TCR_Public/140130.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Thursday, January 30, 2014, Vol. 18, No. 29

                            Headlines

333-345 GREEN: Court Issues Final Decree Closing Chapter 11 Case
710 LONG: Logan & Company Approved as Administrative Advisor
710 LONG: Says HealthBridge Doesn't Hold Intercompany Claims
710 LONG: NLRB Balks at Rejection of Expired CBA
AFA FOODS: "Termination Date" in Cash Collateral Order Extended

AIDA'S PARADISE: Court Enters Final Decree Closing Chapter 11 Case
ALLIED SYSTEMS: Trustee Appoints 3-Member Retiree's Committee
ALLIED SYSTEMS: Feb. 28 Hearing on Bid to Reject Employment Pacts
ALTEGRITY INC: S&P Cuts CCR to 'CCC-' Over Likely Restructuring
AMERICAN REALTY: Moody's Assigns (P)Ba1 Preferred Stock Rating

ANAREN INC: S&P Assigns Prelim. 'B' CCR Following Leveraged Buyout
AUTOMATED BUSINESS: Hires Dickinson Firm as ESOP Plan Counsel
AUTOMATED BUSINESS: Zucker Spaeder Approved as Bankruptcy Counsel
AUTOMATED BUSINESS: Files Schedules of Assets and Liabilities
BAY CLUB PARTNERS: Case Summary & 20 Largest Unsecured Creditors

BOWERY TOWER: Case Summary & 11 Largest Unsecured Creditors
CATALENT PHARMA: IPO Plan No Impact on Moody's 'B2' CFR
CCC INFORMATION: S&P Revises Outlook to Stable & Affirms 'B' CCR
CHIQUITA BRANDS: Moody's Affirms B2 CFR & Alters Outlook to Stable
CJS ENTERPRISES: Case Summary & 5 Largest Unsecured Creditors

E.H. MITCHELL: Taps Richard Martinez as Special Counsel
EFUSION SERVICES: Hires Powell Theune as Counsel
EL FARMER: Court Dismisses Chapter 11 Case
ENDICOTT INTERCONNECT: Can Employ Davidson Fox as Accountants
EXIDE TECHNOLOGIES: Panel Can Retain Geosyntec as Consultants

FISKER AUTOMOTIVE: Can Tap Kirkland & Ellis as Attorneys
FISKER AUTOMOTIVE: Can Hire Pachulski Stang as Co-Counsel
FLETCHER INTERNATIONAL: Trustee Files Report Dated Jan. 13
FOREST LABORATORIES: S&P Rates $1.8-Bil. Sr. Unsecured Notes 'BB+'
GPI CUSTOM: Case Summary & 20 Largest Unsecured Creditors

GPI MANUFACTURING: Case Summary & 20 Largest Unsecured Creditors
HEALTH MANAGEMENT: S&P Withdraws 'BB-' Ratings After Acquisition
HIBU INC: Chapter 15 Case Summary
HUDSON'S BAY: Real Estate Sale No Impact on Moody's B1 Rating
INC RESEARCH: Moody's Hikes CFR to B2 & Unsec. Notes Rating to Ba3

KIDD PROPERTIES: Case Summary & 2 Largest Unsecured Creditors
LAFAYETTE YARD: Court Okays Panel's Hiring of CBIZ NY as Advisor
LAFAYETTE YARD: Court OKs Hiring of Lowenstein Sandler as Counsel
LANSING TRADE: Moody's Assigns B1 CFR & Rates $175MM Notes B3
LEARFIELD COMMUNICATIONS: S&P Affirms 'B' CCR Over Loan Add-on

LIVERY BUILDING: Case Summary & 4 Largest Unsecured Creditors
MARTIN MARIETTA: Moody's Places Ba1 CFR Under Review for Downgrade
MATERIAL MANAGEMENT: Case Summary & 20 Top Unsecured Creditors
MFM INDUSTRIES: May Hire Mediator Over Palmer Dispute
MI PUEBLO: US Trustee Balks at Hiring of GA Keen Realty

MOOG INC.: Moody's Withdraws Ba2 CFR Following Rated Debt Payment
MOONLIGHT APARTMENTS: Case Summary & 5 Top Unsecured Creditors
NTELOS INC: S&P Retains 'B' Term Loan B Rating After $188MM Add-on
OCWEN FINANCIAL: Moody's Affirms 'B1' CFR & Sr. Secured Ratings
PETTERS COMPANY: Ch.11 Trustee Hires Rassers NV as Dutch Counsel

PFS HOLDING: Moody's Affirms B2 CFR & Rates 1st Lien Term Loan B2
PHOENIX DEVELOPMENT: Case Dismissal Hearing Continued to Feb. 20
RED SPRINGS: Case Summary & 3 Largest Unsecured Creditors
SFX ENTERTAINMENT: Moody's Assigns 'Caa1' CFR; Outlook Stable
SOUTHERN OAKS: Secured Creditors Ask for Changes to Confirmed Plan

ST. JOSEPH'S HOSP: S&P Cuts Revenue Bonds Rating to 'BB'
SUNGARD DATA: Moody's Affirms B2 CFR & Ba3 Secured Debt Rating
TEXAS INDUSTRIES: Moody's Places Caa1 CFR Under Review for Upgrade
TUNICA-BILOXI: S&P Cuts ICR to 'B-' on Weak Operating Performance
WEBALO INC: Case Summary & 20 Largest Unsecured Creditors

WESTERN FUNDING: Committee Wants Trustee to Take Over Management
YRC WORLDWIDE: Moody's Rates $700MM 1st Lien Term Loan '(P)Ba3'


                             *********


333-345 GREEN: Court Issues Final Decree Closing Chapter 11 Case
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York on
Jan. 2, 2014, entered a final decree closing the Chapter 11 case
of 333-345 Green LLC.

The Debtor has said it has consummated its First Amended Plan of
Reorganization.

As reported in the Troubled Company Reporter on May 28, 2013, the
Debtor on May 13, 2013, obtained confirmation of its First Amended
Plan dated April 5.  The Court ruled that the Plan provides
adequate and proper means for its implementation via conveyance of
title to and the transfer of the property to Team Greene or its
designee free and clear of all liens, claims, encumbrances and
other interests.  The Plan provides for the satisfaction of
default claims associated with each executory contract and
unexpired lease to be assumed.  All Plan objections that have not
been withdrawn or resolved prior to the entry of the order are
overruled.

                      About 333-345 Green LLC

333-345 Green LLC filed a Chapter 11 petition (Bankr. E.D.N.Y.
Case No. 13-40085) in Brooklyn on Jan. 8, 2013.  The Debtor, which
is engaged in the development and management of real property,
disclosed total assets of $16.0 million and liabilities of
$26.9 million in its schedules.  The property in 333-345 Greene
Avenue, in Brooklyn, is valued at $16 million and secures a
$25.2 million debt.  Team Greene is the owner and record holder of
the existing first mortgage and related loan documents with the
Debtor.

Marc A. Pergament, Esq., at Weinberg Gross & Pergament, LLP,
in Garden City, N.Y., serves as counsel to the Debtor.


710 LONG: Logan & Company Approved as Administrative Advisor
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey
authorized 710 Long Ridge Road Operating Company II, LLC, et al.,
to employ Logan & Company, Inc., as administrative advisor.

As reported in the Troubled Company Reporter on Oct. 28, 2013,
Logan & Company serves as the Debtors' noticing and claims agent
in the Debtors' Chapter 11 cases.

As administrative advisor, Logan & Company is expected to:

   (a) assist the Debtors in managing the claims reconciliations
       and objection process, noting for review by the Debtors
       those proofs of claim subject to possible procedural
       objections, those that are inconsistent with the Schedules,
       and those that supersede scheduled liabilities, entering
       the Debtors' objection determination in the claims
       database, and preparing exhibits for the Debtors' omnibus
       claims objections;

   (b) provide balloting and solicitation services to the Debtors
       for any plan of reorganization and liquidation filed by the
       Debtors, which may include the following services:

       - assist in the production of solicitation materials and
         ballots;

       - receive, date-stamping, numbering, and inspecting ballots
         for conformity to voting procedures in accordance with
         Logan & Company's usual practice, tabulating ballots, and
         providing computerized balloting database services;

       - prepare voting reports by plan class, creditor or
         shareholder, and amount for review by the Debtors and
         their counsel; and

       - generate and filing an official ballot certification
         and testifying, if necessary, in support of the
         balloting, solicitation, and tabulation results;

   (c) manage any distributions pursuant to a confirmed plan;

   (d) provide the Debtors with consulting and computer software
       support regarding the reporting and information management
       requirements of the bankruptcy administration process as it
       relates to its Section 327 Services;

   (e) educate and train the Debtors in the use of support
       software and providing Logan & Company's standard reports
       as well as consulting and programming support for Debtors-
       requested reports, program modifications, database
       modification, and other features in accordance with the
       Logan Agreement; and

   (f) perform other administrative services as may be requested
       by the Debtors that are not otherwise allowed under the
       Section 156(c) Retention Order.

Logan & Company will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Kathleen M. Logan, president of Logan & Company, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtors and their estates.

          About 710 Long Ridge Road Operating Company II

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

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

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

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

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


710 LONG: Says HealthBridge Doesn't Hold Intercompany Claims
------------------------------------------------------------
710 Long Ridge Road Operating Company II, LLC, et al., notified
the U.S. Bankruptcy Court for the District of New Jersey that they
will:

   1. prepare and file a non-material modification to the First
      Amended Chapter 11 Plan that, among other things, will
      address the fact that HealthBridge Management LLC does not
      hold any Class 7 Intercompany Claims against the Debtors;
      and

   2. file amended schedules of assets and liabilities to remove
      HealthBridge as a creditor and to properly reflect the
      increased claims held by Care Realty against the Debtors.

The Debtors related that in connection with confirmation of the
First Amended Plan, on Dec. 18, 2013, the National Labor Relations
Board served the Debtors, among others, with subpoenas for Rule
2004 Examination.  In connection with preparing responses to the
subpoenas, the Debtors discovered that they had inadvertently
recorded claims being held by HealthBridge against the Debtors
when, in fact, those claims were held by Care Realty LLC.

The Debtors have filed papers with the Bankruptcy Court seeking to
reject the continuing economic terms of the expired collective
bargaining agreements with the New England Health Care Employees
Union, District 1199, SEIU (Union) pursuant to 11 U.S.C. Section
1113.

The Debtors have said that in their Section 1113(c) Motion and in
the First Amended Disclosure Statement, they unintentionally
disclosed that HealthBridge held $5,744,246 in claims against the
Debtors when, in fact, those claims were properly held by Care
Realty.  In addition, the First Amended Plan and First Amended
Disclosure Statement mistakenly reflected that HealthBridge held a
Class 7 Intercompany Claim that would be waived, as part of the
"new value" being contributed in exchange for the Class 8 Equity
Interests retaining their Equity Interests in the Debtors.

On Dec. 5, 2013, the Court issued an order authorizing the Debtors
to (i) enter into a letter agreement in connection with the
anticipated exit financing; and (ii) incur and pay related fees
and expenses as administrative expenses.

          About 710 Long Ridge Road Operating Company II

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

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

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

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

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


710 LONG: NLRB Balks at Rejection of Expired CBA
------------------------------------------------
The National Labor Relations Board has opposed the motion of 710
Long Ridge Road Operating Company II LLC to reject the continuing
economic terms of the expired collective bargaining agreements
with the New England Health Care Employees Union, District 1199,
SEIU (Union).  The NLRB said the Debtors would not have needed
relief under Section 1113 of the Bankruptcy Code if they had
complied with the NLRA duty to lawfully bargain with the Union
about desired changes.  That is, federal labor law would have then
permitted changes after contract expiration, even if the Union
continued to object.

In their motion, the Debtors seek to:

   i) reject the continuing economic terms of the expired
      collective bargaining agreements with the New England Health
      Care Employees Union, District 1199, SEIU; and

  ii) extend the revised interim modifications to the Debtors'
      collective bargaining agreements pursuant to Section 1113(e)
      of the Bankruptcy Code.

NLRB stated that the proceeding arose out of an extensive course
of allegedly unlawful conduct by Debtors (a group of five nursing
homes under common ownership) and related corporate entities.  The
Union previously had a collective bargaining agreement with the
Debtors which was effective from Dec. 31, 2004, through March 16,
2011.  Since the expiration of the contract, employees have worked
without a contract (with the exception of certain periods of time
when employees were striking or locked out).

Meanwhile, Susan J. Cameron, Esq., at Levy Ratner, P.C., on behalf
of the Union, filed objections to the Debtor's motion for an order
extending the revised interim modifications to the Debtors'
collective bargaining agreements with the Union.  The Union
maintains its position that the Court must deny the relief
requested because it lacks the power to grant such relief in the
Debtors' cases.

          About 710 Long Ridge Road Operating Company II

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

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

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

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

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


AFA FOODS: "Termination Date" in Cash Collateral Order Extended
---------------------------------------------------------------
AFA Foods Inc. filed a notice with the Bankruptcy Court disclosing
that that the Second Lien Agent and the Debtors have agreed to a
further extension of the so-called "Termination Date" under the
Interim Cash Collateral Order through and including March 5, 2014.

On September 19, 2012, the Court entered the Interim Order (I)
Authorizing the Debtors to Use Cash Collateral of the Second Lien
Secured Parties and (II) Providing Adequate Protection to the
Second Lien Secured Parties.

Counsel to Debtors can be reached at:

         Laura Davis Jones, Esq.
         Timothy P. Cairns, Esq.
         Peter J. Keane, Esq.
         PACHULSKI STANG ZIEHL & JONES LLP
         919 North Market Street, 17th Floor
         P.O. Box 8705
         Wilmington, DE 19899-8705
         Tel: (302) 652-4100
         Fax: (302) 652-4400
         E-mail: ljones@pszjlaw.com
                 tcairns@pszjlaw.com
                 pkeane@pszjlaw.com

              - and -

         Jeffrey B. Ellman, Esq.
         Brett J. Berlin, Esq.
         JONES DAY
         1480 Peachtree Street, N.E.
         Suite 800
         Atlanta, Georgia 30309
         Tel: (404) 581-3939
         Fax: (404) 581-8330
         E-mail: jbellman@jonesday.com
                 bjberlin@jonesday.com

                          About AFA Foods

King of Prussia, Pennsylvania-based AFA Foods Inc. was one of the
largest processors of ground beef products in the United States.
AFA had seven facilities capable of producing 800 million pound of
ground beef annually.  Revenue in 2011 was $958 million.

Yucaipa Cos. acquired the business in 2008 and currently owns 92%
of the common stock and all of the preferred stock.

AFA Foods, AFA Investment Inc. and other affiliates filed for
Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-11127) on
April 2, 2012, after recent changes in the market for its ground
beef products and the impact of negative media coverage related to
boneless lean beef trimmings (BLBT) affected sales.

Judge Mary Walrath presides over the case.  Laura Davis Jones,
Esq., Timothy P. Cairns, Esq., and Peter J. Keane, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware; Tobias
S. Keller, Esq., at Jones Day, in San Francisco; and Jeffrey B.
Ellman, Esq., and Brett J. Berlin, Esq., at Jones Day, in Atlanta,
Georgia, represent the Debtors.  FTI Consulting Inc. serves as the
Debtors' financial advisors and Imperial Capital LLC serves as
marketing consultants.  Kurtzman Carson Consultants LLC serves as
noticing and claims agent.

As of Feb. 29, 2012, the Debtors' books and records on a
consolidated basis, reflected approximately $219 million in assets
and $197 million in liabilities.  AFA Foods, Inc., disclosed
$615,859,574 in assets and $544,499,689 in liabilities as of the
Petition Date.

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed seven
members to the official committee of unsecured creditors in the
Debtors' cases.  The Committee has obtained approval to hire
McDonald Hopkins LLC as lead counsel and Potter Anderson & Corroon
LLP serves as co-counsel.  The Committee also obtained approval to
retain J.H. Cohn LLP as its financial advisor.

AFA, in its Chapter 11 case, sold plants and paid off the first-
lien lenders and the loan financing the Chapter 11 effort.
Remaining assets are $14 million cash and the right to file
lawsuits.

General Electric Capital Corp. and Bank of America Corp. provided
about $60 million in DIP financing.  The loan was paid off in
July 2012.

In October 2012, the Bankruptcy Court denied a settlement that
would have released Yucaipa Cos., the owner and junior lender to
AFA Foods, from claims and lawsuits the creditors might otherwise
bring, in exchange for cash to pay unsecured creditors' claims
under a liquidating Chapter 11 plan.  Under the deal, Yucaipa
would receive $11.2 million from the $14 million, with the
remainder earmarked for unsecured creditors.  Asset recoveries
above $14 million would be split with Yucaipa receiving 90% and
creditors 10%.  Proceeds from lawsuits would be divided roughly
50-50.


AIDA'S PARADISE: Court Enters Final Decree Closing Chapter 11 Case
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida has
entered a final decree closing the Chapter 11 case of Aida's
Paradise, LLC.

The Court said, in its order, that the Debtor's confirmed plan of
reorganization has been substantially consummated.

On May 24, 2013, the Court confirmed the Plan dated March 13,
2013, as amended.

                             The Plan

As reported in the Troubled Company Reporter on April 16, 2013,
the Court has conditionally approved the Second Amended Disclosure
Statement for the Debtor's Second Amended Plan dated March 21,
2013.

According to the disclosure statement, on the Effective Date,
Holders of Allowed Administrative Claims will be paid in full.
Holders of Allowed Unsecured Priority Tax Claims (except ad
valorem tax claims) will be paid, with interest, over a period of
5 years.

The Holder of the Class 1 Secured Claim, TD Bank, will retain its
lien on the I-Drive Properties, and will receive payments of
principal and interest thru and including Oct. 9, 2015, as set
forth in the Plan.

The Holder of the Class 2 Allowed Secured Property Tax Claim will
retain its lien on the I-Drive Properties and be paid in full,
with interest, over a period of 5 years.

Holders of Allowed general Unsecured Claims in Class 3, which
includes the deficiency claim of TD Bank in the amount of
$3,272,294.44, will be paid a pro rata portion of the Class Flow
Note.

Interests in Class 4 will retain their interest in the Debtor in
exchange for New Value and, as such are Unimpaired.  The Debtor
estimates the Class 4 Holders will contribute approximately $5,000
per month through the life of the Plan to meet Plan Payment
obligations.

The Plan contemplates that the Debtor's current cash flow from the
rental income derived from the I-Drive Properties, anticipated
rental income for a new Restaurant tenant, and ongoing equity
contributions from the Principals, will be sufficient to make
payments to all Allowed Classes of Claims.

A copy of the Disclosure Statement is available at:

      http://bankrupt.com/misc/aida'sparadise.doc199.pdf

                       About Aida's Paradise

Based in Maitland, Florida, Aida's Paradise LLC owns roughly three
acres of developed real property on International Drive in
Orlando, Florida.  It leases various parcels of the I-Drive
Property to three tenants: Volcano Island Mini Golf, Dunkin Donuts
(aka Jennifer's Donuts), and CBS Outdoor (which operates an
electronic billboard on site).

Aida's Paradise filed for Chapter 11 bankruptcy (Bankr. M.D. Fla.
Case No. 12-00189) on Jan. 6, 2012.  Chief Karen S. Jennemann
presides over the case.  R. Scott Shuker, Esq., at Latham Shuker
Eden & Beaudine LLP, serves as the Debtor's counsel.  Terry J.
Soifer and Consulting CFO, Inc., serves as its financial advisor.
The petition was signed by Dr. Adil R. Elias, manager.

In its amended schedules, the Debtor disclosed assets of
$15,015,435 and liabilities of $9,643,768.

Judge Jennemann on May 23, 2013, approved Aida's Paradise's Second
Amended Chapter 11 Plan of Reorganization and approved the
accompanying disclosure statement.  The Plan, as amended,
contemplates that the Debtor will continue to manage and lease to
tenants its I-Drive properties, and will continue to try to secure
a new restaurant tenant.  The Debtor is required to maintain all
insurance coverage as required under all of the loan documents
with TD Bank, including sufficient hazard insurance on its
personal property in the amount of the full replacement value of
such property, and will secure the hazard insurance coverage,
which will name TD Bank as the mortgage holder.


ALLIED SYSTEMS: Trustee Appoints 3-Member Retiree's Committee
-------------------------------------------------------------
Roberta A. DeAngelis, U.S. Trustee for Region 3, on Jan. 8, 2014,
appointed three creditors to serve on the Committee of Retirees in
the Chapter 11 case of Allied Systems Holdings, Inc.

The committee consists of:

      1. Suzanne Winslow
         180 Seaview Ct., Unit 411
         Marco Island, FL 34145
         Tel: (239) 393-0156

      2. Lawrence L. Lodato
         P.O. Box 992
         Lake Hopatcong, NJ 07849
         Tel: (973) 601-3797
         Fax: (973) 668-1879

      3. Ruth E. Brogan
         P.O. Box 864
         Waskom, TX 75692
         Tel: (903) 687-2179

                About Allied Systems Holdings, Inc.

BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and
Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary
petitions for Allied Systems Holdings Inc. and Allied Systems Ltd.
(Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012.
The signatories of the involuntary petitions assert claims of at
least $52.8 million for loan defaults by the two companies.

Allied Systems, through its subsidiaries, provides logistics,
distribution, and transportation services for the automotive
industry in North America.

Allied Holdings Inc. first filed for chapter 11 protection (Bankr.
N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005.
Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented the
Debtors in the 2005 case.  Allied won confirmation of a
reorganization plan and emerged from bankruptcy in May 2007
with $265 million in first-lien debt and $50 million in second-
lien debt.

The petitioning creditors said Allied defaulted on payments of
$57.4 million on the first lien debt and $9.6 million on the
second.  They hold $47.9 million, or about 20% of the first-lien
debt, and about $5 million, or 17%, of the second-lien obligation.
They are represented by Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris,
Esq., and Robert J. Ward, Esq., at Schulte Roth & Zabel LLP.

Allied Systems Holdings Inc. formally put itself and 18
subsidiaries into bankruptcy reorganization June 10, 2012,
following the filing of the involuntary Chapter 11 petition.

The Company is being advised by the law firms of Troutman Sanders,
Gowling Lafleur Henderson, and Richards Layton & Finger.

The bankruptcy court process does not include captive insurance
company Haul Insurance Limited or any of the Company's Mexican or
Bermudan subsidiaries.  The Company also announced that it intends
to seek foreign recognition of its Chapter 11 cases in Canada.

An official committee of unsecured creditors has been appointed in
the case.  The Committee consists of Pension Benefit Guaranty
Corporation, Central States Pension Fund, Teamsters National
Automobile Transporters Industry Negotiating Committee, and
General Motors LLC.  The Committee is represented by Sidley Austin
LLP.

Yucaipa Cos. has 55 percent of the senior debt and took the
position it had the right to control actions the indenture trustee
would take on behalf of debt holders.  The state court ruled in
March 2013 that the loan documents didn't allow Yucaipa to vote.

In March 2013, the bankruptcy court also gave the official
creditors' committee authority to sue Yucaipa.  The suit includes
claims that the debt held by Yucaipa should be treated as equity
or subordinated so everyone else is paid before the Los Angeles-
based owner. The judge allowed Black Diamond to participate in the
lawsuit against Yucaipa and Allied directors.


ALLIED SYSTEMS: Feb. 28 Hearing on Bid to Reject Employment Pacts
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will
convene a hearing on Feb. 28, 2014, at 10:00 a.m., to consider
Allied Systems Holdings, Inc., et al.'s motion to:

   i) reject certain employment agreements, effective nunc pro
      tunc to Dec. 31, 2013; and

  ii) establish a bar date for the filing of rejection damages
      claims with respect to those agreements.

The Debtors have determined that the employment agreements will be
burdensome to their estates.

The Debtors, in their motion, stated that at the time of the sale
to Jack Cooper Transport Co., certain Allied employees were
parties to employment agreements with certain Debtors.  These
employment agreements were not assumed by Jack Cooper as part of
the sale, however, Jack Cooper offered employment to certain
employee parties.  Furthermore, Allied has arranged to enter into
contracts with certain employee parties whereby they will be
contract workers after Dec. 31, 2013.

Each employment agreement provided for, among other things:

   1. the Allied Employer can terminate the employment of the
      employee party thereto at any time without cause and
      further contemplates that the employee can voluntarily
      terminate his or her employment at any time; and

   2. post-termination rights and obligations, which vary
      depending on the nature and cause of the termination
      of employment.

                About Allied Systems Holdings, Inc.

BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and
Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary
petitions for Allied Systems Holdings Inc. and Allied Systems Ltd.
(Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012.
The signatories of the involuntary petitions assert claims of at
least $52.8 million for loan defaults by the two companies.

Allied Systems, through its subsidiaries, provides logistics,
distribution, and transportation services for the automotive
industry in North America.

Allied Holdings Inc. first filed for chapter 11 protection (Bankr.
N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005.
Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented the
Debtors in the 2005 case.  Allied won confirmation of a
reorganization plan and emerged from bankruptcy in May 2007
with $265 million in first-lien debt and $50 million in second-
lien debt.

The petitioning creditors said Allied defaulted on payments of
$57.4 million on the first lien debt and $9.6 million on the
second.  They hold $47.9 million, or about 20% of the first-lien
debt, and about $5 million, or 17%, of the second-lien obligation.
They are represented by Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris,
Esq., and Robert J. Ward, Esq., at Schulte Roth & Zabel LLP.

Allied Systems Holdings Inc. formally put itself and 18
subsidiaries into bankruptcy reorganization June 10, 2012,
following the filing of the involuntary Chapter 11 petition.

The Company is being advised by the law firms of Troutman Sanders,
Gowling Lafleur Henderson, and Richards Layton & Finger.

The bankruptcy court process does not include captive insurance
company Haul Insurance Limited or any of the Company's Mexican or
Bermudan subsidiaries.  The Company also announced that it intends
to seek foreign recognition of its Chapter 11 cases in Canada.

An official committee of unsecured creditors has been appointed in
the case.  The Committee consists of Pension Benefit Guaranty
Corporation, Central States Pension Fund, Teamsters National
Automobile Transporters Industry Negotiating Committee, and
General Motors LLC.  The Committee is represented by Sidley Austin
LLP.

Yucaipa Cos. has 55 percent of the senior debt and took the
position it had the right to control actions the indenture trustee
would take on behalf of debt holders.  The state court ruled in
March 2013 that the loan documents didn't allow Yucaipa to vote.

In March 2013, the bankruptcy court also gave the official
creditors' committee authority to sue Yucaipa.  The suit includes
claims that the debt held by Yucaipa should be treated as equity
or subordinated so everyone else is paid before the Los Angeles-
based owner. The judge allowed Black Diamond to participate in the
lawsuit against Yucaipa and Allied directors.


ALTEGRITY INC: S&P Cuts CCR to 'CCC-' Over Likely Restructuring
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered the corporate credit
rating on Falls Church, Va.-based Altegrity Inc. to 'CCC-' from
'CCC+'.  The outlook is negative.

At the same time, S&P lowered the issue ratings on the company's
senior secured credit facilities to 'CCC' from 'B-', one notch
above the corporate credit rating.  The recovery ratings remain
'2', which indicate S&P's expectation for substantial recovery
(70% to 90%) for senior secured creditors in the event of a
payment default or bankruptcy.  S&P also lowered the issue ratings
on the company's $210 million senior unsecured notes due 2015,
$290 million senior unsecured notes due 2015, and $150 million
senior subordinated notes due 2016 to 'C' from 'CCC-', two notches
below the corporate credit rating.  The recovery ratings remain
'6', which indicate S&P's expectation for negligible recovery (0%
to 10%) for unsecured creditors in the event of a payment default
or bankruptcy.

"The downgrade reflects our assessment that a debt restructuring
appears inevitable within six months, absent unanticipated
significantly favorable changes in the company's circumstances,"
said Standard & Poor's credit analyst.  "The hiring of Evercore to
provide the company with advice on strategic options to address
the upcoming debt maturities reinforces our view.  We believe
company actions could include a selective default or a Chapter 11
bankruptcy filing."

Standard & Poor's financial risk assessment of Altegrity is
"highly leveraged," given its view that the company's capital
structure is unsustainable.  S&P's business risk assessment is
"vulnerable," given continued dependence on spending from the U.S.
government, which accounts for nearly 40% of its revenue, and weak
performance from the commercial businesses in 2013.


AMERICAN REALTY: Moody's Assigns (P)Ba1 Preferred Stock Rating
--------------------------------------------------------------
Moody's Investors Service confirmed American Realty Capital
Properties, Inc.'s (ARCP) issuer rating of Baa3 and rated its
unsecured debt shelf (P)Baa3. The outlook was revised to stable
from review direction uncertain. This rating action concludes
Moody's review after ARCP announced its acquisition of Cole Real
Estate Investments, Inc. in October 2013. The stable outlook
reflects Moody's expectation that ARCP's recent acquisitions will
be integrated successfully, while the REIT continues to improve
its credit metrics and maintain adequate liquidity. The stable
outlook also reflects more prudent growth going forward.

The following ratings were assigned with a stable outlook:

American Realty Capital Properties, Inc.

  -- Unsecured debt shelf (P)Baa3
  -- Subordinate debt shelf (P)Ba1
  -- Preferred stock shelf (P)Ba1

The following rating was confirmed with a stable outlook:

American Realty Capital Properties, Inc.

  -- Issuer rating Baa3.

Ratings Rationale

Moody's views ARCP's liquidity and funding as moderate, which
reflects the company's assumption of debt from recent mergers and
acquisitions. ARCP's $2.7 billion unsecured credit facility has an
accordion to $3.0 billion and is due February 2017 with a one-year
extension option. Moody's notes that the facility will be largely
drawn to fund the Cole transaction and other acquisitions in the
company's pipeline. The company's debt maturity schedule is well-
laddered and near-term debt obligations are manageable,
considering the availability on the company's revolver. The
largest debt maturity is in 2017 with $1.9 billion coming due.
While ARCP has a sizeable unencumbered pool, it has declined with
recent transactions and secured debt levels will increase
significantly -- a credit negative.

ARCP maintains an aggressive capital structure with effective
leverage (debt plus preferred stock/gross assets) at 3Q13 of 49%
and net debt/EBITDA of 7.7x. Moody's notes that leverage will
increase following the closing of the Cole transaction. Secured
debt levels are manageable at 8% (3Q13), but will be closer to 20%
following the Cole closing.

ARCP is a REIT that has been growing very aggressively and will
own 3,732 net-lease properties totaling 102 million SF after the
Cole merger and other acquisitions under contract. The portfolio
post-Cole merger will be located in 49 states plus Puerto Rico and
Washington, DC, increase from 180 to 1,071 tenants, and be
diversified by sector as follows: 49% single-tenant retail, 24%
single-tenant office, 15% distribution facilities and 12% multi-
tenant retail. At 3Q13, 70% of the tenants are investment grade,
but this will decline to 49% post-Cole. ARCP's assets are still
geographically diverse post-Cole with Texas representing the
largest percentage of annualized rent at 13% and Florida at 6%.
The largest industry concentrations after Cole will be pharmacy
(7.5% of annualized rent), quick service restaurant (7.2%), casual
dining (6.5%), supermarket (4.6%), family dining (4.3%), and
discount retail (4.1%). The REIT's portfolio is fully-occupied
(100% leased at 3Q13; 99% after Cole) with a weighted average
remaining lease term of 11 years post-Cole owing to long-term
triple-net leases, high tenant retention rates, and a well-
laddered lease expiration schedule. ARCP's current rating and
outlook reflects Moody's expectation that the REIT will grow in a
disciplined manner, post the Cole mergers.

ARCP's EBITDA growth over the past two years was driven by
acquisitions. EBITDA margin was 68% at 3Q13, which we expect will
grow as acquisitions are integrated into the portfolio. Fixed
charge coverage is currently 2.4x, but is expected to improve to
over 3x. Near-term lease rollovers will be manageable (1.6% of
rent in 2014) with no major lease rollover until 2017 at 6.3% of
rent.

A rating upgrade would be predicated upon effective leverage
closer to 45%; Net debt/EBITDA closer to 6x; and secured leverage
in the low teens. A downgrade could result should effective
leverage increase above 60%; Net debt/EBITDA trend over 8x;
secured leverage rise above its current levels; fixed charge
coverage below 2.5x; or a significant change in core investment
strategy, levered acquisitions, or missteps in the integration of
its recent aggressive acquisitions.

Moody's last rating action for American Realty Capital Properties,
Inc. was on October 23, 2013 when Moody's placed ARCP's Baa3
issuer rating on review direction uncertain.

American Realty Capital Properties, Inc. (NASDAQ: ARCP) is a REIT
that is engaged in the ownership and acquisition of single-
tenant/free standing and multi-tenant real estate properties. As
of September 30, 2013, ARCP had total book assets of $3.2 billion
and total shareholder equity of $1.5 billion.


ANAREN INC: S&P Assigns Prelim. 'B' CCR Following Leveraged Buyout
------------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned a preliminary
'B' corporate credit rating to East Syracuse, N.Y.-based Anaren
Inc.  The outlook is stable.

S&P also assigned its preliminary 'B+' issue-level rating and
preliminary '2' recovery rating to the company's proposed
$165 million senior secured first-lien credit facility, which
consists of a $145 million senior secured first-lien term loan due
2021 and a $20 million revolving credit facility due 2019.  The
preliminary '2' recovery rating indicates S&P's expectations for
substantial (70%-90%) recovery in the event of payment default.
S&P also assigned its preliminary '6' issue-level rating and
preliminary 'CCC+' recovery rating to the proposed $70 million
senior secured second-lien term loan due 2021.  The preliminary
'6' recovery rating indicates S&P's expectations for negligible
(0%-10%) recovery in the event of payment default.

"The ratings on Anaren reflect the company's 'weak' business risk
profile (as defined by our criteria), incorporating the company's
limited scale, customer and end-market concentration, and highly
leveraged financial profile, reflecting pro forma leverage in the
mid-6x area and our view that the company's purchase by a
financial sponsor is likely to preclude sustained deleveraging
over the longer term," said Standard & Poor's credit analyst David
Tsui.

S&P views the industry risk as "moderately high" and the country
risk as "low".  Anaren is a provider of microelectronics and
electric components serving the space and defense and wireless end
markets.

The outlook is stable, reflecting S&P's expectation that
involvement in high-priority military radar and communication
modernization contracts along with growing investment in 4G
cellular networks will support moderate revenue and EBITDA growth
over the next 12 months.

Ratings upside is limited by Anaren's highly leveraged financial
profile and an ownership structure that is likely to preclude
sustained deleveraging.

S&P could lower the rating if delays and reduced orders on key
defense contracts or slow adoption of 4G infrastructure outside
the U.S. lead to EBITDA declines and sustained leverage over 7x.


AUTOMATED BUSINESS: Hires Dickinson Firm as ESOP Plan Counsel
-------------------------------------------------------------
Automated Business Power, Inc. and Automated Business Power
Holding Company ask for authorization from the U.S. Bankruptcy
Court for the District of Maryland to employ Dickinson Wright and
Michael R. Holzman as Special ESOP Plan Counsel for the Debtors.

The Debtors contemplate that those services to be rendered by the
Dickinson Firm will include:

   (a) advising the Debtors, and the professionals employed by the
       Debtors, in connection with all legal and regulatory
       compliance issues which arise in connection with the ESOP
       Plan;

   (b) preparing on behalf of the Debtors, reports and other
       papers necessary in connection with the ESOP Plan; and

   (c) performing all other necessary legal services and provide
       all other necessary legal advice to the Debtors and the
       professionals employed by the Debtors in connection with
       the ESOP Plan.

Dickinson Firm's billing rates currently range from $300 to $550
per hour, depending upon the legal professional's experience and
qualifications.  The hourly rates are subject to periodic
increases in the normal course of the Dickinson Firm's business.

Dickinson Firm will also be reimbursed for reasonable out-of-
pocket expenses incurred.

The Dickinson Firm holds a prepetition claim against the Debtor in
the amount of $2,347.50 for services rendered in connection with
the ESOP.

In 2008, all of the issued and outstanding shares of Holding Co.
were purchased by Automated Business Power Holding Co. Employee
Stock Ownership Trust (the "Trust") which forms a part of the
Automated Business Power Holding Co. Stock Ownership Plan (the
Trust and the Plan are referred to as the "ESOP Plan").

Michael R. Holzman, member of Dickinson Firm, 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.

Dickinson Firm can be reached at:

       Michael R. Holzman, Esq.
       DICKINSON FIRM
       International Square
       1875 Eye St. N.W., Suite 1200
       Washington, D.C. 20006
       Tel: (202) 659-6931
       Fax: (202) 659-1559
       E-mail: MHolzman@dickinsonwright.com

                  About Automated Business Power

Military supplier Automated Business Power, Inc., and Automated
Business Power Holding Co filed their Chapter 11 petitions (Bankr.
D. Md. Case Nos. 13-27123 and 13-27125) on Oct. 8, 2013.

Automated Business Power has been engaged in the design and
production of advanced filed deployable uninterruptible power
supplies, AC-to-DC power supplier, DC-to-DC converters,
uninterruptible power systems, Power/Voice/Data cases, speakers,
speaker/voice systems and ancillary equipment tactical
transceivers, power amplifiers, SATCOM, and other communications
equipment.

The petitions were signed by Daniel Akman as president.  The
Debtors estimated assets of at least $50 million and liabilities
of at least $10 million.

The Debtor is represented by Nelson C. Cohen, Esq., at Zuckerman
Spaeder LLP, in Washington, D.C.

PNC Bank is represented by James M. Smith, Esq., and Lisa Bittle
Tancredi, Esq., at Gebhardt & Smith LLP.

On Nov. 4, 2013, Judy A. Robbins, U.S. Trustee for Region 4,
notified the Bankruptcy Court that she has not appointed an
unsecured creditors' committee in the Chapter 11 case because the
number of persons eligible and willing to serve on such a
committee is presently insufficient to form a committee.  The U.S.
Trustee will appoint an unsecured creditors' committee upon the
request of an adequate number of eligible unsecured creditors.


AUTOMATED BUSINESS: Zucker Spaeder Approved as Bankruptcy Counsel
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland authorized
Automated Business Power Inc., to employ Nelson C. Cohen, Esq.,
and Zuckerman Spaeder LLP as counsel.

As reported in the Troubled Company Reporter on Dec. 26, 2013,
Law360 reported that PNC Bank NA filed an objection the retention
of Zuckerman Spaeder LLP as counsel, saying the firm was
improperly hired by one of the company's largest creditors.  The
bank alleged that the law firm would be paid using a loan from
Eyal Halevy, a Florida resident who's listed as the company's
president in some older General Services Administration and
district court documents.

PNC Bank, as administrative agent and lender, has even renewed its
objection to the employment application for Zuckerman Spaeder,
stating that the applicants are not are "disinterested persons" as
defined in Section 101(13) of the Bankruptcy Code.  The Bank also
related that it previously objected to the applications so that
more information could be obtained about the alleged $135,000
prepetition loan from Eyal Halevey that would be used to pay the
applicants' retainers.

                  About Automated Business Power

Military supplier Automated Business Power, Inc., and Automated
Business Power Holding Co filed their Chapter 11 petitions (Bankr.
D. Md. Case Nos. 13-27123 and 13-27125) on Oct. 8, 2013.

Automated Business Power has been engaged in the design and
production of advanced filed deployable uninterruptible power
supplies, AC-to-DC power supplier, DC-to-DC converters,
uninterruptible power systems, Power/Voice/Data cases, speakers,
speaker/voice systems and ancillary equipment tactical
transceivers, power amplifiers, SATCOM, and other communications
equipment.

The petitions were signed by Daniel Akman as president.  The
Debtors estimated assets of at least $50 million and liabilities
of at least $10 million.

The Debtor is represented by Nelson C. Cohen, Esq., at Zuckerman
Spaeder LLP, in Washington, D.C.

PNC Bank is represented by James M. Smith, Esq., and Lisa Bittle
Tancredi, Esq., at Gebhardt & Smith LLP.

On Nov. 4, 2013, Judy A. Robbins, U.S. Trustee for Region 4,
notified the Bankruptcy Court that she has not appointed an
unsecured creditors' committee in the Chapter 11 case because the
number of persons eligible and willing to serve on such a
committee is presently insufficient to form a committee.  The U.S.
Trustee will appoint an unsecured creditors' committee upon the
request of an adequate number of eligible unsecured creditors.


AUTOMATED BUSINESS: Files Schedules of Assets and Liabilities
-------------------------------------------------------------
Automated Business Power Inc., has filed with the U.S. Bankruptcy
Court for the District of Maryland its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property            $6,625,904
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $29,440,691
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $50,745
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $13,832,278
                                 -----------      -----------
        TOTAL                     $6,625,904      $43,323,714

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

                  About Automated Business Power

Military supplier Automated Business Power, Inc., and Automated
Business Power Holding Co filed their Chapter 11 petitions (Bankr.
D. Md. Case Nos. 13-27123 and 13-27125) on Oct. 8, 2013.

Automated Business Power has been engaged in the design and
production of advanced filed deployable uninterruptible power
supplies, AC-to-DC power supplier, DC-to-DC converters,
uninterruptible power systems, Power/Voice/Data cases, speakers,
speaker/voice systems and ancillary equipment tactical
transceivers, power amplifiers, SATCOM, and other communications
equipment.

The petitions were signed by Daniel Akman as president.  The
Debtors estimated assets of at least $50 million and liabilities
of at least $10 million.

The Debtor is represented by Nelson C. Cohen, Esq., at Zuckerman
Spaeder LLP, in Washington, D.C.

PNC Bank is represented by James M. Smith, Esq., and Lisa Bittle
Tancredi, Esq., at Gebhardt & Smith LLP.

On Nov. 4, 2013, Judy A. Robbins, U.S. Trustee for Region 4,
notified the Bankruptcy Court that she has not appointed an
unsecured creditors' committee in the Chapter 11 case because the
number of persons eligible and willing to serve on such a
committee is presently insufficient to form a committee.  The U.S.
Trustee will appoint an unsecured creditors' committee upon the
request of an adequate number of eligible unsecured creditors.


BAY CLUB PARTNERS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Bay Club Partners-472, LLC
           dba Midtown on Main Apartments
        3827 SW Hall Blvd.
        Beaverton, OR 97005

Case No.: 14-30394

Type of Business: The Debtor was formed to renovate and operate
                  residential property in Arizona known as Midtown
                  on Main Street.  The Property has approximately
                  470 rental units and offers residents amenities
                  including a fitness center, spa, clubhouse,
                  three swimming pools, a covered play area,
                  assigned parking, and 24-hour emergency
                  maintenance services.

Chapter 11 Petition Date: January 28, 2014

Court: United States Bankruptcy Court
       District of Oregon

Judge: Hon. Randall L. Dunn

Debtor's Counsel: Albert N Kennedy, Esq.
                  Ava L Schoen, Esq.
                  TONKON TORP LLP
                  888 SW 5th Ave #1600
                  Portland, OR 97204
                  Tel: (503) 802-2013
                  Email: al.kennedy@tonkon.com
                         ava.schoen@tonkon.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by David Butler, on behalf of Bay Club
Management, LLC, as manager of Debtor.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
SMD Remodeling LLC                 Trade creditor       $55,879

HD Supply Facilities               Trade creditor       $30,992

IDT Landscaping LLC                Trade creditor       $24,568

J.R. McDade Co. Inc.               Trade creditor       $21,620

AZ Partsmaster                     Trade creditor       $16,790

AZ Brite Carpet Care               Trade creditor        $8,653

Maintenance Supply                 Trade creditor        $8,460

Wildcat Fire Protection            Trade creditor        $8,261

Level One LLC                      Trade creditor        $7,947

Apartment Interior Supply          Trade creditor        $7,808

P & J's Painting Inc               Trade creditor        $7,256

Rainforest Plumbing & Air          Trade creditor        $6,316

Valley Protective Services         Trade creditor        $5,905

Sherwin Williams Co.               Trade creditor        $5,193

Burns Pest Elimination Inc         Trade creditor        $4,979

Maria Gonzales                     Trade creditor        $4,795

Apartments Resurfacing             Trade creditor        $4,514

Leslies Poolmart, Inc.             Trade creditor        $3,657

Koglmeier Law Group, PLC.          Legal services        $3,479

AAA Landlord Services, Inc.        Trade creditor        $3,357


BOWERY TOWER: Case Summary & 11 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Bowery Tower, LLC
        816 56th Street
        Brooklyn, NY 11220

Case No.: 14-40340

Chapter 11 Petition Date: January 28, 2014

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

Judge: Hon. Carla E. Craig

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

Estimated Assets: $8.75 million

Estimated Liabilities: $14.72 million

The petition was signed Miriam Chan, managing member.

A list of the Debtor's 11 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nyeb14-40340.pdf


CATALENT PHARMA: IPO Plan No Impact on Moody's 'B2' CFR
-------------------------------------------------------
Moody's Investors Service said that Catalent Pharma Solutions,
Inc.'s announced plan for an initial public offerings (IPO) is
credit positive. However, Catalent's ratings including its B2
Corporate Family Rating and negative rating outlook are unaffected
by the announcement.

Based in Somerset, New Jersey, Catalent is a leading provider of
advanced dose form and packaging technologies, and development,
manufacturing and packaging services for pharmaceutical,
biotechnology, and consumer healthcare companies. The company
reported revenue of approximately $1.8 billion for the twelve
months ended September 30, 2013. Catalent is a privately held
company, owned by affiliates of The Blackstone Group.


CCC INFORMATION: S&P Revises Outlook to Stable & Affirms 'B' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised the outlook on
Chicago-based CCC Information Services Inc. to stable from
negative and affirmed its 'B' corporate credit rating on the
company.

S&P also affirmed its 'B+' issue-level rating with a recovery of
'2' on the company's $50 million senior secured revolving credit
facility and $466 million first-lien term loan.  The '2' recovery
rating indicates S&P's expectation for substantial (70% to 90%)
recovery for lenders in the event of payment default.

"The rating on CCC reflects the company's 'weak' business risk
profile, characterized by its narrow product focus within a mature
niche market and what we view as a 'highly leveraged' financial
risk profile," said Standard & Poor's credit analyst Katarzyna
Nolan.

The company's significant base of recurring revenues, high
barriers to entry, and solid operating margins partly offset these
factors.  S&P views the industry risk as "intermediate" and the
country risk as "very low."

The stable outlook reflects CCC's stable free cash flow
generation, resulting from its recurring and predictable revenue
base.

Rating upside is limited in the near-to-intermediate term given
the company's highly leveraged financial profile and S&P's
expectation that its ownership structure will preclude any
substantial leverage reduction.

S&P would lower the corporate credit rating to 'B-' if intensified
competition, debt finance acquisitions, or shareholder returns
result in leverage sustained above the mid-7x area.


CHIQUITA BRANDS: Moody's Affirms B2 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service changed the rating outlook for Chiquita
Brands International Inc. to stable from negative while affirming
all ratings of the company, including its B2 Corporate Family
Rating (CFR) and B2-PD Probability of Default Rating (PDR).
Moody's also affirmed the company's SGL-3 liquidity rating. The
change in the outlook to stable reflects Moody's expectation for
continued improvement in Chiquita's credit metrics, which have
recently benefitted from margin improvement largely as a result of
cost saving initiatives.

According to Moody's Analyst Brian Silver, "The stabilization of
Chiquita's outlook reflects the company's improving cost
structure, which will strengthen the resilience of the company's
credit metrics during periods of inevitable top-line volatility
inherent to agricultural commodities." Silver continues, "We
expect Chiquita's profitability and cash flows to continue to
improve over time, driven by better farming and logistics in
bananas and higher factory throughput rates in salads".

The following ratings have been affirmed at Chiquita Brands
International, Inc.:

Corporate Family Rating at B2;

Probability of Default Rating at B2-PD; and

Speculative Grade Liquidity Rating of SGL-3

The following ratings have been affirmed at Chiquita Brands LLC
(with point estimate change):

$425 million senior secured notes due 2021 to B1 (LGD3, 37%) from
B1 (LGD3, 40%)

The outlook is stable.

Ratings Rationale

The B2 CFR incorporates Chiquita's high though improving financial
leverage profile, ongoing business volatility and uncertainty with
respect to potentially material litigation exposure. Further, the
rating is constrained by Chiquita's vulnerability to sharp
performance fluctuations due to the commodity-like nature of its
banana and value-added salad products as well as external factors
including fuel prices, weather, crop infestation, currency
exchange rates and local government policies. The rating favorably
reflects Chiquita's geographic diversification and well-
established brands, namely Chiquita and Fresh Express. In
addition, the rating incorporates the company's adequate liquidity
profile, supported by the presence of an ABL and expectations for
positive free cash flow generation during the next twelve months.

The SGL-3 speculative grade liquidity rating reflects Moody's
expectation that Chiquita will maintain an adequate liquidity
profile over the next twelve months, supported by positive free
cash flow generation, healthy levels of balance sheet cash, and
access to its $150 million ABL (subject to borrowing base
limitations). Aggregate cash and ABL availability is likely to
exceed $100 million over the next twelve months to support
operations and provide liquidity cushion. At September 30, 2013
Chiquita had approximately $160 million of liquidity comprised of
$72 million of balance sheet cash and $88 million of ABL
availability (borrowing base availability of $112 million less $24
million of L/C's). Although Moody's expects limited reliance on
the ABL, we believe the credit facility is small in relation to
the size of the company.

The stable outlook reflects Moody's expectation for continued
improvement in credit metrics, largely as a result of cost saving
initiatives undertaken during the last 18 months, and that
leverage will improve to below 6.0 times in the near term. The
company continues to face headwinds including challenges to raw
product sourcing in salads and European banana volume pressure
(due to prioritization of price over volume). However, we
anticipate the company will grow its salad volumes in 2014
assuming the company can maintain the increased run rate levels
achieved by the addition of new business wins in fiscal year 2013.
We further expect that banana market pricing will exhibit typical
seasonal volatility patterns during the next 12 months, but that
the company will continue to weigh the benefits of pricing at the
expense of volumes without sacrificing profitability. The stable
outlook also assumes that any outcome from pending litigation will
be manageable and will not involve any material near-term cash
outflows.

The ratings could be upgraded if Chiquita is able to sustain
leverage, as measured by Moody's adjusted debt-to-EBITDA, below
4.0 times while maintaining at least an adequate liquidity
profile. In addition, Moody's would expect interest coverage, as
measured by Moody's adjusted EBITA-to-interest, to approach 2.0
times. Alternatively, the ratings could be downgraded if Chiquita
fails to maintain roughly $100 million of liquidity, including
cash and ABL availability, given the inherent volatility of its
operations. The ratings could also be downgraded if Chiquita's
performance deteriorates and Moody's adjusted debt-to-EBITDA is
sustained above 6.0 times for several quarters, or if EBITA-to-
interest falls below 0.5 times. In addition, if there were to be a
material litigation-related event the ratings could be downgraded
or placed on review for downgrade.

The principal methodology used in this rating was the Global
Protein and Agriculture Industry Methodology published in May
2013. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Chiquita Brands International, Inc, based in Charlotte, North
Carolina, is a leading international marketer and distributor of
bananas and other fresh produce in over 70 countries and a
producer of packaged salads under the Fresh Express brand name
primarily in the United States. Total sales for the twelve month
period ended September 30, 2013 were nearly $3.05 billion.


CJS ENTERPRISES: Case Summary & 5 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: CJS Enterprises, LLC
        995 Camp Trail Rd.
        Quakertown, PA 18951

Case No.: 14-10635

Chapter 11 Petition Date: January 28, 2014

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

Judge: Hon. Judge Eric L. Frank

Debtor's Counsel: Anthony A. Frigo, Esq.
                  THE LAW OFFICES OF ANTHONY A. FRIGO
                  Suite 230, One West Main Street
                  Norristown, PA 19401
                  Tel: (610) 272-8644
                  Email: anthonyfrigo@msn.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Christian Sakelson, owner.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/paeb14-10635.pdf


E.H. MITCHELL: Taps Richard Martinez as Special Counsel
-------------------------------------------------------
E.H. Mitchell & Company LLC seeks authorization from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to employ
Richard W. Martinez as special counsel.

Mr. Martinez will represent the Debtor in Adversary Proceeding No.
13-01106, either in this court or the state court venue, and in
the formulation of the Debtor's plan and its confirmation as well
as other matters which might arise out of or be related to the
areas of his retention.

The Debtor will pay Mr. Martinez $350 per hour, plus reimbursement
of expenses, for legal services, subject to application and
approval of the Court prior to payment.

Mr. Martinez 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.

Mr. Martinez can be reached at:

       Richard W. Martinez, Esq.
       650 Poydras Street, Suite 1430
       New Orleans, LA 70130
       Tel: (504) 586-1996

E. H. Mitchell & Company LLC sought protection under Chapter 11 of
the Bankruptcy Code on Oct. 8, 2013, (Case No. 13-12786, Bankr.
E.D. La.).  The case is assigned to Judge Jerry A. Brown.

The Debtor is represented by Robert L. Marrero, Esq., at Robert
Marrero, LLC, in New Orleans, Louisiana.

The petition was signed by Michael Furr, secretary/member.


EFUSION SERVICES: Hires Powell Theune as Counsel
------------------------------------------------
eFusion Services LLC seeks authorization from the U.S. Bankruptcy
Court for the District of Colorado to employ Powell Theune PC as
counsel, effective Dec. 20, 2013.

The Debtor requires Powell Theune to:

   (a) provide the Debtor with legal counsel with respect to its
       powers and duties as Debtor and Debtor-in-possession;

   (b) prepare on behalf of the Debtor the necessary applications,
       complaints, answers, motions, reports and other legal
       papers, and representing the Debtor in negotiations and at
       all hearings in this case and related proceedings;

   (c) assist the Debtor in the preparation and confirmation of a
       Chapter 11 disclosure statements and plans, if appropriate;
       and

   (d) perform other legal services for Debtor, which may be
       necessary herein.

Powell Theune will be paid at these hourly rates:

       Philipp C. Theune            $275
       Paralegals                   $125

Powell Theune will also be reimbursed for reasonable out-of-pocket
expenses incurred.

On Dec. 11, 2013, Powell Theune received a retainer in the amount
of $7,480, paid by the Debtor, the bulk of which has been used on
pre-petition fees and costs.  The balance remains in Powell
Theune's COLTAF account.

Philipp C. Theune, Esq., attorney of Powell Theune, 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.

Powell Theune can be reached at:

       Philipp C. Theune, Esq.
       POWELL THEUNE PC
       6595 West 14th Ave., Suite 100
       Lakewood, CO 80206
       Tel: (303) 832-1150
       Fax: (303) 845-6934
       E-mail: ptheune@PowellTheune.com

eFusion Services LLC filed a Chapter 11 bankruptcy petition
(Bankr. D. Colo. Case No. 13-30740) on Dec. 20, 2013.  The
petition was signed by Paul Lufkin, Manager of eFusion Management
LLC.  The Debtor disclosed total assets of $35 million and total
liabilities of $28.6 million.  The Hon. Michael E. Romero presides
over the case.


EL FARMER: Court Dismisses Chapter 11 Case
------------------------------------------
The U.S. Bankruptcy Court last month approved a motion filed by PR
Asset Portfolio 2013-1 Intl. LLC to dismiss the chapter 11 case of
El Farmer, Inc. The order is dated Dec. 5, 2013.

El Farmer, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case
No. 12-09687) in Old San Juan, Puerto Rico on Dec. 7, 2012.  The
Debtor scheduled $18.3 million in assets and $12.0 million in
liabilities, including $11.0 million owed to secured creditor
Banco Popular De Puerto Rico.  The Debtor owns farm lands in
Isabela, Puerto Rico.  Modesto Bigas Mendez, Esq., at Bigas &
Bigas, in Ponce, P.R., represents the Debtor as counsel.


ENDICOTT INTERCONNECT: Can Employ Davidson Fox as Accountants
-------------------------------------------------------------
David W. Van Rossum, the chief restructuring officer of Endicott
Interconnect Technologies, Inc. and El Transportation Company,
LLC, sought and obtained permission from the U.S. Bankruptcy Court
for the Northern District of New York to employ Davidson Fox &
Company, LLP as the Debtors' accountants, nunc pro tunc to
July 10, 2013.

Davidson Fox's services will include:

   (a) preparation of the 2012 federal tax return with supporting
       schedules;

   (b) preparation of any 2012 state income tax returns, as
       requested;

   (c) preparation of any bookkeeping entries that Davidson Fox
       finds necessary in connection with the preparation of the
       income tax returns;

   (d) preparation and posting of any adjusting entries;

   (e) assistance with the ongoing Internal Revenue Service
       examination, specifically working with management,
       shareholders, outside counsel and any additional
       consultants as required; and

   (f) providing advice concerning accounting, tax planning and
       business matters.

Davidson Fox will be paid at these hourly rates:

       Mark Wasser                 $435
       Jesse Wheeler               $420
       Robert Davis                $405
       Tera Stanton                $240
       Jamie Atkinson              $240
       Jennifer Stone              $225
       Steven Gleixner             $217.50
       Patricia Wells              $217.50
       Benjamin Larson             $195
       Jacqueline McDonnell        $195
       Lisa Leard                  $180
       Jenny Yang                  $172.50

Prior to the petition date, Davidson Fox provided accounting and
consultation services to the Debtors in connection with, among
other things, filing of the Debtors' tax returns.  As of the
July 10, 2013 petition date, the Debtors owed Davidson Fox the sum
of $150,960 for services rendered during the pre-petition period.
Davidson Fox has agreed to waive the $150,960 pre-petition claim.

Davidson Fox has requested a post-petition retainer in the amount
of $37,750, which retainer will cover the fees and expenses
associated with the preparation of the Debtors' 2012 tax returns.
In addition, Davidson Fox has requested an additional $20,000
post-petition retainer to cover the fees and expenses associated
with the Internal Revenue Service examinations.

Davidson Fox will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mark A. Wasser, Esq., partner of Davidson Fox, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtors and their estates.

                  About Endicott Interconnect

Endicott Interconnect Technologies, Inc., and its affiliates filed
a Chapter 11 petition (Bankr. N.D.N.Y. Case No. 13-bk-61156) in
Utica, New York, on July 10, 2013, to sell the business before
cash runs out by the end of September.  David W. Van Rossum is the
Debtors' sole officer.  Bond, Schoeneck & King, PLLC, is counsel
to the Debtor.

Based in Endicott, New York, and formed in 2002, EIT is the
successor to the microelectronics division of IBM Corp.  The
products are used in aerospace, defense and medication
applications, among others.

The Company sought Chapter 11 bankruptcy protection after
suffering $100 million in operating losses in the last four years.
In addition to $16 million in secured claims, trade suppliers are
owed $34 million.  There is another $32 million owing for loans
made by shareholders.  The Company said the book value of property
is $36 million.

An official committee of unsecured creditors has been appointed in
the case with Avnet Electronics Marketing, Arrow Electronics,
Inc., Acbel Polytech, Inc., Cadence Design Systems, Inc.,
Orbotech, Inc., Tyco Electronics, and High Performance Copper
Foil, Inc. as members.  The committee is represented by Arent Fox
LLP.

The official creditors' committee said there could be
$20.8 million in claims to bring against insiders.  In August, the
judge authorized the committee to conduct an investigation of the
insiders.


EXIDE TECHNOLOGIES: Panel Can Retain Geosyntec as Consultants
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of Exide
Technologies Inc. sought and obtained authorization from the U.S.
Bankruptcy Court for the District of Delaware to retain Geosyntec
Consultants as environmental consultants to the Committee.

The Committee requires Geosyntec Consultants to:

   (a) assist the Committee in evaluating potential environmental
       exposure at various of the Debtor's current and former
       plant sites;

   (b) assist the Committee in understanding and evaluating
       potential future capital expenditures necessary to comply
       with regulatory requirements;

   (c) assist the Committee in understanding and evaluating
       possible exposure to claims stemming from Exide's
       operations; and

   (d) provide other services as requested by the Committee.

Geosyntec Consultants will be paid at these hourly rates:

       Michael Berman               $270
       Michael McKibben             $270
       Jeffrey Leed                 $270
       Professional                 $122-$215
       Associate                    $240
       Principal                    $270
       Other Staff                   $52-$135

Geosyntec Consultants will also be reimbursed for reasonable out-
of-pocket expenses incurred.

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

                     About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

Exide first sought Chapter 11 protection (Bankr. Del. Case No.
02-11125) on April 14, 2002 and exited bankruptcy two years after.
Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland &
Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl &
Jones LLP represented the Debtors in their successful
restructuring.

Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No.
13-11482) on June 10, 2013.  Exide's international operations were
not included in the filing and have continued their business
operations without supervision from the U.S. courts.

When it filed for bankruptcy, the Debtor disclosed $1.89 billion
in assets and $1.14 billion in liabilities as of March 31, 2013.
In its formal schedules filed with the Court in August 2013, Exide
listed $1,704,327,521 (plus undetermined amounts) in total assets;
and $988,700,577 (plus undetermined amounts) in total liabilities.

For the 2013 case, Exide has tapped Anthony W. Clark, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang
Ziehl & Jones LLP as counsel; Alvarez & Marsal as financial
advisor; Sitrick and Company Inc. as public relations consultant
and GCG as claims agent.

The Official Committee of Unsecured Creditors is represented by
Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as
co counsel.  Zolfo Cooper, LLC serves as its bankruptcy
consultants and financial advisors.


FISKER AUTOMOTIVE: Can Tap Kirkland & Ellis as Attorneys
--------------------------------------------------------
Fisker Automotive Holdings, Inc. and its debtor-affiliates sought
and obtained authorization from the U.S. Bankruptcy Court for the
District of Delaware to employ Kirkland & Ellis LLP as attorneys,
nunc pro tunc to the Nov. 22, 2013 petition date.

The Debtors require Kirkland & Ellis to, among other things:

   (a) advise the Debtors with respect to their powers and duties
       as debtors in possession in the continued management and
       operation of their businesses and properties;

   (b) advise and consult on the conduct of these chapter 11
       cases, including all of the legal and administrative
       requirements of operating in chapter 11; and

   (c) attend meetings and negotiate with representatives of
       creditors and other parties in interest.

Kirkland & Ellis will be paid at these hourly rates:

       James H.M. Sprayregen          $1,195
       Anup Sathy                     $1,095
       Ryan Preston Dahl              $775
       Partners                       $665-$1,225
       Of Counsel                     $415-$1,195
       Associates                     $450-$835
       Paraprofessionals              $170-$355

On March 21, 2013, the Debtors paid $900,000 to Kirkland & Ellis
as a classic retainer and the Debtors subsequently made additional
classic retainer payments to Kirkland & Ellis.

Kirkland & Ellis will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Anup Sathy, partner of Kirkland & Ellis, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

                      About Fisker Automotive

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

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

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

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

On November 5, 2013, the Official Committee of Unsecured Creditors
was appointed. The members are: (a) David M. Cohen; (b) Sven
Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna
E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc.
The Committee is represented by William R. Baldiga, Esq., and
Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti,
Esq., at Saul Ewing LLP.

Fisker sought bankruptcy protection to pursue a private sale of
its business to Hybrid Tech Holdings, LLC.  The Committee,
however, wants a sale public sale, and has identified Wanxiang
America Corporation as stalking horse bidder.

Hybrid was initially under contract to buy Fisker in exchange for
$75 million of the $168.5 million government loan it acquired
immediately before the Debtor's Chapter 11 filing.  Hybrid later
raised its offer by adding an additional $1 million cash and
agreeing to share proceeds from the sale of a facility in Delaware
it doesn't intend to operate.  Hybrid also offered to pay real
estate taxes on the Delaware plant.  Hybrid also will waive $90
million in deficiency claims that otherwise would dilute unsecured
creditors' recovery.

Wanxiang, as stalking horse bidder, initially offered $25.8
million in cash.  However, Wanxiang has said it has raised its
offer by $10 million and is willing to go higher.

After the hearings on Jan. 10 and 13, the Court directed a public
auction, and capped Hybrid's credit bid to $25 million.

In response, Hybrid raised its offer to $55 million.

Hybrid is represented by Tobias Keller, Esq., and Peter
Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco,
California.

Wanxiang, which bought A123 Systems, Inc., a manufacturer of
lithium-ion batteries used in electric vehicles such as the Fisker
Karma, in a bankruptcy auction early in 2013 for $256.6 million,
is represented in Fisker's case by Sidley Austin LLP's Bojan
Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway
Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady,
Esq., and Kenneth J. Enos, Esq.


FISKER AUTOMOTIVE: Can Hire Pachulski Stang as Co-Counsel
---------------------------------------------------------
Fisker Automotive Holdings, Inc. and its debtor-affiliates sought
and obtained permission from the U.S. Bankruptcy Court for the
District of Delaware to employ Pachulski Stang Ziehl & Jones LLP
as co-counsel, nunc pro tunc to the Nov. 22, 2013 petition date.

The Debtors require Pachulski Stang, among other things, to:

   (a) provide legal advice with respect to the Debtors? powers
       and duties as debtors in possession in the continued
       operation of their businesses and management of their
       property;

   (b) prepare on behalf of the Debtors any necessary
       applications, motions, answers, orders, reports, and other
       legal papers; and

   (c) appear in Court on behalf of the Debtors.

Pachulski Stang will be paid at these hourly rates:

       Laura Davis Jones          $975
       James E. O?Neill           $695
       Peter J. Keane             $425
       Monica A. Molitor          $295

Pachulski Stang will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Pachulski Stang received payments from the Debtors during the year
prior to the petition date in the amount of $117,426 including the
Debtors' aggregate filing fees for these cases, in connection with
its prepetition representation of the Debtors.  Pachulski Stang is
current as of the petition date, but has not yet completed a final
reconciliation of its prepetition fees and expenses.  Upon final
reconciliation of the amount actually expended prepetition, any
balance remaining from the prepetition payments to the Firm will
be credited to the Debtors and utilized as Pachulski Stang?s
retainer to apply to post-petition fees and expenses pursuant to
the compensation procedures approved by this Court in accordance
with the Bankruptcy Code.

Laura Davis Jones, partner of Pachulski Stang, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtors and their estates.

                      About Fisker Automotive

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

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

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

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

On November 5, 2013, the Official Committee of Unsecured Creditors
was appointed. The members are: (a) David M. Cohen; (b) Sven
Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna
E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc.
The Committee is represented by William R. Baldiga, Esq., and
Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti,
Esq., at Saul Ewing LLP.

Fisker sought bankruptcy protection to pursue a private sale of
its business to Hybrid Tech Holdings, LLC.  The Committee,
however, wants a sale public sale, and has identified Wanxiang
America Corporation as stalking horse bidder.

Hybrid was initially under contract to buy Fisker in exchange for
$75 million of the $168.5 million government loan it acquired
immediately before the Debtor's Chapter 11 filing.  Hybrid later
raised its offer by adding an additional $1 million cash and
agreeing to share proceeds from the sale of a facility in Delaware
it doesn't intend to operate.  Hybrid also offered to pay real
estate taxes on the Delaware plant.  Hybrid also will waive $90
million in deficiency claims that otherwise would dilute unsecured
creditors' recovery.

Wanxiang, as stalking horse bidder, initially offered $25.8
million in cash.  However, Wanxiang has said it has raised its
offer by $10 million and is willing to go higher.

After the hearings on Jan. 10 and 13, the Court directed a public
auction, and capped Hybrid's credit bid to $25 million.

In response, Hybrid raised its offer to $55 million.

Hybrid is represented by Tobias Keller, Esq., and Peter
Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco,
California.

Wanxiang, which bought A123 Systems, Inc., a manufacturer of
lithium-ion batteries used in electric vehicles such as the Fisker
Karma, in a bankruptcy auction early in 2013 for $256.6 million,
is represented in Fisker's case by Sidley Austin LLP's Bojan
Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway
Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady,
Esq., and Kenneth J. Enos, Esq.


FLETCHER INTERNATIONAL: Trustee Files Report Dated Jan. 13
----------------------------------------------------------
Richard J. Davis, the Chapter 11 trustee for Fletcher
International, Ltd., filed on Jan. 13, 2014, a supplement to his
Report and Disclosure Statement dated Nov. 25, 2013.

Mr. Davis made the amendments in light of (i) informal comments
from parties-in-interest and written objections from two insiders
whose conduct is criticized in the Report and who take issue with
portions of the report, and (ii) extensive discussions with the
Arbitrage, Leveraged and Alpha JOLs, the MBTA.

As set forth in the report, the Trustee has already liquidated the
Debtor's liquid assets, and, other than a potential recovery on a
dispute involving a warrant issued by UCBI, the primary expected
source of recovery to FILB's creditors will likely be from
litigation against these insiders and service providers.

A copy of the Report dated Jan. 13, 2014, is available for free at
http://bankrupt.com/misc/Fletcher_Report_DS_Jan2014.pdf

A copy of the memorandum of law in support of the motion for
approval of the Disclosure Statement is available for free at:
http://bankrupt.com/misc/Fletcher_Memo_Law_DS_Jan2014.pdf

As reported in the Jan. 29, 2014 edition of the TCR, Judge Robert
E. Gerber on Jan. 17 approved the Disclosure Statement explaining
Fletcher's liquidating plan, after determining that the Plan
outline contained "adequate information" as the term is defined by
Section 1125(a) of the Bankruptcy Code.

The deadline to vote to accept or reject the Plan is Feb. 18,
2014, at 5:00 p.m. (EST).  Any objections to the confirmation of
the Plan must be submitted on or before that day.  The Chapter 11
Trustee is required to file his response to any confirmation
objection by no later than Feb. 28.

The confirmation hearing will be held March 4, 2014, at 9:45
a.m. (EST).

                       The Liquidating Plan

The Chapter 11 Trustee proposed a liquidating plan.  The Trustee
has already liquidated the limited amount of the Debtor's assets
for which there is a ready market, and proposes to liquidate the
Debtor's as-yet unliquidated assets and claims under the
supervision of a plan administrator and advisory board.  These
claims and assets consist primarily of preference and fraudulent
conveyance claims, claims relating to the liquidation of certain
securities owned by the Debtor, and a few assets, which with one
or two possible exceptions, are of limited, if any, value.  These
Liquidation Recoveries will be used first to satisfy
administrative and priority claims and will then be distributed
pro rata to the unsecured creditors and the investors in Classes 3
and 4.  In addition, a key part of the Plan is the creation of a
pool of certain litigation claims, also to be administered by the
Plan Administrator and Advisory Board.

The Pooled Claims -- principally fraud, breach of fiduciary duty,
negligence and similar tort claims against Insiders and affiliates
and certain service providers and professionals  -- will be pooled
together with similar claims belonging to the Debtor's feeder
funds and certain of its ultimate investors.  Net recoveries on
the Pooled Claims will share in the percentages set out in the
Investor Settlement.  FILB's share is 26.8%, which will be
distributed as a Liquidation Recovery.  Finally, the claims of
Insiders and their affiliates will be subordinated or disallowed,
and no distributions will be made on their account.

A full-text copy of the Disclosure Statement dated Jan. 24 is
available at http://bankrupt.com/misc/FLETCHERINTLds0124.pdf

                 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., Lucia T. Chapman, Esq., and Stephanie
E. Hornung, Esq., at Luskin, Stern & Eisler LLP as his
counsel.

The Chapter 11 trustee filed a proposed liquidating Plan in
November 2013.  The disclosure statement was approved on Jan. 17,
2014.


FOREST LABORATORIES: S&P Rates $1.8-Bil. Sr. Unsecured Notes 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue-level
rating to Forest Laboratories Inc.'s $1.8 billion senior unsecured
notes due 2019 and 2021.  S&P assigned a recovery rating of '4' to
the senior unsecured notes, reflecting its expectation of average
(30% to 50%) recovery in the event of payment default, and revised
its existing unsecured recovery rating to '4' from '3'.  The
revised recovery rating reflects the higher level of unsecured
debt following this debt issuance.

The company will use proceeds from the unsecured notes (which were
issued as $1.05 billion due Feb. 1, 2019, and $750 million due
Feb. 15, 2021) to partly fund the $2.9 billion acquisition of
Aptalis Pharma Inc.  The new debt will result in pro forma
leverage of roughly 3.5x at March 31, 2014, but S&P expects
product growth, some synergies, and the benefits of a cost
reduction program will result in leverage declining to about 2.1x
by March 31, 2015.  As a result, the acquisition does not alter
our view that the company's financial risk profile is
"intermediate".

The acquisition of Aptalis, which also has a "weak" business risk
profile because of its narrow focus in gastrointestinal and cystic
fibrosis treatments, will add some product and therapeutic
diversity but not enough to meaningfully change therapeutic
concentration; integration risks will also persist over the next
year.  As a result, S&P do not expect to revise its assessment of
business risk to fair from weak.

RATINGS LIST

Forest Laboratories Inc.
Corporate credit rating        BB+/Stable/--

Issue Rating Unchanged; Recovery Rating Revised

                                To            From
Forest Laboratories Inc.
Senior unsecured               BB+           BB+
  Recovery rating               4             3

New Rating

Forest Laboratories Inc.
$1.05 bil 4.375% sr nts        BB+
due 2019
   Recovery rating              4
$750 mil 4.875% sr nts         BB+
due 2021
   Recovery rating              4


GPI CUSTOM: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: GPI Custom Gunworks, LLC
          dba GPI
        9127 Philips Highway
        Jacksonville, FL 32256

Case No.: 14-00371

Chapter 11 Petition Date: January 28, 2014

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

Debtor's Counsel: Taylor J King, Esq.
                  LAW OFFICES OF MICKLER & MICKLER
                  5452 Arlington Expressway
                  Jacksonville, FL 32211
                  Tel: 904-725-0822
                  Fax: 904-725-0855
                  Email: court@planlaw.com

Total Assets: $216,250

Total Liabilities: $1.39 million

The petition was signed by Lee Firpo, manager.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flmb14-00371.pdf


GPI MANUFACTURING: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: GPI Manufacturing, LLC
           dba GPI
        9127 Philips Highway
        Jacksonville, FL 32256

Case No.: 14-00369

Chapter 11 Petition Date: January 28, 2014

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

Debtor's Counsel: Taylor J King, Esq.
                  LAW OFFICES OF MICKLER & MICKLER
                  5452 Arlington Expressway
                  Jacksonville, FL 32211
                  Tel: 904-725-0822
                  Fax: 904-725-0855
                  Email: court@planlaw.com

Total Assets: $215,686

Total Liabilities: $1.23 million

The petition was signed by Lee Firpo, managing member.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flmb14-00369.pdf


HEALTH MANAGEMENT: S&P Withdraws 'BB-' Ratings After Acquisition
----------------------------------------------------------------
Standard & Poor's Ratings Services said it removed its 'BB-'
issue-level ratings on Health Management Associates Inc.'s
$500 million senior secured revolver, $1 billion senior secured
term loan A, $1.2 billion senior secured term loan B, and
$400 million senior secured notes from CreditWatch developing.
S&P also removed the 'B-' issue-level rating on the company's
$1 billion senior unsecured notes from CreditWatch positive.

S&P subsequently withdrew all of its ratings on the company,
including its 'B+' corporate credit rating, following the closing
of Community Health Systems Inc.'s acquisition of Health
Management Associates Inc.  Health Management Associates Inc.'s
bank facilities have been repaid as a result of the merger, and
the majority of its debt has been successfully tendered.


HIBU INC: Chapter 15 Case Summary
---------------------------------
Chapter 15 Petitioner: Christian Henry Wells

Chapter 15 Debtors:

     Debtor                                     Case No.
     ------                                     --------
     hibu Inc.                                  14-70323
       aka Yellowbook Inc.
       aka Yellow Book Sales & Distribution
           Company, Inc.
       aka Yellow Book USA, Inc.
     210 RXR Plaza
     Uniondale, NY 11556

     hibu Holdings (USA) Inc.

     hibu of Pennsylvania, Inc.

     hibuTel Inc.                               14-70328
       aka YPTel Inc.
     c/o CT Corporation
     520 Pike Street,  Suite 985
     Seattle, WA 98101

     Znode Inc.                                 14-70329
       aka Znode LLC
       aka Swiftjobs Corporation
     8415 Pulsar Place, Suite 200
     Columbus, OH 43240

     hibu (USA) LLC                             14-70324
       aka YB (USA) LLC
     c/o CT Corporation
     1209 Orange Street
     Wilmington, DE 19801

Type of Business: Print and digital directory and digital services
                  provider.

Chapter 15 Petition Date: January 28, 2014

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

Judge: Hon. Robert E. Grossman

Chapter 15 Petitioner's  James H Sprayregen, Esq.
Counsel:                 KIRKLAND & ELLIS LLP
                         300 N.LaSalle Street
                         Chicago, IL 60654
                         Tel: 312-862-2481
                         Fax: 312-862-2200
                         Email: james.sprayregen@kirkland.com

Hibu Inc. Estimated Assets: more than $1 billion
Hibu Inc. Estimated Debts: more than $1 billion

Hibu (USA) Estimated Assets: more than $1 billion
Hibu (USA) Estiamted Debts: more than $1 billion

hibuTel Inc. Estimated Assets: $50 million to $100 million
hibuTel Inc. Estimated Debts: more than $1 billion

Znode, Inc. Estimated Assets: $10 million to $50 million
Znode, Inc. Estimated Debts: more than $1 billion


HUDSON'S BAY: Real Estate Sale No Impact on Moody's B1 Rating
-------------------------------------------------------------
Moody's Investors Service said that Hudson's Bay Company's
announcement that it has agreed to a sale/leaseback of its
downtown Toronto flagship retail complex and the Simpson's Tower
located at 401 Bay Street to an affiliate of The Cadillac Fairview
Corporation Limited for a purchase price of CAD $650 million is
considered a possible credit positive for the company, depending
on the extent of debt paydown with the proceeds. There is no
impact at the current time on the company's B1 Corporate Family
Rating or the stable rating outlook.

Hudson's Bay Company (HBC), headquartered in Toronto, Canada,
operates Hudson's Bay, Canada's largest department store with 90
full-line locations and one outlet store as well as thebay.com. In
the United States, In the United States, HBC operates Saks Fifth
Avenue, which operates 41 full-line stores, five international
licensed stores, saks.com, 72 Saks Fifth Avenue OFF 5TH stores and
saksoff5th.com. HBC also operates Lord & Taylor, a department
store chain with 49 full-line store locations throughout the
northeastern United States, in two major cities in the Midwest and
in Boca Raton, Florida.


INC RESEARCH: Moody's Hikes CFR to B2 & Unsec. Notes Rating to Ba3
------------------------------------------------------------------
Moody's Investors Service upgraded the ratings of INC Research,
LLC ("INC"), including the Corporate Family Rating to B2 from B3
and the Probability of Default Rating to B2-PD from B3-PD. The
ratings on the senior secured credit facility and unsecured notes
were also upgraded by one notch to Ba3 and Caa1, respectively. The
outlook is stable.

The upgrade of the ratings reflects INC's improved operating
trends and liquidity. Moody's expects that adjusted leverage will
continue to decline in 2014 to the mid-5.0x range as the company
benefits from strong industry growth trends as well as better
business execution. The company's extensive restructuring programs
that were implemented following the Kendle acquisition in 2011 are
largely concluded, leading to an improved cost structure. In
addition, Moody's expects that lower severance and restructuring
costs in 2014 will contribute to improved free cash flow over the
next 12 months. The upgrade also reflects the improvement in
liquidity characterized by the expectation for sustained positive
free cash flow, cash in excess of $60 million and ample headroom
under its covenants.

The following ratings were upgraded:

INC Research, LLC

Corporate Family Rating, to B2 from B3;

Probability of Default Rating, to B2-PD from B3-PD;

$75 million senior secured revolving credit facility, to Ba3 (LGD
2, 23%) from B1 (LGD2, 24%)

$300 million senior secured term loan, to Ba3 (LGD 2, 23%) from B1
(LGD2, 24%)

$300 million senior unsecured notes, to Caa1 (LGD5, 79%) from Caa2
(LGD5, 79%)

The outlook is stable.

Ratings Rationale

The B2 Corporate Family Rating reflects INC's size relative to
several much larger competitors within the highly competitive CRO
industry, as well as Moody's expectation for high (though
improving) leverage and free cash flow that is modest relative to
debt. The ratings are also constrained by project cancellation
risk that is inherent in the CRO industry, which can lead to
volatility in revenue and cash flow.

The ratings are supported by solid recent business wins, strong
industry-wide growth trends and the benefits of multiple
restructuring efforts, which Moody's expects will to drive growth
in INC's EBITDA and cash flow over the next 12-18 months. The
ratings are also supported by Moody's expectation for good
liquidity and industry-wide valuation multiples which support good
recovery for creditors.

If the company is able to sustain strong net new business wins and
maintain profitability margins such that Moody's expects leverage
to decline below 4.0 times, and free cash flow to debt to be
sustained above 10%, Moody's could upgrade the ratings.

The ratings could be downgraded if leverage is expected to
increase above 6.0 times or if free cash flow to debt is expected
to be sustained below 2%. Weak net new business, elevated project
cancellations or sustained declines in profit margins could also
lead to a ratings downgrade. Further, any material weakening of
liquidity, or material acquisitions or shareholder dividends could
also lead to a downgrade.

INC Research, LLC ("INC"), is a leading global contract research
organization ("CRO"), providing outsourced contract research for
pharmaceutical and biotechnology companies. INC's main area of
focus is late-stage clinical trials. The company is privately held
by Avista Capital Partners and Ontario Teachers' Pension Plan. Net
service revenues for the twelve months ended September 30 2013
approximated $630 million.

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.


KIDD PROPERTIES: Case Summary & 2 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Kidd Properties, LLC
        101 Reedham Way
        Raleigh, NC 27615

Case No.: 14-00505

Chapter 11 Petition Date: January 27, 2014

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

Judge: Hon. Randy D. Doub

Debtor's Counsel: Gerald A Jeutter, Jr., Esq.
                  GERALD A. JEUTTER, JR., ATTORNEY AT LAW PA
                  PO Box 12585
                  Raleigh, NC 27605-2585
                  Tel: 919 334-6631
                  Fax: 919 833-9793
                  Email: jeb@jeutterlaw.com

Total Assets: $1.63 million

Total Liabilities: $1.27 million

The petition was signed by Daniel Kidd, member/manager.

A list of the Debtor's two largest unsecured creditors is
available for free at http://bankrupt.com/misc/nceb14-00505.pdf


LAFAYETTE YARD: Court Okays Panel's Hiring of CBIZ NY as Advisor
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Lafayette Yard
Community Development Corporation sought and obtained
authorization from the U.S. Bankruptcy Court for the District of
New Jersey to retain CBIZ Accounting, Tax & Advisory of New York,
LLC ("CBIZ NY") as financial advisor the Committee, effective
Nov. 5, 2013.

The Committee requires CBIZ NY to:

   (a) assist the Committee in its evaluation of the Debtor's
       post-petition cash flow and other projections and budgets
       prepared by the Debtor or its financial advisor;

   (b) monitor the Debtor's activities regarding cash expenditures
       and general business operations subsequent to the filing of
       the petition under Chapter 11;

   (c) assist the Committee in its review of monthly operating
       reports submitted by the Debtor or its financial advisor;

   (d) manage or assist with any investigation into the pre-
       petition acts, conduct, transfers property, liabilities and
       financial condition of the Debtor, its management, or
       creditors, including the operation of the Debtor's
       businesses;

   (e) provide financial analysis related to any proposed DIP
       financing, including advising the Committee concerning such
       matters;

   (f) analyze transactions with vendors, insiders, related and
       affiliated entities, subsequent and prior to the date of
       the filing of the petition under Chapter 11;

   (g) assist the Committee or its counsel in any litigation
       proceedings against insiders and other potential
       adversaries;

   (h) review the Debtor's financial advisor's list of prospective
       purchasers, and suggest additional prospective purchasers;

   (i) assist the Committee in its review of the financial aspects
       of any proposed sale agreement or evaluating any plan of
       reorganization/liquidation.  If applicable, assist the
       Committee in negotiating, evaluating and quantifying any
       competing offers;

   (j) attend meetings with representatives of the Committee and
       its counsel.  Prepare presentations to the Committee that
       provides analyses and updates on diligence performed; and

   (k) perform any other services that may be necessary in CBIZ
       NY's role as financial advisor to the Committee or that may
       be requested by Committee counsel or the Committee.

CBIZ NY will be paid at these hourly rates:

       Directors and Managing Directors        $410-$695
       Managers and Senior Managers            $315-$410
       Senior Associates and Staff             $100-$350

CBIZ NY will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Charles M. Berk, managing director of CBIZ NY, 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.

CBIZ NY can be reached at:

       Charles M. Berk
       CBIZ ACCOUNTING, TAX AND
       ADVISORY OF NEW YORK, LLC
       1065 Avenue of the Americas
       New York, NY 10018
       Tel: (212) 790-5883
       Fax: (212) 790-5909
       E-mail: cberk@cbiz.com

   About Lafayette Yard Community Development Corporation

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


LAFAYETTE YARD: Court OKs Hiring of Lowenstein Sandler as Counsel
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Lafayette Yard
Community Development Corporation sought and obtained permission
from the U.S. Bankruptcy Court for the District of New Jersey to
retain Lowenstein Sandler LLP as counsel to the Committee,
effective Nov. 1, 2013.

The Committee requires Lowenstein Sandler to:

   (a) provide legal advice as necessary with respect to the
       Committee's powers and duties as an official committee
       appointed under 11 U.S.C. Section 1102;

   (b) provide legal advice as necessary with respect to any sale
       of the Debtor's assets and the process for approving or
       disapproving any such sale;

  (c) assist the Committee in investigating the acts, conduct,
      assets, liabilities, and financial condition of the Debtor,
      the operation of the Debtor's business, potential claims,
      and any other matters relevant to the Chapter 11 Case,
      including the sale of the Debtor's assets and the
      formulation of a plan of reorganization or liquidation;

  (d) participate in the formulation of a Plan;

  (e) provide legal advice as necessary with respect to any
      disclosure statement and Plan filed in the Chapter 11 case
      and with respect to the process for approving or
      disapproving disclosure statements and confirming or denying
      confirmation of a Plan;

  (f) prepare applications, motions, complaints, answers, orders,
      agreements and other legal papers on behalf of the
      Committee, as necessary;

  (g) appear in Court to present necessary motions, applications,
      and pleadings, and otherwise protecting the interests of
      those represented by the Committee;

  (h) assist the Committee in requesting the appointment of a
      trustee or examiner should such action be necessary; and

  (i) perform such other legal services as may be required and
      that are in the best interests of the Committee and the
      Debtor's general unsecured creditors.

Lowenstein Sandler will be paid at these hourly rates:

      Partners of the Firm            $500-$985
      Senior Counsel and Counsel      $385-$685
      Associates                      $275-$480
      Paralegals and Assistants       $160-$270

Lowenstein Sandler will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Mary E. Seymour, member of Lowenstein Sandler, 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.

Lowenstein Sandler can be reached at:

       Mary E. Seymour, Esq.
       LOWENSTEIN SANDLER LLP
       65 Livingston Avenue
       Roseland, NJ 07068
       Tel: (973) 597-2500
       Fax: (973) 597-2400

   About Lafayette Yard Community Development Corporation

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


LANSING TRADE: Moody's Assigns B1 CFR & Rates $175MM Notes B3
-------------------------------------------------------------
Moody's Investors Service assigned a B1 Corporate Family Rating
(CFR) and a B1-PD Probability of Default Rating to Lansing Trade
Group LLC (Lansing). Moody's also assigned a B3 rating to the
proposed $175 million senior unsecured notes due 2021. The
proceeds of the notes will be used to repay existing term loan
debt used to finance the partial redemption of shares owned by
Andersons Agriculture Group L.P., $15 million of subordinated
notes, and revolver borrowings. The ratings outlook is stable. The
following summarizes the ratings activity:

Lansing Trading Group, LLC

Ratings Assigned

Corporate Family Rating - B1

Probability of Default Rating - B1-PD

$175mm sr unsecured notes due 2021 - B3 (LGD6, 91%)

Outlook - stable.

Ratings Rationale

Lansing's B1 Corporate Family Rating (CFR) reflects the company's
size, market position and significant reliance on merchandising in
one region (primarily North America) for the majority of its
earnings. It has modest market shares compared to several larger
and better capitalized competitors that are represented globally
and benefit from vertically integrated commodity processing
operations. The company's modest size (fixed assets of less than
$100 million), thin EBITDA margins compared to other commodity
merchandising and processing companies, and reliance on trading a
limited number of agricultural commodities for the majority of its
earnings are limiting factors. Lansing's relatively small asset
base has grown through acquisitions, and Moody's expects the
company to increase its asset base through further acquisitions,
which may negatively impact leverage metrics.

The CFR is supported by currently low leverage and solid cash flow
metrics. Lansing benefits from its diverse customer base and long-
term relationships with customers, which include large consumer
product companies, and an adequate liquidity profile. Moody's
believes Lansing's financial policy and risk management are
supportive of the rating. Its proprietary trading is largely
confined to a subsidiary with limited capital with no recourse to
the borrower.

The rating outlook is stable. The rating could be upgraded if the
company were able to more than triple its fixed assets, while
maintaining a leverage ratio (net debt / EBITDA) of less than
3.0x. The rating could be downgraded if the company meaningfully
increased its leverage (net debt/EBITDA) to 4.5x on a sustained
basis, if liquidity deteriorated or if retained cash flow/Debt
declines toward 10%.

The principal methodology used in this rating was the Global
Commodity Merchandising and Processing Companies 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.

Lansing Trade Group, LLC , headquartered in Overland Park, Kansas,
is a commodity merchandising company specializing in grain, feed
ingredients and energy products. The company operates through four
segments: North American Agriculture, International Agriculture,
Energy and Proprietary. The company generates the majority of its
revenue in North America. Lansing is owned by Andersons
Agriculture Group, L.P., Macquarie Americas Corp and employees.
Revenue for the twelve months ended September 30, 2013, totaled
$9.4 billion and the company shipped 24 million metric tons of
agricultural and energy commodities.


LEARFIELD COMMUNICATIONS: S&P Affirms 'B' CCR Over Loan Add-on
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Plano, Texas-based Learfield Communications
Holdings Inc., which manages the multimedia rights of universities
with popular sports programs.  The outlook is stable.

At the same time, S&P is affirming the rating on Learfield's
upsized first-lien credit facility (consisting of a $30 million
revolver due 2018 and a $275 million term loan due 2020) at 'B+',
with a recovery rating of '2', indicating S&P's expectation for
substantial (70% to 90%) recovery for lenders in the event of a
payment default.

In addition, S&P is affirming the rating on Learfield's upsized
second-lien credit facility (consisting of a $110 million term
loan due 2021) at 'CCC+', with a recovery rating of '6',
indicating S&P's expectation for negligible (0% to 10%) recovery
for lenders in the event of a payment default.

Learfield plans to use the proceeds from the $85 million add-on
($60 million to first-lien and $25 million to the second-lien) to
finance the acquisition of the sports marketing firm and to pay
for transaction fees and expenses.

The 'B' corporate credit rating on Learfield reflects S&P's
assessment of the company's business risk profile as "weak" and
S&P's assessment of the company's financial risk profile as
"highly leveraged," per our criteria.

"Our assessment of Learfield's business risk profile as weak
reflects the company's limited revenue diversification, limited
potential for additional contract growth as Learfield and its
competitors already have agreements with the majority of
university sports programs that are sizeable enough for such
agreements, and our forecast for limited future profitability
growth.  The acquisition will provide for property diversification
through the addition of universities across new and existing
athletic conferences.  Future profitability will likely be driven
by increasing sponsorship revenue at the universities with which
both entities are already contracted.  We believe a modest amount
of revenue stability from sponsorship agreements at college sports
arenas as well as long-term agreements with universities that
provide expense visibility somewhat temper the risks.  Other
positive factors that temper the risks to Learfield's business
profile are its high market share within the industry and high
barriers to entry, given the majority of eligible universities are
currently contracted by Learfield and its primary competitor.
Learfield's strong relationships with universities and their past
success in attracting sponsors also mitigate the above risks," S&P
said.

"Our assessment of Learfield's financial risk profile as highly
leveraged reflects our expectation for adjusted leverage (adjusted
for the present value of future minimum payments under non-
cancelable event agreements and operating leases) to remain above
6x and for adjusted interest coverage to remain in the low-2x
area, through 2015.  We are forecasting modest EBITDA growth and
minimal debt reduction during that time.  Further, our assessment
incorporates our understanding that Learfield has already booked
its budgeted net sponsorship revenues for fiscal 2014 (Learfield's
fiscal year ends June 30).  It is also our understanding that the
company has already booked a good portion of their estimated net
sponsorship revenue for fiscal 2015, which provides strong
visibility into revenue and performance over the near term," S&P
added.


LIVERY BUILDING: Case Summary & 4 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Livery Building, LLC
        246 Culver Street
        PO Box 194
        Saugatuck, MI 49453

Case No.: 14-00381

Chapter 11 Petition Date: January 27, 2014

Court: United States Bankruptcy Court
       Western District of Michigan (Grand Rapids)

Judge: Hon. Jeffrey R. Hughes

Debtor's Counsel: Cody H. Knight, Esq.
                  RAYMAN & KNIGHT
                  141 East Michigan Ave, Ste 301
                  Kalamazoo, MI 49007
                  Tel: (269) 345-5156
                  Email: courtmail@raymanstone.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ellen J. Heyer, manager.

A list of the Debtor's four largest unsecured creditors is
available for free at http://bankrupt.com/misc/miwb14-00381.pdf


MARTIN MARIETTA: Moody's Places Ba1 CFR Under Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service placed Martin Marietta Materials'
ratings under review for downgrade, including its Ba1 corporate
family rating, Ba1-PD probability of default rating, and Ba1
ratings on its various issues of senior unsecured notes. The
company's speculative grade liquidity rating is SGL-3 and its
commercial paper rating is Not-Prime. The rating action was
prompted by the announcement of Martin Marietta Materials and
Texas Industries entering into a definitive merger agreement to
combine into an aggregates and heavy building materials company.

The following ratings actions were taken:

Issuer: Martin Marietta Materials, Inc.:

Ba1 corporate family rating, placed under review for downgrade;

Ba1-PD probability of default rating, placed under review for
downgrade;

Ba1 (LGD4- 57%) rating on senior unsecured notes, placed under
review for downgrade;

Speculative grade liquidity rating is SGL-3;

Commercial paper rating is Not-Prime.

Ratings Rationale

The transaction is valued at $2.7 billion, including about $0.7
billion of Texas Industries debt to be assumed. The merger will be
financed through a stock-for-stock transaction, where Texas
Industries' shareholders will receive 0.7 of Martin Marietta's
shares for each share of Texas Industries they own. This exchange
ratio represents a 13% premium for Texas Industries' shareholders
over an average exchange ratio of both companies' 90-day stock
price history. Upon consummation of the transaction, Martin
Marietta's shareholders will own approximately 69% of the combined
company, and Texas Industries shareholders will own approximately
31%. The combined company will operate under Martin Marietta
Materials name and will be led by Martin Marietta's current
management team.

In our view, the combined company will benefit from an extended
geographic footprint and distribution network, differentiation of
the product offering as well as from an enhanced vertical
integration in certain markets and the resulting potential
efficiencies associated with it. However, we also recognize that
the transaction will result in an elevated Moody's adjusted debt-
to-EBITDA leverage of approximately 4.5x based on the LTM numbers
of both companies before taking into consideration any potential
synergies. Additionally, this transaction exposes Martin Marietta
to higher volatility inherent to the cement and ready-mixed
concrete business compared to the aggregates products.

The review will focus on the integration plans of the two
companies and the associated risks, the proposed financing and the
resulting capital structure of the combined company along with its
liquidity profile, potential synergies and operating efficiencies
to be realized, as well as the economic conditions and industry
fundamentals of the building materials industry. The review will
also evaluate financial and business strategies of the combined
company and its leverage targets.

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.

Headquartered in Raleigh, North Carolina, Martin Marietta
Materials, Inc. ("Martin Marietta") is one of the leading United
States producers of aggregates for infrastructure, commercial,
agricultural and residential construction. Aggregates account for
nearly 90% of the company's revenues. The company also
manufactures magnesia-based chemical products, and dolomitic lime
in its Specialty Products segment. In the LTM period ending
September 30, 2013 Martin Marietta generated approximately $2.1
billion in revenues.


MATERIAL MANAGEMENT: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Material Management Inc.
        Po Box 2241
        Dorado, PR 00646

Case No.: 14-00478

Chapter 11 Petition Date: January 28, 2014

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

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Jorge R Davila, Esq.
                  JORGE R. DAVILA LAW OFFICE
                  Suite 2A, Condominio Eldorado
                  Calle Trigo 563 Miramar
                  San Juan, PR 00907
                  Email: davilalaw@yahoo.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Roy J. Barrie, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb-14-00478.pdf


MFM INDUSTRIES: May Hire Mediator Over Palmer Dispute
-----------------------------------------------------
MFM Delaware, Inc., MFM industries, Inc., the Official Committee
of Unsecured Creditors, and Palmer Resources LLC sought and
obtained permission from the U.S. Bankruptcy Court to employ a
mediator in this bankruptcy case.

The Debtors and Palmer will bear equally the costs and expenses
incurred by the Mediator in connection with the mediation.

The Mediator is appointed regarding all issue that remain in
dispute between the Mediation Parties, including, without
limitation, the following:

   (a) the amount, validity, and characterization of any and all
       claims held by Palmer against the Debtors and all defenses
       against such claims held by the Debtors;

   (b) the extent and validity of any security interest asserted
       by Palmer in the Debtors' property; and

   (c) all potential causes of action held by the Debtors against
       Palmer.

                      About MFM Industries

Cat litter maker MFM Delaware, Inc., and affiliate MFM Industries,
Inc., sought Chapter 11 protection (Bankr. D. Del. Case No.
13-11359 and 13-11360) on May 28, 2013.

Founded in 1964 as a clay-based absorbents supplier, MFM is
supplier of cat litter in the U.S.  The Company produces 100,000
tons of cat litter a year, representing 1 percent of the total
market.  Its private label market share is 20 percent.  The
company's cat litter products are comprised of a blend of fuller's
earth clay, sodium bentonite and scenting properties.   Clay is
supplied from a leased clay mine in Ocala, Florida, and is
transported five miles away to the company's manufacturing plant
in Reddick, Florida.  Direct Capital Partners, LLC, acquired a
majority stake in the Company in 1997.

Frederick B. Rosner, Esq., at Rossner Law Group LLC, serves as the
Debtors' bankruptcy counsel, and Pharus Securities, LLC, serves as
investment banker.

The Official Committee of Unsecured Creditors is represented by
Michael J. Barrie, Esq. at Benesch, Friedlander, Coiplan & Aronoff
LLP as its counsel; and Gavin/Solmonese LLC as its financial
advisor.


MI PUEBLO: US Trustee Balks at Hiring of GA Keen Realty
-------------------------------------------------------
The United States Trustee for Region 17 filed an objection to Mi
Pueblo San Jose, Inc.'s application to employ GA Keen Realty
Advisors, LLC as its real estate advisor.

The U.S. Trustee said it has no objection per se to the employment
of GA Keen. However, some of the terms of the employment are
objectionable.

1. Pursuant to the Retention Agreement, the Debtor agrees to
    reimburse GA Keen for all of its out-of-pocket expenses,
    which include "the fees  and reasonable expenses of counsel."
    The U.S. Trustee does not understand why GA Keen will need
    counsel, nor why GA Keen should be entitled to be reimbursed
    for fees and expenses.  Accordingly, the U.S. Trustee objects
    to these expenses.

2. Additionally, any and all expenses should be incurred and paid
   only in accordance with the Court's Guidelines.
3. GA Keen is to be paid "without the need for further application
   to or order of the Bankruptcy Court."  There appears to be no
   oversight by any party, including the Committee, with respect
   to the payment of the fees and expenses.  At a minimum, the
   U.S. Trustee said, GA Keen's invoices should be subject to the
   same rules as other professionals under the Knudsen Order
   previously entered by the Court the Debtor's case.

4. The Debtor proposes to indemnify GA Keen.  The U.S. Trustee
   said the indemnity is inconsistent with the practices of the
   Court and should not be approved. The indemnity exposes
   the estate to unknown, and potentially unlimited liability.
   Indeed, no other professional in the case has received
   indemnification from the estate as a condition of employment,
   and GA Keen should not be an exception. GA Keen is in line to
   be handsomely compensated for its efforts, and should be held
   fully accountable for its actions and work product.

5. The U.S. Trustee defers to the Debtor, the Committee and the
   Bank with respect to the reasonableness of the economic terms
   of the Retention Letter.

Hearing on the engagement is set for Jan. 30, 2014.

Trial Attorney can be reached at:

         John S. Wesolowski, Esq.
         Office of the United States Trustee
         U.S. Department of Justice
         280 S. First Street, Suite 268
         San Jose, CA 95113-0002
         Tel: (408) 535-5525 ext. 231
         E-mail: john.wesolowski@usdoj.gov

                    About Mi Pueblo San Jose

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

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

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

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


MOOG INC.: Moody's Withdraws Ba2 CFR Following Rated Debt Payment
-----------------------------------------------------------------
Moody's Investors Service is withdrawing the credit ratings of
Moog Inc. including its Ba2 corporate family rating, SGL-2
speculative grade liquidity rating and stable outlook following
the repayment of the company's rated debt with revolver
borrowings.

Ratings to be withdrawn:

Corporate Family Rating, Ba2

Probability of Default Rating, Ba2-PD

Speculative Grade Liquidity Rating, SGL-2

Stable outlook to be withdrawn

Ratings Rationale

Moody's is withdrawing all of Moog's debt ratings due to the
repayment of the company's rated debt including its 7.25% senior
subordinated notes due 2018. The company maintains a $900 million
revolving credit facility (unrated) due March 2018.

Moog, Inc., headquartered in East Aurora, NY, is a designer and
manufacturer of high performance precision motion control products
and systems for aerospace and industrial markets. The company
operates within five segments: Aircraft Controls, Space and
Defense Controls, Industrial Systems, Components, and Medical
Devices. Moog reported last twelve months ended December 28, 2013
revenues of approximately $2.6 billion.


MOONLIGHT APARTMENTS: Case Summary & 5 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Moonlight Apartments, LLC
        11184 Antioch Road, Suite 341
        Overland Park, KS 66210

Case No.: 14-20172

Chapter 11 Petition Date: January 28, 2014

Court: United States Bankruptcy Court
       District of Kansas (Kansas City)

Judge: Hon. Robert D. Berger

Debtor's Counsel: Nancy S. Jochens, Esq.
                  JOCHENS LAW OFFICE, INC.
                  1001 E. 101st Terrace, Suite 200
                  Kansas City, MO 64131
                  Tel: 816-994-6959
                  Fax: 816-994-6951
                  Email: Nancy@jochenslaw.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by James L. Wasko, managing member.

List of Debtor's five Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Monaco, Sanders, et al.            Legal fees          $22,500

Marsh & Company                    Accounting fees      $6,000

Adamson & Assoc., Inc.             Appraisal fees       $2,500

KPG Capital, LLC                   Loan               $323,000
Two North Twentieth St,
Suite 1100
Birmingham, AL 35203
(209-647-1000)

Morrow & Associates                Trade debt            $6,000


NTELOS INC: S&P Retains 'B' Term Loan B Rating After $188MM Add-on
------------------------------------------------------------------
Standard & Poor's Ratings Services said its 'B' issue rating and
'4' recovery rating on NTELOS Inc.'s term loan B due 2019 remain
the same following the approximately $188 million upsize to the
issue.  The '4' recovery rating indicates S&P's expectation for
average (30% to 50%) recovery of principal in the event of a
default.

NTELOS Inc. is a subsidiary of Waynesboro, Va.-based regional
wireless carrier NTELOS Holdings Corp. (NTELOS).  NTELOS had
earlier planned to upsize the term loan B by about $148 million,
all for refinancing.  S&P now expects the additional term loan to
refinance the $148 million term loan A due 2015 with the
approximate $35 million of net proceeds for general corporate
purposes.  Ratings on NTELOS, including the 'B' corporate credit
rating, are not affected by the refinancing.  NTELOS reported
about $495 million of debt, essentially all term loans, at
Sept. 30, 2013.

The outlook remains developing, reflecting uncertainty as to
whether NTELOS can extend the Strategic Network Alliance agreement
with Sprint beyond July 31, 2015.  This refinancing is a favorable
development since all term loan debt would mature in 2019
(assuming all of term loan A is refinanced), well beyond the
expiration of the current Sprint contract.  However, if that
contract is not renewed with favorable terms or otherwise
replaced, NTELOS's credit measures would weaken materially and
lead to a rating downgrade.  Conversely, if NTELOS is able to
extend the Sprint agreement under terms that provide billable
wholesale revenues that approximate the current effective minimum
Sprint payments of around $9 million per month (about two-thirds
of current Sprint wholesale revenues), we would consider a rating
upgrade.

RATINGS LIST

NTELOS Holdings Corp.
NTELOS Inc.
Corporate Credit Rating                  B/Developing/--

NTELOS Inc.
$538 million term loan B due 2019
Senior Secured                           B
  Recovery Rating                         4


OCWEN FINANCIAL: Moody's Affirms 'B1' CFR & Sr. Secured Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed Ocwen Financial Corporation's
corporate family and senior secured ratings at B1. The outlook for
all ratings are stable.

Ratings Rationale

Ocwen's ratings reflect the company's extraordinarily rapid growth
balanced by the company's solid capital and leverage metrics for a
B1 rated financial services company. In addition, the ratings
reflect the company's solid track record as a non-prime
residential mortgage servicer along with its record of integrating
servicer acquisitions.

The ratings are constrained by the fact that a large percent of
new servicing volume is obtained through opportunistic bulk
acquisitions and that the company is a monoline financial services
company concentrating on the residential mortgage servicing
market. Management also has a history of exploring new ancillary
business opportunities, creating potential distractions from its
focus on the core servicing franchise.

On January 28, 2014, Ocwen announced their intention to issue a
new $2.2 billion 7-year senior secured term loan. The new facility
will refinance their existing $1.3 billion senior secured term
loan as well as finance the acquisition of servicing rights on $39
billion of residential mortgage loans from Wells Fargo.

The company is currently the fourth largest US residential
mortgage servicer with a market share of approximately 5% of the
US servicing market. Upon completion of the company's announced
acquisitions, Ocwen's servicing portfolio will total just over
$500 billion.

The rating outlook is stable. The company's extraordinarily rapid
growth poses operational integration risks. The stable outlook
reflects Moody's expectation that Ocwen will be able to
successfully integrate its recent as well as future acquisitions
and continue to maintain its solid servicing and financial
performance.

Given the high rate of recent growth, an upgrade is unlikely at
this time.

Negative ratings pressure could result if the company's servicing
performance or financial fundamentals weaken. Particular focus
will be on: (a) the rate of amortization of the term loan (b) call
center metrics, (c) delinquency rates of the servicing portfolio,
and (d) cash reconciliation statistics.


PETTERS COMPANY: Ch.11 Trustee Hires Rassers NV as Dutch Counsel
----------------------------------------------------------------
Douglas A. Kelley, the Chapter 11 Trustee for Petters Company Inc.
and its debtor-affiliates, seeks permission from the Hon. Gregory
F. Kishel of the U.S. Bankruptcy Court for the District of
Minnesota to employ Rassers NV as counsel, effective Dec. 1, 2013.

Rassers NV will advise the Chapter 11 Trustee with respect to
Dutch Law, legal strategies and to represent the Trustee with
respect to any claims of the Bankruptcy Estates against
individuals or entities in The Netherlands, including any
resulting litigation, and related matters.

Rassers NV will be paid at these hourly rates:

       John Velenturf, Partner                EUR 345
       Nicole van den Heuvel, Sr. Associate   EUR 345
       Associate                              EUR 200
       Paralegal                              EUR 160

Rassers NV will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Kelley requests that applications for the approval and
allowance of compensation and reimbursement expenses of Rassers NV
be heard on periodic intervals in these cases and that he be
authorized to pay invoices from Rassers NV with available funds,
subject to holdback of 20% of the invoiced fees as provided in
Instruction 9 of the Court's published instructions for filing a
Chapter 11 case.

John Velenturf, partner of Rassers NV, 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.

Rassers NV can be reached at:

       John Velenturf, Esq.
       RASSERS NV
       Sophiastraat 22-28, 4811 EM Breda
       Postbus 3404
       4800 DK Breda
       Tel: 0031 (0)76 5136 136
       Fax: 0031 (0)76 5222 552
       E-mail: velenturf@rassers.nl

                   About Petters Company, Inc.

Based in Minnetonka, Minn., Petters Group Worldwide LLC is a
collection of some 20 companies, most of which make and market
consumer products.  It also works with existing brands through
licensing agreements to further extend those brands into new
product lines and markets.  Holdings include Fingerhut (consumer
products via its catalog and Web site), SoniqCast (maker of
portable, WiFi MP3 devices), leading instant film and camera
company Polaroid (purchased for $426 million in 2005), Sun Country
Airlines (acquired in 2006), and Enable Holdings (online
marketplace and auction for consumers and manufacturers' overstock
inventory).  Founder and chairman Tom Petters formed the company
in 1988.

Petters Company, Inc., is the financing and capital-raising unit
of Petters Group Worldwide.

Thomas Petters, the founder and former CEO of Petters Group, has
been indicted and a criminal proceeding against him is proceeding
in the U.S. District Court for the District of Minnesota.

Petters Company, Petters Group Worldwide and eight other
affiliates filed separate petitions for Chapter 11 protection
(Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008.  In its
petition, Petters Company estimated its debts at $500 million and
$1 billion.  Parent Petters Group Worldwide estimated its debts at
not more than $50,000.

Fruth, Jamison & Elsass, PLLC, represents Douglas Kelley, the duly
appointed Chapter 11 Trustee of Petters Company, Inc., et al.  The
trustee tapped Haynes and Boone, LLP as special counsel, and
Martin J. McKinley as his financial advisor.

Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed separate petitions for Chapter 11 bankruptcy
protection (Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and
08-35198) on Oct. 6, 2008.  Petters Aviation is a wholly owned
unit of Thomas Petters Inc. and owner of MN Airline Holdings, Sun
Country's parent company.


PFS HOLDING: Moody's Affirms B2 CFR & Rates 1st Lien Term Loan B2
-----------------------------------------------------------------
Moody's Investors Service affirmed PFS Holding Corporation's B2
Corporate Family Rating ("CFR") following the company's
announcement that it will upsize the proposed $260 million first
lien term loan to $280 million and reduce its proposed $130
million second lien term loan by a commensurate $20 million.

As a result of the revised transaction structure, Moody's changed
the rating on the first lien term loan to B2 from B1, reflecting
the reduced amount of subordinate debt below it in the capital
structure. The Caa1 rating on the second lien term loan is
unchanged.

The following ratings are affirmed:

PFS Holding Corporation

- Corporate Family rating at B2;

- Probability of Default Rating at B2-PD;

- $110 million second lien term loan due 2022 at Caa1 (LGD 5,
   89%);

The following rating is changed:

- $280 million senior secured first lien term loan expiring in
   January 2021 at B2 (LGD 3, 45%);

The rating outlook is stable.

RATINGS RATIONALE

PFS's B2 Corporate Family Rating ("CFR") reflects the company's
highly leveraged capital structure, narrow margins, and aggressive
growth via acquisitions. These factors are partially offset by the
company's national distribution platform as the largest pet food
and supply distributor in the US and good customer and vendor
diversity. The rating also reflects the benefit of good growth
prospects for the pet product industry overall. The company's
liquidity is very good, and will be supported by modest free cash
flow in addition to the company's revolving credit facility.

The stable outlook reflects Moody's expectation for continued
strength in the pet food and supply category and the competitive
advantage PFS enjoys as the largest domestic distributor in a
fragmented industry. The stable outlook also reflects Moody's
expectation that PFS will generate enough free cash flow which
will support modest deleveraging over the next 12 to 18 months.

PFS's ratings could be upgraded if the company is able to
strengthen its credit metrics such that debt to EBITDA is below
4.5 times on a sustained basis while improving its free cash flow.
Other factors that could contribute to an upgrade include
expanding its geographic footprint and improving EBIT margins
above 5% on a sustained basis. Alternatively, a downgrade could
occur if operating performance were to deteriorate such that
leverage exceeds 7 times on a sustained basis. A downgrade may
also occur if liquidity were to weaken as a result of cash usage
in owner-friendly transactions or large debt-funded acquisitions.

The principal methodology used in this rating was the Global
Distribution & Supply Chain Services published in November 2011.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Easton, Pennsylvania-based PFS Holding Corporation (along with its
operating subsidiary Phillips Pet Food & Supplies), is a leading
pet food and pet supply distributor in the U.S., servicing
independent pet retail stores (85% of revenues), online retailers
(8% of sales) and other channels such as veterinarians, groomers,
and other specialty outlets (5% of sales). For the twelve months
ended September 30, 2013 the company posted pro forma revenues in
excess of $800 million.


PHOENIX DEVELOPMENT: Case Dismissal Hearing Continued to Feb. 20
----------------------------------------------------------------
The Bankruptcy Court continued until Feb. 20, 2014, at 9:30 a.m.,
at Athens Courthouse, the hearing to consider Phoenix Development
and Land Investment LLC's motion to voluntarily dismiss its
Chapter 11 case, as well as a motion to convert the case to one
under Chapter 7 of the Bankruptcy Code.

At the hearing, the Court will also consider the response to the
oppositions filed by creditor SCBT N.A., dba CBT, a Division of
SCBT, and the Debtor.

As reported in the Troubled Company Reporter on Sept. 5, 2013, the
Debtor asked the Court not to convert its Chapter 11 case to a
case under Chapter 7 of the Bankruptcy Code.  The Debtor asserts
there are no funds in the bankruptcy estate to pay legal fees.

As previously reported by the TCR on Aug. 14, 2013, SCBT N.A., dba
CBT, a Division of SCBT, sought conversion of the Debtor's case
stating the Debtor has no way to reorganize.  According to SCBT,
converting the case to Chapter 7 would provide for a bankruptcy
trustee that could litigate the claims and, assuming any
recoveries, distribute them to creditors.

In response to the Motion to Convert, the Debtor asserts that SCBT
lacks standing in the case and it does not owe any debt to SCBT.
The Debtor says none of the creditors with undisputed allowed
claims are objecting to dismissal or supporting conversion.
Moreover, litigation is currently pending in a state court
involving the Board of Regents.  There is a pending Motion for
Summary Judgment filed by the Board of Regents against the Debtor.
The Debtor maintains that conversion to Chapter 7 would most
likely result in summary judgment on its claim against the Board
of Regents.

                     About Phoenix Development

Phoenix Development and Land Investment, LLC, filed a Chapter 11
bankruptcy petition (Bankr. M.D. Ga. Case No. 13-30596) in Athens,
Georgia, on May 6, 2013.  The Watkinsville, Georgia-based company
disclosed total assets of $31.7 million and liabilities of
$4.31 million in its schedules.  The petition was signed by Conway
Broun as manager.  Ernest V. Harris, Esq., at Harris & Liken, LLP,
serves as the Debtor's counsel.

Byron C. Starcher, Esq., at Nelson, Mullins, Riley & Scarborough,
LLP, represents SCB&T, N.A., as counsel.

The Debtor owns a 45-acre property on Milledge Avenue and
Whitehall Road, in Athens, valued at $5.5 million and pledged as
collateral to a $4 million debt to SCB&T, NA.  The Debtor's
declared assets include at least $22 million in claims against
insurance companies and the Board of Regents of Georgia.


RED SPRINGS: Case Summary & 3 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Red Springs LLC
        2855 S. Haven Road
        Annapolis, MD 21401

Case No.: 14-11234

Chapter 11 Petition Date: January 28, 2014

Court: United States Bankruptcy Court
       District of Maryland (Baltimore)

Judge: Hon. James F. Schneider

Debtor's Counsel: Tate Russack, Esq.
                  RUSSACK ASSOCIATES, LLC
                  100 Severn Ave, Ste 101
                  Annapolis, MD 21403
                  Tel: 410-505-4150
                  Fax: 410-510-1390
                  Email: tate@russacklaw.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by George Purcell, member.

A list of the Debtor's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/mdb14-11234.pdf


SFX ENTERTAINMENT: Moody's Assigns 'Caa1' CFR; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service assigned a Caa1 corporate family rating
to SFX Entertainment, Inc. (SFX) in conjunction with the company
launching a $230 million debt financing comprised of a $30 million
revolving facility, which was rated B1, and a $200 million second-
lien secured notes issue, which was rated Caa1. As part of the
same action, SFX was also assigned a Caa1-PD probability of
default rating, a speculative grade liquidity rating of SGL-3
(indicating adequate liquidity), and a stable ratings outlook.
This is the first time Moody's has rated SFX.

The following summarizes Moody's ratings and the rating actions
for SFX:

Issuer: SFX Entertainment, Inc.

Corporate Family Rating: Assigned Caa1

Probability of Default Rating: Assigned Caa1-PD

Outlook: Assigned Stable

First Lien Secured Revolving Credit Facility: Assigned B1 (LGD1,
3%)

Second Lien Secured Notes: Assigned Caa1 (LGD3, 49%)

Ratings Rationale

SFX's Caa1 corporate family rating (CFR) stems primarily from the
equity-like risks to which lenders are exposed, given the
speculative nature of the company's future cash flow at this early
stage of its acquisition-driven development. Forecasting future
cash flow is complicated by the fact that acquired companies have
not yet operated as a unified whole and, even in the absence of
integration risks, significant period to period variability in
acquired company cash flows is common. In addition, integration
costs, including capital expenditures, are likely to be
significant, and the risks of mis-steps are amplified given the
very large number of companies that have been acquired in such a
short period of time. While the upside from geographic replication
of successful properties, from marketing partnerships and from the
elimination of duplicate costs, is potentially significant, given
the substantial purchase multiples observed thus far, it is not
clear that SFX can create value sufficient to repay its debts in a
timely manner.

Rating Outlook

The outlook is stable because SFX has sufficient liquidity to fund
operating losses, capital expenditures and acquisitions.

What Could Change the Rating UP

The Caa1 CFR might be upgraded if we were to develop good
visibility and confidence in SFX's future cash flow, coupled with
adequate liquidity and roughly breakeven free cash flow.

What Could Change the Rating DOWN

Until SFX's business model stabilizes, liquidity arrangements will
have a significant influence on its rating. In the event liquidity
is constrained and the probability of default increases, downwards
rating pressure will result.

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.

Corporate Profile

Headquartered in New York, New York, SFX Entertainment, Inc.,
(SFX) is a leading producer of live events and media and
entertainment content focused exclusively on electronic music
culture (EMC).


SOUTHERN OAKS: Secured Creditors Ask for Changes to Confirmed Plan
------------------------------------------------------------------
Southern Oaks of Oklahoma, LLC, will ask the bankruptcy court at a
hearing on Feb. 11, 2014, at 2:30 p.m. to approve modifications to
the Chapter 11 plan that the court confirmed last year.

Southern Oaks won approval of its bankruptcy-exit plan in October
2013.  But Southern Oaks and its secured creditors want the court
to enter an Order modifying the Amended Plan dated May 15, 2013,
particularly the terms and treatment of Classes 5, 6, 8 and 9 to
eliminate the early maturity date on the tenth anniversary of the
Effective Date and the resulting balloon payment created thereby,
and for the maturity date of those Classes of claims to be at the
completion of the amortized loan.

Pursuant to the Plan, the treatment of the claims of the Secured
Creditors in Classes 5, 6, 8 and 9 generally provided for a
modification of the loans to monthly payments calculated on a
30-year amortization with interest at 5%.  Specifically, the
treatment provided: "The maturity date shall be the tenth
anniversary of the Effective Date."

Following confirmation, the Reorganized Debtor has worked to
resolve claim objections and to obtain agreed orders with the
institutional secured creditors on claim objections and/or
determinations of the claim amounts (after post petition interest
and adequate protection payments) as of the Effective Date and the
resulting monthly payments under the Plan.

The secured creditors in Classes 5, 6, 8 and 9 of the Plan have
requested this modification to eliminate the early maturity on the
tenth anniversary of the Effective Date of the Plan, which
resulted in a balloon payment, and for the loan to be fully
amortized over the 30-year term.

The Reorganized Debtor has agreed to work with the Secured
Creditors to modify the Plan treatment to remove the early
maturity on the tenth anniversary of the Effective Date of the
Plan.  The effect of this modification is that the monthly
payments of the respective loans will continue for the full
amortization period.

The Plan provides that general unsecured creditors will receive a
distribution of 100% of their allowed claims, with interest in 60
equal monthly installments or as earlier paid in full.  Payments
and distributions under the Plan will be funded by (i) rents,
issues and profits of the property of the Debtor; (ii) rents,
issues and profits of property of the members or affiliates of the
Debtor; (iii) sales of property or refinancing of debt before
maturity; and contributions by the members of the Debtor.

The Plan has not yet been substantially consummated.

                       Secured Creditors

The Secured Creditor and their respective claims are:

    * Class 5 includes 3 secured claims of Ocwen Loan Servicing,
      LLC (formerly filed and held by OneWest Bank, FSB):

       Claim No.    Property Address         Amount as Filed
       ---------    ----------------         ---------------
         25         709 Red Oak Terrace             $97.465
                    Edmond OK 73003

         26         8301 Willow Creek Blvd.        $115,327
                    Oklahoma City, OK 73162


         30         6308 S. Broadway Drive          $86,258
                    Oklahoma City, OK 73139

    * Class 6 includes the following secured claim filed and held
      by Seterus, Inc:

       Claim No.    Property Address         Amount as Filed
       ---------    ----------------         ---------------
         28         2143 N.W. 50th Street           $72,918
                    Oklahoma City, OK 73112

    * Class 5 includes 3 secured claims of Ocwen Loan Servicing,

    * Class 8 includes these 4 secured claims of Seterus, Inc.
      (filed and formerly held by SunTrust Mortgage, Inc.):

       Claim No.    Property Address         Amount as Filed
       ---------    ----------------         ---------------
         17         2501 Kathy CT                   $86,522
                    Oklahoma City, OK 73120


         18         7713 Embassy Terrace            $73,293
                    Oklahoma City, OK 73169

         19         1816 Zion Place                 $96,023
                    Edmond, OK 73003


         29         12713 Meadows                   $84,112
                    Oklahoma City, OK 73120

    * Class 9 includes this secured claim of SETERUS, Inc. (as
      assignee of Federal National Mortgage Association, as
      assignee of Suntrust Mortgage, Inc.:

       Claim No.    Property Address         Amount as Filed
       ---------    ----------------         ---------------
         16         2625 N.W. 25th Street Oklahoma $114,653
                    City OK 73107

The Secured Creditors are the only creditors impacted by the
proposed modification.  They acknowledge that no additional
disclosure pursuant to 11 U.S.C. Sec. 1125 or otherwise is needed
and waive any notice or disclosure for the modification.

                        About Southern Oaks

Southern Oaks of Oklahoma, LLC, owns a 126-unit apartment complex
in south Oklahoma City, 115 single family residences, 10
residential duplexes and 4 commercial properties in the Oklahoma
City Metro area and a 100 unit apartment complex in Pryor,
Oklahoma.  The Company operates the non-apartment properties by
and through an affiliate property management company, Houses For
Rent of OKC, LLC, who advertises, leases, collects rents, pays
expenses, provides equipment, labor and materials for maintenance,
repairs and make-ready services.

The Company filed for Chapter 11 bankruptcy (Bankr. W.D. Okla.
Case No. 12-10356) on Jan. 31, 2012.  Judge Niles L. Jackson
presides over the case.  Ruston C. Welch, at Welch Law Firm, P.C.,
represents the Debtor as counsel.  It scheduled $14,788,414 in
assets and $15,352,022 in liabilities.  The petition was signed by
Stacy Murry, manager of MBR.

Affiliates that filed separate Chapter 11 petitions are
Charlemagne of Oklahoma, LLC (Bankr. W.D. Okla. Case No. 10-13382)
on July 2, 2010; and Brookshire Place, LLC (Bankr. W.D. Okla. Case
No. 11-10717) on Feb. 23, 2011.

On Jan. 12 and 27, 2012, the Debtor's ownership and operation of
the Properties was consolidated by the merger of various affiliate
entities with the Debtor being the surviving entity.  Those
entities are Southern Oaks Of Oklahoma, LLC; Quail 12, LLC; Quail
13, LLC; 1609 N.W. 47th, LLC; 2233 S.W. 29th, LLC; 400 S.W. 28th,
LLC; South Robinson, LLC; 9 on S.E. 27th, LLC; Southside 10, LLC;
QCB 08, LLC; and Prairie Village of Oklahoma, LLC.


ST. JOSEPH'S HOSP: S&P Cuts Revenue Bonds Rating to 'BB'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Onondaga
Civic Development Corp., N.Y.'s series 2012 tax-exempt revenue
bonds, issued for St. Joseph's Hospital Health Center (SJH), one
notch to 'BB' from 'BB+'.  The outlook is stable.

The downgrade reflects Standard & Poor's assessment of the
unexpected sizable increase in debt to fund the installation of a
new technology system and the construction of a cogeneration
plant.  It is Standard & Poor's view that the additional debt will
likely place a considerable amount of pressure on SJH's already
weak balance sheet metrics, leaving it with very limited financial
flexibility.  The rating service, however, believes the center's
recent improvement in operating performance, affiliation with
CHE/Trinity, and growing market share somewhat offset these
weaknesses and support the current rating.

"We would base a lower rating on SJH's inability to maintain
operations at current levels while successfully installing the new
information technology system and any decrease in unrestricted
reserves from current levels.  We believe a higher rating over the
outlook period is unlikely due to, what we consider, SJH's very
weak balance sheet and history of uneven operating results," said
Standard & Poor's credit analyst Margaret McNamara.  "We would
base a higher rating beyond the outlook period on considerable
balance sheet improvement and the center's demonstrated ability to
maintain margins in excess of 1% and annual debt service coverage
of greater than 1.8x."

The stable outlook reflects Standard & Poor's opinion of the
hospital's healthy market share, growing volume, and improved
operating trend.


SUNGARD DATA: Moody's Affirms B2 CFR & Ba3 Secured Debt Rating
--------------------------------------------------------------
Moody's Investors Service affirmed all SunGard Data Systems Inc.'s
debt ratings, including the B2 corporate family rating (CFR), Ba3
secured debt, and Caa1 unsecured and subordinated notes ratings,
following the company's announced plans to spin off its
Availability Services (AS) business. At closing of the proposed
transaction, depending on the final debt capital structure, the
senior unsecured rating may be raised by one notch. The rating
outlook remains stable.

Ratings Rationale

Moody's expects that total adjusted debt to EBITDA will be over
6.5 times upon close for the remaining SunGard company, based on
plans to raise up to $1.5 billion of debt at AS in connection with
the spin off and to use the proceeds to reduce existing SunGard
debt. While pro forma leverage will be high for the B2 rating
category, Moody's believes that SunGard will be committed to
steadily reducing debt over time using its sizable free cash flows
(FCF), which Moody's estimates will be $250 to $300 million
annually.

The prospects for a continuing high amount of FCF comes from
SunGard's solid market position as a leading provider of financial
institution processing services and its strong business profile,
as represented by low customer concentration, diverse product and
service line offerings, and broad geographic reach. The
expectation of steady FCF will be enhanced with the spin-off of
the more capital intensive and declining Availability Services
business. In addition, Moody's expects that SunGard will benefit
from regulatory reforms, which has increased compliance and risk
management needs.

The B2 CFR considers SunGard's historically high leverage levels
(above 5 times adjusted debt to EBITDA since the LBO in 2005)
despite consistent and high levels of free cash flow generation
and the sale of assets. Without the capital expenditures needs of
the AS business, SunGard could be modestly acquisitive to further
expand and diversify its revenue base while seeking growth
opportunities. However, Moody's believes the risk of higher
leverage will be mitigated by the majority owners' intentions to
maximize SunGard's equity value in preparation for exiting their
investment.

The stable outlook reflects Moody's expectation of low single
digit revenue growth in 2014 in line with global GDP growth. While
IT growth catalysts exist within the financial services sector
with heightened regulatory requirements, Moody's anticipates that
capital spending with banks will still remain cautious over the
next year. Moody's expects modest improvement to SunGard's
financial leverage (to below 6 times adjusted debt to EBITDA in
2015) from the portion of annual free cash flow not used for
acquisitions. The stable outlook also assumes SunGard will not
make dividend payments to its private equity sponsors.

Consistent revenue and profitability growth (in the mid single
digits) with adjusted debt to EBITDA less than 5 times on a
sustained basis could result in a higher rating. The rating could
be lowered if revenue or operating profitability were to decline
such that the company's ratio of adjusted debt to EBITDA were to
exceed 6.5 times or free cash flow were to fall below $175 million
on a sustained basis. Further, there would be pressure on the B2
CFR if there is any evidence that further deleveraging would not
continue due either to a shift back to more shareholder friendly
financial policies or a weakening in profits.

Ratings affirmed:

Corporate Family Rating -- B2

Probability of Default Rating -- B2-PD

Speculative Grade Liquidity Rating -- SGL-1

Senior Secured Revolving Credit Facility -- Ba3 (LGD 2, 27%)

Senior Secured Term Loan -- Ba3 (LGD 2, 27%)

Senior Unsecured Notes -- Caa1 (LGD 5, 78%)

Senior Subordinated Notes -- Caa1 (LGD 6, 93%)

Rating outlook of stable.

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.

With nearly $3 billion of projected annual revenues (excluding the
Availability Services business), SunGard Data Systems Inc. is a
provider of software and IT services, and is owned by a consortium
of private equity investors (including Bain, Blackstone, KKR,
Silver Lake, Texas Pacific Group, GS Partners, and Providence
Equity).


TEXAS INDUSTRIES: Moody's Places Caa1 CFR Under Review for Upgrade
------------------------------------------------------------------
Moody's Investors Service placed Texas Industries' ratings under
review for upgrade, including Caa1 corporate family rating, Caa1-
PD probability of default rating, and Caa2 rating on its senior
unsecured notes. The company's speculative grade liquidity rating
is SGL-3. The rating action was prompted by the announcement of
Martin Marietta Materials and Texas Industries entering into a
definitive merger agreement to combine into an aggregates and
heavy building materials company.

The following ratings actions were taken:

Issuer: Texas Industries, Inc.:

Caa1 corporate family rating, placed under review for upgrade;

Caa1-PD probability of default rating, placed under review for
upgrade;

Caa2 (LGD4-64%) rating on senior unsecured notes, placed under
review for upgrade;

Speculative grade liquidity rating is SGL-3.

RATINGS RATIONALE

The transaction is valued at $2.7 billion, including about $0.7
billion of Texas Industries debt to be assumed. The merger will be
financed through a stock-for-stock transaction, where Texas
Industries' shareholders will receive 0.7 of Martin Marietta's
shares for each share of Texas Industries they own. This exchange
ratio represents a 13% premium for Texas Industries' shareholders
over an average exchange ratio of both companies' 90-day stock
price history. Upon consummation of the transaction, Martin
Marietta's shareholders will own approximately 69% of the combined
company, and Texas Industries shareholders will own approximately
31%. The combined company will operate under Martin Marietta
Materials brand and will be led by Martin Marietta's current
management team.

Texas Industries ratings are being placed under the review for
upgrade given that upon consummation of the merger, its capital
structure, including leverage metrics, will likely improve as a
result of the combined company.

In our view, the combined company will benefit from an extended
geographic footprint and distribution network, differentiation of
the product offering as well as from an enhanced vertical
integration in certain markets and the resulting potential
efficiencies associated with it. We also recognize that the
transaction will result in a Moody's adjusted debt-to-EBITDA
leverage of approximately 4.5x based on the LTM numbers of both
companies before taking into consideration any potential
synergies. Additionally, this transaction exposes Martin Marietta
to higher volatility inherent to the cement and ready-mixed
concrete business compared to the aggregates products.

The review will focus on the integration plans of the two
companies and the associated risks, the proposed financing and the
resulting capital structure of the combined company along with its
liquidity profile, potential synergies and operating efficiencies
to be realized, as well as the economic conditions and industry
fundamentals of the building materials industry. The review will
also evaluate financial and business strategies of the combined
company and its leverage targets.

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.

Texas Industries, Inc, headquartered in Dallas, Texas manufactures
cement, aggregates and ready-mixed concrete. The company's
products are used in public works, commercial, industrial,
institutional and residential construction sectors, and energy
markets. Texas Industries shipped 4.4 million tons of cement, 14.8
million tons of natural aggregates, 1.0 million cubic yards of
lightweight aggregates, and 2.8 million cubic yards of ready-mix
concrete during its fiscal year ending May 31, 2013. Texas
Industries typically generates approximately 80% of its revenues
in Texas and 20% in California. The company reported revenues of
$797 million in the last twelve months ending November 30, 2013.


TUNICA-BILOXI: S&P Cuts ICR to 'B-' on Weak Operating Performance
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Marksville, La.-based gaming operator Tunica-Biloxi Gaming
Authority (TBGA), including S&P's issuer credit rating to 'B-'
from 'B+'.  The rating outlook is negative.

The downgrade to 'B-' reflects a meaningful anticipated EBITDA
decline in 2013 largely resulting from increased competition that
was more severe than S&P's prior forecast, heightening refinancing
risk in 2015, in its view.  As a result of anticipated operating
deterioration, S&P reassessed TBGA's financial risk profile as
"highly leveraged," from "aggressive," reflecting S&P's
expectation that leverage will remain above 5x and funds from
operation (FFO) to debt will remain in the high-single-digit
percent area.  In addition, S&P expects that EBITDA coverage of
fixed charges (defined as interest expense and our expectation for
maintenance capital expenditures and minimum distributions to the
Tunica-Biloxi Tribe of Louisiana (the Tribe)) will remain at about
1x through 2014.

The ability to assess a Tribe's financial policy and financial
position, and particularly its ability and willingness to reduce
distributions from the casino in times of financial stress, factor
into S&P's ratings.  For TBGA, S&P currently assess financial
policy as negative, given only limited transparency with respect
to the Tribe's financial position and the level of flexibility
within its budget.  While the Tribe has demonstrated a willingness
and ability to reduce distributions over time (distributions have
declined in step with declines in free cash flow over the past few
years), at this point, S&P is unable to assess the viability of a
continued and sustained reduction in distributions over the
intermediate term.

S&P's assessment of TBGA's business risk profile as "weak"
reflects its narrow business position as an operator of a single
casino (the Paragon Casino Resort), as well as a highly
competitive operating environment.

S&P's assessment of TBGA's financial risk profile as "highly
leveraged" reflects its expectation for total leverage to remain
over 5x, and for FFO to debt to remain under 12% through 2014.
Further, S&P's assessment also reflects its expectation for EBITDA
coverage of fixed charges (defined as interest expense and its
assumption for maintenance capital expenditures and minimum
distributions to the Tribe) to remain at about 1x through 2014.


WEBALO INC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Webalo, Inc.
        11835 West Olympic Boulevard, Suite 700E
        Los Angeles, CA 90064

Case No.: 14-11467

Chapter 11 Petition Date: January 27, 2014

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

Judge: Hon. Julia W. Brand

Debtor's Counsel: David S Kupetz, Esq.
                  SULMEYER KUPETZ
                  333 S Hope St 35th Fl
                  Los Angeles, CA 90071
                  Tel: 213-626-2311
                  Email: dkupetz@sulmeyerlaw.com

                       - and -

                  Marcus Tompkins, Esq.
                  SULMEYER KUPETZ
                  333 S Hope St 35th Fl
                  Los Angeles, CA 90071
                  Tel: 213-626-2311
                  Fax: 213-629-4520
                  Email: mtompkins@sulmeyerlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Peter Price, chief executive officer.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb14-11467.pdf


WESTERN FUNDING: Committee Wants Trustee to Take Over Management
----------------------------------------------------------------
The Official Committee of Unsecured Creditors formed in the
Chapter 11 cases of Western Funding Inc. and its affiliates asks
the bankruptcy court to order the appointment a Chapter 11 trustee
to replace the management of the Debtors.

The U.S. Trustee has earlier filed a motion for the appointment of
a Chapter 11 trustee and joins in the motion to have a trustee
based upon the Debtors' conduct in this case as evidenced by the
pleadings filed by the Debtors.

The Committee claims that appointment a trustee is in the
interests of creditors on these grounds:

  (a) Within one-year prior to the Petition Date, the insiders of
the Debtors (CEO Frederick Cooper and COO Katherine Cooper)
received in excess of $2 million in transfers, according to the
petition and schedules.  These transfers only reach back one year
prior to the Petition Date, and therefore, there are likely
additional transfers within the time prior to the one year period
which would also be available under 11 U.S.C. Sec. 544 and 548.
While the Committee acknowledges that it has not determined
whether such transfers are avoidable, the Committee does not
believe the Debtors can legitimately review these transfers and
claims to determine whether a complaint should be filed against
insiders for the avoidance of transfers.

  (b) The Debtors entered into a letter of intent with Carfinco
Financial Group Inc on Nov. 1, 2013, which had no meaningful
"fiduciary out" and in addition, while in possession of a more
favorable offer from Westlake (who was ultimately the successful
bidder and who as a result of its offer being an asset purchase
did not require the costly plan of reorganization which the
Debtors had already commenced on extremely shortened time) causing
an undue substantial expense to the estate including, without
limitation, a break-up fee and expense reimbursement of $815,000.
The Carfinco letter of intent was filed with the Court and it is
undisputed by the Debtors that they had the Westlake offer in
their possession and did not present it to BMO Harris Bank N.A.
prior to BMO's acceptance of the Carfinco LOI and motion for
approval of break-up fee and expense reimbursement;

  (c) The Debtors sought to sell the Las Vegas real property with
Carfinco serving as its stalking horse for the amount of $500,000,
an amount substantially less than the appraised value of this
property, demonstrating a lack of reasonable business judgment and
undue deference to Carfinco at the expense of the estate.  In
connection with this motion, the Debtors also sought to keep the
appraisal on this property confidential.  These facts are
established by the Vegas property bid procedures motion and
related pleadings related to sealing the appraisal;

  (d) The Debtors' Plan proposed to keep all actions against the
insiders and not transfer them to the liquidating trust without
paying the estate for their value, attempting to effectively
provide insiders with a release and discharge of claims against
them personally.  In addition, the insiders were to be released
from claims against them.  The Plan is on file and evidence of
these actions to not pay the value of these assets and shield
insiders is the Plan proposal itself;

  (e) A Plan Supplement filed by the Debtors and distributed to
creditors that provides that Fred and Katherine Cooper were to be
officers of the Reorganized Debtors; however, the Debtor denied
that such relationship existed shortly before this time as
evidenced by Fred Cooper's testimony at the Sec. 341 meeting held
on Nov. 7, 2013; and the Debtors later represented that creditors
essentially should not rely on the Supplement sent to them which
provides that Fred and Katherine Cooper were to be officers of the
Reorganized Debtors because no "firm" agreement had been reached
regarding employment;

  (f) The Debtors originally represented to the Court that a
substantial sum of money would come to the estate after the sale
of the assets to Westlake.  However, after the closing of the
sale, the Committee has learned that there will be essentially
little to noting going to the estate;

  (g) The Debtors' Plan, as amended Jan. 2, 2014, is a liquidating
plan that proposes to retain both a liquidating trustee and plan
administrator.  The Committee does not believe both a liquidating
trustee and plan administrator are needed and that such a proposal
simply creates undue expense for the estate.  In addition, the
Committee anticipates that the Debtors may not be able to confirm
such plan due to the inability to get the required votes to accept
it.

The Committee is represented by:

         Jeanette E. McPherson, Esq.
         SCHWARTZER & MCPHERSON LAW FIRM
         2850 s. Jones Boulevard, Suite 1
         Las Vegas, NV 89146-5308

                     Debtor's Response to UST

The U.S. Trustee cites two separate grounds for the appointment of
a Chapter 11 trustee: (a) Alleged self-dealing by management" and
(b) Acrimony between the Debtor's management and creditors.

In response, the Debtors clarified that existing management never
had, obtained, or was promised any position or employment with
Carfinco by virtue of Carfinco being designated as the stalking
horse bidder, and thus there was never any position to disclose or
to influence the process.  The Debtors noted that the Plan
Supplement listed only the possibility, out of an abundance of
caution, that the Debtors' existing management may possibly serve
in an officer role in the reorganized entity if Carfinco were the
unsuccessful bidder.

Zachariah Larson, Esq., at Larson & Zirzow, LLC, counsel to the
Debtors, contends that the U.S. Trustee's argument -- that
management shielded themselves from avoidance actions under the
plan they proposed and thus were involved in self-dealing -- is
incorrect.  The Debtors say that it is a "common and well-
recognized practice" that a buyer of an operating business in
bankruptcy may seek to purchase or resolve various avoidance
actions to protect its purchased assets and to allow it to operate
the business going forward and unimpeded by avoidance actions
against existing vendors and other parties.

The Debtors further point out that shortly after the sale of a
significant portion of their assets, and given that much of the
remaining asset sales should be concluded in the next month or
less, the Debtors have taken the responsible step of seeking to
conclude the Chapter 11 cases by filing a simple and
unobjectionable liquidating plan seeking to preserve all remaining
assets and litigation claims and place them into a liquidating
trust to be administered by a neutral liquidating trustee for the
benefit of unsecured creditors.

                          Court Hearings

The Committee and U.S. Trustee's request for a Chapter 11 trustee
was slated for hearing on Jan. 24.  That hearing was continued to
Jan. 27.  As of Jan. 28, the bankruptcy judge has not issued a
ruling on the motion.

According to the docket, there's a status conference scheduled for
Feb. 10, 2014 at 1:30 p.m. in the courtroom of Bankruptcy Judge
Laurel E. Davis, Courtroom #3, Foley Federal Building,
300 Las Vegas Boulevard South, Las Vegas, Nevada.

                    About Western Funding Inc.

Las Vegas car-loan maker Western Funding Inc. filed for Chapter 11
bankruptcy protection (Bankr. D. Nev. Case No. 13-17588) on
Sept. 4, 2013, after its own lender said the company broke
borrowing promises made last year.  Matthew C. Zirzow, Esq., at
Larson & Zirzow, LLC, in Las Vegas, Nevada, represents the Debtor.
Jeanette E. McPherson, Esq., at Schwartzer & McPherson Law Firm
represents the Official Committee of Unsecured Creditors.

In its schedules, Western Funding disclosed $48,513,558 in total
assets and $44,443,913 in total liabilities.

Western Funding is jointly administered with Western Funding Inc.
of Nevada, and Global Track GPS, LLC.  Western Funding Inc. is the
lead case.

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


YRC WORLDWIDE: Moody's Rates $700MM 1st Lien Term Loan '(P)Ba3'
---------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba3 rating to the $700
million first lien term loan that YRC Worldwide Inc. ("YRCW")
plans to arrange as part of a refinancing of its capital
structure. This refinancing is expected to include the exchange or
conversion of Series B Convertible Notes into equity. Pursuant to
its normal practice, Moody's is likely to recognize a limited
default upon the exchange or conversion of these Series B
Convertible Notes when this exchange or conversion occurs. Pending
the completion of the refinancing, YRCW's Corporate Family Rating
("CFR") is affirmed at Caa3. Moody's has revised the outlook to
positive from negative, as a successful completion of YRCW's
refinancing has become very likely, following yesterday's
announcement that union members voted in favor of a revised
proposal to amend and extend its collective bargaining agreement.

Ratings Rationale

YRCW's CFR of Caa3 reflects the company's pre-refinancing credit
profile, which is marked by weak credit metrics and near-term
liquidity pressure from an aggregate amount of debt maturing in
2014 and 2015 of approximately $400 million and $670 million,
respectively. YRCW intends to refinance its capital structure
primarily through (i) a new $700 million first lien term loan,
(ii) a new $450 million first lien ABL credit facility, and (iii)
the equivalent of approximately $300 million of new equity.
Simultaneously, YRCW is in the process of amending and extending
its collective bargaining agreement with the International
Brotherhood of Teamsters ("IBT"). Following an unsuccessful union
vote on its original proposal earlier this month, YRCW announced
yesterday that union members voted in favor of a revised proposal.

The refinancing includes the exchange or conversion of
approximately $50 million principal amount of the company's Series
B Convertible Notes into equity. Moody's is likely to recognize a
limited default as a result of this transaction, as it considers
the delivery of stock to note holders a diminished financial
obligation relative to the original obligation, and the exchange
has the effect of allowing the issuer to avoid a payment default.

In recognition of the material improvements to YRCW's capital
structure that will follow a successful closing of its intended
refinancing, as well as the potential savings resulting from the
new IBT agreement, Moody's expects to upgrade the CFR and PDR for
YRCW to B3 and B3-PD when the transaction closes. Moody's also
expects to upgrade the company's speculative grade liquidity
rating ('SGL') at that same time.

The expected CFR upon completion of the transaction will continue
to take into account YRCW's elevated debt levels, despite an
anticipated debt reduction of approximately $250 million. In
calculating YRCW's debt levels, Moody's takes into account its
standard adjustments for operating leases and pension liabilities.
Moody's estimates that the debt adjustment associated with YRCW's
pension liabilities will represent almost half of YRCW's total
debt. The expected CFR also takes into consideration YRCW's
improved ability to generate cash flows following the refinancing,
as the company benefits from materially reduced interest expenses
and cost savings from the implementation of the new IBT agreement.
Importantly, this would allow the company to increase its capital
expenditures, which have been constrained in recent years due to
its weak financial condition. The expected improvements in YRCW's
liquidity profile derived from extending all material debt
maturities and achieving positive free cash flow, further support
the expected rating post-refinancing.

The assignment of the (P)Ba3 rating to the new $700 million first
lien term loan is derived from the anticipated improvement in the
CFR post-refinancing. If the transaction is closed as anticipated,
the CFR will be raised to B3 and the Ba3 rating on the term loan
will be affirmed with the (P) designation removed. The rating
differential between the (P)Ba3 instrument rating and the expected
CFR for YRCW is caused by the relatively high proportion of
unsecured debt in YRCW's total debt structure, which tends to
affect positively the instrument ratings for secured debt in
Moody's Loss Given Default analysis.

Assignments:

Issuer: YRC Worldwide Inc.

Senior Secured Bank Credit Facility, Assigned (P)Ba3 (LGD2, 16%)

Affirmations:

Issuer: YRC Worldwide Inc.

Corporate Family Rating, Affirmed Caa3

Probability of Default Rating, Affirmed Caa3-PD

Speculative Grade Liquidity Rating, Affirmed SGL-4

Senior Unsecured Conv./Exch. Bond/Debenture Aug 8, 2023, Affirmed
Ca (LGD5, 71%)

Outlook Actions:

Issuer: YRC Worldwide Inc.

Outlook, Changed To Positive From Negative

The principal methodology used in this rating was the Global
Surface Transportation and Logistics Companies published in April
2013. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

YRC Worldwide Inc. is a provider of transportation services and
has one of the largest less-than-truckload ("LTL") transportation
networks in North America. The company operates through two
segments: YRC Freight, which focuses on longer haul LTL shipments,
and YRC Regional, which focuses on more regional, next-day and
time-sensitive services.


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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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