK.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Salvatore Guastella, managing member.

A list of the Debtor's two largest unsecured creditors is
available for free at http://bankrupt.com/misc/nyeb14-70023.pdf


AFFIRMATIVE INSURANCE: Extends Employments of Executives to 2016
----------------------------------------------------------------
Affirmative Insurance Holdings, Inc., entered into:

   (i) a Second Amended and Restated Executive Employment
       Agreement with Michael J. McClure, the Company's chief
       executive officer;

  (ii) a Third Amended and Restated Executive Employment Agreement
       with Joseph G. Fisher, the Company's president and chief
       operating officer; and

(iii) an Executive Employment Agreement with Earl R. Fonville,
       the Company's executive vice president and chief financial
       officer.

The McClure Agreement is effective as of Dec. 1, 2013, and
provides for, among other things: (i) an annual base salary of
$650,000; (ii) eligibility to participate in the Company's bonus
plans with eligibility for an annual cash bonus target of 100
percent of Mr. McClure's base salary; (iii) eligibility to
participate in the Company's 2004 Amended and Restated Stock
Incentive Plan; and (iv) all benefits as are generally provided by
the Company to all of its executive officers, including but not
limited to participation in any group life, health, dental,
vision, disability or accident insurance programs, 401(k) plans,
or supplemental retirement, deferred compensation or vacation
plans.  The McClure Agreement has a term through Nov. 30, 2016,
unless the Company provides written notice of its intention to
renew or extend the McClure Agreement at least six months before
the last day of the term.

The Fisher Agreement is effective as of Nov. 1, 2013, and provides
for, among other things: (i) an annual base salary of $450,000;
(ii) eligibility to participate in the Company's bonus plans with
eligibility for an annual cash bonus target of no less than 85
percent of Mr. Fisher's base salary; (iii) eligibility to
participate in the Company's 2004 Amended and Restated Stock
Incentive Plan; and (iv) all benefits as are generally provided by
the Company to all of its executive officers, including but not
limited to participation in any group life, health, dental,
vision, disability or accident insurance programs, 401(k) plans,
or supplemental retirement, deferred compensation or vacation
plans.  The Fisher Agreement has a term through Nov. 30, 2016,
unless the Company provides written notice of its intention to
renew or extend the Fisher Agreement at least six months before
the last day of the term.

The Fonville Agreement is effective as of Dec. 1, 2013, and
provides for, among other things: (i) an annual base salary of
$300,000; (ii) eligibility to participate in the Company's bonus
plans with eligibility for an annual cash bonus target of no less
than 65 percent of Mr. Fonville's base salary; (iii) eligibility
to participate in the Company's 2004 Amended and Restated Stock
Incentive Plan; and (iv) all benefits as are generally provided by
the Company to all of its executive officers, including but not
limited to participation in any group life, health, dental,
vision, disability or accident insurance programs, 401(k) plans,
or supplemental retirement, deferred compensation or vacation
plans.  The Fonville Agreement has a term through Nov. 30, 2016,
unless the Company provides written notice of its intention to
renew or extend the Fonville Agreement at least six months before
the last day of the term.

In addition, the Compensation Committee of the Company's Board of
Directors approved the base salary increases for Mr. McClure to
$650,000 and Mr. Fisher to $450,000 to be retroactively effective
April 1, 2013.

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

                        http://is.gd/DFj5OO

                    About Affirmative Insurance

Addison, Tex.-based Affirmative Insurance Holdings, Inc., is a
distributor and producer of non-standard personal automobile
insurance policies for individual consumers in targeted geographic
markets.  Non-standard personal automobile insurance policies
provide coverage to drivers who find it difficult to obtain
insurance from standard automobile insurance companies due to
their lack of prior insurance, age, driving record, limited
financial resources or other factors.  Non-standard personal
automobile insurance policies generally require higher premiums
than standard automobile insurance policies for comparable
coverage.

The Company's balance sheet at Sept. 30, 2013, showed $386.03
million in total assets, $476.73 million in total liabilities and
a $90.70 million total stockholders' deficit.

"At December 31, 2012, the Company's history of recurring losses
from operations, its failure to comply with the Financial
Covenants in its senior secured credit facility, its failure to
comply with the Illinois Department of Insurance reserve
requirement, and substantial liquidity needs the Company would
face when the senior secured credit facility was set to expire in
January 2014 raised substantial doubt about the Company's ability
to continue as a going concern," the Company said in the quarterly
report for the period ended Sept. 30, 2013.


ALTREC INC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Altrec, Inc.
        725 SW Umatilla Ave
        Redmond, OR 97756

Case No.: 14-30037

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       District of Oregon

Judge: Hon. Randall L. Dunn

Debtor's Counsel: David A Foraker, Esq.
                  GREENE & MARKLEY, P.C.
                  1515 SW 5th Ave #600
                  Portland, OR 97201
                  Tel: (503) 295-2668
                  Email: david.foraker@greenemarkley.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Michael Morford, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/orb14-30037.pdf


AMERICAN AIRLINES: LAX Wants Dispute in U.S. District Court
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that reorganized American Airlines Group Inc. could find
itself in a California federal district court rather than in the
New York bankruptcy court to resolve how much is owed for
maintenance and operation of the airline's facilities at Terminal
4 at Los Angeles International Airport.

According to the report, the airline has disputes going back to
2006, when LAX -- as the airport is known -- changed the formula
to charge for maintenance at the terminals.  Since then, every
airline other than American has come to an agreement with LAX on a
new cost structure.

In bankruptcy court, American agreed to abide by the pre-
bankruptcy agreements with LAX, saving for later determination of
what, if anything, is owed for increased costs.

LAX scheduled a Jan. 16 hearing in the New York bankruptcy court
on a request for permission to sue American in federal district
court in California to decide how much is owed going forward and
before the company's emergence from bankruptcy.

The airport, seeking a jury trial in district court, said a
bankruptcy judge can only decide part of the dispute dealing with
the amount owed prior to emergence.

LAX said that other creditors won't be harmed by a lawsuit in
district court because everyone is being paid in full, with AMR
shareholders receiving some of the stock in the reorganized,
merged airline.

                     About American Airlines

AMR Corp. and its subsidiaries including American Airlines, the
third largest airline in the United States, filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan
on Nov. 29, 2011, after failing to secure cost-cutting labor
agreements.  AMR, previously the world's largest airline prior to
mergers by other airlines, is the last of the so-called U.S.
legacy airlines to seek court protection from creditors.

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

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

The Retiree Committee is represented by Jenner & Block LLP's
Catherine L. Steege, Esq., Charles B. Sklarsky, Esq., and Marc B.
Hankin, Esq.

AMR and US Airways Group, Inc., on Feb. 14, 2013, announced a
definitive merger agreement under which the companies will combine
to create a premier global carrier, which will have an implied
combined equity value of approximately $11 billion.

The bankruptcy judge on Sept. 12, 2013, confirmed AMR Corp.'s plan
to exit bankruptcy through a merger with US Airways.  By
distributing stock in the merged airlines, the plan is designed to
pay all creditors in full, with interest.

Judge Sean Lane confirmed the Plan despite the lawsuit filed by
the U.S. Department of Justice and several states' attorney
general complaining that the merger violates antitrust laws.

In November 2013, AMR and the U.S. Justice Department a settlement
of the anti-trust suit.  The settlements require the airlines to
shed 104 slots at Reagan National Airport in Washington and 34 at
LaGuardia Airport in New York.

AMR stepped out of Chapter 11 protection after its $17 billion
merger with US Airways was formally completed on Dec. 9, 2013.


ARCHDIOCESE OF MILWAUKEE: De Sales Tolling Period Okayed
--------------------------------------------------------
The Archdiocese of Milwaukee won bankruptcy court approval of a
deal it made with De Sales Preparatory Seminary, Inc. and the
official committee of unsecured creditors.

Under the deal, the parties agreed to extend to June 30, 2014,
the so-called "tolling period" or the period for the
archdiocese's bankruptcy estate to bring potential claims for
relief against De Sales under Chapter 5 of the Bankruptcy Code.

The tolling period is set to expire on January 4, according to
court filings.  A copy of the agreement is available for free at
http://is.gd/erHEap

The archdiocese also obtained court approval of a similar deal it
made with the unsecured creditors' committee and the trustees of
the Faith in Our Future Trust.

The deal also extends the tolling period under the parties'
tolling agreement to June 30, 2014.  The agreement can be
accessed for free at http://is.gd/KCRnPY

The committee is represented by:

         James I. Stang, Esq.
         Kenneth H. Brown, Esq.
         Gillian N. Brown, Esq.
         PACHULSKI STANG ZIEHL & JONES LLP
         10100 Santa Monica Blvd., 13th Floor
         Los Angeles, CA 90067
         Tel: (310) 277-6910
         Fax: (310) 201-0760
         E-mail: jstang@pszjlaw.com
                 kbrown@pszjlaw.com
                 gbrown@pszjlaw.com

             - and -

         Albert Solochek, Esq.
         Jason R. Pilmaier, Esq.
         HOWARD, SOLOCHEK & WEBER, S.C.
         324 E. Wisconsin Ave., Suite 1100
         Milwaukee, WI 53202
         Tel: (414) 272-0760
         Fax: (414) 272-7265
         E-mail: asolochek@hswmke.com
                 jpilmaier@hswmke. com

De Sales Preparatory is represented by:

         Randall D. Crocker, Esq.
         VON BRIESEN & ROPER S.C.
         411 East Wisconsin Avenue, Suite 1000
         Milwaukee, WI 53202
         Tel: (414) 287-1238
         Fax: (414) 238-6532
         E-mail: rcrocker@vonbriesen.com

FOFT is represented by:

         Peter C. Blain, Esq.
         REINHART BOERNER VAN DEUREN S.C.
         1000 North Water Street, Suite 1700
         Milwaukee, WI 53202
         Tel: (414) 298-2129
         Fax: (414) 298-8097
         E-mail: pblain@reinhartlaw.com

                  About Archdiocese of Milwaukee

The Diocese of Milwaukee was established on Nov. 28, 1843, and
was elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius
IX.  The region served by the Archdiocese consists of 4,758 square
miles in southeast Wisconsin which includes counties Dodge, Fond
du Lac, Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth,
Washington and Waukesha.  There are 657,519 registered Catholics
in the Region.

The Catholic Archdiocese of Milwaukee, in Wisconsin, filed for
Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case No.
11-20059) on Jan. 4, 2011, to address claims over sexual abuse
by priests on minors.

The Archdiocese became at least the eighth Roman Catholic diocese
in the U.S. to file for bankruptcy to settle claims from current
and former parishioners who say they were sexually molested by
priests.

Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., in
Milwaukee, Wisconsin, serves as the Archdiocese's counsel.  The
Official Committee of Unsecured Creditors in the bankruptcy case
has retained Pachulski Stang Ziehl & Jones LLP as its counsel, and
Howard, Solochek & Weber, S.C., as its local counsel.

The Archdiocese estimated assets and debts of $10 million to
$50 million in its Chapter 11 petition.

(Catholic Church Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ARINC INC: Moody's Withdraws Ratings Following Rockwell Sale
------------------------------------------------------------
Moody's Investors Service withdrew all ratings assigned to
Arinc Incorporated including the B2 Corporate Family Rating, B2-PD
Probability of Default rating, the B1 senior secured rating
assigned to the company's term loan and letter of credit facility
and the Caa1 rating assigned to the second lien term loan.

Ratings Rationale

Moody's withdrew the credit ratings following the completion of
Rockwell Collins' acquisition of Arinc, on December 23rd. As part
of the transaction, the company's rated debt was fully repaid and
is no longer outstanding.

Arinc Incorporated, headquartered in Annapolis, MD, is a provider
of communications information technology products and services and
engineering services to the commercial aviation industry as well
as government agencies.


AS SEEN ON TV: Executes MoU to Acquire Infusion Brands
------------------------------------------------------
As Seen On TV, Inc., has signed a memorandum of understanding to
acquire Infusion Brands International, Inc., the marketer behind
the globally renowned "Dual" brand and strategic partner of Ronco
Holdings.  The transaction is anticipated to be an all-stock
transaction resulting in pro-forma ownership of one-quarter As
Seen On TV, Inc. shareholders to three-quarters Infusion Brands
shareholders.  The transaction is expected to close in the first
quarter of 2014.

The combined companies will be based in Clearwater, FL, and will
feature a powerful portfolio of revenue generating direct response
brands including AsSeenOnTV.com, eDiets, DualSaw, Dual Tools and
D.O.C. cleaning.  Similar to As Seen on TV, Infusion Brands has
successfully marketed brands in all channels of distribution,
driving retail sales through direct response marketing initiatives
as well as live television shopping.  Infusion Brands has expanded
its distribution both domestically and internationally such as
through global live shopping channels QVC (US, Italy, UK), HSN
(US), ShopNBC (US), The Shopping Channel (Canada), HSE24
(Germany), and IdealWorld (UK). Moreover, Infusion Brands has also
expanded its own global wholesale and retail distribution network
that will be leveraged by the combined entities.

Additionally, Infusion Brands has a strategic partner with Ronco
Holdings, Inc., owner of the popular consumer housewares brand
founded by Ron Popeil.  Ronco announced last week that well-known
television pitchman Marc Gill will be its new brand ambassador
beginning with airings on HSN as early as February 2014.  Ronco's
strategic partnership with Mr. Gill and Infusion Brands will
continue with the As Seen on TV acquisition.

"Infusion Brands has terrific brands and is renowned for its
breakthrough design and innovation heritage," said Ronald C.
Pruett, Jr., CEO and president of As Seen On TV, Inc.  "This is a
significant step for As Seen On TV and our multichannel
distribution platform.  The new brands and distribution
opportunities, including global retail, should dramatically
increase the As Seen on TV inventor licensing opportunities along
with our online ecommerce and crowdfunding site traffic," said Mr.
Pruett.

"We couldn't be more excited about the endless growth
opportunities for these two companies and our respective brands
and partners around the world," stated Bob DeCecco, CEO and
Director of Infusion Brands.  "By consolidating our brand assets,
management and revenues, we immediately accelerate our ability to
create more awareness for our brands while monetizing these
combined assets.  I look forward to working alongside Ron and our
respective management teams as we continue to create a truly
exciting and innovative consumer products company."  Mr. DeCecco
will become the CEO of the combined entities upon closing of the
merger.

A copy of the Memorandum of Understanding is available at:

                        http://is.gd/rmXUUO

On Dec. 23, 2013, As Seen On TV entered into a Note Purchase
Agreement with Infusion Brands pursuant to which the Company will
issue up to five promissory notes in order to borrow up to
$500,000 from Infusion Brands on an unsecured basis.

Interest will accrue on the Notes at a rate of 12 percent per
annum.  All principal and accrued interest is due and payable in
full on the maturity date of the Notes.  The Notes will mature on
June 30, 2014, or such earlier date as either of the following
occurs: (i) the Dec. 18, 2013, memorandum of understanding
terminates without the parties having entered into a definitive
agreement providing for the acquisition of Infusion Brands by the
Company, or (ii) the definitive agreement is terminated by the
Company without the acquisition referenced therein having been
completed.

Under the Note Purchase Agreement, the Company must comply with a
number of covenants, including a covenant to provide Infusion
Brands with written notice of the occurrence of any event
constituting an adverse change.  On Dec. 23, 2013, the Company
issued the first of the Notes, in the original principal amount of
$150,000.

                        About As Seen on TV

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

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

As Seen On TV disclosed net income of $3.69 million on $10.10
million of revenues for the year ended March 31, 2013, as compared
with a net loss of $8.07 million on $8.16 million of revenues
during the prior year.

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

The Company's balance sheet at Sept. 30, 2013, showed $7.78
million in total assets, $7.81 million in total liabilities and a
$31,075 total shareholders' deficit.

                         Bankruptcy Warning

"At September 30, 2013, we had a cash balance of approximately
$340,000, a working capital deficit of approximately $5.7 million
and an accumulated deficit of approximately $25.0 million.  We
have experienced losses from operations since our inception, and
we have relied on a series of private placements and convertible
debentures to fund our operations.  The Company cannot predict how
long it will continue to incur losses or whether it will ever
become profitable."

"There can be no assurance that we will be able to secure the
additional funding we need.  If our efforts to do so are
unsuccessful, we will be required to further reduce or eliminate
our operations and/or seek relief through a filing under the U.S.
Bankruptcy Code.  These factors, among others, raise substantial
doubt about our ability to continue as a going concern," the
Company said in its quarterly report for the period ended
Sept. 30, 2013.


ASPEN GROUP: Has 11.3MM Shares Available Under 2012 Incentive Plan
------------------------------------------------------------------
Aspen Group, Inc., amended its 2012 Equity Incentive Plan to
increase the authorized shares available under the Plan by
2,000,000 shares to 11,300,000 shares.

                         About Aspen Group

Denver, Colo.-based Aspen Group, Inc., was founded in Colorado in
1987 as the International School of Information Management.  On
Sept. 30, 2004, it was acquired by Higher Education Management
Group, Inc., and changed its name to Aspen University Inc.  On
May 13, 2011, the Company formed in Colorado a subsidiary, Aspen
University Marketing, LLC, which is currently inactive.  On
March 13, 2012, the Company was recapitalized in a reverse merger.

Aspen's mission is to become an institution of choice for adult
learners by offering cost-effective, comprehensive, and relevant
online education.  Approximately 88 percent of the Company's
degree-seeking students (as of June 30, 2012) were enrolled in
graduate degree programs (Master or Doctorate degree program).
Since 1993, the Company has been nationally accredited by the
Distance Education and Training Council, a national accrediting
agency recognized by the U.S. Department of Education.

The Company reported a net loss of $6.01 million on $2.68 million
of revenues for the year ended Dec. 31, 2012, as compared with a
net loss of $2.13 million on $2.34 million of revenues during the
prior year.  The Company's balance sheet at Oct. 31, 2013, showed
$4.49 million in total assets, $5.45 million in total liabilities
and a $957,652 total stockholders' deficiency.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the transition period ending April 30, 2013.  The independent
auditors noted that the Company has a net loss allocable to common
stockholders and net cash used in operating activities for the
four months ended April 30, 2013, of $1,402,982 and $918,941,
respectively, and has an accumulated deficit of $12,740,086 at
April 30, 2013.  These matters raise substantial doubt about the
Company's ability to continue as a going concern.


ASR-FOUNTAINVIEW PLACE: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 cases:

       Debtor                                Case No.
       ------                                --------
       ASR-Fountainview Place LP             14-30175
       2401 Fountain View Dr., Suite 750
       Houston, TX 77057

       ASR-8 Centre, LP                      14-30174
       2401 Fountain View Dri., Suite 750
       Houston, TX 77057

       ASR-Parkway One & Two, LP             14-30176
       2401 Fountain View Dr., Suite 750
       Houston, TX 77057

Chapter 11 Petition Date: January 6, 2014

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

Debtors' Counsel: William Alfred Wood, III, Esq.
                  BRACEWELL & GIULIANI LLP
                  711 Louisiana St, Ste 2300
                  Houston, TX 77002-2781
                  Tel: 713-223-2300
                  Fax: 713-221-1212
                  Email: Trey.Wood@bgllp.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petitions were signed by William J. Carden, officer of
Debtor's general partner.

A list of ASR-Fountainview's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/txsb14-30175.pdf

A list of ASR-Parkway's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/txsb14-30176.pdf

A list of ASR-8's 18 largest unsecured creditors is available for
free at http://bankrupt.com/misc/txsb14-30174.pdf


BAJA MINING: Posts $1.2-Mil. Net Loss in Q3 Ended Sept. 30
----------------------------------------------------------
Baja Mining Corp. filed with the U.S. Securities and Exchange
Commission its quarterly report disclosing a net loss of $1.2
million for the three months ended Sept. 30, 2013, compared to a
net loss of $151.78 million for the same period in 2012.

The Company's balance sheet at Sept. 30, 2013, showed
$25.05 million in total assets, $12.91 million in total
liabilities, and stockholders' equity of $12.13 million.

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

                       http://is.gd/omcA2D

                     Going Concern Uncertainty

The Company said that as at June 30, 2013, MMB remains in an Event
of Default.  Should MMB remain in an Event of Default and be
unable to negotiate an extension to the latest standstill
agreement that expired in May 2013, as a result of this (or any
other arising) default, the Remaining 2010 Project Finance Lenders
may exercise any combination of available remedies, including
accelerated payment demand of the debt facilities.

"Under the terms of the current senior lending facilities
completion guarantee, the Company is liable as a guarantor for its
proportionate obligation (70%) of the senior borrowings and any
amounts required under the economic completion guarantee.

"Critical factors, amongst others, impacting the likelihood of any
demand arising under the senior borrowing guarantee and,
therefore, the Company's ability to continue as a going concern,
include the following: (i) the continued funding to the Boleo
Project by the Consortium or KORES; (ii) the continued support of
the Remaining 2010 Project Financing Lenders in choosing not to
exercise any further remedies available to them under the Event of
Default; (iii) the agreement on a new standstill agreement and/or
the reinstatement or replacement of the Remaining 2010 Project
Financing; (iv) the completion of development of the Boleo
Project; and (v) establishing profitable operations.

"In addition, should the Company be required to repay to the
Consortium the refundable manganese deposit liability of
$10 million, it currently has insufficient funds available to
settle this liability.

"The success of these factors above cannot be assured and,
accordingly, there is substantial doubt about the Company's
ability to continue as a going concern."

                         About Baja Mining

Vancouver, Canada-based Baja Mining Corp. was incorporated on
July 15, 1985, under the Company Act (British Columbia).  The
Company's principal asset is its investment in the Boleo Project,
a copper-cobalt-zinc-manganese deposit located near Santa Rosalia,
Baja California Sur, Mexico.  The Project is currently under
construction, and surface and underground mining activities have
commenced.  Baja controlled and operated the Boleo Project up
until the change in control of Minera y Metalurgica del Boleo
S.A.P.I. de C.V. ("MMB") on Aug. 27, 2012.  In addition, the
Company intends to investigate and potentially pursue alternative
project opportunities (see "Cinto Colorado Option Agreement").

As at June 30, 2013, the Company owned a 15.7% interest in the
Project through its wholly owned Luxembourg subsidiary, Baja
International S.a r.l., which owns 100% of a Luxembourg
subsidiary, Boleo International S.a r.l., which in turn owned
15.7% of the shares of MMB.  MMB holds all mineral and property
rights in the Project.  As at June 30, 2013, the remaining 84.3%
of MMB was indirectly owned by members of a Korean consortium (the
"Consortium"), comprised of KORES, LS-Nikko Copper Inc., Hyundai
Hysco Co. Ltd., SK Networks Co. Ltd., and Iljin Materials Co.
Ltd., which acquired an initial 30% interest in June 2008.  During
the quarter ended June 30, 2013, after giving effect to
contributions by KORES, Baja's interest in MMB was reduced from
26.2% to 20.9% on April 18, 2013, and to 15.7% on May 10, 2013.
Subsequent to the quarter end, KORES contributed further funds to
MMB completing the Phase II Funding Requirement and reducing the
Company's interest in MMB to 10%.

Following the loss of control of MMB on Aug. 27, 2012, the Company
is no longer the operator of the Boleo Project and no longer has
day-to-day involvement in the management and development of the
Project.  The Company's current focus is on addressing outstanding
matters relating to the change of control in MMB and considering
alternative opportunities for the benefit of its stakeholders.


BELO CORP: Fitch Withdraws Ratings After Closing of Gannett Buyout
------------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating (IDR) of Belo
Corporation (Belo) at 'BB', following the completion of Gannett
Co. Inc.'s (Gannett) planned acquisition of Belo.  Fitch also
assigns a Positive Outlook; the ratings were previously on Rating
Watch Positive.  Following the rating affirmation, Fitch has
withdrawn Belo's IDR and all issue ratings.  The withdrawal of the
ratings follows the reorganization of Belo.

On Dec. 23, 2013, Gannett completed the acquisition of Belo.
Gannett paid $1.5 billion in cash for Belo's equity and assumed
Belo's $715 million in senior unsecured notes.  The ratings and
Positive Outlook reflected the combined credit profile which will
benefit the bondholders of Belo's notes.  Fitch estimates
Gannett/Belo's consolidated pro forma gross unadjusted leverage of
2.8x as of Sept. 30, 2013 (pro forma for Gannett's merger
financing notes, consisting of $600 million notes due 2019 and
$650 million notes due 2023 issued in October 2013).  Gannett
stated its intention to reduce levels of debt following the
acquisition; however, Gannett has not stated a leverage target or
an absolute debt balance target.  The Positive Outlook reflected
the potential for a one-notch IDR upgrade, which may have been
supported by sustained leverage in the mid to low 2x in odd years
(recognizing that leverage would be lower in even years).

Fitch has affirmed the following ratings:

  -- IDR at 'BB';
  -- Guaranteed senior unsecured notes at 'BB+';
  -- Non-guaranteed senior unsecured notes/bonds at 'BB'.

The rating was removed from Rating Watch Positive and assigned a
Positive Outlook.

All ratings have been withdrawn.


BERNARD L. MADOFF: J.P. Morgan Officials Excluded from Penalties
----------------------------------------------------------------
Dan Fitzpatrick, writing for The Wall Street Journal, reported
that J.P. Morgan Chase & Co. officials won't be penalized as part
of a deal the largest U.S. bank is negotiating with the Justice
Department over alleged failures to warn about Bernard Madoff's
massive fraud, said people close to the talks.

According to the report, Manhattan U.S. Attorney Preet Bharara and
U.S. banking regulators intend to announce a total of more than $2
billion in fines this week, these people said. But all fines will
be paid by the company as opposed to individuals, these people
added.

The decision contrasts with the approach taken last year in the
case of J.P. Morgan's "London whale" trading debacle, where two
former traders were charged with hiding losses on runaway bad bets
that cost the bank more than $6 billion, the report related.  The
ex-traders are fighting the charges. Numerous ex-Madoff employees
also face trial or have pleaded guilty in connection with the
Ponzi scheme that Mr. Madoff acknowledged after his firm collapsed
in 2008.

New York-based J.P. Morgan is expected to sign a so-called
deferred prosecution agreement with the Justice Department where
it will acknowledge that it didn't have the proper systems in
place to catch Mr. Madoff, and that various procedures designed to
root out and report such suspicious behavior were flawed, said
people close to the talks, the report said.  An announcement is
expected as early as Jan. 7.

J.P. Morgan has said previously that it didn't know about or
participate in the Madoff fraud, the report further related.

                     About Bernard L. Madoff

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

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

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

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

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

From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has paid about 58 percent of customer claims totaling
$17.3 billion.  The most recent distribution was in March 2013.

Mr. Picard has collected about $9.35 billion, not including an
additional $2.2 billion that was forfeit to the government and
likewise will go to customers.  Picard is holding almost
$4.4 billion he can't distribute on account of outstanding
appeals and disputes.  The largest holdback, almost $2.8 billion,
results from disputed claims.


BIOZONE PHARMACEUTICALS: Registers 53.6MM Shares Under Plan
-----------------------------------------------------------
Biozone Pharmaceuticals, Inc., filed with the U.S. Securities and
Exchange Commission a Form S-8 registration statement to register
53,599,046 shares of common stock issuable upon exercise of
assumed stock options and additional shares to be issued under the
Cocrystal Discovery, Inc., Equity Incentive Plan.  The proposed
maximum aggregate offering price is $5,665,419.  A copy of the
Form S-8 prospectus is available for free at http://is.gd/MNkweW

                    About Biozone Pharmaceuticals

Biozone Pharmaceuticals, Inc., formerly, International Surf
Resorts, Inc., was incorporated under the laws of the State of
Nevada on Dec. 4, 2006, to operate as an internet-based provider
of international surf resorts, camps and guided surf tours.  The
Company proposed to engage in the business of vacation real estate
and rentals related to its surf business and it owns the Web site
isurfresorts.com.  During late February 2011, the Company began to
explore alternatives to its original business plan.  On Feb. 22,
2011, the prior officers and directors resigned from their
positions and the Company appointed a new President, Director,
principal accounting officer and treasurer and began to pursue
opportunities in medical and pharmaceutical technologies and
products.  On March 1, 2011, the Company changed its name to
Biozone Pharmaceuticals, Inc.

Since March 2011, the Company has been engaged primarily in
seeking opportunities related to its intention to engage in
medical and pharmaceutical businesses.  On May 16, 2011, the
Company acquired substantially all of the assets and assumed all
of the liabilities of Aero Pharmaceuticals, Inc., pursuant to an
Asset Purchase Agreement dated as of that date.  Aero manufactures
markets and distributes a line of dermatological products under
the trade name of Baker Cummins Dermatologicals.

On June 30, 2011, the Company acquired the Biozone Labs Group
which operates as a developer, manufacturer, and marketer of over-
the-counter drugs and preparations, cosmetics, and nutritional
supplements on behalf of health care product marketing companies
and national retailers.

Biozone incurred a net loss of $7.96 million in 2012, as compared
with a net loss of $5.45 million in 2011.  The Company's balance
sheet at Sept. 30, 2013, showed $7.59 million in total assets,
$18.05 million in total liabilities and a $10.45 million total
shareholders' deficiency.

Paritz and Company. P.A., in Hackensack, New Jersey, 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 operating losses for
its last two fiscal years, has a working capital deficiency of
$5,255,220, and an accumulated deficit of $14,128,079.  These
factors, among others, raise substantial doubt about the Company's
ability to continue as a going concern.


BERRY PLASTICS: Graham Berry Lowers Equity Stake to 1.4%
--------------------------------------------------------
Graham Berry Holdings, LP, Graham Berry Holdings GP, LLC, and
Graham Partners II, L.P., disclosed in an amended Schedule 13G
filed with the U.S. Securities and Exchange Commission that as of
Dec. 31, 2013, they beneficially owned 1,587,258 shares of common
stock of Berry Plastics Group, Inc., representing 1.4 percent of
the shares outstanding.  The reporting persons previously
disclosed beneficial ownership of 6,125,000 common shares or 5.4
percent equity stake as of Oct. 4, 2012.  A copy of the regulatory
filing is available for free at http://is.gd/7VnWac

                        About Berry Plastics

Berry Plastics Corporation manufactures and markets plastic
packaging products, plastic film products, specialty adhesives and
coated products.  At Jan. 2, 2010, the Company had more than 80
production and manufacturing facilities, primarily located in the
United States.  Berry is a wholly-owned subsidiary of Berry
Plastics Group, Inc.  Berry Group is primarily owned by affiliates
of Apollo Management, L.P., and Graham Partners.  Berry, through
its wholly owned subsidiaries operates five reporting segments:
Rigid Open Top, Rigid Closed Top, Flexible Films, Tapes/Coatings
and Specialty Films.  The Company's customers are located
principally throughout the United States, without significant
concentration in any one region or with any one customer.

On Dec. 3, 2009, Berry Plastics obtained control of 100 percent of
the capital stock of Pliant upon Pliant's emergence from
reorganization pursuant to a proceeding under Chapter 11 for a
purchase price of $602.7 million.  Pliant is a leading
manufacturer of value-added films and flexible packaging for food,
personal care, medical, agricultural and industrial applications.
The acquired business is primarily operated in Berry's Specialty
Films reporting segment.

The Company's balance sheet at Sept. 28, 2013, the Company had
$5.13 billion in total assets, $5.33 billion in total liabilities
and a $196 million stockholders' deficit.

                           *     *     *

As reported by the TCR on Feb. 1, 2013, Moody's Investors Service
upgraded the corporate family rating of Berry Plastics to B2 from
B3 and the probability of default rating to B2-PD from B3-PD.  The
upgrade of the corporate family rating to B2 from B3 reflects
the improvement in pro-forma credit metrics and management's
publicly stated goal to pursue a less aggressive, more balanced
financial profile.

In November 2011, Standard & Poor's Ratings Services affirmed the
'B-' corporate credit rating on Berry and its holding company
parent, Berry Plastics Group Inc.  "The ratings on Berry reflect
the risks associated with the company's highly leveraged financial
profile and acquisition- driven growth strategy as well as its
fair business risk profile," said Standard & Poor's credit analyst
Cynthia Werneth.


C&K MARKET: Can Employ Kieckhafer Schiffer as Advisors
------------------------------------------------------
C&K Markets, Inc., sought and obtained authority from the U.S.
Bankruptcy Court for the District of Oregon to employ Kieckhafer
Schiffer & Company LLP as advisors and consultants to communicate
with lenders, brokers, attorneys and other professionals as
necessary; prepare projections and financial analysis; and assist
with the execution of business and financial plans.

The Kieckhafer Schiffer professionals who will be primarily
responsible for providing services and their current billing rates
are:

   Name                     Status               Hourly Rate
   ----                     ------               -----------
   Gregory A. Fletcher      Partner                  $230
   Aaron Loreth             Manager                  $190
   Chandra Huskey           Senior Accountant        $145
   Alex Bazor               Staff Accountant          $65
   Isha Tirumali            Staff Accountant          $65

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

The firm assures the Court that it 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 C&K Market

C&K Market Inc., a 57 year-old grocery store chain, sought
bankruptcy protection from creditors with a plan to sell or close
some of its stores, on Nov. 19, 2013 (Bankr. D. Ore. Case No.
13-64561).  The case is assigned to Judge Frank R. Alley, III.

C&K Market scheduled $157,696,921 in total assets and $101,604,234
in total liabilities.

The Debtors are represented by Albert N. Kennedy, Esq., Timothy J.
Conway, Esq., Michael W. Fletcher, Esq., and Ava L. Schoen, Esq.,
at Tonkon Torp LLP, in Portland, Oregon.  Edward Hostmann has been
tapped as chief restructuring officer, and The Food Partners, LLC,
serves as the Debtors' financial advisor.  The Debtors hired Great
American Group, LLC, to conduct store closing sales.

An Official Committee of Unsecured Creditors appointed in the
Debtors' cases has retained Scott L. Hazan, Esq., David M. Posner,
Esq., and Jenette A. Barrow-Bosshart, Esq., at Otterbourg P.C. as
lead co-counsel, and Tara J. Schleicher, Esq., at Farleigh Wada
Witt as local co-counsel; and Protiviti, Inc. as financial
consultant.


C&K MARKET: Has Green Light to Hire Edward Hostmann as CRO
----------------------------------------------------------
C&K Markets, Inc., sought and obtained authority from the U.S.
Bankruptcy Court for the District of Oregon to employ Edward
Hostmann as chief restructuring officer to be paid an hourly rate
of $435.

The Debtor and Mr. Hostmann agreed that Mr. Hostmann's hourly fees
will not exceed $16,000 per week.  Associates of Mr. Hostmann will
be paid hourly rates of $295.  Mr. Hostmann will also be
reimbursed for any necessary out-of-pocket expenses.

Mr. Hostmann assures the Court that he and his professionals are
each a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and do not represent any interest
adverse to the Debtors and their estates.

As reported by the Troubled Company Reporter on Dec. 26, Gail B.
Geiger, Acting United States Trustee for Region 18, objected to
the proposed employment of Mr. Hostmann as CRO, saying the
employment of EHI does not comply with the statutory prerequisites
for professional retention.  In particular, the Debtor may only
retain a professional person to carry out its duties if that
person is "disinterested".  EHI began providing financial
consulting advice to the Debtor in April 2013.  In July 2013, the
Debtor's board of directors appointed EHI to serve as the Debtor's
chief restructuring officer.  Therefore, EHI is both an "insider"
and an "officer" of the Debtor, and is consequently not
"disinterested".

                         About C&K Market

C&K Market Inc., a 57 year-old grocery store chain, sought
bankruptcy protection from creditors with a plan to sell or close
some of its stores, on Nov. 19, 2013 (Bankr. D. Ore. Case No.
13-64561).  The case is assigned to Judge Frank R. Alley, III.

C&K Market scheduled $157,696,921 in total assets and $101,604,234
in total liabilities.

The Debtors are represented by Albert N. Kennedy, Esq., Timothy J.
Conway, Esq., Michael W. Fletcher, Esq., and Ava L. Schoen, Esq.,
at Tonkon Torp LLP, in Portland, Oregon.  Edward Hostmann has been
tapped as chief restructuring officer, and The Food Partners, LLC,
serves as the Debtors' financial advisor.  The Debtors hired Great
American Group, LLC, to conduct store closing sales.

An Official Committee of Unsecured Creditors appointed in the
Debtors' cases has retained Scott L. Hazan, Esq., David M. Posner,
Esq., and Jenette A. Barrow-Bosshart, Esq., at Otterbourg P.C. as
lead co-counsel, and Tara J. Schleicher, Esq., at Farleigh Wada
Witt as local co-counsel; and Protiviti, Inc. as financial
consultant.


CAMAC ENERGY: Has $2.7-Mil. Net Loss for Third Quarter
------------------------------------------------------
CAMAC Energy Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
of $2.7 million for the three months ended Sept. 30, 2013,
compared to a net income of $2.04 million for the same period in
2012.

The Company's balance sheet at Sept. 30, 2013, showed $195.33
million in total assets, $23.52 million in total liabilities, and
stockholders' equity of $171.81 million.

CAMAC said in the Form 10-Q, "To date, the Company has incurred
substantial losses from operations and during the three months
ending September 30, 2013, the Company's outstanding Promissory
Note of $11.7 million became payable within the next 12 months.
This significantly affected the working capital position, and as
of Sept. 30, 2013, current liabilities exceed current assets by
$13.4 million.  The Company has minimal liquid assets and negative
operating cash flows, and internal cash flow models do not
forecast enough operating cash flows to fund operations and pay
outstanding liabilities for the next 12 months.  These factors
raise substantial doubt about the Company's ability to continue as
a going concern."

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

                        http://is.gd/e0QJUy

CAMAC Energy Inc., together with its subsidiaries, explores,
develops, produces and distributes gas and oil.  The Company has
headquarters in Houston, Texas and offices in Lagos, Nigeria.


CAPABILITY RANCH: Gordon Silver Won't Push Case Conversion
----------------------------------------------------------
Gordon Silver, former attorneys in the Chapter 11 case of
Capability Ranch, LLC -- as well as administrative creditors of
the Debtor -- has asked the U.S. Bankruptcy Court for the District
of Nevada for authority to withdraw its motion to convert the
Debtor's Chapter 11 case to a case under Chapter 7.

Gordon Silver said the motion is now moot and Gordon Silver
request that the Court remove the hearing from its calendar.

In its motion to convert, Gordon Silver said the court issued an
order on September 17, 2013, approving its second and final fee
application for allowance of compensation for the firm's
professional services rendered and reimbursement of expenses.  On
September 27, 2013, the court entered its order confirming the
Debtor's First Amended Plan of Reorganization.  Gordon Silver said
in court papers that, to the extent its fees were not required to
be paid immediately under the Final Fee Order, the fees were
required to be paid on the Effective Date of the Plan under
Section 2.2(i) of the Plan, which was October 11, 2013.  However,
notwithstanding the clear directives of the Final Fee Order, the
Plan, and the Confirmation Order, the Debtor refused to pay Gordon
Silver's Allowed Administrative Claim.  Moreover, the Debtor has
twice been denied a stay and the deadline to pay has long passed.
The Debtor's failure to pay Gordon Silver's fees pursuant to the
Final Fee Order and confirmed Plan constitutes cause for
conversion, and pursuant to 11 U.S.C. 1112(b)(1), the Court must
convert this case, Gordon Silver asserted.

                       About Capability Ranch

Las Vegas-based Capability Ranch, LLC, fdba Monroe Property
Company, LLC, filed for Chapter 11 bankruptcy (Bankr. D. Nev. Case
No. 12-21121) on Sept. 21, 2012.

Bankruptcy Judge Bruce A. Markell originally oversaw the case.
The Hon. Laurel E. Davis later assumed the case.

Thomas H. Fell, Esq., at Gordon Silver, was initially hired as
bankruptcy counsel.  In August 2013, Gordon Silver was later
replaced by David A. Colvin, Esq., at Marquis Aurbach Coffing.

August B. Landis, Acting United States Trustee for Region 17,
informed the Bankruptcy Court in January 2013 that he was unable
to form an official committee of unsecured creditors in the case.
The Acting U.S. Trustee said he has solicited the eligible
creditors listed by the Debtor, but there was an insufficient
response to the solicitation to form a committee.

Capability Ranch disclosed $50,253,785 in assets and $88,476,018
in liabilities as of Chapter 11 filing.  The Debtor said it owns
property on 40060 Paws Up Road in Greenough, Montana.  The
property is a 37,000-acre luxury Montana ranch and Montana resort.
According to http://www.pawsup.com/,The Resort at Paws Up has 28
luxury vacation homes and 24 luxury camping tents.  The resort
offers horseback riding, fly fishing, and spa treatments.

On Sept. 27, 2013, the Bankruptcy Court confirmed Capability
Ranch, LLC's First Amended Plan dated June 17, 2013, as amended by
the Amendment to Debtor's First Amended Plan of Reorganization
dated June 19, 2013.


CARRIZO ENERGY: Case Summary & 4 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Carrizo Energy, Inc.
        711 W. Esperanza Ave.
        McAllen, TX 78501

Case No.: 14-50054

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Western District of Texas (San Antonio)

Judge: Hon. Ronald B. King

Debtor's Counsel: Allen M. DeBard, Esq.
                  LANGLEY & BANACK, INC
                  745 E Mulberry, Suite 900
                  San Antonio, TX 78212
                  Tel: (210) 736-6600
                  Fax: (210) 735-6889
                  Email: adebard@langleybanack.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Rajesh V. Chiramel, president.

A list of the Debtor's four largest unsecured creditors is
available for free at http://bankrupt.com/misc/txwb14-50054.pdf


CELL THERAPEUTICS: Partial Clinical Hold on Tosedostat Removed
--------------------------------------------------------------
Cell Therapeutics, Inc., has received notification from the U.S.
Food and Drug Administration that the partial clinical hold on
tosedostat (IND 075503) has been removed and all studies underway
may continue.

Tosedostat is a first-in-class selective inhibitor of
aminopeptidases, which are required by tumor cells to provide
amino acids necessary for growth and tumor cell survival, and is
under development for the treatment of blood-related cancers.
Tosedostat is currently being studied in the United States and
European Union in investigator-sponsored and cooperative group-
sponsored Phase 2 trials in elderly patients with newly diagnosed
and relapsed acute myeloid leukemia (AML) and high-risk
myelodysplastic syndromes (MDS).

"We are pleased that the FDA has responded favorably to the
tosedostat clinical trial data provided and removed the partial
clinical hold to allow further development of tosedostat in
ongoing and future studies," said John Pagel, MD, PhD, Associate
Member, Clinical Research Division, Fred Hutchinson Cancer
Research Center; Associate Professor, Medical Oncology Division,
University of Washington School of Medicine; and Principal
Investigator in the tosedostat first-line AML/MDS trial.

                      About Cell Therapeutics

Headquartered in Seattle, Washington, Cell Therapeutics, Inc.
(NASDAQ and MTA: CTIC) -- http://www.CellTherapeutics.com/-- is
a biopharmaceutical company committed to developing an integrated
portfolio of oncology products aimed at making cancer more
treatable.

The Company's balance sheet at Sept. 30, 2013, showed
$47.23 million in total assets, $33.39 million in total
liabilities, $13.46 million in common stock purchase warrants, and
$387,000 in total shareholders' equity.

                           Going Concern

The Company's independent registered public accounting firm
included an explanatory paragraph in its reports on the Company's
consolidated financial statements for each of the years ended
Dec. 31, 2007, through Dec. 31, 2011, regarding their substantial
doubt as to the Company's ability to continue as a going concern.
Although the Company's independent registered public accounting
firm removed this going concern explanatory paragraph in its
report on the Company's Dec. 31, 2012, consolidated financial
statements, the Company expects to continue to need to raise
additional financing to fund its operations and satisfy
obligations as they become due.

"The inclusion of a going concern explanatory paragraph in future
years may negatively impact the trading price of our common stock
and make it more difficult, time consuming or expensive to obtain
necessary financing, and we cannot guarantee that we will not
receive such an explanatory paragraph in the future," the Company
said in its quarterly report for the period ended Sept. 30, 2013.

The Company added that it may not be able to maintain its listings
on The NASDAQ Capital Market and the Mercato Telematico Azionario
stock market in Italy, or the MTA, or trading on these exchanges
may otherwise be halted or suspended, which may make it more
difficult for investors to sell shares of the Company's common
stock.

                         Bankruptcy Warning

"We have acquired or licensed intellectual property from third
parties, including patent applications relating to intellectual
property for pacritinib, PIXUVRI, tosedostat, and brostallicin.
We have also licensed the intellectual property for our drug
delivery technology relating to Opaxio which uses polymers that
are linked to drugs, known as polymer-drug conjugates.  Some of
our product development programs depend on our ability to maintain
rights under these licenses.  Each licensor has the power to
terminate its agreement with us if we fail to meet our obligations
under these licenses.  We may not be able to meet our obligations
under these licenses.  If we default under any license agreement,
we may lose our right to market and sell any products based on the
licensed technology and may be forced to cease operations,
liquidate our assets and possibly seek bankruptcy protection.
Bankruptcy may result in the termination of agreements pursuant to
which we license certain intellectual property rights," the
Company said in its Form 10-Q for the period ended Sept. 30, 2013.


CENGAGE LEARNING: To Spar with Creditors over Arrangers' Fees
-------------------------------------------------------------
U.S. Trustee assigned to the Cengage Learning case, the second
lien trustee and the official committee of unsecured creditors
filed objections to Cengage's motion to enter into fee letters in
connection with arranging financing that will be used to exit
bankruptcy.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Cengage's official creditors' committee said Cengage
shouldn't be locked into the payment of fees for arranging the
exit financing when the reorganization plan being proposed by the
Debtor will probably fail.

The Debtor arranged a Jan. 9 hearing for approval of fees to
lenders syndicating a $250 million revolving credit and a $1.5
billion to $1.75 billion term loan.

According to the Bloomberg report, second-lien lenders said that
locking in financing is another "avenue" to "steamroll unsecured
creditors" when the reorganization plan is "unconfirmable."

The creditors see no reason to lock in loan arrangers when the
plan either will be rejected by the judge or will be superseded by
a new structure crafted through mediation.

The U.S. Trustee avers that the court shouldn't approve hiring the
loan arrangers without public disclosure of their fees, which are
being kept secret.

The committee also has issues with the scheduling motion.  Unless
mediation brings home a settlement, the contested confirmation
hearing to begin Feb. 24 is likely to last for two or three weeks,
the committee said in its court filing.  Allowing time for post-
trial briefing, the committee doesn't believe confirmation could
occur until April or May.

The creditors oppose Cengage's proposal to accelerate trial on
three issues in advance of the Feb. 24 confirmation hearing.  At
the Jan. 9 hearing, the creditors will urge the court not to
depart from that schedule.

                    About Cengage Learning

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

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

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

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

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


CHRISTIAN BROTHERS: Archbishop of Seattle Objects to Exit Plan
--------------------------------------------------------------
Stephanie Gleason, writing for Daily Bankruptcy Review, reported
that the Corporation of the Catholic Archbishop of Seattle is
objecting to the Chapter 11 plan of Catholic-school operator
Christian Brothers' Institute, which allows pending litigation to
proceed while simultaneously discharging Christian Brothers'
liability.

                About Christian Brothers' Institute

The Christian Brothers' Institute in New Rochelle, New York, is a
domestic not-for-profit 501(c)(3) corporation organized under Sec.
102(a)(5) of the New York Not-for-Profit Corporation Law.  CBI was
formed to establish, conduct and support Catholic elementary and
secondary schools principally throughout New York State.

The Christian Brothers of Ireland, Inc., in Chicago, Illinois, is
a domestic not-for-profit 501(c)(3) corporation organized under
the Not-for-Profit Corporation Law of the State of Illinois.  CBOI
was formed to establish, conduct and support Catholic elementary
and secondary schools principally throughout the State of
Illinois, as well as other spiritual and temporal affairs of the
former Brother Rice Province of the Congregation of Christian
Brothers.

CBI and CBOI depend upon grants and donations to fund a portion of
their operating expenses.

The Christian Brothers' Institute and The Christian Brothers of
Ireland filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case Nos. 11-22820 and 11-22821) on April 28, 2011.
Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, serves
as the Debtors' bankruptcy counsel.  The Christian Brothers'
Institute disclosed assets of $63,418,267 and $8,484,853 in
liabilities.  CBOI discloses assets of $1,091,084 and liabilities
of $3,622,500.

Attorneys at Pachulski Stang Ziehl & Jones LLP, in Los Angeles,
Calif., and New York, N.Y., represent the Official Committee of
Unsecured Creditors as counsel.  Paul A. Richler, Esq., of
Pacific Palisades, Calif., serves as Special Insurance Counsel to
the Official Committee of Unsecured Creditors.

The Christian Brothers' Institute and The Christian Brothers of
Ireland, Inc., and the Official Committee of Unsecured Creditors
have a plan made possible following an "allocation plan"
negotiated with 75% of sexual abuse claimants.

The Joint Chapter 11 Plan of Reorganization dated Aug. 22, 2013,
has the Debtors and the Official Committee of Unsecured Creditors
as co-proponents.


COMARCO INC: Board OKs Deferred Compensation for CEO
----------------------------------------------------
The Board of Directors of Comarco, Inc., approved a Deferred
Compensation Agreement with the Company's chief executive officer,
Thomas W. Lanni.  The Agreement provides for the monthly accrual
of compensation of $3,833.33 per month beginning effective as of
Nov. 1, 2013, which accrued compensation will be payable only upon
certain future events.  The accrued compensation is in addition to
Mr. Lanni's current annual salary of $184,000, which is payable
bi-weekly.  The Agreement may be terminated or modified by the
Board of Directors at any time in its discretion, provided that
any accrued compensation already earned will not be affected by
any such termination or modification without Mr. Lanni's consent.

The Agreement provides that the accrued compensation will be paid,
if and only if, (i) the Company files a quarterly report on Form
10-Q that includes a balance sheet reflecting an aggregate balance
of cash, cash equivalents, and short term investments of the
Company of at least $5 million net of liabilities (ii) Mr. Lanni
continues to provide substantial services to the Company through
the date of filing of the Form 10-Q, and (iii) the Board of
Directors provides written approval of the payment of the deferred
compensation.

A copy of the Agreement is available for free at:

                        http://is.gd/IbmlVG

                         About Comarco Inc.

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

Comarco disclosed a net loss of $5.59 million on $6.33 million of
revenue for the year ended Jan. 31, 2013, as compared with a net
loss of $5.31 million on $8.06 million of revenue for the year
ended Jan. 31, 2012.  As of Oct. 31, 2013, the Company had $2.39
million in total assets, $9.78 million in total liabilities and a
$7.39 million total shareholders' deficit.

Squar, Milner, Peterson, Miranda & Williamson, LLP, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2012.  The independent
auditors noted that the Company has suffered recurring losses and
negative cashflow from operations, has negative working capital
and uncertainties surrounding the Company's ability to raise
additional funds.  These factors, among others, raise substantial
doubt about its ability to continue as a going concern.


COMPREHENSIVE CARE: Sells Unit's Capital Stock to Imagen for $100
-----------------------------------------------------------------
Comprehensive Care Corporation entered into a Stock Purchase
Agreement with Imagen Radiomagnetica, S De R. L., a foreign
(Mexican) business entity, on Dec. 30, 2013.  Pursuant to the
Stock Purchase Agreement, the Company agreed to sell to Imagen all
of the issued and outstanding shares of capital stock of its
wholly-owned subsidiary, Comprehensive Behavioral Care, Inc., a
Nevada corporation.  With the exception of the parties' entry into
and execution of the Stock Purchase Agreement, there is no
material relationship between the Company and Imagen.

As consideration for all of the shares of capital stock of the
Subsidiary, Imagen has agreed to pay to the Company $100.00 in
cash.  Each of the Company and Imagen has agreed to indemnify,
defend and hold harmless the other party against any claims,
losses, liabilities and damages suffered by the other party
arising out of or resulting from breach of the Stock Purchase
Agreement, including payment of reasonable legal fees and costs.
In addition: (i) the Company has agreed that Imagen will control
the defense of the Company in certain specified litigation against
the Subsidiary; (ii) the parties agreed to certain mutual
confidentiality obligations; and (iii) the parties agreed to
certain non-competition and non-solicitation covenants.  The
closing of the sale of all of the capital stock of the Subsidiary
is scheduled to occur on Dec. 31, 2013.

A copy of the Stock Purchase Agreement is available at:

                        http://is.gd/Mo4JC8

                      About Comprehensive Care

Tampa, Fla.-based Comprehensive Care Corporation provides managed
care services in the behavioral health, substance abuse, and
psychotropic pharmacy management fields.

Comprehensive Care disclosed a net loss attributable to common
stockholders of $6.99 million in 2012 as compared with a net loss
attributable to common stockholders of $14.08 million in 2011.
The Company's balance sheet at March 31, 2013, showed $3.74
million in total assets, $27.85 million in total liabilities and a
$24.10 million total stockholders' deficiency.

Mayer Hoffman McCann P.C., in Clearwater, 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 and
has not generated sufficient cash flows from operations to fund
its working capital requirements.  This raises substantial doubt
about the Company's ability to continue as a going concern.


CONSTAR INTERNATIONAL: Has 5-Member Creditors' Committee
--------------------------------------------------------
Constar International Holdings LLC, et al., will have an official
committee of unsecured creditors.  On Jan. 6, Roberta A.
DeAngelis, the United States Trustee for Region 3, appointed five
members on the committee.  The members are:

     1. DAK Americas
        Attn: Veronica Ramirez Briones
        5925 Carnegie Blvd, Suite 500
        Charlotte, NC 28209
        Tel: (704) 940-7576
        Fax: (704) 940-7560

     2. Lotte Chemical UK Limited
        Attn: Mark Kenrick
        Davies Offices, Wilton Site
        Redcar TS10 4XZ
        United Kingdom
        Tel: (0)1642451234
        Fax: (0)1642451328

     3. QLOG Limited
        Attn: Jim Harlow
        5th Floor Towers Point
        Wheelhouse Road
        Rugeley, Staffs.
        WS15 1UN, United Kingdom
        Tel: (0)1899 503740
        Fax: (0)1899 586703

     4. Morssinkhof Plastics Zeewolde B.V.
        Attn: Bart de Vries
        Industrieweg 55, 3899 at
        Zeewolde, Netherlands
        Tel: 31 544 372306
        Fax: 31 544 375735

     5. Pension Benefit Guaranty Corporation
        Attn: Craig Yamaoka
        1200 K. Street NW
        Washington, D.C. 20005-4026
        Tel: (202) 326-4070 x3614
        Fax: (202) 842-2643

The meeting to form the creditors' panel was originally set for
Jan. 3 and was rescheduled to Jan. 6.

                 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.

Constar, which manufactures plastic containers, is represented by
Michael J. Sage, Esq., Brian E. Greer, Esq., Stephen M. Wolpert,
Esq., and Janet Bollinger Doherty, Esq., at Dechert LLP; and
Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young
Conaway Stargatt & Taylor, LLP.  Prime Clerk LLC serves as the
Debtors' claims and noticing agent, and administrative advisor.
Lincoln Partners Advisors LLC serves as the Debtors' financial
advisor.

Judge Christopher S. Sontchi oversees the 2013 case.

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: Sec. 341 Creditors' Meeting Set for Jan. 28
------------------------------------------------------------------
The U.S. Trustee for Region 3 will convene a meeting of creditors
pursuant to 11 U.S.C. 341(a) in the Chapter 11 case of Constar
International Holdings on Jan. 28, 2014, at 10:00 a.m.  The
meeting will be held at J. Caleb Boggs Federal Building, 844 King
Street, 2nd Floor, Room 2112, in Wilmington, Delaware.

                 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.

Constar, which manufactures plastic containers, is represented by
Michael J. Sage, Esq., Brian E. Greer, Esq., Stephen M. Wolpert,
Esq., and Janet Bollinger Doherty, Esq., at Dechert LLP; and
Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young
Conaway Stargatt & Taylor, LLP.  Prime Clerk LLC serves as the
Debtors' claims and noticing agent, and administrative advisor.
Lincoln Partners Advisors LLC serves as the Debtors' financial
advisor.

Judge Christopher S. Sontchi oversees the 2013 case.

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: Seeks More Time to File Schedules
--------------------------------------------------------
Constar International Holdings filed a motion seeking to extend
the time to file their schedules of assets and liabilities, and
statements of financial affairs by 30 days, for a total of 60 days
from Dec. 31, 2013.

                 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.

Constar, which manufactures plastic containers, is represented by
Michael J. Sage, Esq., Brian E. Greer, Esq., Stephen M. Wolpert,
Esq., and Janet Bollinger Doherty, Esq., at Dechert LLP; and
Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young
Conaway Stargatt & Taylor, LLP.  Prime Clerk LLC serves as the
Debtors' claims and noticing agent, and administrative advisor.
Lincoln Partners Advisors LLC serves as the Debtors' financial
advisor.

Judge Christopher S. Sontchi oversees the 2013 case.

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.


CONVERGYS CORP: Moody's Reviews 'Ba1' CFR for Downgrade
-------------------------------------------------------
Moody's Investors Service has placed the ratings of Convergys
Corporation under review for downgrade, including the Ba1
corporate family rating (CFR).  This action follows Convergys'
announcement that it has entered into a definitive agreement to
acquire Stream Global Services, Inc., (CFR and senior secured debt
rated B1), a global provider of business processing outsourcing
services, for $820 million.  The ratings of Stream Global are not
affected at this time, as the Stream Global debt is expected to be
repaid upon closing with the ratings to be withdrawn then.

The review was prompted by the proposed transaction's planned use
of debt (including a new term loan of $350 million to supplement
existing credit facilities) and potential integration challenges.
The transaction is expected to close by the end of the first
quarter of 2014, and the review is anticipated to be completed
around that time. Upon conclusion of the review, the rating
action, if any, would be unlikely to exceed one notch.

Ratings Rationale

The proposed acquisition is expected to expand and diversify
Convergys' customer base and provide additional language and
service capabilities. Nonetheless, Moody's review will focus on:
1) the merger integration plans and growth prospects for the
combined customer care business, including retention rates and
pricing trends, all leading to the sustainability of profits and
cash flow; 2) the potential synergies from the acquisition, the
post-closing capital structure, and Convergys' intentions with
regard to its financial policies, including debt reduction and
share repurchases; and 3) the potential for additional
acquisitions or other investments.

Moody's believes that financial leverage could further increase
from a comparatively low level (about 2 times adjusted debt to
EBITDA pro forma for the Stream Global Services purchase) to
support additional acquisitions and/or shareholder friendly
activity, especially if Convergys is unable to sustain organic
revenue growth.

On Review for Possible Downgrade:

  Issuer: Convergys Corporation

     Probability of Default Rating, Placed on Review for Possible
     Downgrade, currently Ba1-PD

     Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently Ba1

     Multiple Seniority Shelf, Placed on Review for Possible
     Downgrade, currently (P)Ba2

     Multiple Seniority Shelf, Placed on Review for Possible
     Downgrade, currently (P)Ba1

Outlook Actions:

  Issuer: Convergys Corporation

    Outlook, Changed To Rating Under Review From Stable

With over $2 billion of projected annual revenues, Convergys
Corporation provides outsourced customer care services primarily
to the telecommunications industry.

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.


CYCLONE POWER: Inks $220K Securities Purchase Deal With Peak One
----------------------------------------------------------------
Cyclone Power Technologies, Inc., closed a Securities Purchase
Agreement with Peak One Opportunity Fund L.P., on Dec. 17, 2013.
Pursuant to the terms of the SPA, Peak One will purchase from the
Company up to $220,000 in Debentures, bearing 6 percent interest,
which mature three years from the date of issuance.  On the
Closing Date, Peak One purchased the first Debenture worth
$120,000.  The parties anticipate the second Debenture worth
$100,000 will be purchased in approximately 60 days.

The principal amount of the Debenture can be converted to common
stock of the Company after 180 days from issuance at a 35 percent
discount to the lowest closing bid price during the previous 20
trading days.  The Company may prepay the Debenture at a premium.
As part of the transaction, the Company also granted Peak One
piggy-back registration rights.  There are no warrants attached to
the Debenture.

The Debenture was not registered under the Securities Act of 1933
(the Act) and was issued pursuant to an exemption from
registration under Section 4(2) of the Act.

A copy of the Securities Purchase Agreement is available at:

                        http://is.gd/nVajCH

                        About Cyclone Power

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

Cyclone Power disclosed a net loss of $3 million on $1.13 million
of revenue for the year ended Dec. 31, 2012, as compared with a
net loss of $23.70 million on $250,000 of revenue in 2011.  The
Company's balance sheet at Sept. 30, 2013, showed $1.39
million in total assets, $4.61 million in total liabilities and a
$3.21 million total stockholders' deficit.

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


DETROIT, MI: Manager Freezes Pension Fund, Creates 401k-Type Plan
-----------------------------------------------------------------
Reuters reported that Detroit Emergency Manager Kevyn Orr has
frozen the pension fund for some of the city's workers, replacing
it with a 401k-type plan, according to an executive order obtained
by Reuters.

The report related that pension freeze, which took effect on Dec.
31, only affects Detroit's General Retirement System, which covers
non-public safety workers. The action closes the pension fund to
any new or rehired employees and freezes benefit accruals for
current workers. It also stops worker contributions to the pension
and annuity savings funds and ends cost-of-living adjustments for
pension payments made to retirees.

As of Jan. 1, the order created a defined contribution plan for
affected workers, the report said.

Orr issued the order on Dec. 30, but it was not posted on a web
page listing his other orders since taking over Michigan's biggest
city in March, the report related.

Detroit's pension systems, made up of the general retirement and
police and fire funds, are a major factor in the more than $18
billion in debt and other obligations that led to the city's
historic municipal bankruptcy filing on July 18, the report
further related.

                 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.


DEXIA SA: Sells Remaining Stake in Popular Banca Privada
--------------------------------------------------------
Laurence Norman, writing for The Wall Street Journal, reported
that Dexia SA said it will sell its remaining 40% stake in private
bank Popular Banca Privada to Banco Popular Espanol for EUR49.2
million (US$67 million).

According to the report, Banco Popular Espanol, which already owns
60% of Popular Banca Privada, has had an option to buy the
remaining shares since December 2012. The deal is subject to
regulatory approval.

In a news release, Dexia said that following this divestment, the
Franco-Belgian company will have completed the asset sales to
which it agreed as part of a European Union-approved wind-down
plan in December 2012, the report related.

Dexia nearly collapsed in 2011 when the French, Belgian and
Luxembourg governments were forced to step in to rescue the bank,
the report recalled. Dexia's mandate is now limited to managing
down its residual assets.

Dexia SA is a Belgium-based banking group with activities
principally in Belgium, Luxembourg, France and Turkey in the
fields of retail and commercial banking, public and wholesale
banking, asset management and investor services.  In France, Dexia
Bank focuses on funding public sector bodies and providing
financial services to local government.  In Luxembourg, Dexia
operates in two main areas: commercial banking (for personal and
professional customers) and private banking (for international
investors).  In Turkey, Dexia is involved in retail and commercial
banking and offers services to ordinary account holders, business
and local public sector customers and institutional clients. The
Company operates through its subsidiaries, such as Dexia Credit
Local, DenizBank, Dexia Credicop, Dexia Sabadell, Dexia
Kommunalbank Deutschland, Dexia Asset Management, among others.


DIAMOND ONE DENTAL: Case Summary & 5 Unsecured Creditors
--------------------------------------------------------
Debtor: Diamond One Dental Services, PLLC
           aka Dental Funzone
        P. O. Box 1924
        Lake Dallas, TX 75065

Case No.: 14-40054

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Eastern District of Texas (Sherman)

Judge: Hon. Brenda T. Rhoades

Debtor's Counsel: Marc W. Taubenfeld, Esq.
                  MCGUIRE, CRADDOCK & STROTHER, P.C.
                  2501 N. Harwood, Suite 1800
                  Dallas, TX 75201
                  Tel: (214) 954-6800
                  Fax: (214)954-6850
                  Email: mtaubenfeld@mcslaw.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steve Coffman, manager.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/txeb14-40054.pdf


DIOCESE OF GALLUP, NM: U.S. Trustee Appoints Creditors Committee
----------------------------------------------------------------
Pursuant to Section 1102 of the Bankruptcy Code, Richard Wieland,
U.S. Trustee for Region 20, appointed seven creditors to serve on
the official committee of unsecured creditors in the Chapter 11
case of the Diocese of Gallup.

The seven members are Esteban Armijo, Criss Candelaria, Santiago
Figueroa, Prudence Jones, Derrick Land, Alfred Moya and JoAnn
Stoltenberg.

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisers at a debtor's
expense.  They may investigate the debtors' business and
financial affairs.  Importantly, official committees serve as
fiduciaries to the general population of creditors they
represent.

The committees will also attempt to negotiate the terms of a
consensual Chapter 11 plan -- almost always subject to the terms
of strict confidentiality agreements with the debtor and other
core parties-in-interest.  If negotiations break down, the
committee may ask the bankruptcy court to replace management with
an independent trustee.  If it concludes reorganization of the
debtor is impossible, the committee will urge the bankruptcy
court to convert the Chapter 11 cases to a liquidation
proceeding.

                  About the Diocese of Gallup, NM

The Diocese of Gallup, New Mexico, principally encompasses
American Indian reservations for seven tribes in northwestern New
Mexico and northeastern Arizona. It is the poorest diocese in the
U.S.

There are 38 active priests working in the Diocese and 27
permanent deacons also serve the Diocese along with five
seminarians.  The Diocese and its missions, schools and ministries
employ approximately 50 people, and a significant number of
additional people offer their services as volunteers.

The diocese sought bankruptcy protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. N.M. Case No. 13-13676) on Nov. 12,
2013, in Albuquerque, New Mexico amid suits for sexual abuse
committed by priests.

The bishop previously said bankruptcy will be "the most merciful
and equitable way for the diocese to address its responsibility."

The abuse mostly occurred in the 1950s and early 1960s, the bishop
said.

The petition shows assets and debt both less than $1 million.

The Diocese of Gallup is the ninth Catholic diocese to seek
protection in Chapter 11 bankruptcy.

(Catholic Church Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DIOCESE OF GALLUP, NM: Obtains Loans to Pay Professional Fees
-------------------------------------------------------------
A church official said the Diocese of Gallup obtained two loans
totaling $229,000 from neighboring dioceses to help pay for
professional services related to its bankruptcy case, according
to a report by Olivier Uyttebrouck of the Albuquerque Journal.

The loans included $29,000 from the Archdiocese of Santa Fe and
$200,000 from the Diocese of Phoenix.

Gallup Bishop James Wall said at a creditors' meeting in
Albuquerque that the loans were obtained shortly before the
diocese filed for bankruptcy protection on Nov. 12 to help pay
for legal and financial services.

Bishop Wall did not specify the date or terms of the loans, which
are listed as unsecured nonpriority claims in the diocese's court
filings, according to the report.

The report pointed out that the Diocese has hired as lead
attorney Susan Boswell, Esq., with Quarles & Brady, LLC;
Christopher Linscott, a certified public accountant and consulting
director of Keegan, Linscott & Kenon; Albuquerque attorney Thomas
Walker, of Walker & Associates; and Stelzner, Winter, Warburton,
Flores, Sanchez & Dawes, an Albuquerque law firm, as special
litigation counsel.  Ms. Boswell has represented the Diocese of
Tucson and the Catholic Bishop of Northern Alaska in Chapter 11
reorganizations.

                  About the Diocese of Gallup, NM

The Diocese of Gallup, New Mexico, principally encompasses
American Indian reservations for seven tribes in northwestern New
Mexico and northeastern Arizona. It is the poorest diocese in the
U.S.

There are 38 active priests working in the Diocese and 27
permanent deacons also serve the Diocese along with five
seminarians.  The Diocese and its missions, schools and ministries
employ approximately 50 people, and a significant number of
additional people offer their services as volunteers.

The diocese sought bankruptcy protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. N.M. Case No. 13-13676) on Nov. 12,
2013, in Albuquerque, New Mexico amid suits for sexual abuse
committed by priests.

The bishop previously said bankruptcy will be "the most merciful
and equitable way for the diocese to address its responsibility."

The abuse mostly occurred in the 1950s and early 1960s, the bishop
said.

The petition shows assets and debt both less than $1 million.

The Diocese of Gallup is the ninth Catholic diocese to seek
protection in Chapter 11 bankruptcy.

(Catholic Church Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DIOCESE OF GALLUP, NM: Value of Assets Yet to Be Determined
-----------------------------------------------------------
Lawyers in the bankruptcy case of the Diocese of Gallup said the
value of the diocese's assets and the cost of claims against it
have yet to be determined, according to a report by the
Albuquerque Journal.

The lawyers said their key job will be to sort out the diocese's
assets from those of its 53 parishes and three nonprofits that
operate within the 55,000-square-mile diocese.

Susan Boswell, Esq., at Quarles & Brady LLP, in Tucson, Arizona,
said the assets listed by the diocese in court records do not
assign dollar values to real property such as church-owned land.

Court records also do not list the potential liability to the
diocese for abuse claims filed by alleged victims of priests, the
diocese's lawyer said.

Attorneys also said U.S. Bankruptcy Judge David Thuma of the U.S.
Bankruptcy Court for the District of New Mexico will need to
decide whether the diocese's assets include parish properties,
according to the ABQ Journal report.

The Gallup diocese argued in court filings that parishes are
"separate ecclesiastical entities" that manage their own finances
under the supervision of a parish pastor.  It argued that under
Canon Law, the debts of a parish must be paid from its own
assets, not those of the diocese.

The Gallup diocese listed $646,000 in assets and $667,000 in
liabilities when it filed for Chapter 11 protection on Nov. 12,
2013, in U.S. Bankruptcy Court District of New Mexico.

                  About the Diocese of Gallup, NM

The Diocese of Gallup, New Mexico, principally encompasses
American Indian reservations for seven tribes in northwestern New
Mexico and northeastern Arizona. It is the poorest diocese in the
U.S.

There are 38 active priests working in the Diocese and 27
permanent deacons also serve the Diocese along with five
seminarians.  The Diocese and its missions, schools and ministries
employ approximately 50 people, and a significant number of
additional people offer their services as volunteers.

The diocese sought bankruptcy protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. N.M. Case No. 13-13676) on Nov. 12,
2013, in Albuquerque, New Mexico amid suits for sexual abuse
committed by priests.

The bishop previously said bankruptcy will be "the most merciful
and equitable way for the diocese to address its responsibility."

The abuse mostly occurred in the 1950s and early 1960s, the bishop
said.

The petition shows assets and debt both less than $1 million.

The Diocese of Gallup is the ninth Catholic diocese to seek
protection in Chapter 11 bankruptcy.

(Catholic Church Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


EAGLE EYES: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Eagle Eyes Investments, LLC
        1032 S. Hidalgo Ave.
        Alhambra, CA 91801

Case No.: 14-30100

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Northern District of Texas (Dallas)

Judge: Hon. Stacey G. Jernigan

Debtor's Counsel: Kevin G. Herd, Esq.
                  GOODRICH POSTNIKOFF & ASSOCIATES, LLP
                  777 Main St., Suite 1360
                  Ft. Worth, TX 76102
                  Tel: 817-335-9400
                  Email: kherd@gpaplaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Seng C. Lin, managing member.

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


EARTHBOUND HOLDINGS III: S&P Withdraws 'B-' Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings, including
the 'B-' corporate credit rating, on San Juan Bautista, Calif.-
based Earthbound Holdings III LLC following completion of its
acquisition and repayment of debt.

The rating action follows the closing of the company's acquisition
by The WhiteWave Foods Company on Jan. 2, 2014, and full repayment
of rated debt outstanding at Earthbound.


ECONOMY HOME: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Economy Home Center, Inc.
        17 Spooner Drive
        Byron, GA 31008

Case No.: 14-50041

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Middle District of Georgia (Macon)

Debtor's Counsel: Calvin L. Jackson, Esq.
                  CALVIN L. JACKSON, PC
                  1259 Russell Parkway, Suite T
                  Warner Robins, GA 31088
                  Tel: 478-923-9611
                  Fax: 478-923-1795
                  Email: cljpc@mgacoxmail.com

Estimated Assets: Not indicated

Estimated Liabilities: $0 to $50,000

The petition was signed by Sarah L. Spooner, CEO.

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


EDENOR SA: Shareholders Approve Merger With Emdersa Holding
-----------------------------------------------------------
At the general extraordinary meeting of Edenor SA, the
shareholders resolved to:

   (i) approve the reversion of Edenor S.A.'s mandatory capital
       reduction resolved by its Ordinary and Extraordinary
       Shareholders' Meeting held on April 25, 2013, as the
       Company does no longer fall under the grounds for that
       reduction (grounds for mandatory capital reduction as set
       forth in section 206, Law 19.550); and

  (ii) approve the merger of Edenor S.A., as surviving company,
       and Emdersa Holding S.A., as merged company, which will be
       dissolved but not liquidated, together with all relevant
       documents and information required by applicable
       regulations.

The effective date of the merger for all legal, accounting and tax
purposes will be retroactive to Oct. 1, 2013.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion
of revenue from sales for the year ended Dec. 31, 2012, as
compared with a net loss of ARS291.38 million on ARS2.80 billion
of revenue from sales for the year ended Dec. 31, 2011.

The Company's balance sheet at Sept. 30, 2013, showed ARS 7.72
billion in total assets, ARS 6.50 billion in total liabilities and
ARS 1.21 billion in total equity.


EMERALD EXPOSITIONS: Loan Upsize No Impact on Moody's 'B3' CFR
--------------------------------------------------------------
Moody's Investors Service says Emerald Expositions Holding, Inc.'s
upsize of the term loan B to $630 million from $430 million will
not impact the existing B2 facility rating or the B3 Corporate
Family Rating. The outlook remains Stable. The LGD point estimates
for the secured credit facilities change to LGD3-37% from LGD3-35%
and the senior unsecured note point estimates change to LGD5-89%
from LGD5-88% as a result of the increase in term loans.

The upsize of the Term Loan B and a contribution of $140 million
from Emerald's equity sponsor, Onex Partners, will be used to
acquire GLM Superholdings, LLC (GLM) for $335 million. GLM is an
independent pure-play U.S. trade show organizer with over 20
events annually. The transaction is anticipated to close in early
2014.

Ratings Rationale

The principal methodology used in this rating was Global Business
& Consumer Service Industry Rating Methodology published in
October 2010. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.


EPAZZ INC: Asher Enterprises Held 9.9% Equity Stake at Dec. 31
--------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Asher Enterprises, Inc., disclosed that as of
Dec. 31, 2013, it beneficially owned 346,489,034 shares of common
stock of Epazz, Inc., representing 9.99 percent (based on the
total of 3,468,358,708 outstanding shares of Common Stock).  A
copy of the regulatory filing is available for free at:

                        http://is.gd/wzgy9D

                          About EPAZZ Inc.

Chicago, Ill.-based EPAZZ, Inc., was incorporated in the State of
Illinois on March 23, 2000, to create software to help college
students organize their college information and resources.  The
idea behind the Company was that if the information and resources
provided by colleges and universities was better organized and
targeted toward each individual, the students would encounter a
personal experience with the college or university that could lead
to a lifetime relationship with the institution.  This concept is
already used by business software designed to retain relationships
with clients, employees, vendors and partners.

Epazz incurred a net loss of $1.90 million on $1.19 million of
revenue for the year ended Dec. 31, 2012, as compared with a net
loss of $336,862 on $735,972 of revenue for the year ended
Dec. 31, 2011.  The Company's balance sheet at Sept. 30, 2013,
showed $1.19 million in total assets, $2.03 million in total
liabilities and a $842,019 total stockholders' deficit.

M&K CPAS, PLLC, in Houston, Texas, 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 an accumulated deficit of $(4,114,756) and a
working capital deficit of $(681,561), which raises substantial
doubt about its ability to continue as a going concern.

                        Bankruptcy Warning

"We cannot be certain that any such financing will be available on
acceptable terms, or at all, and our failure to raise capital when
needed could limit our ability to continue and expand our
business.  We intend to overcome the circumstances that impact our
ability to remain a going concern through a combination of the
commencement of additional revenues, of which there can be no
assurance, with interim cash flow deficiencies being addressed
through additional equity and debt financing.  Our ability to
obtain additional funding for the remainder of the 2012 year and
thereafter will determine our ability to continue as a going
concern.  There can be no assurances that these plans for
additional financing will be successful.  Failure to secure
additional financing in a timely manner to repay our obligations
and supply us sufficient funds to continue our business operations
and on favorable terms if and when needed in the future could have
a material adverse effect on our financial performance, results of
operations and stock price and require us to implement cost
reduction initiatives and curtail operations.  Furthermore,
additional equity financing may be dilutive to the holders of our
common stock, and debt financing, if available, may involve
restrictive covenants, and strategic relationships, if necessary
to raise additional funds, and may require that we relinquish
valuable rights.  In the event that we are unable to repay our
current and long-term obligations as they come due, we could be
forced to curtail or abandon our business operations, and/or file
for bankruptcy protection; the result of which would likely be
that our securities would decline in value and/or become
worthless," according to the Company's annual report for the
period ended Dec. 31, 2012.


EVERGREEN INTERNATIONAL: Sued Again for Wages After Mass Firings
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that wherever Evergreen International Aviation Inc.
appears in bankruptcy court, workers aren't far behind, suing for
two months' wages because employees weren't given notice before
mass firings.

                  About Evergreen International

Evergreen International Aviation Inc., an air cargo carrier that
halted operations in November 2013, filed a petition for
liquidation in Chapter 7 on Dec. 31, 2013 (Bankr. D. Del. Case No.
13-13363).

Three creditors owed a total of $468,000 filed an involuntary
bankruptcy petition in Brooklyn, New York on Dec. 18, 2013 (Bankr.
E.D.N.Y. Case No. 13-47494).  By filing a voluntary petition,
Evergreen indicated a preference for being liquidated in Delaware
rather than in Brooklyn.

The petition in Delaware listed assets worth less than $100
million and debt exceeding $100 million.


EVOLUCIA INC: Has $3.43-Mil. Net Loss for Q3 Ended Sept. 30
-----------------------------------------------------------
Evolucia, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
of $3.43 million on $725,278 of sales for the three months ended
Sept. 30, 2013, compared to a net loss of $1.57 million on $1.15
million of sales for the same period in 2012.

The Company's balance sheet at Sept. 30, 2013, showed $3.59
million in total assets, $10.18 million in total liabilities, and
stockholders' deficit of $7.09 million.

The company said in the Form 10-Q, "Although we have incurred
losses from operations and have a significant accumulated deficit
at September 30, 2013, we believe we have adequate resources, such
as cash on-hand, our credit facilities, and the proceeds and
anticipated proceeds from private placements during 2013 to meet
our operating commitments through September 2014, although there
can be no assurance of this.  In the event these resources and
operating cash flows are not sufficient to fully fund our
operating commitments or our growth, we would look to secure
additional debt or equity financing.  There can be no guarantee
that we will be successful securing funding.  In the event we are
unable to fund our operations by positive operating cash flows or
additional funding, we may be forced to reduce our expenses and
slow down our operations. Our consolidated financial statements do
not include any adjustments relating to the recoverability and
classification of recorded asset amounts or the amounts and
classification of liabilities that might be necessary should we be
unable to continue as a going concern."

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

                        http://is.gd/TrmLWJ

Evolucia, Inc., engages in the business of designing,
manufacturing, marketing and distributing light emitting diode
lighting fixtures. It also produces and sells several products
that provide LED lighting solutions for roadways and walkways,
parking lots and garages and other area lighting solutions. The
company was founded in 2007 and is headquartered in Sarasota,
Florida.


FIRST NATIONAL COMMUNITY: Shareholders' Meeting Held Dec. 23
------------------------------------------------------------
First National Community Bancorp, Inc., held its annual meeting of
shareholders on Dec. 23, 2013.  The agenda of the meeting were:

   * Introduction of Management, Directors and Guests
   * Present Meeting Notice and Proxy
   * Review Rules of Conduct
   * Report of Judge of Election
   * Establish that a Quorum Exists
   * Review Annual Meeting Proposals
   * Voting
   * Overview of Voting Results
   * Management Presentation and Q&A

A copy of the PowerPoint presentation at the Annual Meeting is
available for free at http://is.gd/4OKpTX

                        About First National

Headquartered in Dunmore, Pa., First National Community Bancorp,
Inc., is a Pennsylvania corporation, incorporated in 1997 and is
registered as a bank holding company under the Bank Holding
Company Act ("BHCA") of 1956, as amended.  The Company became an
active bank holding company on July 1, 1998, when it acquired
ownership of First National Community Bank (the "Bank").  The Bank
is a wholly-owned subsidiary of the Company.

The Company's primary activity consists of owning and operating
the Bank, which provides customary retail and commercial banking
services to individuals and businesses.  The Bank provides
practically all of the Company's earnings as a result of its
banking services.

First National disclosed a net loss of $13.71 million on $37.02
million of total interest income for the year ended Dec. 31, 2012,
as compared with a net loss of $335,000 on $42.93 million of total
interest income in 2011.  The Company's balance sheet at Sept. 30,
2013, showed $978.52 million in total assets, $945.72 million in
total liabilities and $32.79 million in total shareholders'
equity.

                        Regulatory Matters

The Bank is under a Consent Order from the Office of the
Comptroller of the Currency dated Sept. 1, 2010.  The Company is
also subject to a Written Agreement with the Federal Reserve Bank
of Philadelphia dated Nov. 24, 2010.

The Bank, pursuant to a Stipulation and Consent to the Issuance of
a Consent Order dated Sept. 1, 2010, without admitting or denying
any wrongdoing, consented and agreed to the issuance of the Order
by the OCC, the Bank's primary regulator.  The Order requires the
Bank to undertake certain actions within designated timeframes,
and to operate in compliance with the provisions thereof during
its term.  The Order is based on the results of an examination of
the Bank as of March 31, 2009.  Since the examination, management
has engaged in discussions with the OCC and has taken steps to
improve the condition, policies and procedures of the Bank.
Compliance with the Order is monitored by a committee of at least
three directors, none of whom is an employee or controlling
shareholder of the Bank or its affiliates or a family member of
any such person.  The Committee is required to submit written
progress reports on a monthly basis to the OCC and the Agreement
requires the Bank to make periodic reports and filings with the
Federal Reserve Bank.  The members of the Committee are John P.
Moses, Joseph Coccia, Joseph J. Gentile and Thomas J. Melone.

Banking regulations also limit the amount of dividends that may be
paid without prior approval of the Bank's regulatory agency.  At
Dec. 31, 2012, the Company and the Bank are restricted from paying
any dividends, without regulatory approval.


FLETCHER INTERNATIONAL: Sued by Trustee for $143 Million
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Richard J. Davis, the Chapter 11 trustee for Fletcher
International Ltd., filed a lawsuit Dec. 31, saying that Alphonse
"Buddy" Fletcher used Fletcher Asset Management Inc. to "funnel"
more than $143 million out of the fund between January 2009 and
the initiation of bankruptcy in June 2012.

According to the complaint, Buddy Fletcher used his management
company to transfer assets from the fund to Fletcher International
Inc., the defendant in the new suit.  The transfers were made with
"actual intent of defrauding" the fund's creditors, the trustee
alleges.  Mr. Davis says that Buddy Fletcher used the fund and
Fletcher International Inc. "as a piggy bank."

                 About Fletcher International

Fletcher International, Ltd., filed a bare-bones Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-12796) on June 29, 2012, in
Manhattan.  The Bermuda exempted company estimated assets and
debts of $10 million to $50 million.  The bankruptcy documents
were signed by its president and director, Floyd Saunders.

David R. Hurst, Esq., at Young Conaway Stargatt & Taylor, LLP, in
New York, serves as counsel and Appleby (Bermuda) Limited serves
as special Bermuda counsel.  The Debtor disclosed $52,163,709 in
assets and $22,997,848 in liabilities as of the Chapter 11 filing.

Fletcher International Ltd. is managed by the investment firm of
Alphonse "Buddy" Fletcher Jr.

Fletcher Asset Management was founded in 1991.  During its initial
four years, FAM operated as a broker dealer trading various debt
and equity securities and making long-term equity investments.
Then, in 1995, FAM began creating and managing a family of private
investment funds.

The Debtor is a master fund in the Fletcher Fund structure.  As a
master fund, it engages in proprietary trading of various
financial instruments, including complex, long-term, illiquid
investments.

The Debtor is directly owned by Fletcher Income Arbitrage Fund and
Fletcher International Inc., which own roughly 83% and 17% of the
Debtor's common shares, respectively.  Arbitrage's direct parent
entities are Fletcher Fixed Income Alpha Fund and FIA Leveraged
Fund, both of which are incorporated in the Cayman Islands and are
subject to liquidation proceedings in that jurisdiction, and which
own roughly 76% and 22% of Arbitrage's common stock, respectively.
The Debtor currently has a single subsidiary, The Aesop Fund Ltd.

After filing for Chapter 11 protection, Fletcher immediately
started a lawsuit in bankruptcy court to stop the involuntary
bankruptcy in Bermuda.  Judge Gerber at least temporarily halted
liquidators appointed in the Cayman Islands from moving ahead with
proceedings in Bermuda.  The lawsuit to halt the Bermuda
liquidation is Fletcher International Ltd. v. Fletcher Income
Arbitrage Fund, 12-01740, in the same court.

Richard J. Davis, Chapter 11 trustee appointed in the case, has
hired Michael Luskin, Esq., at Luskin, Stern & Eisler LLP as his
counsel.

The Chapter 11 trustee filed a proposed liquidating Plan in
November 2013.  There will be a Jan. 14, 2014 hearing for approval
of the disclosure statement, so creditors can vote on the
liquidating Chapter 11 plan.


FRESH & EASY: Vows to Pay Creditors Fully From Sales
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that supermarket chain Fresh & Easy Neighborhood Market
Inc., now Old FENM Inc., is asking the the bankruptcy court in
Delaware to extend its exclusive plan-filing rights by two months,
to April 1.  A hearing on the exclusivity motion is set for Jan.
22.


According to the report, the company said it expects to file a
Chapter 11 plan early this year paying all creditors in full who
aren't affiliated with Tesco Plc, the Cheshunt, England-based
owner.

The report relates that the payments will come from proceeds of
three major sales.  First, Ron Burkle's Yucaipa Cos LLC bought the
bulk of the operation, reducing debt by $130 million.  Last month,
the bankruptcy court authorized selling 53 parcels of property and
leases at stores not picked up by Yucaipa, for $40 million.  And
on Jan. 22, there will be a hearing to approve the $53.5 million
sale of an unused warehouse in Stockton, California.

                  About Fresh & Easy Neighborhood

Fresh & Easy Neighborhood Market Inc., and its affiliate filed
Chapter 11 petitions (Bankr. D. Del. Case Nos. 13-12569 and
13-12570) on Sept. 30, 2013.  The petitions were signed by James
Dibbo, chief financial officer.  Judge Kevin J. Carey presides
over the case.

Fresh & Easy owes $738 million to Cheshunt, England-based Tesco,
the U.K.'s biggest retailer. Fresh & Easy never made a profit and
lost an average of $22 million a month in the 12 months ended in
February, according to court papers.

Jones Day serves as lead bankruptcy counsel.  Richards, Layton &
Finger, P.A., serves as local Delaware counsel.  Alvarez & Marsal
North America, LLC, serves as financial advisors, and Alvarez &
Marsal Securities, LLC, serves as investment banker.  Prime Clerk
LLC acts as the Debtors' claims and noticing agent.  Gordon
Brothers Group, LLC, and Tiger Capital Group, LLC, serves as the
Debtors' consultant. The Debtors estimated assets of at least $100
million and liabilities of at least $500 million.

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed five
creditors to serve in the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Fresh & Easy Neighborhood
Market Inc., et al.  Pachulski Stang Ziehl & Jones LLP serves as
counsel to the Committee. FTI Consulting, Inc. serves as its
financial advisor.

The Debtors closed, on or about Nov. 26, 2013, the sale of about
150 supermarkets plus a production facility in Riverside,
California, to Ron Buckle's Yucaipa Cos.  Pursuant to the sale
terms, the bankruptcy company changed its name, and the name of
the case, to Old FENM Inc.


FUN VALLEY PARK: Case Summary & 14 Unsecured Creditors
------------------------------------------------------
Debtor: Fun Valley Park Inc.
        PO Box BOX 93
        Camuy, PR 00627

Case No.: 14-00047

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Brian K. Tester

Debtor's Counsel: Teresa M Lube Capo, Esq.
                  LUBE & SOTO LAW OFFICES PSC
                  1130 Ave FD Roosevelt
                  San Juan, PR 00920-2906
                  Tel: 787-722-0909
                  Fax: 787-977-1709
                  Email: lubeysoto@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Rafael Aviles Cordero, president.

A list of the Debtor's 14 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb14-47.pdf


FURNITURE BRANDS: Sale of Roble Road Property Approved
------------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved
Furniture Brands International's motion to sell property free and
clear of liens and for entry of an order (i) approving its entry
into a purchase agreement for the sale of certain Roble Road
property, (ii) authorizing private sale of the Roble Road property
free and clear of liens, claims, encumbrances and other interests
on the terms and conditions set forth in the purchase agreement,
(iii) authorizing the seller to assume and assign unexpired leases
to the buyer in connection with the sale of the Roble Road
property and (iv) granting related relief.

The seller, Lane Home Furnishings Retail, owns a single story
industrial building on a 9.07 acre lot, located at 734 Roble Road
in Allentown, PA. The total size of the building is 103,215 square
feet, and the buyer is Roble Street Realty.

As previously reported, "The Real Property is not, and was not,
used by the Debtors in their furniture businesses. Specifically,
since 2012, the Seller has leased the Real Property to Ice River
Springs USA, Inc. (the 'Tenant') pursuant to that certain
Office/Warehouse Lease Agreement, dated as of February 6,
2012....Specifically, the Buyer, a related entity of the Tenant,
would acquire the Real Property fora Purchase Price of $3,000,000
pursuant to the terms of the Purchase Agreement."

                       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.


GASCO ENERGY: To Suspend Reporting Obligations with SEC
-------------------------------------------------------
Gasco Energy, Inc., disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that it intends to suspend all
reporting obligations with the SEC under the Securities Exchange
Act of 1934, as amended.

On Aug. 22, 2008, and On Aug. 31, 2011, Gasco Energy, and its
affiliates, filed registration statements on Form S-3 with the SEC
to register shares of common stock, $0.0001 par value per share,
debt securities, preferred stock, warrants, purchase contracts,
units and guarantees of debt securities.  The Company now desires
to deregister all of the Securities under the Registration
Statements.

                        About Gasco Energy

Denver-based Gasco Energy, Inc. -- http://www.gascoenergy.com/--
is a natural gas and petroleum exploitation, development and
production company engaged in locating and developing hydrocarbon
resources, primarily in the Rocky Mountain region and in
California's San Joaquin Basin.  Gasco's principal business is the
acquisition of leasehold interests in petroleum and natural gas
rights, either directly or indirectly, and the exploitation and
development of properties subject to these leases.  Gasco focuses
its drilling efforts in the Riverbend Project located in the Uinta
Basin of northeastern Utah, targeting the oil-bearing Green River
Formation and the natural gas-prone Wasatch, Mesaverde, Blackhawk,
Mancos, Dakota and Morrison formations.

In its auditors' report on the consolidated financial statements
for the year ended Dec. 31, 2012, KPMG LLP, in Denver, Colorado,
expressed substantial doubt about Gasco Energy's ability to
continue as a going concern.  The independent auditors noted that
the Company has suffered recurring losses and negative cash flows
from operations.

The Company reported a net loss of $22.2 million on $8.9 million
of revenues in 2012 as compared with a net loss of $7.3 million on
$18.3 million of revenues in 2011.  The Company's balance sheet at
Sept. 30, 2013, showed $51.27 million in total assets, $41.24
million in total liabilities and $10.03 million in stockholders'
equity.

                        Bankruptcy Warning

"If the Company is unable to generate sufficient operating cash
flows or secure additional capital before February 2014, it will
not have adequate liquidity to fund its operations and meet its
obligations (including its debt payment obligations), the Company
will not be able to continue as a going concern, and could
potentially be forced to seek relief through a filing under
Chapter 11 of the U.S. Bankruptcy Code," the Company said in its
quarterly report for the period ended Sept. 30, 2013.


GELTECH SOLUTIONS: Reports $1.91-Mil. Net Loss in Sept. 30 Quarter
------------------------------------------------------------------
GelTech Solutions, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, reporting a
net loss of $1.91 million on $530,812 of sales for the three
months ended Sept. 30, 2013, compared with a net loss of $1.81
million on $84,540 of sales for the same period in 2012.

The Company's balance sheet at Sept. 30, 2013, showed
$1.55 million in total assets, $3.34 million in total liabilities,
and stockholders' deficit of $1.79 million.

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

                        http://is.gd/fhYSxZ

                           About GelTech

Jupiter, Fla.-based GelTech Solutions. Inc., is a Delaware
corporation organized in 2006.  The Company markets four products:
(1) FireIce(R), a water soluble fire retardant used to protect
firefighters, structures and wildlands; (2) Soil2O(R) 'Dust
Control', its new application which is used for dust mitigation in
the aggregate, road construction, mining, as well as, other
industries that deal with daily dust control issues; (3)
Soil2O(R), a product which reduces the use of water and is
primarily marketed to golf courses, commercial landscapers and the
agriculture market; and (4) FireIce(R) Home Defense Unit, a system
for applying FireIce(R) to structures to protect them from
wildfires.

GelTech reported a net loss of $5.22 million on $526,010 of sales
for the year ended June 30, 2013, as compared with a net loss of
$7.13 million on $419,577 of sales for the year ended June 30,
2012.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2013.  The independent auditors noted
that the Company has a net loss and net cash used in operating
activities in 2013 of $5,221,747 and $4,195,655, respectively, and
has a working capital deficit, accumulated deficit and
stockholders' deficit of $556,140, $28,021,633 and $2,270,386,
respectively, at June 30, 2013.  These matters raise substantial
doubt about the Company's ability to continue as a going concern.


GENERAL STEEL: Stockholders Elect Five Directors
------------------------------------------------
General Steel Holdings, Inc., held its 2013 annual meeting of the
Stockholders on December 27 during which the stockholders:

  1) elected Zuosheng Yu, John Chen, Angela He, Zhongkui Cao and
     James Hu to the Board of Directors to serve until the annual
     meeting of Stockholders to be held in 2014 and until their
     respective successors are elected and qualified;

  2) ratified the appointment of Friedman LLP as the independent
     registered public accounting firm of the Company for the
     fiscal year ending Dec. 31, 2013;

  3) approved and ratified an amendment to the Company's 2008
     Equity Incentive Plan to increase the number of shares of
     common stock reserved for issuance thereunder to 5,000,000;

  4) approved, on a non-binding basis, the compensation of the
     Company's Named Executive Officers; and

  5) approved a reverse stock split of the Company's common stock,
     pursuant to which, each Stockholder will receive one share of
     the Company's common stock in exchange for every two, three
     or four shares of the Company's common stock owned at the
     effective time of the Reverse Split, with the exact ratio to
     be determined by the Company's Board of Directors.

The Reverse Split intended to aid the Company in regaining
compliance with the New York Stock Exchange's  minimum average
closing price continued listing standard.  On Dec. 6, 2013, the
Company received confirmation from the NYSE that it had regained
compliance with the Continued Listing Standard of minimum share
price requirement of $1.00, after its closing price and 30-trading
day average price reached $1.07 and $1.00, respectively, on
Nov. 29, 2013.  Therefore, the board of directors of the Company
decided not to effectuate the Reverse Split at this time, although
it may still do so in the future if it determines that such
actions are in the best interests of the Company and the
Stockholders.

                   About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  The Company has operations in China's
Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region
and Tianjin municipality with seven million metric tons of crude
steel production capacity under management.  For more information,
please visit www.gshi-steel.com.

For the nine months ended Sept. 30, 2013, the Company reported a
net loss of $43.85 million.  General Steel incurred a net loss of
$231.93 million in 2012 as compared with a net loss of $283.29
million in 2011.

The Company's balance sheet at Sept. 30, 2013, showed
$2.67 billion in total assets, $3.14 billion in total liabilities
and a $473.11 million in total deficiency.


GIGGLES N HUGS: Posts $356K Net Loss in Quarter Ended Sept. 29
--------------------------------------------------------------
Giggles N Hugs, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
of $356,496 on $614,510 of net sales for the thirteen weeks ended
Sept. 29, 2013, compared to a net loss of $214,768 on $333,037 of
revenues for the same period in 2012.

The Company's balance sheet at Sept. 29, 2013, showed
$2.24 million in total assets, $2.46 million in total liabilities,
and stockholders' deficit of $217,159.

The Company has recently sustained operating losses and has an
accumulated deficit of $4,223,552 at Sept. 29, 2013.  In addition,
the Company has negative working capital of $790,685 at Sept. 29,
2013.  These factors raise substantial doubt about the ability of
the Company to continue as a going concern, the company said in
the Form 10-Q.

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

                        http://is.gd/ljS0Cz

Los Angeles, Calif.-based Giggle N Hugs, Inc., owns and operates a
kid-friendly restaurant named Giggles N Hugs in the Westfield Mall
in Century City, as well as the new Westfield Topanga Shopping
Center location in Woodland Hills, California and owns the
intellectual property rights for Giggles N Hugs facilities in the
future.


GLOBALSTAR INC: Thermo Invests Additional $13.5 Million
-------------------------------------------------------
Pursuant to the previously announced Common Stock Purchase and
Option Agreement between the Company, Thermo Funding Company LLC
and Thermo Funding II LLC, the special committee of the Board of
Directors exercised its option to require Thermo to invest an
additional $13.5 million into the Company.  On Dec. 27, 2013,
Thermo invested that amount and was issued 25,961,538 shares of
non-voting common stock.  In addition, the special committee has
extended its option for Thermo to purchase up to $11.5 million of
additional shares of non-voting common stock at a price equal to
85 percent of the average closing price of the voting common stock
on the 10 trading days immediately preceding the date of the
special committee's request until March 31, 2014.

               Units Deliver Guarantee to Trustee

As previously disclosed in a current report on Form 8-K originally
filed with the U.S. Securities and Exchange Commission on May 20,
2013, Globalstar, Inc., entered into the Fourth Supplemental
Indenture, dated as of May 20, 2013, between the Company and U.S.
Bank National Association, as Trustee, relating to the issuance by
the Company of approximately $54.6 million in 8.0 percent
Convertible Senior Notes due April 1, 2028.

In accordance with the terms of the New Indenture, on Dec. 27,
2013, the Company caused all of its subsidiaries that guaranty the
obligations of the Company's senior secured credit facility to
execute and deliver to the Trustee a guaranty of the Company's
obligations under the New Notes in the form attached to the New
Indenture.  The subsidiaries' obligations under the guaranty are
subordinated to their obligations under their guaranty of the
Facility.

                         About Globalstar

Covington, Louisiana-based Globalstar Inc. provides mobile
satellite voice and data services.  Globalstar offers these
services to commercial and recreational users in more than 120
countries around the world.  The Company's products include mobile
and fixed satellite telephones, simplex and duplex satellite data
modems and flexible service packages.

Globalstar incurred a net loss of $112.19 million in 2012, a net
loss of $54.92 million in 2011 and a net loss of $97.46 million in
2010.  The Company's balance sheet at Sept. 30, 2013, showed $1.38
billion in total assets, $1.12 billion in total liabilities and
$266.60 million in total stockholders' equity.

Crowe Horwath LLP, in Oak Brook, Illinois, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that Globalstar has suffered recurring losses from operations and
is not in compliance with certain financial and nonfinancial
covenants under certain long-term debt agreements.  This creates a
liquidity deficiency that raises substantial doubt about its
ability to continue as a going concern.


GREEN AUTOMOTIVE: Files Amendment No. 2 to Q2 2013 Form 10-Q
------------------------------------------------------------
Green Automotive Company on Dec. 31, 2013, filed with the U.S.
Securities and Exchange Commission an amendment no. 2 to its Form
10-Q for the quarter ended June 30, 2013.

A copy of the Amendment No. 2 to the Form 10-Q is available at:

                       http://is.gd/Ef6ztw

The company reported a net loss of $3 million on $429,392 of
revenues for the three months ended June 30, 2013, compared to a
net loss of $413,000 on $nil of revenues for the three months
ended June 30, 2012.

The Company's balance sheet at June 30, 2013, showed $2.33 million
in total assets, $38.22 million in total liabilities, and total
stockholders' deficit of $35.89 million.

The Company has sustained losses since its inception on Apr. 28,
2009.  It has an accumulated deficit of $59.45 million from
inception through June 30, 2013.  The Company's continuation as a
going concern is dependent on its ability to generate sufficient
cash flows from operations to meet its obligations, which it has
not been able to accomplish to date, and /or obtain additional
financing from its stockholders and/or other third parties.

                  About Green Automotive Company

Green Automotive Company is a vehicle design, engineering,
manufacturing and distribution company. The Company also provides
after sales program. It possesses a portfolio of businesses and is
active in three main market segments: Cutting edge technology
development, engineering and design with a focus on zero and low
emission vehicle solutions; Manufacturing and customization of
vehicles for markets with the potential to be converted into low
emission or electric vehicles, such as shuttle buses, taxis,
commercial vehicles, and After sales services for electric or low
emission vehicles, including servicing and repair.


GREEN AUTOMOTIVE: Amends Form 10-Q for Third Quarter 2013
---------------------------------------------------------
Green Automotive Company on Dec. 31, 2013, filed with the U.S.
Securities and Exchange Commission an amendment to Form 10-Q for
the quarter ended Sept. 30, 2013.  A copy of the document is
available at http://is.gd/LYV4mJ

The company reported a net loss of $25.41 million on $1.02 million
of revenues for the three months ended Sept. 30, 2013, compared to
a net loss of $6.18 million on $78,966 of revenues for the three
months ended Sept. 30, 2012.

The Company's balance sheet at Sept. 30, 2013, showed $2.3 million
in total assets, $53.4 million in total liabilities, and total
stockholders' deficit of $51.09 million.

The Company has sustained losses since its inception on April 28,
2009.  It has an accumulated deficit of $84.86 million from
inception through Sept. 30, 2013.  The Company's continuation as a
going concern is dependent on its ability to generate sufficient
cash flows from operations to meet its obligations, which it has
not been able to accomplish to date, and /or obtain additional
financing from its stockholders and/or other third parties.

                  About Green Automotive Company

Green Automotive Company is a vehicle design, engineering,
manufacturing and distribution company. The Company also provides
after sales program. It possesses a portfolio of businesses and is
active in three main market segments: Cutting edge technology
development, engineering and design with a focus on zero and low
emission vehicle solutions; Manufacturing and customization of
vehicles for markets with the potential to be converted into low
emission or electric vehicles, such as shuttle buses, taxis,
commercial vehicles, and After sales services for electric or low
emission vehicles, including servicing and repair.


GREEN FIELD ENERGY: Committee Wants Examiner for Secret Reasons
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Green Field Energy Services Inc., an oil-field
services provider, should have an examiner perform an
investigation, the official creditors' committee said in court
filings without publicly giving a reason.

According to the report, the committee asked permission to file
lawsuits.

The basis for the motions is unknown because the committee said
it's forced to file the papers under seal because the underlying
information was provided "under blanket confidentiality
agreements."  The papers also don't name the subjects for
investigation or the targets of the lawsuits.

The committee said it doesn't agree with "many of the
confidentiality designations."  The panel would have information
providers show why the court papers should continue being held
under seal.

                   About Green Field Energy

Green Field Energy Services, Inc., is an independent oilfield
services company that provides a wide range of services to oil and
natural gas drilling and production companies to help develop and
enhance the production of hydrocarbons.  The Company's services
include hydraulic fracturing, cementing, coiled tubing, pressure
pumping, acidizing and other pumping services.

Green Field Energy and two affiliates filed Chapter 11 petitions
in Delaware on Oct. 27, 2013, after defaulting on an $80 million
credit provided by an affiliate of Royal Dutch Shell Plc (Bankr.
D. Del. Case No. 13-bk-12783).

The Debtors are represented by Josef S. Athanas, Esq., Caroline A.
Reckler, Esq., Sarah E. Barr, Esq., and Matthew L. Warren, Esq.,
at Latham & Watkins LLP, in Chicago, Illinois; and Michael R.
Nestor, Esq., and Kara Hammon Coyle, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.

The Debtors' investment banker is Carl Marks Advisory Group LLC.
Thomas E. Hill, from Alvarez & Marsal North America, LLC, serves
as the Debtors' chief restructuring officer.

In its schedules, Green Field disclosed $306,960,039 in total
assets and $447,199,869 in total liabilities.

Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed six
members to the official committee of unsecured creditors in the
Chapter 11 cases of Green Field Energy Services, Inc., et al.

Green Field's bankruptcy is being financed with a $30 million loan
from BG Credit Partners LLC and ICON Capital LLC.


GREEN FIELD ENERGY: Government Claims Bar Date Set for April 25
---------------------------------------------------------------
Government entities who assert claims against Green Field Energy
Services, Inc. must file their proofs of claim not later than
April 25, 2014, at 4:00 p.m.

Green Field Energy Services, Inc., is an independent oilfield
services company that provides a wide range of services to oil and
natural gas drilling and production companies to help develop and
enhance the production of hydrocarbons.  The Company's services
include hydraulic fracturing, cementing, coiled tubing, pressure
pumping, acidizing and other pumping services.

Green Field Energy and two affiliates filed Chapter 11 petitions
in Delaware on Oct. 27, 2013, after defaulting on an $80 million
credit provided by an affiliate of Royal Dutch Shell Plc (Bankr.
D. Del. Case No. 13-bk-12783).

The Debtors are represented by Josef S. Athanas, Esq., Caroline A.
Reckler, Esq., Sarah E. Barr, Esq., and Matthew L. Warren, Esq.,
at Latham & Watkins LLP, in Chicago, Illinois; and Michael R.
Nestor, Esq., and Kara Hammon Coyle, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.

The Debtors' investment banker is Carl Marks Advisory Group LLC.
Thomas E. Hill, from Alvarez & Marsal North America, LLC, serves
as the Debtors' chief restructuring officer.

In its schedules, Green Field disclosed $306,960,039 in total
assets and $447,199,869 in total liabilities.

Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed six
members to the official committee of unsecured creditors in the
Chapter 11 cases of Green Field Energy Services, Inc., et al.

Green Field's bankruptcy is being financed with a $30 million loan
from BG Credit Partners LLC and ICON Capital LLC.


HARRIS MANUFACTURING: Case Summary & Largest Unsecured Creditor
---------------------------------------------------------------
Debtor: Harris Manufacturing Company, Inc.
        425 SE Dallas Street
        Grand Prairie, TX 75051

Case No.: 14-40146

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Northern District of Texas (Ft. Worth)

Judge: Hon. Michael D. Lynn

Debtor's Counsel: Joyce W. Lindauer, Esq.
                  JOYCE W. LINDAUER, ATTORNEY AT LAW
                  8140 Walnut Hill Ln. Ste. 301
                  Dallas, TX 75231
                  Tel: (972) 503-4033
                  Fax: (972) 503-4034
                  Email: courts@joycelindauer.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steve Robertson, president/director.

The Debtor listed Providence Bank - Grapevine, at 1115 South Main
Street, Grapevine, TX 76051, as its largest unsecured creditor
holding a $5 million claim.


HOVNANIAN ENTERPRISES: S&P Assigns CCC Rating to New $150MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC' rating and
'6' recovery rating to Hovnanian Enterprises Inc.'s proposed
$150 million senior notes due 2019.  S&P's '6' recovery rating
indicates its expectation for a negligible (0% to 10%) recovery in
the event of default.

The notes will be issued by wholly owned K. Hovnanian Enterprises
Inc. and guaranteed by Hovnanian Enterprises Inc. and existing and
future restricted subsidiaries.  The company intends to use the
net proceeds to repay the $21.4 million of outstanding 6.25%
senior notes due in 2015, with the remaining proceeds bolstering
unrestricted homebuilding cash holdings that totaled $319 million
as of Oct. 31, 2013.  The company's next debt maturity is October
2015 when $61 million of 11.875% senior notes mature.

S&P's 'B-' corporate credit rating and stable outlook on Hovnanian
Enterprises continue to reflect its assessment of the company's
"highly leveraged" financial risk profile owing to a heavy debt
load and weak credit metrics.  S&P do acknowledge Hovnanian has
been successful in extending its debt maturities and maintaining
adequate liquidity.  S&P views the company's business risk profile
as "vulnerable".  The company achieved profitability in 2013 and
S&P expects further improvement in 2014, but profitability will
continue to lag peers and result in weak credit metrics in 2014.

The stable outlook reflects S&P's expectation for higher volume
and improved operating margins to drive strengthened EBITDA and
profitability.  S&P also believes Hovnanian has sufficient
liquidity to meet near-term capital needs, including limited debt
maturities over the next 12 months.  S&P would raise its ratings
if Hovnanian's operating results continue to improve such that
profitability significantly strengthens (resulting in S&P's
revising its business risk profile assessment to "weak" from
"vulnerable"), or debt to EBITDA improves to 4x to 5x, which would
be consistent with an "aggressive" financial risk profile.
Alternatively, S&P would lower its ratings if housing operations
deteriorate and its base case is unlikely to be achieved, if the
company aggressively invests in land resulting in a cash position
below the low end of the company's cash target, or if S&P believes
another distressed debt exchange or debt restructuring is likely.

RATINGS LIST

Hovnanian Enterprises Inc.
Corporate Credit Rating            B-/Stable/--

New Rating

K. Hovnanian Enterprises Inc.
$150 Mil. Senior Notes Due 2019*   CCC
   Recovery Rating                  6

*Guaranteed by Hovnanian Enterprises Inc.


IBAHN CORP: Seeks More Time to Find Buyer
-----------------------------------------
Patrick Fitzgerald, writing for Daily Bankruptcy Review, reported
that hotel Internet provider iBahn Corp. is seeking more time
under bankruptcy court protection as it seeks an investor to buy
its business.

                          About iBahn Corp.

Salt Lake City, Utah-based IBahn Corp., a provider of Internet
services to hotels, sought bankruptcy protection (Bankr. D. Del.
Case No. 13-12285), citing a loss of contracts with largest
customer Marriott International Inc. and patent litigation costs.
IBahn Chief Financial Officer Ryan Jonson said the company had
assets of $13.6 million and it listed liabilities of as much as
$50 million in the Chapter 11 filing on Sept. 6, 2013.  The
petitions were signed by Ryan Jonson as chief financial officer.
Judge Peter J. Walsh presides over the case.

Pachulski Stang, Ziehl Young & Jones, LLP, serves as the Debtors'
counsel.  The Debtors' claims and noticing agent is Epiq
Bankruptcy Solutions.


IMS HEALTH: S&P Puts 'B+' Corp. Credit Rating on Watch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services said it placed all of its
ratings, including its 'B+' corporate credit rating, on IMS Health
Inc. on CreditWatch with positive implications.

The CreditWatch placement follows the company's announcement that
it filed a registration statement for a proposed IPO of common
stock and S&P's belief that the company will use a portion of the
proceeds to reduce debt.

S&P's corporate credit rating on IMS currently reflects a "highly
leveraged" financial risk profile reflective of debt leverage that
is about 6.5x (inclusive of the August 2013 holdco debt issuance).
S&P do not yet know the amount of the IPO, or the portion of the
IPO proceeds that will be used to reduce debt, but S&P believes
that lower debt leverage post-IPO could prompt a favorable
revision of its financial risk assessment.  Moreover, under public
ownership S&P would expect that IMS would have a more conservative
financial policy that would likely keep leverage at lower levels.

S&P will resolve the CreditWatch placement once the use of
proceeds has been determined and a new financial policy has been
articulated.  Upside potential could be two notches, if S&P has a
high degree of confidence that leverage would be sustained below
5x.


IN PLAY: Homeowners Object to Plan of Reorganization
----------------------------------------------------
Homeowners Chris and Nancy Oberle, Phil R. Monticello, and Helen
W. Thompson each filed objections to In Play Membership Golf
Inc.'s Plan of Reorganization, and asked the U.S. Bankruptcy Court
for the District of Colorado to deny confirmation of the Plan as
it includes eliminating all or any portion of Plum Creek Golf
Course.

The homeowners in The Peninsula, a neighborhood that abuts the
Plum Creek Golf Course, strongly object to the rezoning of the
golf course as proposed by the Plum Creek Golf Course Bankruptcy
Reorganization Plan.  According to Ms. Thompson, rezoning to allow
the building of condos and homes on the golf course would
significantly and negatively affect the value of their properties
and the quality of life in the neighborhood.

As reported by the Troubled Company Reporter on Nov. 20, 2013, the
Debtor's reorganization plan calls for the purchase of the
Debtor's golf courses, and the golf course of Eagle Mountain Golf
Course, LLC, located in Fort Worth, Texas, which are owned by
Stacey Hart, the Debtor's principal, by Oread Capital &
Development, LLC, for $14 million for the purpose of developing
residential housing and the continued operation of Deer Creek Golf
Course as a nine hole course by the Debtor after confirmation.
The purchase is subject to court approval through a confirmed Plan
which must pay all creditors in full.  A full-text copy of the
Second Amended Disclosure Statement, dated Sept. 18, 2013, is
available for free at http://bankrupt.com/misc/INPLAYds0918.pdf

The TCR reported on Dec. 26, 2013, that the Court has extended, at
the behest of the Debtor, the deadline to file the Debtor's Third
Amended Plan of Reorganization and Third Amended Disclosure
Statement to Jan. 7, 2014.

                  About In Play Membership Golf

In Play Membership Golf, Inc., doing business as Deer Creek Golf
Club and Plum Creek Golf and Country Club, filed a Chapter 11
petition (Bankr. D. Col. Case No. 13-14422) in Denver on March 22,
2013.  Jeffrey A. Weinman, Esq., at Weinman & Associates,
P.C., and Patrick D. Vellone at Allen & Vellone, P.C., represent
the Debtor in its restructuring effort.  Allen & Vellone, P.C.
serves as the Debtor's co-counsel.  The Debtor estimated assets
and liabilities of at least $10 million.


INFINITY ENERGY: Amegy Bank Hikes Equity Stake to 22.3%
-------------------------------------------------------
Amegy Bank National Association disclosed in an amended Shedule
13D filed with the U.S. Securities and Exchange Commission that as
of Dec. 30, 2013, it beneficially owned 5,591,250 shares of common
stock of Infinity Energy Resources, Inc., representing 22.3
percent of the shares outstanding.  Amegy Bank previously reported
beneficial ownership of 4,000,000 common shares or 17.6 percent
equity stake as of Feb. 28, 2012.

On Dec. 13, 2013, Amegy Bank and the Issuer entered into a Stock
Exchange Agreement, pursuant to which the Issuer agreed to issue
and transfer 3,591,250 shares of Common Stock to Amegy Bank,
3,250,000 of which were in exchange for the 130,000 shares of
Series A Preferred Stock then owned by Amegy Bank and 341,250 of
which were in lieu of and as settlement for $1,365,000 of accrued
and unpaid dividends then owing to Amegy Bank in respect of such
Series A Preferred Stock.  On Dec. 30, 2013, the Issuer and Amegy
Bank consummated the transactions contemplated by the Stock
Exchange Agreement.

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

                       http://is.gd/MHyxm4

                      About Infinity Energy

Overland Park, Kansas-based Infinity Energy Resources, Inc., and
its subsidiaries, are engaged in the acquisition and exploration
of oil and gas properties offshore Nicaragua in the Caribbean Sea.

Infinity Energy disclosed net income of $2.90 million for the year
ended Dec. 31, 2012, as compared with a net loss of $3.52 million
during the prior year.  The Company's balance sheet at Sept. 30,
2013, showed $4.77 million in total assets, $5.74 million in total
liabilities, $15.17 million in redeemable, convertible preferred
stock, and stockholders' deficit of $16.15 million.

EKS&H LLLP, in Denver, Colorado, 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, has no on-going
operations, and has a significant working capital deficit, which
raises substantial doubt about its ability to continue as a going
concern.


INNOVATIVE RESTAURANT: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Innovative Restaurant Services Exton, LLC
           dba Winner's Circle Sports Grille
           dba Riverstone Cafe
        143 West Lincoln Highway
        Exton, PA 19341

Case No.: 14-10067

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Eastern District of Pennsylvania (Philadelphia)

Judge: Hon. Eric L. Frank

Debtor's Counsel: Harry J. Giacometti, Esq.
                  FLASTER/GREENBERG, P.C.
                  Four Penn Center, 2nd Floor
                  1600 John F. Kennedy Blvd.
                  Philadelphia, PA 19103
                  Tel: (215) 587-5680
                  Email: harry.giacometti@flastergreenberg.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Nick Cacchione, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/paeb14-10067.pdf


IVEDA SOLUTIONS: Posts $1.57-Mil. Net Loss in Q3 Ended Sept. 30
---------------------------------------------------------------
Iveda Solutions, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
of $1.57 million on $568,918 of total revenue for the three months
ended Sept. 30, 2013, compared to a net loss of $834,104 on
$381,173 of total revenue for the same period in 2012.

The Company's balance sheet at Sept. 30, 2013, showed
$4.62 million in total assets, $2.17 million in total liabilities,
and stockholders' equity of $2.39 million.

Iveda said in the Form 10-Q, "Since inception, the Company has
generated an accumulated deficit from operations of approximately
$19.3 million at September 30, 2013 and has used approximately
$2.8 million in cash from operations through the current nine
months ended September 30, 2013.  As a result, a risk exists
regarding our ability to continue as a going concern."

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

                        http://is.gd/ibcCYG

Mesa, Ariz.-based Iveda Solutions, Inc., sells and installs video
surveillance equipment, primarily for security purposes and
secondarily for operational efficiencies and marketing, and
provides video hosting in-vehicle streaming video, archiving, and
real-time remote surveillance services with a proprietary
reporting system, DS(TM) (Daily Surveillance Report), to a variety
of businesses and organizations.


JEH COMPANY: Wants to Sell 2 Vehicles Pledged to Frost Bank
-----------------------------------------------------------
JEH Company, et al., seek authorization from the Hon. Russell F.
Nelms of the U.S. Bankruptcy Court for the Northern District of
Texas Sale to sell two vehicles pledged to Frost Bank.

The Debtors own two 2010 Ford Focus VIN Nos. ending in 8885 and
8677 with one having approximately 127,105 miles and the second
having approximately 70,882 miles.  An independent third party
Cantwell has offered $4,000 and $5,300 respectively for the two
vehicles.  The respective payoffs are approximately $7,447.28
each, leaving deficiencies in connection with each of the vehicles
in the approximate amount of $3,447 and $2,147.

The Debtors propose to pay the entirety of the proceeds in
connection with these vehicles to Frost Bank as sufficient cash
proceeds exist to satisfy all ad valorem taxing authorities.
Those cash proceeds were generated by a prior sale and by order of
the Court, the liens of ad valorem taxing authorities already
attach to those assets.

                         About JEH Company

JEH Company, JEH Stallion Station, Inc., and JEH Leasing Company,
Inc. filed bare-bones Chapter 11 petitions (Bankr. N.D. Tex. Case
Nos. 13-42397 to 13-42399) in Ft. Worth, Texas on May 22, 2013.
Mark Joseph Petrocchi, Esq., at Griffith, Jay & Michel, LLP, in
Ft. Worth, serves as counsel to the Debtors.

JEH Company was organized in 1982 by Jim and Marilyn Helzer.
According to http://www.jehroofingcompany.com/,JEHCO buys roofing
material directly from the manufacturer and sell it to
contractors, builders, and homeowners.  JEH Leasing owns and
leases equipment and vehicles primarily for use in the business of
JEHCO.  Stallion is in the quarter horse and thoroughbred horse
business.

In its schedules, JEH Company disclosed $13,606,753 and
$18,351,290 in liabilities as of the Petition Date.

JEH Stallion Station, Inc., disclosed $364,007 in assets and
$3,982,012 in liabilities as of the Petition Date.

JEH Leasing Company, Inc., disclosed $1,242,187 in assets and
$155,216 in liabilities as of the Petition Date.


JEH COMPANY: Wants to Sell Vehicles, Wells Fargo to Get Proceeds
----------------------------------------------------------------
JEH Company, et al., ask for permission from the Hon. Russell F.
Nelms of the U.S. Bankruptcy Court for the Northern District of
Texas Sale to sell 2004 Case 586G Wide VIN No. ending in 292454
pledged to Wells Fargo Equipment Finance Manufacturer Service
Group Case Lift.

An independent third party Shoppa has offered $19,500 for the 2004
Case 586G Wide VIN No. ending in 292454.  The respective payoff is
approximately $19,454.51, leaving a deficiency in connection with
this vehicle in the approximate amount of $45.49.

The Debtors propose to pay the entirety of the proceeds in
connection with these vehicles to Wells Fargo as sufficient cash
proceeds exist to satisfy all ad valorem taxing authorities.
Those cash proceeds were generated by a prior sale and by order of
the Court, the liens of ad valorem taxing authorities already
attach to those assets.

                         About JEH Company

JEH Company, JEH Stallion Station, Inc., and JEH Leasing Company,
Inc. filed bare-bones Chapter 11 petitions (Bankr. N.D. Tex. Case
Nos. 13-42397 to 13-42399) in Ft. Worth, Texas on May 22, 2013.
Mark Joseph Petrocchi, Esq., at Griffith, Jay & Michel, LLP, in
Ft. Worth, serves as counsel to the Debtors.

JEH Company was organized in 1982 by Jim and Marilyn Helzer.
According to http://www.jehroofingcompany.com/,JEHCO buys roofing
material directly from the manufacturer and sell it to
contractors, builders, and homeowners.  JEH Leasing owns and
leases equipment and vehicles primarily for use in the business of
JEHCO.  Stallion is in the quarter horse and thoroughbred horse
business.

In its schedules, JEH Company disclosed $13,606,753 and
$18,351,290 in liabilities as of the Petition Date.

JEH Stallion Station, Inc., disclosed $364,007 in assets and
$3,982,012 in liabilities as of the Petition Date.

JEH Leasing Company, Inc., disclosed $1,242,187 in assets and
$155,216 in liabilities as of the Petition Date.


KAMAYAN HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Kamayan Holdings, LLC
        2105 Sidney Baker
        Kerrville, TX 78028

Case No.: 14-50069

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Western District of Texas (San Antonio)

Judge: Hon. Craig A. Gargotta

Debtor's Counsel: William R. Davis, Jr., Esq.
                  LANGLEY & BANACK, INC.
                  745 E Mulberry Ave, Suite 900
                  San Antonio, TX 78212
                  Tel: (210) 736-6600
                  Fax: (210) 735-6889
                  Email: wrdavis@langleybanack.com

Total Assets: $2.80 million

Total Liabilities: $2.61 million

The petition was signed by Jerry Reed, president, The Americap
Group, Inc.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txwb14-50069.pdf


LAKELAND INDUSTRIES: HSBC Facility Extended for One Year
--------------------------------------------------------
Lakeland Industries Europe, Ltd., a wholly owned subsidiary of
Lakeland Industries, Inc., entered into a one-year extension of
its existing financing facility with HSBC Invoice Finance (UK)
Ltd., pursuant to the same terms as disclosed in the Company's
Form 8-K filed with the SEC on Feb. 22, 2013, except for:

   (1) the facility limit was raised from EUR1,000,000
      (approximately USD $1.6 million) to EUR1,250,000
      (approximately USD $2.0 million)

  (2) the prepayment percentage (advance rate) was raised from 80
      percent to 85 percent.  The facility will now have a due
      date of Dec. 19, 2014.

New loan with Bank Itau

On Dec. 19, 2013, Lakeland Brasil, S.A., a wholly owned subsidiary
of the Company completed a new loan in the amount of $R500,000
(approximately USD $211,000) with Bank Itau at an interest rate of
1.53% per month.  The proceeds of the loan are primarily for
working capital purposes.  The material terms of the loan are as
follows:

Lender: Bank Itau

Principal Amount: $R500,000 (approximately USD $211,000)

Due Date: July 31, 2014

Interest rate: 1.53 percent per month

Principal payments: $R76,360,82 monthly commencing Jan. 31,
                    2014, (approximately USD $32,000)

Collateral: Customer contracts

Factoring Agreement

On Dec. 12, 2013, Lakeland Brasil, S.A., a subsidiary of the
Company, completed an arrangement with Valecred Securitizadora
Mobiliaria, S.A., to factor, with recourse, specific invoices
totaling $R301,947 (approximately USD $127,000) for a fee of
$R7,291 (approximately USD $3,100).

                    About Lakeland Industries

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

The Company's balance sheet at Oct. 31, 2013, showed
$87.33 million in total assets, $38.56 million in total
liabilities and $48.77 million in total stockholders' equity.

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

"We have sustained substantial operating losses since in FY13 and
we were in default with our lender, TD Bank.  During the year
ended January 31, 2013, we had a net loss of $(26.3) million.
These factors raised substantial doubt about our ability to
continue as a going concern," the Company said in its annual
report for the year ended Jan. 31, 2013.


LEHMAN BROTHERS: Inks Deal With BP 399 Park Avenue to Settle Claim
------------------------------------------------------------------
The trustee liquidating Lehman Brothers Inc. and BP 399 Park
Avenue LLC signed an agreement to settle the company's claim
against the brokerage.

Under the deal, BP 399 Park can assert a $45.22 million general
unsecured claim against the brokerage, down from the $45.27
million it originally wanted.  Both sides also agreed a mutual
release of claims against each other.  A copy of the agreement
can be accessed for free at http://is.gd/6CBP4P

Hughes Hubbard & Reed LLP, the trustee's legal counsel, was slated
to present the agreement to Judge James Peck for signature on
January 6.  Objections were due December 23.

BP 399 Park is represented by:

         Douglas B. Rosner, Esq.
         GOULSTON & STORRS P.C.
         400 Atlantic Avenue
         Boston, MA 02110
         Tel: (617) 482-1776
         Fax: (617) 574-4112
         E-mail: drosner@goulstonstorrs.com

                      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).


LEHMAN BROTHERS: BNY Mellon's $201.9MM Claim vs. LBI Subordinated
-----------------------------------------------------------------
The U.S. Bankruptcy Court in Manhattan granted the request of
Lehman Brothers Inc.'s trustee to subordinate the claim of the
Bank of New York Mellon against the brokerage.

In a Dec. 13 decision, the bankruptcy court subordinated the
bank's $201.9 million claim "to payment in full of all of LBI's
unsubordinated liabilities."  The court also disallowed its claim
for postpetition interest.

BNY Mellon asserts a $201.9 million claim tied to subordinated
notes that were issued pursuant to a 1996 indenture between the
brokerage and The First National Bank of Chicago.  The bank also
claims postpetition interest of more than $10.4 million as well
as fees and costs of not less than $21,000.

                      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).


LEHMAN BROTHERS: Thomas Drops Appeal on Claim Disallowance
----------------------------------------------------------
Stephen Thomas dropped his appeal of a bankruptcy court's decision
that barred him from asserting his claim against Lehman Brothers
Holdings Inc.'s brokerage.

The U.S. Bankruptcy Court in Manhattan on Oct. 15 issued an order
disallowing three claims, including Mr. Thomas' $630,932 claim,
on grounds that they were filed after the court-approved
deadline.

The claimant, who is represented by New Jersey-based Rabinowitz
Lubetkin & Tully LLC, brought the appeal before the U.S. District
Court for the Southern District of New York.

                      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).


LEHMAN BROTHERS: Parkes Deal Could Take Months to Finalize
----------------------------------------------------------
The Parkes Shire Council said it will take months before it sees
any money from a court case against Lehman Brothers, according to
a report by ABC Local.

The Parkes Shire Council headed the case on behalf of a group of
councils, churches and charities that lost around $180 million on
investments when Lehman collapsed.  After a court battle that
took four years, the bank's liquidator has now agreed to settle
the claims.

Parkes Mayor Ken Keith, however, said the settlement will take
months to work out, the news agency reported.

"We've had to prove up the losses that we made," ABC quoted Mr.
Keith as saying.  "And other councils that weren't involved as
lead councils in the prosecution case will need to quantify the
losses that they've had so they'll have some additional work to
do for the liquidator."

Once that's happened the funds will be able to be transferred to
the various councils, churches and charities that invested in
those products, according to Mr. Keith.

                      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).


LIBERTY PROPERTY: Leverage Hike Prompts Fitch to Lower Ratings
--------------------------------------------------------------
Fitch Ratings has downgraded the credit ratings of Liberty
Property Trust (NYSE: LRY) and its operating partnership, Liberty
Property Limited Partnership as follows:

Liberty Property Trust

  -- Issuer Default Rating (IDR) to 'BBB' from 'BBB+'.

Liberty Property Limited Partnership

  -- IDR to 'BBB' from 'BBB+';
  -- Unsecured revolving credit facility to 'BBB' from 'BBB+';
  -- Medium-term notes to 'BBB' from 'BBB+';
  -- Senior unsecured notes to 'BBB' from 'BBB+';
  -- Preferred operating units to 'BB+' from 'BBB-'.

Fitch revised the Rating Outlook to Stable from Negative.

The downgrade is principally based on the increase in Liberty's
leverage to the low 6.0x area from the mid-4.0x's in 2009, against
the backdrop of increased development risk and a persistent
shortfall in Liberty's dividend coverage from adjusted funds from
operations (AFFO).

The Stable Outlook reflects Fitch's expectation for Liberty's
leverage to remain in the low 6.0x range through 2015, which is
appropriate for the 'BBB' rating.

Development Drives Leverage Higher

The expansion of Liberty's non-stabilized asset pool (primarily
through development and, to a lesser extent, under-leased
acquisitions) has increased the company's leverage to a level that
is consistent with a 'BBB' IDR.  Fitch expects leverage to sustain
in the low 6.0x range through 2015.

Fitch estimates that Liberty's leverage would have been 6.1x pro
forma for the company's recent acquisition of the Cabot Industrial
Value Fund III Operating Partnership, L.P., compared with 6.0x,
4.9x and 4.7x as of Dec. 31, 2012, 2011 and 2010, respectively.
Fitch defines leverage as net debt-to-recurring operating EBITDA,
including Fitch's estimate of recurring cash distributions from
joint ventures (JVs).

Fitch expects Liberty's leverage will increase in the near term,
but remain in the low 6.0x range due to the previously announced
$700 million sale of a portfolio of suburban office assets.  The
transaction will be dilutive to Liberty's earnings in 2014 until
its development deliveries ramp up in the second half of the year,
and due to the company using a portion of the proceeds to repay
debt.  The sale will close in two transactions.  Liberty completed
the first transaction, totaling $367.7 million on Dec. 24, 2013
and anticipates closing on the second in January 2014.

Increased Development Risk

Fitch expects Liberty to increase its development activities in
2014 and 2015 to a level where the estimated total cost of
investments approaches the high single digits as a percent of
undepreciated gross assets.

The company's development pipeline totaled 3.9% of gross assets at
Sept. 30, 2013, down from 6.4% in sequential quarters due to the
delivery of two large projects.  Fitch expects Liberty to begin
approximately $500 million of new developments over 2014 and 2015
with roughly two-thirds initiated on a speculative basis.

Liberty has earmarked a portion of the proceeds from the suburban
office portfolio sales to repay maturing unsecured debt and help
fund its 2014 development starts, effectively prefunding most of
this year's development spending.  Fitch views this positively as
a risk mitigant, notwithstanding the near-term dilution to
earnings that will hurt the company's leverage and coverage
metrics until these developments stabilize.

Liberty's unfunded development commitments totaled 2.5% of
undepreciated gross assets at Sept. 30, 2013.  Fitch expects the
company's funding obligation to increase to the mid-to-high single
digits as a percentage of gross assets as its development platform
grows during the next two years.

Fitch generally views Liberty's development franchise as a credit
positive; however, Fitch is cautious about Liberty's plans to
purchase land and begin developments in markets entered only
recently via its acquisition of the Cabot portfolio.

The company has an established track record of development success
that extends back to its founding. Liberty has developed over 64
million square feet through a combination of office, warehouse,
hotel and mixed-use projects.  The total includes 186 build-to-
suit developments, which evidences the company's strong
relationships with corporate clients.  Liberty also has an
expertise in LEED-certified development, with 61 projects
completed or under construction.

                      Modest Internal Growth

Fitch anticipates only moderate same-store NOI growth during the
next two years, despite strengthening industrial fundamentals.
Fitch expects Liberty's same-store NOI to grow by 2% in 2014 and
3.5% in 2015, on a GAAP basis, as modest occupancy gains are
partially offset by negative office leasing spreads. The company
experienced 0.9% GAAP same-store NOI growth for the nine months
ended Sept. 30, 2013 relative to the same period in 2012.

                     Dividend Coverage Shortfall

Fitch expects Liberty's common dividends to exceed 100% of its
AFFO again in 2014.  Dilution from the company's $700 million
suburban office portfolio sales is the principal driver of the
shortfall, notwithstanding the improvement in Liberty's portfolio
property mix in favor of less capital intensive industrial assets.

Liberty's AFFO payout ratio was 98.1% for the nine months ended
Sept. 30, 2013 and 102.5% and 96.6% for the years ended Dec. 31,
2012 and 2011, respectively.  Fitch expects the company's payout
ratio to exceed 100% for the full year ended 2013, primarily due
to acquisition costs associated with the Cabot portfolio.

             Cabot Strengthens Industrial Platform

Fitch views Liberty's acquisition of Cabot and subsequent sale of
$700 million of suburban office and flex industrial assets as a
credit positive.

The transaction is consistent with Liberty's strategy of
increasing its ownership of industrial properties.  The addition
of Cabot's 177 properties, comprising 23 million industrial square
feet, combined with the $700 million of suburban office
dispositions, will increase Liberty's industrial property exposure
(including flex space) to 81% of wholly-owned square feet from 73%
at Sept. 30, 2013.

The company's exposure to suburban and metro office properties
will drop to 19% of wholly-owned square feet from 27%.

The purchase also diversified Liberty's portfolio into 10 new
markets, with Atlanta, Dallas/Ft. Worth and Cincinnati
representing the three largest based on square feet.  In total, 64
assets, comprising 9.6 million square feet, are located in markets
new to Liberty.  Fitch views this positively given greater
geographic cash flow diversity for its portfolio in strategically
important U.S. logistics markets.

The transaction will also deepen Liberty's ownership in 14
existing markets, with the United Kingdom, South Florida and the
Baltimore/Washington, D.C. corridor representing the three largest
increases based on square feet acquired relative to existing
portfolio square feet in each respective market.

                     Appropriate Coverage

Coverage metrics are appropriate for the rating category.  Fitch
estimates that Liberty's coverage would have been 2.4x pro forma
for the acquisition of the Cabot portfolio based on an annualized
run rate of combined 3Q'13 results.  This compares with 2.4x, 2.5x
and 2.2x for the years ended Dec. 31, 2012, 2011 and 2010,
respectively.

Fitch calculates fixed-charge coverage as recurring operating
EBITDA, including the agency's estimate of recurring cash JV
distributions, less recurring capital expenditures and straight-
line rents, divided by total interest incurred and preferred
operating unit distributions.

                     Adequate UA/UD Coverage

Fitch estimates Liberty's unencumbered asset coverage of unsecured
debt (UA/UD) at 2.0x as of Sept. 30, 2013 pro forma for the
acquisition of the Cabot portfolio.  This level of coverage is
adequate for the 'BBB' rating.  The $700 million suburban office
portfolio sale could weaken the company's UA/UD coverage to the
high 1.0x's in the near term.

The magnitude of the decline will depend on the use of proceeds,
which Fitch expects will include a mix of development funding and,
potentially, the repayment of $200 million of unsecured notes that
mature in August 2014.  However, incremental NOI from development
deliveries in 2014 and 2015 should bring the ratio back above
2.0x.

Fitch calculates UA/UD under a direct capitalization approach of
unencumbered NOI that assumes a stressed 8.5% cap rate.

Conservative Leasing Profile

Liberty's portfolio lease maturity schedule is reasonably well
balanced through 2018.  On average, 12.6% of the company's average
base rent (ABR) expires per year through 2018 with a max 13.4% of
ABR expiring in 2016.  These metrics exclude Cabot in the absence
of disclosure; however, Fitch does not expect a meaningful change
in Liberty's lease expiration profile, given the granularity of
the Cabot portfolio.

In addition, no tenant represented more than 4% of annual base
rent, and the top 10 tenants comprise only 17% of base rent as of
Dec. 31, 2012.

                       Adequate Liquidity

Liquidity coverage, calculated as liquidity sources divided by
uses, is 1.1x for the period Oct. 1, 2013 to Dec. 31, 2015.
Sources of liquidity include unrestricted cash, availability under
the company's unsecured credit facility, $700 million of net
proceeds from the suburban office portfolio sale, and projected
retained cash flows from operating activities after dividends and
distributions.  Uses of liquidity include the company's purchase
of the Cabot Portfolio (closed on Oct. 8, 2013), debt maturities
and projected recurring capital expenditures and development
costs.

Liberty's debt maturities are reasonably well balanced. Including
the company's share of JV debt, maturities average 8% through 2021
with a maximum of 17.8% maturing in 2016.  The elevated amount of
maturities in 2016 is partly due to $180 million of mortgage debt
maturing.  The maximum amount of unsecured debt maturing in a
single year was 12.9% in 2020 as of Sept. 30, 2013, which Fitch
views as manageable.

The company should have adequate capital access to refinance
upcoming unsecured debt maturities given its demonstrated ability
to access various forms of capital, including the company's $834
million equity raise in August 2013 and its $450 million unsecured
notes offering in late September 2013.

                      Cycle-Tested Management

The ratings also point to the strength of Liberty's management
team, including senior officers and property and leasing managers.
The company has successfully disposed of lower-growth assets such
as secondary-market suburban office and flex properties and has
acquired or is in the process of developing industrial
distribution assets, which have exhibited stronger demand
characteristics.

                      Preferred Stock Rating

The two-notch differential between Liberty's IDR and preferred
stock rating is consistent with Fitch's criteria for corporate
entities with an IDR of 'BBB'. Based on Fitch research on
'Treatment and Notching of Hybrids in Nonfinancial Corporate and
REIT Credit Analysis', these preferred securities are deeply
subordinated and have loss absorption elements that would likely
result in poor recoveries in the event of a corporate default.

The following factors may result in positive momentum in Liberty's
rating and Outlook:

  -- Fitch's expectation of leverage sustaining below 5.5x
     (leverage was 6.1x as of Sept. 30, 2013 on an annualized
     basis pro forma for the Cabot transaction);

  -- Fitch's expectation of fixed-charge coverage sustaining above
     2.5x (pro forma coverage was 2.4x on an annualized basis for
     the quarter ended Sept. 30, 2013);

  -- UA/UD sustaining above 2.3x (UA/UD was 2.0x on a pro forma
     basis as of Sept. 30, 2013).

The following factors may result in negative momentum in Liberty's
rating and/or Outlook:

  -- Fitch's expectation of leverage sustaining above 7.0x for
     several quarters;

  -- Fitch's expectation of fixed-charge coverage sustaining below
     2.3x for several quarters;

  -- Fitch's expectation of an AFFO dividend payout ratio
     sustaining above 100%.


LIGHTSQUARED INC: No Plan Has Affirmative Creditor Votes
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that neither LightSquared Inc. nor proponents of two
competing Chapter 11 plans will have smooth sailing at the Jan. 9
confirmation hearing for approval of one of the proposals.

According to the report, with regard to the two competing plans,
at least one class voted against them, meaning that neither can be
confirmed without resort to a "cramdown" process.

LightSquared modified its plan last week and is conducting a
resolicitation.  Because an ad hoc group of secured lenders
supports one of the competing plans, it presumably will vote
against the plan proposed by the company, the developer of a
satellite-based wireless communications system.

On the ad hoc lender's plan, 93 percent in amount of unsecured
claims voted "no," while all common and preferred shareholders
were opposed, according to a tabulation of the votes filed with
the bankruptcy court on Jan. 3.

LightSquared's modified plan is supported by Philip Falcone's
Harbinger Capital Partners LLC, JPMorgan Chase & Co., Fortress
Investment Group LLC and Melody Capital Advisors LLC. Given its
support for the LightSquared plan, Harbinger withdrew its own plan
from consideration.

The LightSquared plan is designed to avoid having the business
taken over, as would happen with the ad hoc lenders' plan, under
which Charles Ergen's Dish Network Corp. would buy LightSquared
for $2.2 billion.

                      About LightSquared Inc.

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

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

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

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


LIGHTSQUARED INC: Some Lenders Oppose New Financing Arrangement
---------------------------------------------------------------
Sakthi Prasad, writing for Reuters, reported that a section of
LightSquared Inc lenders are opposing the company's decision to
seek a new financing arrangement as part of its plan to exit
bankruptcy, the latest attack in a highly litigious case involving
competing business interests.

According to the report, in December, LightSquared proposed a new
bankruptcy exit plan with financing from Fortress Investment Group
and other backers, as the U.S. wireless communications company
seeks to avoid a sale to highest bidder Dish Network Corp.

The new plan replaced one based on an auction of the company's
assets, the report related.  LightSquared scrapped that sale after
Dish emerged as the only qualified bidder, with a $2.2 billion
offer and terms that LightSquared found unappealing.

LightSquared had asked to be allowed to implement the new plan
without going back to creditors to get their approval, saying the
latest deal increases the recovery for creditors, the report said.
However, lenders including US Bank and MAST Capital Management
said that the new arrangement violates an earlier deal, which
prohibited LightSquared from seeking alternative financing unless
the creditors were first paid in full.

"The Existing Inc DIP Order clearly and unambiguously establishes
certain limitations on the conditions under which the debtors may
seek new DIP financing," the lender group said in a court filing,
the report cited.

                      About LightSquared Inc.

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

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

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

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


LIME ENERGY: Issues 400,000 Pref. Shares to Investor Group
----------------------------------------------------------
Lime Energy Co. entered into a Preferred Stock and Warrant
Purchase Agreement with a group of investors including Mr. Richard
Kiphart, the Company's Chairman and largest individual
stockholder.  Pursuant to the terms of the Purchase Agreement, the
Investors have purchased an aggregate of 400,000 shares of the
Company's Series B Preferred Stock at a price per Preferred Share
of $10.00.

The Preferred Shares are entitled to an accruing dividend of 12.5
percent per annum of their original issue price, payable semi-
annually in arrears.  Those dividends will be paid in additional
shares of Series B Preferred Stock at the original issue price
or, at the sole discretion of the Company's board of directors, in
cash.

The Preferred Shares may be converted, at any time following the
approval of that conversion by the Company's stockholders, at the
election of the holder of that share, into shares of the Company's
common stock at a conversion price equal to $2.83 per share.  The
Conversion Price will be proportionately adjusted for stock
splits, combinations and similar recapitalizations, and, subject
to a floor of $2.50, will be adjusted for future issuance of
common stock at a price per share less than the Conversion Price
on a broad-based weighted average basis.  The Company can require
conversion of the notes if the weighted average price for the
common stock is at least 200 percent of the Conversion Price for
at least 20 trading days during a 30 trading day period ending
within five trading days prior to the Company sending a notice of
forced conversion to the holders of the Notes.

In connection with the entry into the Purchase Agreement, the
Company issued the Investors warrants to purchase an aggregate of
565,372 shares of its common stock at $2.83 per share.  These
warrants expire on the 5th anniversary of their issuance and
contain a cashless-exercise option.  The Warrants may not be
exercised until the Company's stockholders approve the exercise of
the Warrants.

The Purchase Agreement requires that the Company seek stockholder
approval of the conversion of the Preferred Shares and the
exercise of the Warrants on or before July 31, 2014.  The Company
expects to seek that approval at its next annual meeting of
stockholders.

The Company intends to use the proceeds from the sale of the
Preferred Shares for general corporate purposes.

As a consequence of the issuance of the Preferred Shares, the
conversion price of the Company's 927,992 outstanding shares of
Series A Preferred Stock has been reduced from $3.78 per share of
common stock to $3.58 per share of common stock, pursuant to the
terms of the Series A Preferred Stock.

In connection with the transaction, on Dec. 30, 2013, the Company
filed a Certificate of Designation with the Delaware Secretary of
State, which certificate designated 1,000,000 shares of the
Company's authorized preferred stock as Series B Preferred Stock.

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

                        http://is.gd/1l33wO

                          About Lime Energy

Headquartered in Huntersville, North Carolina, Lime Energy Co. --
http://www.lime-energy.com-- is engaged in planning and
delivering clean energy solutions that assist its clients in their
energy efficiency and renewable energy goals.  The Company's
solutions include energy efficient lighting upgrades, energy
efficient mechanical and electrical retrofit and upgrade services,
water conservation, building weatherization, on-site generation
and renewable energy project development and implementation.  The
Company provides energy solutions across a range of facilities,
from high-rise office buildings, distribution facilities,
manufacturing plants, retail sites, multi-tenant residential
buildings, mixed use complexes, hospitals, colleges and
universities, government sites to small, single tenant facilities.

Lime Energy disclosed in regulatory filings in July 2013, it is in
discussions with PNC Bank about entering into a forbearance
agreement in which they would agree not to accelerate a loan for a
period of time while the Company attempts to correct the gas flow
issue and sell its landfill-gas facility.  The bank is considering
the Company's request.

As of Sept. 30, 2013, the Company had $33.15 million in total
assets, $26.70 million in total liabilities and $6.45 million in
total stockholders' equity.

For the nine months ended Sept. 30, 2013, the Company reported a
net loss of $12.58 million as compared with a net loss of $15.44
million for the same period a year ago.


LOCATION BASED TECHNOLOGIES: Expects $416K of Revenue in Q1 2014
----------------------------------------------------------------
Location Based Technologies, Inc., released a letter from CEO Dave
Morse to the Company's shareholders, which discloses the following
information:

  -- The Company anticipates generating approximately $416,000 in
     revenue for the first fiscal quarter of 2014 (which is
     September, October, November).

  -- The FBI and the Forestry Services are in the process of
     testing the Company's devices and they're continuing to work
     with the Department of Energy to finalize the Company's joint
     project which is expected to begin in the first quarter of
     2014.

  -- The Company's relationship with EE (the largest carrier in
     the UK) remains strong as they are currently in
     discussions to expand the scope of the Company's partnership.
     The Company is also fairly close to finalizing distribution
     relationships in Poland, France and Scandinavia.
     Additionally, a very large theme park in the UK has tested
     the Company's PocketFinder product and has expressed interest
     in purchasing units to rent to their guests while they are in
     the park.  The Company expects to have a final purchasing
     decision from them by March of 2014.

  -- A large international airline is currently evaluating the
     Company's 886 devices and the Company expects to reach a
     go/no-go decision in the first calendar quarter of 2014.

  -- The Company expects to have its first auto dealer signed up
     for auto dealer program by the end of 2013, but it may slide
     into January, 2014.

  -- The Company recently received the necessary government
     certifications from Ecuador and the Company has a 1,200
     piece purchase order from the government of Ecuador which is
     currently pending.

  -- Based on the Company's current order pipeline the Company
     expects to generate $4,000,000-$5,000,000 of new sales
     revenue in calendar year 2014.  This estimate does not
     include recurring subscription revenue, which could be an
     additional $200,000 - $400,000 per month.  The Company's
     sales projections are based largely on estimates provided to
     the Company by its current stable of resellers and
     distributors.  This estimate also includes a significant re-
     order from a large existing customer, who has indicated a
     need for 12,000-15,000 units next year.  These estimates do
     not include sales to the US military.

A copy of the letter is available for free at:

                        http://is.gd/F29734

                About Location Based Technologies

Irvine, Calif.-based Location Based Technologies, Inc., designs,
develops, and sells leading-edge personal locator devices and
services.

Location Based disclosed a net loss of $11.04 million on $1.91
million of total net revenue for the year ended Aug. 31, 2013, as
compared with a net loss of $7.96 million on $948,110 of total net
revenue for the year ended Aug. 31, 2012.  As of Aug. 31, 2013,
the Company had $3.37 million in total assets, $10.12 million in
total liabilities and a $6.75 million total stockholders' deficit.

Comiskey & Company, the Company's independent registered public
accounting firm, issued a "going concern" qualification on the
consolidated financial statements for the year ended Aug. 31,
2013.  The independent auditors noted that the Company has
incurred recurring losses since inception and has accumulated
deficit in excess of $45 million.  There is no establised sales
history for the Company's products, which are new to the
marketplace, the auditors added.

                        Bankruptcy Warning

The Company said it remains obligated under a significant amount
of notes payable, and Silicon Valley Bank has been granted
security interests in the Company's assets.

"If we are unable to pay these or other obligations, the creditors
could take action to enforce their rights, including foreclosing
on their security interests, and we could be forced into
liquidation and dissolution.  We are also delinquent on a number
of our accounts payable.  Our creditors may be able to force us
into involuntary bankruptcy," the Company said in its annual
report for the year ended Aug. 31, 2013.


LOEHMANN'S HOLDINGS: Receives Liquidation Sale Approval
-------------------------------------------------------
Stephanie Gleason, writing for Daily Bankruptcy Review, reported
that going-out-of-business sales could begin as early as Jan. 9 at
Loehmann's Holdings Inc.'s 39 designer discount retailers after
the bankruptcy court's approval of a sale worth $16.4 million.

                         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.


LOEHMANN'S HOLDINGS: Sells Assets to 3 Buyers at Auction
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Loehmann's Inc. held an auction last week where three
different buyers ended up making the best bids for different
packages of assets.

At the auction held on Jan. 3 and 4, the first bid of $19 million
came from a joint venture among SB Capital Group LLC, Tiger
Capital Group LLC and A&G Realty Partners LLC.

The venture ended up with rights to conduct going-out-of-business
sales by buying inventory, furniture, fixtures, accounts
receivable and cash.

Madison Capital Holdings LLC came out on top for so-called lease-
designation rights, and can look for other retailers to take over
Bronx, New York-based Loehmann's leases. Esopus Creek Advisors LLC
made the best bid for intellectual property.

Loehmann's hasn't disclosed the size of the winning bids.

                         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.


LOMBARD PUBLIC: S&P Lowers LT Rating to 'D' Over Payment Default
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
rating to 'D' from 'CC' on Lombard Public Facilities Corp., Ill.'s
series 2005B conference center and hotel second-tier revenue bonds
following a bond payment default on Jan. 2, 2014.  S&P also
removed the rating from CreditWatch with negative implications.
The bonds provided funds to help construct a conference center and
hotel in Lombard.

The trustee of the bonds, Amalgamated Bank of Chicago, reports
that on Jan. 2, 2014, only part of the scheduled interest was
paid.  There was no principal payment due on the bonds on Jan. 2,
2014.


LONE PINE: On Track for Reorganization by Jan. 31
-------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Lone Pine Resources Inc. said that creditors voted
almost unanimously in favor of the reorganization plan scheduled
for approval in a Canadian court on Jan. 9.  Lone Pine then has a
Jan. 16 hearing in U.S. Bankruptcy Court in Delaware for
enforcement of the Canadian reorganization in the U.S. In October,
the Delaware court ruled that Canada is home to the so-called
foreign main bankruptcy proceeding.   Lone Pine said it intends to
implement the reorganization by Jan. 31.

                     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.

Lone Pine's plan of reorganization is a debt-for-equity swap that
would allow it to shed $195 million in bond debt.  Noteholders are
to receive 100 percent ownership of the new common stock.  The
existing $180 million secured bank credit will be paid in full
with proceeds from a new asset-backed loan.  General unsecured
creditors will share a $700,000 fund.  Current equity holders are
being wiped out.


MAGIC APPAREL: Case Summary & 4 Unsecured Creditors
---------------------------------------------------
Debtor: Magic Apparel Group Inc.
        1100 W Walnut Street
        Compton, CA 90220

Case No.: 14-10254

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Hon. Robert N. Kwan

Debtor's Counsel: Robert K Lee, Esq.
                  LAW OFFICES OF ROBERT KEVIN LEE
                  1007 N. Sepulveda Blvd., #1237
                  Manhattan Beach, CA 90267-1237
                  Tel: 888-777-0839 Ext 500
                  Fax: 888-777-0849
                  Email: uclalaw90@gmail.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Joseph Whang, president and CEO.

A list of the Debtor's four largest unsecured creditors is
available for free at http://bankrupt.com/misc/cacb14-10254.pdf


MITCHELL BRIDGE: Case Summary & 5 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Mitchell Bridge Holdings, LLC
        1011 Lakewood Court
        Athens, GA 30606

Case No.: 14-50032

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Middle District of Georgia (Macon)

Debtor's Counsel: Christopher W. Terry, Esq.
                  STONE AND BAXTER, LLP
                  577 Mulberry Street, Ste 800
                  Macon, GA 31201
                  Tel: 478-750-9898
                  Fax: 478-750-9899
                  Email: cterry@stoneandbaxter.com

Total Assets: $1.70 million

Total Liabilities: $1.61 million

The petition was signed by Ezra D. Peterson, managing member.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/gamb14-50032.pdf


MITEL NETWORKS: Moody's Lifts CFR to 'B2' & Rates New Debt 'Ba3'
----------------------------------------------------------------
Moody's Investors Service upgraded Mitel Networks Corporation's
corporate family rating ("CFR") to B2 from B3, confirmed its B3-PD
probability of default rating, affirmed its SGL-2 speculative
grade liquidity rating, and assigned Ba3 ratings to the new
revolving credit facility and term loan B of Mitel and its
subsidiary, Mitel US Holdings Inc. The ratings on Mitel and US
Holdings' existing revolving credit facility and first and second
lien term loans were also confirmed, and will be withdrawn when
the refinance transaction closes. This action concludes the review
for upgrade initiated on November 11, 2013, when Mitel announced
the acquisition of Aastra Technologies Limited, a provider of
communication products and applications for businesses of all
sizes. The ratings outlook for Mitel and US Holdings are stable.

"The CFR upgrade recognizes Mitel's modest de-leveraging (pro
forma adjusted Debt/EBITDA of 4x) and its enhanced scale and
market position with the Aastra acquisition", says Peter Adu,
Moody's lead analyst for Mitel. "In addition, Mitel can generate
credit metrics that support the B2 rating despite our revenue
decline expectations and integration costs compressing margins in
the next two years", Adu further added.

Rating Upgraded:

Issuer: Mitel Networks Corporation

  Corporate Family Rating, to B2 from B3

Ratings Assigned:

Issuers: Mitel Networks Corporation and Mitel US Holdings Inc.

  New $50 million first lien revolving credit facility due 2019,
  Ba3 (LGD2, 16%)

  New $355 million first lien term loan due 2020, Ba3 (LGD2, 16%)

Ratings Confirmed:

Issuer: Mitel Networks Corporation

  Probability of Default Rating, B3-PD

Issuers: Mitel Networks Corporation and Mitel US Holdings Inc.

  $40 million first lien revolving credit facility due February
  2018, B1 (LGD2, 26%); to be withdrawn at close

  $200 million first lien term loan due February 2019, B1 (LGD2,
  26%); to be withdrawn at close

  $80 million second lien term loan due February 2020, Caa1 (LGD4,
  68%); to be withdrawn at close

Rating Affirmed:

Issuer: Mitel Networks Corporation

  Speculative Grade Liquidity Rating, SGL-2

Outlooks:

Issuers: Mitel Networks Corporation and Mitel US Holdings Inc.

  Changed to Stable from Rating Under Review

Ratings Rationale

Mitel's B2 CFR primarily reflects declining revenue due to
deferred customer spending on conversion to efficient Internet
Protocol (IP) solutions, coupled with a parallel reduction in
costs and less capital intensive operations. As a result, Moody's
expects the company to continue to generate positive free cash
flow to repay debt and sustain adjusted Debt/ EBITDA towards 3.5x
(currently pro forma 4x without synergies) within the next 12 to
18 months. While Mitel is well-positioned to benefit from a shift
towards IP-based communications, that transition has been slower
than expected due to weak economic conditions. The rating
considers Mitel's improved scale and market position with the
Aastra acquisition, exposure to the sizeable small-and-medium
business communications market, favorable long-term market growth
potential due to aging installed base, and lack of customer
concentration. The rating also considers Mitel's vulnerability to
competition from larger players.

Mitel's SGL-2 liquidity rating is supported by pro forma cash of
about $75 million (excluding $25 million set aside to fund
integration costs), full availability under its new $50 million
revolver, and annual free cash flow of at least $50 million. These
sources will be more than sufficient to meet term loan
amortization of about $4 million per year. Moody's expects Mitel
to maintain headroom of at least 20% under its new lone bank
financial covenant (leverage test) over the next four to six
quarters.

The outlook is stable because Moody's expects Mitel to generate
positive free cash flow to repay debt and improve its credit
metrics despite declining top line growth.

The rating would likely be upgraded if Mitel reverses the decline
in revenue, maintains a good liquidity profile and sustains
adjusted Debt/EBITDA below 3.5x and FCF/Debt towards 10%. The
rating could be downgraded if Mitel's liquidity position worsens,
if free cash flow generation turns negative or if earnings
shortfall results in adjusted Debt/EBITDA sustained towards 6x.

The principal methodology used in this rating was the Global
Communications Equipment Industry published in June 2008. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Mitel Networks Corporation provides integrated business
communications software and related services (Internet Protocol-
based) to small-and-medium-sized businesses. Revenue for the
twelve months ended October 31, 2013 was $579 million. The company
is headquartered in Ottawa, Ontario, Canada.


MS CARGO: Case Summary & 18 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: MS Cargo, Inc.
        1500 Bob Hope #1811
        El Paso, TX 79936

Case No.: 14-30026

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Western District of Texas (El Paso)

Judge: Hon. Christopher Mott

Debtor's Counsel: Omar Maynez, Esq.
                  DIAMOND LAW
                  3800 N. Mesa Ste B-3
                  El Paso, TX 79902
                  Tel: (915) 532-3327
                  Fax: (915) 532-3355
                  Email: usbc@sidneydiamond.com

Total Assets: $1.14 million

Total Liabilities: $1.41 million

The petition was signed by Jose Manuel Sanchez, president.

A list of the Debtor's 18 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txwb14-30026.pdf


MT. LAUREL LODGING: Can Hire Taft Stettinius as Co-Counsel
----------------------------------------------------------
Mt. Laurel Lodging Associates, LLP, sought and obtained authority
from the U.S. Bankruptcy Court for the Southern District of
Indiana, Indianapolis Division, to employ Taft Stettinius &
Hollister LLP as bankruptcy co-counsel.

Taft professionals who are expected to take primary roles in
providing services to the Debtor will be paid the following hourly
rates:

   Michael P. O'Neil, Esq.              $495
   Jeffrey J. Graham, Esq.              $395
   John R. Humphrey, Esq.               $395
   Andrew T. Kight, Esq.                $390
   Erin C. Nave, Esq.                   $250
   Celeste A. Brodnik, Paralegal        $245
   Shawn D. Lantz, ECF Filing Clerk     $190

The firm will be reimbursed for any necessary out-of-pocket
expenses.

Mr. O'Neil, a partner at Taft Stettinius & Hollister LLP, assures
the Court that his 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.
Prior to the Petition Date, the Debtor paid Taft an advance
payment retainer in the amount of $25,000.  Prior to Petition
Date, $705 in prepetition services provided by Taft to the Debtor
were billed and applied, and the remaining balance of $24,295
remains in Taft's trust account.

                About Mt. Laurel Lodging Associates

Mt. Laurel Lodging Associates, LLP and its debtor-affiliates filed
for separate Chapter 11 protection (Bankr. S.D. Ind. Lead Case No.
13-11697) on Nov. 4, 2013.

Bankruptcy Judge Robyn L. Moberly presides over the case.  Brian
A. Audette, Esq., at Perkins Coie LLP, and Andrew T. Kight, Esq.,
at Taft, Stettinius & Hollister LLP, represent the Debtor in their
restructuring efforts.  The Debtor estimated assets and debts at
$10 million to $50 million.  The petitions were signed by Bharat
Patel, general partner.

The National Republic Bank of Chicago is represented Bose McKinney
& Evans LLP and Stark & Stark, PC.


MT. LAUREL LODGING: Court Approves Motion to Use Cash Collateral
----------------------------------------------------------------
Judge Robyn L. Moberly entered an order authorizing Mt. Laurel
Lodging Associates LLP to use National Republic Bank of Chicago's
cash collateral, providing the Debtor with the necessary funds to
conduct its business as a going concern to the extent possible and
maximize the value of the Debtor's assets for the benefit of
creditors and estates.

A status hearing on the Debtor's use of Cash Collateral will be
held Jan. 31, 2014, at 10:00 a.m.

As reported in the Troubled Company Reporter on Dec. 18, 2013, the
National Republic Bank of Chicago, by and through its counsel,
Bose McKinney & Evans LLP and Stark & Stark, PC, objected to Mt.
Laurel Lodging Associates' motion for authorization to use cash
collateral.  According to NRB, the Debtor and Bank stipulated, for
purposes of the motion only, that the Bank is undersecured and
there is no equity cushion in the property securing the Bank's
secured claim.

The Bank noted that the Debtor's decision to stockpile cash at the
expense of the Bank and unsecured creditors calls into question
the motives and competency of the present management.

As reported in the TCR on Nov. 26, 2013, Judge Robyn L. Moberly in
mid-November entered an interim order authorizing the Debtor to
use the Bank's cash collateral.  The Debtor's use of cash
collateral is authorized only through Dec. 20, 2013, and may not
be extended other than on the express written consent of NRB or by
Court order.

According to the Court's Nov. 15 order, the Debtor may not make
any payments during the interim period to Sun Development &
Management Corporation or Access Point Financial, Inc.  As
adequate protection, the Debtor will continue operating the
Hotel and using Cash Collateral to pay operating expenses of the
hotel as set forth in the budget.  The Debtor will provide
financial reporting to NRB on or before the 20th day following the
final day of every month.

Counsel to the Lender can be reached at:

         Ariel Weissberg, Esq.
         401 South LaSalle Street, Suite 403
         Chicago, IL 60605
         Tel: (312) 663-0004
         Fax: (312) 663-1514

Counsel to the Debtor can be reached at:

         David M. Neff, Esq.
         Brian A. Audette, Esq.
         PERKINS AND COIE, LLP
         131 South Dearborn, Suite 1700
         Chicago, IL 60603-5559
         Tel: 312-324-8400
         Fax: 312-324-9400

                About Mt. Laurel Lodging Associates

Mt. Laurel Lodging Associates LLP and its debtor-affiliates filed
for separate Chapter 11 protection (Bankr. S.D. Ind. Lead Case No.
13-11697) on Nov. 4, 2013.

Bankruptcy Judge Robyn L. Moberly presides over the case.  Brian
A. Audette, Esq., at Perkins Coie LLP, and Andrew T Kight, Esq.,
at Taft, Stettinius & Hollister LLP, represent the Debtor in their
restructuring efforts.  The Debtor estimated assets and debts at
$10 million to $50 million.  The petitions were signed by Bharat
Patel, general partner.

The National Republic Bank of Chicago is represented Bose McKinney
& Evans LLP and Stark & Stark, PC.


MT. LAUREL LODGING: NRB Objects to Perkins Coie Employment
----------------------------------------------------------
The National Republic Bank of Chicago filed an objection to Mt.
Laurel Lodging Associates, LLP et al.'s request to employ Perkins
Coie LLP as its bankruptcy counsel.

NRB said the Debtor's application to employ Perkins Coie should be
denied because (1) Perkins Coie refuses to make the required
disclosures despite repeated requests from the Bank, and (2)
Perkins Coie appears to have an actual conflict of interest and
other potential conflicts.

NRB said that after Perkins Coie filed its initial Declaration and
Supplemental Declaration, the Bank sent Perkins Coie three written
demands to comply with section 327(a) of the Bankruptcy Code and
Rule 2014(a) of the Federal Rules of Bankruptcy Procedure.
Specifically, the demands asked for Perkins Coie to disclose the
facts and circumstances surrounding Perkins Coie's representation
of "numerous other affiliates" that may hold claims against the
Debtor.  In response, Perkins Coie filed a Second Supplemental
Disclosure that once again confirmed that it currently represents
numerous affiliates, but only named one -- Palmdale Lodging
Associates, L.P.

NRB said the Debtor made certain that Sun Management & Development
Corp., an insider, was paid during the 90-day preference period
while real estate taxes ($256,654) and hotel taxes ($31,150
accrued) were ignored.

NRB said that what is more disturbing is the lack of disclosure on
intercompany claims.  The Debtor's Schedule B does not show any
intercompany receivables. However, the Debtor's November 30,
2013 balance shows $443,293 of Related Party Receivables. As for
payables, the Debtor schedules Sun Management with a claim of
$619,425 and Palmdale Lodging with a claim of $100,000 -- both of
which are current clients of Perkins Coie.  Like the accounts
receivable, the Related Parry Payables from the November 30, 2013
balance sheet ($100,000) do not match Schedule F ($719,425).
Perkins Coie does not discuss any intercompany claims in any of
its declarations, except for the limited disclosure on Palmdale
Lodging.  The large claim by Sun Management cannot be ignored.
Also, Palmdale Lodging is a creditor in this case.  Since
Palmdale Lodging received about $1.9 million for the related
Debtors, it will be the subject of scrutiny at every step of this
case.

NRB said Perkins Coie is now faced with investigating claims held
by one client (the Debtor) against other clients (Palmdale Lodging
and Sun Management), and potential claims against itself
(subsequent transferee of funds paid to Palmdale).  "Since we do
not know which affiliates owe money to the Debtor, we cannot
examine whether any of those affiliates are current clients of
Perkins Coie. If the claims have merit, Perkins Coie will have to
represent the Debtor in an adversary proceedings against existing
firm clients, a clear conflict," NRB said.

                About Mt. Laurel Lodging Associates

Mt. Laurel Lodging Associates LLP and its debtor-affiliates filed
for separate Chapter 11 protection (Bankr. S.D. Ind. Lead Case No.
13-11697) on Nov. 4, 2013.

Bankruptcy Judge Robyn L. Moberly presides over the case.  Brian
A. Audette, Esq., at Perkins Coie LLP, and Andrew T Kight, Esq.,
at Taft, Stettinius & Hollister LLP, represent the Debtor in their
restructuring efforts.  The Debtor estimated assets and debts at
$10 million to $50 million.  The petitions were signed by Bharat
Patel, general partner.

The National Republic Bank of Chicago is represented Bose McKinney
& Evans LLP and Stark & Stark, PC.


MUSCLEPHARM CORP: Sydney Rollock to Serve as CMO
------------------------------------------------
MusclePharm Corporation entered into an employment agreement with
Sydney Rollock on Dec. 30, 2013, pursuant to which Mr. Rollock
will serve as the Company's chief marketing officer until Dec. 31,
2016.  During the term, Mr. Rollock's responsibilities will
include general oversight and management of the Company's daily
operations as it relates to marketing, as well as any
responsibilities delegated to him by the Company's chief executive
officer or board of directors.

In consideration for Mr. Rollock's performance of the duties
during the term, Mr. Rollock is to receive an initial base salary
of $225,000 per year, with any increases to that Base Salary
during the Term to be determined at the discretion of the Company
and the Compensation Committee of the Company's Board of
Directors.  Mr. Rollock is also eligible to receive an annual
performance bonus based on certain goals and performances levels
mutually established by the parties.

Mr. Rollock is also entitled to receive, at the discretion and
review of the Committee, shares of the Company's common stock in
the amounts and pursuant to the terms as established by the
Committee.  Mr. Rollock is entitled to receive a bonus in an
amount not to exceed $250,000 per year, which will be at the
discretion and review of the Committee.

Also on Dec. 30, 2013, the Company and certain of its executive
officers, including Brad Pyatt, Gary Davis, Cory Gregory and
Richard Estalella amended the employment agreements of each
respective Executive Officer, to be effective as of Jan. 1, 2014,
pursuant to which the term of each Executive Officer's employment
agreement was extended until Dec. 31, 2016.

The Company also disclosed that John Bluher has resigned his
position as a member of the Company's Board of Directors,
effective Dec. 31, 2013.

                         About MusclePharm

Headquartered in Denver, Colorado, MusclePharm Corporation
(OTC BB: MSLP) -- http://www.muslepharm.com/-- is a healthy life-
style company that develops and manufactures a full line of
National Science Foundation approved nutritional supplements that
are 100 percent free of banned substances.  MusclePharm is sold in
over 120 countries and available in over 5,000 U.S. retail
outlets, including GNC and Vitamin Shoppe.  MusclePharm products
are also sold in over 100 online stores, including
bodybuilding.com, Amazon.com and Vitacost.com.

MusclePharm Corp incurred a net loss of $18.95 million in 2012, a
net loss of $23.28 million in 2011, and a net loss of $19.56
million in 2010.  The Company's balance sheet at Sept. 30, 2013,
showed $41.54 million in total assets, $18.87 million in total
liabilities and $22.67 million in total stockholders' equity.


NEP/NCP HOLDCO: Moody's Lowers 1st Lien Debt Rating to 'B2'
-----------------------------------------------------------
Moody's Investors Service affirmed the B2 Corporate Family Rating
(CFR) of NEP/NCP Holdco, Inc. (NEP), lowered the rating on its
first lien credit facility to B2 from B1, and affirmed the Caa1
rating on its second lien credit facility. The action follows
NEP's announced acquisition of GTV Holdings Pty Ltd (Global
Television) from Catalyst Investment Managers for approximately
$152 million, which the company plans to finance primarily with a
$155 million increase in its first lien term loan.

NEP provides services and equipment for remote television
production, studio production, video display and live-to-web event
production. Its major customers include television networks such
as ESPN, and key events it supports include The Super Bowl, the
Olympics and NASCAR races, as well as entertainment shows such as
American Idol and The Voice. Global Television provides similar
outsourced television broadcasting services to customers in
Australia, including Fox Sports and broadcast networks Nine, Ten,
and Seven.

NEP/NCP Holdco, Inc

    Corporate Family Rating, Affirmed B2

    Probability of Default Rating, Affirmed B2-PD

    First Lien Term Loan, Downgraded to B2, LGD3, 44% from B1,
    LGD3, 43%

    First Lien Revolving Credit Facility, Downgraded to B2, LGD3,
    44% from B1, LGD3, 36%

    Second Lien Credit Facility, Affirmed Caa1, LGD adjusted to
    LGD6, 93% from LGD6, 96%

    Outlook, Remains Stable

Ratings Rationale

The acquisition brings equipment, a sales force, and key customer
relationships in Australia, expanding NEP's scale and geographic
diversification. Moody's estimates a modest increase in leverage
to approximately 5.8 times debt-to-EBITDA pro forma for the
acquisition from approximately 5.7 times based on the trailing
twelve months ended September 30, 2013, and including Moody's
standard adjustments. Moody's considers execution risk low given
the solid track record of Global Television, plans for its
management to remain intact, and that the transaction does not
assume revenue or cost synergies. The B2 CFR assigned in January
2013 incorporated expectations that NEP would be acquisitive, in
line with its track record.

Moody's lowered the first lien rating to B2 from B1 based on the
increase in first lien debt. Under the proposed capital structure,
first lien debt would comprise approximately 85% of balance sheet
debt, and the junior capital provided by the $80 million second
lien term loan is not sufficient to warrant a first lien rating
above the B2 CFR. In February 2013, NEP increased its first lien
debt to repay second lien debt in conjunction with a repricing
amendment.

The capital intensity of NEP's business combined with significant
interest expense related to the debt load leaves the company with
minimal free cash flow (projected at less than 6% of debt over the
next several years), which drives the B2 corporate family rating.
The leveraged capital structure, at approximately 5.8 times debt-
to-EBITDA pro forma for the transaction, poses significant risk
for a small company seeking to expand through both acquisitions
and organic growth in related segments and new geographies.
Nevertheless, the company's leading position within its niche
business facilitates good client relationships as well as access
to potential acquisitions, and its long term contractual
relationships with key broadcast networks and cable channels
provide some measure of cash flow stability. These factors
mitigate some of the risk related to scale and execution, as does
NEP's track record of acquiring and integrating smaller companies
without negatively impacting the credit profile. Given the sponsor
ownership, the potential for future leveraging events, such as
dividends or an exit through the sale of the company, constrains
the rating.

NEP's fleet of mobile broadcast trucks and engineering expertise
provides for a strong value proposition to its customers and also
lends asset value, supporting the rating. Furthermore, NEP
facilitates the viewing of live events, a service Moody's
considers key to content producers and content distributors, which
positions the company well regardless of how the consumption and
delivery of media evolves and therefore suggests sustainability of
the cash flow.

The stable outlook assumes leverage in the low to mid 5 times
debt-to-EBITDA range, modestly positive free cash flow, and the
maintenance of adequate or better liquidity. The stable outlook
incorporates tolerance for continued modest acquisitions in line
with the historic pattern, provided these do not cause a material
negative impact on the operating or credit profile.

The lack of scale and sponsor ownership limit upward ratings
momentum. However, Moody's would consider a positive rating action
with expectations for sustainable leverage around 4 times debt-to-
EBITDA and sustainable positive free cash flow in excess of 5% of
debt.

Deterioration of the liquidity profile or expectations for
sustained leverage of 6 times debt-to-EBITDA or higher or
sustained negative free cash flow would likely have negative
ratings implications.

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

NEP/NCP Holdco, Inc. provides outsourced media services necessary
for the delivery of live and broadcast sports and entertainment
events to television and cable networks, television content
providers, and sports and entertainment producers. The company's
majority owner is Crestview Partners and it maintains its
headquarters in Pittsburgh, Pennsylvania. Annual revenue pro forma
for acquisitions is approximately $450 million.


NEP/NCP HOLDCO: S&P Affirms 'B' CCR Over Global TV Purchase
-----------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on Pittsburgh-based entertainment
production equipment and services provider NEP/NCP Holdco Inc.
(NEP).  The outlook is stable.

At the same time, S&P affirmed its 'B' issue-level rating on NEP's
first-lien credit facility, consisting of a $60 million revolver
and $680 million first-lien term loan.  The recovery rating
remains '3', indicating S&P's expectation for meaningful (50% to
70%) recovery for lenders in the event of default.  The company
issued an incremental $155 million first-lien loan to finance the
acquisition.

S&P also raised its issue-level rating on NEP's $80 million
second-lien term loan due 2020 to 'B-' from 'CCC+'  and revised
the recovery rating to '5' from '6'.  The '5' recovery rating
indicates S&P's expectation for a modest (10% to 30%) recovery for
lenders in the event of default.  The upgrade of the second-lien
debt reflects S&P's higher valuation on the company (resulting
from the acquisition of Global TV and upwardly revised enterprise
multiple on the company), leaving a greater portion of value to
the second-lien in the event of bankruptcy.

"On Dec. 17, 2013, NEP announced a definitive agreement to acquire
GTV Holdings Pty Ltd. (Global TV) for $152 million in cash.
Global TV is a leading provider of outsourced broadcast services
in Australia with minimal overlap and customer concentration risk
with NEP," said credit analyst Peter Bourdon.  "We believe the
acquisition is slightly favorable for NEP's pro forma business
risk profile as Global TV provides NEP geographic diversity in a
developed market, increased international scale, and a host
broadcasting service capability that NEP does not currently have.
We assess NEP's financial risk profile as "highly leveraged" as
leverage, pro forma for the transaction, is greater than 5x."

The stable outlook reflects S&P's expectation that the company
will continue to generate 2% to 3% organic revenue growth, with at
least a 10% EBITDA cushion to the covenant compliance ratio, and
leverage between 4.5x and 6x.  S&P could consider lowering the
rating if EBITDA decreases 20%, causing leverage to rise above
6.5x, and/or the margin of covenant compliance decreases below
10%.  This could occur as a result of a loss of a major contract,
volatility in the company's studios business, or underperforming
acquisitions that prevent the company from reducing leverage.

S&P views the likelihood of an upgrade as more likely than a
downgrade.  S&P could raise the rating if NEP continues to grow
revenue and EBITDA, generates more substantial and sustainable
discretionary cash flow, maintains an appropriate cushion of
compliance with its bank covenants, reduces leverage below 4.5x on
a sustainable basis, and demonstrates a commitment to a less
aggressive financial policy.


NEWLEAD HOLDINGS: Regains Compliance with NASDAQ Listing Rules
--------------------------------------------------------------
NewLead Holdings Ltd. disclosed that on Friday, January 3, 2014 it
received written notification from the Listing Qualifications
Staff of the NASDAQ Stock Market LLC indicating that the NASDAQ
Listing Qualifications Panel determined the Company had regained
compliance with the minimum bid price requirement of $1.00 per
share for continued listing on the NASDAQ Global Select Market.

Under NASDAQ Listing Rule 5815 (d)(4)(a), the Panel will monitor
the Company for a six-month period, ending June 30, 2014, to see
if it experiences a closing bid price under $1.00 for a period of
30 consecutive trading days.

                   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.

As of June 30, 2013, the Company had $84.27 million in total
assets, $166.18 million in total liabilities and a $81.91 million
total shareholders' deficit.

                        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.


NEWPAGE HOLDINGS: Verso Takes Reorganized Firm for $1.4 Billion
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that secured lenders who took over NewPage Holdings Corp.
through bankruptcy in 2012 are executing an exit strategy where
the paper maker will be sold in a $1.4 billion transaction to
Verso Paper Corp.

Shareholders of Miamisburg, Ohio-based NewPage will receive $250
million in cash, $650 million in Verso first-lien notes, plus 20
percent to 25 percent of Verso's equity.  The company said the
combination will produce $175 million in synergies over 18 months.
The combined companies will have $4.5 billion in sales.

According to the report, Verso made an unsuccessful attempt at
buying its competitor while NewPage was in Chapter 11
reorganization.  The NewPage reorganization plan gave first-lien
creditors a projected 56.6 percent recovery by receiving all the
new stock in exchange for $1.77 billion in 11.375 percent first-
lien notes.

                       About NewPage Corp

Headquartered in Miamisburg, Ohio, NewPage Corporation was the
leading producer of printing and specialty papers in North
America, based on production capacity, with $3.6 billion in net
sales for the year ended Dec. 31, 2010.  NewPage owns paper mills
in Kentucky, Maine, Maryland, Michigan, Minnesota, Wisconsin and
Nova Scotia, Canada.

NewPage Group, NewPage Holding, NewPage, and certain of their U.S.
subsidiaries commenced Chapter 11 voluntary cases (Bankr. D. Del.
Case Nos. 11-12804 through 11-12817) on Sept. 7, 2011.  Its
subsidiary, Consolidated Water Power Company, is not a part of the
Chapter 11 proceedings.

Separately, on Sept. 6, 2011, its Canadian subsidiary, NewPage
Port Hawkesbury Corp., brought a motion before the Supreme Court
of Nova Scotia to commence proceedings to seek creditor protection
under the Companies' Creditors Arrangement Act of Canada.  NPPH is
under the jurisdiction of the Canadian court and the court-
appointed Monitor, Ernst & Young in the CCAA Proceedings.

Initial orders were issued by the Supreme Court of Nova Scotia on
Sept. 9, 2011 commencing the CCAA Proceedings and approving a
settlement and transition agreement transferring certain current
assets to NewPage against a settlement payment of $25 million and
in exchange for being relieved of all liability associated with
NPPH.  On Sept. 16, 2011, production ceased at NPPH.

NewPage originally engaged Dewey & LeBoeuf LLP as general
bankruptcy counsel.  In May 2012, Dewey dissolved and commenced
its own Chapter 11 case.  Dewey's restructuring group led by
Martin J. Bienenstock, Esq., Judy G.Z. Liu, Esq., and Philip M.
Abelson, Esq., moved to Proskauer Rose LLP.  In June, NewPage
sought to hire Proskauer as replacement counsel.

NewPage is also represented by Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, as
co-counsel.  Lazard Freres & Co. LLC is the investment banker, and
FTI Consulting Inc. is the financial advisor.  Kurtzman Carson
Consultants LLC is the claims and notice agent.

In its balance sheet, NewPage disclosed $3.4 billion in assets and
$4.2 billion in total liabilities as of June 30, 2011.

The Official Committee of Unsecured Creditors selected Paul
Hastings LLP as its bankruptcy counsel and Young Conaway Stargatt
& Taylor, LLP to act as its Delaware and conflicts counsel.

An affiliate, Newpage Wisconsin System Inc., disclosed
$509,180,203 in liabilities in its schedules.

NewPage successfully completed its financial restructuring and has
officially emerged from Chapter 11 bankruptcy protection pursuant
to its Modified Fourth Amended Chapter 11 Plan, confirmed on
Dec. 14, 2012, by the U.S. Bankruptcy Court for the District of
Delaware in Wilmington.


NORTEL NETWORKS: Settlement Between U.S., European Units Approved
-----------------------------------------------------------------
Peg Brickley, writing for The Wall Street Journal, reported that a
U.S. bankruptcy judge has approved a pact between U.S. and
European divisions of Nortel Networks Corp. as the former Canadian
technology icon continues to ramp up for a $7.5 billion cash
fight.

According to the report, the settlement ends claims by Nortel's
U.K. and European creditors against Nortel U.S. and sets the stage
for a possible united front against Nortel Canada, the parent
company, in the coming battle for the money raised in the
liquidation of the telecommunications company.

Judge Kevin Gross signed off on the settlement at a hearing in the
U.S. Bankruptcy Court in Wilmington, Del., over the protests of
lawyers looking out for Nortel's Canadian creditors, chiefly
former employees, retirees and disabled workers, the report
related.

The U.S. judge ruled after consulting with Justice Geoffrey
Morawetz of the Ontario Superior Court of Justice in Toronto, the
report said.

Under the settlement, Nortel's British and European creditors will
get $75 million in exchange for dropping about $2 billion worth of
claims filed in Nortel U.S. Chapter 11 case, the report further
related.  European and British creditors are still pressing their
claims against Nortel Canada, which questioned the fairness of the
U.S. claims pact.

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation and
its various affiliated entities provided next-generation
technologies, for both service provider and enterprise networks,
support multimedia and business-critical applications.  Nortel did
business in more than 150 countries around the world.  Nortel
Networks Limited was the principal direct operating subsidiary of
Nortel Networks Corporation.

On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent
Nortel Networks Corporation, NNI's direct corporate parent Nortel
Networks Limited and certain of their Canadian affiliates
commenced a proceeding with the Ontario Superior Court of Justice
under the Companies' Creditors Arrangement Act (Canada) seeking
relief from their creditors.  Ernst & Young was appointed to serve
as monitor and foreign representative of the Canadian Nortel
Group.  That same day, the Monitor sought recognition of the CCAA
Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No.
09-10164) under Chapter 15 of the U.S. Bankruptcy Code.

That same day, NNI and certain of its affiliated U.S. entities
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).

In addition, the High Court of England and Wales placed 19 of
NNI's European affiliates into administration under the control of
individuals from Ernst & Young LLP.  Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.

On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A.  On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy
Court for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.

U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases.  Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.

In the Chapter 11 case, James L. Bromley, Esq., at Cleary Gottlieb
Steen & Hamilton, LLP, in New York, serves as the U.S. Debtors'
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The United States Trustee appointed an Official Committee of
Unsecured Creditors in respect of the U.S. Debtors.  An ad hoc
group of bondholders also was organized.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
New York, and Christopher M. Samis, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, represent the Official
Committee of Unsecured Creditors.

An Official Committee of Retired Employees and the Official
Committee of Long-Term Disability Participants tapped Alvarez &
Marsal Healthcare Industry Group as financial advisor.  The
Retiree Committee is represented by McCarter & English LLP as
Delaware counsel, and Togut Segal & Segal serves as the Retiree
Committee.  The Committee retained Alvarez & Marsal Healthcare
Industry Group as financial advisor, and Kurtzman Carson
Consultants LLC as its communications agent.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion.  The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies.  As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.

Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers.  Nortel has collected roughly $9 billion for
distribution to creditors.  Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation.  The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction.  The
deal closed in July 2011.

Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court.  The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.

Judge Gross and the court in Canada scheduled trials in 2014 on
how to divide proceeds among creditors in the U.S., Canada, and
Europe.


OCZ TECHNOLOGY: Secured Creditors Group Supports Assets Sale
------------------------------------------------------------
The Ad Hoc Committee of Senior Secured Convertible Debenture
Creditors in the bankruptcy cases of OCZ Technology Group, Inc.,
et al., filed a statement with the Delaware bankruptcy court
regarding the Debtors' intended sale of their assets and
procurement of post-bankruptcy financing from Toshiba.

In papers filed with the Court, the Ad Hoc Committee says it
supports the Debtors' move to sell all assets and obtain
postpetition financing.  However, "it is imperative that the
Debtors' proposed timeline not be delayed," the Ad Hoc Committee
contends.

A stalking horse bid for the Debtors' assets from Toshiba Corp.
for $35 million is currently on the table.  The Troubled Company
Reporter relayed on Dec. 27, 2013, citing Bloomberg News' Bill
Rochelle, that an auction for the OCZ Technology assets has been
scheduled for Jan. 15 to see if any competing bids surface.

The Ad Hoc Committee relates that it has engaged in talks with the
Debtors for an adequate protection package for the Debenture
Creditors more similar -- albeit expressly junior -- to the
package provided to the Debtors' Prepetition Senior Lender.  In
connection with these, the Debenture Creditors have consented to
the use of their collateral and priming of their liens.

Nevertheless, absent a competitive bidding process and a resulting
overbid, there will be considerable diminution in the value of the
Debenture Creditors' collateral, the Ad Hoc Committee asserts.

The Ad Hoc Committee insists that for the post-sale closing
period, it reserves its rights, including with respect to the use
of their cash collateral and their right to seek automatic stay
relief.

The Ad Hoc Committee reveals that its members advanced to the
Debtors $13,098,500 in capital in August 2013 when no one else
would.  It relates that the Debentures are secured by junior liens
on substantially all of the Debtors' assets.

The Ad Hoc Committee is represented by:

         MORRIS, NICHOLS, ARSHT & TUNNELL LLP
         Andrew R. Remming, Esq.
         Robert J. Dehney, Esq.
         Andrew R. Remming, Esq.
         1201 North Market Street
         Wilmington, Delaware 19801
         Tel No: (302) 658-9200
         Fax No: (302) 658-3989

              -- and --

         QUINN EMANUEL URQUHART & SULLIVAN LLP
         Benjamin Finestone, Esq.
         Lindsay Weber, Esq.
         51 Madison Avenue, 22nd Floor
         New York, New York  10010
         Tel No.: (212) 849-7000
         Fax No.: (212) 849-7100

              -- and --

         Eric Winston, Esq.
         865 S. Figueroa Street
         Los Angeles, CA 90017
         Tel No.: (213) 443-3000
         Fax No.: (213) 443-3100

OCZ Technology Group, Inc., et al., obtained a final order from
the Bankruptcy Court authorizing them to borrow up to $21 million
in secured postpetition financing from Toshiba Corporation.

                            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.

The Debtors are represented by Mayer Brown LLP's Sean T. Scott,
Esq., as counsel and Young Conaway Stargatt & Taylor LLP's Michael
R. Nestor, Esq., Matthew B. Lunn, Esq., and Jaime Luton Chapman,
Esq., as Delaware local counsel.  Deutsche Bank is the Debtors'
investment banker.  Mike Rizzo Jr. at RAS Management Advisors,
LLC, serves as financial advisors to the Debtors.  The Hon. Peter
J. Walsh presides over the case.

Kelley Drye & Warren LLP's Eric R. Wilson, Esq., Jason R. Adams,
Esq., and Gilbert R. Saydah Jr., Esq., serve as counsel to the
official committee of unsecured creditors, and Greenberg Traurig,
LLP's Dennis A. Meloro, Esq. serves as local counsel.


OCZ TECHNOLOGY: Panel Hires BDO USA as Financial Advisor
--------------------------------------------------------
The Official Committee of Unsecured Creditors of OCZ Technology
Group, Inc. and its debtor-affiliates seeks authorization from
Hon. Peter J. Walsh of the U.S. Bankruptcy Court for the District
of Delaware to retain BDO USA, LLP as financial advisor to the
Committee, nunc pro tunc to Dec. 13, 2013.

The Committee anticipates BDO USA may render these services in
these cases:

   (a) analyze the financial operations of the Debtors pre and
       post-petition, as necessary;

   (b) analyze the financial ramifications of any proposed
       transactions for which the Debtors seek Bankruptcy Court
       approval including, but not limited to, post-petition
       financial, sale of all or a portion of the Debtors' assets,
       retention of management and employee incentive and
       severance plans;

   (c) conduct any requested financial analysis including
       verifying the material assets and liabilities of the
       Debtors, as necessary, and their values;

   (d) assist the Committee in its review of monthly statements of
       operations submitted by the Debtors;

   (e) perform claims analysis for the Committee;

   (f) assist the Committee in its evaluation of cash flow and
       other projections, including business plans prepared by the
       Debtors;

   (g) scrutinize cash disbursements on an on-going basis for the
       period subsequent to the commencement of these cases;

   (h) perform forensic investigating services, as requested by
       the Committee and counsel, regarding pre-petition
       activities of the Debtors in order to identify potential
       causes of action, including investigating intercompany
       transfers, improvements in position, and fraudulent
       transfers;

   (i) analyze transactions with insiders, related and affiliated
       companies;

   (j) analyze transactions with the Debtors' financing
       institutions;

   (k) attend meetings of creditors and conference calls with
       representatives of the creditor groups and their counsel;

   (l) prepare certain valuation analyses of the Debtors'
       businesses and assets using various professionally accepted
       methodologies;

   (m) as needed, prepare alternative business projections
       relating to the valuation of the Debtors' business
       enterprise;

   (n) evaluate financing proposals and alternatives proposed by
       the Debtors for debtor-in-possession financing, exit
       financing and capital raising supporting any plan of
       reorganization;

   (o) monitor the Debtors' sales process and their investment
       banker, assist the Committee in evaluating sales proposals
       and alternatives and attend any auctions of the Debtors'
       assets;

   (p) assist the Committee in its review of the financial aspects
       of a plan of reorganization or liquidation submitted by the
       Debtors and perform any related analyses, specifically
       including liquidation analyses and feasibility analyses and
       evaluate best exit strategy;

   (q) assist counsel in preparing for any depositions and
       testimony, as well as prepare for an provide expert
       testimony at depositions and court hearings, as requested;

   (r) assist counsel in evaluating any tax issues that may arise
       if necessary; and

   (s) perform other necessary services as the Committee or the
       Committee's counsel may request from time to time with
       respect to the financial business and economic issues that
       may arise.

BDO USA will be paid at these hourly rates:

       Partners/Managing Directors            $475-$795
       Directors/Sr. Managers                 $375-$525
       Managers/Vice Presidents               $325-$425
       Seniors/Analysts                       $200-$350
       Staff                                  $150-$225

The Committee requests BDO USA be compensated on an hourly basis
plus reimbursement of the actual and necessary expenses that BDO
USA incurs, in accordance with the ordinary and customary standard
hourly rates which are in effect on the date the services are
rendered, minus a 10% courtesy discount to such standard hourly
rates.

Marlene H. Rabinowitz, partner of BDO USA, 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.

The Court for the District of Delaware will hold a hearing on the
hiring on Jan. 16, 2014, at 2:30 p.m.  Objections, if any, are due
Jan. 13, 2014, at 4:00 p.m.

BDO USA can be reached at:

       Marlene H. Rabinowitz
       BDO USA, LLP
       100 Park Avenue
       New York, NY 10017
       Tel: (212) 885-8003
       Fax: (212) 697-1299
       E-mail: mrabinowitz@bdo.com

                            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.

The Debtors are represented by Mayer Brown LLP's Sean T. Scott,
Esq., as counsel and Young Conaway Stargatt & Taylor LLP's Michael
R. Nestor, Esq., Matthew B. Lunn, Esq., and Jaime Luton Chapman,
Esq., as Delaware local counsel.  Deutsche Bank is the Debtors'
investment banker.  Mike Rizzo Jr. at RAS Management Advisors,
LLC, serves as financial advisors to the Debtors.  The Hon. Peter
J. Walsh presides over the case.

Kelley Drye & Warren LLP's Eric R. Wilson, Esq., Jason R. Adams,
Esq., and Gilbert R. Saydah Jr., Esq., serve as counsel to the
official committee of unsecured creditors, and Greenberg Traurig,
LLP's Dennis A. Meloro, Esq. serves as local counsel.


OCZ TECHNOLOGY: Hires Deutsche Bank as Investment Banker
--------------------------------------------------------
OCZ Technology Group, Inc. and its debtor-affiliates seek
authorization from the Hon. Peter J. Walsh of the U.S. Bankruptcy
Court for the District of Delaware to employ Deutsche Bank
Securities Inc. as investment banker, nunc pro tunc to Dec. 2,
2013 petition date.

The Debtors require Deutsche Bank to:

   (a) assist the Debtors in identifying and evaluating candidates
       for any potential transaction;

   (b) assist the Debtors in preparing and implementing a
       marketing plan, including preparing marketing materials
       describing the Debtors for distribution to potential
       parties to any transaction;

   (c) contact potential candidates which Deutsche Bank and the
       Debtors have agreed may be appropriate for a potential
       transaction and, in rendering such services, meet with
       representatives of candidates and provide representatives
       with information about the Debtors as may be appropriate
       and acceptable to the Debtors, subject to customary
       business confidentiality;

   (d) advise and assist the Debtors in considering the
       desirability of effecting any transaction and, if the
       Debtors believe such transaction to be desirable, in
       developing and implementing a general strategy for
       accomplishing such transaction;

   (e) advise and assist senior management of the Debtors in
       making presentations to the Debtors' respective Boards
       concerning any proposed transaction;

   (f) advise and assist the Debtors in the course of their
       negotiation of the financial aspects of any proposed
       transaction; and

   (g) provide testimony concerning any proposed transaction,
       either in depositions or in courtroom hearings.

The Debtors agreed to compensate Deutsche Bank in accordance with
the Fee Structure that includes:

       Monthly Fee.  $200,000 per month for up to five months
       following the petition date and to be credited against the
       transaction fee.

       Transaction Fee.  The greater of (i) $2,250,000 or (ii)
       1.6% of the Aggregate Consideration, payable upon the
       consummation of a transaction.

Deutsche Bank will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Thomas Cho, managing director of Deutsche Bank, 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.

The Court for the District of Delaware will hold a hearing on the
motion on Jan. 8, 2014, at 10:00 a.m.  Objections were due Dec.
30, 2013.

Deutsche Bank can be reached at:

       Thomas Cho
       DEUTSCHE BANK SECURITIES INC.
       101 California Street, 46th Floor
       San Francisco, CA 94111
       Tel: (212) 250-2500

                            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.

The Debtors are represented by Mayer Brown LLP's Sean T. Scott,
Esq., as counsel and Young Conaway Stargatt & Taylor LLP's Michael
R. Nestor, Esq., Matthew B. Lunn, Esq., and Jaime Luton Chapman,
Esq., as Delaware local counsel.  Deutsche Bank is the Debtors'
investment banker.  Mike Rizzo Jr. at RAS Management Advisors,
LLC, serves as financial advisors to the Debtors.  The Hon. Peter
J. Walsh presides over the case.

Kelley Drye & Warren LLP's Eric R. Wilson, Esq., Jason R. Adams,
Esq., and Gilbert R. Saydah Jr., Esq., serve as counsel to the
official committee of unsecured creditors, and Greenberg Traurig,
LLP's Dennis A. Meloro, Esq. serves as local counsel.


OCZ TECHNOLOGY: Creditors Committee Opposes Executive Bonuses
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that OCZ Technology Group Inc.'s creditors' committee
opposed court approval of executives bonuses that it said "bear
attributes of an insider retention plan" banned by Congress for
bankrupt companies.

The Debtor is slated to auction off its business on Jan. 15.  The
first bid of $35 million will be made by Toshiba Corp.

OCZ proposed a bonus program last month which could pay 13
executives as much as $2.36 million if the business is sold for
twice the Toshiba's initial offer.  If Toshiba buys the business
for $35 million, there will be no bonuses.  If auction raises the
price $5 million, the bonus pool will be $1.28 million, rising to
$1.7 million for a $15 million price increase.

The official unsecured creditor's representative called the
initial threshold is too low.  The committee said there should be
no bonuses until secured claims are covered and there's
"meaningful value" for unsecured creditors.  The committee said it
wasn't sure whether the possible sale price will be enough to
cover a fee for the investment banker and the bonuses.

A hearing regarding the bonuses is on the bankruptcy court's
calendar for Jan. 8.

                            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.

The Debtors are represented by Mayer Brown LLP's Sean T. Scott,
Esq., as counsel and Young Conaway Stargatt & Taylor LLP's Michael
R. Nestor, Esq., Matthew B. Lunn, Esq., and Jaime Luton Chapman,
Esq., as Delaware local counsel.  Deutsche Bank is the Debtors'
investment banker.  Mike Rizzo Jr. at RAS Management Advisors,
LLC, serves as financial advisors to the Debtors.  The Hon. Peter
J. Walsh presides over the case.

Kelley Drye & Warren LLP's Eric R. Wilson, Esq., Jason R. Adams,
Esq., and Gilbert R. Saydah Jr., Esq., serve as counsel to the
official committee of unsecured creditors, and Greenberg Traurig,
LLP's Dennis A. Meloro, Esq. serves as local counsel.


OGX PETROLEO: Has 15 Days to Pay Oil Field Investments
------------------------------------------------------
Jeff Fick, writing for The Wall Street Journal, reported that
troubled Brazilian oil company Oleo e Gas Participacoes SA,
founded by entrepreneur Eike Batista, said that it was seeking
cash to pay for the firm's share of work at an offshore oil field
before regulators revoke the concession.

According to the report, Oleo e Gas Participacoes SA -- formerly
known as OGX Petroleo e Gas Participacoes SA -- said that it had
maintained "friendly talks" with partners and creditors to
restructure the company's finances and continue operations. Last
week, Oleo e Gas reached a preliminary deal with creditors to
exchange some $5.8 billion in debt for shares that could also
include an injection of fresh capital for investments at several
oil fields.

Investments in the BS-4 block, which sits in Brazil's offshore
Santos Basin that is home to several multibillion-barrel oil
discoveries, was part of the restructuring plan, the company said,
the report related.

The foundering oil company has 15 days to pay the 73 million
Brazilian reais ($31 million) the firm owes two partners for work
done at the BS-4 offshore exploration block, which includes the
Atlanta and Oliva oil fields, according to QGEP Participacoes, the
report said. Oleo e Gas holds a 40% stake in the block. QGEP
operates the block with a 30% share, while closely held Barra
Energia retains the remaining 30%.

Oleo e Gas said that it is "aware of its obligations to its
partners and is seeking alternative sources of capital, as is
already publicly known, in order to meet its obligations," the
report further related. The company also cited three blocks it
holds stakes in with France's Perenco and China's Sinochem
International Corp., although no complaints about late payments
have been made related to those blocks, which remain in an early,
exploratory phase.

                       About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.


ORCKIT COMMUNICATIONS: Shareholders Re-elect 3 Directors to Board
-----------------------------------------------------------------
At the annual general meeting of shareholders of Orckit
Communications Ltd. held on Dec. 31, 2013, the shareholders
approved all three proposals:

(1) The re-election of Eric Paneth, Izhak Tamir, Jed M. Arkin and
    Moti Motil as directors;

(2) The payment of retention bonuses to two officers of the
    Company; and

(3) The reappointment of Kesselman & Kesselman as independent
    auditors.

                           About Orckit

Tel-Aviv, Israel-based Orckit Communications Ltd. (TASE: ORCT)
engages in the design, development, manufacture and marketing of
advanced telecom equipment to telecommunication service providers
in metropolitan areas.  The Company's products are transport
telecommunication equipment targeting high capacity packetized
metropolitan networks.

Orckit disclosed a net loss of $6.46 million on $11.19 million of
revenues for the year ended Dec. 31, 2012, as compared with a net
loss of $17.38 million on $15.58 million of revenues for the year
ended Dec. 31, 2011.  The Company's balance sheet at Sept. 30,
2013, showed $12.44 million in total assets, $24.03 million in
total liabilities and a $11.59 million total capital deficiency.

Kesselman & Kesselman, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012.  The independent auditors noted that the Company has a
capital deficiency, recurring losses, negative cash flows from
operating activities and has significant future commitments to
repay its convertible subordinated notes.  These facts raise
substantial doubt as to the Company's ability to continue as a
going concern.


OSAGE EXPLORATION: Controls 53% of Nemaha Ridge Project Operations
------------------------------------------------------------------
Osage Exploration and Development, Inc., disclosed that by virtue
of a Partition Agreement reached with its partners, Osage has
become the project operator on a majority of its acreage in the
Nemaha Ridge project in Logan County, Oklahoma.  Effective
Sept. 1, 2013, Osage will operate approximately 5,015 net acres in
30 sections, and will remain joint-venture partners with Slawson
Exploration in approximately 4,475 net acres across 45 sections.
Further, the Company announced that it has put under multi-year
contract two key members collectively having over 65 years of
industry experience to form the nucleus of Osage's operating team.

Partition Agreement

With the Partition Agreement, Osage becomes the Operator of
approximately 53 percent of its 9,490 acres in the Nemaha Ridge
project.  The remaining 47 percent of the acreage that is held by
production will continue to be operated by Slawson Exploration.
Osage retains its ownership share of all existing production from
wells drilled prior to Sept. 1, 2013, as well as ownership of the
Proved Developed Producing reserves from those wells

Operating Team

In addition to its two exploration geologists whose work provided
the geological foundation of the Nemaha Ridge project, Osage has
contracted with two highly experienced key individuals, Mr. Buddie
Livingston as Project Manager and Mr. Jeff Dwiggins as Manager of
Production Engineering, to form the nucleus of the Company's
Operating Team.  Together, their 65 plus years of experience in
the E&P industry spans all aspects of planning, drilling,
completing, producing, and managing a reservoir.

Management Comments

"This transformative transaction allows Osage to put its time as a
non-operator in the rear-view mirror," stated Mr. Kim Bradford,
Chairman and CEO of Osage Exploration and Development, Inc.
(OTCBB:OEDV).  "As the Operator of a majority of our acreage in
the Logan County Nemaha Ridge project, we now control the timing
of capital expenditures, the cash flows from oil and gas sales,
and the quality and method of operations.  It has been our plan to
transition Osage into an operating company since the beginning,
and with this partition agreement, that objective is achieved.  We
are immediately moving forward with drilling in Logan County in
2014, as well as our previously announced move into our Pawnee
Mississippian project."

"Having more than one operator in the Nemaha Ridge project will
benefit all parties involved," continued Mr. Bradford.  "We will
be sharing information and techniques with our neighboring
operators in order to optimize all aspects of drilling and
completing the multiple reservoirs that are stacked in the Nemaha
Ridge project.

"Most importantly, Osage now has control of technically and
geologically de-risked Mississippian acreage in Logan County which
contains highly economic known quantities of oil and gas, an
operating team with a proven ability to efficiently extract the
oil and gas, and the upside of the Woodford Shale, which we plan
to exploit very soon.  With our existing production providing a
base of cash flows and the financial partnership of one of the
largest private equity firms in the world, Osage has begun a new
chapter which should be very rewarding for its shareholders."

Operating Team Bios

Buddie Livingston has over 40 years in the drilling, completion,
and production sectors.  His specific focus and the vast majority
of his industry experience has been on highly technical drilling
projects, including: high pressure, snubbing, horizontal,
underbalanced, and managed pressure drilling projects.  He has
served as a Project Manager, Drilling Supervisor, and wellsite
consultant for Energen Resources, ExxonMobil, and others both
onshore and offshore, with extensive experience in the Permian,
Bakken, Anadarko, and Arkoma basins.  Buddie has managed or
project managed the drilling of hundreds of horizontal wells and
thousands of vertical wells.  Buddie is a third generation oilman
and makes his home in Bristow, Oklahoma.

Jeff Dwiggins has over 25 years of experience in the domestic and
international energy industry with a specific focus on designing
and improving artificial lift systems for oil and gas companies.
Most recently, Jeff worked with Apache Corporation as a production
engineering consultant for all forms of artificial lift worldwide,
tasked with improving Apache's overall artificial lift
performance.  Jeff has extensive ESP application and alternative
deployed ESP expertise having worked significant projects in such
places as Qatar, Egypt, Brunei, Chad and others. Jeff has
successfully managed the development of many key facets of coiled
tubing deployed ESPs.  He also has a broad background in the oil
and gas sector including project engineering, engineering
development and management, business operations and development,
start-up operations and manufacturing operations.  Jeff lives in
Edmond, Oklahoma.

                       About Osage Exploration

Based in San Diego, California with production offices in Oklahoma
City, Oklahoma, and executive offices in Bogota, Colombia, Osage
Exploration and Development, Inc. (OTC BB: OEDV) --
http://www.osageexploration.com/-- is an independent exploration
and production company with interests in oil and gas wells and
prospects in the US and Colombia.

Goldman, Kurland and Mohidin LLP, in Encino, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2012.  The independent
auditors noted that the Company has suffered recurring losses from
operations and has an accumulated deficit as of Dec. 31, 2011.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

The Company's balance sheet at Sept. 30, 2013, showed $33.38
million in total assets, $25.29 million in total liabilities and
$8.08 million in total stockholders' equity.

                        Bankruptcy Warning

"The Company's operating plans require additional funds which may
take the form of debt or equity financings.  The Company's ability
to continue as a going concern is in substantial doubt and is
dependent upon achieving profitable operations and obtaining
additional financing.  There is no assurance additional funds will
be available on acceptable terms or at all.  In the event we are
unable to continue as a going concern, we may elect or be required
to seek protection from our creditors by filing a voluntary
petition in bankruptcy or may be subject to an involuntary
petition in bankruptcy.  To date, management has not considered
this alternative, nor does management view it as a likely
occurrence," the Company said in the quarterly report for the
period ended Sept. 30, 2013.


OZARK MOUNTAIN: Case Summary & 11 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Ozark Mountain Solid Waste District
           fka Northwest Arkansas Regional Solid Waste Management
           District
           dba N.A.B.O.R.S. Sanitation
        1305 Rossi Road
        Mountain Home, AR 72653

Case No.: 14-70015

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Western District of Arkansas (Harrison)

Debtor's Counsel: Jill R. Jacoway, Esq.
                  JACOWAY LAW FIRM
                  PO Drawer 3456
                  Fayetteville, AR 72702-3456
                  Tel: (479)521-2621
                  Email: jacowaylaw@sbcglobal.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Jeff Crockett, chairman of the Board.

A list of the Debtor's 11 largest unsecured creditors is available
for free at http://bankrupt.com/misc/arwb14-70015.pdf


PATIENT SAFETY: Inks $2.3MM Patent Agreement with ClearCount
------------------------------------------------------------
ClearCount Medical Solutions, Inc., and Patient Safety
Technologies, Inc., entered into a Patent Purchase and License
Agreement pursuant to which ClearCount will sell and assign
certain of its patents and license certain of its patents to the
Company in exchange for an aggregate payment by the Company of
$2.35 million.  The Company will grant ClearCount a worldwide,
fully paid-up, royalty-free and exclusive license for the Assigned
Patents to make, use, sell and import any products or services
within the scope of the claims of the Assigned Patents, and permit
ClearCount to sublicense.  Pursuant to the Patent Agreement, the
Company may make, use, sell and import any products within the
scope of the Assigned Patents; provided, that a grant of a license
by the Company to a third party is only permitted when that grant
is incidental to a third party providing goods or services to
Company or to end users of the Company's products or services.

Additionally, pursuant to the Patent Agreement, ClearCount will
grant the Company a worldwide, fully paid-up, royalty-free and
non-exclusive license for the Licensed Patents to make, use, sell
and import any products or services within the scope of the claims
of the Licensed Patents; provided, that such license will not
include or permit sublicenses, assignments, third party mortgages
or encumbrances.  Grants of sublicenses will be permitted if that
a grant is incidental to a third party providing goods or services
to the Company or to end users of the Company's products or
services.

The Patent Agreement terminates for each Assigned Patent and
Licensed Patent when that patent expires or is finally determined
by a governmental authority to be unenforceable.  The Patent
Agreement will terminate in full when all Assigned and Licensed
Patents are expired or unenforceable.

A copy of the Patent Purchase and License Agreement is available
for free at http://is.gd/KDgSD3

                 About Patient Safety Technologies

Patient Safety Technologies, Inc. (OTC: PSTX) --
http://www.surgicountmedical.com/-- through its wholly owned
operating subsidiary SurgiCount Medical, Inc., provides the
Safety-Sponge(TM) System, a system designed to improve the
standard of patient care and reduce health care costs by
preventing the occurrence of surgical sponges and other retained
foreign objects from being left inside patients after surgery.
RFOs are among one of the most common surgical errors.

Patient Safely incurred a net loss of $2.20 million in 2012 as
compared with a net loss of $1.89 million in 2011.  For the nine
months ended Sept. 30, 2013, the Company reported a net loss
applicable to common shareholders of $1.91 million.

The Company's balance sheet at Sept. 30, 2013, showed $18.71
million in total assets, $5.56 million in total liabilities and
$13.15 million in stockholders' equity.


PATIENT SAFETY: To be Acquired by Stryker for $120 Million
----------------------------------------------------------
Patient Safety Technologies, Inc., announced a definitive
agreement with Stryker Corporation by which Stryker will acquire
Patient Safety Technologies in an all cash transaction for $2.22
per common share, with a total transaction value of approximately
$120 million including estimated fees and expenses.

"I am pleased to announce this transaction as it delivers
significant shareholder value," stated Brian E. Stewart, president
and CEO of Patient Safety Technologies, Inc.  "We are excited to
partner with such an established leader in the medical device
field and look forward to how the combination will help drive our
growth to the next level, enabling current and future users of the
Safety-Sponge(R) System to further improve the safety of their
patients and reduce their costs of care," continued Mr. Stewart.

"We are committed to providing solutions that result in a higher
quality of care and level of safety for both patients and
healthcare professionals," said Timothy J. Scannell, Group
president, MedSurg and Neurotechnology.  "This acquisition aligns
with Stryker's focus on offering products and services that have
demonstrated cost effectiveness and clinical outcomes."

The agreement was approved by all members of PST's Board of
Directors.  The transaction is subject to customary closing
conditions including, among other items, approval by the
stockholders of Patient Safety Technologies and the expiration or
termination of the Hart-Scott-Rodino Antitrust Improvements Act
waiting period.  The transaction is expected to close in the first
quarter of 2014.

On Dec. 31, 2013, the Company entered into voting agreements with
certain shareholders of the Company, namely, John P. Francis,
Louis Glazer, Melanie Glazer, Wenchen Lin and Brian E. Stewart.
The Voting Agreements require each Signing Stockholder to vote all
of his or her shares:

    (i) in favor of the adoption of the Merger Agreement and
        approval of the Merger, or in favor of any amendment to
        the Merger Agreement which makes the Merger Agreement more
        favorable to the Signing Stockholder;

   (ii) against approval of any proposal in opposition to the
        Merger or any other transaction contemplated by the Merger
        Agreement; and

  (iii) against any competing proposals or competing transactions
        that would impede the Merger or result in a breach of the
        Merger Agreement.

Pursuant to the Voting Agreements, each Signing Stockholder waives
appraisal rights and provides an irrevocable proxy.  The Voting
Agreements do not limit or restrict the Signing Stockholder in his
or her capacity as a director or officer from acting in such
capacity or voting in such capacity in such person's sole
discretion on any matter.

Patient Safety's   Latham & Watkins LLP
Legal Counsel:     650 Town Center Drive, 20th Floor
                   Costa Mesa, California 92626-1925
                   Attention: Charles K. Ruck; R. Scott Shean
                   Facsimile: (714) 755-8290
                   Email: charles.ruck@lw.com; scott.shean@lw.com

Patient Safety's
Financial Advisor: BofA Merrill Lynch

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

                        http://is.gd/HVpdHP

                About Patient Safety Technologies

Patient Safety Technologies, Inc. (OTC: PSTX) --
http://www.surgicountmedical.com/-- through its wholly owned
operating subsidiary SurgiCount Medical, Inc., provides the
Safety-Sponge(TM) System, a system designed to improve the
standard of patient care and reduce health care costs by
preventing the occurrence of surgical sponges and other retained
foreign objects from being left inside patients after surgery.
RFOs are among one of the most common surgical errors.

The Company's balance sheet at Sept. 30, 2013, showed $18.71
million in total assets, $5.56 million in total liabilities and
$13.15 million in stockholders' equity.

Patient Safety incurred a net loss applicable to common
shareholders of $1.91 million for the nine months ended Sept. 30,
2013.  The Company incurred a net loss of $2.20 million in 2012
and a net loss of $1.89 million in 2011.


PINE VIEW REALTY: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Pine View Realty Company, a Pennsylvania Limited
        Partnership
        7172 Route 522
        Middleburg, PA 17842

Case No.: 14-00038

Chapter 11 Petition Date: January 6, 2014

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

Judge: Hon. Robert N Opel II

Debtor's Counsel: Deborah A. Hughes, Esq.
                  DEBORAH A. HUGHES, ESQUIRE
                  PO Box 961
                  Harrisburg, PA 17108
                  Tel: 717 651-1772
                  Fax: 717 651-1778
                  Email: dhughes@ssbc-law.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Chriss R. Nipple, president.

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


PROVIDENT COMMUNITY: Terminates Registration of Common Shares
-------------------------------------------------------------
Provident Community Bancshares Inc. separately filed with the U.S.
Securities and Exchange Commission post-effective amendments to
its registration statements to deregister shares of common stock
that remain unsold:

   -- Registration Statement on Form S-4, File No. 333-86329,
      registering 582,384 shares of common stock, par value $0.01
      per share, for issuance in connection with the acquisition
      of South Carolina Community Bancshares, Inc., pursuant to
      the terms of the Joint Proxy Statement/Prospectus dated
      Sept. 30, 1999;

   -- Registration Statement on Form S-4, File No. 33-80808,
      registering 430,533 shares of common stock, par value $0.01
      per share, for issuance in connection with the
      reorganization into the holding company structure pursuant
      to the terms of the Proxy Statement/Prospectus, dated
      July 26, 1994;

   -- Registration Statement on Form S-3, File No. 333-35318,
      registering 236,250 shares1 of common stock, par value $0.01
      per share, for issuance under the Union Financial
      Bancshares, Inc. Dividend Reinvestment Plan;

   -- Registration Statement on Form S-8, File No. 333-3628,
      registering 117,339 shares of common stock, par value $0.01
      per share, for issuance under the 1987 Stock Option Plan and
      the 1995 Stock Option Plan;

   -- Registration Statement on Form S-8, File No. 333-56386,
      registering 125,000 shares of Provident Community Bancshares
      common stock, par value $0.01 per share, for issuance under
      the Provident Community Bancshares, Inc. 2006 Equity
      Incentive Plan; and

   -- Registration Statement on Form S-8, File No. 333-136395,
      registering 150,000 shares of Provident Community Bancshares
      common stock, par value $0.01 per share, for issuance under
      the Provident Community Bancshares, Inc. 2006 Equity
      Incentive Plan.

The Company has determined that no further shares will be offered,
sold, issued or exchanged pursuant to the prospectuses.

As reported by the TCR on Dec. 30, 2013, Provident Community filed
with the SEC a Form 15 to voluntarily terminate the registration
of its common stock, par value $0.01 per share.  As a result of
the Form 15 filing, the Company will terminate and suspend all
reporting obligations with the SEC under the Securities Exchange
Act of 1934, as amended.

                     About Provident Community

Rock Hill, South Carolina-based Provident Community Bancshares,
Inc., is the bank holding company for Provident Community Bank,
N.A.  Provident Community Bancshares has no material assets or
liabilities other than its investment in the Bank.  Provident
Community Bancshares' business activity primarily consists of
directing the activities of the Bank.

The Bank's operations are conducted through its main office in
Rock Hill, South Carolina and seven full-service banking centers,
all of which are located in the upstate area of South Carolina.
The Bank is regulated by the Office of the Comptroller of the
Currency, is a member of the Federal Home Loan Bank of Atlanta and
its deposits are insured up to applicable limits by the Federal
Deposit Insurance Corporation.  Provident Community Bancshares is
subject to regulation by the Federal Reserve Board.

Provident Community incurred a net loss to common shareholders of
$598,000 in 2012, a net loss to common shareholders of $665,000 in
2011 and a net loss to common shareholders of $14.28 million in
2010.  The Company's balance sheet at Sept. 30, 2013, showed
$332.63 million in total assets, $329.61 million in total
liabilities and $3.02 million in total shareholders' equity.

                           Consent Order

On Dec. 21, 2010, Provident Community Bank, N.A. entered into a
stipulation and consent to the issuance of a consent order with
the Office of the Comptroller of the Currency.

At Dec. 31, 2011, the Bank met each of the capital requirements
required by regulations, but was not in compliance with the
capital requirements imposed by the OCC in its Consent order.

The Bank is required by the consent order to maintain Tier 1
capital at least equal to 8% of adjusted total assets and total
capital of at least 12% of risk-weighted assets.  However, so long
as the Bank is subject to the enforcement action executed with the
OCC on Dec. 21, 2010, it will not be deemed to be well-capitalized
even if it maintains the minimum capital ratios to be well-
capitalized.  At Dec. 31, 2011, the Bank did not meet the higher
capital requirements required by the consent order and is
evaluating alternatives to increase capital.

At December 31, 2012, the Bank met each of the capital
requirements required by regulations, but was not in compliance
with the capital requirements imposed by the OCC in its Consent
order.


PSM HOLDINGS: Incurs $1.53-Mil. Net Loss for Third Quarter
----------------------------------------------------------
PSM Holdings Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
of $1.53 million on $3.76 million of revenues for the three months
ended Sept. 30, 2013, compared to a net income of $232,522 on
$5.85 million of revenues for the same period in 2012.

The Company's balance sheet at Sept. 30, 2013, showed
$24.31 million in total assets, $17.72 million in total
liabilities, and stockholders' equity of $6.59 million.

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

                        http://is.gd/8lQc0v

PSM Holdings, Inc., through its subsidiaries, originates mortgage
loans in the United States. The company funds its mortgage loans
either directly off its warehouse lines of credit or through
brokering transactions to other third parties. It also solicits
and receives applications for secured residential mortgage loans;
and provides mortgage banking services using warehouse lines of
credit.


PWK TIMBERLAND: Withdrawing Members Object to Disclosure Statement
------------------------------------------------------------------
Withdrawing members Melissa White Harper, Lillian Ruth Harper
Dean, Rachel Elizabeth Harper, Sarah Virginia Harper, James Roland
Harper, IV, Esther White Goldstein, Daniel Merritt Goldstein,
Melissa Catherine Goldstein, Herman Aubrey White, III, Tiffany
Leigh White, and Brittany Elisabeth White filed with the U.S.
Bankruptcy Court for the Western District of Louisiana an
objection to the disclosure statement accompanying PWK Timberland
LLC's proposed Chapter 11 plan.

As reported by the Troubled Company Reporter on Dec. 11, 2013,
Judge Robert Summerhays set for Jan. 9 at 10:30 a.m. the hearing
to consider approval of the adequacy of the disclosure statement.
According to the disclosure statement, the Debtor's plan provides
that all allowed claims will be satisfied in full.  A copy of the
Disclosure Statement dated Nov. 19, 2013, is available for free
at http://bankrupt.com/misc/PWK_Plan_DS_111913.pdf

In a filing dated Dec. 27, 2013, the Withdrawing Members claim
that there is a lack of certain specific information and
considerable information is misleading and/or incorrect.

Ronald J. Bertrand, Esq., the attorney for the Withdrawing
Members, said in the Dec. 27 filing, "As the Withdrawing Members
are the only noninsider creditors, their vote will, in all
likelihood, determine whether or not the Debtor's Plan is
ultimately confirmable.  The Withdrawing Members strongly disagree
with the Debtor's designation of their claims as 'unimpaired', and
assert that they are 'impaired' under the proposed Plan."

According to Mr. Bertrand, the Debtor appears to be attempting to
limit the Withdrawing Members claims to rights under the Put
Option (Agreement Price) based upon the Debtor's interpretation of
the word "closing".

The Withdrawing Members assert that the Disclosure Statement
should not be approved, until the issue of "impairment" of the
Withdrawing Members claims is resolved.

Mr. Bertrand can be reached at:

      714 Kirby Street
      Lake Charles, Louisiana 70601
      Tel: (337) 436-2541

                        About PWK Timberland

Lake Charles, Louisiana-based PWK Timberland LLC sought Chapter 11
protection (Bankr. W.D. La. Case No. 13-20242) on March 22, 2013.
Gerald J. Casey, Esq., serves as counsel to the Debtor.  The
Debtor disclosed $15,038,448 in assets and $1,792,957 in
liabilities as of the Chapter 11 filing.


RADIO ONE: Moody's Alters Outlook to Positive & Affirms 'Caa1' CFR
------------------------------------------------------------------
Moody's Investors Service changed the rating outlook of Radio One,
Inc. to positive from stable. The positive outlook reflects
improved operating performance in the core broadcasting segment
and greater dividends from TV One resulting in EBITDA growth and
better credit metrics. In addition, Moody's assigned an SGL -- 3
Speculative Grade Liquidity (SGL) Rating and affirmed the Caa1
Corporate Family Rating, Caa1-PD Probability of Default Rating and
all other debt instrument ratings.

Affirmed:

Issuer: Radio One, Inc.

Corporate Family Rating: Affirmed Caa1

Probability of Default Rating: Affirmed Caa1-PD

$25 million Priority Sr Secured Revolving Credit Facility due
2015: Affirmed B1, LGD1 -- 1% (from LGD1 -- 0%)

$374 million Sr Secured Term Loan due 2016: Affirmed B2, LGD2 --
26% (from LGD2 -- 27%)

$327 million of 12.5% Senior Subordinated Notes due 2016:
Affirmed Caa2, LGD5 -- 81%

Assigned:

Issuer: Radio One, Inc.

Speculative Grade Liquidity (SGL) Rating: Assigned SGL -- 3

Outlook Actions:

  Issuer: Radio One, Inc.

    Outlook, Changed to Positive from Stable

Ratings Rationale

Radio One's Caa1 corporate family rating (CFR) reflects high debt-
to-EBITDA leverage of approximately 6.8x estimated for the
restricted group for the 12 months ended December 31, 2013
(including Moody's standard adjustments, plus TV One dividends)
and mid single digit percentage free cash flow-to-debt ratios.
Improved core broadcast operating performance along with increased
dividends from TV One will result in EBITDA growth of more than
25% for FY2013 and improved debt-to-EBITDA of roughly 6.8x
(including Moody's standard adjustments, plus TV One dividends) at
FYE2013 compared to 8.6x as of FYE2012. We believe the company
will track overall performance for the radio broadcast industry
with flat to low single digit percentage revenue growth supported
by an increase in demand for political advertising particularly in
the second half of 2014. An improving economic environment in key
markets and dividends from TV One at or above current levels will
result in debt-to-EBITDA leverage ratios remaining below 7.0x over
the next 12-18 months. We continue to be concerned that an
unexpected decline in broadcasting performance would result in
Radio One increasingly relying on dividends from TV One, an
unrestricted entity, to fund debt service and to remain in
compliance with financial covenants. Ratings incorporate ongoing
media fragmentation and the cyclical nature of radio advertising
demand evidenced by the revenue declines suffered by radio
broadcasters during the past recession and the sluggish growth
following the downturn. Ratings are supported by the company's
presence in attractive large markets and TV One's growing dividend
capacity. An unexpected decline in EBITDA could result in a
covenant breach and additional downward pressure on ratings. We
expect the company to maintain an EBITDA cushion to financial
covenants of at least 5% over the next 12 months, with the
potential for deferred dividends from TV One increasing the
cushion if necessary. Liquidity is adequate with expected cash
balances for the restricted group of a minimum $15 million over
the next 12 months, more than 90% of availability under its $25
million revolver facility, and no significant debt maturities
until 2016.

The positive outlook reflects our belief that radio operations
will benefit from stable advertising demand in key markets and
that Interactive One will generate positive EBITDA over the next
12-18 months. In addition, the outlook incorporates the company
being able to increase dividends from TV One above 2013 levels
($18.5 million YTD September 30, 2013), if desired. We expect
leverage ratios will improve due to EBITDA growth combined with
some debt reduction and liquidity will remain adequate with
positive free cash flow as well as mid single digit percentage
EBITDA cushion to financial covenants. The positive outlook does
not incorporate leverage being sustained above current levels due
to debt financed acquisitions or increased ownership in TV One.

Ratings could be upgraded if debt-to-EBITDA leverage ratios are
sustained below 7.0x (incorporating Moody's standard adjustments,
plus TV One dividends) supported by good advertising demand and a
supportive economic environment in key markets. Enhanced liquidity
including mid single digit percentage free cash flow-to-debt
ratios and increasing EBITDA cushion to financial maintenance
covenants will also be required for an upgrade. A ratings
downgrade is not likely given the positive outlook; however, the
outlook can be changed to stable if revenue and EBITDA do not
track expectations for 2014 or if increased competition in one or
more of the company's four key markets results in higher debt-to-
EBITDA leverage ratios. Increased debt levels to fund
discretionary items including share repurchases or an increase in
ownership of TV One could negatively impact ratings, particularly
if these actions impair liquidity or reduce the company's EBITDA
cushion to financial covenants.

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

Radio One Inc., headquartered in Silver Spring, MD, is an urban
oriented multi-media company that operates or owns interests in
radio broadcasting stations (51% of gross revenues as of LTM
September 2013 generated by 54 stations in 16 markets), a 51.9%
ownership in TV One, a cable television network (32% of revenues),
an 80% ownership in Reach Media featuring the Tom Joyner Morning
Show (12% of revenues), and ownership of Interactive One as well
as other internet-based properties (5% of revenues), largely
targeting the African-American audience. The Chairperson,
Catherine L. Hughes, and President, Alfred C. Liggins III
(Chairperson's son), hold approximately 93% of the outstanding
voting power and 47% of economic interest of the common stock. The
company reported sales of $443 million for the 12 months ended
September 30, 2013.


RAM OF EASTERN: Court Confirms Plan of Reorganization
-----------------------------------------------------
The Hon. A. Thomas Small of the U.S. Bankruptcy Court for the
Eastern District of North Carolina has entered an order confirming
Ram of Eastern North Carolina, LLC's Plan of Reorganization.

The Debtor is released from all dischargeable debts, provided,
however that Confirmation is expressly conditioned upon the Debtor
providing for the payment of all allowed claims assertable against
the Debtor's estate as specified in the Plan and in the court
order.

All objections to claims, including requests for costs and
expenses under Section 506(b), fee applications, and adversary
proceedings will be filed with the Court within 60 days of the
Effective Date, which will be 14 days from the date of the
Dec. 24, 2013 court order.

As reported by the Troubled Company Reporter on Nov. 18, 2013, the
Court conditionally approved the Disclosure Statement on
Aug. 29, and granted the Debtor's motion continuing to Nov. 25,
2013, at 11:00 a.m., the hearing to consider the confirmation of
the Debtor's Plan of Reorganization, which contemplates the
continuation of its business activities.  Payments under the Plan
will be made through income earned through the operation of the
Debtor's business, and through deeding certain properties to its
secured creditors.  A full-text copy of the Disclosure Statement
dated June 20, 2013, is available for free at:

          http://bankrupt.com/misc/RAMOFEASTERNds0620.pdf

The Debtor obtained the acceptance of all of the impaired voting
classes in the Plan.

             About RAM of Eastern North Carolina

RAM of Eastern North Carolina, LLC, formerly Grantham Crossing,
LLC, filed a Chapter 11 petition (Bankr. E.D.N.C. Case No.
13-01125) in Wilson, North Carolina, on Feb. 21, 2013.

The Debtor, which owns commercial and residential rental
properties in Craven and Carteret Counties, North Carolina,
disclosed $11.7 million in total assets and $7.70 million in total
liabilities in its schedules.

George M. Oliver, Esq., at Oliver Friesen Cheek, PLLC, serves as
bankruptcy counsel to the Debtor.


REEVES DEVELOPMENT: Iberiabank Seeks to Convert Case to Ch. 7
-------------------------------------------------------------
IberiaBank, a secured creditor of Reeves Development Company LLC,
filed a motion seeking to convert the Debtor's case to chapter 7
or appoint a trustee.

The bank avers that the case should be converted because it is in
the best interest of the creditors and the estate.  According to
the bank:

     a. substantial or continuing loss to or diminution of
        the estate and the absence of a reasonable likelihood
        of rehabilitation;

     b. gross mismanagement of the estate;

     c. failure to maintain appropriate insurance that pose a
        risk to the estate or to the public;

     d. unauthorized use of cash collateral substantially
        harmful to 1 or more creditors;

     e. failure to comply with an order of the court; and

     f. unexpected failure to satisfy timely and filing or
        reporting requirement established by this title or by
        any rule applicable to a case under this chapter.

Hearing on the employment is scheduled for Jan. 23, 2014, at 11:00
a.m. at Courtroom, 1st Floor, Lake Charles.

As reported in the Troubled Company Reporter on Nov. 11, 2013,
IberiaBank is blocking efforts by Reeves Development Co. LLC to
win court approval to use a portion of the funds considered to be
the bank's cash collateral.  Reeves Development in October asked
the U.S. Bankruptcy Court for the Western District of Louisiana
for green light to use the cash collateral to fund a material pit
project in Lake Charles, Louisiana.  Ronald Bertrand, Esq., said
creditors including IberiaBank "do not have the ability to monitor
what is going on as to their cash collateral" because the company
doesn't file its financial reports on time.

                  About Reeves Development

Reeves Development Company, LLC, a commercial and residential real
estate developer, filed a Chapter 11 petition (Bankr. W.D. La.
Case No. 12-21008) in Lake Charles, Louisiana, on Oct. 30, 2012.
The closely held developer was founded in 1998 by Charles Reeves
Jr., its sole owner.  Reeves Development has about 80 employees
and generates about $40 million in annual revenue, according to
its Web site.

Bankruptcy Judge Robert Summerhays oversees the case.  Arthur A.
Vingiello, Esq., at Steffes, Vingiello & McKenzie, LLC, in Baton
Rogue, Louisiana, represents the Debtor as counsel.

Reeves Development scheduled assets of $15,454,626 and liabilities
of $20,156,597 as of the Petition Date.

Affiliate Reeves Commercial Properties, LLC (Bankr. W.D. La. Case
No. 12-21009) also sought court protection.

The Debtor's Plan dated Feb. 27, 2013, provides that on the
effective date, all allowed accrued interest calculated at the
non-default contractual rate of 4% per annum plus any amounts
allowed by the Court will be capitalized and added to the
outstanding principal balance due under the note issued by Iberia
Bank.  The maturity of the Iberia Note will be extended to 60
months from the Effective Date.  The Debtor will then repay the
New Principal Balance with interest accruing at the non-default
contractual rate of 4% per annum from the Effective Date.


RESIDENTIAL CAPITAL: U.S. Trustee Objects to $2MM Bonus for CRO
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the U.S. Trustee, the Justice Department's bankruptcy
watchdog, says Lewis Kruger, the chief restructuring officer for
Residential Capital LLC, isn't entitled to a $2 million success
fee on top of the $1.2 million he was paid.

ResCap brought in Kruger a year ago because the company's senior
management lacked expertise in Chapter 11. Kruger helped put
together settlements leading to approval and implementation of a
reorganization plan in December.

When ResCap expanded the scope of Kruger's duties in May 2013, the
bankruptcy court provided that he could apply for a $2 million
bonus if the bankruptcy were successfully completed.

The U.S. Trustee calculated that Kruger will have been paid $2,300
an hour for his work if the bonus is approved on top of his
regular payment of $895 an hour.

                    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.


S.A.B. INVESTMENTS: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: S.A.B. Investments, Inc.
        17 Spooner Drive
        Byron, GA 31008

Case No.: 14-50039

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Middle District of Georgia (Macon)

Debtor's Counsel: Calvin L. Jackson, Esq.
                  CALVIN L. JACKSON, PC
                  1259 Russell Parkway, Suite T
                  Warner Robins, GA 31088
                  Tel: 478-923-9611
                  Fax: 478-923-1795
                  Email: cljpc@mgacoxmail.com

Estimated Assets: Not indicated

Estimated Liabilities: $0 to $50,000

The petition was signed by Sarah A. Spooner, CEO.

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


SAVIENT PHARMACEUTICALS: Wind Down Personnel Hiring Approved
------------------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved
Savient Pharmaceuticals' motion to retain certain wind down
personnel to (i) finalize the orderly transition of the Debtors'
business, (ii) conduct the subsequent plan and claims resolution
processes and (iii) perform various other necessary wind down
activities.

Full time wind down team members will be compensated at their
current rates and their salaries will total to approximately
$44,000 per month. They will also be provided payments in lieu of
medical coverage which will be in an amount equal to the Debtors'
current contribution to such coverage, increased by 25%. Proposed
medical coverage payments total to approximately $3,500 per month.
Consultants will be compensated at an hourly rate ranging from
$150 to 375 for a minimum of guaranteed twenty hours per month.

As previously reported, "After the closing of the proposed Sale,
which the Debtors believe will occur early to mid-January 2014,
the Debtors will cease conducting ongoing business and will focus
on transitioning the Debtors' assets to the Purchaser (the
'Transition'). Assuming that the Sale closing occurs on the
anticipated timeline, the Debtors will reduce their employee
headcount to ten employees on January 15, 2014....Absent
authorization to employ and retain the Wind Down Team on the terms
specified, the Debtors will be unable to conduct the claims
reconciliation and plan processes, which would render the Debtors
unable to complete the orderly resolution of these Chapter 11
cases. Moreover, employment and retention of the Wind Down Team is
necessary to assure that any remaining Transition work can be
promptly finalized."
                     About Savient Pharmaceuticals

Headquartered in Bridgewater, New Jersey, Savient Pharmaceuticals,
Inc. -- http://www.savient.com/-- is a specialty
biopharmaceutical company focused on developing and
commercializing KRYSTEXXA(R) (pegloticase) for the treatment of
chronic gout in adult patients refractory to conventional therapy.
Savient has exclusively licensed worldwide rights to the
technology related to KRYSTEXXA and its uses from Duke University
and Mountain View Pharmaceuticals, Inc.

The Company and its affiliate, Savient Pharma Holdings, Inc.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Case No. 13-12680) on Oct. 14, 2013.

The Debtors are represented by Kenneth S. Ziman, Esq., and David
M. Turetsky, Esq., at Skadden Arps Slate Meagher & Flom LLP, in
New York; and Anthony W. Clark, Esq., at Skadden Arps Slate
Meagher & Flom LLP, in Wilmington, Delaware.  Cole, Schotz,
Meisel, Forman & Leonard P.A., also serves as the Company's
conflicts counsel, and Lazard Freres & Co. LLC serves as its
financial advisor.  GCG Inc. serves as the Debtors' claims agent.

U.S. Bank National Association, as Indenture Trustee and
Collateral Agent, is represented by Clark T. Whitmore, Esq., at
Maslon Edelman Borman & Brand, LLP, in Minneapolis, Minnesota.

The Unofficial Committee of Senior Secured Noteholders is
represented by Andrew N. Rosenberg, Esq., Elizabeth McColm, Esq.,
and Jacob A. Adlerstein, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison LLP, in New York; and Pauline K. Morgan, Esq., at Young,
Conaway, Stargatt & Taylor LLP, in Wilmington, Delaware.


SCIENTIFIC LEARNING: Suspending Reporting Obligations with SEC
--------------------------------------------------------------
Scientific Learning Corporation filed a Form 15 with the U.S.
Securities and Exchange Commission to voluntarily terminate the
registration of its common stock, $0.001 par value per share,
under Section 12(g) of the Securities Exchange Act of 1934.  There
were only 158 holders of the common shares as of Dec. 31, 2013.
As a result of the Form 15 filing, the Company will not anymore be
obliged to file periodic reports with the SEC.

The Company also filed a post-effective amendment no.1 to its
registration statement on Form S-3 to deregister all shares of
common stock registered under the registration statement filed
with the SEC on April 25, 2012.  The Registration Statement
registered 6,682,272 shares of common stock, par value $0.001 per
share, for sale by the Company or resale by any selling
stockholders.

The Company also filed post-effective amendments to the following
Form S-8 registration statements to  withdraw from registration
the shares of its common stock that have not been issued under the
Plans:

   -- Registration of 2,325,277 shares of common stock, par value
      $0.001 per share, of the Company, for sale under the
      Company's 1999 Equity Incentive Plan, 1999 Non-Officer
      Equity Incentive Plan, and 1999 Non-Employee Directors Stock
      Option Plan.

   -- Registration of 1,100,000 shares of common stock, par value
      $0.001 per share, of the Company, for sale under the
      Company's 1999 Equity Incentive Plan.

   -- Registration of 820,588 shares of common stock, par value
      $0.001 per share, of the Company, for sale under the
      Company's 1999 Employee Stock Purchase Plan and 2002 CEO
      Option Plan.

   -- Registration of 1,425,000 shares of common stock, par value
      $0.001 per share, of the Company, for sale under the
      Company's 1999 Equity Incentive Plan, 1999 Non-Employee
      Directors' Stock Option Plan, and Milestone Equity Incentive
      Plan.

   -- Registration of 950,000 shares of common stock, par value
      $0.001 per share, of the Company, for sale under the
      Company's 1999 Equity Incentive Plan, 1999 Non-Employee
      Directors' Stock Option Plan, and Milestone Equity Incentive
      Plan.

   -- Registration of 1,500,000 shares of common stock, par value
      $0.001 per share, of the Company, for sale under the
      Company's 1999 Equity Incentive Plan and 1999 Employee Stock
      Purchase Plan.

   -- Registration of 1,250,000 shares of common stock, par value
      $0.001 per share, of the Company, for sale under the
      Company's 1999 Equity Incentive Plan.

   -- Registration of 500,000 shares of common stock, par
      value $0.001 per share, of the Company, for sale under the
      Company's Employee Stock Purchase Plan.

                  About Scientific Learning Corp

Scientific Learning is an education company.  The Company
accelerates learning by applying proven research on how the brain
learns in online and on-premise software solutions.  The Company
provides its learning solutions primarily to United States K-12
schools in traditional brick-and-mortar, virtual or blended
learning settings and also to parents and learning centers, in
more than 40 countries around the world.  The Company's sales are
concentrated in K-12 schools in the U.S., which in during the year
ended December 31, 2011 were estimated to total over 116,000
schools serving approximately 55 million students in almost 14,000
school districts. During the year ended Dec. 31, 2011, the K-12
sector accounted for 87% of the sales of the Company.

The Company reported a net loss of $9.65 million in 2012, as
compared with a net loss of $6.47 million in 2011.  The Company's
balance sheet at Sept. 30, 2013, showed $13.24 million in total
assets, $19.82 million in total liabilities and a $6.57 million
net capital deficiency.

In its report on the Company's consolidated financial statements
for the year ended Dec. 31, 2012, Ernst & Young, LLP, in San Jose,
Cal., expressed substantial doubt Scienfic Learning's ability to
continue as a going concern, citing the Company's recurring losses
from operations, deficiency in working capital and its need to
raise additional capital.


SCIENTIFIC LEARNING: Trigran Held 23.2% Equity Stake at Dec. 31
---------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Trigran Investments, Inc., and its affiliates
disclosed that as of Dec. 31, 2013, they beneficially owned
5,690,242 shares of common stock of Scientific Learning
Corporation representing approximately 23.2 percent as of Dec. 31,
2013 (based on 23,737,580 shares of Common Stock outstanding per
Form 10-Q filed on Nov. 13, 2013, plus 416,184 shares of Common
Stock underlying presently exercisable Warrants, plus 401,508
shares of Common Stock underlying presently exercisable Warrants.)
A copy of the regulatory filing is available for free at:

                        http://is.gd/Oih77e

                   About Scientific Learning Corp

Scientific Learning is an education company.  The Company
accelerates learning by applying proven research on how the brain
learns in online and on-premise software solutions.  The Company
provides its learning solutions primarily to United States K-12
schools in traditional brick-and-mortar, virtual or blended
learning settings and also to parents and learning centers, in
more than 40 countries around the world.  The Company's sales are
concentrated in K-12 schools in the U.S., which in during the year
ended December 31, 2011 were estimated to total over 116,000
schools serving approximately 55 million students in almost 14,000
school districts. During the year ended Dec. 31, 2011, the K-12
sector accounted for 87 percent of the sales of the Company.

The Company reported a net loss of $9.65 million in 2012, as
compared with a net loss of $6.47 million in 2011.  The Company's
balance sheet at Sept. 30, 2013, showed $13.24 million in total
assets, $19.82 million in total liabilities and a $6.57 million
net capital deficiency.

In its report on the Company's consolidated financial statements
for the year ended Dec. 31, 2012, Ernst & Young, LLP, in San Jose,
Cal., expressed substantial doubt Scienfic Learning's ability to
continue as a going concern, citing the Company's recurring losses
from operations, deficiency in working capital and its need to
raise additional capital.


SHAFER BROTHERS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Shafer Brothers Construction, Inc.
        668 Lower Hildebrand Road
        Morgantown, WV 26501-7610

Case No.: 14-00017

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Northern District of West Virginia (Clarksburg)

Judge: Hon. Patrick M. Flatley

Debtor's Counsel: Todd Johnson, Esq.
                  JOHNSON LAW, PLLC
                  Post Office Box 519
                  Morgantown, WV 26507-0519
                  Tel: 304-292-7933
                  Fax: 304-292-7931
                  Email: johnsonlawoffice@gmail.com

Total Assets: $2.64 million

Total Liabilities: $8.49 million

The petition was signed by Bradley C. Shafer,
president/incorporator.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/wbnb14-17.pdf


SIMPLY WHEELZ: Rival Bidder Sixt Appeals Advantage Rent a Car Sale
------------------------------------------------------------------
Jacqueline Palank, writing for LBO Wire, reported that Sixt Rent-
a-Car LLC is appealing Advantage Rent a Car's sale to Catalyst
Capital Group after arguing that it should have won the bidding at
last month's auction.

According to the report, Sixt, a unit of German car-rental chain
Sixt SE, said it was appealing the bankruptcy-court order clearing
Advantage's sale to Catalyst, court papers show.

                    About Simply Wheelz LLC

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 Ellingon.  The Debtor
disclosed $413,502,259 in assets and $322,230,695 in liabilities
as of the Chapter 11 filing.

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


SOLAR POWER: Amends Q2 Form 10-Q to Correct Classification Errors
-----------------------------------------------------------------
Solar Power, Inc., amended its quarterly report on Form 10-Q filed
with the U.S. Securities and Exchange Commission on Aug. 16, 2013,
to amend and restate the Company's previously reported financial
statements for the six months ended June 30, 2013, to reflect
revised presentation of cash flows in connection with the issuance
of notes receivables.

Based on its review, management determined that the Company
improperly reported cash flows between operating and investing
activities which resulted in a $17 million overstatement of cash
flows from operating activities and a $17 million understatement
of cash flows from investing activities due to the improper
classification of a portion of the conversion of $30.6 million of
accounts receivables into notes receivables during the second
quarter of 2013.  The transactions should have been disclosed as
operating activities in accordance with accounting standards.

During the second quarter of 2013, the Company converted certain
accounts receivables into notes receivables.  The receivables were
generated from the performance of engineering, procurement and
construction services related to the Company's primary operations.
Accordingly, the issuance and repayment on notes receivables
related to operations should have been reported as changes in
operating cash flows.  However, the Company incorrectly reported
the issuance of notes receivable and proceeds from repayment on
notes receivable as investing activities within the statement of
cash flows for the six months ended June 30, 2013.  In addition,
the Company incorrectly disclosed a non-cash investing activity
for the reclassification of accounts receivable to notes
receivable.

The filing also amended previously issued Note 12 to the Condensed
Consolidated Financial Statements:

   * To add disclosure regarding the assets pledged as security
     for the two China Development Bank "CDB" loan facilities.

   * To clarify the second Facility Agreement is for a $15.6
     million facility and a RMB 77,850,000 ($12.3 million at
     current exchange rates) facility and relates to EPC financing
     for another project with customer KDC; and to clarify the
     Company never borrowed funds under the RMB 72,150,000
     facility with CDB.

The filing also amended previously issued Note 14 to the Condensed
Consolidated Financial Statements to present the required
quantitative fair value disclosures using a tabular format.

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

                        http://is.gd/sQSY69

                          About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility ("SEF") developer offering its own brand of high-
quality, low-cost distributed generation and utility-scale SEF
development services.  Primarily, the Company works directly with
and for developers around the world who hold large portfolios of
SEF projects for whom it serves as an engineering, procurement and
construction contractor.  The Company also performs as an
independent, turnkey SEF developer for one-off distributed
generation and utility-scale SEFs.

For the nine months ended Sept. 30, 2013, the Solar Power incurred
a net loss of $13.55 million.  The Company reported a net loss of
$25.42 million in 2012, as compared with net income of $1.60
million in 2011.  The Company's balance sheet at Sept. 30, 2013,
showed $132.92 million in total assets, $119.71 million in total
liabilities and $13.20 million in total stockholders' equity.

Crowe Horwath LLP, in San Francisco, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company has incurred a current year net loss of $25.4
million, has an accumulated deficit of $23.8 million, has
experienced a significant reduction in working capital, has past
due related party accounts payable and material adverse change and
default clauses in certain debt facilities under which the banks
can declare amounts immediately due and payable.  Additionally,
the Company's parent company LDK Solar Co., Ltd, has experienced
financial difficulties, which among other items, has caused delays
in project financing.  These matters raise substantial doubt about
the Company's ability to continue as a going concern.


SPINDLE INC: Posts $747K Net Loss in Third Quarter of 2013
----------------------------------------------------------
Spindle, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
of $747,027 on $278,021 of sales income for the three months ended
Sept. 30, 2013, compared to a net loss of $536,206 on $22,810 of
sales income for the same period in 2012.

The Company's balance sheet at Sept. 30, 2013, showed $5.43
million in total assets, $767,123 in total liabilities, and
stockholders' equity of $4.66 million.

The Company acknowledged in the Form 10-Q, "In order to continue
as a going concern, the Company will need, among other things,
additional capital resources.  The Company is significantly
dependent upon its ability, and will continue to attempt, to
secure equity and/or additional debt financing.  The Company has
recently issued debt securities and may conduct an offering of its
equity securities to raise proceeds to finance its plan of
operation.  There are no assurances that the Company will be
successful and without sufficient financing it would be unlikely
for the Company to continue as a going concern."

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

                        http://is.gd/OcWFEk

Scottsdale, Ariz.-based Spindle, Inc., was originally incorporated
in the State of Nevada on Jan. 8, 2007, as "Coyote Hills Golf,
Inc."  The Company was previously an online retailer of golf-
related apparel, equipment and supplies.  Through the date of this
quarterly report, the Company only generated minimal revenues from
that line of business.  Spindle is a commerce-centric company with
four primary customers: 1) individual consumers (buyers); 2)
individual businesses (merchants or sellers); 3) third party
channel partners (financial institutions and other non-bank
partners such as wireless carriers); and 4) advertisers (retail,
brands, and destinations).  The Company intends to generate
revenue through patented cloud-based payment processes under the
Spindle product line, and licensing of its intellectual property.


SUMMIT MATERIALS: Moody's Cuts CFR to B3 & Rates Senior Notes Caa3
------------------------------------------------------------------
Moody's Investors Service downgraded Summit Materials, LLC's
Corporate Family Rating to B3 from B2 and the Probability of
Default Rating to B3-PD from B2-PD. Concurrent with the
downgrades, Moody's assigned a Caa1 rating to Summit's $210
million 10.5% senior unsecured notes due 2020, which are an add-on
to Summit's existing senior unsecured notes, and downgraded the
company's $571 million senior secured credit facility to B2 from
B1 and the existing senior unsecured notes to Caa1 from B3. In
addition, Moody's assigned a Speculative Grade Liquidity Rating of
SGL-3. The rating outlook is stable.

On January 6, 2014, Summit announced a $210 million senior
unsecured notes offering, the proceeds of which will be used to
finance the acquisition of Alleyton Resource Corporation, to pay
related fees associated with the acquisition and financing, to pay
down outstanding amounts under their revolving credit facility,
and for other general corporate purposes. The ratings downgrade
reflects Summit's high adjusted debt leverage, which increases
with the proposed notes offering, and our expectation that debt
leverage will remain more commensurate with a B3 rating over the
intermediate term. The ratings also reflect Summit's growing
scale, geographic diversity and experienced management team, as
well as the company's acquisition growth strategy, risks
associated with execution and integration and limited financial
transparency.

The following ratings actions were taken:

Corporate Family Rating, downgraded to B3 from B2;

Probability of Default Rating, downgraded to B3-PD from B2-PD;

$210 million senior unsecured notes due 2020, assigned Caa1 (LGD-
5, 72%);

$422 million senior secured term loan B due 2019, downgraded to B2
(LGD- 3, 33%) from B1 (LGD-3, 40%);

$150 million senior secured revolving credit facility due 2017,
downgraded to B2 (LGD- 3, 33%) from B1 (LGD-3, 40%);

$250 million senior unsecured notes due 2020, downgraded to Caa1
(LGD- 5, 72%) from B3 (LGD-5, 75%);

Speculative Grade Liquidity Rating, assigned SGL-3.

RATINGS RATIONALE

The B3 Corporate Family and B3-PD Probability of Default Ratings
balance Summit's growing scale, geographic diversity and
experienced management team against the company's acquisitive
growth model, risks associated with execution and integration, and
limited financial transparency. The B3 ratings also reflect
Summit's high adjusted debt leverage (7.1X debt to EBITDA at TTM
9/30/13). While debt to EBITDA should decline modestly though
EBITDA growth, we expect debt leverage to remain commensurate with
a B3 rating over the intermediate term. Summit's margins have
lagged in relation to margins typical for its business segments.
We believe margin weakness is partially attributed to lower-margin
construction services as well as synergies not yet realized from
its recent acquisitions. In addition, it is difficult to
distinguish organic growth from growth due to recent acquisitions
given the company's limited financial transparency. Positively,
Summit recently invested in broadening its corporate
infrastructure to meet the demands of this approximately $1
billion building materials company. Margins should begin to
improve with a scalable infrastructure coupled with modest
improvements in the company's end markets and the overall economy.
Moody's expects volumes and prices for building materials to grow
at low-single digit rates in 2014.

The stable outlook reflects Summits' scale, geographic
diversification and leadership position in its local markets,
while taking into account the company's debt leverage appetite and
acquisition growth strategy. The stable outlook also presumes that
the company will demonstrate organic growth over the near-term, as
evidenced by moderate increases in "same-store" operating margins,
as well as maintain adequate liquidity to support its acquisitions
and seasonal cash flows.

Moody's indicated that the ratings could be upgraded if Summit
demonstrates healthy, organic ("same-store") operating
performance. In addition, the ratings could be upgraded should the
company reduce debt leverage closer to 5.5X and achieves EBIT to
interest at or above 1.5X, both on a sustainable basis and
inclusive of Moody's standard adjustments.

Alternatively, Moody's stated the ratings could be downgraded
should Summit's organic operating performance declines sharply due
to economic weakness or management missteps.

The principal methodology used in this rating was the Global
Building Materials Industry published in July 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Summit Materials, LLC is a building materials company primarily
operating in Texas, Kansas, Kentucky, Missouri and Utah. It is
owned by the Blackstone Group, Silverhawk Capital Partners, and
senior management (small minority). The owners intend to use the
company as an acquisition / roll-up vehicle in the building
materials space, focusing on aggregates, cement, and related
downstream products such as ready mix concrete and asphalt. To
date, the equity sponsors have funded approximately $464 million
of their $795 million equity commitment to facilitate 27
acquisitions.


SUMMIT MATERIALS: S&P Raises Rating on $150MM Debt to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it raised its issue-level
ratings on Summit Materials LLC's $150 million revolving credit
facility due 2017 and $422 million bank term loan due 2019 by one
notch, to 'BB-' from 'B+', because S&P believes that the recovery
prospects for this debt in the event of default have improved.
S&P revised the recovery ratings for the term loans to '2' from
'3', indicating its expectation of substantial (70%-90%) recovery
in the event of a payment default.  S&P's revised view of the
recovery prospects is based on Summit's proposed acquisition of
Alleyton, which S&P believes will increase the estimated
enterprise valuation of Summit in our simulated default scenario,
leading to higher recovery prospects for the senior secured debt
holders.  For S&P's complete recovery analysis, please see our
updated recovery report on Summit to be published shortly after
this release.

At the same time, Standard & Poor's said its 'B-' rating on
Summit's $250 million of 10.5% senior notes due 2020 remains
unchanged following the company's proposed $210 million add-on.
The recovery rating is '6', indicating negligible (0%-10%)
recovery in the event of a payment default.  The proposed 10.5%
senior unsecured notes due 2020 will be issued as additional notes
under the company's indenture dated as of Jan. 30, 2012, under
which Summit issued the existing senior notes (also rated 'B-'),
and will form a single class of securities with the existing
notes.  The company intends to use the proceeds of the add-on to
help finance the acquisition of Alleyton Resources Corp., a
Houston-based concrete and aggregates producer acquisition, repay
borrowings under the company's existing revolving credit facility,
and pay transaction-related fees and expenses.

S&P's ratings on Summit reflect its "satisfactory" business risk
profile, which incorporates its view of "very low" country risk
and the building materials industry's "intermediate" risk.  S&P's
business risk assessment takes into account our somewhat favorable
view of Summit's focus on aggregates and heavy materials products,
which benefit from very high barriers to entry, the increasing
scarcity of aggregates reserves, a lack of substitute products,
and a good forecast pricing environment.

S&P's ratings also reflect Summit's "highly leveraged" financial
risk profile.  S&P expects Summit's adjusted debt to EBITDA
(adjusted for the new debt and EBITDA from Alleyton) to be about
6x over the next year, with funds from operation to debt of about
10% and interest coverage in excess of 2x.  In addition to high
debt to EBITDA credit measures, S&P's highly leveraged financial
risk assessment also reflects its criteria regarding private
equity ownership.

Ratings List

Summit Materials LLC
Corporate Credit Rating                         B+/Stable/--

                                                 TO          FROM
Ratings Raised; Recovery Rating Revised

Summit Materials LLC
$150 mil revolving credit fac due 2017          BB-         B+
  Recovery Rating                                2           3
$422 mil bank term ln due 2019                  BB-         B+
  Recovery Rating                                2           3

Ratings Affirmed

Summit Materials LLC
Summit Materials Finance Corp.
$460 mil 10.5% sr. nts due 2020*                B-
  Recovery Rating                                6

*includes the $210 million add-on.


SURGERY CENTER: Moody's Affirms B3 CFR & Rates 2nd Term Loan Caa2
-----------------------------------------------------------------
Moody's Investors Service rates Surgery Center Holdings, Inc.'s
proposed $70 million incremental 2nd lien term loan due 2020 at
Caa2. Concurrently, Moody's raised Surgery Partners 1st lien
senior secured credit facilities rating to B1 from B2. In
addition, Surgery Partners B3 Corporate Family Rating, B3-PD
Probability of Default Rating and existing 2nd lien senior secured
term loan rating at Caa2 are affirmed. The outlook is stable.

Moody's understands that proceeds from the incremental 2nd lien
term loan, along with $8 million of balance sheet cash will be
used to pay a $73 million dividend to shareholders and cover
transaction fees and expenses.

Moody's raised Surgery Partners senior secured 1st lien term loan
rating to reflect changes in the debt capital structure, namely
the additional $70 million junior 2nd lien debt that is
subordinated to the senior secured 1st lien term loan and provides
added cushion to the existing senior secured 1st lien term loan in
accordance with Moody's loss given default methodology.

Following is a summary of Moody's ratings actions for Surgery
Center Holdings, Inc.:

Ratings assigned:

  $70 million senior secured second lien term loan due 2020 at
  Caa2 (LGD 5, 82%)

Ratings upgraded:

  $30 million senior secured revolving credit facility expiring
  2018 at B1 (LGD 3, 30%) from B2 (LGD 3, 35%)

  $315 million senior secured first lien term loan due 2019 at B1
  (LGD 3, 30%) from B2 (LGD 3, 35%)

Ratings affirmed and LGD estimates revised:

  Corporate Family Rating, B3

  Probability of Default Rating, B3-PD

  $120 million senior secured second lien term loan due 2020 at
  Caa2 (LGD 5, 82%) from (LGD 5, 86%)

Ratings Rationale

The B3 Corporate Family Rating reflects Surgery Partners' very
high leverage, its relatively small scale with revenues under $280
million and a shareholder friendly financial policy. It should be
noted that following the completion of the dividend, H.I.G.
Capital and management will have no capital remaining from their
initial investment. Furthermore, the ratings are constrained by an
economic environment that has limited growth, particularly the
high unemployment rate and increasing healthcare expense burden on
patients, which has lead to fewer procedures than expected. In
addition, the potential for rate compression from government
sponsored programs (mostly Medicare) and commercial payors over
the longer-term is a concern. The rating also reflects our
expectation that the company will continue to prioritize
acquisitions in lieu of deleveraging and maintain a shareholder
oriented financial policy as demonstrated by two separate debt-
financed dividends, totaling $205 million in the past four
quarters.

Alternatively, the ratings also incorporates Moody's expectation
for deleveraging over the next four quarters to about 6.5 times
debt/EBITDA, the positive long-term growth prospects of the
sector, as many patients and payors prefer the outpatient
environment (primarily due to lower cost and better outcomes) for
certain specialty procedures. In addition, Moody's expects free
cash flow to improve slightly in fiscal 2014, due to a combination
of higher acuity procedures being performed and additional
revenues from their recently launched toxicology business.

The stable rating outlook reflects our expectation that Surgery
Partners' will continue to benefit from a turnaround in surgical
volumes experienced in the second half of 2013, while maintaining
positive free cash flow. The outlook also incorporates Moody's
expectation that the company will maintain an adequate liquidity
profile.

Moody's could downgrade the rating should the company take on
additional debt to fund either acquisitions or further dividends
to shareholders. Furthermore, a negative rating action would be
likely if the economic or reimbursement environment resulted in
lower revenues and EBITDA, such that leverage and free cash flow
materially deteriorated. Specifically, the rating would likely be
lowered if leverage were sustained above 7 times or free cash flow
turned negative. A negative rating action could also be prompted
by any deterioration in liquidity.

An upgrade is unlikely over the near-term given the challenges
Surgery Partners' faces in regard to growth and de-leveraging.
However, Moody's would consider a higher rating should leverage
decline to about 5 times debt-to-EBITDA, alongside good free cash
flow and liquidity.

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

Surgery Partners, headquartered in Tampa, FL, owns and operates 47
ambulatory surgical centers ("ASCs") in partnership with its
physician partners, across 18 states. The Company has diversified
core competencies in pain management, orthopedics,
gastrointestinal, ophthalmology, ear, nose and throat, general
surgery and urology. Surgery Partners also provides ancillary
services including anesthesia and physician practice services.


STELLAR BIOTECHNOLOGIES: Incurs $14.9 Million Loss in 2013
----------------------------------------------------------
Stellar Biotechnologies, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 20-F disclosing a
loss and comprehensive loss of $14.88 million on $545.46 million
of revenues for the year ended Aug. 31, 2013, as compared with a
loss and comprehensive loss of $5.19 million on $286.05 million of
revenues for the year ended Aug. 31, 2012.  The Company incurred a
loss and comprehensive loss of $3.59 million for the year ended
Aug. 31, 2011.

As of Aug. 31, 2013, the Company had $8.51 million in total
assets, $11.65 million in total liabilities and a $3.14 million
total shareholders' deficiency.

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

                       http://is.gd/DPXuet

                           About Stellar

Port Hueneme, Cal.-based Stellar Biotechnologies, Inc.'s
business is to commercially produce and market Keyhole Limpet
Hemocyanin ("KLH") as well as to develop new technology related to
culture and production of KLH and subunit KLH ("suKLH")
formulations.  The Company markets KLH and suKLH formulations to
customers in the United States and Europe.

KLH is used extensively as a carrier protein in the production of
antibodies for research, biotechnology and therapeutic
applications.

"Without raising additional financial resources or achieving
profitable operations, there is substantial doubt about the
ability of the Company to continue as a going concern," the
Company said in its quarterly report for the period ended May 31,
2013.


T3 MOTION: Adam Benowitz Held 8.4% Equity Stake at Dec. 18
----------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Adam Benowitz and his affiliates disclosed
that as of Dec. 18, 2013, they beneficially owned 1,893,641 shares
of common stock of T3 Motion, Inc., representing 8.4 percent of
the shares outstanding.  Mr. Benowitz previously reported
beneficial ownership of 2,393,641 common shares or 10.3 percent
equity stake as of Dec. 13, 2013.  A copy of the regulatory filing
is available for free at http://is.gd/u0hu8s

                           About T3 Motion

Costa Mesa, Calif.-based T3 Motion, Inc., develops and
manufactures T3 Series vehicles, which are electric three-wheel
stand-up vehicles that are directly targeted to the public safety
and private security markets.

T3 Motion reported a net loss of $21.52 million on $4.51 million
of net revenues for the year ended Dec. 31, 2012, as compared with
a net loss of $5.50 million on $5.29 million of net revenues
during the prior year.

"The Company has incurred significant operating losses and has
used substantial amounts of working capital in its operations
since its inception (March 16, 2006).  Further, at March 31, 2013,
the Company had an accumulated deficit of $(76,980,775) and used
cash in operations of $(1,614,252) for the three months ended
March 31, 2013.  These factors raise substantial doubt about the
Company's ability to continue as a going concern for a reasonable
period of time," according to the Company's Form 10-Q for the
period ended March 31, 2013.

The Company's balance sheet at Sept. 30, 2013, showed $2.50
million in total assets, $11.32 million in total liabilities and a
$8.81 million total stockholders' deficit.


TAMRAC INC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Tamrac, Inc.
           dba Tamrac
           dba Tamrac, Int'l.
           dba Tamrac, International
           dba Authentic Traveler
        9240 Jordan Avenue
        Chatsworth, CA 91311

Case No.: 14-10076

Chapter 11 Petition Date: January 6, 2014

Court: United States Bankruptcy Court
       Central District of California (San Fernando Valley)

Judge: Hon. Maureen Tighe

Debtor's Counsel: Michael I Gottfried, Esq.
                  LANDAU GOTTFRIED & BERGER LLP
                  1801 Century Pk E Ste 700
                  Los Angeles, CA 90067
                  Tel: 310-557-0050
                  Fax: 310-557-0056
                  Email: mgottfried@lgbfirm.com

                       - and -

                  Roye Zur, Esq.
                  LANDAU GOTTFRIED & BERGER LLP
                  1801 Century Park E Ste 700
                  Los Angeles, CA 90067
                  Tel: 310-557-0050
                  Fax: 310-557-0056
                  Email: rzur@lgbfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jesselyn T. Cyr, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb14-10076.pdf


TAYLOR BEAN: Settles $5.4 Billion Ginnie Mae Claim
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Taylor Bean & Whitaker Mortgage Corp. settled the
$5.2 billion claim filed by the Government National Mortgage
Association.

According to the report, as approved by the U.S. Bankruptcy Court
in Jacksonville, Florida, Ginnie Mae has an approved claim for
$610 million, along with an approved $625,000 claim representing
an expense of the Chapter 11 case.  In addition, Taylor Bean's
trustee is to turn over $5.4 million to Ginnie Mae.

                        About Taylor Bean

Taylor, Bean & Whitaker Mortgage Corp. grew from a small Ocala-
based mortgage broker to become one of the largest mortgage
bankers in the United States.  In 2009, Taylor Bean was the
country's third largest direct-endorsement lender of FHA-insured
loans of the largest wholesale mortgage lenders and issuer of
mortgage backed securities.  It also managed a combined mortgage
servicing portfolio of approximately $80 billion.  The company
employed more that 2,000 people in offices located throughout the
United States.

Taylor Bean sought Chapter 11 protection (Bankr. M.D. Fla. Case
No. 09-07047) on Aug. 24, 2009.  Taylor Bean filed the Chapter 11
petition three weeks after federal investigators searched its
offices.  The day following the search, the Federal Housing
Administration, Ginnie Mae and Freddie Mac prohibited the company
from issuing new mortgages and terminated servicing rights.
Taylor Bean estimated more than $1 billion in both assets and
liabilities in its bankruptcy petition.

Lee Farkas, the former chairman, was sentenced in June to 30 years
in federal prison after being convicted on 14 counts of conspiracy
and bank, wire and securities fraud in what prosecutors said was a
$3 billion scheme involving fake mortgage assets.

Jeffrey W. Kelly, Esq., and J. David Dantzler, Jr., Esq., at
Troutman Sanders LLP, in Atlanta, Ga., and Russel M. Blain, Esq.,
and Edward J. Peterson, III, Esq., at Stichter, Riedel, Blain &
Prosser, PA, in Tampa, Fla., represent the Debtors.  Paul Steven
Singerman, Esq., and Arthur J. Spector, Esq., at Berger Singerman
PA, in Miami, Fla., represent the Committee.  BMC Group, Inc.,
serves as the claims and noticing agent.

Unsecured creditors were expected to receive 3.3% to 4.4% under a
Chapter 11 plan approved in July 2011.


TOWER GROUP: Plan Merger Cues Fitch to Revise Rating Status
-----------------------------------------------------------
Fitch Ratings has revised the Rating Watch status of Tower Group
International, Ltd. (TWGP or Tower) to Rating Watch Evolving from
Rating Watch Negative following the announcement of a planned
merger with a subsidiary of ACP Re, Ltd. (ACP Re) for $172.1
million.  Fitch does not rate ACP Re.  This transaction is
expected to close in the summer of 2014 and is subject to various
regulatory approvals.

ACP Re is a Bermuda-based reinsurance company whose controlling
shareholder is a trust established by the founder of AmTrust
Financial Services, Inc. (AmTrust), National General Holdings
Corporation (NGHC) and Maiden Holdings, Ltd.  The transaction is
structured in such a way that Tower will be the surviving
corporation as a wholly-owned subsidiary of ACP Re.

The Evolving Watch reflects that the ratings could go up if the
merger closes; however, ratings could be lowered if the merger
does not occur and Tower is unsuccessful in addressing upcoming
debt maturity or if additional reserve deficiencies develop.

This merger has the potential to provide sufficient liquidity to
reduce near-term holding company obligations and capital concerns
at Tower's operating companies in regard to regulatory capital
ratios. However, little public information is available on ACP Re.

On Jan. 2, 2014, Fitch downgraded Tower's rating follows a review
of Tower's third quarter 2013 (3Q'13) statutory financial
statement filings and GAAP disclosures.  The company will likely
incur an additional approximately $105 million in 3Q'13 GAAP
adverse reserve development on top of the $364 million previously
taken in the first half of 2013.

With the most recent adverse reserve charges, Fitch has concerns
that some of the U.S. operating subsidiaries have risk based
capital (RBC) ratios below the Company Action Level.  In Bermuda,
Tower Reinsurance Limited's (TRL) solvency ratio is below that of
the minimums established by the Bermuda Monetary Authority (BMA)
but Tower is working with the BMA to transfer certain assets of
another Bermuda subsidiary to cure the deficiencies at TRL.

The majority of the reserve development has been centered in
accident years 2008-2011 for workers' compensation, commercial
multi-peril liability, other liability, and commercial auto
liability.  Most of the adverse reserve development originates
from Tower's growth in program business via acquisitions during
the soft market in long-tailed lines of business coupled with
inadequate internal controls relating to the loss reserving
process.

Tower's inability to produce accurate financial statements in a
timely fashion has led Fitch to consider its level of corporate
governance to be ineffective.

While Fitch aspires to develop specific bespoke recovery estimates
for IDR ratings of 'B+' or lower, the agency was not able to
arrive at a robust Recovery Rating (RR) for Tower for several
reasons including: the high risk of litigation, the rapid
deterioration in reserves, ineffective corporate governance, and
untimely public updates of financial information.  For these
reasons, Fitch has determined this is a limitation of the issue
ratings and is using standard notching of 'RR5' for the $150
million senior convertible note due in September 2014.

RATING SENSITIVITIES

The following is a list of key rating triggers that could lead to
a ratings downgrade:

  -- Failure to close the proposed merger on disclosed terms;

  -- Further adverse reserve development or announcement of
     additional losses by the company;

  -- Inability to have U.S.-based operating company RBC ratios
     above the Company Action Level and Bermuda-based operations
     capital solvency ratios above minimum threshold set by BMA;

  -- Inability to meet financial obligations of the operating or
     holding company.

The following is a list of key rating triggers that could lead to
the ratings being upgraded:

  -- Closing of the transaction on stated terms;

  -- A successful refinancing of the upcoming debt maturity.

Fitch has revised the Rating Watch status of the following ratings
to Evolving from Negative:

Tower Group International, Ltd.

  -- IDR of 'CC'.

Tower Group, Inc.

  -- IDR of 'CC';
  -- 5% senior convertible debt rating of 'C/RR5'.

Tower Insurance Company of New York
Tower National Insurance Company
Preserver Insurance Company
CastlePoint National Insurance Company
York Insurance Company of Maine
Hermitage Insurance Company
CastlePoint Florida Insurance Company
North East Insurance Company
Massachusetts Homeland Insurance Company
CastlePoint Insurance Company
Kodiak Insurance Company

  -- IFS ratings of 'B'.


UNI-PIXEL INC: Appoints Interim Co-President and Co-CEO
-------------------------------------------------------
The board of directors of UniPixel, Inc., has unanimously
appointed the company's chairman, Bernard Marren, and company
director, Carl Yankowski, as interim co-president and co-CEO,
effective immediately.  They succeed Reed Killion, who has
resigned to pursue other interests.  The company has begun the
search process for replacement candidates, with Killion agreeing
to assist with the transition.  Killion also resigned from the
company's board of directors effective Dec. 30, 2013.  Following
these changes the total number of board directors is six, all
serving independently.

"I am honored to have served as UniPixel's president and CEO over
these many years, and especially to work with such a world-class
group of extremely dedicated and talented employees in developing
the innovative technologies that UniPixel is working on," said
Killion.  "The opportunity to build a company like UniPixel around
such innovative technology has been both challenging and deeply
fulfilling."

"I am also very proud of the way the company has progressed over
the last year, and believe our Kodak manufacturing relationship
combined with our innovative culture will be the commercialization
catalyst that launches UniPixel forward into 2014," continued
Killion.  "The company has been moving from the developmental and
innovation stage to a manufacturing and commercial production
stage, and this transition calls for change.  The board and I
believe a new CEO and president who has a strong history specific
to manufacturing and operational excellence will greatly benefit
the company during this transition and best lead through its next
stage of growth."

Marren, commented: "We want to thank Reed for his leadership and
valuable contributions in achieving significant milestones in the
development of our performance engineered film technology,
particularly in establishing the key relationships with Kodak and
the preferred price and capacity licenses with our Major PC and
Ecosystem Partners for our InTouch SensorTM Technology.  As we
begin the process for searching for a new president and CEO, we
are confident that our outstanding leadership team will continue
to drive growth and results."

The Company also announced that Mr. Seong (Peter) Shin, the
Company's chief operating officer has resigned effective Dec. 31,
2013.  The Company has begun the search process for replacement
candidates for the position of chief operating officer.

                        About Uni-Pixel Inc.

The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL)
-- http://www.unipixel.com/-- is a production stage company
delivering its Clearly Superior(TM) Performance Engineered Films
to the Lighting & Display, Solar and Flexible Electronics market
segments.

"As of December 31, 2012, we had a cash balance of approximately
$13.0 million and working capital of $12.8 million.  We project
that current cash reserves will sustain our operations through at
least December 31, 2013, and we are not aware of any trends or
potential events that are likely to adversely impact our short
term liquidity through this term.  We expect to fund our
operations with our net product revenues from our commercial
products, cash and cash equivalents supplemented by proceeds from
equity or debt financings, and loans or collaborative agreements
with corporate partners, each to the extent necessary," according
to the Company's annual report for the year ended Dec. 31, 2012.

Uni-Pixel incurred a net loss of $9.01 million in 2012, as
compared with a net loss of $8.56 million in 2011.  As of
Sept. 30, 2013, Uni-Pixel had $60.22 million in total assets,
$6.50 million in total liabilities and $53.71 million in
total shareholders' equity.


UNIVERSITY GENERAL: To Host Investor Conference on Feb. 3-4
-----------------------------------------------------------
University General Health System, Inc., provided details and
registration instructions for its upcoming "Investor and Analyst
Conference" on Feb. 3-4, 2014.

Shareholders, research analysts and potential investors are
invited to attend University General Health System's first
"Investor and Analyst Conference," which will be held at the
Company's corporate headquarters and flagship University General
Hospital.  The hospital and corporate headquarters are co-located
at 7501 Fannin Street in Houston, Texas (a few blocks south of the
Texas Medical Center and adjacent to Reliant Stadium).

Participants at the conference will be provided with updates from
various corporate executives on Monday and will have an
opportunity to tour the Company's flagship University General
Hospital and a number of its Hospital Outpatient Department
facilities on Monday and Tuesday.  A dinner for registered
participants, who have sent an RSVP confirmed by the Company, will
follow the day's activities on Monday, Feb. 3, 2014.

In order to attend the event and participate in the associated
activities, participants must pre-register at www.ughs.net/invest
no later than Jan. 29, 2014.  A list of hotels will be provided on
the registration Web site for those who need overnight
accommodations.

The Company also announced that it plans to post transcripts of
its "Investor Update" conference calls that were held on Oct. 17,
2013 (after its Form 10-K for 2012 was filed with the SEC) and
Dec. 19, 2013, on the University General Health System Web site
(www.ughs.net) under the "Investor Relations" section and the
"Presentations" sub-section.  Those transcripts should be
available on the Web site no later than Jan. 2, 2014, and will
remain on the Web site until the Company files its Form 10-Qs for
the first three quarters of 2013 with the SEC.

                     About University General

University General Health System, Inc., located in Houston, Texas,
is a diversified, integrated multi-specialty health care provider
that delivers concierge physician- and patient-oriented services.
UGHS currently operates one hospital and two ambulatory surgical
centers in the Houston area.  It also owns a revenue management
company, a hospitality service provider and facility management
company, three senior living facilities and manages six senior
living facilities.

University General incurred a net loss attributable to common
shareholders of $3.97 million on $113.22 million of total revenues
for the year ended Dec. 31, 2012, as compared with a net loss
attributable to common shareholders of $2.57 million on $71.17
million of total revenues during the prior year.

The Company's balance sheet at Dec. 31, 2012, showed $174.84
million in total assets, $161.55 million in total liabilities,
$2.56 million in series C, convertible preferred stock, and $10.71
million in total equity.

Moss, Krusick & Associates, LLC, in Winter Park, 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 negative working capital and
relative low levels of cash and cash equivalents.  These
conditions raise substantial doubt about its ability to continue
as a going concern.


UPPER VALLEY COMMERCIAL: Taps McLane as Securities Counsel
----------------------------------------------------------
Upper Valley Commercial Corporation asks for approval from the
bankruptcy court to hire the law firm of McLane, Graf, Raulerson &
Middleton, Professional Association, at 900 Elm Street,
Manchester, New Hampshire, 03101, as special securities and
banking counsel.

The Debtor filed a Chapter 11 case to financially restructure its
unsecured debt and to assure an equal distribution of payments to
creditors as the company winds down its affairs.

The Debtor requires special securities and banking counsel in this
case to represent it in its reorganization/liquidation efforts for
services pertaining to state and federal banking and securities
regulations, enforcement action and negotiated resolutions with
state and federal agencies.

McLane agrees to represent the Debtor on an hourly rate basis plus
reimbursement of expenses.  The Debtor has provided a retainer to
McLane in the amount of $15,000.  The firm will represent the
Debtor at its normal hourly rates of between $180 to $205 per hour
for paralegals and $230 to $460 per hour for attorneys.

The Debtor is satisfied that McLane is a disinterested party in
the matters in which it is to be engaged within the meaning and
intent of 11 U.S.C. Sec. 101(14).

             About Upper Valley Commercial Corporation

Upper Valley Commercial Corporation, which runs a lending business
in the Upper Connecticut Valley of New Hampshire, filed a Chapter
11 petition (Bankr. D. N.H. Case No. 13-13110) in Manchester, New
Hampshire, on Dec. 31, 2013.

Upper Valley Commercial Corporation said it is liquidating its
assets after discovering that some of its investment and lending
activities lacked proper licensing by the State of New Hampshire.
The Debtor will file a liquidating plan as part of an agreement
with the New Hampshire Banking Department.

In its schedules, the Debtor disclosed total assets of $12.4
million and total liabilities of $11.58 million.

The Debtor is represented by attorneys at The Tamposi Law Group,
led by Peter N. Tamposi, Esq., in Nashua, New Hampshire.


UPPER VALLEY COMMERCIAL: Proposes Tamposi Law Group as Counsel
--------------------------------------------------------------
Upper Valley Commercial Corporation asks for approval from the
bankruptcy court to hire the law firm of The Tamposi Law Group as
counsel.

The Debtor requires counsel to represent it in its reorganization
efforts for services involving: (1) the plan and disclosure
statement; (2) motions for relief, if any; (3) assumption/
rejection of executory contracts; (4) turnover, fraudulent
transfer, preference actions and other avoidance and/or
subordination actions including lender liability actions, if any;
(5) other litigation; and (6) all other matters necessary and
proper for the representation of the Debtor in the case.

The firm agrees to represent the Debtor on an hourly rate basis
plus reimbursement of expenses.  The Debtor has provided a
retainer in the amount of $25,000.  Counsel will represent the
Debtor at its normal hourly rates of between $125 to $335 per hour
for paralegals and attorneys.

After due inquiry, the Debtor is satisfied that The Tamposi Law
Group is a disinterested party in the matters in which it is to be
engaged within the meaning and intent of 11 U.S.C. Sec. 101(14).

             About Upper Valley Commercial Corporation

Upper Valley Commercial Corporation, which runs a lending business
in the Upper Connecticut Valley of New Hampshire, filed a Chapter
11 petition (Bankr. D. N.H. Case No. 13-13110) in Manchester, New
Hampshire, on Dec. 31, 2013.

Upper Valley Commercial Corporation said it is liquidating its
assets after discovering that some of its investment and lending
activities lacked proper licensing by the State of New Hampshire.
The Debtor will file a liquidating plan as part of an agreement
with the New Hampshire Banking Department.

In its schedules, the Debtor disclosed total assets of $12.4
million and total liabilities of $11.58 million.

The Debtor is represented by attorneys at The Tamposi Law Group,
led by Peter N. Tamposi, Esq., in Nashua, New Hampshire.


UPPER VALLEY COMMERCIAL: N.H. Objects to Borrowing Requests
-----------------------------------------------------------
The State of New Hampshire objects to Upper Valley Commercial
Corporation's motion for authority to utilize postpetition
financing and use cash collateral, asserting that it may continue
to regulate the Debtor's business through its agencies and under
its police and regulatory powers which are excepted from the
automatic stay pursuant to Section 362(b)(4).

The State complains that the Borrowing Motions do not make
completely clear that by April 2014 the Debtor should have at a
minimum negotiated and proposed a confirmable plan of liquidation,
with an approved disclosure statement.  This, the State asserts,
should be a condition of any orders granting the Borrowing
Motions.

The State, through Ann M. Rice, its deputy attorney general, is
represented by Peter C.L. Roth, Esq., Senior Assistant Attorney
General, Environmental Protection Bureau, in Concord, New
Hampshire.

             About Upper Valley Commercial Corporation

Upper Valley Commercial Corporation, which runs a lending business
in the Upper Connecticut Valley of New Hampshire, filed a Chapter
11 petition (Bankr. D. N.H. Case No. 13-13110) in Manchester, New
Hampshire, on Dec. 31, 2013.

Upper Valley Commercial Corporation said it is liquidating its
assets after discovering that some of its investment and lending
activities lacked proper licensing by the State of New Hampshire.
The Debtor will file a liquidating plan as part of an agreement
with the New Hampshire Banking Department.

In its schedules, the Debtor disclosed total assets of $12.4
million and total liabilities of $11.58 million.

The Debtor is represented by attorneys at The Tamposi Law Group,
led by Peter N. Tamposi, Esq., in Nashua, New Hampshire.


UPPER VALLEY COMMERCIAL: Amends List of 20 Top Unsecured Creditors
------------------------------------------------------------------
Upper Valley Commercial Corporation filed with the U.S. Bankruptcy
Court for the District of New Hampshire an amended list of
creditors holding 20 largest unsecured claims:

   Entity                     Claim Amount
   ------                     ------------
Ann Winter                        $118,569
29 Lepage Road
Barre, VT 05041

Barbara A. DeRosia                  93,932
1359 County Road
North Haverhill, NH 03774

David and Gloria Cota              295,562
2165 Colon Road
Sanford, NC 27330

Debra Tuck                         162,951
82 Cross Street
Bethlehem, NH 03574

Ella C. Taranovich and Paul Lasky   47,067
11 North Street
Proctor, VT 05765

Faye Matthews                       44,000
765 Miners Ridge Trail
Banner Elk, NC 28604

Gerald and Rachel Houston           71,934
20 River Road
Lisbon, NH 03585

Gladys Flanders                    143,845
PO Box 156
Fairlee, VT 05045

Haverhill Alumni Association        35,197
c/o Alice Hodgdon, Treasurer
1150 Brushwood Road
Pike, NH 03780

Jean Kimlin                        208,037
P.O. Box 2
Modena, NY 12548

Joseph Vigent and Mary Lee Vigent   41,817
152 Benton Road
North Haverhill, NH 03774

Laurie E. Walker                    57,654
627 Wood Lot Trail Road
Annapolis, MD 21401

Linda L. Flanders                  127,550
328 Allagash Road
North Haverhill, NH 03774

Marjorie Moore and Joel Moore       30,957
P.O. Box 78
North Haverhill, NH 03774

Mark W. Pollack                     37,795
P.O. Box 55
North Haverhill, NH 03774

Paul C. Flanders                   157,644
43 Batchelder Road
Fairlee, VT 05045

Pollack Family Trust               150,000
P.O. Box 333
North Haverhill, NH 03774

Reginald B. Smith Revocable Trust  280,775
34 Bunga Road
Bath, NH 03740

Richard Hall and Shelby Hall       405,011
80 Cutting Hill Road
Pike, NH 03780

Robert Walker                       67,879
1 Wilson Avenue
Woodsville, NH 03785

             About Upper Valley Commercial Corporation

Upper Valley Commercial Corporation, which runs a lending business
in the Upper Connecticut Valley of New Hampshire, filed a Chapter
11 petition (Bankr. D. N.H. Case No. 13-13110) in Manchester, New
Hampshire, on Dec. 31, 2013.

Upper Valley Commercial Corporation said it is liquidating its
assets after discovering that some of its investment and lending
activities lacked proper licensing by the State of New Hampshire.
The Debtor will file a liquidating plan as part of an agreement
with the New Hampshire Banking Department.

In its schedules, the Debtor disclosed total assets of $12.4
million and total liabilities of $11.58 million.

The Debtor is represented by attorneys at The Tamposi Law Group,
led by Peter N. Tamposi, Esq., in Nashua, New Hampshire.


USG CORP: Warren Buffett Held 30.5% Equity Stake at Dec. 9
----------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Warren E. Buffett and his affiliates
disclosed that as of Dec. 9, 2013, they beneficially owned
43,387,982 shares of common stock of USG Corporation
representing 30.5 percent of the shares outstanding.  A copy of
the regulatory filing is available for free at http://is.gd/AQ1DrW

                        About USG Corporation

Based in Chicago, Ill., USG Corporation -- http://www.usg.com/--
through its subsidiaries, manufactures and distributes building
materials producing a wide range of products for use in new
residential, new nonresidential and repair and remodel
construction, as well as products used in certain industrial
processes.

The company filed for Chapter 11 protection on June 25, 2001
(Bankr. Del. Case No. 01-02094).  When the Debtors filed for
protection from their creditors, they disclosed $3.252 billion in
assets and $2.739 billion in liabilities.  The Debtors emerged
from bankruptcy protection on June 20, 2006.

For the 12 months ended Dec. 31, 2012, the Company incurred a net
loss of $125 million on $3.22 billion of net sales, as compared
with a net loss of $390 million on $2.91 billion of net sales
during the prior year.  The Company's balance sheet at Sept. 30,
2013, showed $3.71 billion in total assets, $3.64 billion in total
liabilities and $72 million total stockholders' equity including
noncontrolling interest.

                            *     *     *

As reported by the TCR on Aug. 15, 2011, Standard & Poor's Ratings
Services lowered its corporate credit rating on USG Corp. to 'B'
from 'B+'.

"The downgrade reflects our expectation that USG's operating
results and cash flow are likely to be strained over the next year
due to the ongoing depressed level of housing starts and still-
weak commercial construction activity," said Standard & Poor's
credit analyst Thomas Nadramia.  "It is now more likely, in
our view, that any meaningful recovery in housing starts may be
deferred until late 2012 or into 2013.  As a result, the risk that
USG's liquidity in the next 12 to 24 months will continue to erode
(and be less than we incorporated into our prior ratings) has
increased.  The ratings previously incorporated a greater
improvement in housing starts, which would have enabled USG to
reduce its negative operating cash flow in 2012 and achieve
breakeven cash flow or better by 2013."

As reported by the TCR on Oct. 30, 2013, Moody's Investors Service
upgraded USG Corp.'s Corporate Family Rating to B3 from Caa1.  The
upgrade reflects better than anticipated overall 3Q13 operating
performance.

In the Sept. 10, 2013, edition of the TCR, Fitch Ratings has
upgraded the ratings of USG Corporation, including the company's
Issuer Default Rating (IDR) to 'B' from 'B-'.  The upgrade
reflects USG's improving profitability and credit metrics this
year and the expectation that this trend continues through at
least 2014.


VIGGLE INC: Accel IX Held 6.3% Equity Stake at December 16
----------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Accel IX Associates L.L.C. and its affiliates
disclosed that as of Dec. 16, 2013, they beneficially owned
7,380,208 shares of common stock of Viggle Inc. representing 6.3
percent of the shares outstanding.  A copy of the regulatory
filing is available for free at http://is.gd/abjYpX

                           About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle incurred a net loss of $91.40 million on $13.90 million of
revenues for the year ended June 30, 2013, as compared with a net
loss of $96.51 million on $1.73 million of revenues during the
prior year.  The Company's balance sheet at Sept. 30, 2013, showed
$16.06 million in total assets, $36.26 million in total
liabilities, $36.83 million in series A convertible redeemable
preferred stock, and a $57.04 million total stockholders' deficit.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2013.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2013, has deficiencies in working capital and equity that raise
substantial doubt about its ability to continue as a going
concern.


VISION INDUSTRIES: Amends Sept. 30, 2013 Quarter Form 10-Q
----------------------------------------------------------
Vision Industries Corp. filed with the U.S. Securities and
Exchange Commission an amendment to the Form 10-Q for the quarter
ended Sept. 30, 2013.

The company reported a net loss of $1.61 million for the three
months ended Sept. 30, 2013, compared to a net loss of $1.41
million on $16,045 of total revenue for the same period in 2012.

The Company's balance sheet at Sept. 30, 2013, showed $1.06
million in total assets, $2.89 million in total liabilities, and
stockholders' deficit of $1.83 million.

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

                        http://is.gd/0LFv6n

                       About Vision Industries

Long Beach, Cal.-based Vision Industries Corp. focuses its
efforts in building Class 8 fuel cell electric vehicles (FCEV)
used in drayage transportation.

The Company's balance sheet at June 30, 2013, showed $1.14 million
in total assets, $2.75 million in total liabilities and a $1.60
million total stockholders' deficit.

Vision Industries reported a net loss of $5.28 million on $26,545
of total revenue for the year ended Dec. 31, 2012, as compared
with a net loss of $6.44 million on $764,157 of total revenue for
the year ended Dec. 31, 2011.

DKM Certified Public Accountants, in Clearwater, 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's cash and available credit are
not sufficient to support its operations for the next year.
Accordingly, management needs to seek additional financing that
raises substantial doubt about its ability to continue as a going
concern.


W.R. GRACE: Seeks Approval of Deal With Bank Lender Group
---------------------------------------------------------
W.R. Grace & Co. and its debtor affiliates ask Judge Kevin J.
Carey of the U.S. Bankruptcy Court for the District of Delaware to
approve a settlement agreement negotiated with certain holders of
claims under their Prepetition Credit Facilities.

After operating in Chapter 11 for nearly 13 years and litigating
numerous appeals, the Debtors, by the settlement with the Bank
Lender Group, have resolved the only remaining issue standing in
the way of their emergence from Chapter 11 as healthy companies
free of their massive prepetition asbestos liabilities.

Certain parties appealed the order confirming the Debtors' Joint
Plan of Reorganization, which was co-proposed by the Official
Committee of Asbestos Personal Injury Claimants, the Asbestos PI
Future Claimants' Representative, and the Official Committee of
Equity Security Holders.  The appeal was raised to the U.S. Court
of Appeals for the Third Circuit.  The Bank Lender Group's appeal
concerns the rate of postpetition interest to be paid to the
holders of claims under the Prepetition Credit Facilities.

The Plan provides for the Bank Lender Group to be paid, on the
Effective Date, the principal amount of their claims, plus
outstanding and undisputed prepetition interest, plus
postpetition interest calculated at the rate prescribed by the
Plan.  The Bank Lender Group contends that holders of claims
under the Prepetition Credit Facilities are entitled to
postpetition interest at a higher rate, namely the contract
default rate provided under the Prepetition Credit Facilities, as
opposed to postpetition interest arising from the Prepetition
Credit Facilities at the Plan Rate.

The principal terms of the settlement are as follows:

   (a) On the Effective Date, the Debtors will transfer the
       following amounts in cash to the administrative agent for
       the Bank Lender Group:

          (i) $971 million of principal/undisputed interest
              through Dec. 31, 2013;

         (ii) $129 million; and

        (iii) interest on the Plan Payment and the Settlement
              Payment for the period from Jan. 1, 2014, to the
              Plan Effective Date.

   (b) Beginning on Jan. 1, 2014, and continuing until the
       earlier of Feb. 1, 2014, or the Effective Date, simple
       interest will accrue on the Plan Payment and the
       Settlement Payment at the rate of 3.25% per annum.  If the
       Effective Date has not occurred by Jan. 31, 2014, then
       beginning on Feb. 1, 2014, and continuing until the
       Effective Date, simple interest will accrue on the Plan
       Payment and the Settlement Payment at the rate of 5.0% per
       annum.  To the extent the interest paid exceeds the Plan
       Rate, the supplemental interest is paid by the Debtors in
       settlement of the Debtors' objection to the proofs of
       claim and appeal filed by the Bank Lender Group.

   (c) The Lender Payment will be in full and final satisfaction
       of all amounts due and owing under the Prepetition Credit
       Facilities, the Proofs of Claim, the Plan, or otherwise.

By fully and finally resolving the Settled Claims, the Debtors,
with the support of the Equity Committee, believe the Settlement
Agreement is a fair and reasonable settlement, is in the best
interest of the Debtors and their estates, and should be
approved.  The Settlement Agreement clears the path to the
Debtors' successful emergence from the Chapter 11 cases.  The
Debtors' emergence from Chapter 11 will benefit all of the
Debtors' stakeholders, many of whom have been waiting over a
decade to receive distributions.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reported that 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.

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

Grace shares have risen more than 4 per cent to $98.68, giving the
company a market capitalization of nearly $7.6 billion, Neil
Munshi, writing for The Financial Times, reported.  The shares
are trading close to their 52-week high of $101.72, the Financial
Times added.  The Financial Times also noted that Grace spent
$12.4 million in legal and financial advisory fees in the first
nine months of 2013, compared to $13.2 million during the same
period last year.

In a statement, John Bader, head of Halcyon Asset Management, the
company's largest single creditor, said: "We are extremely
pleased to have helped make this final settlement possible, and
we recognise that the ability of WR Grace to emerge from
bankruptcy benefits everyone with a stake in the company's
future," the Financial Times related.

Grace stated in a regulatory filing with the U.S. Securities and
Exchange Commission that, "The effectiveness of the Joint Plan is
subject to the satisfaction or waiver of a number of conditions
precedent, including the condition that the order confirming the
Joint Plan become final and non-appealable.  Upon approval of the
Settlement Agreement by the Bankruptcy Court, the Bank Lenders
are required to withdraw their appeal, which will result in the
satisfaction of such condition. Grace continues to target
January 31, 2014 for emergence from Chapter 11."

Judge Carey will convene a hearing on Jan. 29, 2014, at 10:00
a.m., to consider approval of the settlement.  Objections are due
Jan. 13.

A full-text copy of the Settlement, dated Dec. 23, 2013, is
available at http://bankrupt.com/misc/GRACEplandeal1223.pdf

                         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).

The Debtors are represented by Adam Paul, Esq., and John Donley,
P.C., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois; Roger
Higgins, Esq., at The Law Offices of Roger Higgins, in Chicago,
Illinois; and Laura Davis Jones, Esq., James E. O'Neill, Esq.,
and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones,
LLP, in Wilmington, Delaware.

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).


W.R. GRACE: Completes Purchase of Dow's UNIPOL Process
------------------------------------------------------
W.R. Grace & Co. announced on Dec. 2, 2013, that it has
completed the acquisition of the assets of the Polypropylene
Licensing and Catalysts business of The Dow Chemical Company for
a cash purchase price of $500 million. The acquisition includes
UNIPOL(TM) Polypropylene Process Technology and makes Grace the
second largest polypropylene licensor in the world based on
installed capacity, advancing Grace's leadership in the broader
polyolefin sector.

"The UNIPOL brand and the capabilities it represents are highly
respected in the marketplace, and we are committed to
strengthening that position," Grace Chairman and Chief Executive
Officer Fred Festa, said in a press statement.  "We look forward
to communicating our expanded capabilities and full portfolio of
products and services to our customers and the broader global
marketplace. We're pleased to welcome a very talented team to
Grace."

Grace will continue to support the UNIPOL(TM) Polypropylene
Process Technology, which includes the UNIPOL UNIPPAC(TM) Process
Control System, a recognized leader in the industry. The
UNIPOL(TM) tailored SHAC(TM) Catalysts Systems, 6th Generation
non-phthalate CONSISTA(TM) Catalysts Systems, and advanced donor
systems, ADT and CONSISTA(TM), enhance Grace's polyolefin
catalysts portfolio. These products complement Grace's
polypropylene catalysts families of POLYTRAK(R), and HYAMPP(TM)
and its polyethylene catalyst systems such as Cr-based catalysts
(MAGNAPORE(R)), Ziegler-Natta Catalysts, and Single Site
Catalysts.

Grace hosted a conference call and webcast on December 12, 2013
at 11:00 a.m. ET to review the company's recent UNIPOL
acquisition and review the status of its timeline for Chapter 11
emergence.

                         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).

The Debtors are represented by Adam Paul, Esq., and John Donley,
P.C., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois; Roger
Higgins, Esq., at The Law Offices of Roger Higgins, in Chicago,
Illinois; and Laura Davis Jones, Esq., James E. O'Neill, Esq.,
and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones,
LLP, in Wilmington, Delaware.

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: Inks Employment Agreement with CEO
------------------------------------------------
Wave Systems Corp. entered into a letter agreement with Mr.
William M. Solms, the Company's chief executive officer.  Pursuant
to the terms of the Letter Agreement, Mr. Solms will receive an
annual base salary of $200,000 and a performance-based bonus to
earn up to an additional $200,000 for the first year of Mr. Solms
employment as CEO (beginning on Oct. 6, 2013).  In addition, Mr.
Solms will receive 275,000 stock options, which vest over three
years and expire ten years after the date of the grant, and
certain other customary benefits as described in the Letter
Agreement.

                        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: Judge Approves Sale to Westlake Services
---------------------------------------------------------
Tom Corrigan, writing for Daily Bankruptcy Review, reported that a
bankruptcy judge approved the sale of Las Vegas-based auto lender
Western Funding Inc. to Westlake Services LLC.

According to the report, Judge Laurel Davis of the U.S. Bankruptcy
Court in Las Vegas on Monday signed off on the 71-page purchase
agreement for a deal valued at $27 million, according to documents
filed with the court. The deal creates a pool of money to repay
some of Western Funding's $30.8 million bank loan.

                       About Western Funding

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.

Western Funding unveiled a liquidation plan based on the sale of
its primary business to Westlake Services.  The plan creates a
liquidation trust for the benefit of unsecured creditors and
spells out how the company would be dissolved.  The trust can
pursue lawsuits with any proceeds earmarked for unsecured
creditors.


WPCS INTERNATIONAL: Discusses New Contracts, Operations Update
--------------------------------------------------------------
WPCS International Incorporated announced several operational and
corporate updates related to its contracting business, recent
Bitcoin acquisition and administrative matters as of Dec. 31,
2013.

According to interim CEO Sebastian Giordano, "We believe that the
aggressive steps we began implementing in August 2013 and continue
to execute to stabilize and turnaround core operations, reduce
corporate overhead, and improve stockholders' equity are working.
Meanwhile, we will be equally diligent in establishing our newly
acquired Bitcoin operation to best position ourselves for growth
in this sector."  The following are some of the recent
developments the Company wants to highlight as calendar 2013 comes
to a close:

   * Since last reporting new contracts for July and August 2013,
     the Company is announcing that for the four months ended
     December 31, 2013, its two profitable domestic subsidiaries
     have executed new project contract awards of approximately
     $6.8 million, a 27% increase over the $5.4 million of
     contracts awarded for the same period last year.  Notable
     customers included: Johnson Controls, Siemens, Honeywell,
     SimplexGrinell, San Francisco International Airport, Sutter
     General Hospital and California Pacific Medical Center;

   * The Company has initiated a search for a president for its
     Bitcoin trading platform, BTX Trader, LLC; secured office
     space for BTX in New York City; and is currently pursuing
     several key BTX-related strategic initiatives that it hopes
     to be able to report upon early in 2014.  In addition, since
     announcing the public beta of its BTX trading platform, the
     Company has experienced a 600% increase in beta enrollments;

   * With its corporate office lease expiring on January 31, 2014,
     the Company will be relocating to a smaller, lower cost
     space, which will be accompanied by further reductions in
     related overhead expenses.  Recently, the Company entered
     into a separation agreement with a former executive that it
     expects will save approximately $200,000 in future
     compensation expense; and

   * The Company has entered into a non-binding agreement with a
     business broker to find a buyer for the 60% interest in its
     China-based joint venture.

"We believe that WPCS is a company on the forefront of exciting
change and we are proactively pursuing numerous operational and
strategic measures to try to capitalize on the opportunities.
Moreover, other current initiatives include discussions with: (i)
certain independent public accounting firms, with client
experience that includes companies engaged in the type of next-
generation technologies, on-line payment systems, trading
platforms, or similar industries as BTX, and which we believe
would be more appropriately suited for our evolving business; (ii)
investor relations firms that would help us more effectively
communicate our revitalized message to the investor community; and
(iii) specialized resources that will enhance our team of expert
advisors; the selections of which we expect will be resolved
shortly, in each of these areas," Giordano continued.

In closing, Giordano added that, "We are very encouraged by the
improvements that have been made thus far and expect will continue
to be made to improve WPCS' balance sheet and profitability.  We
are excited about Bitcoin and the potential offered by BTX to
participate in an evolving marketplace.  Considering where we were
just five months ago before implementing our plans, we are very
confident about the future prospects for the Company and for
building shareholder value in 2014 and beyond."

Unregistered Sales of Equity Securities

On Dec. 19, 2013, WPCS International received conversion notices
to issue an aggregate of 69,948 shares of its common stock, par
value $0.0001 per share to two investors upon the conversion of
$13,784 of principal face value secured convertible notes issued
Dec. 5, 2012.

On Dec. 27, 2013, the Company received conversion notices to issue
an aggregate of 5,888,943 shares of Common Stock to seven
investors upon the conversion of $1,167,656 of principal face
value secured convertible notes issued Dec. 5, 2012.

On Dec. 30, 2013, the Company received conversion notices to issue
an aggregate of 456,290 shares of Common Stock to two investors
upon the conversion of $90,000 of principal face value secured
convertible notes issued Dec. 5, 2012.

All of 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. 30, 2013, the Company had
12,051,003 shares of Common Stock deemed issued and outstanding,
and the outstanding balance of the principal face amount of the
secured convertible notes was $1,266,560.

EVP Resigns

Effective at the close of business on Dec. 31, 2013, Myron Polulak
resigned as executive vice president of the Company.  Pursuant to
a separation agreement with Polulak, through April 30, 2014, the
Company will continue to pay Polulak his current base salary and
provide medical and other insurance benefits.

                     About WPCS International

WPCS -- 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, 2013.

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.


* Creditors of Distressed Companies Seek Disclosures
----------------------------------------------------
Emily Glazer, writing for Daily Bankruptcy Review, reported that
creditors of distressed companies have taken on a new role:
transparency advocates.

According to the report, bondholders and other creditors of
companies close to bankruptcy are pushing the firms to disclose
heaps of information after confidential talks with the distressed
outfits stall or end. Their goal: to be able to trade free from
accusations that they are using inside information not accessible
to others.

Such document dumps have become standard practice following
confidential creditor talks, when hedge funds and others that deal
in distressed debt often learn otherwise private financial
information, the report said.  While they are talking, they can't
trade.  But once talks end, creditors want the companies to
disclose what was shared so the creditors can get back to trading
in the company's debt.

About 36 hours before it filed for Latin America's biggest
bankruptcy at the end of October, Oleo e Gas Participacoes SA,
then known as OGX, released a roughly 90-page stack of company
arcana that had been shared with some bondholders during
restructuring negotiations, the report related.

Similar disclosures have happened three other times in the past
year with Energy Future Holdings Corp., the report further
related.  One of them went through more than 20 drafts, according
to people involved in the discussions around the Texas utility
that has been contemplating bankruptcy and counts many Wall Street
stalwarts among its creditors.


* Rules Proposed to Curb Muni-Bond Advisers
-------------------------------------------
Andrew Ackerman, writing for The Wall Street Journal, reported
that U.S. securities regulators, under pressure from Congress to
prevent a repeat of financial debacles in municipalities like
Detroit and Jefferson County, Ala., are set to propose a series of
rules to rein in advisers that help states and localities raise
cash in the $3.7 trillion municipal-bond market.

According to the report, the Municipal Securities Rulemaking
Board, a self-regulator for the muni-bond market, is expected this
week to propose the first of a long-delayed set of rules for
municipal advisers aimed at better protecting taxpayers from the
types of complex transactions that soured during the financial
crisis. Many unsophisticated local governments didn't fully
understand those transactions, which primarily involved so-called
interest-rate swaps to hedge against higher borrowing costs.

The advisers targeted by the rules are firms, sometimes affiliated
with banks, hired to work with states and localities to time,
market and price municipal-bond deals and related transactions,
the report related. But most advisers are unaffiliated with banks
and were previously unregulated.

Lawmakers and regulators say they pushed to increase oversight of
municipal advisers in the wake of tumult in localities like
Jefferson County, where officials and Wall Street firms repeatedly
used interest-rate swaps as a vehicle for kickbacks and other
types of fraud, the report said.  The 2010 Dodd-Frank financial
law requires the advisers to register with the Securities and
Exchange Commission and adhere to MSRB rules.

Matt Fabian, managing director at the research firm Municipal
Market Advisors, said the rules could help municipalities avoid
repeating mistakes that have caused financial turmoil in cities
like Detroit, where the structure of swaps contributed to the now-
bankrupt city's problems, the report further related.  Under the
coming rules, which set broad standards of conduct, a swap adviser
would have to better understand and disclose the risks of such
transactions to their clients.


* Filings Drop 13% as December Marks 6-Year Low
-----------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News, citing
data compiled from court records by Epiq Systems Inc., reports
that bankruptcy filings dropped 13 percent last year to 1.03
million, as December saw the fewest filings of any month since
October 2007.

The 2,900 commercial bankruptcies of all types and the 390 Chapter
11s in December also marked monthly lows not seen since before the
recession.


* Yellen Confirmed as Fed Chief
-------------------------------
Kristina Peterson and Pedro Nicolaci da Costa, writing for The
Wall Street Journal, reported that Janet Yellen will join the
ranks of the most powerful economic policy makers in the world
next month, taking the helm of the Federal Reserve at a time when
the central bank is assessing its unprecedented steps to buoy the
U.S. economy.

According to the report, the 67-year-old Ms. Yellen, currently the
vice chairwoman of the Fed's board of governors, will become the
first woman to lead the central bank in its 100-year history after
the Senate voted to confirm her in a 56-26 vote. Eleven
Republicans joined 45 Democrats to support her; no Democrats
opposed her. Weather-related travel problems caused some lawmakers
to miss the vote.

Expected to assume office on Feb. 1, Ms. Yellen will immediately
be forced to grapple with questions over whether the economy that
is on the mend can withstand further dialing back of the Fed's
latest bond-buying program, which she has championed, the report
related.  If the Fed moves too fast, it could cool the recovery.
If it moves too slowly, it could fuel asset bubbles or excessive
inflation. The Fed cited improvements in growth and employment in
December when it decided to trim its bond buys to $75 billion a
month from $85 billion.

Senate Democrats said they expected Ms. Yellen to keep a vigilant
eye on the financial system to prevent the kinds of systemic
failures that sent the country into a deep recession, the report
further related.

"It is more important than ever that we have strong regulators
like Governor Yellen who can recognize emerging threats to
economic stability," Sen. Sherrod Brown (D., Ohio) said on the
Senate floor shortly before the vote, the report cited.  "In
confirming her, we can look forward to a new era of recovery and
growth."


* SEC Names Michael Osnato as Enforcement Division Unit Chief
-------------------------------------------------------------
The Securities and Exchange Commission announced on Jan. 6 that
Michael J. Osnato, Jr. has been named chief of the Enforcement
Division unit that conducts investigations into complex financial
instruments.

Mr. Osnato, who joined the SEC staff in 2008 and has served as an
assistant director in the New York Regional Office since 2010, has
played a key role in a number of significant SEC enforcement
actions.  For instance, Mr. Osnato helped spearhead the SEC's case
against JPMorgan Chase & Co. and two former traders for
fraudulently overvaluing a complex trading portfolio in order to
hide massive losses, and the subsequent action in which the bank
admitted that it violated federal securities laws.

Mr. Osnato will now lead a Complex Financial Instruments Unit that
is comprised of attorneys and industry experts working in SEC
offices across the country to investigate potential misconduct
related to asset-backed securities, derivatives, and other complex
financial products.  The unit was created along with four other
specialized enforcement units in 2010, and was formerly known as
the Structured and New Products Unit.

"Michael is a natural leader who brings keen investigative
instincts and exceptional judgment to his work," said Andrew J.
Ceresney, co-director of the SEC's Division of Enforcement.  "He
has been a valuable part of our efforts to punish misconduct
related to complex financial instruments, and we are pleased that
he will bring his considerable talents and skills to the unit."

Among other SEC enforcement actions under Mr. Osnato's purview
have been charges against four former investment bankers and
traders at Credit Suisse Group in a scheme to overstate the prices
of $3 billion in subprime bonds, and actions related to operators
of the Reserve Primary Fund.

"I am honored and gratified to have this opportunity to lead the
Complex Financial Instruments Unit," said Mr. Osnato.  "The unit
has targeted fraud in some of the most challenging areas of the
markets, and I look forward to working with the many talented
professionals in the unit to keep the Enforcement Division on the
cutting edge of today's financial markets."

Prior to joining the SEC enforcement staff, Mr. Osnato worked at
Shearman & Sterling LLP and later at Linklaters LLP in New York.
He earned his bachelor's degree from Williams College and his law
degree from Fordham Law School.


* Moody's Says Oversupply to Cool Oil Prices in North America
-------------------------------------------------------------
High oil prices will continue to support global oil development,
including oil sands and shale, in 2014, Moody's Investors Service
says in a new report, "Oversupply Will Cool Oil Market in 2014 but
US Midstream Growth Will Stay Robust." But oversupply could bring
prices down slightly -- particularly in North America -- from
historically strong levels at the start of the year.

"A drop in Chinese growth and a surge in OPEC production pose the
biggest risks to oil prices as we head into the new year," the
report says. "Prices could fall if Chinese GDP growth slows
significantly and OPEC members go above targeted production of 30
million barrels a day."

Increasing demand for energy, especially cleaner natural gas, and
stagnant domestic consumption will continue to drive Chinese oil
companies to make overseas acquisitions of reserves, the new
report says. China's refined product exports will also increase,
with large additions to new refining capacity in the next two
years.

And over the next several years negotiating leverage will shift
from offshore drilling rig providers to their customers as the
number of new rigs increases, the rating agency says. For drilling
rig owners with older equipment, such as Diamond Offshore
Drilling, Ensco and Transocean, conditions will be more
challenging.

Moody's expects investment in North American midstream
infrastructure to remain strong in 2014, with capital spending
increasing by 20%-30%. Limited transportation options will keep
producers under pressure, particularly in booming unconventional
plays such as the Bakken and Marcellus shale formations. The rapid
growth of both the upstream and midstream sectors does however
raise the risk of stranded midstream assets.

US regulation of hydraulic fracturing may grow by degrees, but no
significant changes in federal or state oversight are expected.

Meanwhile, master limited partnerships (MLPs) will continue to
expand beyond their more traditional home in the US midstream
sector in 2014, as upstream, refining and even drilling companies
pursue MLPs in search of higher valuations, the report says.

"Shareholders will increasingly urge drillers to form MLPs,
especially those with new rigs and long-term contracts, while
activist shareholders will continue to pressure the overall oil
and gas sector for higher cash distributions."

The new report leaves unchanged Moody's oil and gas price
assumptions for 2014 and 2015, which it uses for rating purposes
only, rather than as predictions. The agency's price assumptions,
last revised in November 2013, call for Brent crude, the
international benchmark, to average $95 per barrel (bbl) in 2014
and $90/bbl in 2015, compared to $90/bbl in 2014 and $85/bbl in
2015 for West Texas Intermediate, the US benchmark. For North
American natural gas, Moody's has a price assumption of $3.75 per
million Btus in 2014 and $4.00 per million Btus in 2015.


* NewOak Appoints Neil McPherson as Head of Business Development
----------------------------------------------------------------
NewOak announced the appointment of Neil McPherson as head of
business development.  Mr. McPherson, who was part of the original
business development team when NewOak launched in 2008, returns to
the firm with responsibility for coordinating NewOak's client
development efforts across all its business lines: valuation and
risk advisory, litigation consulting and dispute resolution,
mortgage credit services and financial technology solutions.

"We are very fortunate to have Neil rejoin us," said NewOak Chief
Executive Officer Ron D'Vari.  "Neil is a true veteran of the
markets and understands financial institutions' needs and the
highly technical services NewOak offers to support them.
Importantly, he is fun to work with and his energy and enthusiasm
is viral."

"Neil brings a wealth of experience and has a proven track record
of managing and driving business development activities," said
NewOak President James Frischling.  "It's also a tremendous
compliment to both Neil and the NewOak platform to be able to
welcome back one of our original team members.  Who says you can't
go home again?"

Following his first stint at NewOak, McPherson joined Markit in
2009 as managing director and the global head of structured
finance.  While at Markit, he launched a pricing service for the
buyside and later led Markit's index licensing business for cash
and synthetics.

"I wanted to get back to a role where I was out of the office
seeing and serving clients again, which is part of my DNA," said
Mr. McPherson.  "NewOak has come a long way in the past five
years. They have built a solid credit, valuation and risk advisory
business with a team of seasoned professionals producing high-
quality deliverables.  I'm excited to be back with my former
teammates and seek to drive our expansion as we move to the next
phase in NewOak's development."

Prior to NewOak, Mr. McPherson was a managing director in fixed
income syndicate for ABN AMRO in New York from 2005-2008.  Prior
to that, he spent 12 years at Credit Suisse First Boston where he
served as managing director, head of ABS/CDO research and he led
CSFB's ABS and CDO research team, pioneering timely and
comprehensive credit surveillance for the buyside.  He started at
CSFB as a software developer and subsequently spent four years in
MBS bond sales.  Mr. McPherson has a B.S. in Systems Engineering
from the University of Virginia.

                          About NewOak

NewOak -- http://www.NewOak.com-- is an independent risk advisory
and specialized financial services company, providing credit,
valuation and risk consulting and analytics, litigation support
services, and financial technology solutions to global banks,
insurers, asset managers, law firms, government and regulatory
bodies.

NewOak serves institutions addressing the challenges of the global
credit and risk markets and the more stringent regulatory, risk-
sensitive environment.  With its unique mix of deep industry
expertise, proprietary software (OpenRisk(TM)) and an integrated
analytics platform, NewOak's services span credit modeling,
distressed and illiquid asset advisory, valuation, risk analysis,
mortgage credit, servicing and compliance services, enterprise
risk management and financial technology solutions.



                             *********

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 by e-mail.

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 the nation's bankruptcy courts.  The
list includes links to freely downloadable of these small-dollar
petitions in Acrobat PDF documents.

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.

                           *********

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, 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 2014.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-241-8200.


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