TCR_Public/140319.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Wednesday, March 19, 2014, Vol. 18, No. 77

                            Headlines

1040 MANAGEMENT: Landlord Lacks Standing to Pursue Contempt Bid
2279-2283 THIRD: Final Decree Entered Closing Reorganization Case
261 EAST: Plan Substantially Consummated; Wants Ch. 11 Case Closed
ACTIVECARE INC: Incurs $5.1 Million Net Loss in Dec. 31 Qtr.
ADAYANA INC: Changes Corporate Name to "Persist Liquidating"

ADAYANA INC: Has Until April 24 to Decide on Unexpired Leases
ADAYANA INC: Contract Option Period Extended Until April 14
ADVANCED MICRO: Amends Tender Offer Statement
ALLY FINANCIAL: Adopts Amended Certificate of Incorporation
AMAZING GRACE HOTELS: Voluntary Chapter 11 Case Summary

AMERICAN AIRLINES: No Jury Trial in "Fjord" Antitrust Suit
ARCHDIOCESE OF MILWAUKEE: Wins Appeal on Sexual-Abuse Claims
ARCHDIOCESE OF MILWAUKEE: Tests Constitution on Transfers
ASSUREDPARTNERS CAPITAL: S&P Assigns 'B' CCR; Outlook Stable
ATP OIL: Court Expands James Latimer's Role as CRO

BAYOU CIRCLE TRUST: Involuntary Chapter 11 Case Summary
BERNARD L. MADOFF: Supreme Court Opinion No Help for Trustee
BIANCHI ORCHARDS: Converting to Liquidation
BOART LONGYEAR: Downgraded to B3 on Low Metal Prices
CALUMET PHOTOGRAPHIC: Files For Ch. 7, To Close All Stores

CEETOP INC: Files Copy of Hangzhou Softview Financial Statements
CHICAGO, IL: S&P Says City Not Poised to Go the Way of Detroit
CHINA PRECISION: Incurs $12.9 Million Net Loss in Dec. 31 Qtr.
CIRCLE STAR: Jeffrey Johnson Stake at 12.5% as of March 6
COMMACK HOSPITALITY: Files for Bankruptcy With Turnaround Plan

COMMERCIAL TRAVELERS: A.M. Best Hikes Fin. Strength Rating to B+
COMMUNITYONE BANCORP: Releases Copy of Investor Presentation
CRC HEALTH: Moody's Rates $540MM Secured First Lien Debt 'B1'
CSMG TECHNOLOGIES: Voluntary Chapter 11 Case Summary
CUBIC ENERGY: Postss $9.9 Million Net Income in Dec. 31 Qtr.

CUMULUS MEDIA: Crestview Director Designee to Retire
DETROIT, MI: Retirees Find Exit Plan Divisive
DETROIT, MI: 1983 Claimants' Bid for Committee Appointment Denied
DOTS LLC: Reaches Deal with Secured Lenders, Creditors' Panel
EASTMAN KODAK: EPA Approves Cleanup Trust Fund

ECOSPHERE TECHNOLOGIES: Halliburton's Claims Dismissal Bid Denied
EDENOR SA: General Shareholders' Meeting Set on April 29
EMERITO ESTRADA: Court Dismisses Chapter 11 Bankruptcy Case
ENDEAVOUR INTERNATIONAL: Incurs $28.1 Million Loss in Q4
ENERGY FUTURE: Said to Arrange Bankruptcy Loans

ENGLOBAL CORP: Reports $2.9 Million 2013 Net Loss
EXIDE TECHNOLOGIES: Inks Deal with Union in Vernon Facility
FIAT CHRYSLER: CEO Sets Internal Deadline of Oct. 1 for NY Listing
FIRST CASH: Moody's Assigns Ba3 CFR & Rates Unsecured Notes Ba3
FIRST NATIONAL COMMUNITY: Grants 24,400 Shares to Executives

FISKER AUTOMOTIVE: Panel Spars with Hybrid Over Bid to Probe Liens
GENERAL MOTORS: DOT Lacked Information on Ignition Switch Problem
GEOMET INC: Sherwood Stake at 31.1% as of Feb. 13
GLW EQUIPMENT: Equipment Lenders Win Stay Relief to Foreclose
GRAPHIC PACKAGING: S&P Revises Outlook to Pos. & Affirms 'BB+' CCR

GREEN FIELD ENERGY: Can Use Shell's Cash Collateral Until April 26
GREEN FIELD ENERGY: Assessment Tech Okayed as Tax Consultants
HOPE 7 MONROE: DC Circ. Won't Reopen Condo Developer's Appeal
HOUSTON REGIONAL: Comcast Not Mulling Buyout
HOVNANIAN ENTERPRISES: Incurs $24.5MM Net Loss in First Quarter

HRK INDUSTRIES: Plan Filing Deadline Extended to April 10
HUNTINGTON INGALLS: Moody's Changes Ba2 CFR Outlook to Positive
IBAHN CORP: Guest-tek Wins Court Approval to Buy Assets for $13MM
IGATE CORP: Moody's Hikes CFR to 'Ba3' & Rates $325MM Note 'B1'
IGATE CORP: S&P Raises CCR to 'BB-' on Refinancing; Outlook Stable

IGLESIA PUERTA: Amends Schedules of Assets and Liabilities
IGLESIA PUERTA: Files Amended List of Top Unsecured Creditors
INOFIN INC: Holland & Knight Wants Jury Trial In Malpractice Case
INDEPENDENCE TAX II: Incurs $131K Net Loss in Dec. 31 Qtr.
INTERTAPE POLYMER: S&P Raises CCR to 'BB-'; Outlook Stable

INTERSTATE BANKERS: A.M. Best Lowers Fin. Strength Rating to 'C-'
INSTITUTO MEDICO: March 20 Hearing on US Trustee's Dismissal Bid
KINDRED HEALTHCARE: Moody's Rates Proposed $1BB Term Loan 'B1'
KNOWLEDGE UNIVERSE: Add-on Term Debt No Impact on Moody's B3 CFR
KNOWLEDGE UNIVERSE: S&P Retains Prelim. 'B' Rating After Upsize

LAFAYETTE YARD: NJ City Says Wong Fleming Isn't Owed Fees for Work
LANCELOT INVESTMENT: High Court Won't Revive Winston Claims
LEHMAN BROTHERS: LBI Trustee Seeks to Disallow Frankel Claim
LEHMAN BROTHERS: LBI Trustee Seeks to Disallow Gales' Claim
LEHMAN BROTHERS: Former Employees Defend Claims

LEHMAN BROTHERS: LBI Trustee Wants to Disallow $117MM in Claims
LEHMAN BROTHERS: E&Y to Face Fees Claim, Appeals Court Rules
LIGHTSQUARED INC: Amends KEIP to Drop Regulatory Objective
LILY GROUP: Sale of Coal Mine Is Formally Approved
LIVE TISSUE CONNECT: Voluntary Chapter 11 Case Summary

LONGVIEW POWER: Kenneth Gibbs, Judge Lyons to Co-Mediate Disputes
MARTIN BELZ: Peabody Hotel's Pres. Sets Hearing for Plan Approval
MCDERMOTT INTERNATIONAL: S&P Revises Outlook & Affirms 'BB' CCR
MERCURY DELIVERY: Can't Be Named as Defendant in FLSA Suit
MILLENNIUM BANK: First Virginia Bank Failure in Over Three Years

MT. GOX: Recognition Hearing Set for April 1
NAVISTAR INTERNATIONAL: Reports $248 Million First Quarter Loss
NEOMEDIA TECHNOLOGIES: Burrington Stake at 9.9% as of Feb. 7
NEW CENTURY TRS: Bankruptcy Doesn't Bar Assignment of Note
NEW LIFE: To Grant Adequate Protection to Regions Bank

NEW LIFE: Committee Wins Nod for Bradley Arant as Counsel
NII HOLDINGS: KPMG Replaces PricewaterhouseCoopers as Accountants
NNN 3500 MAPLE 26: Court Won't Upset Plan Status Quo
NNN PARKWAY CORPORATE: Judge Smith Dismisses Chapter 11 Case
NORMANDY SCHOOL DISTRICT: Bankruptcy Looms Absent State Bailout

OCTAVIAR ADMINISTRATION: Liquidators Sue Fortress on 2008 Collapse
OSX BRASIL: Batista's Shipbuilder Reaches Deal With Bondholders
PATERSON PARKING: Moody's Cuts Bond Rating to Ba1; Outlook Stable
PETERSON GROUP: Trustee Sues Houston Firm Over Asset Transfer
PETERSON GROUP: Trustee Sues Houston Firm Over Asset Transfer

PETRON ENERGY: Authorized Shares Increased to 15 Billion
PRIME PROPERTIES: March 19 Hearing on FTBK Plan Outline
PROVIDENT COMMUNITY: To Suspend Filing of Reports with SEC
QUIZNOS: Senior Lenders to Give Up $444MM Debt for All of Equity
QUIZNOS: Obtains Court Approval of DIP Financing

RADIOSHACK CORP: To Offer Execs. $1.5MM in Retention Bonuses
REBELANES INC: Case Summary & 20 Largest Unsecured Creditors
REPUBLIC OF TEXAS: Ch. 11 Exit Strategy Includes CHILLO Sales
REVSTONE INDUSTRIES: BFG and Committee Balk at PBGC Settlement
SAGAMORE PARTNERS: Default Interest Not Owing Under Sec. 1123(d)

SBARRO LLC: Joint Disclosures & Plan Hearing Set for April 25
SBARRO LLC: Has Interim Authority to Obtain $10MM in DIP Loans
SBARRO LLC: Obtains Interim Approval of Stock Transfer Procedures
SBARRO LLC: Can Employ Prime Clerk as Claims & Noticing Agent
SBARRO LLC: Landlord Objects to Action on 574 Fifth Ave. Lease

SCOTT BRASS: High Court Won't Hear $4.5M Sun Capital Debt Appeal
SHIVSHANKAR PARTNERSHIP: Case Summary & 20 Top Unsec. Creditors
SUNGARD AVAILABILITY: S&P Assigns 'B+' CCR; Outlook Stable
SURGICAL SPECIALTIES: Moody's B3 CFR on Review for Downgrade
TOWER CAR WASH: Case Summary & 8 Largest Unsecured Creditors

TUSCANY INT'L: Has 3-Member Official Equity Committee
TUSCANY INT'L: Landis Rath to Represent Equity Panel
TUSCANY INT'L: Claims Bar Date Set for April 7
UNIVERSAL BIOENERGY: Incurs $160,000 Net Loss in Dec. 31 Qtr.
UNS ENERGY: Staves Off Pair of Bankruptcy Hoaxes

UPPER VALLEY: UST Seeks Conversion or Ch.11 Trustee Appointment
USEC INC: Bankruptcy Shakes Up Creditor Line
VALLEJO, CA: Council Voted to Close $5.2MM Budget Gap
VELTI INC: Files Ch. 11 Liquidating Plan after Sale to Blackstone
VHGI HOLDINGS: Hires Street Capital for Possible Acquisition

WACO TOWN SQUARE: District Judge Reinstates NSJS Lawsuit
WAFERGEN BIO-SYSTEMS: Incurs $17.7 Million Loss in 2013
WEST TEXAS GUAR: March 20 Hearing on Bankruptcy, Trustee Bid
YELLOWSTONE MOUNTAIN: Suit v. Thornton Byron Goes to Trial

* 2nd Circ.'s Strict Ch. 15 Rule Will Drive Cases to Delaware
* Voiding Mortgage Under State Law Is No Stern Problem

* Mortgage Servicer's Ties Raise Regulatory Concern
* North Carolina Is a Case Study in Jobless-Benefits Cut
* Senate Lawmakers Unveil Bill to Eliminate Fannie, Freddie
* TARP Funds Demolish Homes in Detroit to Lift Prices
* Thin Film Market Expected to Grow to $10.25 Bil. by 2018

* LegalZoom's Referral Suit Against Bankruptcy Firm Stands
* McCathern Merges with Braden, Hinchcliffe & Hawley
* Parker Ibrahim's John Falzone Named to 2014 N.J. Super Lawyers


                             *********


1040 MANAGEMENT: Landlord Lacks Standing to Pursue Contempt Bid
---------------------------------------------------------------
The chapter 7 trustees of the bankruptcy estates of Avraham Sofer
and his business, 1040 Management, LLC obtained a preliminary
injunction restraining Sofer, his agents, and employees, for a
period of 45 days from (i) entering onto the parking lot located
at 980 East 13th Street, Brooklyn, New York operated by the
Debtors on premises leased from Adar 980 Realty LLC, the landlord;
(ii) communicating with any of the customers of the Parking
Facility about collecting money or parking on the lot; and (iii)
collecting any money due and owing to the Debtors on account of
the prepetition or post-petition operation of the Parking
Facility. The Injunction also directed the turnover of all money
and proceeds derived from the operation of the Parking Facility to
the Trustees.

The Landlord filed a motion pursuant to 11 U.S.C. Sections 105 and
362(k)1 to hold Sofer in civil contempt for operating the Parking
Facility in violation of the automatic stay and the Injunction,
and sought the reimbursement of damages incurred as a result of
Sofer's alleged violations, consisting solely of the attorney's
fees and costs incurred by the Landlord in filing and prosecuting
the Contempt Motion.

Although there is no doubt that Sofer violated the Sec. 362(a)(3)
and the Injunction, Bankruptcy Judge Carla E. Craig said the
Contempt Motion must be denied because the Landlord lacks standing
to prosecute these claims.

The cases are RICHARD J. MCCORD, Esq., Chapter 7, Trustee for the
Estate of Avraham Sofer, Plaintiff, v. AVRAHAM SOFER, and his
agents, representatives, and those acting in concert with him,
Defendants; LORI LAPIN JONES, as Chapter 7 Trustee of the Estate
of 1040 Management LLC, Plaintiff, v. AVRAHAM SOFER, and his
agents, representatives, and those acting in concert with him,
Defendants, Adv. Pro. No. 13-1498-CEC., 13-1497-CEC (Bankr.
E.D.N.Y.).  A copy of the Court's March 13, 2014 Decision is
available at http://is.gd/XmlRrdfrom Leagle.com.

Attorneys for Adar 980 Realty LLC:

     Abraham Neuhaus, Esq.
     NEUHAUS & YACOOB LLC
     1222 Avenue M, Suite 207
     Brooklyn, NY 11230
     E-mail: an@neuyac.com

Attorney for the Debtors:

     Jon A. Lefkowitz, Esq.
     1222 Avenue M Suite 204
     Brooklyn, NY 11230

Attorneys for Richard J. McCord, chapter 7 trustee of the estate
of Avraham Sofer:

     Richard J. McCord, Esq.
     CERTILMAN BALIN ADLER & HYMAN
     90 Merrick Avenue
     East Meadow, NY 11554
     E-mail: rmccord@certilmanbalin.com

Attorneys for Lori Lapin Jones, Chapter 7 trustee of the estate of
1040 Management, LLC:

     Jordan Pilevsky, Esq.
     LAMONICA HERBST & MANISCALCO LLP
     3305 Jerusalem Avenue, Suite 201
     Wantagh, NY 11793
     E-mail: jp@lhmlawfirm.com

1040 Management filed a voluntary chapter 7 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 13-45283) on Aug. 28, 2013, and Lori
Lapin Jones was appointed as chapter 7 trustee of the bankruptcy
estate of 1040 Management. The schedules listed priority debt of
$1,500 for sales tax, and unsecured debt of $101,300. The Landlord
is scheduled as the largest unsecured creditor, holding a debt of
$55,000, and Agneta Sofer, Sofer's wife, is scheduled as holding a
debt of $46,000 for monies loaned.

On August 29, 2013, the Landlord filed an emergency motion for
relief from the stay to permit it to continue an eviction action
with respect to the Parking Facility, which was returnable Oct. 9,
2013.  Sofer and 1040 Management are co-tenants on the lease of
the Parking Facility.

1040 Management opposed the Landlord's Lift Stay Motion, but the
Business Trustee did not.  On Oct. 9, 2013, after applying the
factors set forth in In re Sonnax Industries, 907 F.2d 1280 (2d
Cir. 1990), the Court overruled 1040 Management's opposition, and
issued an order granting the 1040 Lift Stay Motion.

The next day, on Oct. 10, 2013, Sofer filed a voluntary chapter 7
bankruptcy petition (Bankr. E.D.N.Y. Case No. 13-46127), and
Richard J. McCord was appointed as chapter 7 trustee of Sofer's
bankruptcy estate.  Sofer's schedules list secured debts of $8,390
relating to leased vehicles, and unsecured debt of $201,663, of
which $150,000 is owed to the Landlord.

That same day, the Landlord filed an emergency motion for relief
from the stay to permit it to continue the eviction action with
respect to the Parking Facility.  The Sofer Lift Stay Motion was
returnable Nov. 5, 2013, and on Nov. 8 the Court issued an order
granting that motion to the extent it sought to prosecute the
eviction action against Sofer, but stayed the enforcement of any
judgment of possession or money judgment obtained in that action
pending further Court order.


2279-2283 THIRD: Final Decree Entered Closing Reorganization Case
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
entered a final decree closing the Chapter 11 case of 2279-2283
Third Avenue Associates, LLC.

In a Feb. 4, 2014 application, Jonathan S. Pasternak, Esq., at
DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, on behalf of
the Debtor, said the Debtor has substantially consummated its
Chapter 11 Plan dated June 26, 2013.

The Debtor also said that it will reserve sufficient funds to pay
the office of the U.S. Trustee the appropriate amount of any
quarterly fees.

The Troubled Company Reporter on Jan. 24, 2014, reported the
confirmation of the plan of reorganization proposed by the Debtor.
The restructuring plan contemplates the transfer of the property
commonly known as 2279-2283 Third Avenue, in New York, to LSV-JCR
124th LLC, the senior lender, in full satisfaction of its allowed
secured claims in the estimated amount of $14.5 million.

Under the plan, the senior lender will fund the distributions to
creditors, including payment of all outstanding real estate taxes
and related administrative charges claimed by the City of New York
(approx. $250,000), the fees of Third Avenue's attorney (approx.
$50,000) and an approximate 13.5% distribution to holders of
allowed unsecured claims ($100,000).  The senior lender will also
waive its deficiency unsecured claim of approximately $500,000.

Class 3 (senior lender claim) and Class 4 (general unsecured
claims) are impaired and entitled to vote on the plan.  Class 5
(equity interests) will receive no distributions and is therefore
deemed to have rejected the plan.  Classes 1 and 2 are unimpaired
and conclusively deemed to have accepted the plan.

The Internal Revenue of Service, which asserts an unsecured
general claim of $4,680, dropped its objection to confirmation of
the Plan.

                   About 2279-2273 Third Avenue

2279-2283 Third Avenue Associates LLC and 2279-2283 Third Avenue
Development LLC sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case Nos. 12-13092 and 12-13093) on July 17, 2012.
Jonathan S. Pasternak, Esq., at DelBello Donnellan Weingarten Wise
& Wiederkehr, LLP, in White Plains, N.Y., represents the Debtors
as counsel.

Third Avenue Associates owns two contiguous multi residential
buildings located at 2279-2283 Third Avenue, in New York.  Third
Avenue Development is the sole member of Associates.  The Property
is Associate's primary asset, while Development's membership
interests in Associates is its sole asset.  Debtor 2279-2283 Third
Avenue disclosed $14,839,697 in assets and $16,973,992 in
liabilities as of the Chapter 11 filing.

The managing member of each of the Debtors is Michael Waldman.  He
is also the managing member of 3210 Riverdale Associates LLC and
the managing member of the sole member of 3210 Riverdale
Development LLC, other Chapter 11 proceedings currently pending
before the SDNY Court under Case Nos. 12-11286 and 12-11109.

Third Avenue Associates obtained financing from commerce bank of
$14 million and Development obtained mezzanine financing from HSBC
Capital (USA) Inc. in the amount of $6 million.  HSBC refused to
grant additional $700,000 in financing requested by the Debtor to
fund build-outs required by the Internal Revenue Service.

The Commerce note -- which was assigned to TD Bank and then to
LSV-JCR 124th LLC -- was secured by a mortgage on the Properties,
and the HSBC obligation is secured by a mortgage on Associates'
membership interest owned by Development.

The HSBC note matured in 2011 and HSBC called the loan into
default and commenced foreclosure action.  The state court entered
an order appointing Steven Weiss as receiver of rents.  THSBC has
assigned its mezzanine note to LCP-GC LLC.

On July 3, 2012, the Debtors and their two secured lenders, LSV-
JCR 124th LLC and LCP-GC LLC entered into a settlement that
requires the Debtors to transfer ownership of the buildings to the
secured lenders through a Chapter 11 plan.

Judge James Peck oversees the Chapter 11 cases.  No trustee,
examiner or official committee has been appointed in the cases.


261 EAST: Plan Substantially Consummated; Wants Ch. 11 Case Closed
------------------------------------------------------------------
Jonathan S. Pasternak, Esq., at Delbello Donnellan Weingarten
Wise & Wiederkehr, LLP, on behalf of 261 East 78 Realty
Corporation, asks the U.S. Bankruptcy Court for the Southern
District of New York to enter a final decree closing the Debtor's
Chapter 11 case.

Mr. Pasternak said the Debtor has substantially consummated its
Second Amended Plan of Reorganization.  On March 11, 2014, DDWWW
as disbursing agent for the Debtor, pursuant to the Plan, made
complete distribution to allowed holders of Administrative, Class
1, 2, 3 and 4 Claims in accordance with the terms of the Plan.
All other aspects of the Plan have been complied with and
satisfied.  In addition, all quarterly fees have been
substantially paid in full, and only those fees having accrued on
account of disbursements made under the Plan.

As reported in the Troubled Company Reporter, Judge Robert E.
Gerber of the U.S. Bankruptcy Court for the Southern District of
New York on Jan. 29, 2014, issued an order confirming the Debtor's
Second Amended Chapter 11 Plan of Reorganization after determining
that the Plan complies with the confirmation requirements laid out
in the Bankruptcy Code.

The Debtor filed a voting report, which reflected that Class 2 (MB
Secured Claim), Class 3 (Hermes Secured Claim) and Class 4
(General Unsecured Claims) have each voted to accept the Plan.
Class 1 (Other Priority Claims) is unimpaired under the Plan, not
entitled to vote and are deemed to accept the Plan.  Class 5
(Equity Interests) will not receive any distribution under the
Plan on account of Interests in the Debtor and is deemed to have
rejected the Plan.

The Plan confirmation is subject to the terms and conditions of
the settlement agreement with Hermes Capital, LLC.  Under the
terms of the Hermes settlement agreement, (a) DelBello Donnellan
Weingarten Wise & Wiederkehr, LLP, is authorized and directed to
pay to Hermes the sum of $200,000, and (b) Perkins Coie LLP is
authorized and directed to pay to Hermes the sum of $1,125,000,
which sums said firms are holding in escrow pursuant to the terms
of the Plan and the Hermes Settlement Agreement.

                         About 261 East

261 East 78 Realty Corp. owns real property located at 261 East
78th Street, in New York.  The premises consist of seven
commercial units, three of which are currently occupied.  261 East
78 Realty filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case
No. 11-15624) on Dec. 6, 2011.  The case was assigned to Judge
Robert E. Gerber.  The Chapter 11 filing was precipitated by the
commencement of foreclosure proceedings on the premises.  The
Debtor scheduled $20.2 million in assets and $18.8 million in
liabilities.  The petition was signed by Lee Moncho, president.

Jonathan S. Pasternak, Esq., at DelBello Donnellan Weingarten Wise
& Wiederkehr, LLP, in White Plains, N.Y., represents the Debtor as
counsel.

Matthew W. Olsen, Esq., at Katten Muchin Rosenman LLP, in New
York, N.Y., represents MB Financial Bank, N.A., as counsel.

Pursuant to the Plan Term Sheet, the Plan will be funded by
amounts made available by (i) the Plan Funder, of which $1,500,000
will be deposited in the Plan Fund Account and $10,700,000 will be
distributed to MB Financial Bank, N.A., on account of its Allowed
Class 2 Claim or (ii) the net proceeds of a Public Sale of the
Debtor's Property conducted pursuant to the Plan, of which
$11,000,000 will be distributed to MB on account of its Allowed
Class 2 Claim and the balance will be used to make payments due
under the Plan.

No trustee, examiner or creditors committee has been heretofore
appointed in this proceeding.


ACTIVECARE INC: Incurs $5.1 Million Net Loss in Dec. 31 Qtr.
------------------------------------------------------------
ActiveCare, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to common stockholders of $5.13 million on $2.42
million of total revenues for the three months ended Dec. 31,
2013, as compared with a net loss attributable to common
stockholders of $3.64 million on $2.37 million of total revenues
for the three months ended Dec. 31, 2012.

The Company's balance sheet at Dec. 31, 2013, showed $11.99
million in total assets, $8.23 million in total liabilities and
$3.76 million in total stockholders' equity.

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

                        http://is.gd/IN3qTY

                          About ActiveCare

South West Valley City, Utah-based ActiveCare, Inc., is organized
into three business segments based primarily on the nature of the
Company's products.  The Stains and Reagents segment is engaged in
the business of manufacturing and marketing medical diagnostic
stains, solutions and related equipment to hospitals and medical
testing labs.  The CareServices segment is engaged in the business
of developing, distributing and marketing mobile health monitoring
and concierge services to distributors and customers.  The Chronic
Illness Monitoring segment is primarily engaged in the monitoring
of diabetic patients on a real time basis.

The Company's business plan is to develop and market products for
monitoring the health of and providing assistance to mobile and
homebound seniors and the chronically ill, including those who may
require a personal assistant to check on them during the day to
ensure their safety and well being.

ActiveCare incurred a net loss attributable to common stockholders
of $25.95 million the year ended Sept. 30, 2013, as compared with
a net loss attributable to common stockholders of $12.42 million
for the year ended Sept. 30, 2012.

Tanner LLC, in Salt Lake City, Utah, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Sept. 30, 2013.  The independent auditors noted that
the Company has incurred recurring losses, has negative cash flows
from operating activities, has negative working capital, and has
negative total equity.  These conditions, among others, raise
substantial doubt about its ability to continue as a going
concern.


ADAYANA INC: Changes Corporate Name to "Persist Liquidating"
------------------------------------------------------------
The Hon. Robyn L. Moberly of the U.S. Bankruptcy Court for the
Southern District of Indiana granted Adayana Inc.'s request to
change its corporate name to Persist Liquidating Corporation,
stating that the sale of substantially all of its assets including
the right to use "Adayana Inc." to AVX Learning LLC has been
consummated.

                        About Adayana, Inc.

Adayana, Inc., is a holding company, incorporated under the laws
of the state of Minnesota.  Its primary assets are its equity
ownership interests in two separate operating companies, ABG, an
Adayana Company, and Vertex Solutions, Inc., one of which is
headquartered in Indianapolis, and the other in Virginia.  Both
operating companies are in the "human capital" business, providing
an array of technology-based consulting and training services.

Adayana valued the subsidiaries' stock at $8 million to
$12 million as of March 31, 2013.  It also owns personal
property with book value of $949,280.

Adayana, along with its two subsidiaries, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
13-10919) on Oct. 14, 2013.

The Debtors are represented by Michael P. O'Neil, Esq., at Taft
Stettinius & Hollister LLP, in Indianapolis, Indiana.

The United States Trustee for Region 10 has been unable to appoint
an official committee under 11 U.S.C. Sec. 1102 in the case.


ADAYANA INC: Has Until April 24 to Decide on Unexpired Leases
-------------------------------------------------------------
The Hon. Robyn L. Moberly of the U.S. Bankruptcy Court for the
Southern District of Indiana extended the time of Adayana Inc. to
assume or reject unexpired leases of non-residential real property
from Feb. 11, 2014, to April 14, 2014.

The Debtor told Judge Moberly that AVX, the purchaser of its
assets, is still in talks with the landlord CP Pyramids Associates
LP as to whether AVX will exit the premises or enter into a new
lease with the landlord for the real property commonly known as
sixth, seventh and eight floors of Pyramids Building No. 3 in
Indianapolis, Indiana, or if AVX will take an assignment of the
Debtor's lease with the landlord for the property.

According to the Debtor, the extension of time will allow the
parties' discussions to be completed.  The Debtor said it has
funding available to pay for any rent incurred under the lease
during the extension so no harm will come to the estate.

The Debtor assured the Court that the landlord will not be harmed
by the extension of time as any additional rent incurred will be
paid by the Debtor.

                        About Adayana, Inc.

Adayana, Inc., is a holding company, incorporated under the laws
of the state of Minnesota.  Its primary assets are its equity
ownership interests in two separate operating companies, ABG, an
Adayana Company, and Vertex Solutions, Inc., one of which is
headquartered in Indianapolis, and the other in Virginia.  Both
operating companies are in the "human capital" business, providing
an array of technology-based consulting and training services.

Adayana valued the subsidiaries' stock at $8 million to
$12 million as of March 31, 2013.  It also owns personal
property with book value of $949,280.

Adayana, along with its two subsidiaries, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
13-10919) on Oct. 14, 2013.

The Debtors are represented by Michael P. O'Neil, Esq., at Taft
Stettinius & Hollister LLP, in Indianapolis, Indiana.

The United States Trustee for Region 10 has been unable to appoint
an official committee under 11 U.S.C. Sec. 1102 in the case.

The Debtor obtained Court approval to change its name to Persist
Liquidating Corporation after selling its assets to AVX Learning
LLC.


ADAYANA INC: Contract Option Period Extended Until April 14
-----------------------------------------------------------
The Hon. Robyn L. Moberly of the U.S. Bankruptcy Court for the
Southern District of Indiana extended until April 14, 2014,
Adayana Inc., nka Persist Liquidating Corporation's "Executory
Contract Option Period" contained in an asset purchase agreement
with AVX Learning LLC.

In its motion, the Debtor requested that the Court extend the
period in which AVX must identify which of the Debtor's contracts
AVX wishes to assume pursuant to the parties' asset purchase
agreement.

As reported in the Troubled Company Reporter on Feb. 18, 2014,
Michael P. O'Neil, Esq., at Taft Stettinius & Hollister LLP,
counsel of the Debtor, said the Debtor consummated the sale of
substantially all of its assets to AVX on Jan. 10, 2014.

According to the Debtor, AVX and CP Pyramids Associates LP, the
Debtor's landlord, are continuing to discuss either entering into
a new lease for the non-residential real property commonly known
as the sixth, seventh and eight floors of Pyramids Building No. 3
in Indianapolis, Indiana, or assuming the Debtor's lease for the
property.

                        About Adayana, Inc.

Adayana, Inc., is a holding company, incorporated under the laws
of the state of Minnesota.  Its primary assets are its equity
ownership interests in two separate operating companies, ABG, an
Adayana Company, and Vertex Solutions, Inc., one of which is
headquartered in Indianapolis, and the other in Virginia.  Both
operating companies are in the "human capital" business, providing
an array of technology-based consulting and training services.

Adayana valued the subsidiaries' stock at $8 million to
$12 million as of March 31, 2013.  It also owns personal
property with book value of $949,280.

Adayana, along with its two subsidiaries, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
13-10919) on Oct. 14, 2013.

The Debtors are represented by Michael P. O'Neil, Esq., at Taft
Stettinius & Hollister LLP, in Indianapolis, Indiana.

The United States Trustee for Region 10 has been unable to appoint
an official committee under 11 U.S.C. Sec. 1102 in the case.

The Debtor obtained Court approval to change its name to Persist
Liquidating Corporation after selling its assets to AVX Learning
LLC.


ADVANCED MICRO: Amends Tender Offer Statement
---------------------------------------------
Advanced Micro Devices, Inc., amended its tender offer statement
on Schedule TO originally filed with the U.S. Securities and
Exchange Commission on Feb. 20, 2014, as amended by Amendment No.
1 to Schedule TO filed with the SEC on Feb. 26, 2014, by the
Company in connection with its offer to purchase for cash up to
$425,000,000 aggregate principal amount of the Company's
outstanding 6.00 percent Convertible Senior Notes due 2015.

"We are making the Offer in order to repurchase up to the Maximum
Tender Amount of the outstanding Notes as part of an overall plan
to extend the maturity of a portion of our outstanding debt by
repurchasing the Notes in this Offer, as well as a portion of the
8.125% Senior Notes due 2017, or the 8.125% Notes, in a concurrent
tender offer, in each case using net proceeds we received from the
New Notes Offering," the Company said in the amendment.

A copy of the Amended Schedule TO is available for free at:

                       http://is.gd/904xO6

                   About Advanced Micro Devices

Sunnyvale, California-based Advanced Micro Devices, Inc., is a
global semiconductor company. The Company's products include x86
microprocessors and graphics.

Advanced Micro incurred a net loss of $83 million on $5.29 billion
of net revenue for the year ended Dec. 28, 2013, as compared with
a net loss of $1.18 billion on $5.42 billion of net revenue for
the year ended Dec. 29, 2012.

The Company's balance sheet at Dec. 28, 2013, showed $4.33 billion
in total assets, $3.79 billion in total liabilities and $544
million in total stockholders' equity.

                          *     *     *

In August 2013, Standard & Poor's Ratings Services revised its
outlook on Advanced Micro to negative from stable.  At the same
time, S&P affirmed its 'B' corporate credit and senior unsecured
debt ratings on AMD.

As reported by the TCR on Feb. 4, 2014, Fitch Ratings has affirmed
the 'CCC' long-term Issuer Default Rating (IDR) for Advanced Micro
Devices Inc.  The rating reflects Fitch's expectations for
negative near-term free cash flow (FCF) and limited top-line
visibility, despite solid product momentum heading into 2014.

In the Feb. 4, 2013, edition of the TCR, Moody's Investors Service
lowered Advanced Micro Devices' corporate family rating to B2 from
B1.  The downgrade of the corporate family rating to B2 reflects
AMD's prospects for weaker operating performance and liquidity
profile over the next year as the company commences on a multi-
quarter strategic reorientation of its business in the face of a
challenging macro environment and a weak PC market.


ALLY FINANCIAL: Adopts Amended Certificate of Incorporation
-----------------------------------------------------------
The board of directors of Ally Financial Inc. adopted an amended
and restated certificate of incorporation and amended and restated
bylaws on March 13, 2014.  The Amended and Restated Charter and
the Amended and Restated Bylaws are conditioned upon, and become
effective on or after the pricing of an initial public offering by
Ally of shares of its common stock, par value $0.01 per share.

The Amended and Restated Charter and the Amended and Restated
Bylaws would replace in their entirety the previous provisions
contained in Ally's pre-IPO certificate of incorporation and
bylaws if an IPO occurs.

Prior to implementing the Amended and Restated Charter and the
Amended and Restated Bylaws, Ally submitted proposals for those
actions to certain holders of Ally's Common Stock for consent and
approval.  In addition, Ally submitted proposed 2014 compensation
plans, a voting agreement between Ally and the United States
Department of the Treasury and a stockholders agreement among
Ally, Treasury and FIM Holdings LLC to those holders for consent
and approval.  Stockholder consents were provided on March 14,
2014, by stockholders holding a majority of Ally's outstanding
shares of Common Stock.

The 2014 compensation plans will become effective upon the pricing
of an IPO.

The voting agreement provides that, effective upon the
consummation of an IPO and until the termination of the voting
agreement, Treasury will vote its shares of Ally's Common Stock at
any meeting with respect to each matter on which common
stockholders are entitled to vote, other than certain designated
matters, in the same proportion as all other shares of the Common
Stock are voted with respect to each such matter.  Designated
matters are:

    (i) the election and removal of directors;

   (ii) the approval of any merger, consolidation, statutory share
        exchange or similar transaction that requires the approval
        of Ally's stockholders;

  (iii) the approval of a sale of all or substantially all of
        Ally's assets or property;

   (iv) the approval of Ally's dissolution'

    (v) the approval of any issuance of Ally's securities on which
        common stockholders are entitled to vote;

   (vi) the approval of any amendment to Ally's Amended and
        Restated Charter or Amended and Restated Bylaws on which
        common stockholders are entitled to vote; and

  (vii) the approval of any other matters reasonably incidental to
        clauses (i) through (vi) as determined by Treasury.

The rights, restrictions, and obligations under the voting
agreement will terminate when Treasury beneficially owns less than
2 percent of the shares of Ally's Common Stock then issued and
outstanding.

The stockholders agreement will become effective upon the
consummation of an IPO.  The stockholders agreement provides that
so long as (a) Treasury holds at least 20 percent of the shares of
Ally's outstanding Common Stock, Treasury will have the right to
designate two nominees to Ally's Board and (b) Treasury holds at
least 9.9 percent of the shares of Ally's outstanding Common
Stock, Treasury will have the right to designate one nominee to
Ally's Board; provided that for Ally's 2014 annual meeting,
Treasury agrees to select its nominees from among its existing
designees.

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

                       http://is.gd/tGsSv1

                       About Ally Financial

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

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

As of Dec. 31, 2013, the Company had $151.16 billion in total
assets, $136.95 billion in total liabilities and $14.20 billion in
total equity.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the Dec. 17, 2013, edition of the TCR, Fitch Ratings upgraded
Ally Financial's long-term Issuer Default Rating (IDR) and senior
unsecured debt rating to 'BB' from 'BB-'.  The upgrade of Ally's
ratings follows the approval of Residential Capital LLC's
(ResCap's) bankruptcy plan by the Bankruptcy Court releasing Ally
from all ResCap related claims, which combined with the recent
mortgage settlements with the FHFA and the FDIC, essentially
removes any mortgage-related contingent liability to Ally.

As reported by the TCR on Dec. 23, 2013, Moody's Investors Service
upgraded the corporate family rating (CFR) of Ally Financial Inc.
to Ba3 from B1.  The upgrade of Ally's corporate family rating
follows the U.S. Bankruptcy Court's approval of ResCap LLC's
(unrated) Chapter 11 plan, which releases Ally from mortgage-
related creditor claims originating from its ownership of ResCap.

                    About Residential Capital

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

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

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

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

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

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

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

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


AMAZING GRACE HOTELS: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Amazing Grace Hotels, LLC
        3100 Glendale Avenue, Room 101
        Toledo, OH 43614

Case No.: 14-30821

Chapter 11 Petition Date: March 17, 2014

Court: United States Bankruptcy Court
       Northern District of Ohio (Toledo)


Judge: Hon. Mary Ann Whipple

Debtor's Counsel: Robert N Bassel, Esq.
                  ROBERT BASSEL, ATTORNEY
                  P.O. Box T
                  Clinton, MI 49236
                  Tel: (248) 677-1234
                  Fax: (248) 928-0656
                  Email: bbassel@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Grace Chojnowski-Kellogg, principal.

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


AMERICAN AIRLINES: No Jury Trial in "Fjord" Antitrust Suit
----------------------------------------------------------
Bankruptcy Judge Sean H. Lane granted, in part, and denied, in
part, the plaintiffs' motion to amend the complaint in the civil
antitrust action, CAROLYN FJORD, et al., Plaintiffs, v. AMR
CORPORATION, AMERICAN AIRLINES, US AIRWAYS GROUP INC. and US
AIRWAYS, INC., Defendants, OFFICIAL COMMITTEE OF UNSECURED
CREDITORS, As Intervenor, Adv. Proc. No. 13-01392 (SHL)(Bankr.
S.D.N.Y.).

The lawsuit challenges the merger between American Airlines and US
Airways.  The Plaintiffs proposes a number of changes. First, the
Plaintiffs seek to add factual allegations, some that relate to
events before consummation of the merger in December 2013 while
others involve subsequent events.  Second, the Motion addresses
the Plaintiffs' proposed relief by seeking to: a) add a new claim
for treble money damages under Section 4 of the Clayton Antitrust
Act (15 U.S.C. Sec. 15(a)); b) add a request for a preliminary
injunction requiring the defendants to hold their assets separate
during the pendency of the case; and c) modify the language
regarding the divestiture and associated declaratory relief sought
under Section 16 of the Clayton Act (15 U.S.C. Sec. 26).  The
Plaintiffs also seek to add a demand for a jury trial.

AMR and US Airways, and the Official Committee of Unsecured
Creditors as intervenors, jointly oppose the Motion.  While
Defendants do not object to the proposed changes regarding new
factual allegations and divestiture, they strenuously object to
the remaining relief.  The Defendants protest that the Plaintiffs
have already waived their right to a jury trial, have failed to
state a claim for damages, and are not entitled to the requested
"hold separate" injunction.

In a March 14, 2014 Memorandum of Decision, available at
http://is.gd/sADglvfrom Leagle.com, Judge Lane held that the
Court permits the uncontested amendments that assert new factual
allegations and revise the proposed divestiture relief.  But the
Court denies the rest of the Motion.  While the Court concludes
that Plaintiffs have not waived their right to demand a jury, the
proposed amended complaint fails to assert a sufficient basis for
treble damages suffered by these individual plaintiffs.  As the
Plaintiffs' jury demand rests upon their proposed new treble
damages claim, the request to add a jury demand must be denied as
well. Finally, the Court considers the request for a "hold
separate" injunction to have been withdrawn based on the
statements of Plaintiffs' counsel at the hearing.

Counsel for Defendants US Airways/ American Airlines Group:

     LATHAM & WATKINS LLP
     505 Montgomery Street, Suite 2000
     San Francisco, CA 94111-6538
     Daniel M. Wall, Esq.
     Alfred C. Pfeiffer, Jr., Esq.
     Sadik Huseny, Esq.

Counsel for Defendants and Reorganized Debtors AMR Corporation and
American Airlines:

     WEIL, GOTSHAL & MANGES LLP
     767 Fifth Avenue
     New York, NY 10153
     Stephen Karotkin, Esq.
     Alfredo R. Perez, Esq.
     Stephen A. Youngman, Esq.
     Richard Mullen, Esq.

Counsel for Intervenor the Official Committee of Unsecured
Creditors:

     SKADDEN, ARPS, SLATE, MEAGHER, & FLOM LLP
     Four Times Square
     New York, NY 10036
     Jay M. Goffman, Esq.
     James A. Keyte, Esq.
     Kenneth B. Schwartz, Esq.

          - and -

     155 North Wacker Drive
     Chicago, IL 60606
     Albert L. Hogan III, Esq.
     John K. Lyons, Esq.

Counsel for Clayton Plaintiffs:

     ALIOTO LAW FIRM
     One Sansome Street, 35th Floor
     San Francisco, CA 94104
     Joseph M. Alioto, Esq.

          - and -

     MESSINA LAW FIRM, P.C.
     961 Holmdel Road
     Holmdel, NJ 07733
     Gil D. Messina, Esq.

                     About American Airlines

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

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

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

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

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

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

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

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

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


ARCHDIOCESE OF MILWAUKEE: Wins Appeal on Sexual-Abuse Claims
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that using the the Archdiocese of Milwaukee as a backdrop,
the U.S. Court of Appeals in Chicago wrote an opinion that reads
like a treatise on when a settlement can be revoked years later on
the grounds of fraudulent inducement.

According to the report, although the opinion on Feb. 25 by U.S.
Circuit Judge Diane Sykes will aid the archdiocese in reducing
sexual-abuse claims and fashioning a plan to exit Chapter 11, the
ruling may be less important than two upcoming decisions from the
Seventh Circuit appeals court in Chicago.

The case decided by the appeals court involved a claimant who
settled his abuse claim in early 2007 for $100,000, the report
said.  The same claimant filed a claim in the bankruptcy, saying
his 2007 settlement should be rescinded because it was procured by
fraudulent inducement. He said the church's negotiator didn't
answer truthfully when asked if there were other allegations of
abuse against the same priest.

The bankruptcy judge dismissed the claim without holding a trial
and was upheld on a first appeal in federal district court, the
report related.  Judge Sykes reached the same result, although on
different grounds as she said the pivotal question was whether the
alleged misrepresentation was "objectively material." Although the
Wisconsin Supreme Court hasn't written its own opinion on when a
misrepresentation induces a settlement, she said the state's
highest court has always followed the Restatement of Contracts,
the leading treatise on contract law.

The report said there is another and potentially more important
case already pending in the Chicago appeals court involving a
decision by the bankruptcy court saying that Wisconsin law
precludes introducing evidence about occurrences in mediation.
Should the church win that appeal as well, claimants who already
settled will have even more difficulty in showing new and valid
claims in bankruptcy, Mr. Rochelle noted.

                  About Archdiocese of Milwaukee

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

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

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

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

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


ARCHDIOCESE OF MILWAUKEE: Tests Constitution on Transfers
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Archdiocese of Milwaukee is testing whether a
church can enjoy federal bankruptcy protection while at the same
time invoking constitutional exemption from claims that it
shielded assets from victims of clergy sex abuse through
fraudulent transfers.

The report recalled that U.S. District Judge Rudolph T. Randa in
July said that a $55 million cemetery trust is exempted from
creditors' claims by the federal Religious Freedom Restoration Act
of 1993, or RFRA.  The official creditors' committee had contended
in a lawsuit that the money was taken from archdiocese property
and put into the trust in the face of impending sexual-abuse
claims.  The $55 million would be the single-largest asset
available for abuse victims.

The committee appealed Judge Randa's decision to the federal
circuit court in Chicago, saying Randa Judge should have
transferred the case to another district judge because his
parents, two sisters and several other relatives are buried in
Milwaukee Catholic cemeteries.

The church said RFRA bars the suit because it precludes any
"substantial burden" on the exercise of religion by government.
The archdiocese pointed to statutory language  defining government
as anyone "acting under color of law," which it said includes an
official creditors' committee created under bankruptcy law and
exercising fiduciary powers prescribed by statute, the report
related.

On the First Amendment issue, the church said the  Bankruptcy Code
must be subjected to "strict scrutiny" because it isn't "facially
neutral and generally applicable," the report further related. The
archdiocese identified provisions in bankruptcy law that are
specifically applicable only to religious organizations.

The appeal is Official Committee of Unsecured Creditors v.
Listecki, 13-02881, U.S. Court of Appeals for the Seventh Circuit
(Chicago).

The lawsuit is Listecki v. Official Committee of Unsecured
Creditors (In re Archdiocese of Milwaukee), 11-02459, U.S.
Bankruptcy Court, Eastern District of Wisconsin (Milwaukee).

                  About Archdiocese of Milwaukee

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

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

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

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

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


ASSUREDPARTNERS CAPITAL: S&P Assigns 'B' CCR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned Florida-
based insurance services broker AssuredPartners Capital Inc.
(Assured) its 'B' long-term corporate credit rating.  The outlook
is stable.

At the same time, S&P assigned Assured's proposed $520 million
first-lien credit facilities, which consist of a $420 million term
loan due 2021 and $100 million revolver (undrawn at closing) due
2019, its debt rating of 'B' and recovery rating of '3'.  S&P also
assigned the proposed $135 million second-lien term loan due 2022
its debt rating of 'CCC+' and recovery rating of '6'.  Assured
intends to use the proceeds from the transaction to repay existing
debt and related transaction fees, and to increase balance-sheet
cash to finance future acquisitions.

"The 'B' counterparty credit rating on Assured reflects its fair
business risk profile (BRP) and very aggressive financial risk
profile (FRP), as defined by our corporate criteria," said
Standard & Poor's credit analyst Ying Chan.

Assured is a U.S. regional insurance brokerage firm providing
property casualty (p/c) and employee benefits products and
services to middle-market businesses mainly across the U.S., with
business concentrations in the Midwest, Northeast, and Florida.
The company was established in 2011 by Chicago, IL-based private
equity sponsors GTCR, and former industry executives, including
the CEO and COO who held executive positions at insurance
brokerage firm Brown & Brown.  Since its inception, the company
has grown by acquiring large operating platforms as well as
smaller, bolt-on acquisitions.  Assured is the 14th-largest broker
in the U.S. based on 2012 revenues (Source: Business Insurance).

The stable outlook reflects S&P's expectations that Assured's
credit metrics will improve modestly mainly from earnings growth,
leading to modest deleveraging during the next 12 months as
reflected in a pro-forma debt-to-EBITDA leverage ratio near 6.5x
by year-end 2014.  S&P also expects slightly improved pricing to
drive mid-single-digit organic growth and for acquisitions to add
about $110 million-$120 million of pro forma annualized revenues
in 2014.  Margins should remain healthy in the 25%-28% range,
benefiting marginally from improved operating efficiency.

S&P could lower the ratings during the next 12 months if leverage
deteriorates due to a more aggressive financial policy relative to
its expectations with respect to debt-funded acquisitions, or if
the company experiences a decline in earnings that will lead to
higher leverage ratio.  This would occur if leverage increases to
more than 7.0x on a sustained basis.

Although less likely in the next 12 months, S&P could raise the
ratings on Assured if the company is able to reduce leverage to
5.0x or less on an ongoing basis.  This could occur through a
combination of earnings growth and debt pay-down beyond mandatory
scheduled amortization.


ATP OIL: Court Expands James Latimer's Role as CRO
--------------------------------------------------
The Hon. Marvin Isgur of the U.S. Bankruptcy Court for the
Southern District of Texas has expanded the role of James Latimer
as chief restructuring officer of ATP Oil & Gas Corporation.
Judge Isgur allowed Mr. Latimer to:

   i) propose a plan and supervise the drafting of a disclosure
      statement on behalf of the debtor-in-possession; and

  ii) direct counsel to file a motion to convert the case to one
      under Chapter 7 of the Bankruptcy Code.

Judge Isgur has said he will convert the Chapter 11 case of ATP
Oil to a case under Chapter 7 at a hearing to be conducted on
March 27, 2014, at 1:30 p.m., unless parties-in-interest can show
cause why conversion is not appropriate.  Judge Isgur said the
case has been on file for a sufficient time to allow the
formulation of a plan of reorganization.

According to the Troubled Company Reporter, the Debtor sought
and obtained approval from the U.S. Bankruptcy Court to employ
Blackhill Partners, LLC, and designate James R. Latimer, III as
CRO to the Debtor.  The firm's compensation package consists of:

  a. Fee Retainer: $75,000

  b. Expense Retainer: $25,000

  c. Professional Fees: no more than $125,000 will be paid in a
     given month; any fees incurred in excess of the Fee Cap will
     be paid in a subsequent month where the Fee Cap has not been
     met:

       i. Latimer's Rate: $550 per hour

      ii. Blackhill's managing directors and executive advisory
          team members: $400 to $475 per hour

     iii. Blackhill's vice presidents and senior staff members:
          $250 to $400 per hour

  d. Success Fee: $250,000 in the event that a Plan is confirmed
     and effective.

All compensation for services rendered and reimbursement for
expenses incurred during the Chapter 11 case will be paid after
further application to and order of the Court.

                           About ATP Oil

Houston, Texas-based ATP Oil & Gas Corporation is an international
offshore oil and gas development and production company focused
in the Gulf of Mexico, Mediterranean Sea and North Sea.

ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case
No. 12-36187) on Aug. 17, 2012.  Attorneys at Mayer Brown LLP,
serve as bankruptcy counsel.  Munsch Hardt Kopf & Harr, P.C., is
the conflicts counsel.  Motley Rice LLC and Fayard & Honeycutt,
APC serve as special counsel.  Opportune LLP is the financial
advisor and Jefferies & Company is the investment banker.
Kurtzman Carson Consultants LLC is the claims and notice agent.

ATP disclosed assets of $3.6 billion and $3.5 billion of
liabilities as of March 31, 2012.  Debt includes $365 million on a
first-lien loan where Credit Suisse AG serves as agent.  There is
$1.5 billion on second-lien notes with Bank of New York Mellon
Trust Co. as agent.  ATP's other debt includes $35 million on
convertible notes and $23.4 million owing to third parties for
their shares of production revenue.  Trade suppliers have claims
for $147 million, ATP said in a court filing.

An official committee of unsecured creditors has been appointed in
the case.  Evan R. Fleck, Esq., at Milbank, Tweed, Hadley &
McCloy, in New York, represents the Creditors Committee as
counsel.

A seven-member panel of equity security holders has also been
appointed in the case.  Kyung S. Lee, Esq., and Charles M. Rubio,
Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel
to the Equity Committee.


BAYOU CIRCLE TRUST: Involuntary Chapter 11 Case Summary
-------------------------------------------------------
Alleged Debtor: The Bayou Circle Trust Dated October 6, 2011
                PO Box 4037
                Enterprise, FL 32725

Case Number: 14-02971

Involuntary Chapter 11 Petition Date: March 17, 2014

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

Judge: Hon. Karen S. Jennemann

Petitioner                  Nature of Claim  Claim Amount
----------                  ---------------  ------------
Sam Zalloum                                      $70,000
217 River Village Drive
Debary, FL 32713


BERNARD L. MADOFF: Supreme Court Opinion No Help for Trustee
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports THE Bernard Madoff trustee, who will try to reinstate
hundreds of lawsuits through an appeal to be argued March 5 in
Manhattan, had his chances of success dealt a blow when the U.S.
Supreme Court decided a case involving R. Allen Stanford's Ponzi
scheme.

According to the report, Madoff trustee Irving Picard is appealing
a federal district court decision barring him from suing to
recover  transfers made more than two years before bankruptcy.
Were Picard to succeed on appeal, he might eventually be able to
pay defrauded customers in full. Customers' recoveries currently
are in the 56 percent range.

In the Supreme Court decision, called Chadbourne & Parke LLP v.
Troice, the Supreme Court ruled in favor of defrauded customers,
allowing them to sue firms and individuals who helped sell
Stanford's fraudulent securities, the report said.  At first
blush, Troice seems to help the Madoff trustee because the high
court allowed defrauded investors to sue. Looking at the Troice
opinion in detail, though, it's at best unhelpful for Picard and
customers who are suing third parties to recover their losses, Mr.
Rochelle said.

Mr. Rochelle pointed out that the issue in the Madoff case is the
so-called safe harbor in Section 546 of the Bankruptcy Code, which
bars some types of suits when they involve transactions in
securities. Picard contends the safe harbor doesn't apply because
Madoff never bought a single security with customers' money.

Mr. Rochelle said Troice didn't deal with the safe harbor.
Instead, it turned on the 1998 Securities Litigation Uniform
Standards Act, or SLUSA. That statute bars class suits under state
law based on a misrepresentation "made in connection with a prior
sale of a covered security." A "covered security" is defined as a
security traded on a national exchange.

The Supreme Court decision is Chadbourne & Parke LLP v. Troice,
12-00079, U.S. Supreme Court (Washington).

Picard's appeal is Picard v. Ida Fishman Revocable Trust (In re
Bernard L. Madoff Investment Securities LLC), 12-02557, U.S. Court
of Appeals for the Second Circuit (Manhattan).

The Madoff appeal up for rehearing in the circuit court is
Trezziova v. Kohn (In re Herald, Primeo, and Thema), 12-00156,
U.S. Court of Appeals for the Second Circuit.

                     About Bernard L. Madoff

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

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

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

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

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

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

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


BIANCHI ORCHARDS: Converting to Liquidation
-------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Bianchi Orchard Systems Inc., the producer of
harvesting equipment that filed a Chapter 11 reorganization
petition on Jan. 29, submitted papers voluntarily converting the
reorganization to liquidation in Chapter 7 where a trustee will
be appointed to sell the assets.

The case is In re Bianchi Orchard Systems Inc., 14-20795,
U.S. Bankruptcy Court, Eastern District California (Sacramento).
The case was assigned to Judge Christopher M. Klein.  The petition
listed assets of $6.1 million and liabilities totaling $6.5
million, including $2.67 million of secured debt.

The Debtor's counsel is Walter R. Dahl, Esq., at DAHL LAW,
ATTORNEYS AT LAW, in Sacramento, California.  The petition was
signed by Mahmood Dean, president.


BOART LONGYEAR: Downgraded to B3 on Low Metal Prices
----------------------------------------------------
Boart Longyear Ltd., a provider of contract drilling services for
the mining industry, was downgraded for the third time inside
eight months by Moody's Investors Service when the corporate
rating slipped another peg on Feb. 26 to B3, Bill Rochelle, the
bankruptcy columnist for Bloomberg News, reports.

The new Moody's rating is one step below the downgrade issued in
September by Standard & Poor's, Bloomberg said.

The downgrades were caused by lower metal prices resulting in less
drilling by mining companies. Rig utilization slipped to a new low
of 30 percent in the last quarter of 2013, the Bloomberg report
said, citing Moody's.


CALUMET PHOTOGRAPHIC: Files For Ch. 7, To Close All Stores
----------------------------------------------------------
Jacqueline Palank, writing for The Wall Street Journal, reported
that a longstanding photography retail chain with roots in Chicago
filed for Chapter 7 bankruptcy with plans to close all of its U.S.
stores.

According to the report, Calumet Photographic Inc., which the
Chicago Tribune said opened in 1939, announced its bankruptcy
liquidation on Facebook ?with a heavy heart.? While the chain
plans to close its 14 U.S. locations, it said it would keep its
European stores open.

The Journal noted that Calumet isn?t the first photography chain
to turn to bankruptcy as consumers increasingly rely upon digital
and mobile cameras. Major chain Ritz Camera & Image LLC sought
Chapter 11 protection in 2009, where members of the founding
family purchased the chain and vowed to revive it. But in 2012,
the company was back in bankruptcy and forced to liquidate after
failing to find a buyer to continue operating its stores.

                    About Calumet Photographic

Chicago, Illinois-based Calumet Photographic, Inc., filed a
petition under Chapter 7 of the Bankruptcy Code on March 12, 2014,
listing assets of $50 million to $100 million and debts of $10
million to $50 million.

The Debtor is represented by Mark A. Berkoff, Esq., at Neal,
Gerber & Eisenberg LLP, in Chicago, Illinois.  Silverman
Consulting serves as financial advisor.


CEETOP INC: Files Copy of Hangzhou Softview Financial Statements
----------------------------------------------------------------
Ceetop, Inc., filed with the U.S. Securities and Exchange
Commission a copy of the financial statements of Hangzhou
Softview.

Hangzhou Softview incurred a net loss of $17,203 on $28,202 of
sales for the year ended Dec. 31, 2012, as compared with a net
loss of $46,548 on $32,203 of sales for the year ended Dec. 31,
2011.

As of Dec. 31, 2012, Hangzhou Softview had $184,767 in total
assets, $134,312 in total liabilities and $50,455 in total
stockholders' equity.

Guizhou Ceetop Network and Technology Co. Ltd., the subsidiary of
China Ceetop.com, Inc., (now known as Ceetop Inc.) on Sept. 18,
2013, entered into a Capital Investment and Share Expansion
Agreement with Hangzhou Ruanjing Information Technology Co., Ltd.
(also known as Hangzhou Softview Information Technology Company
Limited).  Pursuant to the Agreement, in exchange for 8,500,000
yuan, Guizhou acquired 42.5 percent of the equity in Hangzhou.

A copy of the Report is available for free at:

                        http://is.gd/qqx7wm

                          About Ceetop Inc.

Oregon-based Ceetop Inc., formerly known as China Ceetop.com,
Inc., owned and operated the online retail platform before 2013.
Due to excessive competition in online retail, the Company has
transformed itself into an integrated supply chain services
provider, and focuses on B to B supply chain management and
related value-added services among enterprises.

China Ceetop's balance sheet at June 30, 2013, showed $3.5 million
in total assets, $4.0 million in total liabilities, and a
stockholders' deficit of $463,482.

                     Going Concern Uncertainty

"For the year ended Dec. 31, 2012, our independent auditors, in
their report on the financial statements, have indicated that the
Company has experienced recurring losses from operations and may
not have enough cash and working capital to fund its operations
beyond the very near term, which raises substantial doubt about
our ability to continue as a going concern.  Management has made a
similar note in the financial statements.  As indicated herein, we
must raise capital for the implementation of our business plan,
and we will need additional capital for continuing our operations.
We do not have sufficient revenues to pay our expenses of
operations.  Unless the Company is able to raise working capital,
it is likely that the Company either will have to cease operations
or substantially change its methods of operations or change its
business plan," the Company said in its quarterly report for the
period ended June 30, 2013.


CHICAGO, IL: S&P Says City Not Poised to Go the Way of Detroit
--------------------------------------------------------------
Karen Pierog, writing for Reuters, reported that Standard & Poor's
Ratings Services posed the question that has been lingering in the
minds of many in Chicago: Will significant budget pressures put
the city on the same path that led Detroit into bankruptcy?  The
answer, contained in a report by the credit rating agency, is no.

"We believe that Chicago's growing economy and taxing flexibility
provide it with the resources to avoid a fate similar to Detroit's
should it capitalize on this flexibility and remain on course,"
the report concluded, Reuters cited.

S&P gave Detroit its lowest credit rating of D after the city
defaulted on its general obligation bonds in October, the report
recalled.  Chicago's bond rating remains solidly investment grade
at A-plus, albeit with a negative outlook.

Chicago also has strong and stable management, while Detroit,
which is currently being run by a state-appointed emergency
manager, has suffered from "very weak" management over the years,
according to the report, the report related.  Illinois' largest
city, in contrast to Michigan's, has a strong economic profile.


CHINA PRECISION: Incurs $12.9 Million Net Loss in Dec. 31 Qtr.
--------------------------------------------------------------
China Precision Steel, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $12.95 million on $11.86 million of sales revenues
for the three months ended Dec. 31, 2013, as compared with a net
loss of $10.88 million on $8.16 million of sales revenues for the
same period last year.

For the six months ended Dec. 31, 2013, the Company reported a net
loss of $22.53 million on $23.63 million of sales revenues as
compared with a net loss of $15.10 million on $14.12 million of
sales revenues for the same period in 2012.

The Company's balance sheet at Dec. 31, 2013, showed $111.63
million in total assets, $80.79 million in total liabilities, all
current, and $30.84 million in total stockholders' equity.

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

                        http://is.gd/fS3pG5

                        About China Precision

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

China Precision reported a net loss of $68.93 million on $36.52
million of sales revenues for the year ended June 30, 2013, as
compared with a net loss of $16.94 million on $142.97 million of
sales revenues during the prior fiscal year.

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


CIRCLE STAR: Jeffrey Johnson Stake at 12.5% as of March 6
---------------------------------------------------------
In a Schedule 13D filed with the U.S. Securities and Exchange
Commission, Jeffrey Johnson disclosed that as of March 6, 2014, he
beneficially owned 8,795,144 shares of common stock of Circle Star
Energy Corp. representing 12.5 percent of the shares outstanding.
A copy of the regulatory filing is available for free at:

                        http://is.gd/tZIdtE

                         About Circle Star

Fort Worth, Tex.-based Circle Star Energy Corp. (OTC BB: CRCL)
owns a variety of non-operated working interests and overriding
royalty interests in approximately 73 producing wells in Texas.
The interests range from less than 1% up to approximately 5% in
each well.  The wells are located in the following areas:  Permian
Basin, Eagle Ford Shale, Pearsall Field, Giddings Field & the
Woodbine Field.  The wells are operated by Apache (Permian),
Chesapeake (Eagle Ford Shale), CML (Giddings, Pearsall & Permian),
Leexus (Giddings) and Woodbine Acquisitions (Woodbine).   As of
April 30, 2013, the Company had approximately 430 net leased acres
in Texas.

The Company also operates 2 wells in Kansas.  The Company owns a
25% working interest (approximately 20% net revenue interest)
before payout and a 43.75% working interest (approximately 35% net
revenue interest) after payout in both wells which are located in
Trego County.  As of July, 31, 2013, the Company had approximately
9,838 net leased acres in Kansas.  Approximately 1,480 are located
in Trego County and approximately 8,358 are located in Sheridan
County.  There are multiple potential pay zones of interest with
the primary zones of interest being the Arbuckle, Marmaton &
Lansing-Kansas City ranging from approximately 3,200 feet to
approximately 4,300 feet in depth.

Circle Star incurred a net loss of $10.81 million for the year
ended April 30, 2013, following a net loss of $11.07 million
during the prior year.   The Company's balance sheet at Jan. 31,
2014, showed $3.83 million in total assets, $4.35 million in total
liabilities and a $519,544 total stockholders' deficit.

"Given that we have not achieved income from operations to date,
and have maturing debt obligations our cash requirements are
subject to numerous contingencies and risks beyond our control,
including operational and development risks, competition from
well-funded competitors, and our ability to manage growth.  We can
offer no assurance that the Company will generate cash flow
sufficient to achieve profitable operations or that our expenses
will not exceed our projections.  Accordingly, there is
substantial doubt as to our ability to continue as a going concern
for a reasonable period of time," the Company said in the
quarterly report for the period ended Jan. 31, 2014.


COMMACK HOSPITALITY: Files for Bankruptcy With Turnaround Plan
--------------------------------------------------------------
Michael Bathon, substituting for Bill Rochelle, the bankruptcy
columnist for Bloomberg News, reported that Commack Hospitality
LLC, which owns a Wingate hotel in Brentwood, New York, sought
bankruptcy protection from creditors with a proposed restructuring
plan to repay its secured lender over five years.

The company said it was forced to seek bankruptcy protection after
its former lender, General Electric Capital Commercial of Utah
LLC, moved to foreclose when Commack entered into an agreement
with the Long Island Women?s Empowerment Network to provide
temporary shelter for homeless families, the report said, citing
court filings.

Commack?s five-year agreement with LIWEN provided it with about
$160,000 in monthly cash flow, double the monthly debt service on
the GECC loan, the report related, further citing court papers.
GECC was denied a temporary restraining order seeking to bar the
deal with LIWEN by the New York State Supreme Court and has since
sold its debt to Stabilis Master Fund III LLC.

Stabilis, which paid an undisclosed amount that was probably less
than the $10.3 million outstanding on the loan, continued the
foreclosure action and obtained the appointment of a ?rent
receiver? that?s holding about $728,000 in lease payments from the
LIWEN deal, the report further related.

Under the reorganization proposal, Commack would pay Stabilis over
five years with 4.5 percent interest from the proceeds of the
lease payments from LIWEN, the report added.  General unsecured
creditors would recover about 50 percent on their debt.


COMMERCIAL TRAVELERS: A.M. Best Hikes Fin. Strength Rating to B+
----------------------------------------------------------------
A.M. Best Co. has upgraded the financial strength rating to B+
(Good) from B (Fair) and issuer credit rating to "bbb-" from "bb+"
of Commercial Travelers Mutual Insurance Company (Commercial
Travelers)(Utica, NY).  Both ratings have been removed from under
review with developing implications and assigned a positive
outlook.

The rating upgrades reflect Commercial Travelers' improved
operating results and financial position as of year-end 2013.
Much of this improvement is attributable to the support Commercial
Travelers has received since it entered into an affiliation with
National Guardian Life Insurance Company (National Guardian)
(Madison, WI).  The positive outlook anticipates the
demutualization of Commercial Travelers and acquisition by
National Guardian.  This process is currently being pursued by
National Guardian with the New York Department of Financial
Services.

National Guardian has demonstrated support for Commercial
Travelers through the purchase of a $5 million surplus note issued
by the company in order to bolster Commercial Travelers' risk-
adjusted capital position.  National Guardian also has entered
into a coinsurance agreement for 50% of Commercial Travelers'
student medical and accident business.  In the fall of 2013, a
large portion of Commercial Travelers' student plan renewals
outside New York were written on National Guardian paper,
mitigating the impact of new business strain.  Moreover, cost-
sharing and shared services agreements have been implemented to
allow Commercial Travelers to operate more efficiently.  When the
acquisition of Commercial Travelers by National Guardian is
completed, A.M. Best anticipates that additional financial and
operational support will be available to support new business
initiatives.

Negative rating actions could occur if the demutualization and
acquisition of Commercial Travelers by National Guardian is not
completed.


COMMUNITYONE BANCORP: Releases Copy of Investor Presentation
------------------------------------------------------------
Brian E. Simpson, chief executive officer and David L. Nielsen,
chief financial officer of CommunityOne Bancorp are scheduled to
provide certain investor presentations beginning on March 5, 2014.
A copy of the slide presentation prepared for use by the Company
for these presentations is available for free at:

                         http://is.gd/T69sFT

                         About CommunityOne

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

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


CRC HEALTH: Moody's Rates $540MM Secured First Lien Debt 'B1'
-------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to CRC Health
Corporation's proposed senior secured first lien credit
facilities, including a $65 million senior secured revolving
credit facility and $475 million first lien term loan. Moody's
also assigned a Caa1 rating to the company's proposed $300 million
senior secured second lien term loan. At the same time, Moody's
affirmed CRC's B3 Corporate Family Rating, and B3-PD Probability
of Default Rating. The Speculative Grade Liquidity Rating was
upgraded to SGL-2 from SGL-3. The rating outlook is stable.

The proceeds from the proposed credit facilities will be used to
repay all outstanding debt at CRC Health Corporation, retire a
portion of the HoldCo PIK loan (not rated by Moody's) at CRC
Health Group, the parent holding company, and pay transaction fees
and expenses. Upon close of the transaction Moody's withdraw the
ratings on the existing revolver, term loan, and senior
subordinated notes.

Following is a summary of Moody's rating actions:

CRC Health Corporation:

Rating assigned:

  $65 million senior secured revolving credit facility at B1
  (LGD 2, 25%)

  $475 million senior secured first lien term loan at B1 (LGD 2,
  25%)

  $300 million senior secured second lien term loan at Caa1
  (LGD 5, 75%)

Ratings affirmed:

  B3 Corporate Family Rating

  B3-PD Probability of Default Rating

Ratings upgraded:

  Speculative Grade Liquidity Rating, to SGL-2 from SGL-3

Moody's will withdraw the following ratings upon close:

  B1 (LGD 2, 26%) senior secured revolving facility expiring 2015

  B1 (LGD 2, 26%) senior secured term loans due 2015

  Caa1 (LGD 5, 74%) senior subordinated notes due 2016

The ratings are subject to review of final documentation.

Ratings Rationale

CRC's B3 Corporate Family Rating reflects Moody's expectation that
the company will continue to operate with very high financial
leverage and modest interest coverage. The ratings also reflect
the company's significant portion of revenue derived from private
payors. In addition, the ratings reflect Moody's expectation that
liquidity will remain good and further debt repayment will remain
limited over the next 12 to 18 months. Moody's acknowledges the
progress the company has made in reducing costs through its
restructuring efforts. However, the company experienced a setback
with the closing of its New Life Lodge facility that impacted
CRC's revenue base and has delayed anticipated improvements in the
company's credit profile. The rating benefits from the company's
leading scale and strong market position within a highly
fragmented industry. The upgrade of the Speculative Grade
Liquidity Rating reflects Moody's expectation that the company
will maintain a good liquidity profile following the refinancing
transaction, including increased availability under the company's
revolving credit facility and improved financial covenant profile.

The stable outlook reflects Moody's expectation that the company
will benefit over the near term from the reduction of its cost
base while continuing to generate positive free cash flow. While
Moody's expects debt reduction to remain limited over the next 12
to 18 months, the stable outlook incorporates Moody's expectation
that CRC's organic growth will be partially driven by continued
growth in patient volumes in addiction and recovery services.

The ratings could be downgraded if the company experiences
operational pressures resulting in declines in revenue and EBITDA,
or if operating margins deteriorate. Moody's could also downgrade
the rating if free cash flow turns negative on a sustained basis
resulting in deterioration of the company's liquidity profile. In
addition, the ratings could be lowered if the company engages in
material debt-financed acquisitions or faces an adverse outcome
related to legal or regulatory proceedings requiring a cash
settlement.

While an upgrade is unlikely in the near-term, Moody's would
consider upgrading the ratings if the company generates positive
growth in revenue and EBITDA such that adjusted debt to EBITDA is
sustained below 6.0 times, and if positive free cash flow appears
sustainable.

The principal methodology used in this rating was the Global
Healthcare Service Providers published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Cupertino, California, CRC Health Corporation
("CRC") is a wholly owned subsidiary of CRC Health Group, Inc. CRC
provides treatment services to patients suffering from chronic
addiction diseases, behavioral and eating disorders, weight
management, and therapeutic programs for adolescents through
services ranging from short-term intervention programs to longer-
term residential treatment. CRC Health is owned by private equity
sponsor Bain Capital Partners, LLC. In February 2014, CRC
completed its acquisition of Habit Holdings, Inc. ("Habit"), a
drug and alcohol treatment company which operates 22 opioid
treatment programs within the Northeast and Mid Atlantic regions.
Including approximately $43 million of additional revenue from the
Habit acquisition, the company generated pro forma revenues from
continuing operations of approximately $456 million during the
year ended December 31, 2013.


CSMG TECHNOLOGIES: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: CSMG Technologies, Inc.
        c/o Shackelford Melton McKinley & Norton
        3333 Lee Parkway, Tenth Floor
        Dallas, TX 75219

Case No.: 14-31318

Chapter 11 Petition Date: March 17, 2014

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

Judge: Hon. Barbara J. Houser

Debtor's Counsel: Frances Anne Smith, Esq.
                  SHACKELFORD, MELTON, MCKINLEY & NORTON LLP
                  3333 Lee Parkway, Tenth Floor
                  Dallas, TX 75219
                  Tel: 214-780-1400
                  Fax: 214-780-1401
                  Email: fsmith@shacklaw.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Dr. Joseph Kutz, president.

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


CUBIC ENERGY: Postss $9.9 Million Net Income in Dec. 31 Qtr.
------------------------------------------------------------
Cubic Energy, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $9.93 million on $5.04 million of total revenues for the three
months ended Dec. 31, 2013, as compared with a net loss of
$439,586 on $1.03 million of total revenues for the same period in
2012.

For the six months ended Dec. 31, 2013, the Company reported net
income of $7.32 million on $5.91 million of total revenues as
compared with a net loss of $2.20 million on $2.04 million of
total revenues for the same period during the prior year.

The Company's balance sheet at Dec. 31, 2013, showed $140.69
million in total assets, $137.02 million in total liabilities and
$3.66 million in total stockholders' equity.

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

                       http://is.gd/yasdqF

                       About Cubic Energy

Cubic Energy, Inc., headquartered in Dallas, Texas, is an
independent upstream energy company engaged in the development and
production of, and exploration for, crude oil and natural gas.
Its oil and gas assets and activities are concentrated in
Louisiana.

Cubic Energy incurred a net loss of $5.93 million for the year
ended June 30, 2013, as compared with a net loss of $12.49 million
for the year ended June 30, 2012, and a net loss of $10.28 million
for the year ended June 30, 2011.


CUMULUS MEDIA: Crestview Director Designee to Retire
----------------------------------------------------
Arthur J. Reimers, a member of the board of directors of Cumulus
Media Inc., informed the Board that, due to his increasing other
professional and philanthropic responsibilities, he would retire
as a director when his current term of office expires at the
Company's 2014 Annual Meeting of Stockholders, and will not stand
for re-election.

Pursuant to a stockholders' agreement entered into in September
2011 between, among others, the Company and Crestview Radio
Investors, LLC, Mr. Reimers has served as one of Crestview's Board
designees since that time.  Crestview has indicated that it
intends to advise the Company of a replacement designee prior to
the filing of the Company's proxy statement for its 2014 Annual
Meeting of Stockholders.

                        About Cumulus Media

Founded in 1998, Atlanta, Georgia-based Cumulus Media Inc.
(NASDAQ: CMLS) -- http://www.cumulus.com/-- is an operator of
radio stations, currently serving 110 metro markets with more than
525 stations.  In the third quarter of 2011, Cumulus Media
purchased Citadel Broadcasting, adding more than 200 stations and
increasing its reach in 7 of the Top 10 US metros.  Cumulus also
acquired the Citadel/ABC Radio Network, which serves 4,000+ radio
stations and 121 million listeners, in the transaction

Cumulus Media said in its annual report for the year ended
Dec. 31, 2011, that lenders under the 2011 Credit Facilities have
taken security interests in substantially all of the Company's
consolidated assets, and the Company has pledged the stock of
certain of its subsidiaries to secure the debt under the 2011
Credit Facilities.  If the lenders accelerate the repayment of
borrowings, the Company may be forced to liquidate certain assets
to repay all or part of such borrowings, and the Company cannot
assure that sufficient assets will remain after it has paid all of
the borrowings under those 2011 Credit Facilities.  If the Company
was unable to repay those amounts, the lenders could proceed
against the collateral granted to them to secure that indebtedness
and the Company could be forced into bankruptcy or liquidation.

Cumulus Media put AR Broadcasting Holdings Inc. and three other
units to Chapter 11 protection (Bankr. D. Del. Lead Case No.
11-13674) in 2011 after struggling to pay off debts that topped
$97 million as of June 30, 2011.  Holdings estimated debts between
$50 million and $100 million but said assets are worth less than
$50 million.  AR Broadcasting operated radio stations in Missouri
and Texas.

The Company's balance sheet at Sept. 30, 2013, showed $3.67
billion in total assets, $3.40 billion in total liabilities and
$268.43 million in total stockholders' equity.

For the year ended Dec. 31, 2013, the Company reported operating
income of $196.08 million on $1.02 billion of net revenues as
compared with operating income of $56.93 million on $1 billion of
net revenues in 2012.

                           *     *     *

Standard & Poor's Ratings Services in October 2011 affirmed is 'B'
corporate credit rating on Cumulus Media.

"The ratings reflect continued economic weakness and higher post-
acquisition leverage than we initially expected," said Standard &
Poor's credit analyst Jeanne Shoesmith. "They also reflect the
combined company's sizable presence in both large and midsize
markets throughout the U.S."

As reported by the TCR on April 3, 2013, Moody's Investors Service
downgraded Cumulus Media, Inc.'s Corporate Family Rating to B2
from B1 and Probability of Default Rating to B2-PD from B1-PD.
The downgrades reflect Moody's view that the pace of debt
repayment and delevering will be slower than expected.  Although
EBITDA for 4Q2012 reflects growth over the same period in the
prior year, results fell short of Moody's expectations.


DETROIT, MI: Retirees Find Exit Plan Divisive
---------------------------------------------
Corey Williams, writing for The Associated Press, wrote that
Detroit retirees see the city's proposed pension cut plan as
divisive, in an article available at http://is.gd/yT3YOrfrom
Macon Telegraph's macon.com.  The report noted that Detroit's
bankruptcy restructuring plan would pay much less from pensions
for former police and firefighters than from retired clerks and
other former city workers.

The report noted that the police and fire system's claims could be
immediately reduced by 6%, while the General Services Retirement
system could see cuts from 26% to 34%.  Unsecured creditors like
banks and bondholders would get about 20 cents on the dollar from
the issuance of new bonds.

Creditors have until June 30 to vote on the plan.

The report noted that retiree group leaders have said they can't
discuss talks on the plan because they are in mediation with Orr's
team.


DETROIT, MI: 1983 Claimants' Bid for Committee Appointment Denied
-----------------------------------------------------------------
Judge Steven Rhodes of the U.S. Bankruptcy Court for the Eastern
District of Michigan denied a request filed by an undisclosed
group of creditors who have claims against the City of Detroit
under 42 U.S.C. Section 1983 for the appointment of an official
committee to represent them in the City's Chapter 9 case.  Judge
Rhodes concluded that the mediation procedures currently in place
adequately address the interests of the group of the creditors in
the City's bankruptcy case.

                 About City of Detroit, Michigan

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

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

Michigan Governor Rick Snyder authorized the bankruptcy filing.

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

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

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

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

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

A nine-member official committee of retired workers was appointed
in the case.  The Retirees' Committee is represented by Dentons US
LLP.  Lazard Freres & Co. LLC serves as the Retiree Committee's
financial advisor.


DOTS LLC: Reaches Deal with Secured Lenders, Creditors' Panel
-------------------------------------------------------------
Dots, LLC, et al., ask the U.S. Bankruptcy Court for the District
of New Jersey to approve a compromise and settlement among the
Debtors, the Official Committee of Unsecured Creditors, the DIP
Secured Parties, and the Prepetition Secured Parties, which
settlement will fully resolve numerous complex, disputed issues
among the parties without the need for risky, expensive and time-
consuming litigation.

The settlement, among other things, provides that, upon the
indefeasible payment in full in cash of the DIP Obligations and
the Prepetition Senior Secured Obligations, the DIP Liens on
Avoidance Actions, the Senior Adequate Protection Liens on
Avoidance Actions, and the Junior Adequate Protection Liens on
Avoidance Actions will be released.  Following the release of the
Avoidance Actions by the DIP Secured Parties and the Prepetition
Secured Parties, the Avoidance Actions will remain property of the
Debtors? estates with any proceeds derived from the pursuit of
those actions available to pay claims.

The Settlement Agreement provides for the establishment of a
segregated account controlled by the Debtors and the Creditors'
Committee funded by a portion of the Aggregate Net Sale Proceeds,
upon final follows:

   (i) 1.5% of the amount of Aggregate Sale Net Proceeds less than
       or equal to $35 million;

  (ii) 2% of the amount of Aggregate Sale Net Proceeds greater
       than $35 million and less than or equal to $40 million;

(iii) 4% of the amount of Aggregate Sale Net Proceeds greater
       than $40 million and less than or equal to $45 million; and

  (iv) 5% of the amount of Aggregate Sale Net Proceeds that is in
       excess of $45 million.

The Aggregate Sale Net Proceeds will be applied in the following
order:

   (i) first, to those obligations owed in accordance with the DIP
       Credit Agreement, excluding the exit fee;

  (ii) second, on a pari passu basis, (x) subject to the approval
       of the key employee incentive plan by the Bankruptcy Court,
       to the payment of obligations under the KEIP, and (y) to
       the payment of the amount included in the Budget under
       "Week X" for "Rent", which amount will be shared pro rata
       among the lessors holding allowed claims included in the
       Budget under "Week X" for "Rent" and the vendors holding
       allowed claims included in the Budget under "Week X" for
       "Merchandise Post-Petition;"

(iii) third, on a pari passu basis, to the payment of all unpaid
       expenses in the categories set forth in the Budget.

Upon approval of the settlement, the lien challenge period will be
deemed to have ended and the challenge period termination date
will be deemed to have occurred.

The Debtors are represented by Kenneth A. Rosen, Esq., Wojciech F.
Jung, Esq., Andrew Behlmann, Esq., and Keara Waldron, Esq., at
LOWENSTEIN SANDLER LLP, in Roseland, New Jersey.

                         About DOTS LLC

Dots is a retailer of fashionable clothing, accessories, and
footwear for price-conscious women.  Dots provides missy and plus
size choices to fashion savvy 25 to 35 year old women at
approximately 400 retail stores throughout the Midwest, East, and
South United States.  Dots' workforce includes 3,500 individuals
in their stores, distribution center, and corporate headquarters.

Dots, LLC, and its affiliates sought bankruptcy protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No.
14-11016) on Jan. 20, 2014, to sell some or all of their assets.

Lowenstein Sandler LLP serves as counsel to the Debtors.
PricewaterhouseCoopers LLP is financial advisor and investment
banker.  Donlin, Recano & Company, Inc., is the claims and notice
agent.

As of the Petition Date, the Debtors have outstanding secured debt
owed to senior lender Salus Capital Partners, LLC, of which
$14.5 million remains outstanding under a revolving facility and
$16.1 million is owed under a term facility.  The Debtors also
have not less than $17 million outstanding under subordinated term
loan agreements with Irving Place Capital Partners III L.P.
("IPC") and related entities.  Moreover, the Debtors have
aggregate unsecured debts of $47.0 million.

Salus, the prepetition senior lender and the DIP lender, is
represented by Morgan, Lewis & Bockius, LLP.  The prepetition
subordinated lenders are represented by Okin Hollander & DeLuca,
LLP.

The Company has arranged to borrow $36 million to keep operating
as it reorganizes under court protection.


EASTMAN KODAK: EPA Approves Cleanup Trust Fund
----------------------------------------------
Steve Orr, writing for Democrat & Chronicle, reported that federal
officials have signed off on the deal creating an independent
trust to fund and oversee ongoing environmental cleanup at Eastman
Business Park, officials announced.

According to the report, the fund will contain $49 million
provided by Eastman Kodak Co., with an additional $50 million in
New York state money available if needed to pay for environmental
study and remedial work at the sprawling business park in
Rochester and Greece.

Creation of the environmental trust was an element of Kodak's plan
to emerge from Chapter 11 bankruptcy last year, the report
recalled.  The reorganization plan was approved by a U.S.
Bankruptcy Court judge in August, but with an asterisk -- because
the U.S. Environmental Protection Agency was not yet willing to
okay the trust arrangement.

After months of additional discussion, the agency has relented,
according to announcements by Gov. Andrew Cuomo and U.S. Sen.
Charles Schumer, D-N.Y., who helped broker part of the deal last
year, the report related.

                        About Eastman Kodak

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

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

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

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

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

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

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

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

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

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

U.S. Bankruptcy Judge Allan Gropper confirmed the plan on August
20, 2013.  Kodak and its affiliated debtors officially emerged
from bankruptcy protection on Sept. 3, 2013.

Mark S. Burgess, Matt Doheny, John A. Janitz, George Karfunkel,
Jason New and Derek Smith became members of Kodak's new board of
directors as of Sept. 3, 2013.  Existing directors James V.
Continenza, William G. Parrett and Antonio M. Perez will continue
their service as members of the new board.


ECOSPHERE TECHNOLOGIES: Halliburton's Claims Dismissal Bid Denied
-----------------------------------------------------------------
A panel of three arbitrators appointed by the American Arbitration
Association to hear the matter of Ecosphere Technologies, Inc. v.
Halliburton Energy Services, Inc. issued Order No. 8, in which the
Panel, among other things, denied Halliburton's Dispositive
Motion, wherein Halliburton had moved to end the arbitration on
legal grounds, claiming that Ecosphere raised no issues of fact
for the Panel to resolve at the Final Hearing, and that Ecosphere
had no factual support for its claims.

The Panel found that that the issues presented in Halliburton's
"Dispositive Motion involve intertwined issues of disputed
material fact and law more properly resolved by the full
adversarial process contemplated for the March 2014 hearings in
this matter"; therefore, "the Panel decline[d] at this time to
dispose of any of the issues remaining in this arbitration."
Therefore, the Final Hearing on Ecosphere's claims will occur in
March 2014.  A copy of Order No. 8 is available for free at:

                         http://is.gd/ukSAMu

                    About Ecosphere Technologies

Stuart, Florida-based Ecosphere Technologies (OTC BB: ESPH) --
http://www.ecospheretech.com/-- is a water engineering,
technology licensing and environmental services company that
designs, develops and manufactures wastewater treatment solutions
for industrial markets.  Ecosphere, through its majority-owned
subsidiary Ecosphere Energy Services, LLC, provides energy
exploration companies with an onsite, chemical free method to kill
bacteria and reduce scaling during fracturing and flowback
operations.

Ecosphere disclosed net income of $1.05 million on $31.13 million
of total revenues for the year ended Dec. 31, 2012, as compared
with a net loss of $5.86 million on $21.08 million of total
revenues for the year ended Dec. 31, 2011.  The Company's balance
sheet at Sept. 30, 2013, showed $21.95 million in total assets,
$2.35 million in total liabilities, $3.69 million in redeemable
convertible cumulative preferred stock, and $15.90 million in
equity.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company has seen a recent significant decline in its
working capital primarily relating to delays in receiving
additional purchase orders and related funding from a significant
customer.  This matter raises substantial doubt about the
Company's ability to continue as a going concern.


EDENOR SA: General Shareholders' Meeting Set on April 29
--------------------------------------------------------
The directors of Edenor S.A. held a meeting on March 7, 2014.  The
meeting was chaired by the Chairman, Ricardo Torres, who after
verifying quorum, declared the meeting duly held and submitted to
the consideration of the attending Directors.

At the meeting, the Chairman explained the need to call a general
ordinary shareholders' meeting to consider results for the fiscal
year ended Dec. 31, 2013.  The meeting is scheduled to be held on
April 29, 2014, at Avenida del Libertador 6363, ground floor, City
of Buenos Aires.

An abstract of the Board Meeting is available for free at:

                        http://is.gd/AJ6IKY

                          About Edenor SA

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

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

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


EMERITO ESTRADA: Court Dismisses Chapter 11 Bankruptcy Case
-----------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico dismissed the Chapter 11 case of
Emerito Estrada Rivera - Isuzu De PR, Inc., at the behest of
secured creditor Tenerife Real Estate Holdings LLC.

According to the Troubled Company Reporter on March 10, 2014,
Tenerife asserted that the Debtor made no payments to creditors
and provided no disclosure statement or a proposed plan despite
requesting, and being granted, multiple extensions of time to do
so.

Tenerife added that the Debtor's action in failing to prosecute
the Chapter 11 petition make it apparent that the bankruptcy
filing was done in bad faith and to circumvent the rights of
creditors who had commenced a foreclosure action against the
Debtor.

On Feb. 4, 2014, the Bankruptcy Court issued an order directing
the Debtor to file a Disclosure Statement and Plan, and upon
failure to do so, the case would be dismissed, as requested by
Tenerife.

On Feb. 24, the Court ordered the Debtor to file its reply within
14 days to Tenerife's motion requesting the Court to enter
judgment dismissing the case, with prejudice.

Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, LLC, on
behalf of the Debtor, responded to Tenerife's motion stating that
the only difference with the Debtor's consent to dismiss case is
that Tenerife requested a judgment with prejudice.  However,
Tenerife failed to cite a single provision of the Bankruptcy Code
or case law to justify such a remedy.

The Court granted the Debtor's motion for an extension of the
period to file its chapter 11 plan.  The Debtor said it needed
more time to finalize or perfect the lease agreements that will
generate the funds need to fuel a plan of reorganization.

Tenerife objected to the extension request, stating that the
Debtor, despite being granted ample time to file the required
disclosure statement and plan, has failed to do so to the
detriment of the creditors.

                     FDIC-R Seeks to Foreclose

Creditor and party-in-interest Federal Deposit Insurance
Corporation, as receiver of R-G Premier Bank, has filed papers
with the Bankruptcy Court seeking relief from the automatic stay
in the Chapter 11 case of Emerito Estrada Rivera-Isuzu De P.R.,
Inc., to foreclose upon its liens against the Santa Maria and
Torremolinos properties pledged as collateral by EER-IPR.

According to the FDIC's papers filed in January, R-G granted a
line of credit in the principal amount of $2,100,000 to borrower,
Juan Almeida-Leon, on April 11, 2007.  The loan accrued interest
at a fluctuating rate based upon the rate set by Citibank N.A. in
the city of New York, N.Y., until complete payment of the debt.  A
further 2% in default interest was to be charged in case of
default.

The loan to Almeida went into default and on Dec. 18, 2012, FDIC-R
filed a complaint for collection of the loan and execution of
pledge and the mortgage notes against EER-IPR and Juan Almeida in
the U.S. District Court for the District of Puerto Rico.  The
total amount owed to the FDIC-R under the loan agreement and note
is $2,543,297 as of June 4, 2013.  The debt is guaranteed by the
mortgage notes issued by EER-IPR.

FDIC-R asserts that its collateral is not being adequately
protected, EER-IPR has no equity in the properties sought to be
foreclosed, and the properties are not necessary to an effective
reorganization.  Thus, FDIC-R is entitled to relief from the stay
pursuant to either Section 362(d)(1) or Section 362(d)(2).

                      About Emerito Estrada

Emerito Estrada Rivera Isuzu De PR Inc., a car dealer in Puerto
Rico, filed a bare-bones Chapter 11 petition (Bankr. D.P.R. Case
No. 13-04608) in Old San Juan, on June 4, 2013.  Alexis Fuentes
Hernandez, Esq., at Fuentes Law Offices, serves as counsel.  The
Debtor says its sole asset is a real property is worth $16.5
million.  It has $8.68 million in liabilities, of which $8.1
million is secured.

The Debtor disclosed $23,860,000 in assets and $16,285,186 in
liabilities as of the Chapter 11 filing.


ENDEAVOUR INTERNATIONAL: Incurs $28.1 Million Loss in Q4
--------------------------------------------------------
Endeavour International Corporation reported a net loss to common
stockholders of $28.11 million on $116.92 million of revenues for
the quarter ended Dec. 31, 2013, as compared with a net loss to
common stockholders of $6.91 million on $97.61 million of revenues
for the same period in 2012.

For the year ended Dec. 31, 2013, the Company incurred a net loss
to common stockholders of $97.30 million on $337.66 million of
revenues as compared with a net loss to common stockholders of
$128.04 million on $219.05 million of revenues in 2012.

The Company's balance sheet at Dec. 31, 2013, showed $1.50 billion
in total assets, $1.43 billion in total liabilities, $43.70
million in series C convertible preferred stock and $18.38 million
in stockholders' equity.

Fourth Quarter highlights include:

   * Achieved first production at the Rochelle field

   * Closed on the sale of a 50% interest in the Pennsylvania
     Marcellus

   * Completed an additional $25 million of Monetary Production
     Payment

"With the Rochelle situation resolved, we will continue our focus
on reducing cost of capital and deleveraging our balance sheet.
The reorganization and consolidation of our UK offices completed
last year, combined with the reduced cost of capital from our
refinancing effort in January, result in over $30 million in
annual cash savings," said William L. Transier, chairman, chief
executive officer and president.  "Now with our core assets online
in the North Sea, we should expect improved production and cash
flow on a comparative basis so we can move forward prudently in
the exploitation of our portfolio for the benefit of our
stakeholders."

A copy of the press release is available for free at:

                        http://is.gd/twpNoC

                    About Endeavour International

Houston-based Endeavour International Corporation (NYSE: END)
(LSE: ENDV) is an oil and gas exploration and production company
focused on the acquisition, exploration and development of energy
reserves in the North Sea and the United States.

                           *     *     *

As reported by the TCR on March 5, 2013, Moody's Investors Service
downgraded Endeavour International Corporation's Corporate Family
Rating to Caa3 from Caa1.  Endeavour's Caa3 CFR reflects its weak
liquidity, small production and proved reserve scale, geographic
concentration and the uncertainties regarding its future
performance given the inherent execution risks related to its
offshore North Sea operations for a company of its size.

In the Feb. 22, 2013, edition of the TCR, Standard & Poor's
Ratings Services lowered its corporate credit rating on Houston,
Texas-based Endeavour International Corp. (Endeavour) to 'CCC+'
from 'B-'.  The rating action reflects S&P's expectation that
Endeavour could have insufficient liquidity to meet its needs due
to the delay in production from its Rochelle development.


ENERGY FUTURE: Said to Arrange Bankruptcy Loans
-----------------------------------------------
Richard Bravo and Beth Jinks, writing for The Wall Street Journal,
reported that Energy Future Holdings Corp. is near obtaining
commitments from lenders for about $7.2 billion in loans for the
power provider?s regulated businesses as part of a plan to speed a
bankruptcy reorganization, according to two people with direct
knowledge of the talks.

The debtor-in-possession financing, typically used to fund
operations during Chapter 11 proceedings, would include a $5.2
billion portion being provided by lenders including Citigroup
Inc., Morgan Stanley, and Deutsche Bank AG, said the people, who
asked not to be identified because the talks are private,
according to the report.  A second loan for as much as $2 billion
would give the company the option of repaying existing second-lien
debt at its Energy Future Intermediate Holding Co. division.

The loans are part of talks by Energy Future, its private-equity
owners and unsecured lenders to the parent and its Intermediate
division to solidify a plan aimed at avoiding a free-for-all
during Chapter 11 proceedings, the report related.  The Dallas-
based company, known as TXU Corp. when KKR & Co., TPG Capital and
Goldman Sachs Capital Partners took it private in 2007 in the
largest leveraged buyout ever, is seeking to restructure $45.6
billion of debt before month-end, when auditors may raise doubts
about its ability to remain a going concern.

Energy Future?s deregulated unit, Texas Competitive Electric
Holdings, is separately arranging more than $4 billion of DIP
financing for that business, the report further related, citing
one of the people said.

            About Energy Future Holdings, fka TXU Corp.

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a portfolio
of competitive and regulated energy businesses in Texas.  Oncor,
an 80 percent-owned entity within the EFH group, is the largest
regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

                Restructuring Talks With Creditors

In April 2013, Energy Future and its affiliates confirmed in a
regulatory filing that they are in restructuring talks with
certain unaffiliated holders of first lien senior secured claims
concerning the Companies' capital structure.

Energy Future has retained Kirkland & Ellis LLP and Evercore
Partners to advise the Companies with respect to the potential
changes to the Companies' capital structure and to assist in the
evaluation and implementation of other potential restructuring
options.

The Creditors have retained Paul, Weiss, Rifkind, Wharton &
Garrison LLP and Millstein & Co., L.P. to advise the Creditors and
to assist in the Creditors' evaluation of potential restructuring
options involving the Companies.

According to a Wall Street Journal report, people familiar with
the matter said Apollo Global Management LLC, Oaktree Capital
Management, Centerbridge Partners and GSO Capital Partners, the
credit arm of buyout firm Blackstone Group LP, all hold large
chunks of Energy Future's senior debt.  Many of these firms belong
to a group being advised by Jim Millstein, a restructuring expert
who helped the U.S. government revamp American International Group
Inc.  The Journal said Apollo enlisted investment bank Moelis &
Co. for additional advice to ensure it gets as much attention as
possible on the case given its large debt holdings.


ENGLOBAL CORP: Reports $2.9 Million 2013 Net Loss
-------------------------------------------------
ENGlobal Corporation filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$2.98 million on $168.96 million of operating revenues for the
year ended Dec. 28, 2013, as compared with a net loss of $33.60
million on $227.91 million of operating revenues for the year
ended Dec. 29, 2012.

For the quarter ended Dec. 28, 2013, the Company reported a net
loss of $3.28 million on $25.25 million of operating revenues as
compared with a net loss of $1.27 million on $52.11 million of
operating revenues for the quarter ended Dec. 29, 2012.

As of Dec. 28, 2013, the Company had $45.80 million in total
assets, $23.31 million in total liabilities, all current, and
$22.48 million in total stockholders' equity.

Mark A. Hess, ENGlobal's chief financial officer, said: "During
2012 and 2013, we divested a large portion of our engineering
operations and implemented a number of initiatives in order to
restore profitability to our core operations.  This is reflected
in the decrease in our revenues, direct costs and SG&A expense
year-over-year.  While we are a smaller company, we are a more
profitable one.  Our remaining business is largely reflected in
our fourth quarter 2013 results, which show an increase in our
gross profit margins from approximately 10% to approximately 19%
when comparing the 2012 and 2013 periods.  The increase in gross
profit was primarily a result of a changing mix of our business
toward a higher percentage of upstream and automation activities,
operating under high margin contracts, reducing the number of
higher risk projects, and focusing on project execution.  Our
annualized fourth quarter 2013 SG&A expense was approximately $17
million, which is higher than we anticipate going forward yet
significantly lower than fiscal year 2012.  As a result of our
increased margin and reduced expenses, our net income from
continuing operations in the fourth quarter of 2013 was $362,000
as compared to a net loss from continuing operations of $2.5
million in the same period in 2012."

               "Going Concern" Qualification Removed

Hein & Associates LLP, in Houston, Texas, did not issue a "going
concern" qualification in their report on the consolidated
financial statements for the year ended Dec. 28, 2013.  As
previously reported, Hein & Associates expressed substantial doubt
about the Company's ability to continue as a going concern in
their report on the consolidated financial statements for the year
ended Dec. 31, 2012.  The independent auditors noted that
the Company has suffered losses from operations and is in default
of its debt agreements.

"During 2012, the substantial losses we incurred and the resulting
defaults under our credit facilities ... raised substantial doubt
about our ability to continue as a going concern.  While ENGlobal
experienced a difficult 2012 and continued to face a number of
challenges in 2013, we were able to divest our least attractive
businesses and sell a portion of our core business for proceeds
sufficient to pay off our debt (and cure all defaults), and are
now focused on our remaining core business segments, EPCM and
Automation.  In this regard, we have reduced our expenses by
reducing employee headcount, closing offices and creating an
enhanced operational focus on cost controls," the Company said in
the Annual Report.

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

                       http://is.gd/FWC1to

                        About ENGlobal

Houston-based ENGlobal Corporation (Nasdaq: ENG) is a provider of
engineering and related project services primarily to the energy
sector throughout the United States and internationally.  ENGlobal
operates through two business segments: Automation and
Engineering.  ENGlobal's Automation segment provides services
related to the design, fabrication and implementation of advanced
automation, control, instrumentation and process analytical
systems.  The Engineering segment provides consulting services for
the development, management and execution of projects requiring
professional engineering, construction management, and related
support services.


EXIDE TECHNOLOGIES: Inks Deal with Union in Vernon Facility
-----------------------------------------------------------
Exide Technologies seek authority from the U.S. Bankruptcy Court
for the District of Delaware to enter into a memorandum of
agreement with United Steel, Paper and Forestry, Rubber,
Manufacturing, Energy, Allied and Industrial Service Workers
International Union ("USW"), AFL-CIO-CLC, on behalf of itself and
its Local Union No. 675.

To operate the Vernon Facility, Exide employs 137 employees, of
which approximately 114 are bargaining unit employees represented
by the Union.  All of these Union members are employed by Exide
pursuant to a collective bargaining agreement, dated February 21,
2010, with an expiration date of February 23, 2014.

Prior to February 23, 2014, the Debtors and the USW engaged in
good faith negotiations to extend the term of the USW CBA,
resulting in the Agreement.  The Agreement provides that the
Parties will enter into a new collective bargaining agreement for
a period of one-year through midnight February 22, 2015.  The
Agreement will consist of all terms and conditions of the USW CBA,
including, among other things, promises by the Union not to
strike, engage in a work stoppage, or interrupt or impede work and
a promise by Exide not to lockout those workers, and provides a
$0.25 wage increase for all bargaining unit employees from the
first full pay week following the ratification through
February 22, 2015.

The Union?s members ratified the Agreement on February 19, 2014.
The USW CBA will remain in full force and effect until the Court
either approves or denies the Motion, but will not become
effective until approved by the Court.

The Debtor believes that it is sound business judgment to enter
into the Agreement given the importance of the Vernon Facility to
the Debtor's operations.  The Vernon Facility recycles 20,000 to
40,000 batteries per day.  Thus, the Debtor asserts, it is
important to assure its Vernon employees are working pursuant to a
binding agreement.  The Debtor notes that its potential exposure
to administrative expense claims for entry into the agreement is
appropriately limited while the Union members' current rights are
preserved.  The Debtor further asserts that the agreement
effectively keeps the status quo in place for the next year and
provides its union employees with a slight raise.

A hearing to consider the Debtor's request is scheduled for
April 1, 2014, 10:00 AM (Eastern).

The Debtor is represented by Anthony W. Clark, Esq., and Kristhy
M. Peguero, Esq., at SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP, in
Wilmington, Delaware; Kenneth S. Ziman, Esq., and J. Eric Ivester,
Esq., at SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP, in New York;
and James J. Mazza, Jr., Esq., at SKADDEN, ARPS, SLATE, MEAGHER &
FLOM LLP, in Chicago, Illinois.

                   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 disclosed $1.89 billion in
assets and $1.14 billion in liabilities as of March 31, 2013.

Exide's international operations were not included in the filing
and will continue their business operations without supervision
from the U.S. courts.

For the new 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.  Schnader Harrison Segal & Lewis LLP was
tapped as special counsel.

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.  Geosyntec Consultants was
tapped as environmental consultants to the Committee.

Robert J. Keach of the law firm Bernstein Shur as fee examiner has
been appointed as fee examiner.  He has hired his own firm as
counsel.


FIAT CHRYSLER: CEO Sets Internal Deadline of Oct. 1 for NY Listing
------------------------------------------------------------------
Christina Rogers, writing for The Wall Street Journal, reported
that Sergio Marchionne, chief executive for Fiat Chrysler
Automobiles NV, said the company hopes to list on the New York
Stock Exchange by October, a move that will further solidify the
tie-up of the two auto makers following Fiat's acquisition earlier
this year of its U.S. partner.

"Everybody has an internal date of Oct. 1, but we're running
against the clock," the report cited Mr. Marchionne as speaking to
reporters on March 14.  "It's a complicated process because of the
listing requirements and so on," he said, noting that it could
encounter delays. "If it slips 30, 60, 90 days, it's not a
problem," he added.

The New York listing would give the newly-combined company greater
access to the U.S. capital markets as it embarks on a costly plan
to overhaul chunks of its global portfolio and relaunch its luxury
Alfa Romeo brand, the report related.  Fiat stock trades in Milan.

The move would also mirror the direction taken last year by Fiat's
sister company, CNH Industrial, of which Mr. Marchionne is also
chairman, the report further related.

Mr. Marchionne is laying the groundwork for a five-year business
plan that is expected to be announced in May and sets out a new
timetable and strategy for the auto maker, nearly five years since
Fiat rescued Chrysler from bankruptcy, the report added.

                       About Chrysler Group

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter
11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead
Case No. 09-50002).  The U.S. and Canadian governments provided
Chrysler LLC with $4.5 billion to finance its bankruptcy case.

In connection with the bankruptcy filing, Chrysler reached an
agreement to sell all assets to an alliance between Chrysler and
Italian automobile manufacturer Fiat.  Under the terms approved by
the Bankruptcy Court, the company formerly known as Chrysler LLC
in June 2009, formally sold substantially all of its assets to the
new company, named Chrysler Group LLC.

In January 2014, the American car manufacturer officially became
100% Italian when Fiat Spa completed its deal to purchase the 40%
it did not already own of Chrysler.  Fiat has shared ownership of
Chrysler with the health care fund of the United Automobile
Workers unions since Chrysler emerged from bankruptcy in 209.

                           *     *     *

Standard & Poor's Ratings Services raised its ratings on U.S.-
based auto manufacturer Chrysler Group LLC, including the
corporate credit rating to 'BB-' from 'B+' in mid-January 2014.
The outlook is stable.


FIRST CASH: Moody's Assigns Ba3 CFR & Rates Unsecured Notes Ba3
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the senior
unsecured notes issuance of First Cash Financial Services, Inc.
(FCFS). Moody's also assigned a Corporate Family Rating of Ba3.
The rating outlook is stable.

Ratings Rationale

FCFS's ratings reflect the company's status as a significant
player in the highly fragmented pawn store industry in the US and
Mexico; the consistently strong demand for the company's products
and services from the large and growing unbanked/underbanked
population; good financial fundamentals in the form of
consistently strong profitability and free cash flow generation,
moderate leverage, and strong tangible equity position; and retail
merchandise sales which represent a profitable adjunct to the
company's pawn lending operations.

Balancing these positive elements are a number of credit
challenges, including geographic concentrations in both the US and
Mexico, control risks endemic to the pawn business including
prevention of fraud and transactions involving stolen goods,
vulnerability to gold prices given that a significant portion of
pawn collateral consists of gold jewelry, a risky regulatory
environment particularly in the US, and rapid historic growth in
store count in the Mexican market.

FCFS's ratings could be upgraded if the company continues to
downsize its presence in the payday loan business (which currently
represents ~ 6% of total revenues), maintains its ratio of
adjusted debt/ebitdar at less than 2.5 times on a sustained basis,
and maintains a strong tangible equity position.

Ratings could be downgraded if the company experiences a
significant reduction in profitability, and/or increased leverage,
causing a significant deterioration in interest coverage with
adjusted ebitda/adjusted interest expense less than 5 times on a
sustained basis.

Based in Arlington, Texas, FCFS (ticker symbol "FCFS") is an
operator of pawn stores, with a total of 906 stores in 12 U.S.
states and 26 states in Mexico.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.


FIRST NATIONAL COMMUNITY: Grants 24,400 Shares to Executives
------------------------------------------------------------
The Board of Directors of First National Community Bancorp, Inc.,
approved the recommendations of the Compensation Committee of the
Board to make the following grants of common shares of the
Company, subject to time-based vesting, under the Company's 2013
Long-term Incentive Compensation Plan to the Company's named
executive officers:
                                             No. of Shares of
   Name                                 Restricted Common Stock
   --------------                       -----------------------
   Steven R. Tokach                              7,600
   Gerard A. Champi                              6,300
   James M. Bone                                 5,300
   Joseph J. Earyes                              2,500
   Mary Griffin Cummings                         2,700

The grant date for each of the Restricted Stock Awards was
March 1, 2014.  For Steven R. Tokach, the time-based Restricted
Stock Award vests in two equal annual installments on the
anniversary of the grant date, subject to continued service.  For
the Restricted Stock Awards to each of the other named executive
officers, each respective time-based Restricted Stock Award vests
in three equal annual installments on the anniversary of the grant
date, subject to continued service.

Shares of restricted stock may not be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated until those
shares are vested.  In the event of the death, disability or
retirement of the recipient, or in the case of a change in control
of the Company, the unvested portion of the Restricted Stock Award
will vest on a pro rata basis with the percentage vesting to be
determined by multiplying (i) the number of the shares of
restricted stock that have not yet vested by (ii) the ratio of the
number of months since the immediately preceding vesting date (or
since the grant date, if the event occurs prior to the first
vesting date) that the recipient has been employed or engaged to
provide services to the total number of months left in the vesting
period.

               To Hold "Say-on-Pay" Vote Every Year

The Company amended its current report filed with the U.S.
Securities and Exchange Commission to clarify the frequency with
which the Company will hold an advisory vote on the compensation
of the Company's executives.

As the Company previously reported in the original report, the
Company's shareholders voted at the Company's annual meeting of
shareholders held on Dec. 23, 2013, on, among other matters, a
proposal regarding the frequency of future non-binding shareholder
advisory votes on the compensation of the Company's named
executive officers.  A substantial majority of votes cast at the
2013 Annual Meeting on the frequency proposal were cast in favor
of holding an advisory vote on the compensation of executives
every year, which was consistent with the Company's
recommendation.  In light of the foregoing, this Amendment is
being filed to confirm that the Company will hold an advisory vote
on the compensation of executives every year until the next
required vote on the frequency of shareholder advisory votes on
the compensation of executives.

                        About First National

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

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

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

                        Regulatory Matters

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

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

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


FISKER AUTOMOTIVE: Panel Spars with Hybrid Over Bid to Probe Liens
------------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
Chapter 11 cases of Fisker Automotive Holdings, Inc., et al., is
sparring with Hybrid Tech Holdings, LLC, over the Committee's
desire to probe the liens held by Hybrid by virtue of Hybrid as
the debtor-in-possession lender.

The Committee said the Hybrid DIP Financing has matured, Hybrid
has refused to advance additional funds to the Debtors, and has
issued a formal notice of termination of that facility.  The
Debtors intend to obtain supplemental junior financing from
Wanxiang to cover the ongoing administrative costs of the Chapter
11 cases pending closing of the sale and confirmation of a plan.

In the Final Order approving the Hybrid DIP Financing, the Debtors
bound themselves to certain stipulations in favor of Hybrid's
prepetition loans and the liens allegedly securing the same.
Therein, the Debtors also agreed and committed not to take actions
whatsoever to challenge any of the Prepetition Hybrid Obligations
or Prepetition Hybridg Liens but, rather, to deleate the
investigation and litigation thereof to the Committee.

Hybrid objected to the Committee's reques for expedited
consideration of its standing motion, complaining that there is no
need -- or benefit -- at this time for the Committee to usurp the
Debtors' role as the estates' fiduciaries, particularly when the
Wanxiang sale has not yet closed, and the Debtors maintain the
exclusive right to propose a plan.  Resolution of the perfection
and allocation disputes will do nothing to advance meaningful
distributions to creditors because many other issues remain to be
resolved in connection with any plan, Hybrid further complained.

The Debtors agreed with Hybrid and asked the Court to deny the
Committee's request to expedite consideration of its Standing
Motion as procedurally and substantialy defective.  The Debtors
asserted that parties-in-interest have a right to be heard with
respect to significant strategic and legal issues related to the
Chapter 11 estates.  The Committee's motion runs contrary to fair
process and unnecessarily rushes its request for standing on
particular issues, the Debtors complained.

The Debtors are represented by Laura Davis Jones, Esq., James E.
O?Neill, Esq., and Peter J. Keane, Esq., at PACHULSKI STANG ZIEHL
& JONES LLP, in Wilmington, Delaware; and James H.M. Sprayregen,
P.C., Esq., Anup Sathy, P.C., Esq., and Ryan Preston Dahl, Esq.,
at KIRKLAND & ELLIS LLP, in Chicago, Illinois.

The Committee is represented by Mark Minuti, Esq., at Saul Ewing
LLP, in Wilmington, Delaware; William R. Baldiga, Esq., at Brown
Rudnick LLP, in New York; and Sunni P. Beville, Esq., and Nicolas
M. Dunn, Esq., at at Brown Rudnick LLP, in Boston, Massachusetts.

Hybrid is represented by Richard A. Barkasy, Esq., and Fred W.
Hoensch, Esq., at SCHNADER HARRISON SEGAL & LEWIS LLP, in
Wilmington, Delaware; Tobias S. Keller, Esq., and Peter J.
Benvenutti, Esq., at KELLER & BENVENUTTI LLP, in San Francisco,
California; Susheel Kirpalani, Esq., and James C. Tecce, Esq., at
QUINN EMANUEL URQUHART & SULLIVAN, LLP, in New York; and K. John
Shaffer, Esq., Eric D. Winston, Esq., and Matthew R. Scheck, Esq.,
at QUINN EMANUEL URQUHART & SULLIVAN, LLP, in Los Angeles,
California.

                     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 Nov. 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.  Emerald Capital Advisors Corp. is the
financial advisors for the Committee.

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.


GENERAL MOTORS: DOT Lacked Information on Ignition Switch Problem
-----------------------------------------------------------------
Jeff Bennett, writing for The Wall Street Journal, reported that
U.S. Transportation Secretary Anthony Foxx said that regulators
might have acted sooner to push for a recall of General Motors Co.
cars equipped with faulty ignition switches, but lacked the
information company officials had about problems with the
vehicles.

According to the report, Mr. Foxx, testifying before a Senate
committee, said that the National Highway Traffic Safety
Administration did three investigations of crashes involving some
of the models among the 1.6 million cars GM recalled last month.
"The results were inconclusive," he said.

The first of those investigations was in 2005, the report said.

GM disclosed that employees knew there were problems with the
ignition-switch devices used on Saturn Ion cars as long ago as
2001 and received its first complaint of stalling from a Saturn
Ion owner in 2003, the report related.

The auto maker had said previously that it investigated problems
with the Cobalt's ignition switch before the car was launched in
2004, and in 2005 told dealers to warn customers not to use heavy
key rings?to prevent the ignition switches from slipping out of
the "on" position, the report further related.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.


GEOMET INC: Sherwood Stake at 31.1% as of Feb. 13
-------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Sherwood Energy, LLC, disclosed it
beneficially owned 27,028,146 shares of common stock issuable upon
conversion of 3,513,659 shares of Series A Convertible Redeemable
Preferred Stock as of Feb. 13, 2014.  The shares represent 31.1
percent based on a total number of 86,820,987 shares of common
stock issued and outstanding as of Feb. 13, 2014.  A copy of the
regulatory filing is available at http://is.gd/G1of6u

                          About Geomet Inc.

Houston, Texas-based GeoMet, Inc., is an independent energy
company primarily engaged in the exploration for and development
and production of natural gas from coal seams (coalbed methane)
and non-conventional shallow gas.  Its principal operations and
producing properties are located in the Cahaba and Black Warrior
Basins in Alabama and the central Appalachian Basin in Virginia
and West Virginia.  It also owns additional coalbed methane and
oil and gas development rights, principally in Alabama, Virginia,
West Virginia, and British Columbia.  As of March 31, 2012, it
owns a total of 192,000 net acres of coalbed methane and oil and
gas development rights.

For the year ended Dec. 31, 2012, the Company incurred a net loss
of $149.95 million on $39.38 million of total revenues, as
compared with net income of $2.81 million on $35.61 million of
total revenues in 2011.  The Company's balance sheet at Sept. 30,
2013, showed $58.35 million in total assets, $92.15 million in
total liabilities, $41.19 million in mezzanine equity, and a
$74.99 million total stockholders' deficit.

Hein & Associates LLP, in Houston, Texas, issued a "going concern"
qualification on the Company's consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company has suffered recurring losses, has a working
capital deficit of $4,659,296 at Dec. 31, 2012, and expects to
reclassify approximately $129,000,000 of long-term debt to current
liabilities on April 2, 2013.  These conditions, among others,
raise substantial doubt about its ability to continue as a going
concern.


GLW EQUIPMENT: Equipment Lenders Win Stay Relief to Foreclose
-------------------------------------------------------------
The Hon. Michael E. Ridgeway of the U.S. Bankruptcy Court for the
District of Minnesota issued separate orders lifting the automatic
stay on certain properties of GLW Equipment Leasing, LLC, allowing
the Debtor's lenders to foreclose their security interests.

                         WFEFI's Interest

On March 10, 2014, the Court lifted the automatic stay with
respect to secured creditor Wells Fargo Equipment Finance, Inc.,
authorizing WFEFI to repossess, foreclose its security interest,
and dispose of equipment collateral.

WFEFI said the Debtor failed to perform its obligations in strict
accordance with the terms of the stipulation for adequate
protection dated Dec. 10, 2013.  The Debtor defaulted on the
stipulation by failing to make complete payment when due Jan. 21,
2014, and by failing to make any payment when due Feb. 21.  The
total amount in default is $5,401 for January 2014 and $40,018 for
February 2014.

                       All Wheels Financial

On March 7, the Court lifted the stay with respect to All Wheels
Financial, Inc., so it may repossess, foreclose its security
interest, and dispose of equipment collateral.

On March 6, All Wheels said the Debtor defaulted on a stipulation
for adequate protection dated Dec. 9, 2013.  As of March 6, no
plan was filed by the Debtor and the February 2014 payment was not
received by All Wheels.  Accordingly, the Debtor has failed to
timely cure the default.

                           CAT Financial

Also on March 7, the Court lifted the stay with respect to
Caterpillar Financial Services Corporation.

CAT Financial, asserted that based on the stipulation for adequate
protection dated Dec. 9, 2013, the Debtor failed to file a
disclosure statement and joint plan of reorganization by Jan. 31,
2014.  As of March 6, the Debtor has failed to (a) make cash
payments for the month of February 2014, (b) file a plan, and (c)
execute a confession of judgment within 10 days after entry of the
order approving the stipulation.  Accordingly, the Debtor has
failed to timely cure the defaults.

                               GECC

The automatic stay is also lifted with respect to General Electric
Capital Corporation, authorizing GECC to repossess, foreclose its
security interest, and dispose of the equipment collateral.

On March 6, creditor GECC said the Debtor has defaulted under the
terms of the stipulation for adequate protection dated Dec. 10,
2013.  The Debtor has failed to make the agreed upon adequate
protection payment due Feb. 21, 2014, in the amount of $51,081.

                         Paccar Financial

On Feb. 28, the Court lifted the stay with respect to Paccar
Financial Corp., authorizing PFC to repossess, foreclose its
security interest, and dispose of the equipment collateral.

On Feb. 26, PFC said that the Debtor defaulted on a stipulation
for adequate protection dated Dec. 9, 2013.  The Debtor failed to
file a plan of reorganization by Jan. 31, 2014, as required in
the stipulation.  As of Feb. 26, 2014, no plan was filed.

                          Volvo Financial

On Jan. 31, the Court lifted the stay with respect to Volvo
Financial Services, a division of VFS US LLC, authorizing Volvo
Financial to repossess, foreclose its security interest, and
dispose of the equipment collateral.

Volvo Financial said the Debtor defaulted on a stipulation for
adequate protection dated Dec. 9, 2013.  The Debtor failed to make
the adequate protection payment due to Volvo Financial on Jan. 21,
2014. As of Jan. 28, 2014, the adequate protection payment still
had not been received by Volvo Financial. Accordingly, the Debtor
failed to timely cure the default.  Pursuant to the stipulation,
upon the occurrence of, and failure to cure, an event of default,
the Debtor agreed the Court will enter an order terminating the
automatic stay.

                    About GLW Equipment Leasing

GLW Equipment Leasing, LLC, a Minnesota limited liability company
formed to own and manage a truck and trailer equipment lease
portfolio, filed a bare-bones Chapter 11 petition (Bankr. D. Minn.
Case No. 13-44202) in Minneapolis, Minnesota, on Aug. 27, 2013.
The Debtor was formed on the same day the bankruptcy case was
filed.  Warren Cadwallader signed the petition as president.  The
Debtor estimated at least $10 million in assets and liabilities.

Michael F. McGrath, Esq., at Will R. Tansey, Esq., and Michael D.
Howard, Esq., at Ravich Meyer Kirkman McGrath Nauman & Tansey,
P.A., Minneapolis, MN, serves as the Debtor's counsel.

Judge Katherine A. Constantine oversaw the case.  On Oct. 15,
2013, Judge Constantine transferred the case to Judge Michael E.
Ridgway.


GRAPHIC PACKAGING: S&P Revises Outlook to Pos. & Affirms 'BB+' CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
rating outlook on Atlanta-based Graphic Packaging International
Inc. to positive from stable and affirmed its 'BB+' corporate
credit rating on the company.

At the same time, S&P affirmed its 'BBB' issue-level rating on the
company's senior secured debt.  The recovery rating remains '1',
which indicates S&P's expectation that lenders will receive very
high recovery (90% to 100%) in the event of a default.  S&P also
affirmed its 'BB+' issue-level rating for the company's senior
notes.  The recovery rating remains '3', which indicates S&P's
expectation that lenders will receive meaningful recovery (50% to
70%) in the event of a default.

"We revised the rating outlook to positive to reflect our view
that Graphic Packaging will likely continue to generate good free
cash flow resulting in strengthening cash flow and leverage
measures in 2014-2016," said Standard & Poor's credit analyst
Tobias Crabtree.

S&P expects that this could increase the company's financial
flexibility to pursue growth initiatives and modest shareholder
rewards concurrent with net leverage sustained below 3x.  The
outlook revision also reflects the meaningful reduction in the
company's financial sponsor ownership.  Less than 10% of equity
ownership is currently held by what we consider to be a financial
sponsor based on recent public filings.

The positive outlook reflects S&P's expectation for Graphic
Packaging's cash flow and leverage measures to strengthen in 2014-
2016 with leverage declining to 2.5x to 3x, compared with 3.7x at
the end of 2013.

An upgrade to investment grade could occur if Graphic Packaging's
average leverage were to fall to the mid-2x area and FFO to debt
to average between 30% and 45%.  S&P believes this leverage level
will provide the company the financial flexibility to fund modest
acquisitions or increased shareholder rewards from internally
generated cash flow.  This could occur if net debt declines about
20% from the 2013 level to $2 billion along with annual EBITDA
meeting or exceeding our base case forecast.  S&P views that there
exists at least a one-in-three chance that this could occur over
the next 18 months.  In addition, S&P would expect the company's
financial policy, with regards to shareholder rewards and funding
potential acquisitions, to be supportive of maintaining these
measures.

A revision in the outlook to stable could follow from weaker-than-
expected free cash flow growth or a shift in financial policy by
management toward debt-financed acquisitions and shareholder
rewards resulting in debt to EBITDA exceeding 3x and FFO to debt
below 30%.  This could occur if forecast EBITDA were to be 20% or
more below S&P's base case forecast coupled with a use of the
majority of free cash flow to fund shareholder returns such that
net debt remained near the 2013 level.


GREEN FIELD ENERGY: Can Use Shell's Cash Collateral Until April 26
------------------------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the District
of Delaware authorized Green Field Energy Services Inc. and its
debtor-affiliates to access the cash collateral of Shell Western
Exploration and Production Inc. until April 26, 2014, pursuant to
a proposed budget.

As reported in the Troubled Company Reporter on March 7, 2014,
the Debtors said Shell Western asserts that (a) the Debtors'
obligation under a deal called contract high pressure fracturing
services dated Sept. 2, 2011, are secured by liens on certain of
their equipment and motor vehicles, (b) the liens are valid and
perfected, and (c) the proceeds of those assets constitutes
Shell's "cash collateral".

The Debtors told the Court the cash collateral will be used to pay
expenses, which are related to their operations, administering
their Chapter 11 case, successfully consummating the contemplated
sale of certain of their assets, pursuing sale of their remaining
assets, and seeking confirmation of their joint plan of
liquidation.

The Debtors said, without access to liquidity, their estates will
suffer irreparable harm and they will not be able to maximize the
value of their assets.

The Debtors told the Court they have agreed to grant adequate
protection to the indenture trustee, for the benefit of the
noteholders, and ad hoc noteholder group, as applicable, to secure
an amount equal to the aggregate postpetition diminution in value,
if any.

A full-text copy of the Debtors' proposed cash collateral budget
is available for free at http://is.gd/r9lhxq

                      About Green Field Energy

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

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

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

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

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

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

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

The Bankruptcy Court authorized the United States Trustee for
Region 3 to appoint Steven A. Felsenthal, Esq., as examiner.


GREEN FIELD ENERGY: Assessment Tech Okayed as Tax Consultants
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Green Field Energy Services, Inc. and its debtor-affiliates to
employ Assessment Technologies, Ltd. as property tax consultant,
nunc pro tunc to Jan. 24, 2014.

As reported in the Troubled Company Reporter on March 11, 2014,
Assessment Technologies' primary role will be to provide the
Debtors with property tax compliance services and property tax
consulting services with respect to appealing tax assessments and
challenging tax claim amounts on certain business and property
owned by the Debtors.

The Debtors seek to retain Assessment Technologies to provide,
among other things, the following ad valorem tax services in two
phases:

   (a) Phase I (Pre-Petition Taxes - Tax year 2013 and Prior)

       - Tax Compliance/Research: reviewing (1) current/proposed
         tax assessment on the Properties; (2) supporting data,
         calculations, and assumptions produced by the appropriate
         appraisal/assessing authority, together with information
         provided by the Debtors and other professional sources;
         and (3) tax claims and current or pending litigation
         matters.

       - Tax Consulting: (1) analyzing the economic feasibility of
         attaining a reduced assessment/tax; (2) preparing all
         necessary appeals; and (3) at Assessment Technologies'
         discretion, representing the Debtors before the
         appropriate appraisal/assessing/collecting and value
         determination authorities, using all reasonable,
         appropriate, and available means to negotiate the lowest
         possible property value/assessment.  Assessment
         Technologies' services provide for the continuation of
         the protest appeal beyond the administrative hearing into
         judicial appeals whether initiated by the Debtors or
         value/assessment authorities.  The Debtors grant
         Assessment Technologies a limited power of attorney, if
         necessary, to act on the Debtors' behalf, at the sole
         discretion of Assessment Technologies, in accepting any
         valuation/assessment.

   (b) Phase II (Post-Petition Taxes - Tax Year 2014)

       - Tax Compliance: (1) serving as agent of record for all
         related issues with the tax office related to assessments
         and taxes on the Properties; and (2) preparing tax
         returns for the Properties owned by the Debtors.

       - Tax Consulting: (1) analyzing the economic feasibility of
         attaining a reduced assessment/tax; (2) preparing all
         necessary appeals; and (3) at Assessment Technologies'
         discretion, representing the Debtors before the
         appropriate appraisal/assessing/collecting and value
         determination authorities, using all reasonable,
         appropriate and available means to negotiate the lowest
         possible property value/assessment.  Assessment
         Technologies' services provide for the continuation of
         the protest appeal beyond the administrative hearing into
         judicial appeals whether initiated by the Debtors or
         value/assessment authorities.  The Debtors grant
         Assessment Technologies a limited power of attorney, if
         necessary, to act on the Debtors' behalf, at the sole
         discretion of Assessment Technologies, in accepting any
         valuation/assessment.

Assessment Technologies will be paid at these hourly rates:

       Partners                      $550
       Senior Consultants            $425
       Consultants                   $350
       Professional Staff            $250
       Administrative                $150
       Research Staff                $100

Assessment Technologies will also charge the Debtors 35% of all
Tax Savings.

Assessment Technologies will also be reimbursed for reasonable
out-of-pocket expenses incurred.

John Lammert, executive vice president of Assessment Technologies,
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.

Assessment Technologies can be reached at:

       Johh Lammert
       ASSESSMENT TECHNOLOGIES, LTD.
       121 Interpark Blvd. Ste 308
       San Antonio, TX 78216
       Tel: (800) 914-2732
       Fax: (800) 431-4117

                      About Green Field Energy

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

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

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

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

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

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

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

The Bankruptcy Court authorized the United States Trustee for
Region 3 to appoint Steven A. Felsenthal, Esq., as examiner.


HOPE 7 MONROE: DC Circ. Won't Reopen Condo Developer's Appeal
-------------------------------------------------------------
Law360 reported that the D.C. Circuit refused to reopen a bankrupt
condominium developer's bid to get out of a settlement with a
creditor it accused of breaches of fiduciary duty under a $1.6
million loan, finding the developer hadn't established proper
standing.

According to the report, the D.C. Circuit said Hope 7 Monroe
Street Limited Partnership hadn't established standing by showing
that a successful appeal could result in a surplus in the disputed
estate.

The case is HOPE 7 MONROE STREET LIMITED PARTNERSHIP v. RIASO,
LLC, Case No. 1:11-cv-01455 (D.D.C.) before Judge James E.
Boasberg.  The case was filed August 11, 2011.

Hope 7 Monroe Street Limited Partnership, in Washington, DC, filed
for Chapter 11 bankruptcy (Bankr. D. D.C. Case No. 09-00273) on
April 2, 2009.  Judge S. Martin Teel, Jr. presided over the case.
Lucy R. Edwards, Esq., in Washington, DC, served as counsel to the
Debtor.  In its petition, Hope 7 estimated under $50,000 in assets
and under $10 million in debts.  The petition was signed by Lenan
Cappel, a partner.


HOUSTON REGIONAL: Comcast Not Mulling Buyout
--------------------------------------------
David Barron, writing for The Houston Chronicle, reports that
Comcast said Monday it will not enter a bid to purchase Comcast
SportsNet Houston out of Chapter 11 bankruptcy.

"Comcast initiated this bankruptcy proceeding in the belief that
the Chapter 11 process would permit the network to reorganize,
thus preserving the network's value and the jobs of many
employees," Comcast said in a two-paragraph filing with the
Bankruptcy Court.  "Much has happened, however, in the nearly six
months since this involuntary case was filed. In view of these
developments, Comcast is no longer prepared to purchase the
network.

"Comcast remains open to considering any proposal by the debtor
for reorganizing the network successfully in Chapter 11, including
through an auction or through further efforts to obtain additional
carriage."

The Houston Chronicle said Comcast's statement came less than a
week after Astros owner Jim Crane said he expected Comcast to make
a bid for the portion of the network that it does not own.  Mr.
Crane said the Astros believed Comcast "is going to make an offer
to either lend the network some more money to proceed or put an
offer out to both teams."

The Houston Chronicle also said the announcement throws more
uncertainty into the 5-month-old saga over the future of the
Astros-Rockets-Comcast partnership.  The Astros own 46.5% of
Houston Regional Sports Network, the parent company of CSN
Houston, to 22.5% for Comcast and 31% for the Rockets.

The report said Mr. Crane was not available for comment.  A
Rockets spokesman was not available for comment, and a Comcast
spokesman said the company had no comment on its submission to the
bankruptcy court.

The report noted that Astros general counsel Giles Kibbe described
the Comcast court filing as a tactical shift.  "Comcast drove the
network into bankruptcy for the stated purpose of preventing us
from terminating our media rights agreement and to buy the network
out of bankruptcy," Mr. Kibbe said in an email to the Houston
Chronicle.  "Now, after forcing the city, fans and teams through
this ordeal for the last seven months, they're pulling out. Market
conditions haven't changed. Comcast's tactics have."

               About Houston Regional Sports Network

An involuntary Chapter 11 bankruptcy petition was filed against
Houston Regional Sports Network, L.P. d/b/a Comcast SportsNet
Houston (Bankr. S.D. Tex. Case No. 13-35998) on Sept. 27, 2013.

The involuntary filing was launched by three units of Comcast/NBC
Universal and a television-related company.  The petitioners are:
Houston SportsNet Finance LLC, Comcast Sports Management Services
LLC, National Digital Television Center LLC, and Comcast SportsNet
California, LLC.

The petitioning creditors have filed papers asking the Bankruptcy
Judge to appoint an independent Chapter 11 trustee "to conduct a
fair and open auction process for the Network's business assets on
a going concern basis."

Houston Regional Sports Network is a joint enterprise among
affiliates of the Houston Astros baseball team, the Houston
Rockets basketball team, and Houston SportsNet Holdings, LLC --
"Comcast Owner" -- an affiliate of Comcast Corporation.  The
Network has three limited partners -- Comcast Owner, Rockets
Partner, L.P., and Astros HRSN LP Holdings LLC.  The primary
purpose of Houston Regional Sports Network is to create and
operate a regional sports programming service that produces,
exhibits, and distributes sports programming on a full-time basis,
including live Astros and Rockets games within the league-
permitted local territories.

Counsel for the petitioning creditors are Howard M. Shapiro, Esq.,
at Wilmer Cutler Pickering Hale and Dorr LLP; George W. Shuster,
Jr., Esq., at Wilmer Cutler Pickering Hale and Dorr LLP; Vincent
P. Slusher, Esq., at DLA Piper; and Arthur J. Burke, Esq., at
Davis Polk & Wardwell LLP.

Judge Marvin Isgur presides over the case.

The Network was officially placed into Chapter 11 bankruptcy
pursuant to a Feb. 7 Order for Relief.

Harry Perrin, Esq., represents Astros owner Jim Crane.  Alan
Gover, Esq., represents the Rockets.

The Astros are represented by Richard B. Drubel, Esq., Colleen A.
Harrison, Esq., and Jonathan R. Voegele, Esq., at Boies, Schiller
& Flexner LLP, in Hanover, NH; and Scott E. Gant, Esq., at Boies,
Schiller & Flexner in Washington, DC.  Comcast Corporation and
NBCUniversal Media, LLC, are represented by Vincent P. Slusher,
Esq., Eli Burriss, Esq., Andrew Mayo, Esq., and Andrew Zollinger,
Esq., at DLA Piper; Arthur J. Burke, Esq., Timothy Graulich, Esq.,
and Dana M. Seshens, Esq., at Davis Polk & Wardwell LLP; and
Howard M. Shapiro, Esq., and Craig Goldblatt, Esq., at Wilmer
Cutler Pickering Hale and Dorr LLP.  Attorney for McLane
Champions, LLC and R. Drayton McLane, Jr., are Wayne Fisher, Esq.,
at Fisher Boyd & Huguenard, LLP.


HOVNANIAN ENTERPRISES: Incurs $24.5MM Net Loss in First Quarter
---------------------------------------------------------------
Hovnanian Enterprises, Inc., reported a net loss of $24.52 million
on $364.04 million of total revenues for the three months ended
Jan. 31, 2014, as compared with a net loss of $11.30 million on
$358.21 million of total revenues for the same period in 2013.

The Company's balance sheet at Jan. 31, 2014, showed $1.78 billion
in total assets, $2.24 billion in total liabilities and a $456.12
million total deficit.

"While our first quarter is always the slowest seasonal period for
net contracts, the strong recovery trajectory from the spring
selling season of 2013 has softened on a year-over-year basis.
Net contracts in the months of December, January and February have
not met our expectations.  In addition to the lull in sales
momentum, both sales and deliveries were impacted by poor weather
conditions and deliveries were further impacted by shortages in
labor and certain materials in some markets that have extended
cycle times," stated Ara K. Hovnanian, Chairman of the Board,
president and chief executive officer.

A copy of the press release is available for free at:

                         http://is.gd/tARjRm

                     About Hovnanian Enterprises

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

Hovnanian Enterprises posted net income of $31.29 million on $1.85
billion of total revenues for the year ended Oct. 31, 2013, as
compared with a net loss of $66.19 million on $1.48 billion of
total revenues during the prior year.

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

                           *     *     *

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

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

As reported by the TCR on Jan. 9, 2014, Moody's Investors Service
raised the Corporate Family Rating of Hovnanian Enterprises, Inc.,
to B3 from Caa1.  The upgrade of the Corporate Family Rating to B3
reflects Hovnanian's improved financial performance including
improvement in interest coverage to slightly above 1x and finally
turning net income positive for the fiscal year 2013.


HRK INDUSTRIES: Plan Filing Deadline Extended to April 10
---------------------------------------------------------
Bankruptcy Judge K. Rodney May in Tampa, Florida, extended the
deadline by which HRK Holdings, LLC, and HRK Industries, LLC, must
file their plan of reorganization and disclosure statement through
and including April 10, 2014.

The Court held a hearing on the Debtors' request on March 6 and
again on March 12.  The Court previously entered an order that
established Feb. 28, 2014, as the expiration of the period within
which to file a plan and disclosure statement.  At the hearing,
the Debtors made an ore tenus amendment to their Motion to seek an
extension of the deadline through and including April 10, 2014.
The Court, having considered the Motion, the ore tenus amendment
and noting that there were no objections to the relief requested,
finds it appropriate to grant the Motion.

In their original request, the Debtors asked the Court to extend
the deadline to March 17.  The Debtros said the extension will
allow them enough time to close a sale.  Also, the maturity date
under the existing debtor-in-possession obligations is March 17,
2014, and they need more time to negotiate with their lender
Regions Bank, N.A., regarding the DIP financing.

                        About HRK Holdings

Based in Palmetto, Florida, HRK Holdings LLC owns roughly 675
contiguous acres of real property in Manatee County, Florida.
Roughly 350 acres of the property accommodates a phosphogypsum
stack system, called Gypstaks, a portion of which was used as an
alternate disposal area for the management of dredge materials
pursuant to a contract with Port Manatee and as authorized under
an administrative agreement with the Florida Department of
Environmental Protection.  The remaining acres of usable land are
either leased to various tenants or available for sale.  HRK
Industries holds various contracts and leases associated with the
Debtors' property.

HRK Holdings and HRK Industries LLC filed for Chapter 11
protection (Bankr. M.D. Fla. Case Nos. 12-09868 and 12-09869) on
June 27, 2012.  Judge K. Rodney May oversees the case.  Barbara A.
Hart, Esq., and Scott A. Stichter, Esq., at Stichter, Riedel,
Blain & Prosser, P.A., represents the Debtors.

HRK Holdings disclosed $33,366,529 in assets and $26,092,559
in liabilities in its revised schedules.

According to the Debtors, the bankruptcy filing was necessitated
by the immediate need to sell a portion of the remaining property
to create liquidity for (a) funding the urgent management of the
site-related environmental concerns; the benefit of creditors;
funding a litigation filed by the Debtors; and funding of expenses
related to additional sales of the remaining property.


HUNTINGTON INGALLS: Moody's Changes Ba2 CFR Outlook to Positive
---------------------------------------------------------------
Moody's Investors Service has changed the rating outlook of
Huntington Ingalls Industries, Inc. ("HII") to Positive from
Stable. All ratings, including the Ba2 Corporate Family Rating,
have been affirmed. The improved outlook reflects growth of
backlog and operating profit over 2013. Income is expected to grow
across 2014-2015 from a more profitable set of ship construction
projects at hand and the better recovery of pension costs that
will be possible ahead under the company's existing contracts.
Credit metrics and cash flows could rise to levels that support a
higher rating.

Ratings:

Huntington Ingalls Industries, Inc.

Corporate Family, affirmed at Ba2

Probability of Default, affirmed at Ba2-PD

$650 million first lien revolver due 2016, affirmed at Baa3, LGD2,
to 19% from 13%

$575 million first lien term loan due 2016, affirmed at Baa3,
LGD2, to 19% from 13%

$600 million senior unsecured notes due 2018, affirmed at Ba3 to
LGD5 70% from LGD4 66%

$600 million senior unsecured notes due 2021, affirmed at Ba3 to
LGD5 70% from LGD4 66%

Speculative Grade Liquidity, affirmed at SGL-2

Huntington Ingalls Incorporated

$21.6 million industrial revenue bonds due 2028, affirmed at Ba3
to LGD5 70% from LGD4 66%

Ratings Rationale

The Positive rating outlook recognizes HII's operational progress
since emerging as a standalone company three years ago, alignment
with U.S. defense funding priorities, position as a key contractor
to the Navy, run-off of unprofitable legacy contracts, and
improvement in the company's pension funding level.

At its spin-off from Northrop Grumman, the company's Ingalls
segment faced several less profitable years, burdened by break-
even, fixed-price amphibious ship construction contracts, but the
performance outlook has improved as most of those unprofitable
ships have delivered. The work schedule ahead will center on ship
classes where production costs should be well understood.
Moreover, a number of those ships will soon reach mature
production stages where the profit rates embedded within the
percentage of completion accounting are higher, which facilitates
margin growth. A high backlog level also suggests that the
company's two primary yards should enjoy a period of continuous
work flow across the next few years. In 2013, the company's
operating profit margin, before unusual items, rose to 7.9% from
6.1% on a Moody's adjusted basis; another 100 bps improvement
could be achieved by 2015 as the mix of work becomes more
favorable and pension costs recovered from the Navy under
contractual arrangements will begin to materially rise from recent
levels. Further, HII's high rate of discretionary pension plan
contributions and a rising interest rate environment should help
raise the defined benefit pension plan funding level, which
improved to above 90% in 2013. The U.S. strategic pivot to the
Asia Pacific region helps the Navy's funding outlook and HII is
one of the Navy's two primary ship builders, and the only builder
of its aircraft carriers. The Navy's fleet plan well suits HII's
expertise (Arleigh-Burke destroyers, Virginia class submarines,
and construction/overhaul/inactivation of aircraft carriers).

The Ba2 Corporate Family Rating reflects high revenue visibility,
the recent debt /EBITDA ratio decline to below 3x, and likelihood
of minimally stable operating margins in coming quarters.
Nonetheless the rating also recognizes that a transition period
continues for HII as a decision on the ultimate disposition of its
Avondale, LA shipyard (one of HII's three main shipyards) remains
to be finalized. The plan of record has been to close the Avondale
facility, but the yard may instead be repurposed as a commercial
business. If the closure course is chosen, agreement from the Navy
on recoverability of those closure costs remains to be finalized.
Additionally, the last of the break-even amphibious ships is
scheduled to deliver in 2014. Until these matters settle an added
element of performance risk will remain. If the Avondale yard is
ultimately repurposed as a commercial business, added execution
risk could accompany that path.

Other tempering considerations factored into the CFR include US
budgetary pressures and only a modest amount of free cash flow
expected near-term. While the legislation that alleviated
sequestration's budgetary caps in the government's FY2014-FY2015
lessened pressure on defense contractors, sequestration is
scheduled to reactivate in FY2016. The Navy's shipbuilding plans
will face much Congressional scrutiny even if the sequestration
caps beyond 2015 get legislated away. Moody's expects that HII
will generate free cash flow in 2014 but the amount may not much
exceed the $79 million of debt amortization scheduled, since added
capital projects and (discretionary) pension plan contributions
are anticipated. Realization of better cash flows from the
company's operational improvements would likely not arrive until
2015 or 2016.

The Speculative Grade Liquidity rating of SGL-2 denotes a good
liquidity profile. Good borrowing availability under the company's
$650 million revolver and a good level of covenant headroom
expected are supportive considerations. Although free cash flow
will probably not be robust near-term versus scheduled term loan
amortizations, the company holds much cash ($1 billion at December
2013).

A rating upgrade would depend on continued operating margin
expansion in 2014, as expected, and progress toward a steady and
more robust period of free cash flow. Credit ratios that would
accompany an upgrade include debt/EBITDA in the high 2x range,
free cash flow to debt above 10% and ROA of 5% or higher. Should
the Avondale yard be repurposed rather than closed, the degree of
associated execution and/or financial risk would be a
consideration as well. Significant backlog growth would contribute
upward momentum.

Stabilization of the rating outlook could accompany discouraging
performance developments, a lack of improvement in free cash flow
generation, or an aggressive shift in financial policy. An
expectation of debt/EBITDA sustained above the low 4x range, a
large contract loss, or a weakening liquidity profile could drive
a ratings downgrade.

The principal methodology used in this rating was the Global
Aerospace and Defense published in June 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. Please see the Credit Policy page on www.moodys.com for a
copy of these methodologies.

Huntington Ingalls Industries, Inc., through its Newport News, VA,
Pascagoula/Gulfport, MS and Avondale, LA shipyards, provides full
service design, engineering, construction, and lifecycle support
of major surface ship programs for the U.S. Navy. Revenues in 2013
were approximately $6.8 billion.


IBAHN CORP: Guest-tek Wins Court Approval to Buy Assets for $13MM
-----------------------------------------------------------------
Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District
of Delaware authorized iBahn Corporation, et al., to sell all or
substantially all of their assets to Guest-tek Interactive
Entertainment Ltd. for $13 million.

All objections and responses to the sale motion that have not been
overruled, withdrawn, waived, settled, or otherwise resolved, are
overruled and denied on the merits with prejudice.

Notwithstanding the asset purchase agreement or the sale order,
the Debtors are not selling or assigning any right to services
under the CenturyLink Total Advantage Agreement between Qwest
Communications Company, LLC, and iBahn General Holdings Corp.,
unless the CTA is assumed and assigned in accordance with Section
365 of the Bankruptcy Code, and the term "encumbrance" will not
include any defense of Qwest, including but not limited to a right
of recoupment.

The Sale Order does not constitute the approval of the Debtors'
assumption of any executory contracts with Oracle America, Inc.,
or Oracle USA, Inc., or the assignment of any contract to the
Purchaser.

The Debtors will pay at closing the $14,999 payable to the Local
Texas Tax Authorities.  Notwithstanding the free and clear sale
provision of the Sale Order, the liens of the Local Texas Tax
Authorities, if any, for 2014 ad valorem taxes will remain liens
against the Purchased Assets post-closing and the obligation, if
any, to pay any 2014 tax year ad valorem taxes is assumed and will
be paid by the Purchaser as and when due.

With respect to certain service agreements with Vibiquity, Inc.,
the Purchaser will assume and be liable for all obligations of the
Debtors that may arise under the service agreements.  The sale and
the sale order are subject to the terms and conditions of a
stipulation between the Debtors and W2007 Equity Inns Realty, LLC,
and its affiliates.

The Sale Order does not bar any claim, defense or right of
Nomadix, Inc., relating to the post-closing acts or omissions with
respect to any Purchased Asset, or with respect to the Purchased
Assets owned by iBahn International Corporation immediately prior
to the merger, any claim of Nomadix arising out of any contract or
agreement to which iBahn International is a part pertaining to the
provision of high speed internet access.

The Sale Order will not be deemed or construed to modify the
Debtors' obligations under the DIP Amended Credit Agreement, or
any other obligation of any Debtor to JPMorgan Chase Bank, N.A.,
under the Financing Order, including JPMorgan's agreement to
permit the Debtors to fund at closing the wind down budget filed
on February 14, 2014, from the cash proceeds of the sale without
any increase in the prepetition or postpetition financing balance.

                          About iBahn Corp.

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

Laura Davis Jones, Esq., Davis M. Bertenthal, Esq., James E.
O'Neill, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang,
Ziehl Young & Jones, LLP, serve as the Debtors' counsel.  The
Debtors' claims and noticing agent is Epiq Bankruptcy Solutions.
Epiq also serves as administrative agent.  Houlihan Lokey Capital,
Inc., serves as financial advisor and investment banker.


IGATE CORP: Moody's Hikes CFR to 'Ba3' & Rates $325MM Note 'B1'
---------------------------------------------------------------
Moody's Investors Service upgraded iGate Corporation's ("iGate")
corporate family and probability of default ratings ("CFR" and
"PDR", respectively) to Ba3 and Ba3-PD from B1 and B1-PD,
respectively. Concurrently, Moody's assigned a B1 rating to the
proposed $325 million senior unsecured note due 2019. The B2
rating for the existing unsecured senior unsecured note due 2016
will be withdrawn upon repayment following the close of the
financing transaction. The rating outlook is stable.

Rating Rationale

The CFR upgrade reflects Moody's expectation that with the
reduction of overall debt and the successful integration of the
Patni acquisition, iGate will operate at a leverage target below 3
times through 2014 and 2015. With over $1.2 billion of projected
revenue for 2014, iGate has achieved enhanced size and scale that
enables the company to compete for larger technology and business
process outsourcing (BPO) contracts. Moody's expects the larger
scale to lead to consistent 20% operating margins with free cash
flow exceeding $150 million annually by the end of 2015.

iGate's Ba3 CFR considers iGate's highly competitive landscape,
characterized by larger and financially stronger information
technology (IT) services and outsourcing providers and
concentrated customer base (e.g., top two customers comprised 24%
of 2013 revenues). At the same time, iGate benefits from a
recurring revenue stream from longstanding customer relationships,
a record of solid operating performance buoyed by a low cost
offshore labor infrastructure, and very good liquidity (Moody's
projected cash and short-term investments of $280 million by the
end of 2014).

The stable outlook reflects Moody's expectation of high single
digit annual revenue growth supported by favorable industry
dynamics, in which enterprise clients seek to reduce costs by
migrating further to an offshore delivery model. Moody's
anticipates adjusted debt to EBITDA of less than 3 times by the
end of 2014 through a combination of debt paydown and profit
expansion.

iGate's ratings could be upgraded if the company were to achieve
double digit organic revenue growth, sustain operating margins at
over 20% , generate free cash flow over $200 million, and maintain
leverage at 2.5 times. The ratings could experience downward
rating pressure if total revenue and profits decrease
significantly (by 5%), a major customer defects, or iGate's
adjusted debt to EBITDA leverage ratio exceeds 4 times on a
sustained basis.

Ratings upgraded:

Corporate Family Rating -- Ba3 from B1

Probability of Default Rating -- Ba3-PD from B1-PD

Rating assigned:

Senior Unsecured Notes -- B1 (LGD 5, 72%)

Rating affirmed:

Speculative Grade Liquidity Rating of SGL-1

Rating to be withdrawn:

Senior Unsecured Notes due 2016 -- B2 (LGD 4 -- 57%)

Rating outlook of stable.

The principal methodology used in this rating was Global Business
& Consumer Service Industry 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 projected annual revenues over $1.2 billion, iGate
Corporation (Nasdaq: IGTE), is a global outsourcing provider of
information technology (IT) services and solutions with a
significant offshore delivery model in India.


IGATE CORP: S&P Raises CCR to 'BB-' on Refinancing; Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Bridgewater, N.J.-based iGATE Corp. to 'BB-' from 'B+'.
The outlook is stable.

At the same time, S&P assigned the company's proposed $325 million
senior unsecured notes a 'BB-' issue-level rating, with a recovery
rating of '3', indicating its expectation for average (50% to 70%)
recovery of principal in the event of a default.

After the refinancing of the company's $770 million note closes,
S&P will withdraw the rating on that note.

The upgrade of iGATE is based on the company's improved
competitive position to "fair" from "weak", as a result of better
overall operating profitability and improved operating efficiency
following the successful integration of Patni Computer Systems, a
provider of information technology.  In addition, iGATE's
financial risk improved to "significant" from "highly leveraged"
based on S&P's expectation that forecasted leverage will decline
to the low-3x area at the end of 2014, reflecting debt paydowns
and the netting of cash against debt per S&P's criteria.  S&P
believes that iGATE will generate positive free cash flows and
consistent EBITDA margins, while maintaining leverage in the
"significant" category.  S&P adjusts the 'bb' anchor score
downward by one notch because of its negative comparative rating
analysis that reflects the company's unfavorable financial
metrics, ratios, and market position relative to other peers.

"The rating reflects iGATE's "fair" business risk profile and
"significant" financial risk profile (as defined by our criteria).
We view the industry risk as "intermediate" and the country risk
as "very low."  Our view of iGATE's fair business risk profile
reflects the company's significant base of recurring revenue (98%
of revenue), and consistent operating profitability.  These
factors are partially offset by the company's high customer and
geographic concentration, relatively small operating scale to its
larger direct peers, and modest market share in the highly
competitive global information technology (IT) service industry.
However we adjust the anchor score downward by one notch to the
final 'BB-', given that the company's financial metrics and ratios
are at the lower end of the range for the rating, FFO to debt
falls within the "aggressive" category, and the company's market
position is not favorable relative to competitors," S&P said.

iGATE provides services to large and midsize organizations.
iGATE's main differentiator relative to other IT service
outsourcing providers is its business outcome-based pricing model-
-iTOPS--that combines IT with its expertise in BPO and technology
services.  iGATE's May 2011 acquisition of Patni provided it with
the scale to successfully compete against larger peers, improved
its market position, and diversified its revenue base into high
growth markets such as retail and health care.  However, iGATE
still has high geographic concentration (roughly 80% of revenue
comes from the U.S. and Canada) and customer concentration as the
company's top client accounted for 13% of fiscal year end 2013
revenues.  In addition, the company's top 5 and top 10 clients
accounted for 40% and 50.2% of revenues, respectively.


IGLESIA PUERTA: Amends Schedules of Assets and Liabilities
----------------------------------------------------------
Iglesia Puerta del Cielo, Inc., filed with the U.S. Bankruptcy
Court for the Western District of Texas, El Paso Division, amended
schedules of assets and liabilities, disclosing:

                                            Assets     Liabilities
                                         -----------   -----------
A. Real Property                         $16,915,000
B. Personal Property                      $4,393,181
C. Property Claimed as Exempt                    N/A
D. Creditors Holding Secured Claims                     $9,428,705
E. Creditors Holding Unsecured
      Priority Claims                                            0
F. Creditors Holding Unsecured
      Nonpriority Claims                                  $192,750
                                         -----------   -----------
                                         $21,308,181    $9,546,867

A full-text copy of the Debtor's recent schedules is available for
free at http://is.gd/TiGWqu

A full-text copy of the schedules dated Nov. 12 is available for
free at http://is.gd/XCN5L2

Iglesia Puerta del Cielo, Inc., a domestic non-profit corporation
that provides religious services to third parties, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Tex. Case No. 13-31911) on Nov. 12, 2013.  The case is assigned to
Judge Christopher Mott.  Wiley F. James, III, Esq., at James &
Haugland, P.C., in El Paso, Texas, represents the Debtor.  The
Debtor estimated assets of at least $10 million and liabilities of
at least $1 million.


IGLESIA PUERTA: Files Amended List of Top Unsecured Creditors
-------------------------------------------------------------
Iglesia Puerta del Cielo, Inc., has submitted an amended list that
identifies its top 20 unsecured creditors.

Creditors with the three largest claims are:

  Entity                 Nature of Claim        Claim Amount
  ------                 ---------------        ------------
Jose Canales                 Other              $105,318
c/o T.O. Gilstrap
5915 Silver Springs
Bldg. 2
El Paso, TX 79912


Raul Arizpe                   Other              $87,431
c/o Dennis Richard
Wiglington Runley Dunn, LLP
601 Howard St.
San Antonio, TX 78212

Judgment Creditors            Other              $30,000
c/o Mills Escrow
6501 Boeing, Suite H-4
EL Paso, TX 79925

A copy of the creditors' list is available for free at:

   http://bankrupt.com/misc/IGLESIAPUERTA_47_amendedcreditorslist.pdf

Iglesia Puerta del Cielo, Inc., a domestic non-profit corporation
that provides religious services to third parties, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Tex. Case No. 13-31911) on Nov. 12, 2013.  The case is assigned to
Judge Christopher Mott.  Wiley F. James, III, Esq., at James &
Haugland, P.C., in El Paso, Texas, represents the Debtor.  The
Debtor estimated assets of at least $10 million and liabilities of
at least $1 million.


INOFIN INC: Holland & Knight Wants Jury Trial In Malpractice Case
-----------------------------------------------------------------
Law360 reported that Holland & Knight LLP has asked a
Massachusetts federal judge to withdraw an adversary complaint
filed by the trustee in Inofin Inc.'s Chapter 7 bankruptcy case,
saying in a motion that the malpractice case will likely be heard
before a jury in district court given the underlying securities
issues.

According to the report, in the motion, attorneys for Holland &
Knight indicated their opposition to the adversary suit being
heard in bankruptcy court, arguing that the case contains no
bankruptcy issues or claims.

The case is Mark G. DeGiacomo v. Holland and Knight, et al., Case
No. 1:14-cv-10483 (D. Mass.) before Judge Nathaniel M. Gorton.


INDEPENDENCE TAX II: Incurs $131K Net Loss in Dec. 31 Qtr.
----------------------------------------------------------
Independence Tax Credit Plus L.P. II filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss of $130,553 on $210,744 of total
revenues for the three months ended Dec. 31, 2013, as compared
with a net loss of $234,373 on $209,466 of total revenues for the
same period in 2012.

For the nine months ended Dec. 31, 2013, the Company reported a
net loss of $370,996 on $641,859 of total revenues as compared
with net income of $14.38 million on $613,511 of total revenues
for the period ended Dec. 31, 2012.

The Company's balance sheet at Dec. 31, 2013, showed $2.80 million
in total assets, $16.31 million in total liabilities and a $13.51
million total partners' deficit.

"At December 31, 2013, the Partnership's liabilities exceeded
assets by $13,511,275 and for the nine months ended December 31,
2013, the Partnership had net loss of ($370,996).  These factors
raise substantial doubt about the Partnership's ability to
continue as a going concern," the Company said in the Quarterly
Report.

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

                         http://is.gd/ouD3Ap

           About Independence Tax Credit Plus L.P. II

Based in New York, Independence Tax Credit Plus L.P. II was
organized on Feb. 11, 1992, and commenced its public offering on
Jan. 19, 1993.  The general partner of the Partnership is Related
Independence Associates L.P., a Delaware limited partnership.  The
general partner of Related Independence Associates L.P. is Related
Independence Associates Inc., a Delaware Corporation.  The
ultimate parent of Related Independence Associates L.P. is
Centerline Holding Company.

The Partnership's business is primarily to invest in other
partnerships owning leveraged apartment complexes that are
eligible for the low-income housing tax credit enacted in the Tax
Reform Act of 1986, some of which may also be eligible for the
historic rehabilitation tax credit.

The Partnership is in the process of developing a plan to dispose
of all of its investments.


INTERTAPE POLYMER: S&P Raises CCR to 'BB-'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Intertape Polymer Group Inc. to 'BB-' from 'B+'.  The
outlook is stable.

"The upgrade reflects continued strengthening in the company's
earnings over the past two years, resulting from a better pricing
environment, a shift in mix to higher-margin products, and ongoing
cost-reduction initiatives," said Standard & Poor's credit analyst
Daniel Krauss.  Despite 2013 revenues being roughly flat versus
2011 levels, the company has been able to improve EBITDA to above
$100 million in 2013, compared with about $65 million in 2011.
Higher earnings and cash flows have allowed for significant debt
reduction and thus a meaningful improvement in credit metrics.
The key ratio of funds from operations (FFO) to total debt was
above 50% in 2013--a significant increase from about 20% in 2011.
Over the next one to two years S&P would expect credit metrics to
be maintained in the "intermediate" financial risk profile band,
including FFO to debt of between 30% and 45%.  S&P adjusts the
financial risk profile down by one category to "significant,"
which reflects its expectation that ratios would move by two
categories during periods of stress given the expected volatility
in Intertape's operating performance and potential acquisition
opportunities.  Over the business cycle S&P would expect FFO to
total debt to average between 25% and 30%, a range which S&P
considers appropriate for the rating.

"The ratings on Intertape reflect our assessment of the company's
business risk profile as "weak" and financial risk profile as
"significant".  With 2013 annual revenues of about $780 million,
Intertape manufactures mainly tapes, films, and woven products for
the industrial, packaging, housing and construction, and food and
consumer durables end markets.  Tapes are the company's largest
business, accounting for about 65% of its revenues.  Products
consist mainly of carton sealing tapes, industrial tapes
(including masking tape and duct tape), and water-activated tape.
The films business, which accounts for nearly 20% of revenues,
complements the tapes business and uses the same distribution
network that markets the majority of Intertape's other products.
The woven coated fabrics segment includes lumber wrap and house
wrap for use in the housing construction market," S&P said.

"We expect the company's continued shift toward a higher-margin
product mix, ongoing cost-reduction initiatives, and new product
introductions will allow it to maintain EBITDA margins at greater-
than-historical levels.  We believe that Intertape is well
positioned to benefit from the cyclical recovery in the U.S.
housing market and continued pick-up in industrial production.
Our base case assumes that liquidity will improve throughout 2014
and we have not factored in any meaningful debt-funded
acquisitions or share repurchases," S&P added.

"We could lower the ratings if unexpected shocks caused the
company's liquidity position to deteriorate to a level that we
consider to be "less than adequate".  We could also consider a
modest downgrade if the company is unable to pass on raw material
cost increases to its customers in a timely manner, or if more
competitive market conditions caused the recent improvement in
EBITDA to reverse and free cash flow to turn negative.  Based on
our downside scenario, we could lower the ratings if EBITDA
margins deteriorate by 400 basis points or more from current
levels, coupled with a moderate drop in revenues.  If this
scenario were to occur, we would expect the company's liquidity
position could become pressured and credit metrics would fall
below our expectations at the rating," S&P noted.

S&P could raise the ratings modestly if the company is able to
maintain credit metrics at above 45%, even after factoring in
potential acquisitions and cyclical downturns.  While less likely,
considering the company's meaningful exposure to cyclical end
markets, S&P could consider a one-notch upgrade if potential
growth opportunities led to a reassessment of the company's
business risk profile as "fair".  Before considering an upgrade,
S&P would have to gain additional comfort around the company's
liquidity position, and expect that the company could maintain
adequate liquidity after factoring in potential raw material
spikes and seasonal working capital swings.


INTERSTATE BANKERS: A.M. Best Lowers Fin. Strength Rating to 'C-'
-----------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to C-
(Weak) from B (Fair) and issuer credit rating to "cc" from "bb" of
Interstate Bankers Casualty Company (Interstate Bankers) (Chicago,
IL).  The outlook for both ratings is negative.

The rating actions reflect the continuing deterioration in
Interstate Bankers' operating results, which resulted in a
significant decline in capitalization in 2013, as shown by a 41%
drop in statutory surplus during the past year.

The company's poor operating performance was driven by
underwriting losses, as it strengthened the loss reserves of its
auto liability book of business.  The company's recent decline in
capitalization has further resulted in highly elevated premium and
underwriting leverage ratios.  Consequently, Interstate Bankers'
risk-adjusted capitalization has significantly deteriorated.
However, the company has recently begun taking actions to improve
its underwriting performance, including implementing indicated
rate increases, increasing loss reserves and implementing a 40%
quota share reinsurance agreement that was effective December 31,
2013.

The negative outlook reflects the possibility of future rating
downgrades should there be continued deterioration in Interstate
Bankers' operating results, underwriting leverage and risk-
adjusted capitalization.  Also, while near-to-medium-term
improvements in the company's current rating level are not likely,
sustained improvement in its risk-adjusted capitalization and
operating results may result in A.M. Best re-evaluating the
current outlook.


INSTITUTO MEDICO: March 20 Hearing on US Trustee's Dismissal Bid
----------------------------------------------------------------
Guy G. Gebhardt, the Acting United States Trustee for Region 21,
petitioned on Feb. 21, 2014, the Bankruptcy Court under Section
1112(b) of the Bankruptcy Code to dismiss the case of Instituto
Medico Del Norte, Inc.

The U.S. Trustee stated that it filed the motion to dismiss
because the Debtor, a corporation, had failed to pay its quarterly
fees (in the amount of $12,675.00) as required under 28 U.S.C
Section 1930.

The U.S. Trustee in its Memorandum in Support of the Motion to
Dismiss states that Section 1112(b) of the Bankruptcy Code
provides that the Court may dismiss or convert a case to Chapter 7
if the movant establishes "cause", which the Trustee argues
includes "the failure to pay any fees or charges required under
Chapter 123 of title 28."

The U.S. Trustee further states that the Debtor's behavior
demonstrates that it has no intention to comply with its duties
and that its behavior is prejudicial to its creditors.

The Bankruptcy Court has issued an order and notice stating that
the Debtor should file an opposition to the Trustee's Motion to
Dismiss within 14 days from the notice of the order. The
Bankruptcy Court also stated that if a timely opposition is filed,
a hearing will be held March 20, 2014 at 10:00 a.m., at the U.S.
Bankruptcy Court, jos v. Toledo Post Office & Courthouse Building,
Courtroom 2, Floor 2, 300 Recinto Sur, Old San Juan, Puerto Rico.
The Court further stated that the parties should meet and file a
report three days prior to the hearing.

                     About Instituto Medico

Instituto Medico del Norte, Inc., aka Centro Medico Wilma N.
Vazquez, aka Hospital Wilma N. Vazquez Skill Nursing Facility of
Centro Medico Wilma N. Vazquez, sought protection under Chapter 11
of the Bankruptcy Code on Oct. 30, 2013 (Bankr. D.P.R. Case No.
13-08961). The case is assigned to Judge Mildred Caban Flores.

The Debtor scheduled $20,843,692 in total assets and $20,107,642
in total liabilities.  The Debtor, however, said its real property
has a book value of $16,000,000 and personal property is worth
$6,105,979.

The Debtor is represented by Fausto David Godreau Zayas, Esq., and
Rafael A. Gonzalez Valiente, Esq., at Latimer Biaggi Rachid &
Godreau, in San Juan, Puerto Rico.  Luis B. Gonzalez & Co. CPA's
P.S.C. serves as accountant.

The U.S. Trustee for the District of Puerto Rico in December
appointed Dr. Carlos Mellado (b/t Lcda Dinorah Collazo Ortiz) as
patient care ombudsman.


KINDRED HEALTHCARE: Moody's Rates Proposed $1BB Term Loan 'B1'
--------------------------------------------------------------
Moody's Investors Service assigned a B1 (LGD 3, 43%) rating to
Kindred Healthcare, Inc.'s proposed $1.0 billion term loan B due
2021. Moody's understands that the proceeds of the new term loan,
a new $750 million ABL revolving credit facility (not rated by
Moody's) and a potential $500 million senior unsecured debt
restructuring will be used to refinance the company's existing
capital structure. Moody's also affirmed the existing ratings of
Kindred, including the B1 Corporate Family Rating and B1-PD
Probability of Default Rating. The rating outlook is stable.

The proposed term loan is rated at the same level as the corporate
family rating due to the increase in expected loss at the senior
secured debt level. This results from the larger size of the
proposed credit facility and a reduction in the expected amount of
unsecured debt in the capital structure following the refinancing.
Kindred currently has $550 million of senior unsecured notes
outstanding. Moody's will withdraw the ratings on the existing
bank debt at the close of the transaction.

Following is a summary of Moody's rating actions.

Ratings assigned:

  $1.0 billion senior secured term loan due 2021 at B1
  (LGD 3, 43%)

Ratings affirmed:

  Corporate Family Rating at B1

  Probability of Default Rating at B1-PD

  Senior secured term loan due 2018 at Ba3 (LGD 3, 41%)

  Senior unsecured notes due 2019 at B3 (LGD 5, 82%)

  Speculative Grade Liquidity Rating at SGL-2

Ratings Rationale

Kindred's B1 Corporate Family Rating reflects Moody's expectation
that the company will continue to decrease leverage from the
currently high level through a combination of EBITDA growth and
debt repayment. Moody's expects that the company will begin to
grow revenue and EBITDA off of a lower base now that the majority
of its repositioning strategy, which included the selling or
exiting of noncore assets and markets, is significantly complete.
Moody's also considers the scale and diversity of the company and
its position as one of the largest post acute care service
providers with a significant presence across the post acute care
continuum. However, the rating also incorporates our consideration
of risk associated with a high reliance on the Medicare program as
a source of revenue and the expectation that the company will
pursue acquisitions to fill out service line offerings in certain
targeted markets.

The stable rating outlook reflects Moody's expectation that EBITDA
and free cash flow will grow and allow for the reduction of
leverage over the next 12 to 18 months. However, Moody's expects
that free cash flow available for debt repayment could be limited
in the near term because of continued investment in the home
health and hospice sectors and the payment of its recently
instituted dividend. Moody's also believes that legislation passed
in December 2013 related to specific patient criteria for the
Medicare reimbursement of long term acute care hospital patients
provides a level of stability to the operating results in that
segment.

If the company is unable to reduce and sustain adjusted debt to
EBITDA below 5.0 times, the rating could be downgraded. This could
result from negative developments in Medicare reimbursement in the
company's various sectors or the completion of a material debt
financed acquisition or shareholder initiative.

Given the high leverage of the company and Moody's expectation of
ongoing reimbursement pressure in the post acute care sectors,
Moody's does not believe an upgrade of the rating is likely in the
near term. However, the rating could be upgraded if adusted
leverage is expected to be reduced and sustained below 4.5 times
as a result of continued growth, operational improvements and/or
debt repayment.

Kindred Healthcare, Inc., through its subsidiaries, operates long
term acute care hospitals, inpatient rehabilitation facilities,
skilled nursing facilities, assisted living facilities, a contract
rehabilitation services business and a home health and hospice
business across the US. For the year ended December 31, 2013 the
company recognized revenue of approximately $4.9 billion after
considering the provision for doubtful accounts.

The principal methodology used in this rating was Global
Healthcare Service Providers published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.


KNOWLEDGE UNIVERSE: Add-on Term Debt No Impact on Moody's B3 CFR
----------------------------------------------------------------
Moody's Investors Service said that Knowledge Universe's ("KUE
LLC") upsize of its proposed first lien senior secured term loan
due 2021 from $270 million to $300 million is credit negative,
however, does not impact the ratings, including the B3 corporate
family rating, B3-PD probability of default rating, and B2 rating
on the proposed first lien senior secured term loan and revolving
credit facility. The stable rating outlook is also unchanged.

Knowledge Universe Education LLC ("KUE LLC"), based in Portland,
Oregon, is a large scale for-profit provider of early childhood
care and education in the U.S. KUE LLC operates over 1,500
community-based centers, about 385 school-partnership sites and
about 100 employer-partnership centers under a number of
recognized brands, including "KinderCare", "CCLC" and "Champions."
KUE LLC is privately owned.


KNOWLEDGE UNIVERSE: S&P Retains Prelim. 'B' Rating After Upsize
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its preliminary 'B'
issue-level rating and preliminary '3' recovery rating on
Portland, Ore.-based Knowledge Universe Education LLC are
unchanged after the company's announcement of a proposed
$30 million upsizing of its senior secured credit facilities.

The proposed $370 million senior secured credit facilities will
now consist of a $300 million term loan due 2021 and a $70 million
revolving credit facility due 2019.  The company will use the
proceeds to refinance its existing $260 million 7.75% subordinated
notes due February 2015, replace its $60 million revolving credit
facility due December 2015, and to pay a $30 million dividend.
The transaction upsizing has a marginal negative impact on credit
measures, and the refinancing will extend debt maturities and
reduce interest expense by slightly above 20%.

The 'CCC' corporate credit rating on Knowledge Universe Education
remains on CreditWatch positive, reflecting S&P's expectation that
that it will raise the rating to 'B' following the satisfactory
completion of the refinancing.  An upgrade to 'B' would also be
based on S&P's expectation that the company will maintain adequate
liquidity, despite capital spending requirements and cyclical
operating performance.

"We regard KUE's business risk profile as "weak," reflecting the
sensitivity of capacity utilization rates to unemployment levels,
its lower EBITDA margin relative to peers as a result of lower
capacity utilization, and its large number of money-losing
centers.  We view the company's financial risk profile as "highly
leveraged," reflecting the company's high lease-adjusted debt to
EBITDA and heavy capital expenditure requirements, which are
necessary to maintain the competitiveness of its centers.  We
expect that improving operating performance and lower pro forma
interest expense will result in consistently positive
discretionary cash flow and an adequate margin of compliance with
financial covenants, despite periodic step-downs through 2017,"
S&P said.

RATINGS LIST

Knowledge Universe Education LLC
Corporate Credit Rating           CCC/Watch Pos/--

Ratings Unchanged

Knowledge Universe Education LLC
Senior Secured
  $300M term loan due 2021         B (prelim)
   Recovery Rating                 3 (prelim)
  $70M revolver due 2019           B (prelim)
   Recovery Rating                 3 (prelim)


LAFAYETTE YARD: NJ City Says Wong Fleming Isn't Owed Fees for Work
------------------------------------------------------------------
Law360 reported that Trenton, N.J., asked a New Jersey bankruptcy
judge to deny Wong Fleming PC payment for its January billed
hours, saying the firm billed incorrectly and failed to be of any
benefit to its debtor, the bankrupt former owner of a Trenton
hotel.

According to the report, Douglas A. Kent of Becker Meisel LLC, an
attorney for the city of Trenton, filed an objection asking U.S.
Bankruptcy Judge Michael B. Kaplan to deny payment of Wong
Fleming's $62,665 January fee statement, arguing the Princeton,
N.J., firm has not earned the requested fees.

                      About Lafayette Yard

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 (Bankr. D.N.J. Case No. 13-30752) on Sept. 23,
2013.  The hotel went into bankruptcy when the city of Trenton and
the state declined to continue covering losses.

The 197-room hotel opened in 2002 and needs renovation, according
to court papers. Situated on 3.7 acres, it's owned by not-for-
profit Lafayette Yard Community Development Corp.  There is $29.9
million in long-term debt, including $14.4 million in tax-exempt
bonds.

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 Development Corporation $432,633 in assets and
$33,583,834 in liabilities as of the Chapter 11 filing.

The U.S. Trustee has selected three creditors to serve on the
Official Committee of Unsecured Creditors.


LANCELOT INVESTMENT: High Court Won't Revive Winston Claims
-----------------------------------------------------------
Law360 reported that the U.S. Supreme Court declined to review a
Seventh Circuit decision that threw out malpractice claims against
Winston & Strawn LLP from the bankruptcy trustee for Colossus
Capital Fund Ltd. and Lancelot Investors Fund Ltd., which both
lost money in the mammoth Tom Petters' Ponzi scheme.

According to the report, Ronald Peterson of Jenner & Block LLP,
the Chapter 7 trustee for the funds, filed his petition for writ
of certiorari in January, asking the high court to take up the
case.


LEHMAN BROTHERS: LBI Trustee Seeks to Disallow Frankel Claim
------------------------------------------------------------
The trustee of Lehman Brothers Holdings Inc.'s brokerage asked
the U.S. Bankruptcy Court in Manhattan to disallow a $3.7 million
claim filed by a former employee.

Sofia Frankel filed a general creditor claim against the Lehman
brokerage based on, among other things, compensation in the form
of "Lehman stock and options" and indemnification of an
arbitration award.  The claim was assigned as Claim No. 4909.

James Giddens, the trustee appointed to liquidate the brokerage,
said there is "no legal or factual basis" for a claim against the
brokerage.

                       About Lehman Brothers

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

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

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

The Debtors' bankruptcy cases were initially handled by Judge
James M. Peck.  In March 2014, the case was reassigned to Judge
Shelley C. Chapman after Judge Peck resigned to join Morrison &
Foerster LLP as co-chairman of the restructuring and insolvency
practice.

Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

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

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

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

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

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

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


LEHMAN BROTHERS: LBI Trustee Seeks to Disallow Gales' Claim
-----------------------------------------------------------
The trustee of Lehman Brothers Holdings Inc.'s brokerage asked
the U.S. Bankruptcy Court in Manhattan to disallow a general
creditor claim filed by Connie and Curtis Gale.

The claim stemmed from an account maintained at the Lehman
brokerage by the Gale Family LP where the claimants are general
partners.  The account, which invested in technology stocks,
allegedly suffered significant losses soon after it was opened in
June 2000.  Gale Family, however, continued to maintain the
account at the brokerage through February 2008.

The claimants alleged that the Lehman brokerage made unauthorized
trades in Gale Family's account and churned the account to
fraudulently generate excessive and unwarranted commissions.

According to James Giddens, the trustee appointed to liquidate
the brokerage, the claim does not have any merit and that the
brokerage is not liable to the claimants.

The bankruptcy court will hold a hearing on April 24 to consider
the proposed disallowance of claims.

                       About Lehman Brothers

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

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

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

The Debtors' bankruptcy cases were initially handled by Judge
James M. Peck.  In March 2014, the case was reassigned to Judge
Shelley C. Chapman after Judge Peck resigned to join Morrison &
Foerster LLP as co-chairman of the restructuring and insolvency
practice.

Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

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

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

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

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

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

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


LEHMAN BROTHERS: Former Employees Defend Claims
-----------------------------------------------
A group of former Lehman employees asked the bankruptcy court to
deny the company's omnibus objections, which seek to reclassify
compensation claims as equity or to subordinate those claims
pursuant to Section 510(b) of the Bankruptcy Code.

The Lehman employees argued they had fully liquidated claims for
their services and that the company promised to compensate them
even before it filed for bankruptcy protection.

"Now, Lehman contends that its bankruptcy has transformed
claimants into equity holders of equity they never had or sought
to own, the risk of which they never sought to undertake and
any conceivable rewards they never sought to reap," the group
said in court papers filed last week.

"Lehman has repeatedly imputed intent to claimants for which
there is no evidentiary basis, withheld from the court plain
language it used in its own documents, and glossed over material
differences in the features of different compensation
instruments," the group also said.

The claimants are represented by:

     Richard J. Schager, Jr., Esq.
     Andrew R. Goldenberg, Esq.
     STAMELL & SCHAGER, LLP
     One Liberty Plaza, 23rd Floor
     New York, NY 10006-1404
     Tel: (212) 566-4047
     Fax: (212) 566-4061
     Email: schager@ssnvc.com
            goldenberg@ssnyc.com

          - and -

     Lisa M. Solomon, Esq.
     Law Offices of Lisa M. Solomon
     One Grand Central Place
     305 Madison Avenue, Suite 4700
     New York, NY 10165
     Tel: (212) 471-0067
     Fax: (212) 980-6965
     Email: lisa.solomon@att.net

          - and -

     Howard P. Magaliff, Esq.
     Robert N. Michaelson, Esq.
     Rich Michaelson Magaliff Moser LLP
     340 Madison Avenue, 19th Floor
     New York, NY 10173
     Tel: (212) 220-9402
     Email: HMagaliff@R3MLaw.Com
            RMichaelson@R3MLaw.Com

          - and -

     A. James Boyajian, Esq.
     Law Office of A. James Boyajian
     355 S. Grand Avenue, Suite 2450
     Los Angeles, CA 90071
     Tel: (424) 258-0777
     Fax: (424) 298-4377
     Email: jal11esbovajian@gmail.com

                        Claims Disallowed

The U.S. Bankruptcy Court in Manhattan disallowed seven claims,
which assert $250,000 against Lehman Brothers.  The claims are
listed at:

     http://bankrupt.com/misc/LBHI_448thoo_2NoLiability.pdf
     http://bankrupt.com/misc/LBHI_455th_5NoLiability.pdf

The bankruptcy court also ordered to reduce the amounts asserted
in eight claims.  A list of the claims is available for free at
http://is.gd/T8snGe

The amount of each claim is "greater than the fair, accurate, and
reasonable value" of the amount for which Lehman is liable,
according to court papers.

Meanwhile, Lehman dropped its objection to three claims filed by
1199 Seiu Greater New York Benefit Fund and Peter Kollydas.

                       About Lehman Brothers

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

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

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

The Debtors' bankruptcy cases were initially handled by Judge
James M. Peck.  In March 2014, the case was reassigned to Judge
Shelley C. Chapman after Judge Peck resigned to join Morrison &
Foerster LLP as co-chairman of the restructuring and insolvency
practice.

Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

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

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

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

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

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

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


LEHMAN BROTHERS: LBI Trustee Wants to Disallow $117MM in Claims
---------------------------------------------------------------
James Giddens, the trustee liquidating Lehman Brothers Holdings
Inc.'s brokerage, asked the U.S. Bankruptcy Court in Manhattan to
disallow 116 claims, which assert more than $117 million.  The
claims are listed at:

     http://bankrupt.com/misc/LBHI_212thoo_45noliability.pdf
     http://bankrupt.com/misc/LBHI_213thoo_18employee.pdf
     http://bankrupt.com/misc/LBHI_214thoo_7noliability.pdf
     http://bankrupt.com/misc/LBHI_215thoo_46noliability.pdf

The trustee also proposed for (i) the disallowance of the entire
claim or (ii) the subordination and reclassification in part and
disallowance in part of the claims listed at http://is.gd/TtfrhC

Meanwhile, the Lehman trustee dropped his objection to eight
claims filed by creditors including Fast Signs and RIJ
International Equity.

The SIPA Trustee defended his decision to consolidate the
deferred-compensation claims for former Lehman employees into one
proceeding, saying that doing so would save the estate money,
Joseph Checkler, writing for Daily Bankruptcy Review, reported on
Feb. 26.  The Bankruptcy Court subsequently allowed the Trustee
to consolidate the deferred-compensation claims of LBI's former
employees into one proceeding over the objections of a lawyer
representing the employees.

                  Court Disallows $334-Mil. in Claims

Judge Shelley Chapman disallowed 422 claims, which seek to
recover more than $334 million from the Lehman brokerage.  The
claims are listed at:

   http://bankrupt.com/misc/LBHI_sipa143rdoo_2nonemployee.pdf
   http://bankrupt.com/misc/LBHI_sipa173rdoo_1employee.pdf
   http://bankrupt.com/misc/LBHI_sipa176thoo_10insuffdocs.pdf
   http://bankrupt.com/misc/LBHI_sipa178thoo_11noliability.pdf
   http://bankrupt.com/misc/LBHI_sipa181stoo_6insuffdocs.pdf
   http://bankrupt.com/misc/LBHI_sipa183rdoo_47untimely.pdf
   http://bankrupt.com/misc/LBHI_sipa186thoo_25insuffdocs.pdf
   http://bankrupt.com/misc/LBHI_sipa189thoo_75insuffdocs.pdf
   http://bankrupt.com/misc/LBHI_sipa190thoo_15noliability.pdf
   http://bankrupt.com/misc/LBHI_sipa191stoo_156compensation.pdf
   http://bankrupt.com/misc/LBHI_sipa193rdoo_33noliability.pdf
   http://bankrupt.com/misc/LBHI_sipa194thoo_9noliability.pdf
   http://bankrupt.com/misc/LBHI_sipa195thoo_9noliability.pdf
   http://bankrupt.com/misc/LBHI_sipa196thoo_14insuffdocs.pdf
   http://bankrupt.com/misc/LBHI_sipa197thoo_6noliability.pdf
   http://bankrupt.com/misc/LBHI_sipa199thoo_3noliability.pdf

Meanwhile, the bankruptcy judge disallowed the portions of claims
filed by former Lehman employees based on the ownership of common
stock in the brokerage's parent company, ownership or the decline
in value of the claimants' 401(k) savings plan accounts, and
claims for equity interests in the Lehman parent.  He also
ordered that the portions of those employee claims asserting
severance payments be reduced and reclassified.

A list of the claims is available at http://is.gd/6jR3Gg

Judge Chapman also granted the request of the Lehman trustee to
reduce the amounts asserted in 250 claims and to reclassify those
claims.  Lists of those claims can be accessed for free at:

   http://bankrupt.com/misc/LBHI_sipa174thoo_38severance.pdf
   http://bankrupt.com/misc/LBHI_sipa175thoo_9employee.pdf
   http://bankrupt.com/misc/LBHI_sipa177thoo_26softdollar.pdf
   http://bankrupt.com/misc/LBHI_sipa180thoo_42compensation.pdf
   http://bankrupt.com/misc/LBHI_sipa184thoo_46tbaclaims.pdf
   http://bankrupt.com/misc/LBHI_sipa185thoo_71tbaclaims.pdf
   http://bankrupt.com/misc/LBHI_sipa187thoo_11tbaclaims.pdf
   http://bankrupt.com/misc/LBHI_sipa188thoo_7tbaclaims.pdf

Most of those claims stemmed from unperformed forward contracts
for the future purchase or sale of "to be announced" U.S. agency
debt obligations.  The amount asserted in each of the claims
contradicts the brokerage's books and records, and that the
claims do not meet the statutory requirements for secured status
under U.S. bankruptcy law, according to court filings.

Meanwhile, Judge Chapman ordered the reclassification of 59
claims and the subordination of 18 others to general unsecured
creditor claims.  The claims are listed at:

   http://bankrupt.com/misc/LBHI_sipa171stoo_18employee.pdf
   http://bankrupt.com/misc/LBHI_sipa179thoo_41compensation.pdf
   http://bankrupt.com/misc/LBHI_sipa192ndoo_18compensation.pdf

                       About Lehman Brothers

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

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

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

The Debtors' bankruptcy cases were initially handled by Judge
James M. Peck.  In March 2014, the case was reassigned to Judge
Shelley C. Chapman after Judge Peck resigned to join Morrison &
Foerster LLP as co-chairman of the restructuring and insolvency
practice.

Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

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

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

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

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

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

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


LEHMAN BROTHERS: E&Y to Face Fees Claim, Appeals Court Rules
------------------------------------------------------------
Ernst & Young LLP must face a bid by New York's attorney general
to force the firm to give up fees it earned for its work with
Lehman Brothers Holdings Inc., according to a report by Bloomberg
News.

An appeals court in Manhattan said disgorgement of the fees could
be required if the attorney general proves that Ernst & Young
engaged in fraud with Lehman although the state doesn't claim
restitution is due to any individuals or the public.

Disgorgement focuses on the gain to wrongdoers, not losses to
victims, so the state is within its rights to pursue it, the
court ruled.

"While the attorney general does not allege direct injury to the
public or consumers as a result of defendant's alleged collusion
with Lehman Brothers in committing fraud, the equitable remedy of
disgorgement is available in this action, and it was premature to
categorically preclude it at the pleading stage," the appeals
court said.

The five-judge panel overturned a January 2013 ruling by Supreme
Court Justice Jeffrey Oing dismissing the case, according to the
Bloomberg report.

Then-Attorney General Andrew Cuomo sued Ernst & Young in December
2010, accusing the firm of allegedly approving the so-called repo
transaction.

A repo transaction is an artificial sale and buy-back deal that
enabled Lehman to hide billions of debts from regulators and
allowed the company to look healthier when it reported quarterly
financial data.

The state is seeking $125 million in accounting fees that Ernst &
Young received from 2001 through the 2008 bankruptcy, along with
damages for Lehman shareholders.

Judge Lewis Kaplan of U.S. District Court for the Southern
District of New York is set to hold a hearing on April 15, 2014,
to consider approval of the proposed $99 million settlement in the
case against E&Y.  The case is In re Lehman Brothers Equity/Debt
Securities Litigation, 08-CV-5523-LAK.  The case has been
preliminarily certified as a class action for purposes of the
settlement only.

                       About Lehman Brothers

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

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

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

The Debtors' bankruptcy cases were initially handled by Judge
James M. Peck.  In March 2014, the case was reassigned to Judge
Shelley C. Chapman after Judge Peck resigned to join Morrison &
Foerster LLP as co-chairman of the restructuring and insolvency
practice.

Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

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

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

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

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

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

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


LIGHTSQUARED INC: Amends KEIP to Drop Regulatory Objective
----------------------------------------------------------
Lightsquared Inc., et al., seek authority from the U.S. Bankruptcy
Court for the Southern District of New York to modify and extend
their existing key employee incentive plan for four employees,
each of whom provides critical services, drives performance, and
impacts the Debtors' ability to enhance value in the Chapter 11
cases.

The Debtors believe that in light of the recent developments in
their Chapter 11 cases, it is necessary and appropriate to
formally eliminate the regulatory objective of the existing KEIP,
and modify, recalibrate, and extend the emergence objective under
the KEIP to comport with the newest version of the plan of
reorganization in file and the new timeline and milestones
required to successfully implement the Plan.

Specifically the Debtors propose the following cash bonuses for
the new emergence objectives:

   * New Emergence Objective 1: Cash bonus of 75% of salary earned
     and paid upon (a) funding of the New DIP Facility and (b)
     payment in full of the Allowed DIP Claims, DIP LP Claims,
     Non-Converted Prepetition LP Facility Non-SPSO Claims, and
     Prepetition Inc. Facility Non-Subordinated Claims, as set
     forth under, and pursuant to, the LightSquared Plan.

   * New Emergence Objective 2: Cash bonus of 75% of salary earned
     upon successful completion of a change of control, as set
     forth under, and pursuant to, the LightSquared Plan (but paid
     upon the effective date of the confirmed Chapter 11 plan).

The Debtors propose to incentivize (a) Douglas Smith, Chief
Executive Officer, President, and Chairman of the Board, (b) Marc
R. Montagner, Chief Financial Officer, (c) Curtis Lu, General
Counsel, and (d) Jeffrey Carlisle, Executive Vice President,
Regulatory Affairs & Public Policy.

A hearing to consider approval of the request is on March 25,
2014, at 9:00 a.m. (prevailing Eastern time).  Objections are due
March 18.

The Debtors are represented by Matthew S. Barr, Esq., Alan J.
Stone, Esq., and Karen Gartenberg, Esq., at MILBANK, TWEED, HADLEY
& MCCLOY LLP, in New York.

                      About LightSquared Inc.

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

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

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

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


LILY GROUP: Sale of Coal Mine Is Formally Approved
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Lily Group Inc., the developer of an open-pit coal
mine in Greene County, Indiana, got formal permission on Feb. 28
from the U.S. Bankruptcy Court in Terra Haute, Indiana, to sell
the facility to an affiliate of secured lender Platinum Partner's
Credit Opportunities Master Fund LP in exchange for debt.

According to the report, the lender also filed a lawsuit in
bankruptcy court seeking a declaration that its lien comes ahead
of suppliers who claim to have mechanics' liens.

The buyer is using some of its $18 million secured claim rather
than cash to buy the business, the report said.  The price
includes a $9 million credit bid, plus another $9 million credit
bid in the form of production payments as coal is taken out of the
ground in upcoming years.

                        About Lily Group Inc.

Lily Group Inc., the developer of an open-pit coal mine in Green
County, Indiana, filed a petition for Chapter 11 reorganization
(Bankr. S.D. Ind. Case No. 13-81073) on Sept. 23, 2013, in Terre
Haute, estimating assets and debt both exceeding $10 million.

The Debtor is represented by Courtney Elaine Chilcote, Esq., and
David R. Krebs, Esq., at Tucker, Hester, Baker & Krebs, LLC, in
Indianapolis, Indiana.

U.S. Trustee Nancy J. Gargula appointed four members to the
official committee of unsecured creditors in the Chapter 11 cases
of Lily Group Inc. Faegre Baker Daniels LLP represents the
Committee.


LIVE TISSUE CONNECT: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Live Tissue Connect, Inc.
        c/o Shackelford Melton McKinley & Norton
        3333 Lee Parkway, Tenth Floor
        Dallas, TX 75219

Case No.: 14-31320

Chapter 11 Petition Date: March 17, 2014

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

Judge: Hon. Harlin DeWayne Hale

Debtor's Counsel: Frances Anne Smith, Esq.
                  SHACKELFORD, MELTON, MCKINLEY & NORTON LLP
                  3333 Lee Parkway, Tenth Floor
                  Dallas, TX 75219
                  Tel: 214-780-1400
                  Fax: 214-780-1401
                  Email: fsmith@shacklaw.net

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Joseph Kutz, M.D., president.

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


LONGVIEW POWER: Kenneth Gibbs, Judge Lyons to Co-Mediate Disputes
-----------------------------------------------------------------
The Bankruptcy Court authorized Kenneth Gibbs, Esq., and the Hon.
Raymond T. Lyons to co-mediate the disputes among Longview
Power, LLC, et al., the so-called Backstoppers, Kvaener North
American Construction, Inc., Foster Wheeler North America Corp.
and Siemens Energy, Inc.

The mediation parties have agreed to appoint the co-mediators to
lead a confidential mediation in an attempt to explore possible a
settlement of disputes among them.

The mediation will be conducted under these conditions:

   1. mediation must be in New York City;

   2. any mediation party may chose to discontinue its
      participation in the mediation on any date after March 28;

                     About Longview Power LLC

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

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

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

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


MARTIN BELZ: Peabody Hotel's Pres. Sets Hearing for Plan Approval
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Martin S. Belz, president and chairman of Peabody
Hotel Group, is hoping to emerge from his individual Chapter 11
case shortly after an April 16 confirmation hearing for approval
of his plan.

According to the report, the plan up for approval in April is
supported by more than two-thirds of creditors, whose claims total
$84.7 million.

The report related that guarantees that are only contingent,
because there hasn't been a default to touch off his individual
liability, will remain in place.  Creditors holding guarantees
where there has been a default are to receive 40 percent of their
claims in cash.

The case is In re Martin S. Belz, 13-bk-33888, U.S. Bankruptcy
Court, Western District of Tennessee (Memphis).


MCDERMOTT INTERNATIONAL: S&P Revises Outlook & Affirms 'BB' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
U.S. upstream oil and gas engineering and construction (E&C)
company McDermott International Inc. to negative from stable.  At
the same time, S&P affirmed its ratings on McDermott, including
the 'BB' corporate credit rating.

The outlook revision reflects the potential risks of further
execution missteps or project losses, like those experienced in
2013.  As a result of losses in 2013, S&P believes credit metrics
will be worse than its expectations for the current rating in
2014, with adjusted debt to EBITDA greater than 4x.  However, if
the company successfully executes its backlog of projects as well
as the business improvement initiatives from new senior
management, S&P expects debt to EBITDA to return to less than 4x
by 2015.  Given the company's outsized capital expenditure plans
for the next two years, S&P recognizes free operating cash flow
will likely remain negative and, as a result, debt balances will
likely increase over this period.

S&P also notes that McDermott is pursuing an amendment with its
revolving credit facility lenders.  S&P's base-case assumption is
that the company will successfully obtain an amendment under its
credit facility in a timely manner.  The company has a commitment
letter for alternative financing, but S&P believes this is
relatively expensive.  S&P could lower its rating if the amendment
is unsuccessful.

The 'BB' rating on McDermott reflects S&P's view of the company's
"fair" business risk profile, which incorporates the inherent
cyclicality of the E&C services sector and McDermott's niche
service offerings in the competitive offshore oil and gas market.
Several national and major oil and gas companies account for a
significant portion of McDermott's revenue, and S&P expects its
customer diversity to remain limited.  S&P describes the company's
financial risk profile as "significant," marked by highly cyclical
cash flows, which depend on development-related capital
expenditures in the oil and gas sector.

"We expect 2014 revenues of about $3 billion, based on current
backlogs.  Although the company generated substantial operating
losses in 2013, our base case assumes a positive view of the
outlook for demand for offshore oil and gas services and
construction on a global basis. (95% of 2013 revenues were
generated outside the U.S.) Oil prices remained strong over the
past 12 months, which led to increased levels of capital
expenditures by the major integrated and national oil and gas
companies.  We believe McDermott will benefit from a growing
backlog and a slow economic rebound to generate revenue growth in
2014 and 2015.  Bookings for McDermott have improved recently and
the backlog was $4.8 billion as of Dec. 31, 2013--a decline from
Dec. 31, 2012, levels, but up from $4.6 billion at Sept. 30,
2013," S&P said.

Over the long term, S&P believes McDermott's business risk profile
will continue to face the potential of cost overruns in its
execution of its predominantly fixed-price contracts.  S&P
considers the construction industry to have above-average risks
associated with fixed-price work.  These risks are likely to
persist despite the company's ongoing implementation of risk
management systems.

"We view McDermott's financial risk profile as "significant"
despite low levels of funded debt and modest amounts of debt-like
adjustments (such as underfunded pension obligations and operating
leases) because of the very high volatility of cash flows.  At the
current rating level, we expect cash from operations to return to
positive territory in the second half of 2014.  Given the
company's capital expenditure plans for the next two years, we
recognize free operating cash flow will likely remain negative
and, as a result, debt balances will likely increase over this
period.  At the current rating, we also expect debt to EBITDA to
return to less than 4x in 2015," S&P added.


MERCURY DELIVERY: Can't Be Named as Defendant in FLSA Suit
----------------------------------------------------------
District Judge Roslynn R. Mauskopf denied the request of
plaintiffs in a purported class action alleging violations of
Labor Standards Act, to amend their complaint to add Mercury
Delivery Service, Inc., as a defendant by virtue of Mercury's
Chapter 11 bankruptcy filing.

The Plaintiffs commenced this action on Sept. 9, 2011, against
former defendants Enjoy Food Corp. d/b/a C-Town and Maxwell
Bristol, alleging violations of the FLSA, 29 U.S.C. Sec. 201 et
seq., and New York Labor Law.  On Jan. 16, 2012, they filed a
First Amended Complaint, removing Bristol, and adding defendants
Ahmad Saleh and Immortal Rise, Inc. d/b/a C-Town.

Mercury, which has never been a party to this case, petitioned for
Chapter 11 Bankruptcy in the United States Bankruptcy Court for
the Eastern District of New York.  See In re Mercury Delivery
Service, Inc., No. 13-42796 (E.D.N.Y. Bankr. 2013).

The case is, AMELIA HERNANDEZ, EDITH HERNANDEZ ROJAS, and JUAN
EDUARDO HERNANDEZ, individually and on behalf of other persons
similarly situated who were employed by IMMORTAL RISE, INC.
d/b/a/C-Town and/or AHMAD SALEH or any other entities affiliated
with or controlled by IMMORTAL RISE, INC. and/or AHDMAD SALEH,
Plaintiffs, v. IMMORTAL RISE, INC. d/b/a C-TOWN, AHMAD SALEH,
and/or any other entities affiliated with or controlled by
IMMORTAL RISE, INC. d/b/a C-Town and/or AHMAD SALEH, Defendants,
No. 11-CV-4360 (RRM) (LB)(E.D.N.Y.).

The Plaintiffs are represented by represented by Suzanne B. Leeds,
Esq., Leonor H Coyle, Esq., and Lloyd Robert Ambinder, Esq., at
Virginia & Ambinder LLP.

Defendants Immortal Rise, Inc., and Ahmad Saleh are represented by
Joseph M. Labuda, Esq., and Matthew A Brown, Esq., at Milman
Labuda Law Group PLLC.

A copy of the District Court's March 13, 2014 Memorandum and Order
is available at http://is.gd/QAODogfrom Leagle.com.

Mercury Delivery Service, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. E.D.N.Y. Case No. 13-42796) on May 7, 2013,
listing under $1 million in both assets and debts.  Gary C
Fischoff, Esq., at Berger, Fischoff & Shumer, LLP, serves as
bankruptcy counsel.


MILLENNIUM BANK: First Virginia Bank Failure in Over Three Years
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Millennium Bank NA from Sterling, Virginia was taken
over by regulators on Feb. 28. The two branches were absorbed by
WashingtonFirst Bank of Reston, Virginia.

According to the report, it was the first Virginia bank to fail in
more than three years.

Vantage Point Bank from Horsham, Pennsylvania, also failed on
Feb. 28, the report said.  The one branch was taken by First
Choice Bank of Mercerville, New Jersey.

Millennium had $121.7 million in deposits at the year's end, the
report related.  Its failure is estimated to cost the Federal
Deposit Insurance Corp. $7.7 million. Vantage Point had assets of
$62.5 million, and the estimated cost to the FDIC is $8.5 million.

There have been five bank failure so far this year, the report
said.


MT. GOX: Recognition Hearing Set for April 1
--------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, granted MtGox Co., Ltd.'s application for
provisional relief pursuant to Sections 105(a) and 1519(a)(1)-(3)
of the U.S. Bankruptcy Code.

The hearing to consider Mt. Gox's motion to recognize its
bankruptcy proceeding before the Twentieth Civil Division of the
Tokyo District Court, in Japan, as the "foreign main proceeding"
will be held on April 1, 2014, at 1:30 p.m., to be continued, if
necessary, on April 2, at 9:30 a.m. (CST).

The Debtor has asked the U.S. Court to recognize that (i) Robert
Marie Mark Karpeles is duly appointed as Mt. Gox's "foreign
representative" as the term is defined in Section 101(24); (ii)
the Japan Proceeding as a "foreign main proceeding," which
includes an interim proceeding under a law relating to insolvency
or the adjustment of debts.

Mt. Gox's counsel, David W. Parham, Esq., at Baker & McKenzie LLP,
in Dallas, Texas, related that Mt. Gox is a Japanese corporation
formed in 2011.  It is, and always has been, located in Tokyo.
Since it was formed, and up to mid-February 2014, it was engaged
in the business of operating an online bitcoin exchange through
the website mtgox.com

Mr. Parham said the Chapter 15 case is being filed in an effort to
maximize recoveries to, and provide for an equitable distribution
of value among, all creditors.  The enjoining of certain ongoing
litigation to which Mt. Gox and its affiliates are parties in
conjunction with the protections afforded by the Japan Proceeding
is essential to this effort, Mr. Parham told the Court.

MtGox has approximately JPY6.5 billion (US$63.9 million) in
liabilities and approximately JPY3.84 billion (US$37.7 million) of
assets at present. MtGox has no secured debt.  Approximately 12%
of the equity in MtGox is held by the developer of the initial
MtGox software, Jed MacCaleb, with the remaining equity held by
Tibanne Co., Ltd., aka Tibanne KK, a Japanese corporation located
in Japan.

The Debtor is also represented by John Mitchell, Esq., at BAKER &
McKENZIE LLP, in Dallas, Texas; and Erin E. Broderick, Esq. --
erin.broderick@bakermckenzie.com -- at BAKER & McKENZIE LLP, in
Chicago, Illinois.

                         About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


NAVISTAR INTERNATIONAL: Reports $248 Million First Quarter Loss
---------------------------------------------------------------
Navistar International Corporation filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss attributable to the Company of $248 million
on $2.20 billion of net sales and revenues for the three months
ended Jan. 31, 2014, as compared with a net loss attributable to
the Company of $123 million on $2.63 billion of net sales and
revenues for the same period in 2013.

The Company's balance sheet at Jan. 31, 2014, showed $7.65 billion
in total assets, $11.53 billion in total liabilities and a $3.87
billion total stockholders' deficit.

"We signaled that this would be a tough quarter due to our mid-
range product transition, the ongoing reduced sales in our
military business, and because the first quarter, historically,
represents the weakest operational period of the year for us.
Given all this, we are encouraged we hit our cash and adjusted
EBITDA guidance," said Troy A. Clarke, Navistar's president and
chief executive officer.  "Clearly, we have more hard work to do
to rebuild our market share and further reduce our costs, but we
continue to make progress on our Drive to Deliver, and we feel
we're off to a solid start in 2014."

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

                        http://is.gd/sznn9V

                   About Navistar International

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

Navistar International reported a net loss attributable to the
Company of $898 million for the year ended Oct. 31, 2013, a net
loss attributable to the Company of $3.01 billion for the year
ended Oct. 31, 2012.

                          *     *     *

In the Oct. 9, 2013, edition of the TCR, Moody's Investors Service
affirmed the ratings of Navistar International Corporation,
including the B3 Corporate Family Rating (CFR).  The ratings
reflect Moody's expectation that Navistar's successful
incorporation of Cummins engines throughout its product line up
will enable the company to regain lost market share, and that
progress in addressing component failures in 2010 vintage-engines
will significantly reduce warranty expenses.

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

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


NEOMEDIA TECHNOLOGIES: Burrington Stake at 9.9% as of Feb. 7
------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Burrington Capital LLC disclosed that as of Feb. 7,
2014, it beneficially owned 499,500,000 shares of common stock of
NeoMedia Technologies, Inc., representing 9.9 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/jlDXfd

                    About NeoMedia Technologies

Atlanta, Ga.-based NeoMedia Technologies provides mobile barcode
scanning solutions.  The Company's technology allows mobile
devices with cameras to read 1D and 2D barcodes and provide "one
click" access to mobile content.

After auditing the 2011 results, Kingery & Crouse, P.A, in Tampa,
FL, expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
the Company has suffered recurring losses from operations and has
ongoing requirements for additional capital investment.

NeoMedia reported a net loss of $19.38 million in 2012 and a net
loss of $849,000 in 2011.  The Company's balance sheet at
Sept. 30, 2013, showed $5.62 million in total assets, $118.32
million in total liabilities, all current, $4.81 million in series
C convertible preferred stock, $348,000 in series D convertible
preferred stock and a stockholders' deficit of $117.86 million.


NEW CENTURY TRS: Bankruptcy Doesn't Bar Assignment of Note
----------------------------------------------------------
District Judge Nelva Gonzales Ramos in Corpus Christi, Texas,
dismissed the lawsuit, TIMOTHY D PHELPS, et al, Plaintiffs, v. US
BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR SECURITIZED ASSET BACKED
RECEIVABLES LLC TRUST 2006-NC2, MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2006-NC2, et al, Defendants, Civil Action No.
2:13-CV-361 (S.D. Tex.), which arose from the foreclosure of a
lien securing payment of a home equity loan, after the original
loan had been modified to capitalize amounts in default and after
the mortgagee -- New Century Mortgage Corporation -- filed for
relief under Chapter 11 of the Bankruptcy Code.

Defendants Wells Fargo and US Bank sought dismissal of the
lawsuit.  They challenge the premise of the wrongful foreclosure
claim: that the assignment of the note and deed of trust from New
Century to Defendant Trustee was void according to the United
States Bankruptcy Code.  The Defendants argue that New Century, as
a Chapter 11 Debtor-in-Possession, was empowered to operate its
ordinary business, including transferring notes and liens, and was
not constrained by the automatic stay of 11 U.S.C. Sec. 362.

The Borrowers insist that the effect of the automatic stay is to
void the attempted transfer, thus eliminating the Trustee's power
to foreclose the lien.

According to the District Court, nothing in the Bankruptcy Code
prohibited New Century from transferring the Borrowers' note and
deed of trust to the Trustee.  Thus there is no merit in the
Borrowers' challenge to the Trustee's authority to foreclose as
stated in their wrongful foreclosure claim.

A copy of the District Court's March 13, 2014 Order is available
at http://is.gd/sst2Cpfrom Leagle.com.

The Plaintiffs are represented by Allen C Lee, Esq.

US Bank National Association, as trustee for Securitized Asset
Backed Receivables LLC Trust 2006-NC2, Mortgage Pass-Through
Certificates, Series 2006-NC2, is represented by Daron L Janis,
Esq., at Locke Lord LLP; and Ralph F Meyer, Esq., at Royston
Rayzor et al.

Wells Fargo Bank, N.A. d/b/a America's Servicing Company,
Defendant, is represented by Robert T Mowrey, Esq., Jason Levi
Sanders, Esq., and Daron L Janis, Esq., at Locke Lord LLP; and
Ralph F Meyer, Esq., at Royston Rayzor et al.

                       About New Century

Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- was a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation.   The Company was
among firms hit by the collapse of the subprime mortgage business
industry in 2006.

The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416).  Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana
Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors.  The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.

When the Debtors filed for bankruptcy, they disclosed total assets
of $36,276,815 and total debts of $102,503,950.

The Company sold its assets in transactions approved by the
Bankruptcy Court.

The Bankruptcy Court confirmed the Second Amended Joint Chapter 11
Plan of Liquidation of the Debtors and the Official Committee of
Unsecured Creditors on July 15, 2008, which became effective on
Aug. 1, 2008.  An appeal was taken and, on July 16, 2009, District
Judge Sue Robinson issued a Memorandum Opinion reversing the
Confirmation Order.  On July 27, 2009, the Bankruptcy Court
entered an Order Granting Motion of the Trustee for an Order
Preserving the Status Quo Including Maintenance of Alan M. Jacobs
as Liquidating Trustee, Plan Administrator and Sole Officer and
Director of the Debtors, Pending Entry of a Final Order Consistent
with the District Court's Memorandum Opinion.

On Nov. 20, 2009, the Court entered an Order confirming the
Modified Second Amended Joint Chapter 11 Plan of Liquidation.  The
Modified Plan adopted, ratified and confirmed the New Century
Liquidating Trust Agreement, dated as of Aug. 1, 2008, which
created the New Century Liquidating Trust and appointed Alan M.
Jacobs as Liquidating Trustee of New Century Liquidating Trust and
Plan Administrator of New Century Warehouse Corporation.


NEW LIFE: To Grant Adequate Protection to Regions Bank
------------------------------------------------------
New Life International is asking the U.S. Bankruptcy Court for the
Middle District of Tennessee to enter an agreed order granting
adequate protection to secured creditor Regions Bank.

The Debtor owns numerous parcels of improved and unimproved
parcels of real property, including two parcels of improved real
estate encumbered by liens in favor of Regions.

Prepetition, NLI executed two promissory notes in the original
principal amounts of $361,250 and $467,500.  Regions was granted
first-in-priority liens in parcels of property in Monteagle,
Tennessee.

The Debtor and Regions have agreed to terms on which the Debtor
will retain and continue to use the property and provide adequate
protection to Regions, to which it is entitled under 11 U.S.C.
Sec. 361 and 363.

The deadline for filing a timely response to the motion is March
28, 2014.  If a response is timely filed, the hearing will be held
9:00 a.m., on April 15, 2014, in Courtroom 1, Customs House, 701
Broadway, Nashville, TN 37203.

Parties consenting to the entry of the agreed order:

         Thomas H. Forrester, Esq.
         GULLETT, SANFORD, ROBINSON & MARTIN, PLLC
         Counsel for Debtor-in-Possession
         150 Third Ave., South, Suite 1700
         Nashville, TN 37201
         Tel: (615) 244-4994
         Fax: (615) 256-6339
         E-mail: tforrester@gsrm.com
                 bke@gsrm.com

               - and -

         Eric V. Helmers
         Counsel for Regions Bank
         1901 Sixth Avenue, 19th Floor
         Birmingham, AL 35203
         Tel: (202) 326-5864
         E-mail: Eric.Helmers@regions.com

                   About New Life International

New Life International, a religious corporation originally
incorporated under the name "World Bible Society", sought Chapter
11 bankruptcy protection (Bankr. M.D. Tenn. Case No. 13-10974) in
Nashville, Tennessee, on Dec. 31, 2013.

The Debtor disclosed $44,651,301 in assets and $46,362,805 in
liabilities as of the Chapter 11 filing.

NLI's sources of revenue include donations of goods, money and
other property, investment earnings, sale of Christian-themed
merchandise and earnings from other real estate and operating
entities.  Other names used by the Debtor are the National
Community Foundation, The New Life Group, and Band Angels.

The Debtor has tapped Gullett Sanford Robinson & Martin, PLLC as
attorneys and Kraft CPAs Turnaround & Restructuring Group, PLLC,
as financial consultant.

The U.S. Trustee for Region 8 appointed five creditors to serve in
the Official Committee of Unsecured Creditors.


NEW LIFE: Committee Wins Nod for Bradley Arant as Counsel
---------------------------------------------------------
New Life International's official committee of unsecured creditors
obtained bankruptcy court approval to retain Bradley, Arant,
Boult, Cummings LLP as bankruptcy counsel.

Bradley Arant will provide anticipated legal services needed to
represent the interest of the creditors in the Chapter 11 case.

William L. Norton III, a member of BABC, tells the Court that his
hourly rate is $465, and members of the firm to assist in the
engagement will charge $230 to $565 per hour.

Mr. Norton assures the Court Bradley Arant is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                   About New Life International

New Life International, a religious corporation originally
incorporated under the name "World Bible Society", sought Chapter
11 bankruptcy protection (Bankr. M.D. Tenn. Case No. 13-bk-10974)
in Nashville, Tennessee, on Dec. 31, 2013.

The Debtor disclosed $44,651,301 in assets and $46,362,805 in
liabilities as of the Chapter 11 filing.

NLI's sources of revenue include donations of goods, money and
other property, investment earnings, sale of Christian-themed
merchandise and earnings from other real estate and operating
entities.  Other names used by the Debtor are the National
Community Foundation, The New Life Group, and Band Angels.

The Debtor has tapped Gullett Sanford Robinson & Martin, PLLC as
attorneys and Kraft CPAs Turnaround & Restructuring Group, PLLC,
as financial consultant.

The U.S. Trustee for Region 8 appointed an official committee of
unsecured creditors consisting of Robert T. Abbotts, Dorthy F.
Mack, James D. Rice, Richard M. Taylor, and Sharon L. Upton-Rice.


NII HOLDINGS: KPMG Replaces PricewaterhouseCoopers as Accountants
-----------------------------------------------------------------
NII Holdings, Inc., disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that the Audit Committee of the
Board of Directors of the Company dismissed PricewaterhouseCoopers
LLP as the Company's independent registered public accounting
firm.  On March 2, 2014, PwC was notified of this decision.

The reports of PwC on the Company's consolidated financial
statements for each of the two fiscal years ended Dec. 31, 2013,
and Dec. 31, 2012, did not contain an adverse opinion or a
disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principles, except that
PwC's report on the consolidated financial statements as of and
for the year ended Dec. 31, 2013, contained a separate paragraph
stating:

    "The accompanying consolidated financial statements have been
     prepared assuming that the Company will continue as a going
     concern.  As more fully discussed in Note 1 to the
     consolidated financial statements, the Company projects that
     it is likely that it will not be able to comply with certain
     debt covenants throughout 2014.  This condition and its
     impact on the Company's liquidity raise substantial doubt
     about the Company's ability to continue as a going concern.
     Management's plans in regard to this matter are also
     described in Note 1.  The consolidated financial statements
     do not include any adjustments that might result from the
     outcome of this uncertainty."

The Company said the dismissal was not a result of any
disagreement with the accounting firm.

The Company provided PwC with a copy of the disclosures and has
requested that PwC furnish a letter addressed to the Securities
and Exchange Commission stating whether or not it agrees with the
statements made by the Company in the Form 8-K report.

On March 1, 2014, the Audit Committee appointed KPMG LLP as the
Company's independent registered public accounting firm for the
fiscal year ending Dec. 31, 2014.  As of March 4, 2014, KPMG is in
the process of its standard client evaluation procedures and has
not accepted the engagement.  During the fiscal years ended
Dec. 31, 2013, and Dec. 31, 2012, and the subsequent interim
period through March 1, 2014, neither the Company nor anyone
acting on its behalf has consulted with KPMG, the Company said in
the report.

                        About NII Holdings

With headquarters in Reston, Virginia, NII Holdings is an
international wireless operator with more than 7 million largely
post-pay, business subscribers.

                             *   *    *

As reported by the TCR on March 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on Reston, Va.-based
wireless carrier NII Holdings Inc. (NII) to 'CCC' from 'CCC+'.
"The downgrade follows the company's poor fourth-quarter 2013
results that were below our expectations, and its disclosure that
its auditors have uncertainty about the company's ability to
continue as a going concern," said Standard & Poor's credit
analyst Allyn Arden.

The TCR also reported on March 5, 2014, that Moody's Investors
Service downgraded the corporate family rating (CFR) of NII
Holdings Inc. ("NII" or "the company") to Caa1 from B3.  The
downgrade reflects the company's poor 2013 operating performance
and the risk that the company will violate the covenants governing
its Mexican and Brazilian subsidiary debt, which could trigger an
event of default for up to $4.4 billion of debt issued by
intermediate holding companies NII Capital Corp. and NII
International Telecom S.C.A.


NNN 3500 MAPLE 26: Court Won't Upset Plan Status Quo
----------------------------------------------------
Judge Harlin DeWayne Hale of the U.S. Bankruptcy Court for the
Northern District of Texas, Dallas division, entered an order on
March 7 saying, "This court took the confirmation of several plans
of reorganization under advisement. While this is under
advisement, the stay will be continued. This court understands
completely the lender's request to post. However, this court does
not want to upset the status quo during the time it has the case
under advisement. The court expects to rule within a few weeks,
well before the posting date in April. No party should infer from
this ruling it will prevail in the ruling on the confirmation
hearing."

                      About NNN 3500 Maple 26

NNN 3500 Maple 26, LLC, based in Costa Mesa, Calif., filed for
Chapter 11 bankruptcy (Bankr. C.D. Cal. Case No. 12-23718) on
Nov. 30, 2012. Judge Scott C. Clarkson presided over the case.
In its schedules, the Debtor disclosed $45,563,241 in total assets
and $46,658,593 in total liabilities.

On Jan. 23, 2013, the Bankruptcy Court entered an order
transferring venue of the bankruptcy case to the U.S. Bankruptcy
Court for the Northern District of Texas (Case No. 13-30402).
Judge Harlin DeWayne Hale presides over the case.

Darvy M. Cohan, Esq., with offices at La Jolla, Calif., and
Michelle V. Larson, Esq., at Andrews Kurth LLP, in Dallas,
represent the Debtor as counsel.

NNN 3500 Maple 26 et al., submitted to the N.D. Texas Bankruptcy
Court a Disclosure Statement and Joint Plan of Reorganization
dated Nov. 7, 2013.  The Plan proposes to pay in full all
creditors.  The Reorganized Debtors will assume the liability for
and obligation to perform and make all distributions or payments
on account of all Allowed Claims.


NNN PARKWAY CORPORATE: Judge Smith Dismisses Chapter 11 Case
------------------------------------------------------------
The Hon. Erithe Smith of the U.S. Bankruptcy Court for the
Central District of California has dismissed the Chapter 11 case
of NNN Parkway Corporate Plaza 3 LLC.

The Debtor told Judge Smith that a consensual reorganization
appears extremely unlikely.  The Debtor noted there is no reason
to continue its Chapter 11 and that cause exists for dismissal or
conversion.

The Debtor believes that dismissal is in the best interests of all
creditors.  It provides a clean and efficient resolution.  Many of
the creditors of the estate are vendors that will continue to
perform services for the property.  They will benefit from the
continued operation and they may be able collect some of the
amounts owed out of the continued operation of the Property.  They
will be entitled to any rights and remedies that they have under
their agreements with the Debtor.

The Debtor pointed out the conversion does not offer a better
alternative.  The senior secured creditor is undersecured and
there will not be any equity available from the property.  The
appointment of a chapter 7 trustee would threaten the continued
operation of the property, which appears to have stabilized.

The Debtor also said the complexities of this case and the fact
that the Debtor only has a 17.25% interest in the Parkway
Corporate Plaza -- which includes four separate buildings offering
Class A office space of approximately 286,000 square feet and is
located at 1620-1680 East Roseville Parkway, Roseville, California
-- would significantly add to the expense of administering the
estate.

Any potential avoidance actions would also appear to be
dramatically limited to only the estate's 17.25% interest.
Simply, there is no meaningful benefit to conversion where the
unsecured creditors would likely receive no distribution on their
claims, the Debtor added.

The Debtor said the U.S. Trustee does not oppose the dismissal of
the bankruptcy case.  The Debtor added that it agrees that as a
condition of dismissal, all quarterly U.S. Trustee fees then due
are paid.

NNN Parkway Corporate Plaza 3, which owns 17.25% tenant-in-common
interest in four parcels in the real property commonly referred to
as Parkway Corporate Plaza, in Roseville, California, sought
protection under Chapter 11 of the Bankruptcy Code on Nov. 14,
2013 (Case No. 13-19322, Bankr. C.D. Calif.).

The Debtor is represented by Scott H.McNutt, Esq., Michael C.
Abel, Esq., and Thomas B. Rupp, Esq., at McNutt Law Group LLP, in
San Francisco, California; and Robert A. Hessling, Esq., and
Matthew F. Kennedy, Esq., at ROBERT A. HESSLING, APC, in Torrance,
California.

The Debtor discloses total assets of $34,009,050 and total
liabilities of $43,652,430.


NORMANDY SCHOOL DISTRICT: Bankruptcy Looms Absent State Bailout
---------------------------------------------------------------
Kelly MacNeil, writing for St. Louis Public Radio, reported that a
rally was held Saturday by supporters of the Normandy School
District, whose future is uncertain after losing accreditation and
bearing the tuition costs of students transferred to other
districts.  Officials estimate the district will be bankrupt in
April if millions of dollars in supplemental funding isn't
approved by the legislature.  Supporters are hopeful that the
district, currently unaccredited, can survive this school year and
beyond.  The report said Missouri state education officials
recently took over the district's foundering finances and
appointed a committee to examine options for the district's
future.


OCTAVIAR ADMINISTRATION: Liquidators Sue Fortress on 2008 Collapse
------------------------------------------------------------------
Leo Shanahan, writing for The Australian, reported that
liquidators for failed financial and hotels investment group MFS -
- now called Octaviar -- have widened their pursuit of US-based
investment vehicle Fortress Investment Group, filing a $210
million claim against the company and several of its managing
directors in the New York Supreme Court.

According to the report, the New York-based Fortress Investment
Group and three of its managing directors are being accused of
siphoning off at least $210m from MFS via its Drawbridge hedge
fund, in proceeds liquidators claim were rightly owed to the
company, just before its collapse.

The Australian said the total claim by Octaviar liquidators
Katherine Barnet and William Fletcher against Fortress is close to
$300m with interest included.

They allege Fortress ensured a payment of about $200m from the
former directors of Octaviar, including to a Fortress-managed,
Cayman Islands-based hedge fund, just before the Gold Coast-based
company collapsed in February 2008, the report related.  The
repayments made by MFS to Fortress and its managed fund between
February and December 2008 were funded through the sale of its
hospitality arm, Stella, to the CVC Group the same year.

                   About Octaviar Administration

Katherine Elizabeth Barnet and William John Fletcher, joint and
several liquidators of Queensland, Australia-based Octaviar
Administration Pty Ltd. filed a Chapter 15 petition against the
Company on Feb. 27, 2014.  The case is In re Octaviar
Administration Pty Ltd., Case No. 14-10438 (Bankr. S.D.N.Y.).  The
Company has estimated assets of $50 million to $100 million and
estimated debts of more than $1 billion.


OSX BRASIL: Batista's Shipbuilder Reaches Deal With Bondholders
---------------------------------------------------------------
Luciana Magalhaes, writing for The Wall Street Journal, reported
that a shipbuilding firm controlled by former Brazilian tycoon
Eike Batista has reached an agreement with bondholders, marking
the second debt restructuring of his distressed industrial group
since December.

According to the report, OSX Brasil SA, which filed for bankruptcy
protection last year, said it has entered an agreement with the
majority of holders of its $500 million in bonds outstanding due
in 2015, which are guaranteed by its OSX-3 floating, production,
storage and offloading vessel registered in Netherlands and left
out from the court protection proceedings.

The agreement includes an increase to the coupon on the bonds,
from 9.25% to 13.00%, and a reduction on the daily rate OSX is
charging sister company Oleo e Gas Participacoes SA for use of its
OSX-3 vessel, currently at the Tubarao Martelo field, the report
related.

In December, OSX missed an $11.6 million interest payment and has
since been in discussions with bondholders, the report further
related.  In a statement on March 13, the company said the
agreement is still subject to a formal approval.

OSX, which operates a shipyard under construction at the Port of
Acu in the state of Rio de Janeiro, filed for court protection
shortly after its sister firm Oleo e Gas, formerly known as OGX
Petroleo e Gas Participacoes SA, sought bankruptcy protection from
creditors with some $5.8 billion in the debts, the report said.

                       About OSX Brasil

Brazilian shipbuilding firm OSX Brasil SA, controlled by
businessman Eike Batista, filed for protection from creditors on
November 2013 on liabilities of BRL5.34 billion (US$2.30 billion).
OSX Brasil filed for bankruptcy -- called "judicial recovery" in
Brazil -- after Oleo e Gas Participacoes SA, formerly known as OGX
Petroleo e Gas Participacoes, filed for bankruptcy on Oct. 30,
2013.

OSX had outstanding debts of around US$2.2 billion as of June 30,
2013, including dollar-and real-denominated loans and bonds held
by a mix of banks, investors and government institutions, such as
Brazil's Merchant Marine Fund, according to The Wall Street
Journal.

The move on Nov. 11 at a Rio de Janeiro court follows a default
and bankruptcy filing the prior month for Mr. Batista's flagship
oil firm OGX Petroleo e Gas Participacoes SA, n/k/a Oleo e Gas,
according to the WSJ report.  The firm went public in 2008 for
$4.1 billion but failed to produce nearly any of the up to 10.8
billion barrels it claimed to have.


PATERSON PARKING: Moody's Cuts Bond Rating to Ba1; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has downgraded Paterson Parking
Authority, NJ's rating to Ba1 from Baa3, and the outlook has been
revised to stable. This action concludes a review for possible
downgrade that Moody's had initiated on January 9, 2014. The rated
bonds were issued by the Passaic County Improvement Authority
(PCIA) in 2005. The proceeds were used to take out parking
authority bonds privately placed with PCIA and the bonds are
ultimately secured by net revenues of the parking authority. The
downgrade affects approximately $16.76 million of rated revenue
debt. The rated bonds continue to carry Assured Guaranty Municipal
Corporation's A2 insured rating.

Summary Rating Rationale

The downgrade to Ba1 reflects the parking authority's trend of
very weak annual debt service coverage and a failure to meet rate
covenant in 2012. The failed covenant technically constitutes an
event of default under the parking authority's general bond
resolution, and the parking authority is currently working with
its trustee, Bank of New York Mellon(long-term rating Aa2, not on
watch), and insurer, Assured Guaranty Municipal Corp. (formerly
Financial Security Assurance - long-term rated A2, stable, not on
watch) to address the violation. Favorably, coverage levels
improved in fiscal 2013 (unaudited) and are projected to remain
stable in fiscal 2014.

The rating incorporates the parking authority's well-established
market position in downtown Paterson (GO rated Baa2, negative),
the city's relatively weak local economy and below-average
socioeconomic profile, and the user demand driven by the presence
of government and retail centers, as well as the additional
liquidity provided by a cash-funded three-pronged debt service
reserve fund, and the absence of new debt plans.

The outlook has been revised to stable to reflect Moody's
expectation that the parking authority's debt service coverage is
not likely to weaken further going forward. However, continued
failure to comply with all covenants could negatively pressure the
rating.

Strengths

-- Established market position in downtown Paterson, NJ

-- Cash-funded debt service reserve fund

-- Customers composed primarily of permanent and contracted users
   including a long-term lease with Passaic County Community
   College

Challenges

--  Historically narrow debt service coverage

-- Failure to meet rate covenant consistently

-- Demonstrated elasticity of transient parking demand

-- Local economy exhibits below-average wealth levels and high
   unemployment (12.2% in December 2013)

What Could Move The Rating Up

-- Sustained improvement of annual debt service coverage

-- Substantially improved local economy and operating environment

What Could Move The Rating Down

-- Failure to meet improved debt service coverage target above
   130% or failure to meet a future rate covenant

-- Substantially diminished local economy and operating
   environment

Rating Methodology

The principal methodology used in this rating was Generic Project
Finance Methodology published in December 2010.


PETERSON GROUP: Trustee Sues Houston Firm Over Asset Transfer
-------------------------------------------------------------
Law360 reported that Houston-based Patel & Ervin PLLC was sued in
Texas state court by the Chapter 7 trustee for a defunct shopping
center development company who says the firm negligently allowed
its owners to transfer millions in assets to avoid having the
funds seized.

According to the report, Trustee Rodney Tow sued the firm,
formerly known as Patel & Warren PLLC, and attorney Hiren Patel,
accusing the lawyer of setting up limited partnership entities
into which Peterson Group Inc.'s assets would be transferred to
avoid seizure for outstanding judgments.


PETERSON GROUP: Trustee Sues Houston Firm Over Asset Transfer
-------------------------------------------------------------
Law360 reported that Houston-based Patel & Ervin PLLC was sued in
Texas state court by the Chapter 7 trustee for a defunct shopping
center development company who says the firm negligently allowed
its owners to transfer millions in assets to avoid having the
funds seized.

According to the report, Trustee Rodney Tow sued the firm,
formerly known as Patel & Warren PLLC, and attorney Hiren Patel,
accusing the lawyer of setting up limited partnership entities
into which Peterson Group Inc.'s assets would be transferred to
avoid seizure for outstanding judgments.


PETRON ENERGY: Authorized Shares Increased to 15 Billion
--------------------------------------------------------
Petron Energy II, Inc., by and through its Board of Directors and
with written consent of a majority of its shareholders entitled to
vote, effectuated an increase in the total number of authorized
stock of the Corporation from 6,010,000,000 to 15,010,000,000
shares consisting of:

    (i) 15,000,000,000 shares of common stock, par value $0.001
        per share; and

   (ii) 10,000,000 shares of preferred stock par value $0.001 per
        share.

                         About Petron Energy

Dallas-based Petron Energy II, Inc., is engaged primarily in the
acquisition, development, production, exploration for and the sale
of oil, gas and gas liquids in the United States.  As of Dec. 31,
2011, the Company is operating in the states of Texas and
Oklahoma.  In addition, the Company operates two gas gathering
systems located in Tulsa, Wagoner, Rogers and Mayes counties of
Oklahoma.  The pipeline consists of approximately 132 miles of
steel and poly pipe, a gas processing plant and other ancillary
equipment.  The Company sells its oil and gas products primarily
to a domestic pipeline and to another oil company.

KWCO, PC, in Odessa, TX, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012.  The independent auditors noted that the Company's
significant operating losses since inception raise substantial
doubt about its ability to continue as a going concern.

The Company's balance sheet at Sept. 30, 2013, showed $3.27
million in total assets, $4.79 million in total liabilities and a
$1.51 million total stockholders' deficit.


PRIME PROPERTIES: March 19 Hearing on FTBK Plan Outline
-------------------------------------------------------
The bankruptcy court will convene a hearing on March 19, 2014, at
3:00 p.m. to consider approval of the disclosure statement
explaining the Chapter 11 plan proposed by a creditor for Prime
Properties.

Objections to the disclosure statement proposed by FTBK Investor
II LLC, as Trustee for NY Brooklyn Investor II Trust, were due
March 12.

                           The Plan


FTBK Investor II LLC, the Trustee for NY Brooklyn Investor II
Trust 19, on Feb. 3, 2014, filed a Plan of Liquidation for Prime
Properties of New York, Inc., which contemplates the sale of
substantially all of the Debtor's assets.

The Plan, which is dated Jan. 29, 2014, provides for FTBK to serve
as the stalking horse bidder, subject to higher or better offers,
at an auction of the Debtor's real property and improvements
thereon located at 300-304 10th Street, Brooklyn, New York 11215
(Block 1016; Lots 2 and 5) in accordance with the provisions of
the Bankruptcy Code, to be conducted immediately following the
confirmation of the Plan.  The proceeds generated from the
auction, in addition to the cash being held by the State Court
appointed Receiver will be utilized to fund distributions under
the Plan.

A copy of the Lender's Disclosure Statement is available at no
extra charge at:

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

             About Prime Properties of New York, Inc.

Prime Properties of New York, Inc., filed a Chapter 11 petition
(Bankr. E.D.N.Y. Case No. 13-44020) on June 28, 2013.  Prime
Properties of New York's business consists of the ownership and
operation of a property, consisting of two adjacent five-story,
residential apartment buildings, which collectively contain a
total of 55 units, 52 of which are residential units on the corner
of 10th Street and 4th Avenue, in Brooklyn.  The Debtor identified
itself to be Single Asset Real Estate as defined in 11 U.S.C. Sec.
101(51B).

The Debtor's principal and its 100% shareholder, Nick Gordon,
managed the Property until March 2011, when management of the
Property was taken over by a receiver.  Prior to the Receiver's
appointment, there were well documented disputes between Nick
Gordon and the tenants with respect to the maintenance and upkeep
of the Property.

Bankruptcy Judge Hon. Carla E. Craig oversees the case.  M. David
Graubard, Esq., at Kera & Graubard, in New York, serves as counsel
to the Debtor.  The Debtor estimated up to $12 million in assets
and up to $8.5 million in liabilities.  An affiliate, 234 8th St.
Corp., sought Chapter 11 protection (Case No. 13-42244) on the
March 14, 2013.

Prime Properties of New York, Inc., also sought Chapter 11
protection (Bankr. E.D.N.Y. Case No. 09-46912) on Aug. 12, 2009.
In October 2010, Bankruptcy Judge Joel B. Rosenthal granted the
request by JP Morgan Chase Bank, N.A., to lift the automatic stay
to foreclose on the Debtor's property.  Judge Rosenthal denied the
Debtor's bid to sell the property, free and clear of liens.

In the 2013 case, Prime Properties of New York filed a plan of
reorganization providing for the payment of all administrative
claims and priority claims in full upon confirmation.  The Plan
also offers to pay general unsecured creditors 100% of their
claims, from a fund that will be established by the Debtor for the
purpose of implementing the Plan.  A full-text copy of the
Disclosure Statement dated Sept. 18, 2013, is available for free
at http://bankrupt.com/misc/PRIMEds0918.pdf

Attorneys for FTBK Investor II LLC, as Trustee for NY Brooklyn
Investor II Trust 19, are:

     Jerold C. Feuerstein, Esq.
     Jason S. Leibowitz, Esq.
     KRISS & FEUERSTEIN LLP
     360 Lexington Avenue, Suite 1200
     New York, NY 10017
     Tel: (212) 661-2900
     E-mail: jfeuerstein@kandfllp.com
             jleibowitz@kandfllp.com


PROVIDENT COMMUNITY: To Suspend Filing of Reports with SEC
----------------------------------------------------------
Provident Community Bancshares, Inc., the holding company for
Provident Community Bank, said it plans to deregister its common
stock and suspend its reporting obligations with the Securities
and Exchange Commission.

The Company is taking this action to reduce the legal, accounting
and administrative costs associated with being an SEC reporting
company.  Dwight V. Neese, president and chief executive officer,
said, "The decision by the Board of Directors to deregister was
made after careful consideration of the advantages and
disadvantages of being a public reporting company and the high
costs and demands on management's time arising from compliance
with our ongoing SEC reporting requirements."

After the deregistration becomes effective, the Company will no
longer be required to file reports and forms with the SEC,
including Forms 10-K, Forms 10-Q and Forms 8-K.  Completion of the
deregistration process is expected in late March.  Both the
Company and the Bank will continue to provide financial reports to
the Federal Reserve Bank and the Office of the Comptroller of the
Currency.

The Company anticipates that its common stock will continue to be
quoted on the OTC Bulletin Board after deregistration with the SEC
to the extent market makers continue to make a market in its
shares.  No guarantee, however, can be made that a trading market
in the Company's common stock through any over-the-counter market
will be maintained.

                     About Provident Community

Rock Hill, South Carolina-based Provident Community Bancshares,
Inc., is the bank holding company for Provident Community Bank,
N.A.  Provident Community Bancshares has no material assets or
liabilities other than its investment in the Bank.  Provident
Community Bancshares' business activity primarily consists of
directing the activities of the Bank.

The Bank's operations are conducted through its main office in
Rock Hill, South Carolina and seven full-service banking centers,
all of which are located in the upstate area of South Carolina.
The Bank is regulated by the Office of the Comptroller of the
Currency, is a member of the Federal Home Loan Bank of Atlanta and
its deposits are insured up to applicable limits by the Federal
Deposit Insurance Corporation.  Provident Community Bancshares is
subject to regulation by the Federal Reserve Board.

Provident Community incurred a net loss to common shareholders of
$598,000 in 2012, a net loss to common shareholders of $665,000 in
2011 and a net loss to common shareholders of $14.28 million in
2010.  The Company's balance sheet at Sept. 30, 2013, showed
$332.63 million in total assets, $329.61 million in total
liabilities and $3.02 million in total shareholders' equity.

                           Consent Order

On Dec. 21, 2010, Provident Community Bank, N.A. entered into a
stipulation and consent to the issuance of a consent order with
the Office of the Comptroller of the Currency.

At Dec. 31, 2011, the Bank met each of the capital requirements
required by regulations, but was not in compliance with the
capital requirements imposed by the OCC in its Consent order.

The Bank is required by the consent order to maintain Tier 1
capital at least equal to 8% of adjusted total assets and total
capital of at least 12% of risk-weighted assets.  However, so long
as the Bank is subject to the enforcement action executed with the
OCC on Dec. 21, 2010, it will not be deemed to be well-capitalized
even if it maintains the minimum capital ratios to be well-
capitalized.  At Dec. 31, 2011, the Bank did not meet the higher
capital requirements required by the consent order and is
evaluating alternatives to increase capital.

At December 31, 2012, the Bank met each of the capital
requirements required by regulations, but was not in compliance
with the capital requirements imposed by the OCC in its Consent
order.


QUIZNOS: Senior Lenders to Give Up $444MM Debt for All of Equity
----------------------------------------------------------------
Jacqueline Palank, writing for The Wall Street Journal, reported
that sandwich chain Quiznos filed for Chapter 11 bankruptcy
protection on March 14, after reaching a deal to cut its debt by
more than $400 million, or about two-thirds.

According to the report, the maker of toasted subs said it would
continue operating while it works to implement a debt-
restructuring plan and make operational improvements.

"The actions we are taking are intended to enable Quiznos to
reduce our debt, execute a comprehensive plan to further enhance
the customer experience, elevate the profile of the brand and help
increase sales and profits for our franchise owners," Stuart K.
Mathis, Quiznos's chief executive, said in a news release, the
Journal cited.

Court papers show that under the restructuring plan, Quiznos's
senior lenders would trade more than $444 million in debt for all
of the equity in the restaurant chain, subject to dilution, the
report related.  The lenders, which have offered $15 million to
finance the company's restructuring, also would get $200 million
in new debt under the so-called prepackaged bankruptcy plan.

A separate Journal report written by Patrick Fitzgerald noted that
the bankrupt sandwich chain will continue to honor gift cards and
Groupons as lawyers for Quiznos are asking a bankruptcy judge to
allow the company?s more-than 2,000 stores to honor gift
certificates, Groupons and other promotional discounts.  The
Journal said gift cards, gift certificates and coupons can pose
thorny problem in bankruptcy as companies can choose whether or
not to continue honoring outstanding cards after the Petition Date
and the Bankruptcy Code caps claims for unredeemed gift cards.


QUIZNOS: Obtains Court Approval of DIP Financing
------------------------------------------------
Quiznos on March 17 disclosed that the U.S. Bankruptcy Court in
Wilmington, Delaware granted the Company's request for certain
"first day" orders that help support its business.

The Court provided interim authorization for the Company to access
up to $10 million of the $15 million Debtor-in-Possession
financing ("DIP") committed by its senior lenders.  The new
financing, combined with cash generated from the Company's ongoing
operations, will be available to support the business during the
restructuring process.

The Company also received interim approval to continue paying
employee wages, salaries, benefits and other employee obligations.
The Court also granted Quiznos final authorization to continue
honoring all current customer and franchisee programs and to pay
certain pre-petition claims arising under the Perishable
Agriculture Commodities Act (PACA) and under Bankruptcy Code
Section 503(b)(9), as well as pre-petition claims from shippers
and claims incurred in connection with post-petition delivery of
goods and services.

"We are pleased with the initial progress we have made in the
restructuring process," said Stuart K. Mathis, Quiznos Chief
Executive Officer.  "In particular, we appreciate the response we
have received from our global network of franchise owners, who
have demonstrated their commitment to providing Quiznos customers
with fresh, high-quality and great-tasting food.  We look forward
to working closely with our franchisees to implement a business
plan designed to further enhance the customer experience, elevate
the profile of the brand and help increase sales and profits."

As previously announced, Quiznos voluntarily filed a
"pre-packaged" restructuring plan under Chapter 11 of the U.S.
Bankruptcy Code to enable the Company to reduce its debt by more
than $400 million.  The Company's senior lenders have voted
overwhelmingly in favor of the plan, which is intended to increase
the Company's flexibility as it executes operational enhancements
designed to strengthen performance, revitalize the Quiznos brand
and reinforce its promise as a fresh, high-quality and great-
tasting alternative to traditional fast food offerings.  All but
seven of Quiznos' nearly 2,100 restaurants are independently owned
and operated by franchisees in the U.S. and 30 other countries
around the world.  As separate businesses, these restaurants are
not a part of the Chapter 11 proceedings and are open and
operating as usual.  The Company expects to continue operating in
the ordinary course throughout the restructuring process.

Quiznos has established a Restructuring Information Hotline for
interested parties at (855) 388-4579 in North America, or
internationally at (646) 795-6978.  Additional information can be
found on the Quiznos website at
http://www.quiznos.com/restructuring

Court filings and information about the claims process can be
found at a separate website maintained by Quiznos' claims agent,
PrimeClerk, at http://cases.primeclerk.com/quiznos

Akin Gump Strauss Hauer & Feld LLP is serving as legal advisor,
Lazard Freres & Co. LLC is serving as financial advisor and
Alvarez & Marsal is serving as restructuring advisor to Quiznos.

                           About Quiznos

Denver-based Quiznos -- http://www.quiznos.com-- is a chain
designed for today's busy consumers who are looking for a high
quality, tasty, freshly prepared alternative to traditional fast-
food restaurants.  With locations in 50 states and 30 countries,
Quiznos is one of the world's premier quick-service restaurant
chains and pioneer of the toasted sandwich; Quiznos restaurants
offer creative, chef-created sandwiches and salads using premium
ingredients.  Quiznos was founded in 1981 by chefs who discovered
that toasting brought out the best in every sandwich ingredient.


RADIOSHACK CORP: To Offer Execs. $1.5MM in Retention Bonuses
------------------------------------------------------------
The Management Development and Compensation Committee of the Board
of Directors of RadioShack Corporation approved the promotions of
Ms. Janet Fox to senior vice president, global sourcing and
product innovation, Mr. Paul Rutenis to senior vice president,
chief merchandising officer, and Mr. Mark Boerio to senior vice
president, planning, allocation and e-Commerce.

In connection with these promotions, Ms. Fox's base salary was
increased from $375,000 to $400,000; Mr. Rutenis' base salary was
increased from $315,000 to $400,000; and Mr. Boerio's base salary
was increased from $325,000 to $375,000.

After giving due consideration of the skills and talent deemed
critical to the Company's business turnaround efforts currently
underway, the difficult business environment and the competition
for skilled, talented employees, the MD&C Committee authorized and
directed the Company to enter into retention agreements with
certain of its executive officers.  The retention agreements state
that the officers will be entitled to a retention payment if the
officer remains employed by the Company through March 1, 2015.
The named executive officers and the amount of such potential
retention payment are as follows:

                                                 Retention
Name                Position                     Payment
----                --------                     --------
Joseph C. Magnacca  CEO                          $500,000

John W. Feray       EVP-CFO                      $275,000

Telvin P. Jeffries  EVP-Chief Human Resources
                     Officer, Services, Int'l     $250,000

Troy H. Risch       EVP-Store Operations         $275,000

Michael S. DeFazio  SVP-Store Concepts           $187,500

On March 3, 2014, the MD&C Committee recommended the Board approve
a special opportunity bonus payable to Mr. Joseph C. Magnacca, the
Company's chief executive officer.  The payment of the bonus, if
any, will depend on the achievement of performance based strategic
initiatives relating to the fiscal year 2015 turnaround plan, as
designated by the MD&C Committee.  The maximum amount of this
bonus is $600,000.  This bonus is payable on April 3, 2015.  This
special opportunity bonus is a one-time bonus opportunity relating
to performance during fiscal year 2015.  The Board of Directors of
the Company approved this plan on March 4, 2014.

                   About Radioshack Corporation

RadioShack (NYSE: RSH) -- -- http://www.radioshackcorporation.com
-- is a national retailer of innovative mobile technology products
and services, as well as products related to personal and home
technology and power supply needs.  RadioShack's retail network
includes more than 4,300 company-operated stores in the United
States, 270 company-operated stores in Mexico, and approximately
1,000 dealer and other outlets worldwide.

Radioshack disclosed a net loss of $139.4 million in 2012, as
compared with net income of $72.2 million in 2011.  The Company's
balance sheet at Sept. 30, 2013, showed $1.60 billion in total
assets, $1.21 billion in total liabilities and $394 million in
total stockholders' equity.

                           *     *     *

As reported by the TCR on Dec. 26, 2013, Standard & Poor's Ratings
Services raised the corporate credit rating on the Fort Worth,
Texas-based RadioShack Corp. to 'CCC+' from 'CCC'.  "The upgrade
reflects an improved liquidity position with a recent financing
that increased funded debt by $125 million and increased the
company's revolving credit borrowing capacity, which improved
the company's liquidity by approximately $200 million," said
credit analyst Charles Pinson-Rose.

In the Dec. 30, 2013, edition of the TCR, Fitch Ratings has
affirmed its 'CCC' Long-term Issuer Default Rating (IDR) on
RadioShack Corporation.  The IDR reflects the significant decline
in RadioShack's profitability and cash flow, which has become
progressively more pronounced over the past two years.

As reported by the TCR on March 6, 2013, Moody's Investors Service
downgraded RadioShack Corporation's corporate family rating to
Caa1 from B3 and probability of default rating to Caa1-PD from B3-
PD.  RadioShack's Caa1 Corporate Family Rating reflects Moody's
opinion that the overall business strategy of the company to
reverse the decline in profitability has not gained any traction.

Troubled Company Reporter, citing The Wall Street Journal,
reported on March 5, 2014, that RadioShack plans to cut back its
store count, after a sharp drop in sales over the holidays left it
with a $400 million loss in 2013.  The electronics retailer said
it could close as many as 1,100 U.S. stores -- one out of every
four that it operates itself -- underscoring the difficulty it has
had adapting to a fast changing consumer landscape.


REBELANES INC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Rebelanes, Inc.
        625 Robert E. Lee Drive
        Tupelo, MS 38801

Case No.: 14-11050

Chapter 11 Petition Date: March 17, 2014

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

Debtor's Counsel: Selene D. Maddox, Esq.
                  MADDOX LAW OFFICE
                  362 North Broadway Street
                  Tupelo, MS 38804
                  Tel: 662-841-0061
                  Email: maddoxlaw63@gmail.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kevin J. Hartigan, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/msnb14-11050.pdf


REPUBLIC OF TEXAS: Ch. 11 Exit Strategy Includes CHILLO Sales
-------------------------------------------------------------
Republic of Texas Brands, Inc., through its totally owned
Cannabis-Holdings.com website, has started delivering CHILLO-
energy drink product to various wholesale and retailers in the
State of Texas.  Brisk Sales of the CHILLO-energy drink has been
at the forefront for the company to file a reorganization plan on
Friday with the courts, and the company is seeking to leave
Chapter 11 reorganization status soon.

"Sales to new accounts have been strong, and we are just beginning
to get restocking orders through Chill Texas from several
retailers who have gone through the CHILLO inventory at a
surprisingly brisk pace," says Randy Safford COO.  "The product
sells itself and retailers are hungry to get CHILLO on their
shelves, our phones are ringing and we have already received
orders for new product offerings that we have yet to announce.

"The Reorganization plan filed, we believe, will be looked upon
favorably and accepted by the courts, and Republic of Texas brands
will be able to exit Bankruptcy in the near term future.  Here are
some of the highlights of the reorganization plan."

Upon confirmation of the Plan, the Debtor shall receive a cash
infusion of $50,000 from Jerry Grisaffi.  These funds will be used
to cover overhead and to operate the company and make any Plan
payments, if needed.

Upon confirmation of this Plan, the Debtor will acquire the
company Chill Texas, Inc. for the exclusive distribution rights to
Chillo Hemp Energy Drink in Texas.  The Debtor believes this new
avenue will provide sufficient income to pay the plan payments and
provide the Debtor inroads into the new hemp based products
market.

There are no plans for share cancellation or stock reversals.

"Our totally owned Cannabis-Holdings.com has placed an order for
an additional tea based herbal drink sku in its product lineup,
and upon manufacturer shipment of the product it will be announced
and inserted at the Amazon.com and the Cannabis-Holdings.com
storefronts.  We are very excited that our product lineup is
expanding and that more exciting sku's will be announced in the
very near future."

           About Republic of Texas Brands Incorporated

Republic of Texas Brands Incorporated's mission is to find the
premier cannabis and hemp industry innovators, leveraging its team
of professionals to source, evaluate and purchase value-added
companies and products, while allowing them to keep their
integrity and entrepreneurial spirit.

The company filed a Chapter 11 bankruptcy petition (Bankr. N.D.
Tex. Case No. 13-bk-36434) on Dec. 17, 2013.  The company
estimated assets of $0 to $50,000 and liabilities of $500,001 to
$1 million.  Judge Barbara J. Houser presides over the case.

The Debtor is represented by:

         Eric A. Liepins
         ERIC A. LIEPINS, P.C.
         12770 Coit Rd., Suite 1100
         Dallas, TX 75251
         Tel: (972) 991-5591
         E-mail: eric@ealpc.com

PLEASE TAKE FURTHER NOTICE THAT a final hearing shall be held
before the Bankruptcy Court on March 27, 2014 at 11:00 a.m.
Eastern Time.


REVSTONE INDUSTRIES: BFG and Committee Balk at PBGC Settlement
--------------------------------------------------------------
Boston Finance Group, LLC, joins in the Official Committee of
Unsecured Creditors' objection to debtors Revstone Industries,
LLC, et al.'s settlement with the Pension Benefit Guaranty
Corporation.

Both the Committee and BFG are objection to PBGC's claims.  They
assert that PBGC's claims are overstated and should be disallowed
or estimated at amount tens of millions of dollars less than the
proposed allowed amount of $95 million.

A hearing on the motion for approval of the settlement is slated
for March 20, 2014 at 10:00 a.m. (ET).

The Committee objects to the Settlement because, among other
reasons, the settlement is not in the best interest of unsecured
creditors.

BFG points out that the Debtor is seeking approval of a purported
"settlement" of the contingent, disputed and unliquidated claims
of the PBGC and the DOL in a summary proceeding under Bankruptcy
Rule 9019, and outside a full trial and without the extensive
disclosure and creditor vote that would be required by a plan
process.

                         The Settlement

The PBGC filed proofs of claim against the Revstone/Spara Debtors
based on alleged liabilities stemming from four pension plans
established by non-debtor entities.  The face amount of the
liquidated portions of the proofs of claim, as amended, totals
$61 million.

Further, the Department of Labor (the "DOL") filed proofs of claim
asserting liability against Revstone, Spara LLC and Greenwood
Forgings LLC in the aggregate amount of $48 million, representing
the total amount of funds allegedly improperly used by the Pension
Plans for improper or prohibited transactions, plus various unpaid
interest and penalties and "lost opportunity costs" associated
with these investments.

The Settlement Agreement contemplates allowing the PBGC Claims and
the DOL Claims at $95 million, setting minimum and projected
recoveries on those claims in the amounts of $80 million and $82
million, respectively.

Attached as exhibit to the Settlement Agreement is a redacted form
of funding schedule pursuant to which the Revstone/Spara Debtors
are anticipated to fund distributions under a plan(s) of
reorganization yet to be filed to holders of administrative
expenses, almost entirely professionals, as well as priority and
unsecured claims.

Attached as another exhibit to the Settlement is a form of Plan
Support Agreement to be executed by and among the Debtors and the
PBGC.  Under the Plan Support Agreement, the Revstone/Spara
Debtors will propose a Chapter 11 plan of reorganization embodies
the Funding and Distribution Schedules.  The Plan also requires
the PBGC to support certain release and exculpation provisions.

                        Creditor Recoveries

The Committee complains that the settlement agreement (i) dictates
how and when estate assets will be distributed to various
constituents, including the PBGC, administrative claimants,
general unsecured claimants, and the post confirmation trusts,
(ii) dictates recovery in favor of certain preferred creditors
(the PBGC and the professionals) while limiting recovery to other
creditors, provides for broad third party releases by the PBGC,
(iv) provides for an agreement to support a plan of reorganization
(which will likely include similar releases), and (v) provides for
the continued management of the Debtors by the same management
that negotiated the settlement through the effective date of any
plan, and thereafter, for the same management to select the post-
confirmation management.

As to the creditor recoveries, the objectors note that the funding
schedule attached to the Settlement outlines the distributions to
the PBGC, administrative/priority creditors, the litigation
reserve and the general unsecured creditors of Revstone and Spara.

According to the Debtors' estimates, if the targeted net proceeds
of $113.5 million are realized, the expected recovery for general
unsecured creditors of Revstone will be 13% and the recovery for
general unsecured creditors of Spara will be 23%.

The Committee, however, maintains that this anticipated recovery
is highly speculative and illusory as evidenced by the $20 million
swing in potential outcomes.

The Committee avers that an exhibit to the settlement shows
examples of anticipated recovery should net proceeds differ from
the targeted proceeds by $10 million to the positive and to the
negative.  If proceeds are $10 million higher than anticipated,
then recoveries increase to 18% for Revstone general unsecured
creditors and to 37% for Spara general unsecured creditors.
However, if proceeds are $10 million less than projected,
recoveries to both unsecured creditor groups are reduced to zero.

"Although the existence of the funds available to make these
projected distributions is far from certain, as evidenced by the
$20 million swing in potential outcomes reflected on Exhibit B to
the Settlement Agreement, and the mechanism by which these funds
actually become available to the Revstone and Spara estates is
nowhere to be found, the Debtors have not only guaranteed the PBGC
a minimum recovery of $80 million, but also provided them an
opportunity to receive $85 million out of potential sale proceeds
as well as additional potential recoveries from certain causes of
action," BFG tells the Court.

A full-text copy of the BFG supplemental objection is available
for free at:

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

A full text copy of the committee objection is available for free
at:

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

                 About Revstone Industries et al.

Lexington, Kentucky-based Revstone Industries LLC, a maker of
truck parts, filed for Chapter 11 bankruptcy (Bankr. D. Del. Case
No. 12-13262) on Dec. 3, 2012.  Judge Brendan Linehan Shannon
oversees the case.  Laura Davis Jones, Esq., at Pachulski Stang
Ziehl & Jones LLP represents Revstone.  In its petition, Revstone
estimated under $50 million in assets and debts.

Affiliate Spara LLC filed its Chapter 11 petition (Bankr. D. Del.
Case No. 12-13263) on Dec. 3, 2012.

Lexington-based Greenwood Forgings, LLC (Bankr. D. Del. Case No.
13-10027) and US Tool & Engineering LLC (Bankr. D. Del. Case No.
13-10028) filed separate Chapter 11 petitions on Jan. 7, 2013.
Judge Shannon also oversees the cases.

Duane David Werb, Esq., at Werb & Sullivan, serves as bankruptcy
counsel to Greenwood and US Tool.  Greenwood estimated $1 million
to $10 million in assets and $10 million to $50 million in debts.
US Tool & Engineering estimated under $1 million in assets and
$1 million to $10 million in debts.  The petitions were signed by
George S. Homeister, chairman.

Metavation, also known as Hillsdale Automotive, LLC, joined parent
Revstone in Chapter 11 on July 22, 2013 (Bankr. D. Del. Case No.
13-11831) to sell the bulk of its assets to industry rival Dayco
for $25 million, absent higher and better offers.

Metavation has tapped Pachulski as its counsel.  Pachulski also
serves as counsel to Revstone and Spara.  Metavation also has
tapped McDonald Hopkins PLC as special counsel, and Rust
Consulting/Omni Bankruptcy as claims agent and to provide
administrative services.  Stuart Maue is fee examiner.

Mark L. Desgrosseilliers, Esq., at Womble Carlyle Sandridge &
Rice, LLP, represents the Official Committee of Unsecured
Creditors in Revstone's case.


SAGAMORE PARTNERS: Default Interest Not Owing Under Sec. 1123(d)
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that whether interest is owing at the higher default rate
is a question answered entirely by Section 1123(d) of the
Bankruptcy Code, not Section 365(b)(2)(D), according to a Feb. 26
opinion by U.S. District Judge Robin Rosenbaum in Miami.

The report said the case came up on appeal from a decision by U.S.
Bankruptcy Judge A. Jay Cristol. It involved a corporate
reorganization where there had been a payment default long before
the Chapter 11 filing.  The plan provided that the secured lender
would be paid in full with whatever interest the court decided was
required. The lender claimed entitlement to $5.1 million in so-
called default interest on top of interest at the contractual rate
the lender had been paid throughout.

Judge Cristol determined that the lender wasn't entitled to
default interest. His conclusion was upheld by Judge Rosenbaum,
albeit on different grounds, according to the report.

Judge Cristol found no entitlement to default interest because
notice of default hadn't been given to the borrower's lawyer as
required by the loan agreement, the report related.  Judge
Rosenbaum differed with the conclusion, finding that that default
interest kicked in automatically on the occurrence of default,
without need for notice.

Judge Rosenbaum agreed with Judge Cristol's ultimate conclusion
because she said Florida law requires the lender make an election
between receiving default interest or fees and charges resulting
from default, the report further related.  Because the lender had
been billing and receiving payment of charges and fees, she said
the secured creditor waived entitlement to default interest.

                    About Sagamore Partners

Bay Harbor, Florida-based Sagamore Partners, Ltd., owns and
operates the oceanfront Sagamore Hotel, also known as The Art
Hotel due to its captivating art collection from recognized
artists and its contemporary design.  The all-suite boutique hotel
is situated within Miami's Art Deco Historic District on South
Beach.  Sagamore Partners is owned by Martin Taplin.

Sagamore Partners filed for Chapter 11 bankruptcy (Bankr. S.D.
Fla. Case No. 11-37867) on Oct. 6, 2011.  Judge A. Jay Cristol
presides over the case.  Joshua W. Dobin, Esq., and Peter D.
Russin, Esq., at Meland Russin & Budwick, P.A., in Miami, Fla.,
serve as the Debtor's counsel.  The Debtor disclosed $71,099,556
in assets and $52,132,849 in liabilities as of the Chapter 11
filing.  In its latest schedules, the Debtor disclosed $67,963,210
in assets and $52,060,862 in liabilities.  The petition was signed
by Martin W. Taplin, president of Miami Beach Vacation Resorts,
Inc., manager of Sagamore GP, LLC, general partner.

In July 2012, Bankruptcy Judge A. Jay Cristol denied approval of
the disclosure statement explaining the Debtor's Plan of
Reorganization.  Pursuant to the Plan, the Debtor proposes to
reinstate the maturity date of its loan with JPMCC 2006-LDP7 Miami
Beach Lodging, with interest from the Effective Date of the Plan
at the loan's non-default interest rate; and cure monetary
defaults under the Loan by paying the Secured Lender unpaid
interest which has accrued on the Loan at the Interest Rate, but
not interest which has accrued on the Loan at the Default Rate.

According to Judge Cristol, to cure the Loan, the Debtor must
provide for the payment of all amounts due the Secured Lender
under the Loan Documents, including default interest. Absent such
payment, the Debtor may not treat the Secured Lender's claim as
unimpaired under the Plan.  Because, as presently structured, the
Plan does not provide for the payment of default interest to the
Secured Lender, the Plan is facially unconfirmable over the
objection of the Secured Lender and approval of the Disclosure
Statement is denied.

The U.S. Trustee has not appointed an official committee in the
case.

Sagamore Partners, Ltd., notified the U.S. Bankruptcy Court for
the Southern District of Florida that the Effective Date of the
Amended Plan of Reorganization, modified on Nov. 12, 2012, and on
Dec. 7, 2012, occurred on Jan. 9, 2013.


SBARRO LLC: Joint Disclosures & Plan Hearing Set for April 25
-------------------------------------------------------------
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York scheduled a hearing at which time the Court
will consider, among other things, adequacy of the disclosure
statement and confirmation of the Joint Prepackaged Chapter 11
Plan of Reorganization of Sbarro LLC, et al., for April 25, 2014,
at 10:00 a.m., (Prevailing Eastern Time), which date may be
continued from time to time without further notice other than
adjournments announced in open court.

Any objections to the Disclosure Statement or confirmation of the
Plan, including to the assumption of executory contracts and
unexpired leases and the proposed cure amounts associated
therewith, must be filed by April 17, unless otherwise agreed-to
by the Debtors in their sole discretion.  The Reply Deadline is
set for April 24.

                          About Sbarro

Pizza chain Sbarro sought Chapter 11 bankruptcy protection
together with several affiliated entities (Sbarro LLC, Bankr.
S.D.N.Y. Lead Case No. 14-10557) on March 10, 2014, in Manhattan.
Bankruptcy Judge Martin Glenn presides over the Debtors' cases.

The bankruptcy filing came after Sbarro said in February it would
155 of the 400 restaurants it owns in North America.

Nicole Greenblatt, Esq., James H.M. Sprayregen, Esq., Edward O.
Sassower, Esq., and David S. Meyer, Esq., at Kirkland & Ellis,
LLP, represent Sbarro.  Mark Hootnick, Brian Bacal, Gregory Doyle,
and Roger Wood at Moelis & Company, serve as Sbarro's investment
bankers.  Loughlin Management serves as the financial advisors.
Prime Clerk LLC serves as claims and noticing agent, and
administrative advisor.

Melville, N.Y.- based Sbarro LLC listed $175.4 million in total
assets and $165.2 million in total liabilities.  The petitions
were signed by Stuart M. Steinberg, authorized individual.

This is Sbarro's second bankruptcy filing in three years.  The
corporate entity was then known as Sbarro Inc., which, together
with several affiliates, filed Chapter 11 petitions (Bankr.
S.D.N.Y. Lead Case No. 11-11527) on April 4, 2011, in Manhattan.
Sbarro Inc. disclosed $51,537,899 in assets and $460,975,646 in
liabilities in the 2011 petition.

Bankruptcy Judge Shelley C. Chapman presided over the 2011 case.
In the 2011 case, Edward Sassower, Esq., and Nicole Greenblatt,
Esq., at Kirkland & Ellis, LLP, served as the Debtors' general
bankruptcy counsel; Rothschild, Inc., as investment banker and
financial advisor; PriceWaterhouseCoopers LLP as bankruptcy
consultants; Marotta Gund Budd & Dzera, LLC, as special financial
advisor; Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts
counsel; Epiq Bankruptcy Solutions, LLC, as claims agent; and Sard
Verbinnen & Co as communications advisor.

Sbarro Inc. emerged from Chapter 11 protection seven months later,
in November 2011, after Judge Chapman confirmed a Plan of
Reorganization that handed ownership of the company to the pre-
bankruptcy first lien lenders.  Under the terms of the Plan,
Sbarro reduced debt by approximately 73%, or $295 million (from
approximately $405 million to $110 million, plus any amounts
funded under a new money term loan facility), by:

-- converting 100% of the outstanding amount of the $35 million
   post-petition debtor-in-possession financing into an equal
   amount of a newly issued $110 million senior secured exit term
   loan facility;

-- converting approximately $173 million in prepetition senior
   secured debt held by the Company's prepetition first lien
   lenders into the remaining exit term loan facility and 100% of
   the common equity of the reorganized company (subject to
   dilution by shares issued under a management equity plan); and

-- eliminating all other outstanding debt.

In January 2014, Standard & Poor's Ratings Services lowered
Sbarro's corporate credit rating further into junk category -- to
'CCC-' from 'CCC+' -- with negative outlook; and The Wall Street
Journal reported pizza chain enlisted restructuring lawyers at
Kirkland & Ellis LLP and bankers at Moelis & Co.


SBARRO LLC: Has Interim Authority to Obtain $10MM in DIP Loans
--------------------------------------------------------------
Sbarro LLC, et al., sought and obtained interim authority from the
U.S. Bankruptcy Court for the Southern District of New York to
obtain postpetition financing up to $10 million from Cantor
Fitzgerald Securities as agent for a consortium of lenders, and
use cash collateral securing their prepetition indebtedness.

The DIP Loan requires the Debtors to have confirmed an acceptable
plan of reorganization and disclosure statement within 75 days
after the Petition Date or May 24, 2014.  The Debtors are also
required to have substantially consummated the plan of
reorganization within 85 days after the Petition Date or June 3.

The final hearing to consider approval of the Debtors' request to
tap the total amount of $20 million in postpetition financing will
be held on April 7, at 2:00 p.m. (prevailing Eastern time).

                          About Sbarro

Pizza chain Sbarro sought Chapter 11 bankruptcy protection
together with several affiliated entities (Sbarro LLC, Bankr.
S.D.N.Y. Lead Case No. 14-10557) on March 10, 2014, in Manhattan.
Bankruptcy Judge Martin Glenn presides over the Debtors' cases.

The bankruptcy filing came after Sbarro said in February it would
155 of the 400 restaurants it owns in North America.

Nicole Greenblatt, Esq., James H.M. Sprayregen, Esq., Edward O.
Sassower, Esq., and David S. Meyer, Esq., at Kirkland & Ellis,
LLP, represent Sbarro.  Mark Hootnick, Brian Bacal, Gregory Doyle,
and Roger Wood at Moelis & Company, serve as Sbarro's investment
bankers.  Loughlin Management serves as the financial advisors.
Prime Clerk LLC serves as claims and noticing agent, and
administrative advisor.

Melville, N.Y.- based Sbarro LLC listed $175.4 million in total
assets and $165.2 million in total liabilities.  The petitions
were signed by Stuart M. Steinberg, authorized individual.

This is Sbarro's second bankruptcy filing in three years.  The
corporate entity was then known as Sbarro Inc., which, together
with several affiliates, filed Chapter 11 petitions (Bankr.
S.D.N.Y. Lead Case No. 11-11527) on April 4, 2011, in Manhattan.
Sbarro Inc. disclosed $51,537,899 in assets and $460,975,646 in
liabilities in the 2011 petition.

Bankruptcy Judge Shelley C. Chapman presided over the 2011 case.
In the 2011 case, Edward Sassower, Esq., and Nicole Greenblatt,
Esq., at Kirkland & Ellis, LLP, served as the Debtors' general
bankruptcy counsel; Rothschild, Inc., as investment banker and
financial advisor; PriceWaterhouseCoopers LLP as bankruptcy
consultants; Marotta Gund Budd & Dzera, LLC, as special financial
advisor; Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts
counsel; Epiq Bankruptcy Solutions, LLC, as claims agent; and Sard
Verbinnen & Co as communications advisor.

Sbarro Inc. emerged from Chapter 11 protection seven months later,
in November 2011, after Judge Chapman confirmed a Plan of
Reorganization that handed ownership of the company to the pre-
bankruptcy first lien lenders.  Under the terms of the Plan,
Sbarro reduced debt by approximately 73%, or $295 million (from
approximately $405 million to $110 million, plus any amounts
funded under a new money term loan facility), by:

-- converting 100% of the outstanding amount of the $35 million
   post-petition debtor-in-possession financing into an equal
   amount of a newly issued $110 million senior secured exit term
   loan facility;

-- converting approximately $173 million in prepetition senior
   secured debt held by the Company's prepetition first lien
   lenders into the remaining exit term loan facility and 100% of
   the common equity of the reorganized company (subject to
   dilution by shares issued under a management equity plan); and

-- eliminating all other outstanding debt.

In January 2014, Standard & Poor's Ratings Services lowered
Sbarro's corporate credit rating further into junk category -- to
'CCC-' from 'CCC+' -- with negative outlook; and The Wall Street
Journal reported pizza chain enlisted restructuring lawyers at
Kirkland & Ellis LLP and bankers at Moelis & Co.


SBARRO LLC: Obtains Interim Approval of Stock Transfer Procedures
-----------------------------------------------------------------
Sbarro LLC, et al., sought and obtained interim approval from
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York of procedures governing the transfer of
ownership of the common stock of Sbarro Holdings, Inc., which
transfer may lead to an "ownership change."

The Debtors, in order to protect their net operating losses, which
they estimate to total approximately $43.8 million as of the
Petition Date, require any entity that currently is or becomes a
"Substantial Shareholder" to file with the Court a declaration of
status as substantial shareholder.  The Debtors also require any
entity, before effectuating any transfer of beneficial ownership
of common stock, to file with the Court a declaration of intent to
accumulate or transfer stock.  The Debtors state that based on a
combined federal and state income tax rate of approximately 40%,
the NOLs could translate into a potential future tax savings of
approximately $17.5 million.

The Debtors' request, according to court papers, will affect only
holders of the equivalent of more than approximately 90,000 shares
of Common Stock and parties-in-interest who are interested in
purchasing sufficient Common Stock to result in that party
becoming a holder of the equivalent of at least approximately
90,000 shares of Common Stock.

The final hearing on the Motion will be held on April 7, 2014, at
2:00 p.m. Eastern Time.  Any objections must be filed on or before
seven days before the Final Hearing.

                          About Sbarro

Pizza chain Sbarro sought Chapter 11 bankruptcy protection
together with several affiliated entities (Sbarro LLC, Bankr.
S.D.N.Y. Lead Case No. 14-10557) on March 10, 2014, in Manhattan.
Bankruptcy Judge Martin Glenn presides over the Debtors' cases.

The bankruptcy filing came after Sbarro said in February it would
155 of the 400 restaurants it owns in North America.

Nicole Greenblatt, Esq., James H.M. Sprayregen, Esq., Edward O.
Sassower, Esq., and David S. Meyer, Esq., at Kirkland & Ellis,
LLP, represent Sbarro.  Mark Hootnick, Brian Bacal, Gregory Doyle,
and Roger Wood at Moelis & Company, serve as Sbarro's investment
bankers.  Loughlin Management serves as the financial advisors.
Prime Clerk LLC serves as claims and noticing agent, and
administrative advisor.

Melville, N.Y.- based Sbarro LLC listed $175.4 million in total
assets and $165.2 million in total liabilities.  The petitions
were signed by Stuart M. Steinberg, authorized individual.

This is Sbarro's second bankruptcy filing in three years.  The
corporate entity was then known as Sbarro Inc., which, together
with several affiliates, filed Chapter 11 petitions (Bankr.
S.D.N.Y. Lead Case No. 11-11527) on April 4, 2011, in Manhattan.
Sbarro Inc. disclosed $51,537,899 in assets and $460,975,646 in
liabilities in the 2011 petition.

Bankruptcy Judge Shelley C. Chapman presided over the 2011 case.
In the 2011 case, Edward Sassower, Esq., and Nicole Greenblatt,
Esq., at Kirkland & Ellis, LLP, served as the Debtors' general
bankruptcy counsel; Rothschild, Inc., as investment banker and
financial advisor; PriceWaterhouseCoopers LLP as bankruptcy
consultants; Marotta Gund Budd & Dzera, LLC, as special financial
advisor; Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts
counsel; Epiq Bankruptcy Solutions, LLC, as claims agent; and Sard
Verbinnen & Co as communications advisor.

Sbarro Inc. emerged from Chapter 11 protection seven months later,
in November 2011, after Judge Chapman confirmed a Plan of
Reorganization that handed ownership of the company to the pre-
bankruptcy first lien lenders.  Under the terms of the Plan,
Sbarro reduced debt by approximately 73%, or $295 million (from
approximately $405 million to $110 million, plus any amounts
funded under a new money term loan facility), by:

-- converting 100% of the outstanding amount of the $35 million
   post-petition debtor-in-possession financing into an equal
   amount of a newly issued $110 million senior secured exit term
   loan facility;

-- converting approximately $173 million in prepetition senior
   secured debt held by the Company's prepetition first lien
   lenders into the remaining exit term loan facility and 100% of
   the common equity of the reorganized company (subject to
   dilution by shares issued under a management equity plan); and

-- eliminating all other outstanding debt.

In January 2014, Standard & Poor's Ratings Services lowered
Sbarro's corporate credit rating further into junk category -- to
'CCC-' from 'CCC+' -- with negative outlook; and The Wall Street
Journal reported pizza chain enlisted restructuring lawyers at
Kirkland & Ellis LLP and bankers at Moelis & Co.


SBARRO LLC: Can Employ Prime Clerk as Claims & Noticing Agent
-------------------------------------------------------------
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York authorized Sbarro LLC, et al., to employ
Prime Clerk LLC as claims and noticing agent to, among other
things, (i) distribute required notices to parties-in-interest,
(ii) receive, maintain, docket and otherwise administer the proofs
of claim filed in the Debtors' Chapter 11 cases, and (iii) provide
other administrative services.

Prime Clerk will be paid the following hourly rates:

   Case Manager                       $45
   Technology Consultant             $130
   Consultant                        $140
   Senior Consultant                 $170
   Director                          $195

Prime Clerk will also be reimbursed for any necessary out-of-
pocket expenses.

Stuart M. Steinberg, general counsel of Sbarro, assured the Court
that the Debtors' selection of Prime Clerk to act as the Claims
and Noticing Agent has satisfied the Court's Protocol for the
Employment of Claims and Noticing Agents under 28 U.S.C. Section
156(c), in that the Debtors have obtained and reviewed engagement
proposals from at least two other court-approved claims and
noticing agents to ensure selection through a competitive process.
Mr. Steinberg said based on all engagement proposals obtained and
reviewed, that Prime Clerk's rates are competitive and reasonable
given Prime Clerk's quality of services and expertise.

Michael J. Frishberg, co-president and chief operating officer of
Prime Clerk LLC, assured the Court that his firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtors and their estates.  Mr. Frishberg said that prior
to the Petition Date, the Debtors provided Prime Clerk a retainer
in the amount of $40,000.

                          About Sbarro

Pizza chain Sbarro sought Chapter 11 bankruptcy protection
together with several affiliated entities (Sbarro LLC, Bankr.
S.D.N.Y. Lead Case No. 14-10557) on March 10, 2014, in Manhattan.
Bankruptcy Judge Martin Glenn presides over the Debtors' cases.

The bankruptcy filing came after Sbarro said in February it would
155 of the 400 restaurants it owns in North America.

Nicole Greenblatt, Esq., James H.M. Sprayregen, Esq., Edward O.
Sassower, Esq., and David S. Meyer, Esq., at Kirkland & Ellis,
LLP, represent Sbarro.  Mark Hootnick, Brian Bacal, Gregory Doyle,
and Roger Wood at Moelis & Company, serve as Sbarro's investment
bankers.  Loughlin Management serves as the financial advisors.
Prime Clerk LLC serves as claims and noticing agent, and
administrative advisor.

Melville, N.Y.- based Sbarro LLC listed $175.4 million in total
assets and $165.2 million in total liabilities.  The petitions
were signed by Stuart M. Steinberg, authorized individual.

This is Sbarro's second bankruptcy filing in three years.  The
corporate entity was then known as Sbarro Inc., which, together
with several affiliates, filed Chapter 11 petitions (Bankr.
S.D.N.Y. Lead Case No. 11-11527) on April 4, 2011, in Manhattan.
Sbarro Inc. disclosed $51,537,899 in assets and $460,975,646 in
liabilities in the 2011 petition.

Bankruptcy Judge Shelley C. Chapman presided over the 2011 case.
In the 2011 case, Edward Sassower, Esq., and Nicole Greenblatt,
Esq., at Kirkland & Ellis, LLP, served as the Debtors' general
bankruptcy counsel; Rothschild, Inc., as investment banker and
financial advisor; PriceWaterhouseCoopers LLP as bankruptcy
consultants; Marotta Gund Budd & Dzera, LLC, as special financial
advisor; Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts
counsel; Epiq Bankruptcy Solutions, LLC, as claims agent; and Sard
Verbinnen & Co as communications advisor.

Sbarro Inc. emerged from Chapter 11 protection seven months later,
in November 2011, after Judge Chapman confirmed a Plan of
Reorganization that handed ownership of the company to the pre-
bankruptcy first lien lenders.  Under the terms of the Plan,
Sbarro reduced debt by approximately 73%, or $295 million (from
approximately $405 million to $110 million, plus any amounts
funded under a new money term loan facility), by:

-- converting 100% of the outstanding amount of the $35 million
   post-petition debtor-in-possession financing into an equal
   amount of a newly issued $110 million senior secured exit term
   loan facility;

-- converting approximately $173 million in prepetition senior
   secured debt held by the Company's prepetition first lien
   lenders into the remaining exit term loan facility and 100% of
   the common equity of the reorganized company (subject to
   dilution by shares issued under a management equity plan); and

-- eliminating all other outstanding debt.

In January 2014, Standard & Poor's Ratings Services lowered
Sbarro's corporate credit rating further into junk category -- to
'CCC-' from 'CCC+' -- with negative outlook; and The Wall Street
Journal reported pizza chain enlisted restructuring lawyers at
Kirkland & Ellis LLP and bankers at Moelis & Co.


SBARRO LLC: Landlord Objects to Action on 574 Fifth Ave. Lease
--------------------------------------------------------------
574 Fifth Avenue Lessee, LLC, the ground lessee of the property
known as 574 Fifth Avenue and the landlord of all the space leased
on the property, including a lease of ground floor space to Sbarro
Properties, Inc., objects to any order to be issued by the U.S.
Bankruptcy Court for the Southern District of New York allowing
the Debtors to deal with the Sbarro 574 Lease other than in
accordance with the agreement entered into in 2013.

According to the Landlord, it terminated the lease in 2013 by
reason of the fee owner's intent to demolish the building.  The
Termination Notice declared that the Sbarro 574 Lease was
terminated as of Feb. 28, 2014.  By reason of the termination, the
Sbarro 574 Lease is not property of the estate, the Landlord
asserts.

Subject to an agreement in principle, the Landlord and Sbarro
agreed to allow Sbarro to remain in occupancy through Aug. 31,
2014.  They also agreed to an adjustment of all monetary
liabilities.

The Landlord is represented by Edmond P. O'Brien, Esq., at Stempel
Bennett Claman & Hochberg, P.C., in New York.

                          About Sbarro

Pizza chain Sbarro sought Chapter 11 bankruptcy protection
together with several affiliated entities (Sbarro LLC, Bankr.
S.D.N.Y. Lead Case No. 14-10557) on March 10, 2014, in Manhattan.
Bankruptcy Judge Martin Glenn presides over the Debtors' cases.

The bankruptcy filing came after Sbarro said in February it would
155 of the 400 restaurants it owns in North America.

Nicole Greenblatt, Esq., James H.M. Sprayregen, Esq., Edward O.
Sassower, Esq., and David S. Meyer, Esq., at Kirkland & Ellis,
LLP, represent Sbarro.  Mark Hootnick, Brian Bacal, Gregory Doyle,
and Roger Wood at Moelis & Company, serve as Sbarro's investment
bankers.  Loughlin Management serves as the financial advisors.
Prime Clerk LLC serves as claims and noticing agent, and
administrative advisor.

Melville, N.Y.- based Sbarro LLC listed $175.4 million in total
assets and $165.2 million in total liabilities.  The petitions
were signed by Stuart M. Steinberg, authorized individual.

This is Sbarro's second bankruptcy filing in three years.  The
corporate entity was then known as Sbarro Inc., which, together
with several affiliates, filed Chapter 11 petitions (Bankr.
S.D.N.Y. Lead Case No. 11-11527) on April 4, 2011, in Manhattan.
Sbarro Inc. disclosed $51,537,899 in assets and $460,975,646 in
liabilities in the 2011 petition.

Bankruptcy Judge Shelley C. Chapman presided over the 2011 case.
In the 2011 case, Edward Sassower, Esq., and Nicole Greenblatt,
Esq., at Kirkland & Ellis, LLP, served as the Debtors' general
bankruptcy counsel; Rothschild, Inc., as investment banker and
financial advisor; PriceWaterhouseCoopers LLP as bankruptcy
consultants; Marotta Gund Budd & Dzera, LLC, as special financial
advisor; Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts
counsel; Epiq Bankruptcy Solutions, LLC, as claims agent; and Sard
Verbinnen & Co as communications advisor.

Sbarro Inc. emerged from Chapter 11 protection seven months later,
in November 2011, after Judge Chapman confirmed a Plan of
Reorganization that handed ownership of the company to the pre-
bankruptcy first lien lenders.  Under the terms of the Plan,
Sbarro reduced debt by approximately 73%, or $295 million (from
approximately $405 million to $110 million, plus any amounts
funded under a new money term loan facility), by:

-- converting 100% of the outstanding amount of the $35 million
   post-petition debtor-in-possession financing into an equal
   amount of a newly issued $110 million senior secured exit term
   loan facility;

-- converting approximately $173 million in prepetition senior
   secured debt held by the Company's prepetition first lien
   lenders into the remaining exit term loan facility and 100% of
   the common equity of the reorganized company (subject to
   dilution by shares issued under a management equity plan); and

-- eliminating all other outstanding debt.

In January 2014, Standard & Poor's Ratings Services lowered
Sbarro's corporate credit rating further into junk category -- to
'CCC-' from 'CCC+' -- with negative outlook; and The Wall Street
Journal reported pizza chain enlisted restructuring lawyers at
Kirkland & Ellis LLP and bankers at Moelis & Co.


SCOTT BRASS: High Court Won't Hear $4.5M Sun Capital Debt Appeal
----------------------------------------------------------------
Law360 reported that the U.S. Supreme Court declined to hear an
appeal from Sun Capital Partners Inc. aimed at overturning a
circuit court's decision that it could be held liable for a
bankrupt metal manufacturing company's $4.5 million debt.

According to the report, filed in November, the appeal challenged
a July ruling by the First Circuit, which found that two of the
private equity investment company's funds could be considered
businesses under the Employee Retirement Income Security Act,
which made them liable for Scott Brass Inc.'s debts.

In Nov. 2008, three creditors filed involuntary Chapter 11
petition against Cranston, Rhode Island-based Scott Brass, Inc.,
in the U.S. Bankruptcy Court for the District of Rhode Island
(Providence).  The case was assigned Case No. 08-13702.


SHIVSHANKAR PARTNERSHIP: Case Summary & 20 Top Unsec. Creditors
---------------------------------------------------------------
Debtor: Shivshankar Partnership LLC
        140 Cusick Road
        Alcoa, TN 37701

Case No.: 14-30843

Chapter 11 Petition Date: March 17, 2014

Court: United States Bankruptcy Court
       Eastern District of Tennessee (Knoxville)

Judge: Hon. Richard Stair Jr.

Debtor's Counsel: Thomas Lynn Tarpy, Esq.
                  TARPY, COX, FLEISHMAN & LEVEILLE, PLLC
                  1111 Northshore Drive
                  Landmark Tower North, Suite N-290
                  Knoxville, TN 37919
                  Tel: (865) 588-1096
                  Fax: (865) 588-1171
                  Email: ltarpy@tcflattorneys.com

Total Assets: $3.79 million

Total Liabilities: $3.20 million

The petition was signed by Anil Merai, chief manager.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/tneb14-30843.pdf


SUNGARD AVAILABILITY: S&P Assigns 'B+' CCR; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B+' corporate
credit rating to Wayne, Pa.-based Sungard Availability Services
Capital Inc. (AS).  The outlook is stable.

S&P also assigned 'BB-' issue-level ratings and a '2' recovery
ratings to the company's proposed $250 million four-year revolver
and $1.025 billion term loan B.  The '2' recovery rating indicates
S&P's expectations of a substantial (70%-80%) recovery of
principal in the event of a payment default.

Additionally, S&P assigned a 'B-' issue-level rating with a
recovery rating of '6' to the company's proposed approximately
$425 million of unsecured notes.  The '6' recovery rating
indicates S&P's expectation of a negligible (0%-10%) recovery of
principal in the event of a payment default.

"The rating reflects our view of the company's "fair" competitive
position incorporating our assessment of the company's strong
brand, customer diversity, and signs of success in the company's
multi-year effort to reposition the business for growth.  This is
coupled with an "aggressive" financial risk profile reflecting
initial leverage above 4.0x.  The final rating of 'B+' reflects a
one notch comparative ratings downward adjustment from the initial
'bb-' anchor because of the fact that the business is viewed as
being in transition with margins still declining," said credit
analyst Jacob Schlanger.  "We view industry risk as "intermediate"
and country risk as "very low", with 75% of revenues coming from
the U.S. and 20% from the U.K.  We consider management and
governance to be "fair"."

The stable outlook reflects S&P's view that that the company's
turnaround will continue resulting in near term revenue
stabilization and intermediate term EBITDA growth while
maintaining leverage near present levels.

Upside Scenario

S&P do not foresee an upgrade in the near term given the company's
private equity ownership and the fact that the company is in the
midst of a transition that is only beginning to show results.

Downside Scenario

S&P do not consider a downgrade likely.  However, if the
transition does not perform as anticipated and competitive
conditions result in further revenue declines or margin
compression such that leverage is sustained above 5x, S&P could
lower the rating.


SURGICAL SPECIALTIES: Moody's B3 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service placed all ratings of Surgical
Specialties Corporation (US), Inc. (SSC), including its B3
Corporate Family Rating and Caa1-PD Probability of Default rating,
under review for downgrade. The review reflects Moody's
expectation that the company's operating performance in 2013 and
2014 will likely be lower than our original expectations and
liquidity will be pressured due to potential challenges meeting
financial covenants under its credit agreement.

Separately, SSC is in the process of amending some terms in the
credit agreement in favor of shareholder friendly initiatives,
including debt-financed acquisitions, asset sales and dividends.
The amendment, if executed, will also give the company more
flexibility in regard to compliance with financial covenants.

Moody's review will focus on SSC's ability to stabilize revenue
and EBITDA in light of the significant uncertainty associated with
maintaining sales of Quill in the face of rising competition from
Johnson and Johnson. Moody's review will also examine the
company's liquidity position, and changes to its financial policy
in the context of the proposed amendment.

Ratings placed under review for possible downgrade:

Corporate Family Rating at B3

PDR at Caa1-PD

First lien senior secured Term Loan B at B3, (LGD3, 35%)

First lien senior secured Revolver at B3, (LGD3, 35%)

Ratings Rationale

The B3 CFR (currently under review) reflects the company's very
small revenue base and presence in a few low-technology oriented
products aimed at niche customer bases amid much larger
competitors. These concerns are partly offset by leverage, which
is lower than what is typically associated with B3 rated issuers.

The principal methodology used in this rating was the Global
Medical Product and Device Industry published in October 2012.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Surgical Specialties Corporation (US), Inc. (SSC) is the borrowing
entity for Angiotech Pharmaceuticals, Inc, headquartered in
Vancouver, Canada. SSC and its operating subsidiaries manufacture
single-use surgical products within the areas of surgical wound
closure, oral surgery and ophthalmology. Product sales for SSC
were approximately $123 million during fiscal 2012.


TOWER CAR WASH: Case Summary & 8 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Tower Car Wash, Inc.
        1400 E Whitestone Blvd #12
        Cedar Park, TX 78613

Case No.: 14-10402

Chapter 11 Petition Date: March 17, 2014

Court: United States Bankruptcy Court
       Western District of Texas (Austin)

Judge: Hon. Tony M. Davis

Debtor's Counsel: Stephen W. Sather, Esq.
                  BARRON & NEWBURGER, P.C.
                  1212 Guadalupe, Suite 104
                  Austin, TX 78701
                  Tel: (512) 476-9103 Ext. 220
                  Fax: (512) 476-9253
                  Email: ssather@bn-lawyers.com

Total Assets: $4.43 million

Total Liabilities: $3.81 million

The petition was signed by Robert E. Tesch, president.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/txwb14-10402.pdf


TUSCANY INT'L: Has 3-Member Official Equity Committee
-----------------------------------------------------
The Office of the United States Trustee for Region 3, pursuant to
Section 1102(a)(1) of the Bankruptcy Code, appointed three members
to the Committee of Equity Security Holders in connection with the
Debtor Tuscany International Drilling Inc.  The Panel members are:

     1. John Adler, 2119 Elliott Ave, McLean, VA 22101.

     2. Jason Pageau, 6573 Goldencreek Way, Las Vegas, NV 89108.

     3. Nassos Kirykos, Kaviron 8, Lavrio 19500, Greece.

Roberta A. DeAngelis is the U.S. Trustee for Region 3.  T. Patrick
Tinker is the Assistant U.S. Trustee.

                   About Tuscany International

Tuscany International Holdings (U.S.A.) Ltd. and Tuscany
International Drilling Inc. sought protection from creditors under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 14-10193) in Delaware on Feb. 2, 2014.

Tuscany also commenced ancillary proceedings in the Court
of Queen's Bench of Alberta under the Companies' Creditors
Arrangement Act.

Pursuant to a restructuring support agreement with prepetition
lenders holding 95% of the prepetition loans, the Debtors have
agreed to sell substantially all of the assets of TID to lenders
in exchange for a credit bid of certain of their debt, effectuated
through a plan of reorganization.

Headquartered in Calgary, Alberta, Tuscany is engaged in the
business of providing contract drilling and work-over services
along with equipment rentals to the oil and gas industry.  Tuscany
is currently focused on providing services to oil and natural gas
operators in South America.  Tuscany has operating centers in
Colombia, Brazil, and Ecuador.  The Debtor disclosed $414,624,292
in assets and $207,332,530 in liabilities as of the Chapter 11
filing.

The Colombian and Brazilian businesses are operated by certain
non-debtor affiliates, while the Ecuador business is operated by
branch office of debtor TID.  As of the Petition Date, Tuscany
entities owned 26 rigs, of which 12 are located in Colombia, nine
in Brazil and five in Ecuador.  Of the 26 rigs, 15 were contracted
and operational as of the Petition Date and five were directly
owned by the Debtors.

Latham & Watkins LLP's Mitchell A. Seider, Esq., Keith A. Simon,
Esq., David A. Hammerman, Esq., and Annemarie V. Reilly, Esq.; and
Young Conaway Stargatt & Taylor, LLP's Michael R. Nestor, Esq.,
and Kara Hammond Coyle, Esq., serve as the Debtors' co-counsel.
FTI Consulting Canada, Inc.'s Deryck Helkaa is the chief
restructuring officer.  Prime Clerk LLC is the claims and notice
agent, and administrative agent.  McCarthy Tetrautt LLP is the
special Canadian counsel.  Deloitte & Touche LLP provides tax
services.

The Debtors' plan of reorganization dated March 3, 2014, proposes
that a newly-formed entity organized by certain prepetition
lenders will credit bid a principal amount of the Prepetition
Credit Agreement Claims or DIP Facility Claims to be determined in
exchange for all or substantially all of the assets of the HoldCo.

The U.S. Trustee said that an official committee of unsecured
creditors has not been appointed in the Debtors' cases.


TUSCANY INT'L: Landis Rath to Represent Equity Panel
----------------------------------------------------
The newly minted Official Committee of Equity Security Holders in
the Chapter 11 case of Tuscany International Drilling Inc. has
tapped as proposed bankruptcy counsel:

     Adam G. Landis, Esq.
     Kerri K. Mumford, Esq.
     James S. Green Jr., Esq.
     J. Landon Ellis, Esq.
     Joseph D. Wright, Esq.
     LANDIS RATH & COBB LLP
     919 Market Street, Suite 1800
     Wilmington, DE 19801
     Telephone: (302) 467-4400
     Facsimile: (302) 467-4450
     Email: landis@lrclaw.com
            mumford@lrclaw.com
            green@lrclaw.com
            ellis@lrclaw.com
            wright@lrclaw.com

                   About Tuscany International

Tuscany International Holdings (U.S.A.) Ltd. and Tuscany
International Drilling Inc. sought protection from creditors under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 14-10193) in Delaware on Feb. 2, 2014.

Tuscany also commenced ancillary proceedings in the Court
of Queen's Bench of Alberta under the Companies' Creditors
Arrangement Act.

Pursuant to a restructuring support agreement with prepetition
lenders holding 95% of the prepetition loans, the Debtors have
agreed to sell substantially all of the assets of TID to lenders
in exchange for a credit bid of certain of their debt, effectuated
through a plan of reorganization.

Headquartered in Calgary, Alberta, Tuscany is engaged in the
business of providing contract drilling and work-over services
along with equipment rentals to the oil and gas industry.  Tuscany
is currently focused on providing services to oil and natural gas
operators in South America.  Tuscany has operating centers in
Colombia, Brazil, and Ecuador.  The Debtor disclosed $414,624,292
in assets and $207,332,530 in liabilities as of the Chapter 11
filing.

The Colombian and Brazilian businesses are operated by certain
non-debtor affiliates, while the Ecuador business is operated by
branch office of debtor TID.  As of the Petition Date, Tuscany
entities owned 26 rigs, of which 12 are located in Colombia, nine
in Brazil and five in Ecuador.  Of the 26 rigs, 15 were contracted
and operational as of the Petition Date and five were directly
owned by the Debtors.

Latham & Watkins LLP's Mitchell A. Seider, Esq., Keith A. Simon,
Esq., David A. Hammerman, Esq., and Annemarie V. Reilly, Esq.; and
Young Conaway Stargatt & Taylor, LLP's Michael R. Nestor, Esq.,
and Kara Hammond Coyle, Esq., serve as the Debtors' co-counsel.
FTI Consulting Canada, Inc.'s Deryck Helkaa is the chief
restructuring officer.  Prime Clerk LLC is the claims and notice
agent, and administrative agent.  McCarthy Tetrautt LLP is the
special Canadian counsel.  Deloitte & Touche LLP provides tax
services.

The Debtors' plan of reorganization dated March 3, 2014, proposes
that a newly-formed entity organized by certain prepetition
lenders will credit bid a principal amount of the Prepetition
Credit Agreement Claims or DIP Facility Claims to be determined in
exchange for all or substantially all of the assets of the HoldCo.

The U.S. Trustee said that an official committee of unsecured
creditors has not been appointed in the Debtors' cases.


TUSCANY INT'L: Claims Bar Date Set for April 7
----------------------------------------------
The Bankruptcy Court in Delaware on March 13, 2014, entered an
order establishing April 7, 2014, at 5:00 p.m. (Prevailing Pacific
Time) -- General Bar Date -- as the last date and time for each
person or entity to file a proof of claim in the Chapter 11 cases
of Tuscany International Holdings (U.S.A.) Ltd. and Tuscany
International Drilling Inc.

With respect to a governmental unit, the last date and time for
such governmental unit to file a Proof of Claim in the Chapter 11
cases is Aug. 1, 2014, at 5:00 p.m. (Prevailing Pacific Time).

All Claimants must submit (by overnight mail, courier service,
hand delivery, regular mail or in person) an original, written
Proof of Claim that substantially conforms to the Proof of Claim
Form so as to be actually received by Prime Clerk LLC, the
Debtors? claims and notice agent, by no later than 5:00 p.m.
(Prevailing Pacific Time) on or before the applicable Bar Date at
the following address:

     Tuscany International Holdings (U.S.A.) Ltd.
       Claims Processing Center
     c/o Prime Clerk LLC
     830 3rd Avenue, 9th Floor
     New York, NY 10022

                   About Tuscany International

Tuscany International Holdings (U.S.A.) Ltd. and Tuscany
International Drilling Inc. sought protection from creditors under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 14-10193) in Delaware on Feb. 2, 2014.

Tuscany also commenced ancillary proceedings in the Court
of Queen's Bench of Alberta under the Companies' Creditors
Arrangement Act.

Pursuant to a restructuring support agreement with prepetition
lenders holding 95% of the prepetition loans, the Debtors have
agreed to sell substantially all of the assets of TID to lenders
in exchange for a credit bid of certain of their debt, effectuated
through a plan of reorganization.

Headquartered in Calgary, Alberta, Tuscany is engaged in the
business of providing contract drilling and work-over services
along with equipment rentals to the oil and gas industry.  Tuscany
is currently focused on providing services to oil and natural gas
operators in South America.  Tuscany has operating centers in
Colombia, Brazil, and Ecuador.  The Debtor disclosed $414,624,292
in assets and $207,332,530 in liabilities as of the Chapter 11
filing.

The Colombian and Brazilian businesses are operated by certain
non-debtor affiliates, while the Ecuador business is operated by
branch office of debtor TID.  As of the Petition Date, Tuscany
entities owned 26 rigs, of which 12 are located in Colombia, nine
in Brazil and five in Ecuador.  Of the 26 rigs, 15 were contracted
and operational as of the Petition Date and five were directly
owned by the Debtors.

Latham & Watkins LLP's Mitchell A. Seider, Esq., Keith A. Simon,
Esq., David A. Hammerman, Esq., and Annemarie V. Reilly, Esq.; and
Young Conaway Stargatt & Taylor, LLP's Michael R. Nestor, Esq.,
and Kara Hammond Coyle, Esq., serve as the Debtors' co-counsel.
FTI Consulting Canada, Inc.'s Deryck Helkaa is the chief
restructuring officer.  Prime Clerk LLC is the claims and notice
agent, and administrative agent.  McCarthy Tetrautt LLP is the
special Canadian counsel.  Deloitte & Touche LLP provides tax
services.

The Debtors' plan of reorganization dated March 3, 2014, proposes
that a newly-formed entity organized by certain prepetition
lenders will credit bid a principal amount of the Prepetition
Credit Agreement Claims or DIP Facility Claims to be determined in
exchange for all or substantially all of the assets of the HoldCo.

The U.S. Trustee said that an official committee of unsecured
creditors has not been appointed in the Debtors' cases.


UNIVERSAL BIOENERGY: Incurs $160,000 Net Loss in Dec. 31 Qtr.
-------------------------------------------------------------
Universal Bioenergy, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $159,848 on $18.70 million of revenues for the three
months ended Dec. 31, 2013, as compared with net income of
$782,232 on $13.32 million of revenues for the same period in
2012.

For the six months ended Dec. 31, 2013, the Company reported a net
loss of $473,616 on $32.57 million of revenues as compared with a
net loss of $940,935 on $28.88 million of revenues for the six
months ended Dec. 31, 2012.

As of Dec. 31, 2013, the Company had $9.22 million in total
assets, $7.92 million in total liabilities and $1.29 million in
total stockholders' equity.

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

                         http://is.gd/l7SRw7

                     About Universal Bioenergy

Headquartered in Irvine, California, Universal Bioenergy Inc.
develops markets alternative and natural energy products
including, natural gas, solar, biofuels, wind, wave, tidal, and
green technology products.

Universal Bioenergy incurred a net loss of $623,518 on $60.21
million of revenues for the year ended June 30, 2013, as compared
with a net loss of $4.12 million on $57.32 million of revenues for
the year ended June 30, 2012.

Bongiovanni & Associates, CPA's, in Cornelius, North Carolina,
issued a "going concern" qualification on the consolidated
financial statements for the year ended June 30, 2013.  The
independent auditors noted that the the Company has suffered
recurring operating losses, has an accumulated deficit, has
negative working capital, and has yet to generate an internal cash
flow that raises substantial doubt about its ability to continue
as a going concern.


UNS ENERGY: Staves Off Pair of Bankruptcy Hoaxes
------------------------------------------------
David Wichner, writing for The Arizona Daily Star, reported that
Tucson-based UNS Energy Corp., parent of Tucson Electric Power
Co., was the target of a failed hoax in which someone filed
fraudulent bankruptcy papers on the company's behalf.

According to the report, a fraudulent Chapter 7 bankruptcy
petition was filed in UNS Energy Corp.'s name Jan. 21 in U.S.
Bankruptcy Court in Tucson, with forged signatures of company
executives. A similar filing was made Feb. 6 in the name of
"Tucson Energy Power Corporation," with TEP and other UNS units
named as affiliates, the report said.

The initial case was dismissed on Jan. 29 and the second a week
later, after UNS attorneys submitted affidavits saying the filings
were fraudulent, court records show, the report related.

Though there was little concern the cases would progress, UNS
Energy acted quickly to halt the hoax, spokesman Joe Barrios said,
adding that company operations and customer service were
unaffected, the report further related.

Though TEP and other utilities are periodically the subject of
billing scams, Barrios said the bogus bankruptcy filings were a
first in his seven years with the company, the report added.


UPPER VALLEY: UST Seeks Conversion or Ch.11 Trustee Appointment
---------------------------------------------------------------
William K. Harrington, the United States Trustee, on Feb. 13,
2014, asked the U.S. Bankruptcy Court for the District of New
Hampshire to convert Upper Valley Commercial Corporation's case to
one under Chapter 7 of the Bankruptcy Code or, in the alternative,
to appoint a Chapter 11 Trustee to the case.

The U.S. Trustee stated that the need to convert or appoint a
Chapter 11 Trustee had become apparent because the case needs a
disinterested fiduciary to investigate and liquidate insider
claims and the Debtor's pre-petition mismanagement.

The U.S. Trustee argues that sufficient grounds exist to appoint a
Chapter 11 Trustee.  Among the grounds stated, are such issues as
the claims against insiders being such a significant portion of
the Debtor's assets that the best interest of the creditors would
only be served by the appointment of a disinterested trustee.
Further, an inherent conflict of interest exists in the Debtor's
officers and directors pursuing claims against themselves, their
businesses, and family members.  Moreover, because more than half
($5,238,638.06) of the Debtor's remaining Accounts Receivables
consists of money borrowed from the Debtor by its principals,
their family members, and businesses, the Debtor suffers from
material conflicts of interests which give rise to the presumption
that it will not be able to conduct unbiased investigations and
make impartial decisions in pursuing claims on behalf of the
Debtor.

The U.S. Trustee argues that the case should be converted because
there is no reorganization contemplated for the Debtor.  The
Debtor filed the bankruptcy case to wind down its affairs as a
condition to avoiding the appointment of a state court receiver.
Further, the Trustee argues that the Debtor in liquidating its
estate has a fiduciary duty to maximize the return on its accounts
receivables and pursue chapter 5 actions if it would benefit the
estate.  However, management is not likely to want to pursue this
type of actions because of their various conflicts of interests.

The Bankruptcy Court scheduled a hearing on the U.S. Trustee's
request for April 1, 2014 at 11:00 a.m. at Courtroom 2 (JDM), 1000
Elm Street, 11th Floor, Manchester, NH.


USEC INC: Bankruptcy Shakes Up Creditor Line
--------------------------------------------
Stephen J. Lubben, writing for The New York Times' DealBook,
reported that the Chapter 11 bankruptcy case of USEC, Inc., which
processes uranium for power plants, provides a nice reminder that
"there is theory and then there is actual practice."

According to the report, academics, in both the business and legal
worlds, spend a lot of timing worrying about the ?absolute
priority rule.? This is the idea that secured creditors are paid
in full before unsecured ones, and the unsecured creditors are
paid in full before shareholders receive anything.

Academics have long argued that failure to heed the absolute
priority rule with great rigor results in higher debt costs for
all borrowers in the economy, the report noted.  It?s the basis
for many academic criticisms of Chapter 11.

But now there is the USEC reorganization plan, which creditors and
preferred shareholders have agreed to support, the report related.
It would give the holders of existing convertible notes cash for
their accrued but unpaid interest, as well as new notes and just
more than 79 percent of the stock of the reorganized company.

The preferred shareholders -- Toshiba and Babcock & Wilcox --
would receive just more than $40 million in notes and not quite 16
percent of the new equity, the report further related.  The old
shareholders would retain a 5 percent interest in the company.

                       About USEC Inc.

USEC Inc. filed a Chapter 11 bankruptcy petition (Bank. D. Del.
Case No. 14-10475) on March 5, 2014.  John R. Castellano signed
the petition as chief restructuring officer.  The Debtor disclosed
total assets of $70 million and total liabilities of $1.07
billion.  The Hon. Christopher S. Sontchi presides over the case.

Latham & Watkins LLP acts as the Debtor's general counsel.
Richards, Layton and Finger, P.A., serves as the Debtor's Delaware
counsel.  Vinson & Elkins is the Debtor's special counsel.
Lazard Freres & Co. LLC acts as the Debtor's investment banker.
AP Services, LLC, provides management services to the Debtor.
Logan & Company Inc. serves as the Debtor's claims and noticing
agent.  Deloitte Tax LLP are the Debtor's tax professionals.  The
Debtor's independent auditor is PricewaterhouseCoopers LLP.
KPMG LLP provides fresh start accounting services to the Debtor.


VALLEJO, CA: Council Voted to Close $5.2MM Budget Gap
-----------------------------------------------------
An article at publicceo.com, written by Ed Mendel and originally
posted at CalPensions, said the Vallejo city council this month
voted to close a $5.2 million gap in the current budget, showing
no alarm that in a five-year forecast the gap reopens, mainly
driven by rising pension costs.

The article said credit rating agency Moody's said in a report in
February that Vallejo and two California cities currently in
bankruptcy, Stockton and San Bernardino, risk returning to
insolvency without pension relief.

According to the article, Mayor Osby Davis, the lone council
member remaining from the bankruptcy vote nearly six years go,
told his colleagues after this month's budget vote that the city
continues to face difficult decisions in the long drive toward a
"balanced and sustainable" budget.

"We are doing everything we can to try to make the ends meet,"
Mayor Davis said.  "It's going to be a tough struggle, but I'm
sure we will get there."

The city's finance officer, Deborah Lauchner, who has the task of
proposing budget solutions, shared the mayor's confidence that the
Vallejo financial problems can be managed.  "We are not on the
brink of bankruptcy," Ms. Lauchner said, according to the article.
"We are not going there."

A copy of the article is available at http://is.gd/18gre7from
publicceo.com


VELTI INC: Files Ch. 11 Liquidating Plan after Sale to Blackstone
-----------------------------------------------------------------
Velti Inc., et al., filed with the U.S. Bankruptcy Court for the
District of Delaware a Chapter 11 plan of liquidation and
accompanying disclosure statement after completing the sale of
their business to an affiliate of Blackstone Group LP in January.

GSO acquired the business in exchange for debt, the assumption of
specified debt, and $1.25 million in cash for curing payment
defaults on contracts going along with the sale.

A Litigation Trust will be created under the Plan.  Pursuant to a
global settlement between GSO and the Official Committee of
Unsecured Creditors, the Litigation Trust has been pre-funded with
$550,000, of which $300,000 will be distributed to Class 3a
(Allowed General Unsecured Claims) on a Pro Rata basis as soon as
practical after the Effective Date and $250,000 will be held in
reserve for payment of professional fees and expenses of the
Litigation Trust.  Additional amounts received, generated or
recovered by the Litigation Trust will be used to pursue Causes of
Action pursuant to the Litigation Trust Agreement, to adjudicate
General Unsecured Claims, to pay the costs and expenses of the
Litigation Trust, and for distribution to the beneficiaries of the
Litigation Trust, at the discretion of the Litigation Trustee in
accordance with the Litigation Trust Agreement.

A full-text copy of the Plan, dated March 6, 2014, is available
for free at http://bankrupt.com/misc/VELTIplan0306.pdf

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/VELTIds0306.pdf

A hearing to consider approval of the Disclosure Statement is
scheduled on April 10, 2014, at 10:30 a.m. (EDT).  Objections are
due April 3.

                          About Velti Inc.

Velti Inc., a provider of technology for marketing on mobile
devices, sought Chapter 11 protection (Bankr. D. Del. Case No.
13-12878) on Nov. 4, 2013.

Velti Inc., a San Francisco-based unit of Velti Plc, listed assets
of as much $50 million and debt of as much as $100 million.  Its
Air2Web Inc. unit, based in Atlanta, also sought creditor
protection.

The parent, Dublin, Ireland-based Velti Plc, which trades on the
Nasdaq Stock Market, isn't part of the bankruptcy process.
Operations in the U.K., Greece, India, China, Brazil, Russia, the
United Arab Emirates and elsewhere outside the U.S. didn't seek
protection and business there will continue as usual.

The Debtors are represented by attorneys Stuart M. Brown, Esq., at
DLA Piper LLP (US), in Wilmington, Delaware; and Richard A.
Chesley, Esq., Matthew M. Murphy, Esq., and Chun I. Jang, Esq., at
DLA Piper LLP (US), in Chicago, Illinois.  The Debtors have also
tapped Jefferies LLC as investment banker, Sitrick Brincko Group
LLC, as corporate communications consultants, and BMC Group, Inc.,
as claims and noticing agent.

U.S. Bank, National Association, as administrative agent for GSO
Credit-A Partners, LP, GSO Palmetto Opportunistic Investment
Partners LP and GSO Coastline Partners LP, extended $25 million of
postpetition financing to the Debtors.  The DIP Lenders, which are
also the Prepetition Lenders, are represented by Sandy Qusba,
Esq., and Hyang-Sook Lee, Esq., at Simpson Thacher & Bartlett LLP,
in New York.

An Official Committee of Unsecured Creditors has been appointed in
the Debtors' cases.  The Committee has tapped McGuireWoods LLP as
lead counsel and Morris, Nichols, Arsht & Tunnell LLP as Delaware
co-counsel.  Asgaard Capital LLC serves as financial advisor to
the Committee.  Capstone Advisory Group LLC serves as consultant.


VHGI HOLDINGS: Hires Street Capital for Possible Acquisition
------------------------------------------------------------
VHGI Holdings, Inc., is pursuing other US energy opportunities for
acquisition.  On Feb. 17, 2014, the Company entered into an
engagement with Street Capital, Inc., for certain financial
advisory and investment banking services to the Company in
connection with the Company's review of its strategic and
financial alternatives including, but not limited to, a possible
Transaction or Financing.

Street Capital will:

  (a) review historical and projected financial and operating
      information of the Company and any Strategic Partners;

  (b) assist the Company's management with the preparation of a
      memorandum describing the Company's business together with
      other materials as may be reasonably required for marketing
      of the Company;

  (c) identify and seek out persons, groups of persons,
      partnerships, joint ventures, corporations or other entities
     (each, a Strategic Partner) who would be interested in
      entering into a Transaction or Financing with the Company;

  (d) advise and assist the Company as to the financial aspects
      and structure of any proposed Financing or Transaction and
      assist in negotiating the terms thereof; and

  (e) perform other services as the Company and Street will
      mutually agree to in writing.

"It is our goal to afford the shareholders extended options for
growth opportunities.  We continue to focus on the Energy Sector
and negotiations are currently exchanging data for due diligence
within 4 properties within the Coal Industry.  The terms of the
draws will be negotiated per draw down schedule and contingent
upon successful due diligence," the Company said in a Form 8-K
report filed with the U.S. Securities and Exchange Commission.




Investment Pact Termination

Lily Group, Inc., a wholly-owned subsidiary of VHGI Holdings,
Inc., notified a counterparty on Sept. 12, 2013, that it was
terminating an equity investment agreement between the parties.
Lily Group, Inc., is unable to provide the full amount of the
required deposit monies to close the transaction and is unable to
perform under the terms of the agreement.  Lily Group Inc. is
currently attempting to retrieve deposited funds placed on deposit
within the UAE banks associated with the anticipated closing of
the transaction although they are continuing discussions going
forward with potential opportunities.

                        About VHGI Holdings

Fort Worth, Tex.-based VHGI Holdings, Inc., is a holding company
with revenue streams from these business segments: (a) precious
metals (b) oil and gas (c) coal and (d) medical technology.

On Jan. 9, 2014, four creditors filed an involuntary Chapter 11
case against VHGI Holdings in the United States Bankruptcy Court
Southern District of Indiana (Terre Haute).

VHGI Holdings incurred a net loss of $22.34 million on $481,568 of
total revenue for the year ended Dec. 31, 2012, as compared with a
net loss of $5.43 million on $499,617 of total revenue during the
prior year.

As of Dec. 31, 2012, the Company had $47.45 million in total
assets, $62.18 million in total liabilities and a $14.72 million
total stockholders' deficit.

Liggett, Vogt & Webb, P.A., in New York, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.  The independent auditors noted that
the Company has incurred recurring operating losses, has
significant amounts of past due debts and will have to obtain
additional capital to sustain operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


WACO TOWN SQUARE: District Judge Reinstates NSJS Lawsuit
--------------------------------------------------------
District Judge Nancy F. Atlas in Houston, Texas, remanded to the
Bankruptcy Court a July 2013 order that required NSJS Limited
Partnership to dismiss a lawsuit pending in the 414th Judicial
District Court of McLennan County, Texas, against debtors Waco
Town Square Partners, L.P. ("WTSP") and Waco Town Square Partners
II, L.P. ("WTSP II"), and certain individual defendants.

Judge Atlas also affirmed a bankruptcy court ruling that denied
the Debtors' request to hold NSJS in contempt.

NSJS was formed in 1998 by Sherry Bryan, James Bonnett, and Susan
Bonnett after their father, Norman Bonnett, suffered a
debilitating stroke and was unable to manage his affairs. NSJS was
formed to manage Norman Bonnett's real estate holdings and to
generate income to provide for his care.

In August 2008, NSJS invested $200,000 in WTSP II, a company
formed to conduct a second phase of a real estate development in
Waco, Texas, by Wallace Bajjali Development Partners.  David
Wallace, a partner in Wallace Bajjali, and Michael Wray were
responsible for obtaining investors in WTSP II, including NSJS.
In exchange for its investment, NSJS received 2,083.33 units in
WTSP II.  The Agreement of Limited Partnership provided that NSJS
had the right to redeem its interest and receive a full refund of
its initial investment plus a Preferred Return of 10%.  The
Agreement provided further that cash or other proceeds from the
sale of property would not be distributed by the general partner
"except for distributions to NSJS in connection with the
redemption of NSJS units described."

In 2009, NSJS discovered that Wallace Bajjali had invested no cash
in WTSP II, and that WTSP II pledged its real property as
collateral for a loan to WTSP.  In 2010, WTSP II's only asset was
sold to Community Bank, which in turn lent the proceeds to WTSP,
which in turn paid the money back to Community Bank to reduce
WTSP's indebtedness of more than $7 million.  The interest rate
for the remaining debt to Community Bank was reduced from 6.5% to
4.5%.

On July 30, 2010, NSJS tried unsuccessfully to exercise its
redemption rights under the Agreement.  Because WTSP II had used
its assets to reduce WTSP's indebtedness to Community Bank, there
were no funds to pay NSJS the redemption value of its units.

On Nov. 18, 2010, NSJS sued Wallace, Wray, WTSM II, WTSP II and
Community Bank in state court in McLennan County, Texas.  After
filing for bankruptcy in 2011, WTSP II removed the State Court
Lawsuit to the Bankruptcy Court for the Western District of Texas.

The case is, NSJS LIMITED PARTNERSHIP, Appellant, v. WACO TOWN
SQUARE PARTNERS, LP, et al., Appellees, Civil Action No. H-13-2374
(S.D. Tex.).  A copy of Judge Atlas' Memorandum and Order dated
March 13, 2014, is available at http://is.gd/w8YXghfrom
Leagle.com.

Waco Town Square Partners, LP, and Waco Town Square Partners II,
LP, are represented by Edward L Rothberg, Esq., Melissa A
Haselden, Esq., and Terry Josh Judd, Esq., at Hoover Slovacek,
LLP.

NSJS Limited Partnership is represented by David W Anderson, Esq.,
at Rogers Anderson et al; and

     John Patrick Atkins, Esq.
     TEKELL & ATKINS, L.L.P.
     5400 Bosque Boulevard
     Waco, TX 76710
     Tel: 254-776-5095
     Toll Free: 877-283-5355
     Fax: 254-776-5091

Community Bank & Trust, Waco, Texas, is represented by Jeffrey R
Cox, Esq. -- jcox@slmpc.com -- at Sheehy Lovelace & Mayfield.

                  About Waco Town Square Partners

Based in Sugar Land, Texas, Waco Town Square Partners, L.P., dba
Austin Avenue Flats, filed for Chapter 11 bankruptcy (Bankr. S.D.
Tex. Case No. 11-38928) on Oct. 21, 2011.  Judge David R. Jones
presides over the case.  Edward L. Rothberg, Esq., at Hoover
Slovacek LLP, served as the Debtor's counsel.  In its petition,
the Debtor estimated assets and debts of $1 million to $10
million.  The petition was signed by David Wallace, manager and
secretary.

Waco Town Square Partners II LP filed a separate petition (Bankr.
S.D. Tex. Case No. 11-38929) on the same day, listing $100,001 to
$500,000 in assets and $1 million to $10 million in debts.

SWB Waco SH, L.P. filed for Chapter 11 (Bankr. S.D. Tex. Case No.
10-38001) on Sept. 7, 2010.

On May 20, 2012, the Bankruptcy Court entered Order Confirming
Third Amended Joint Chapter 11 Plan of Reorganization of WTSP and
WTSP II, As Modified on the Record at March 26, 2012 Hearing.


WAFERGEN BIO-SYSTEMS: Incurs $17.7 Million Loss in 2013
-------------------------------------------------------
WaferGen Bio-systems, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing
a net loss attributable to common stockholders of $17.71 million
on $1.30 million of total revenue for the year ended Dec. 31,
2013, as compared with a net loss attributable to common
stockholders of $8.97 million on $586,176 of total revenue for the
year ended Dec. 31, 2012.

For the three months ended Dec. 31, 2013, the Company reported net
income attributable to common stockholders of $4.38 million on
$490,465 of total revenue as compared with a net loss attributable
to common stockholders of $1.23 million on $316,177 of total
revenue for the same period in 2012.

As of Dec. 31, 2013, the Company had $12.03 million in total
assets, $13.24 million in total liabilities and a $1.21 million
total stockholders' deficit.

"We made solid progress in 2013 highlighted by the
recapitalization in the latter half of the year which represents a
clear turning point for the company," said Ivan Trifunovich,
president and CEO of WaferGen.  "We launched our SmartChip TE
product line, used for target enrichment prior to Next-Generation
Sequencing (NGS).  We also drastically simplified our capital
structure and raised $13.4 million of net proceeds in the third
quarter, giving us a cash balance at December 31, 2013 of $10.7
million.  On January 6, 2014, we acquired substantially all of the
assets of IntegenX's product line used in library preparation for
NGS, including the Apollo 324TM instrument and PrepXTM reagents
which clearly puts us in a strong competitive position going
forward.  We are excited by the solid progress we have made and at
this key inflection point we look forward to continuing the
momentum as we further execute our growth strategy."

SingerLewak LLP, in San Jose, California, issued a "going concern"
qualification on the consoliated financial statements for the year
ended Dec. 31, 2013.  The independent auditors noted that the
Company has incurred operating losses and negative cash flows from
operating activities since inception which raise substantial doubt
about the Company's ability to continue as a going concern.

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

                         http://is.gd/99Cvir

                     About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.

The Company reported a net loss of $8.2 million in 2012 following
a net loss of $13.1 million in 2011.


WEST TEXAS GUAR: March 20 Hearing on Bankruptcy, Trustee Bid
------------------------------------------------------------
Walt Nett, writing for the Lubbock Avalanche-Journal, reported
U.S. Bankruptcy Judge Robert L. Jones has scheduled a hearing for
March 20 on a request by local farmers for a trustee to monitor
West Texas Guar's operations.  Judge Jones will also consider a
petition by the guar growers for an expedited decision on their
request to place West Texas Guar into involuntary Chapter 11
bankruptcy.  The hearing will be held at 2 p.m. in the U.S.
Bankruptcy Court in Lubbock, in the George H. Mahon Federal
Building.

Representatives of 24 farms filed an involuntary Chapter 11
bankruptcy petition (Bankr. N.D. Tex. Case No. 14-50056) on March
14, 2014, against West Texas Guar Inc.  The farmers claim they are
owed nearly $4 million for seed they've delivered on the 2013
harvest but haven't been paid for.  Guar is a seed crop that has a
variety of uses in human and animal food production, textiles and
fracking for oil and gas wells.

Judge Robert L. Jones oversees the case.  The farmers are
represented by R. Byrn Bass, Jr., Esq., Attorney at Law.


YELLOWSTONE MOUNTAIN: Suit v. Thornton Byron Goes to Trial
----------------------------------------------------------
Montana Bankruptcy Judge Ralph B. Kirscher denied a motion for
summary judgment filed by the Yellowstone Club Liquidating Trust
in its lawsuit against Thornton Byron LLP.

Marc S. Kirschner, the former Trustee for the Yellowstone Club
Liquidating Trust, commenced an adversary proceeding against
Thornton Byron LLP on Feb. 19, 2010, seeking, among other things,
disallowance of Thornton Byron LLP's Proof of Claim and to recover
from Thornton Byron LLP at least $207,597.09 that was paid by the
Debtors to the firm between April 8, 2008, and June 23, 2008, for
professional services rendered to the Debtors, Timothy L. Blixseth
and other non-Debtor individuals and entities.

Judge Kirscher said testimony presented to the Court does not
establish that the Debtor entities were insolvent when the
payments were made to Thornton Byron.  YCLT also has failed to
affirmatively show that no genuine issues of material fact exist
and that it is entitled to summary judgment as a matter of law.

The Court also denied Thornton Byron LLP's Motion to Strike
Portions of Plaintiff's Reply Brief filed Jan. 13, 2014.

The case is, BRIAN A. GLASSER, AS SUCCESSOR TRUSTEE OF THE
YELLOWSTONE CLUB LIQUIDATING TRUST, Plaintiff. v. DESERT RANCH
LLLP, DESERT RANCH MANAGEMENT LLC, TIMOTHY L BLIXSETH, BEAU
BLIXSETH, THORNTON BYRON LLP, George Mack, JOHN DOES 1-100, and
XYZ CORP. 1-100, Defendants, Adv. Proc. No. 10-00015 (Bankr. D.
Mont.).  A copy of the Court's March 14, 2014 Memorandum of
Decision is available at http://is.gd/JrKWYzfrom Leagle.com.

                      About Yellowstone Mountain

Located near Big Sky, Montana, Yellowstone Mountain Club LLC --
http://www.theyellowstoneclub.com/-- is a private golf and ski
community with more than 350 members, including Bill Gates and Dan
Quayle.  The Company was founded in 1999.

Yellowstone Club and its affiliates filed for Chapter 11
bankruptcy (Bankr. D. Montana, Case No. 08-61570) on Nov. 10,
2008.  The Company's owner affiliate, Edra D. Blixseth, filed
a separate Chapter 11 petition on March 27, 2009 (Case No.
09-60452).

Attorneys at Bullivant Houser Bailey PC and Bekkedahl & Green
PLLC represented Yellowstone.  The Debtors hired FTI Consulting
Inc. and Ronald Greenspan as CRO.  The official committee of
unsecured creditors were represented by Parsons, Behle and
Latimer; and James H. Cossitt, Esq., as counsel.  Credit Suisse,
the prepetition first lien lender, was represented by Skadden,
Arps, Slate, Meagher & Flom.

In June 2009, the Bankruptcy Court entered an order confirming
Yellowstone's Chapter 11 Plan.  Pursuant to the Plan, CrossHarbor
Capital Partners LLC acquired equity ownership in the reorganized
Club for $115 million.

Marc S. Kirschner, Esq., was appointed the Trustee of the
Yellowstone Club Liquidating Trust created under the Plan.  He has
since been replaced by Brian A. Glasser as successor trustee.


* 2nd Circ.'s Strict Ch. 15 Rule Will Drive Cases to Delaware
-------------------------------------------------------------
Law360 reported that Delaware's bankruptcy court will be the new
hot spot for insolvent foreign entities seeking Chapter 15
bankruptcy protection in the wake of the Second Circuit's tough
take on who deserves that relief, experts predict.

According to the report, Chapter 15 of the Bankruptcy Code, which
allows foreign debtors' main insolvency proceedings to be
recognized in the U.S., is still developing as courts and
attorneys attempt to apply the nine-year-old law.


* Voiding Mortgage Under State Law Is No Stern Problem
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that considering the validity of a mortgage exclusively
under state law doesn't divest the bankruptcy court of power to
render a final decision under the doctrine of Stern v. Marshall,
Chief U.S. District Judge Christina Reiss from Burlington,
Vermont, ruled on Feb. 28.

According to the report, a husband and wife bought a home years
before filing in Chapter 13. The husband didn't sign the mortgage.

In bankruptcy, the couple dealt with the mortgage as a claims-
allowance issue, the report said.  Neither they nor the trustee
attacked the mortgage using avoiding powers.

The bankruptcy judge ruled under Vermont law that the mortgage was
unenforceable, the report related.  Consequently, the couple's
plan, which the judge confirmed, allowed then to retain the home
free of the mortgage because it was worth less than the $125,000
Vermont homestead exemption.

On the Stern issue, Judge Reiss said the bankruptcy court had both
statutory and constitutional power because the mortgage issue, as
part of the claims-allowance process, was a "necessary integral,
and indivisible part of the bankruptcy proceedings," the report
further related. She cited Stern for saying that deciding an issue
under state law doesn't undercut constitutional power because
the Supreme Court focused on "whether the claim was central to
the bankruptcy process."

The case is GMAC Mortgage LLC v. Orcutt, 13-cv-00083, U.S.
District Court, District of Vermont (Burlington).


* Mortgage Servicer's Ties Raise Regulatory Concern
---------------------------------------------------
Michael Corkery and Peter Eavis, writing for The New York Times'
DealBook, reported that mortgage services collecting money from
homeowners and distributing those payments to lenders is a fairly
boring business. But not to William C. Erbey.

According to the report, the 64-year-old billionaire has built a
servicing empire of mind-aching complexity that plays a huge role
in the nation's housing market. Mr. Erbey's flagship company,
Ocwen Financial, now services about one of every four subprime
mortgages in the United States.

"He's a very smart guy," said Lawrence Bossidy, who worked with
Mr. Erbey at the finance unit of General Electric in the late
1970s, the report related.  "Brilliant," said Leon Cooperman,
founder of the hedge fund firm Omega Advisors, which invests in
one of Mr. Erbey's companies.

Now, Mr. Erbey's smarts -- and his collection of companies are
being tested, the report said.  State and federal regulators are
concerned that Ocwen is mishandling some of the mortgages it now
services, citing examples of shoddy paperwork and faulty
technology.

Regulators and investors, which actually own most of the loans
Ocwen services, are also questioning the unusual arrangements
between Ocwen -- "new co" backward -- and four other publicly
traded companies where Mr. Erbey is chairman, the report added.
The companies do things from buying up delinquent loans to renting
out foreclosed houses.


* North Carolina Is a Case Study in Jobless-Benefits Cut
--------------------------------------------------------
Damian Paletta, writing for The Wall Street Journal, reported that
six years after the country plunged into recession, politicians
and economic-policy makers face a prickly question: What happens
when the government ends long-term unemployment benefits meant to
help the jobless through the downturn and its aftermath?

One state, North Carolina, is running an experiment that offers
some real-life answers, the report related.

Long-term unemployment benefits ended in North Carolina in July,
six months before the federal government ended $25 billion in
long-term jobless benefits for all the other states at the start
of the new year, the report said.

The Tar Heel State's unemployment rate since then has plunged, as
people who were receiving benefits scrambled to find jobs or
stopped looking for work, the report said.  Employers report a
flood of applicants.  But the experience in North Carolina has
exposed two persistent problems dogging the workforce: many
experienced workers are settling for lower-skill jobs, and a lack
of skills is blocking many other workers from settling into an
abundance of openings.

Many of the long-term unemployed have taken jobs for which they
appear to be overqualified, based on experience or education, and
some are piecing together multiple part-time jobs to fill the
benefits gap, the report noted.


* Senate Lawmakers Unveil Bill to Eliminate Fannie, Freddie
-----------------------------------------------------------
Nick Timiraos, writing for The Wall Street Journal, reported that
Senate lawmakers released their first draft of a bipartisan bill
Sunday spelling out their proposal, previously announced last
week, to eliminate Fannie Mae and Freddie Mac.  The legislation
replaces the mortgage-finance giants with a new system in which
the government would continue to play a potentially significant
role insuring U.S. home loans.

According to the report, the 442-page bill, introduced by the
heads of the Senate Banking Committee, Sens. Tim Johnson (D.,
S.D.) and Mike Crapo (R., Idaho), would construct an elaborate new
platform by which a number of private sector entities, together
with a privately-held but federally-regulated utility, would
replace key roles long played by Fannie and Freddie.

Fannie and Freddie don't make loans, but instead buy them from
lenders, package them into securities, and sell those bonds to
investors, the report related.  They guarantee to make investors
whole if loans default, attracting a diverse range of investors to
the U.S. mortgage market.

Over the past three decades, the companies facilitated the
development of broad and deep markets for mortgage bonds, which
helped make more widely available the 30-year, fixed-rate mortgage
to American borrowers, the report further related.  The companies
were taken over by the government in 2008 as they neared collapse.

The Senate measure is notable because it represents a rare
bipartisan push to overhaul Fannie and Freddie, which are the
single largest unaddressed legacy of the 2008 financial crisis,
the report added.


* TARP Funds Demolish Homes in Detroit to Lift Prices
-----------------------------------------------------
Brian Louis and Jeff Green, writing for Bloomberg News, reported
that in Flint, Michigan, once a thriving auto-industry hub,
excavators with long metal arms and shovels have begun tearing
down 1,500 dilapidated homes in an attempt to lift the housing
market.

According to the report, the demolitions in this Michigan city of
about 100,000 people are part of the stepped up efforts by
officials in several Midwestern states to rid their blighted
neighborhoods of decayed housing that's depressing prices. The
funding for the excavator work comes from a surprising source --
the Hardest Hit Fund of the Troubled Asset Relief Program, or
TARP, created in 2008 to stabilize to the financial system.

The $7.6 billion Hardest Hit Fund was intended to help troubled
property owners avoid foreclosure and keep their homes, the report
said.  As foreclosures fall in most parts of the country, the fund
is using the unspent $3.2 billion to remedy the crisis of
abandoned homes. In Detroit alone, 70,000 dwellings, or about 19
percent of the total, may need to be torn down, according to the
city.

While demolition wasn't explicitly part of the initial program,
policymakers are right to use the money to remove decaying
properties, Raphael Bostic, director of the Bedrosian Center at
the University of Southern California, told Bloomberg.

"When a lot of these mortgage-relief programs were set up,
demolition was not an acceptable use," Bostic, a former assistant
secretary at the U.S. Department of Housing and Urban Development,
added. "There are a number of places -- Detroit, Flint, for
example -- where there are just far more houses than people to
live in them."


* Thin Film Market Expected to Grow to $10.25 Bil. by 2018
----------------------------------------------------------
The report "Thin Film Material Market, By Type (CdTe, CIGS, a-Si,
Others), End-User Industry [Photovoltaic Solar Cells, MEMS,
Semiconductors and Electrical (Circuit Boards), Optical
Coating, Others], and Deposition Processes - Global Trends &
Forecast to 2018 ", defines and segments the thin film material
market with an analysis and forecast of the market value.  The
thin film material market value expected to grow by significant
CAGR to reach $10.25 billion by 2018.

The advantages offered by thin film material in industrial as well
as domestic operations, coupled with the rising demand for
efficiency and miniaturization, will continue to drive the thin
film material market.  The growing demand from end-user industries
would be responsible for the growth of thin film material market
at a very swift pace in the future.

Globally, thin film material manufacturing companies are dependent
on the government funding and subsidies.  During the global
economic crisis, U.S. and the European countries were affected the
most.  Many countries such as the U.S. and Germany stopped the
funding subsidies provided to the thin film material manufacturing
companies.  This resulted in bankruptcy, closure, or acquisition
of these companies by their Chinese counterparts.  It also
affected the thin film material market adversely causing the
revenues to decline in 2013.  But the recovering global economy
combined with the stringent government regulation and funding from
venture capitalists is estimated to provide the market with a
necessary boost in the future.

The Thin Film Material Market is growing steadily in Europe, but
will continue to grow at a rapid pace in Asia-Pacific.  The
countries such as China and Japan are the major contributors to
the growing market of Asia-Pacific.  The North American markets
for thin film material will also continue to grow at a significant
rate.  The African and Latin American markets have still not
realized their full potential but their growth rates would be
considerably higher as compared to others owing to low base
effect.

The thin film material market is highly competitive and most
companies don't offer all types of thin film material.  First
Solar (U.S.) is a major player which has dominated the CdTe
market, accounting for nearly 90% of the total CdTe market in
2012.  Hanergy (China) dominated the CIS/CIGS market; occupying
around one-third of the market by acquiring other bankrupt
companies in 2012.  Ascent Solar (U.S.), Kaneka Solar Energy
(Japan), and Solar Frontier (Japan) are the other major companies
offering CIS/CIGS technology.  The a-Si technology is majorly used
by Asian companies such as Anwell Solar (Hong Kong), Suntech Power
Co. Ltd. (China), and Moser Baer (India).

Thin film materials are appropriate for high-density and high-
frequency applications.  Thin film materials are used for number
of applications in several industries such as photovoltaic solar
cells, MEMS, semiconductor, electrical and optical coating. One of
the key factors contributing to this market growth is the
increasing use of solar energy.  The market has also witnessed
growth due to various governments investing increasingly in the
solar industry globally.  However, the shortage of raw material
used for the production of thin films could pose a challenge for
the growth of this market.

The report covers the thin film material market and its trends
that concern five regions, namely, Europe, North America, Asia-
Pacific, The Middle East & Africa, and Latin America; and the
major countries in each region such as U.S., Canada, Germany,
France, Italy, China, Japan, India, and others.  Thin film
material by types, which are, amorphous silicon (a-Si), cadmium
telluride (CdTe), and copper indium gallium selenide (CIGS) along
with others have also been studied.  Thin film material deposition
processes such as, chemical process and physical process are
covered.

                     About MarketsandMarkets

MarketsandMarkets is a global market research and consulting
company based in the U.S.  It publishes strategically analyzed
market research reports and serves as a business intelligence
partner to Fortune 500 companies across the world.

MarketsandMarkets also provides multi-client reports, company
profiles, databases, and custom research services.  M&M covers
thirteen industry verticals, including advanced materials ,
automotives and transportation, banking and financial services,
biotechnology, chemicals, consumer goods, energy and power, food
and beverages, industrial automation, medical devices,
pharmaceuticals, semiconductor and electronics, and
telecommunications and IT.


* LegalZoom's Referral Suit Against Bankruptcy Firm Stands
----------------------------------------------------------
Law360 reported that a California federal judge refused to drop
Macey Bankruptcy Law Holdings PC from a lawsuit brought by
LegalZoom Inc. against MBLH and affiliates for allegedly failing
to pay for bankruptcy-case leads provided under contract, saying
MBLH satisfied the "minimum contacts" requirement for
jurisdiction.

According to the report, LegalZoom filed suit last year against
MBLH, its wholly owned subsidiary Macey Bankruptcy Law PC, and
Jacob & Meyers Bankruptcy LLP, alleging breach of contract and
other claims related to an agreement between MBL and LegalZoom.

The case is LegalZoom.com Inc v. Macey Bankruptcy Law PC et al.,
Case No. 2:13-cv-08620 (C.D.Calif.) before Judge Beverly Reid
O'Connell.  The case was filed on November 21, 2013.


* McCathern Merges with Braden, Hinchcliffe & Hawley
----------------------------------------------------
McCathern on March 17 announced the opening of its Los Angeles,
California office commensurate with its merge with Los Angeles-
based law firm, Braden, Hinchcliffe & Hawley LLP. While
McCathern's expertise is national in reach, the firm understands
the importance of a local presence.  The addition of Braden,
Hinchcliffe & Hawley's established reputation to McCathern's Los
Angeles office will strengthen the firm's influence in California
and its relationship with its clients across the nation.

                          About McCathern

Formed in 1998, McCathern is a Dallas, Texas based law firm with a
practice that is national in scope.  From its offices in Dallas,
San Antonio, and Houston, Texas, and Los Angeles, California, and
through an association with contract attorneys and attorneys "Of
Counsel" to the firm in all fifty states, the firm handles complex
litigation and transactional matters throughout the country.

McCathern has a broad range of practice group specializations,
including construction defect, employment, commercial litigation,
non-subscription litigation, banking litigation, insurance and
large loss subrogation litigation, oil and gas, bankruptcy, family
law, and real property and business transactions.  It is the
largest provider of litigation defense services to non-subscribers
in the State of Texas.  Its clientele list ranges from Fortune 500
corporations and high-profile organizations, to small companies
and high net worth individuals.


* Parker Ibrahim's John Falzone Named to 2014 N.J. Super Lawyers
----------------------------------------------------------------
John M. Falzone, partner at New Jersey business law firm Parker
Ibrahim & Berg, has been named to the 2014 New Jersey Super
Lawyers list.

In addition, two of the firm's associates -- Megan J. Strickland
and Kashif T. Chand -- have been recognized as 2014 New Jersey
Rising Stars by Super Lawyers, the Thomson Reuters lawyer rating
service.

Super Lawyers rates attorneys who have attained a high-degree of
peer recognition and professional achievement in more than 70
practice areas.  The selection process is multi-phased and
includes peer nominations, independent research across 12 key
categories and evaluation by a highly credentialed panel of
attorneys.  At the conclusion of this patented process, only 5% of
attorneys from each state are selected each year as Super Lawyers.

Rising Stars recognizes attorneys under the age of 40 who have
been in practice less than 10 years.  The selection process for
this designation is the same as that for Super Lawyers.  No more
than 2.5% of attorneys in each state are named to Rising Stars.

Mr. Falzone focuses his practice at Parker Ibrahim & Berg on the
representation of financial institutions in the mortgage banking
industry and has extensive experience with complex commercial and
banking matters, as well as investor and consumer class actions.
He was previously honored as a Super Lawyers Rising Star in 2011
and 2012, and has defended major U.S. and foreign banks, Big 4
accounting firms, various publicly owned companies, and directors
and officers in federal and state court litigation across the
country.  Mr. Falzone received his B.A. from Villanova University,
and his J.D. from Seton Hall Law School, where he was the Editor-
in-Chief of the Seton Hall Law Review.

Ms. Strickland is an associate with Parker Ibrahim & Berg and
focuses her practice on the representation of financial
institutions.  She has extensive experience with financial
services-related litigation and regulatory and transactional
matters.  Ms. Strickland received her Juris Doctor from Seton Hall
University School of Law and her B.A. from Villanova University.
She is admitted to practice law in the states of New York and New
Jersey and in the United States District Court for the District of
New Jersey.

Mr. Chand represents financial institutions in connection with
financial services-related litigation and regulatory and
transactional matters.  He received his Juris Doctor from Rutgers
University School of Law and a B.A. in Chemistry degree from
Rutgers University.  Mr. Chand is admitted to practice before the
bars of New Jersey and New York.

"It's a thrill to have three of our attorneys recognized for their
exceptional performance," said Scott Parker, firm co-founder and
partner.  "This honor is a testament to their outstanding work on
behalf of our clients and the culture of excellence we strive to
maintain within our firm."

Parker Ibrahim & Berg was recently recognized by the New Jersey
Law Journal as one of the top five large New Jersey law firms in
terms of hiring in 2013.  The firm was also named one of the 2014
Best Places to Work by NJBIZ.  Based in Somerset, N.J., the firm
also has offices in Philadelphia and New York City.

Parker Ibrahim & Berg -- http://piblaw.com-- represents a wide
array of corporate clients, including Fortune 500 companies,
national banks, retailers, reinsurers, mortgage lenders and
financial services companies.  Its practice areas include mortgage
banking, bankruptcy, commercial litigation, reinsurance/insurance,
regulatory consulting, regulatory enforcement, consumer finance,
fair lending, and corporate transactional matters.



                             *********

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.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, 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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