TCR_Public/140326.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 26, 2014, Vol. 18, No. 84

                            Headlines

1139 CLAY AVENUE: Voluntary Chapter 11 Case Summary
22ND CENTURY: Approved to List Common Stock on NYSE MKT
30DC INC: Expands MagCast Android Beta Trial
ACCESS MIDSTREAM: S&P Revises Outlook to Pos. & Affirms 'BB' CCR
ACEMLA DE PUERTO RICO: Case Summary & 13 Top Unsecured Creditors

ADVANCED MICRO: Plans to Offer $500 Million of Senior Notes
AEMETIS INC: To Issue 6 Million Shares Under Plans
ALLIED INDUSTRIES: Hires RLS Inc. as Appraiser
ALLIED INDUSTRIES: Taps DMA as Business Valuation Appraiser
AMERICAN APPAREL: VP of Finance and Controller Resigns

AMERICAN TITLE: Title Resources' Suit Stayed Following Bankruptcy
ARICENT TECHNOLOGIES: Moody's Assigns B2 Corporate Family Rating
ASR CONSTRUCTORS: Plan Exclusivity Period Extended Until April 21
ATP OIL: Omega Awarded $649,026 Admin Expense Claim
BAY CITY SHOVELS: Voluntary Chapter 11 Case Summary
BENTLEY PREMIER: Chapter 11 Trustee, Lenders Oppose Golgart Plan

BENTLEY PREMIER: Golgart Opposes Confirmation of Pourchot Plan
BETSEY JOHNSON: Marcum Accountants to Render Expanded Services
BLACK DIAMOND MINING: Jones Day Must Produce Records
BON-TON STORES: James Berylson Stake at 5.1% as of Feb. 13
BONDS.COM GROUP: To Be Acquired by MTS

C&K MARKET: US Trustee Amends Creditors Panel
CAMCO FINANCIAL: Huntington Bancshares Acquires Advantage Bank
CAMCO FINANCIAL: Stockholders Approve Merger with Huntington
CANCER GENETICS: Paul Rothman Named to Board of Directors
CASH STORE: Special Committee Formed to Review Alternatives

CHECKER MOTORS: Interlocutory Appeal on Pension Liability Barred
CHESAPEAKE ENERGY: Sees Possible Spinoff of Oilfield Services
CLEAR CHANNEL: Incurs $606.8 Million Net Loss in 2013
COLONY BEACH: Court Denies Confirmation of Joint Plan
COMMUNITYONE BANCORP: Incurs $1.5 Million Net Loss in 2013

CONSTAR INTERNATIONAL: Supplemental Asset Sale Order Approved
CUE & LOPEZ: Oriental Bank Asks Court to Appoint Examiner
CUE & LOPEZ: Oriental Bank Wants to Bar Use of Cash Collateral
CUMULUS MEDIA: Ares Mgt. Owned 7% of Class A Shares at Feb. 20
DELPHI AUTOMOTIVE: May Be Dragged in GM Recall Issue

DEMCO INC: Creditors' Panel Taps Amigone Sanchez as Counsel
DENHAM HOMES: Ill. Judge Rules on Appeal Over Case Dismissal
DETROIT, MI: Area Water Authority Talks Hit Cutoff
DETROIT, MI: Asks U.S. Court to Consolidate Bankruptcy Appeals
DETROIT, MI: Bankruptcy Means Long Waits for Bus Riders

DIOCESE OF HELENA: Taps Michael Hogan as Victims Representative
DUNE ENERGY: Incurs $46.9 Million Net Loss in 2013
E3 BIOFUELS: Suit Over Ruinous Blast Found Time-Barred
EDISON MISSION: Withdraws Motion to Estimate EIX Disputed Claims
EDWIN WATTS GOLF: Seeks Until June 2 to File Exit Plan

ELBIT IMAGING: Consummates Debt Restructuring
ELBIT IMAGING: Court Rejects Liquidation Request
ENNIS COMMERCIAL: Colliers Tingey Okayed as Real Estate Broker
ENNIS COMMERCIAL: Loeb Okayed as Plan Administrator's Tax Counsel
ENNIS COMMERCIAL: Plan Administrator May Sell Belridge Property

ENOVA SYSTEMS: To Sell 7 Million Common Shares to CEO
EXPERT GLOBAL: May Need to Modify Loan Deals, Says Moody's
FAIRMONT GENERAL: Hires Pachulski to Advise on Medicare Claims
FILENE'S BASEMENT: Hartz Mountain Strikes Deal to Purchase HQ
FIRST MARINER: Obtains Interim OK for Equity Transfer Procedures

FREE LANCE-STAR: Panel Hires Hunton & Williams as Counsel
FREEDOM INDUSTRIES: Pres. Wants Pay for Work Since Filing
FREEDOM INDUSTRIES: Court Approves Frost Brown as Panel's Counsel
FREEDOM INDUSTRIES: CRO Says Funds Could Be Down to $3MM by June
GARLOCK SEALING: Ford Seeks Info to Fight Its Own Asbestos Suits

GENERAL MOTORS: Reports 3 More Recalls, "Redoubles" Safety Efforts
GULF FLEET: Trustee May Recoup $166,625 From Candy Fleet
GULF FLEET: May Avoid $117,519 in Transfers to Adriatic Marine
GULF FLEET: Trustee May Recoup $64,172 From Reama
HAAS ENVIRONMENTAL: Can Access Cash Collateral Until May 31

HANGER INC: Has Until September 17 to File Form 10-K with SEC
HECLA MINING: Moody's Lowers CFR to 'B2'; Outlook Negative
HERCULES OFFSHORE: Board Approves Salary Increase for Executives
HERCULES OFFSHORE: Files Fleet Status Report as of Feb. 19
HIBU INC: Yellow-Page Publisher Closing U.S. Proceedings

HOVNANIAN ENTERPRISES: Incurs $24.5MM Net Loss in Jan. 31 Qtr.
HORIZON LINES: Settles Qui Tam Complaint in Florida
HUNTER DEFENSE: S&P Lowers CCR to 'CCC' on Debt Maturity Concerns
ICEF-VIEW PARK: S&P Assigns 'BB' Rating to Facility Revenue Bonds
ID PERFUMES: Files Copy of License Agreement with Kendall Jenner

INDYMAC BANCORP: 9th Circ. Won't Nix Arguments in $80M D&O Row
INFINITY ENERGY: Extends Maturity of Note to May 11
INFOGROUP INC: Moody's Lowers Corporate Family Rating to B3
INNOVATIVE COMMS: Plan Trustee's Avoidance Suit Not Time-Barred
INSTRUMENTATION AND CONTROLS: Court Rules in Avoidance Suit

INTERNATIONAL TEXTILE: Court Partially OKs Lawsuit Settlement
INTEGRATED HEALTHCARE: Silver Point Stake at 27.3% as of Feb. 19
ISTAR FINANCIAL: Incurs $57.9 Million Net Loss in 4th Quarter
ISTAR FINANCIAL: BlackRock Stake at 10.9% as of Dec. 31
JACKSON HEWITT: New Jersey Court Narrows FasTax Suit

JAMES C. SCHLEHUBER: 8th Cir. Affirms Conversion to Chapter 11
JAMES RIVER: Gets NASDAQ Listing Non-Compliance Notice
JONES ENERGY: Moody's Assigns 'B2' CFR & Rates $300MM Notes 'B3'
JONES ENERGY: S&P Assigns 'B' CCR & Rates $300MM Sr. Notes 'B-'
KCG HOLDINGS: Moody's Affirms 'B1' Corporate Family Rating

KIDSPEACE CORP: Lease Decision Period Extended Thru April
KOO YUEN LIFE: Case Summary and 3 Largest Unsecured Creditors
LANTHEUS MEDICAL: Moody's Affirms 'Caa2' CFR; Outlook Positive
LCI HOLDING: 'Gift' Settlement Can Bypass Claim Priority Rules
LIGHTSQUARED INC: Director Says Exit Plan Is Fair To Dish Chair

LIME ENERGY: To Hold "Say-on-Pay" Votes Every Three Years
LONESTAR RESOURCES: S&P Gives 'B-' CCR & Rates $200MM Notes 'CCC+'
LOS ANGELES DODGERS: Are Dismissed from Bankruptcy Court
MCC FUNDING: Voluntary Chapter 11 Case Summary
MCCLATCHY CO: Posts $18.8 Million Fiscal 2013 Net Income

MEDIA GENERAL: Reports $4.3 Million 2013 Net Income
METRO AFFILIATES: Claims Bar Date Set for April 21
MF GLOBAL: SIPA Trustee Must Disclose Non-Attorney Fees & Costs
MF GLOBAL: Customers One Step Closer to Getting Paid in Full
MI PUEBLO: Can Hire Perkins Coie to Advise on Financing Matters

MMRGLOBAL INC: Unit Inks Settlement Agreement with Walgreens
MOBIVITY HOLDINGS: Amends Letter of Intent with Smart Receipt
MONTREAL MAINE: Wrongful-Death Lawyers Barred from Case
MORGANS HOTEL: Ronald Burkle Stake at 27.2% as of Feb. 28
MT. GOX: Allows Customers to View Account Balances

NAVISTAR INTERNATIONAL: BNY Mellon No Longer Owns Pref. Shares
NELSON CHATELAIN: Judgment Against Huntsville Golf Affirmed
NEW LEAF BRANDS: H J & Assoc. Replaces EisnerAmper as Accountants
NEWLEAD HOLDINGS: Perian Salviola Stake at 18.3% as of Feb. 28
NEWLEAD HOLDINGS: Mantangi Irrevocable Stake at 9.2% as of Dec. 31

NORTHERN MARIANA CPA: Fitch Keeps $13MM Airport Bonds' B- Rating
NORTHERN MARIANA CPA: Fitch Keeps $30MM Seaport Bonds' BB- Rating
NUVILEX INC: Fully Pays Licensing Obligations to Austrianova
ORCKIT COMMUNICATIONS: Court Denies Request to Stay Proceedings
PACIFIC GOLD: Amends Option and Asset Sale Pact with Pilot Metals

PAUL CAPITAL: Is Winding Down After Sale Collapses
PLUG POWER: Offering $22.4 Million Common Shares
PRESSURE BIOSCIENCES: Obtains $630,380 From Private Placement
PRICHARD, AL: Bankruptcy-Exit Plan Heads to Retirees for Vote
PROLOGIS INC: S&P Raises Preferred Stock Rating From 'BB+'

QUANTUM FUEL: Obtains $15.3 Million From Securities Offering
QUIZNOS CORP: Joint Plan & Disclosures Hearing Set for April 25
QUIZNOS CORP: Seeks to Assume Restructuring Support Agreement
QUIZNOS CORP: Has Interim Authority to Tap $10MM in DIP Loans
QUIZNOS CORP: To Honor Gift Cards and Groupons

REEVES DEVELOPMENT: IberiaBank & Reeves Differ on Use of Funds
RENAISSANCE LEARNING: S&P Lowers Rating to 'B-'; Outlook Stable
RENTAL SYSTEMS: Court Rejects Neal Wolf Employment
ROBERT J PETILLO: Case Summary and 12 Largest Unsecured Creditors
ROYCE HOMES: Jury Deadlocks In Fraud Suit Against CEO

SAINT VINCENTS CATHOLIC: Claimant's Lawyer Facing Sanctions
SALANDER-O'REILLY: Dispute Over Madonna and Child Goes to Trial
SEANERGY MARITIME: Reports $17.1 Million Net Income in Q3 2013
SEARS HOLDINGS: S&P Affirms 'CCC+' CCR & Removes From CreditWatch
SEQUENOM INC: Board Approves Salary Increases for Executives

SHOTWELL LANDFILL: U.S. Trustee Appoints 6-Member Creditors Panel
SPENDSMART PAYMENTS: Alex Minicucci Stake at 24.8% as of Feb. 11
STANADYNE HOLDINGS: Has $6MM Term Loan Agreement with Kohlberg
SUMMIT III: Avoidance Suit v. Craig Duet Survives Dismissal Bid
SUNTECH POWER: Solyndra Fights Bid for Ch. 15 Protection

TEAM NATION: Seeks to Cancel Unauthorized Certificates
TLC HEALTH: Can Employ Cash Realty & Auctions as Appraisers
TRANSGENOMIC INC: Randal Kirk Stake at 37.2% as of March 5
UNITED AIRLINES: Fitch Assigns 'B' Rating to 2014-1 Class A Certs
U.S. RENAL: Moody's Rates $225MM First Lien Term Debt 'Ba3'

VERMILLION INC: Reports $1.8 Million Fourth Quarter Net Loss
VHGI HOLDINGS: Chief Financial Officer Resigned
VIGGLE INC: Maturity of Deutsche Bank Facility Moved to Dec. 31
VISCOUNT SYSTEMS: Appoints New President, CEO, and Chairman
VUZIX CORP: Receives $1.1 Million From Warrants Exercise

VERITY CORP: Incurs $461,000 Net Loss in Dec. 31 Quarter
WEST CORP: Reports $143.2 Million Net Income in 2013
WEST TEXAS GUAR: Objects to Bid for Trustee Appointment
WHEATLAND MARKETPLACE: Wants Extension of Plan Filing Period
WORLD PROPERTIES: Voluntary Chapter 11 Case Summary

ZALE CORP: Earns $50.7 Million in January 31 Quarter
ZOGENIX INC: Reports $80.8 Million 2013 Net Loss

* IRS Rips Bankrupt Atty's 'Illegal' Request to Discharge Interest
* Lady Gaga Admits Filing for Bankruptcy During Early Career
* IMG in No Hurry to Buy Out Brazil's Eike Batista
* Financial Firms Are Pressuring Lawmakers over Proposed Bank Tax

* Wells Fargo Foreclosure Manual Under Fire
* Costly Loans Are Drawing Attention from States
* Moody's Says No Increase in Number of Low-Rated Junk Companies
* Federal Reserve Officials Weighing How to Retool Rate Guidance

* Arkansas Bankruptcy Judge James Mixon Dies at 72


                             *********


1139 CLAY AVENUE: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: 1139 Clay Avenue, LLC
        1035 Grand Concourse
        Bronx, NY 10452

Case No.: 14-10763

Chapter 11 Petition Date: March 24, 2014

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Robert E. Gerber

Debtor's Counsel: Surajudeen Agbaje, Esq.
                  OLA-OLU AGBAJE, P.C.
                  3550 White Plains Road, Suite 11
                  Bronx, NY 10467
                  Tel: (718) 231-1353
                  Fax: (718) 324-0916
                  Email: agbajelawPC@aol.com

Total Assets: $3 million

Total Liabilities: $1.5 million

The petition was signed by Abu Olatunji, president.

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


22ND CENTURY: Approved to List Common Stock on NYSE MKT
-------------------------------------------------------
22nd Century Group, Inc., has received approval to list its common
stock on the NYSE MKT.  Trading on the NYSE MKT is expected to
commence on Tuesday, March 11, 2014, under the Company's current
symbol, XXII.  In connection with this NYSE MKT listing, 22nd
Century Group will cease trading on the OTCBB and OTCQB.

"The listing of our common stock on NYSE MKT is an important
milestone for the Company since many institutional investors and
retail brokers looking to build a position in 22nd Century Group
stock are not allowed to purchase OTC Bulletin Board stocks,"
stated Joseph Pandolfino, 22nd Century's Founder and CEO.  He
added, "22nd Century Group in recent months has implemented
important components of its business plan and has delivered strong
financial growth, and we anticipate our transition to the NYSE MKT
will greatly facilitate continued growth in shareholder value as
we meet additional upcoming milestones."

"We welcome 22nd Century Group, Inc. to the NYSE MKT's listed
company community," said Scott Cutler, executive vice president &
head of global listings, NYSE Euronext.  "We congratulate 22nd
Century Group on its first day of trading on the NYSE MKT and look
forward to a long-standing partnership with the company and its
shareholders."

22nd Century Group selected Virtu Financial as its Designated
Market Maker on the NYSE MKT.

22nd Century Group is currently scheduled to ring the opening bell
at the New York Stock Exchange on Tuesday June 17, 2014.

For additional information, please visit: www.xxiicentury.com

                        About 22nd Century

Clarence, New York-based 22nd Century Group, Inc., through its
wholly-owned subsidiary, 22nd Century Ltd, is a plant
biotechnology company using technology that allows for the level
of nicotine and other nicotinic alkaloids (e.g., nornicotine,
anatabine and anabasine) in tobacco plants to be decreased or
increased through genetic engineering and plant breeding.

22nd Century reported a net loss of $26.15 million in 2013, a net
loss of $6.73 million in 2012 and a net loss of $1.34 million in
2011.  As of Dec. 31, 2013, the Company had $12.28 million in
total assets, $4.76 million in total liabilities and $7.52 million
in total shareholders' equity.

Freed Maxick CPAs, P.C., in Buffalo, New York, did not issue a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The accounting firm
previously expressed substantial doubt about the Company's ability
to continue as a going concern in their audit report on the
consolidated financial statements for the year ended Dec. 31,
2012.  The independent auditors noted that 22nd Century has
suffered recurring losses from operations and as of Dec. 31, 2012,
has negative working capital of $3.3 million and a shareholders'
deficit of $6.1 million.  Additional capital will be required
during 2013 in order to satisfy existing current obligations and
finance working capital needs as well as additional losses from
operations that are expected in 2013, the report added.


30DC INC: Expands MagCast Android Beta Trial
--------------------------------------------
30DC, Inc., is testing an upgrade of the MagCast Digital
Publishing Platform that will facilitate the delivery of content
in magazine format to Android devices utilizing Google Play
Newsstand the Android equivalent of Apple's iOS Newsstand.
The current trial expands on 30DC's existing Android beta study,
provides for testing and feedback, and includes up to two hundred
existing MagCast publications.

Android is an open-source software stack for a wide range of
mobile devices, with different shapes, screen sizes, performance
levels, and different Android versions that are concurrently
active at any one time.  The MagCast Platform Android edition
allows publishers to export their content in two forms, a Full
Interactive Version, and a Mobile Optimized Text Version.
MagCast's Full Version displays content in an interactive,
graphics rich format, providing readers with a highly engaging
multimedia experience, and is available for the iPad and now a
wide range of Android  devices.  MagCast's Text Version is scaled
back, less graphics-intensive and extends perfectly for
Android devices that don't support the Full Version.

30DC believes the MagCast Platform's Text Version will provide a
solution to Android fragmentation, while delivering excellent
reading experiences to the most diverse range of Android devices,
along with the previously accessible iOS iPhone, iPod Touch.
Self-publishing using MagCast does not require content
creators to know code, have programming experience, and is
designed to help save time and make it easy - with a few clicks -
to automatically deliver content to an expanded number of mobile
devices.

The Android version brings the advanced marketing tools of the
MagCast iOS to Android, including push notification, list
building, digital product development, and eCommerce strategies.
30DC is currently positioning MagCast as a broader communications
platform designed for Internet publishers of user-generated
content to build market leadership and influence.  Almost all
MagCast publishers to date launched digital publishing businesses
from scratch, with little to no prior magazine experience,
technical skills, and limited lists.

The platform's true value lies within its business system, which
provides comprehensive education, training and support on how to
develop a successful mobile-based business.  MagCast provides
self-publishers with everything needed to successfully make money
on Apple Newsstand and now Google Play - from finding
niche market ideas, developing a content strategy, using the
MagCast platform to create a mobile App and publish on an ongoing
basis - to learning how to market, build lists, and develop an
audience for the App, and develop digital products that can be
distributed via in-App purchases.  Other features include
integrating web-based e-commerce Web sites to sell digital
products online, creating a web-based community, and developing
advertising opportunities.  In the last 18 months,  MagCast  has
been a top self publishing tool, facilitating the establishment of
820 digital magazines - almost all developed from scratch - not
digital replicas of existing publications.

30DC management believes that enabling MagCasters to access the
large number of Android users will act as a driver to downloads
and increase their potential audience.  Subject to the results of
the beta trial and any tweaks or corrections necessary, 30DC is
expecting to officially launch and make MagCast Android
available to the general public in late Spring 2014.

                           About 30DC Inc.

New York-based 30DC, Inc., provides Internet marketing services
and related training to help Internet companies in operating their
businesses.  It operates in two divisions, 30 Day Challenge and
Immediate Edge.

30DC incurred a net loss of $407,642 on $1.97 million of total
revenue for the year ended June 30, 2013, as compared with net
income of $32,207 on $2.91 million of total revenue during the
prior fiscal year.

As of Dec. 31, 2013, the Company had $3.19 million in total
assets, $2.02 million in total liabilities and $1.17 million in
total stockholders' equity.

Marcum LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended June 30,
2013.  The independent auditors noted that the Company has a
working capital deficit and stockholders' deficiency as of
June 30, 2012.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


ACCESS MIDSTREAM: S&P Revises Outlook to Pos. & Affirms 'BB' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its rating
outlook on Access Midstream Partners to positive from stable.  S&P
affirmed its 'BB' corporate credit rating on the company.  S&P
also affirmed the 'BB' issue-level rating on Access' senior
unsecured notes.  The '4' recovery rating is unchanged.

S&P bases the outlook revision on Access' increased size, in
addition to slightly improved counterparty risk as a result of
CHK's rating outlook revision to positive.  The December 2012
acquisition of Chesapeake Midstream Operating LLC (CMO)
meaningfully accelerated Access' volume growth and S&P expects the
partnership to exceed $1 billion of EBITDA in 2014, up from $350
million just two years ago.  Furthermore, Access' 100% fee-based
contract structure and total gathering volumes, about 3.7 billion
cubic feet per day at year end 2013, compares favorably with
peers.

"Still, Access' counterparty exposure to CHK, which we estimate
will account for about 75% of 2014 cash flow, remains the main
credit risk," said Standard & Poor's credit analyst Nora Pickens.

The outlook on the rating is positive.  Because of Access'
significant customer concentration with CHK, any changes to CHK's
ratings would cause S&P to reevaluate its ratings on Access.
Independent of any potential ratings actions on CHK, it could
raise the ratings on Access if the partnership successfully
executes its 2014 growth projects while maintaining adequate
liquidity and debt to EBITDA below 4x.  S&P could revise the
outlook to stable if the partnership materially increases leverage
such that pro form debt to EBITDA exceeds 4.75x on a sustained
basis or if the company begins to assume more significant
commodity price risk.


ACEMLA DE PUERTO RICO: Case Summary & 13 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: ACEMLA De Puerto Rico, Inc.
        Box 366714
        San Juan, PR 00936-6714

Case No.: 14-02245

Chapter 11 Petition Date: March 24, 2014

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

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Gerardo L Santiago Puig
                  SANTIAGO PUIG LAW OFFICES
                  Doral Bank Plaza Suite 801
                  33 Resolucion St
                  San Juan, PR 00920
                  Tel: 787-777-8000
                  Fax: 787-767-7107
                  Email: gsantiagopuig@gmail.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Raul Bernard, president.

A list of the Debtor's 13 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb14-2245.pdf


ADVANCED MICRO: Plans to Offer $500 Million of Senior Notes
-----------------------------------------------------------
Advanced Micro Devices, Inc., announced on Feb. 20, 2014, that it
intends to commence a private offering, subject to market and
other conditions, of $500 million aggregate principal amount of
senior notes due 2019.  AMD intends to use the net proceeds
received in the offering to repurchase up to $425 million
aggregate principal amount of its outstanding 6.00 percent
Convertible Senior Notes due 2015 through a tender offer which was
launched on Feb. 20, 2014.  AMD intends to use remaining net
proceeds to repurchase up to a maximum of $200 million aggregate
principal amount of AMD's outstanding 8.125 percent Senior Notes
due 2017 through a tender offer which was also launched on
Feb. 20, 2014.  To the extent he Company will have net proceeds
after the completion of the tender offers, it will use those net
proceeds to redeem, repurchase or otherwise retire other
outstanding debt.

              Partial Tender Offer for its 6.00 percent
                  Convertible Senior Notes due 2015

Advanced Micro commenced a cash tender offer for up to
$425,000,000 in aggregate principal amount of its outstanding 6.00
percent Convertible Senior Notes due 2015.  The Company intends to
finance the purchase of the Notes tendered in the tender offer
with the net proceeds from the closing of the Company's private
offering of $500 million of senior notes due 2019.

The tender offer will expire at 12:00 midnight, New York City
time, on March 19, 2014, unless extended, or earlier terminated by
AMD.  Holders who validly tender, and do not validly withdraw,
their Notes on or prior to the Expiration Date will be entitled to
receive $1,065 for each $1,000 principal amount of Notes purchased
in the tender offer, plus accrued and unpaid interest to, but not
including, the date of payment for the Notes accepted for payment.
Tenders of Notes must be made on or prior to the Expiration Date,
and Notes may be withdrawn at any time on or prior to the
Expiration Date.

To the extent that acceptances of all validly tendered Notes would
require AMD to purchase more than $425,000,000 in aggregate
principal amount of Notes in connection with the tender offer, the
Company will allocate acceptances on a pro rata basis among the
tendering holders.

The tender offer is contingent upon the satisfaction of certain
conditions, including the closing of the New Notes Offering, which
will be subject to customary closing conditions.

The Company has retained BofA Merrill Lynch to act as the Dealer
Manager for the tender offer.  Questions regarding the tender
offer may be directed to BofA Merrill Lynch at (888) 292-0070
(toll-free) or (980) 387-3907 (collect).  Requests for the Offer
to Purchase and other documents relating to the tender offer may
be directed to MacKenzie Partners, Inc., the Information Agent and
Depositary in connection with the tender offer, at (800) 322-2885
(toll-free) or (212) 929-5500 (collect).

                   Partial Tender Offer for its
               8.125 percent Senior Notes due 2017

Advanced Micro commenced a cash tender offer for an aggregate
principal amount of its outstanding 8.125 percent Senior Notes due
2017 such that the aggregate consideration paid (excluding accrued
and unpaid interest) does not exceed (i) $490,000,000 less (ii)
the aggregate consideration paid or payable (excluding accrued and
unpaid interest) by the Company in its concurrent tender offer for
its outstanding 6.00 percent Convertible Senior Notes due 2015,
which was separately announced by AMD, provided that in no event
will AMD purchase more than $200,000,000 aggregate principal
amount of Notes.  AMD intends to finance the purchase of the Notes
tendered in the tender offer with the net proceeds from the
closing of AMD's private offering of $500 million of senior notes
due 2019, which was also separately announced by AMD.

The tender offer will expire at 12:00 midnight, New York City
time, on March 19, 2014, unless extended or earlier terminated by
AMD. Holders who validly tender, and do not validly withdraw,
their Notes on or prior to the Expiration Date will be entitled to
receive $1,014.83 for each $1,000 principal amount of Notes
purchased in the tender offer, plus accrued and unpaid interest
to, but not including, the date of payment for the Notes accepted
for payment.  Furthermore, holders who validly tender, and do not
validly withdraw, their Notes at or prior to 5:00 p.m. New York
City time on March 5, 2014, will receive $30.00 for each $1,000
principal amount of Notes purchased pursuant to the tender offer,
resulting in a total consideration of $1,044.83 for each $1,000
principal amount of Notes.  Tenders of Notes must be made on or
prior to the Expiration Date.  Notes tendered prior to the Early
Tender Time may be withdrawn at any time at or prior to 5:00 p.m.
New York City time on March 5, 2014.  Notes tendered after that
withdrawal deadline may not be withdrawn.

To the extent that acceptances of all validly tendered Notes would
require AMD to purchase more than the Maximum Amount of Notes in
connection with the tender offer, the Company will allocate
acceptances on a pro rata basis among the tendering holders.

The tender offer is contingent upon the satisfaction of certain
conditions, including the closing of New Notes Offering, which
will be subject to customary closing conditions.

The Company has retained BofA Merrill Lynch to act as the Dealer
Manager for the tender offer.  Questions regarding the tender
offer may be directed to BofA Merrill Lynch at (888) 292-0070
(toll-free) or (980) 387-3907 (collect).  Requests for the Offer
to Purchase and other documents relating to the tender offer may
be directed to MacKenzie Partners, Inc., the Information Agent and
Depositary in connection with the tender offer, at (800) 322-2885
(toll-free) or (212) 929-5500 (collect).

                   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.


AEMETIS INC: To Issue 6 Million Shares Under Plans
--------------------------------------------------
Aemetis, Inc., filed with the U.S. Securities and Exchange
Commission a Form S-8 registration statement to register 519,063
shares of common stock to be issued pursuant to the Zymetis, Inc.,
2006 Stock Incentive Plan.  A copy of the prospectus is available
for free at http://is.gd/s3Ukmk

The Company separately registered a total of 5,490,406 common
shares issuable under Aemetis, Inc. (formerly AE Biofuels, Inc.)
Amended and Restated 2007 Stock Plan.  A copy of the prospectus is
available for free at http://is.gd/jzms5h

                           About Aemetis

Cupertino, Calif.-based Aemetis, Inc., is an international
renewable fuels and specialty chemical company focused on the
production of advanced fuels and chemicals and the acquisition,
development and commercialization of innovative technologies that
replace traditional petroleum-based products and convert first-
generation ethanol and biodiesel plants into advanced
biorefineries.

McGladrey LLP, in Des Moines, Iowa, expressed substantial doubt
about Aemetis, Inc.'s ability to continue as a going concern
following the annual results for the year ended Dec. 31, 2012.
The independent auditors noted that the Company has suffered
recurring losses from operations and its cash flows from
operations are not sufficient to cover debt service requirements.

The Company reported a net loss of $4.3 million on $189.0 million
of revenues in 2012, compared with a net loss of $18.3 million on
$141.9 million of revenues in 2011.  The Company's balance sheet
at Sept. 30, 2013, showed $93.38 million in total assets, $110.06
million in total liabilities and a $16.68 million total
stockholders' deficit.


ALLIED INDUSTRIES: Hires RLS Inc. as Appraiser
----------------------------------------------
Allied Industries, Inc. seeks authorization from the Hon. Maureen
A. Tighe of the U.S. Bankruptcy Court for the Central District of
California to employ RLS, Inc. dba Hjelmstrom & Associates as
appraiser of its assets to establish their value for evidence that
California United Bank is adequately protected, and to prepare the
Debtor's plan of reorganization and disclosure statement.

The Debtor also asks the Court to consider the Application
immediately to give the appraiser sufficient time to conduct the
appraisal and issue within a few weeks instead of this taking over
a month on regular notice and then the two weeks to conduct and
issue the appraisal.

RLSI will document moveable assets located at the properties.
Excluded will be all land, building and its mechanical features,
personal items, inventory, cash and intangible assets if any.
Research and analyze replacement cost new and comparable sales
data; apply appropriate depreciation and market influences
factors; formulate Orderly Liquidation values, if needed.  RLSI
also will provide values using appraisal methods and reporting in
compliance with the American Society of Appraisers and the Uniform
Standards of Professional Appraisal Practices.

According to the provisions of the RLSI Agreement, RLSI will cap
its fees and out of pocket expenses at $7,000.  As of the Petition
Date, the Debtor did not owe any money under the RLSI Agreement to
RLSI.  Under the RLSI Agreement, the Debtor and RLSI agreed that
it will represent the Debtor on the following terms: $75 per hour
for Appraisal Services, which includes trial preparation; $350 per
hour for Mr. Hjelmstrom to be deposed or to testify about his
Appraisal Services and any appraisal that RLSI issues; $3,500 for
one copy of the appraisal of the Debtor's location at 11333
Vanowen, North Hollywood, CA; and $200 for expenses.  The initial
expense and fees are estimated at $3,650. Half of this amount, or
$1,825, is due when the Court approves the RLSI Agreement. The
other half of this amount is due upon delivery of the report.

Steven H. Hjelmstrom, owner, principal and chief executive officer
of RLSI, 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.

RLSI can be reached at:

       Steven M. Hjelmstro
       RLS ENTERPRISES, INC.
         dba HJELMSTROM & ASSOCIATES
       25072 Wilkes Place
       Laguna Hills, CA 92653
       Tel: (714) 493-1735
       E-mail: hjelmAssoc@aol.com

                     About Allied Industries

Allied Industries, Inc., filed a Chapter 11 petition (Bankr. C.D.
Cal. Case. No. 13-11948) on March 21, 2013.  The petition was
signed by Ernesto Gutierrez as president and chief executive
officer.  The Debtor scheduled assets of $13,086,216 and
scheduled liabilities of $7,457,365.

Then Debtor has tapped Dheeraj K. Singhal, Esq., and Dixon L.
Gardner, Esq. at DCDM Law Group, P.C., as counsel, the Capital
Turnaround Group, Inc., as turnaround consultant, and Glenn M.
Gelman & Associates as accountants.

The Official Committee of Unsecured Creditors has retained
Pachulski Stang Ziehl & Jones LLP as counsel and CohnReznick LLP
as financial advisor.


ALLIED INDUSTRIES: Taps DMA as Business Valuation Appraiser
-----------------------------------------------------------
Allied Industries, Inc. seeks authorization from the Hon. Maureen
A. Tighe of the U.S. Bankruptcy Court for the Central District of
California to employ Desmond, Marcello & Amster as business
valuation appraiser of the Debtor as a going-concern business.

The Debtor needs this valuation to present evidence that
California United Bank is adequately protected and to prepare the
Debtor's plan of reorganization and disclosure statement.

The Debtor also asks the Court to consider the request on an
expedited basis to give the appraiser sufficient time to conduct
the appraisal and issue within a few weeks instead of this taking
over a month on regular notice and then the two weeks to conduct
and issue the appraisal.

The firm's hourly rates are:

       Wesley L. Nutten (appraisal work)            $350
       Wesley L. Nutten (deposition/trial work)     $425
       Managers                                   $150-$225
       Senior Analysts                            $125-$150
       Staff Analysts                             $100-$125
       Clerical Support                           $45-$75

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

DMA will render the Appraiser Services to the Debtor according to
the provisions of the DMA Agreement with a maximum amount to bill
under this engagement of $15,000 for its fees and out of pocket
expenses to provide the Appraiser Services.

The initial expense and fees are estimated between $10,000 and
$15,000.  A retainer of $5,000 is due when the Court approves the
DMA Agreement.

Wesley L. Nutten, partner of DMA, 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.

DMA can be reached at:

       Wesley L. Nutten
       DESMOND, MARCELLO & AMSTER
       6060 Center Drive, Suite 825
       Los Angeles, CA 90045
       Tel: (310) 216-1400
       Fax: (310) 216-0800
       E-mail: wnutten@dmavalue.com

                     About Allied Industries

Allied Industries, Inc., filed a Chapter 11 petition (Bankr. C.D.
Cal. Case. No. 13-11948) on March 21, 2013.  The petition was
signed by Ernesto Gutierrez as president and chief executive
officer.  The Debtor scheduled assets of $13,086,216 and
scheduled liabilities of $7,457,365.

Then Debtor has tapped Dheeraj K. Singhal, Esq., and Dixon L.
Gardner, Esq. at DCDM Law Group, P.C., as counsel, the Capital
Turnaround Group, Inc., as turnaround consultant, and Glenn M.
Gelman & Associates as accountants.

The Official Committee of Unsecured Creditors has retained
Pachulski Stang Ziehl & Jones LLP as counsel and CohnReznick LLP
as financial advisor.


AMERICAN APPAREL: VP of Finance and Controller Resigns
------------------------------------------------------
Adrian Taylor provided notice to American Apparel, Inc., of his
intention to resign from his position as vice president of finance
and controller of the Company.  Mr. Taylor provided notice of his
intent to resign in order to accept a senior executive position at
another company.

The resignation will be effective on or about March 14, 2014, and
John Luttrell, executive vice president and chief financial
officer of the Company, will assume the duties of Controller as of
that date until a new Controller is appointed.

                     About American Apparel

Los Angeles, Calif.-based American Apparel, Inc. (NYSE Amex: APP)
-- http://www.americanapparel.com/-- is a vertically integrated
manufacturer, distributor, and retailer of branded fashion basic
apparel.  As of September 2010, American Apparel employed over
10,000 people and operated 278 retail stores in 20 countries,
including the United States, Canada, Mexico, Brazil, United
Kingdom, Ireland, Austria, Belgium, France, Germany, Italy, the
Netherlands, Spain, Sweden, Switzerland, Israel, Australia, Japan,
South Korea and China.

Amid liquidity problems and declining sales, American Apparel in
early 2011 reportedly tapped law firm Skadden, Arps, Slate,
Meagher & Flom and investment bank Rothschild Inc. for advice on a
restructuring.

In April 2011, American Apparel said it raised $14.9 million in
rescue financing from a group of investors led by Canadian
financier Michael Serruya and private equity firm Delavaco Capital
Corp., allowing the casual clothing retailer to meet obligations
to its lenders for the time being.  Under the deal, the investors
were buying 15.8 million shares of common stock at 90 cents
apiece.  The deal allows the investors to purchase additional
27.4 million shares at the same price.

The Company incurred a net loss of $37.27 million in 2012, as
compared with a net loss of $39.31 million in 2011.  The Company's
balance sheet at Sept. 30, 2013, showed $332.93 million in total
assets, $389.12 million in total liabilities and a $56.19 million
total stockholders' deficit.

                           *     *     *

As reported by the Troubled Company Reporter on Feb. 26, 2014,
Standard & Poor's Ratings Services lowered its corporate credit
rating to 'CCC' from 'B-' on Los Angeles-based American Apparel
Inc.  The outlook is developing.

The Troubled Company Reporter, on Nov. 21, 2013, reported that
American Apparel Inc. had its corporate family rating cut one
level to Caa2 by Moody's Investors Service.  The clothing
retailer's probability of default was also lowered one level and
the outlook is negative.


AMERICAN TITLE: Title Resources' Suit Stayed Following Bankruptcy
-----------------------------------------------------------------
District Judge Raymond P. Moore held that all proceedings against
American Title Services Company are stayed by virtue of the
company's bankruptcy filing, unless and until relief from the
automatic stay.

American Title Services is a defendant in the case, TITLE
RESOURCES GUARANTY COMPANY, a Texas corporation, Plaintiff, v.
AMERICAN TITLE SERVICES COMPANY, a Colorado corporation; AMERICA'S
HOME TITLE, LLC, a Colorado limited liability company; AMERICAN
TITLE CORP., a Colorado corporation; ESTATE OF RICHARD TALLEY, a
Colorado decedent; CHERYL TALLEY, individually and in her capacity
as successor to Richard Talley or representative for the Estate of
Richard Talley; BILL KRIEG, an individual; GK PEAKVIEW TOWER, LLC,
a Delaware limited liability company; and CITYWIDE BANKS, a
Colorado corporation, Defendants, Civil Action No. 14-cv-0366-RM-
BNB (D. Colo.).

Judge Moore said American Title Services is directed to file a
status report in the lawsuit case within 10 days of any relief
from stay in the bankruptcy case.

A copy of the Court's March 20, 2014 Order is available at
http://is.gd/HVnun6from Leagle.com.

Title Resources Guaranty Company, a Texas corporation, Plaintiff,
is represented by Heather K. Kelly, Esq., Nicole Christine Irby,
Esq., and Byeongsook Seo, Esq., at Gordon & Rees, LLP.

American Title Services Company is represented by James T. Markus,
Esq., and Steven R. Rider, Esq., at Markus Williams Young &
Zimmermann LLC.

America's Home Title, LLC, is represented by James T. Markus,
Markus Williams Young & Zimmermann LLC & Steven R. Rider, Markus
Williams Young & Zimmermann LLC.

Cheryl (I) Talley, individually, Defendant, is represented by Lee
M. Kutner, Esq., at Kutner Brinen Garber, PC.

Bill Krieg, an individual, Defendant, is represented by Trevor J.
Willard, Esq., and W. Harold Flowers, Jr., at Hurth Sisk &
Blakemore, LLP.

                   About American Title Service

American Title Service Company, based in Denver, Colorado, filed
for Chapter 11 bankruptcy (Bankr. D. Colo. Case No. 14-12894) on
March 12, 2014.  Judge Sidney B. Brooks presides over the
bankruptcy case.  Steven R. Rider, Esq., at Block Markus Williams,
serves as the Debtor's counsel.  In its petition, the Debtor
estimated $1 million to $10 million in both assets and
liabilities.  The petition was signed by Thomas M. Kim, chief
wind-down manager.


ARICENT TECHNOLOGIES: Moody's Assigns B2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned first-time corporate family
and probability of default ratings ("CFR" and "PDR", respectively)
of B2 and B2-PD, respectively, to Aricent Technologies (Aricent).
Concurrently, Moody's assigned Ba3 ratings to the proposed $75
million senior secured revolving credit facility due 2019 and $480
million first lien term loan due 2021 and a B3 rating to the
proposed $195 million second lien term loan due 2022. The rating
outlook is stable.

The proceeds from the financing will be used primarily to repay
existing debt. The assigned ratings are subject to review of final
documentation and no material change in the terms and conditions
of the transactions.

Ratings Rationale

The B2 CFR reflects Aricent's size and scale relative to larger
and financially stronger information technology (IT) services and
outsourcing providers and lower profitability than its Indian IT
services peers. The rating also considers Aricent's high initial
financial leverage of mid 6 times adjusted debt to EBITDA, which
includes about $90 million of Holdco PIK notes due September 2022.
Given Aricent's modest cash flow prospects (more than $20 million
of annual free cash flow), potentially high investment costs to
support growth in its core product engineering business, and
uncertainty over the ability to sustain core revenue and profit
growth after a period of restructuring, Moody's believes that
financial leverage will likely remain elevated at about 6 times
through 2015.

At the same time, the B2 rating is supported by favorable industry
dynamics in which the outsourced R&D engineering segment should
outpace the growth of the overall IT services market of low to mid
single digits through the next year. Aricent's relationships from
its customer base of leading communications and network
infrastructure companies provides a recurring base of revenues.
High client retention rates and good backlog visibility reinforces
the value of low cost, offshore R&D solutions in a functional area
characterized by high engineering costs. These benefits help to
mitigate the customer concentration risk as the top 3 clients
comprise about 30% of total revenues.

The stable outlook reflects Moody's expectation that Aricent will
generate annual revenue and profit growth of at least mid single
digits through fiscal year ending March 2015. Moody's also
anticipates a free cash flow to debt ratio in the low single
digits, consistent with technology services peers in the B rating
category. The stable outlook incorporates Moody's expectation that
no significant dividends will be paid to the owners.

The ratings could be upgraded if Aricent were to demonstrate
double digit organic revenue growth, solid improvements in
operating margins over 15%, free cash flow to debt in the high
single digits, and adjusted debt to EBITDA of less than 4 times on
a sustained basis. Downward ratings pressure could arise if
Aricent's revenue declines, operating profit margins were to dip
into the mid single digits, liquidity deteriorates (e.g., negative
free cash flow), or adjusted debt to EBITDA were to exceed 7 times
on a sustained basis.

The following first-time ratings/assessments were assigned:

Corporate Family Rating -- B2

Probability of Default Rating -- B2-PD

Senior Secured Revolving Credit Facility -- Ba3 (LGD2, 28%)

Senior Secured First Lien Term Loan -- Ba3 (LGD2, 28%)

Senior Secured Second Lien Term Loan -- B3 (LGD5, 75%)

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 of about $600 million, Aricent
Technologies is a global outsourced provider of R&D engineering
services and software solutions principally to the communications
industry. The company is majority owned by Kohlberg Kravis Roberts
(KKR).


ASR CONSTRUCTORS: Plan Exclusivity Period Extended Until April 21
-----------------------------------------------------------------
At the behest of ASR Constructors, Inc., the U.S. Bankruptcy Court
Court for the Central District of California extended period
within which the Debtors may file a plan of reorganization under
Bankruptcy Code Sections 1121(b) and 1121(c)(2) through and
including April 21, 2014.

The exclusive period within which the Debtors may solicit
acceptances to a plan pursuant to Bankruptcy Code Section
1121(c)(3) is extended through and including June 20, 2014.

As reported in the Troubled Company Reporter on Feb. 14, 2014,
James C. Bastian, Jr., Esq., at Shulman Hodges & Bastian LLP, on
behalf of ASR Constructors, Inc., et al., asks the U.S. Bankruptcy
to extend the Debtors' exclusive periods to file and solicit
acceptances of a Chapter 11 bankruptcy plan for approximately 60
days from Another Meridian Company, LLC's and Inland Machinery,
Inc.'s current exclusivity periods.

The exclusivity period by which only ASR may file a plan was
scheduled to expire on Jan. 21, 2014, and the period during which
only ASR is authorized to solicit acceptances of the plan was to
expire on March 19.  ASR filed the request for an extension before
the exclusive periods were set to expire.

According to Mr. Bastian, the extension will enable the Debtors to
address the principal disputes in the case impacting their Chapter
11 plan.  Mr. Bastian adds that an effective chapter 11 plan
cannot be filed until certain lien disputes are resolved.
Furthermore, distribution to unsecured claims depends on
resolution of the lien disputes or payment in full on secured
claims, which may not be known until the ASR bonded projects are
completed and sureties/insurers like Federal and Berkeley exhaust
collection of all receivables due on the pending ASR projects.

                      About ASR Constructors

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

The Law Office of John D. Mannerino serves as corporate counsel to
the Debtor.  Rodgers, Anderson, Malody & Scott LLP CPAs serves as
accountant to the Debtor.


ATP OIL: Omega Awarded $649,026 Admin Expense Claim
---------------------------------------------------
In the Chapter 11 case of ATP Oil & Gas Corporation, Bankruptcy
Judge Marvin Isgur awarded Omega an administrative expense for
$649,026.47, but denied Omega's motion to compel immediate payment
of its administrative expense.  Omega performed postpetition
repair and maintenance work for ATP.

A copy of the Court's March 18, 2014 Memorandum Opinion is
available at http://is.gd/uUsKKVfrom Leagle.com.

                            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.

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.


BAY CITY SHOVELS: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Bay City Shovels, Inc.
        2497 US 23
        Au Gres, MI 48703

Case No.: 14-20650

Chapter 11 Petition Date: March 24, 2014

Court: United States Bankruptcy Court
       Eastern District of Michigan (Bay City)

Judge: Hon. Daniel S. Opperman

Debtor's Counsel: Daniel J. Weiner, Esq.
                  SCHAFER AND WEINER, PLLC
                  40950 Woodward Ave., Suite 100
                  Bloomfield Hills, MI 48304
                  Tel: (248) 540-3340
                  Email: dweiner@schaferandweiner.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Peter L. Kaiser, authorized agent.

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


BENTLEY PREMIER: Chapter 11 Trustee, Lenders Oppose Golgart Plan
----------------------------------------------------------------
The bankruptcy trustee of Bentley Premier Builders, LLC asked U.S.
Bankruptcy Judge Brenda Rhoades to deny the confirmation of the
Chapter 11 plan proposed by Sandy Golgart for the company.

Jason Searcy, the court-appointed trustee, argued the plan is not
feasible, pointing out that there are no sufficient funds to pay
the claims of creditors.

The restructuring plan proposes to pay unsecured claims within six
months after Bentley officially exits bankruptcy as well as $1
million in administrative expense claims.

Mr. Searcy also said the plan violates the "absolute priority
rule" because it retains all rights for equity owners while it
fails to provide sufficient sources of funding to pay all claims
in full as proposed.

The proposed plan also drew flak from secured lenders Starside LLC
and the Phillip M. Pourchot Revocable Trust.

The lenders questioned whether the plan is feasible or not,
arguing it is "unlikely to be followed by an immediate need for
additional refinancing or reorganization."

The lenders also criticized the treatment of their secured claims
under the plan.  The treatment, they said, "is not fair and
equitable" as required under the Bankruptcy Code.

Meanwhile, the Collin County Tax Collector dropped its objection
to the plan.  In its objection, the tax collector had said it
won't support a plan that doesn't provide for the retention of its
tax liens.

As of August 6, 2013, the tax collector held statutory ad valorem
tax liens on some of the real properties owned by Bentley in the
Normandy Estates and Wyndsor Pointe subdivisions.  The tax liens
secure the repayment of ad valorem property taxes assessed against
the properties for tax years 2012 and 2013 in the sum of $287,444.

The trustee is represented by:

     Searcy & Searcy, P.C.
     Box 3929
     Longview, Texas 75606
     Tel: (903) 757-3399
     Fax: (903) 757-9559

The CCTC is represented by:

     Michael S. Mitchell, Esq.
     DeMarco Mitchell, PLLC
     1255 W. 15th Street, 805
     Plano, TX 75075
     Tel: (972) 578-1400
     Fax: (972) 346-6791
     Email: mike@demarcomitchell.com

The secured lenders are represented by:

     Mark E. Andrews, Esq.
     Aaron M. Kaufman, Esq.
     Cox Smith Matthews Incorporated
     1201 Elm Street, Suite 3300
     Dallas, Texas 75270
     Tel: (214) 698-7800
     Fax: (214) 698-7899
     Email: mandrews@coxsmith.com
            akaufman@coxsmith.com

          -- and --

     Nathan Allen, Jr., Esq.
     Laura L. Worsham, Esq.
     Lynn Schleinat, Esq.
     Jones, Allen & Fuquay, LLP
     8828 Greenville Avenue
     Dallas, Texas 75243
     Tel: (214) 343-7400
     Fax: (214) 343-7455

                       About Bentley Premier

Bentley Premier Builders, LLC, is a Texas limited liability
company in the business of selling high-end residential lots and
building high-quality luxury homes.  The Debtor owns and develops
lots, primarily in the two subdivisions known as Normandy Estates,
which straddles both Denton and Collin Counties, near the
intersection of Spring Creek Parkway and Midway Road in Plano, and
Wyndsor Pointe, which is located in Frisco off Stonebrook Parkway,
one-half mile west of the Dallas North Tollway.  The company has
100 vacant residential lots, with listing prices ranging from
$150,000 to $900,000.  In addition to these vacant lots, the
company owns a model house and an Amenities Center in Normandy
Estates, two houses in Wyndsor Pointe, some common areas and an
approximately 5-acre tract zoned for commercial use.

Bentley filed a Chapter 11 petition (Bankr. E.D. Tex. Case No.
13-41940) on Aug. 6, 2013 in Sherman, Texas.  The Debtor disclosed
$35,793,857 in assets and $30,428,782 in liabilities as of the
Chapter 11 filing.

The Phillip M. Pourchot Revocable Trust (led by co-trustee Phillip
M. Pourchot) and Sandy Golgart each hold a 50% member's interest
in the Debtor.  Ms. Golgart signed the bankruptcy petition.

The Debtor sought bankruptcy after Starside LLC, an entity owned
by Phillip Pourchot, acquired the note issued to Sovereign Bank
for a $7,250,000 loan, and served notice of its attempt to
foreclose upon properties securing the note.

Gerald P. Urbach, Esq., and Jason A. Katz, Esq., at Hiersche,
Hayward, Drakeley & Urbach, P.C., in Addison, Texas, serve as the
Debtor's counsel.

Judge Brenda Rhoades presides over the case.

A chapter 11 trustee was appointed following motions filed by the
U.S. Trustee and the Pourchot Trust.  Jason R. Searcy, the Chapter
11 trustee, tapped to employ Joshua P. Searcy, Esq., at Searcy &
Searcy, P.C. as attorneys, and Gollob, Morgan, Peddy & Co., P.C.,
as accountants.

The deadline to file claims against and interest in the Debtor
expired Dec. 5, 2013.  Governmental entities had until Feb. 3,
2014, to file proofs of claim.

Competing plans of reorganization have been filed on behalf of the
Debtor by Starside, LLC and the Phillip M. Pourchot Revocable
Trust, on the one hand; and Sandy Golgart, on the other.  The
Trust and Golgart each own 50% of the Debtor.  Golgart's plan
would allow Golgart to maintain control of the Debtor.  If
Pourchot's plan is approved, Pourchot will likely grab control of
the company as the plan would allow it to submit a credit bid for
the assets.

The two factions differ on the valuation of the Debtor's assets
and the amount of Pourchot's claims.  Golgart's Plan says the
Debtor's properties have a fair market value in excess of $36
million and the maximum amount of the secured debt is $18 million,
thus leaving substantial equity in the Debtor's properties.
Pourchot's plan says the present value of the Debtor's real estate
assets is just $23 million to $27 million, and the secured claims
of Pourchot and Starside are at least $29.2 million -- thus equity
is out of the money, and Golgart would be wiped out.

Plan votes are due March 7, 2014.  The Plan confirmation will
start March 28 and may be continued as needed on March 31.

Golgart is represented by Mark A. Castillo, Esq., and Joshua L.
Shepherd, Esq., at Curtis | Castillo PC; and John T. Palter, Esq.,
and Kimberly M. J. Sims, Esq., at Palter Stokley Sims Wright PLLC.

The Pourchot Parties are represented by Mark E. Andrews, Esq., and
Aaron M. Kaufman, Esq., at Cox Smith Matthews Incorporated; and
Laura L. Worsham, Esq., and Lynn Schleiner, Esq., at Jones, Allen
& Fuquay, LLC.


BENTLEY PREMIER: Golgart Opposes Confirmation of Pourchot Plan
--------------------------------------------------------------
Sandy Golgart, a creditor of Bentley Premier Builders LLC, is
opposing the confirmation of the Chapter 11 plan proposed by
secured lenders for the company.

In a court filing, Ms. Golgart's lawyer questioned a provision of
the plan proposed by Starside LLC and the Phillip M. Pourchot
Revocable Trust that would ensure she receives nothing for her
equity in Bentley.

The provision states that the plan proponents won't "reserve or
pursue avoidance actions against non-insiders except to the extent
an avoidable payment or transfer was made to a non-insider for the
benefit of an insider."

"The failure to properly preserve claims that could pay Golgart on
her 50% equity position is a violation of the [Bankruptcy] Code,"
said Mark Castillo, Esq., at Curtis | Castillo PC, in Dallas,
Texas.

Mr. Castillo also questioned another provision that provides full
releases of those causes of action that could pay Ms. Golgart in
further violation of U.S. bankruptcy law.

"Pourchot's plan fails to provide the means for payment to
Golgart's prepetition equity position of the recoveries from
reserved and pursued causes of action," the lawyer said in court
papers.

Mr. Castillo can be reached at:

     Mark A. Castillo, Esq.
     Curtis | Castillo PC
     901 Main Street, Suite 6515
     Dallas, Texas 75202
     Tel: (214) 752-2222
     Fax: (214) 752-0709

                       About Bentley Premier

Bentley Premier Builders, LLC, is a Texas limited liability
company in the business of selling high-end residential lots and
building high-quality luxury homes.  The Debtor owns and develops
lots, primarily in the two subdivisions known as Normandy Estates,
which straddles both Denton and Collin Counties, near the
intersection of Spring Creek Parkway and Midway Road in Plano, and
Wyndsor Pointe, which is located in Frisco off Stonebrook Parkway,
one-half mile west of the Dallas North Tollway.  The company has
100 vacant residential lots, with listing prices ranging from
$150,000 to $900,000.  In addition to these vacant lots, the
company owns a model house and an Amenities Center in Normandy
Estates, two houses in Wyndsor Pointe, some common areas and an
approximately 5-acre tract zoned for commercial use.

Bentley filed a Chapter 11 petition (Bankr. E.D. Tex. Case No.
13-41940) on Aug. 6, 2013 in Sherman, Texas.  The Debtor disclosed
$35,793,857 in assets and $30,428,782 in liabilities as of the
Chapter 11 filing.

The Phillip M. Pourchot Revocable Trust (led by co-trustee Phillip
M. Pourchot) and Sandy Golgart each hold a 50% member's interest
in the Debtor.  Ms. Golgart signed the bankruptcy petition.

The Debtor sought bankruptcy after Starside LLC, an entity owned
by Phillip Pourchot, acquired the note issued to Sovereign Bank
for a $7,250,000 loan, and served notice of its attempt to
foreclose upon properties securing the note.

Gerald P. Urbach, Esq., and Jason A. Katz, Esq., at Hiersche,
Hayward, Drakeley & Urbach, P.C., in Addison, Texas, serve as the
Debtor's counsel.

Judge Brenda Rhoades presides over the case.

A chapter 11 trustee was appointed following motions filed by the
U.S. Trustee and the Pourchot Trust.  Jason R. Searcy, the Chapter
11 trustee, tapped to employ Joshua P. Searcy, Esq., at Searcy &
Searcy, P.C. as attorneys, and Gollob, Morgan, Peddy & Co., P.C.,
as accountants.

The deadline to file claims against and interest in the Debtor
expired Dec. 5, 2013.  Governmental entities had until Feb. 3,
2014, to file proofs of claim.

Competing plans of reorganization have been filed on behalf of the
Debtor by Starside, LLC and the Phillip M. Pourchot Revocable
Trust, on the one hand; and Sandy Golgart, on the other.  The
Trust and Golgart each own 50% of the Debtor.  Golgart's plan
would allow Golgart to maintain control of the Debtor.  If
Pourchot's plan is approved, Pourchot will likely grab control of
the company as the plan would allow it to submit a credit bid for
the assets.

The two factions differ on the valuation of the Debtor's assets
and the amount of Pourchot's claims.  Golgart's Plan says the
Debtor's properties have a fair market value in excess of $36
million and the maximum amount of the secured debt is $18 million,
thus leaving substantial equity in the Debtor's properties.
Pourchot's plan says the present value of the Debtor's real estate
assets is just $23 million to $27 million, and the secured claims
of Pourchot and Starside are at least $29.2 million -- thus equity
is out of the money, and Golgart would be wiped out.

Plan votes are due March 7, 2014.  The Plan confirmation will
start March 28 and may be continued as needed on March 31.

Golgart is represented by Mark A. Castillo, Esq., and Joshua L.
Shepherd, Esq., at Curtis | Castillo PC; and John T. Palter, Esq.,
and Kimberly M. J. Sims, Esq., at Palter Stokley Sims Wright PLLC.

The Pourchot Parties are represented by Mark E. Andrews, Esq., and
Aaron M. Kaufman, Esq., at Cox Smith Matthews Incorporated; and
Laura L. Worsham, Esq., and Lynn Schleiner, Esq., at Jones, Allen
& Fuquay, LLC.


BETSEY JOHNSON: Marcum Accountants to Render Expanded Services
--------------------------------------------------------------
Betsey Johnson LLC seeks the Court's approval to expand the scope
of work of its accountants Marcum LLP.

Marcum is an audit, tax and advisory organization. Since 2008,
Marcum has provided Betsey Johnson with services related to
various sales and tax audits.

By Court order dated July 18, 2012, Betsey Johnson engaged Marcum
to provide services in connection with audits of state sales and
use tax obligations, preparation of state and federal tax returns
for 2011 and 2012, and other tax-related matters. In addition,
Marcum performed services for the Betsey Johnson 401(k) Profit
Sharing Plan.

Frank A. Oswald, Esq., at Togut, Segal & Segal LLP, in New York,
relates that Marcum was involved in the analysis of several large
claims against Betsey Johnson's estate and played a critical role
in the successful reduction or reclassification of claims.

Betsey Johnson now requires expanded tax services from Marcum to
prepare:

   (a) state and federal tax returns for the year ending
       December 31, 2013;

   (b) extension payment calculations and forms for the returns;
       and

   (c) federal and state estimated tax calculations and forms for
       the year ending December 31, 2014.

Marcum's standard hourly rates is $450-595 for partners, $275-450
for senior managers and managers, $195-250 for supervisors, and
$140-195 for accounting seniors and staff. Mr. Oswald notes that
Marcum's fees have not changed since its original engagement with
Betsey Johnson in 2012.

Robert Spielman, a partner at Marcum, assures the Court that his
firm is a disinterested party pursuant to the Bankruptcy Code.
When it filed for Chapter 11, Betsey Johnson owed Marcum $26,420
but the accountants had waived any prepetition claim it may have.

                       About Betsey Johnson

New York-based women's fashion retailer Betsey Johnson LLC filed a
Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 12-11732)
on April 26, 2012, to effectuate a sale of its assets.

Formed as B.J. Vines by its namesake, iconic fashion designer
Betsey Johnson in 1978, the Debtor sells clothing, footwear,
handbags and a signature fragrance through 63 Betsey Johnson
retail stores and outlets in the U.S.  The Company, which has 400
employees, also sells its products in department and specialty
stores worldwide, including Macy's and Lord & Taylor, and online
at http://www.betseyjohnson.com/ Non-debtor subsidiaries operate
five stores in Canada and one store in England.

In 2010, Steven Madden Ltd. a footwear designer and marketer,
swapped US$27.4 million of secured debt for ownership of Betsey
Johnson's trademarks and intellectual property.  The deal
satisfied all outstanding debt under a US$50 million term loan
used to finance the business' acquisition by Castanea Partners.
At the same time, Castanea, the company's majority owner, made a
new capital investment of US$3 million as part of the deal with
Madden.

Betsey Johnson estimated assets and debts of US$10 million to
US$50 million as of the Chapter 11 filing.

The Debtor tapped the law firm of Goulston & Storrs, as counsel;
Togut, Segal & Segal, LLP, as co-counsel; and Donlin Recano &
Company as claims and notice agent.  The petition was signed by
Jonathan Friedman, chief financial officer.

Hahn & Hessen LLP serves as the Official Committee of Unsecured
Creditors' counsel.

In May 2012, Betsey Johnson received court approval to begin
liquidation after the Debtor failed to attract going concern
bidders.  Liquidators Gordon Brothers Group Inc. and Hilco
Merchant Resources LLC offered the top bid for the right to run
the chain's going-out-of-business sales.  The bid will bring the
Debtor about $5.2 million immediately, and more money could
trickle in to pay off its debts if the liquidation effort brings
in more money than expected.

Hilco is represented by Chris L. Dickerson, Esq., at DLA Piper
LLP (US).  Counsel for Steven Madden, Ltd., is Neil Herman, Esq.,
at Morgan, Lewis & Bockius LLP.  Counsel for First Niagara
Commercial Finance, Inc., the DIP Lender, is James C. Fox, Esq.,
at Ruberto, Israel & Weiner.

Judge Robert E. Grosman has scheduled a confirmation hearing on
Betsey Johnson LLC's Chapter 11 plan of liquidation to commence on
April 8, 2014, at 10:00 a.m. (Prevailing Eastern Time).  The judge
set April 1, 2014, at 5:00 p.m., as the deadline for submitting
objections to confirmation of the Plan.


BLACK DIAMOND MINING: Jones Day Must Produce Records
----------------------------------------------------
District Judge Amul R. Thapar granted the request of Taft A.
McKinstry, trustee of the Unsecured Creditors Trust established in
the Chapter 11 case of Black Diamond Mining Company et al., for an
order directing Jones Day to turn over records regarding the
Company.

The trustee is attempting to pursue claims against Black Diamond's
former officers, and needs complete access to Jones Day's records
regarding the company.  Jones Day vigorously contests that demand,
asserting work-product protection.

"Just as Jones Day may not invoke work-product protection directly
against its own client, Black Diamond, the firm may not deny
access to its client's successor-in-interest, the Trustee," Judge
Thapar said.

"Like a tornado, this bankruptcy case has a tendency to suck in
everyone in its path.  In this latest dispute, Black Diamond's
lawyers at Jones Day are caught in the whirlwind," he added.

Jones Day represented Black Diamond and its affiliates during the
company's Chapter 11 restructuring.

Before Black Diamond's creditors took the company into bankruptcy,
they forced it to hire Alvarez & Marsal North America, LLC, as a
financial advisor.  Once in bankruptcy, Black Diamond brought on
Ira Genser, a turnaround specialist from A&M, to manage the
company and lead the Chapter 11 restructuring.  Genser in turn
hired his A&M colleague, Larry Tate, as the company's Chief
Financial Officer.  The global economic turmoil of 2008
unfortunately dashed any hopes of a successful reorganization.
Black Diamond accordingly shifted to liquidation.  A new
bankruptcy plan created the BD Unsecured Creditors Trust to
liquidate some of the company's assets, including any causes of
action Black Diamond might have against A&M, Genser, and Tate.
The Bankruptcy Court also appointed Taft A. McKinstry as the
Trustee and as the representative of Black Diamond's estate.  The
Trustee then sued the A&M Parties for mismanaging Black Diamond.

During discovery, the Trustee concluded that Jones Day's client
file for Black Diamond would assist her case.  Jones Day attorney
Charles Oellermann testified that Genser's management of Black
Diamond was unwise only from the perspective of hindsight.
Oellermann admitted, however, that his firm had represented A&M in
some matters.  The Trustee believes Oellermann's testimony
"demonstrated a clear bias for the A&M Parties," and she is
confident that documents in the client file -- including internal
communications among Jones Day lawyers -- will contradict his
testimony, supporting her allegations of mismanagement.

The case before the District Court is, TAFT A. MCKINSTRY, as
Trustee of the BD Unsecured Creditors Trust, Plaintiff, v. IRA J.
GENSER, et al., Defendants (E.D. Ky.).

A copy of the Court's Memorandum Opinion and Order dated March 19,
2014, is available at http://is.gd/aa4jz0from Leagle.com.

Taft A. McKinstry is represented by Ellen Arvin Kennedy, Esq.,
Grahmn Morgan, Esq., and Mackenzie Mayes Walter, Esq., at Dinsmore
& Shohl LLP.

Jackson Kelly PLLC's Chacey R. Ford, Esq., Jay Edward Ingle, Esq.,
and Mary Elisabeth Naumann, Esq., at Jackson Kelly PLLC; and John
C. Goodchild, III, Esq., at Morgan, Lewis & Bockius, LLP in
Chicago, and Shevon L. Scarafile, Esq., at Morgan Lewis & Bockius
in Philadelphia, represent the Appellees and Counter-claimants:
Ira J. Genser, Larry Tate, Alvarez & Marsal North America LLC.

Jones Day, as Appellee and Counter-claimant, is represented by
Matthew Curtis Corcoran, Esq., and Robert Hamilton, Esq., at Jones
Day in Columbus.

                    About Black Diamond Mining

Headquartered in Pikeville, Kentucky, Black Diamond Mining Co.,
LLC, is a coal-mine operator formed in 2006.  The company
and seven of its affiliates sought Chapter 11 protection on
(Bankr. E.D. Ky. Case No. 08-70109) on March 4, 2008.  David M.
Cantor, Esq., at Seiller Waterman, LLC, represents the Debtors in
these cases.  The U.S. Trustee for Region 8 appointed creditors to
serve on an Official Committee of Unsecured Creditors.  Foley &
Lardner LLP represents the Committee in these cases.

Prudential Insurance Co. of America and subsidiaries of CIT Group
Inc., C.I.T. Capital U.S.A., Inc. and The C.I.T Group/Commercial
Services Inc., filed involuntary Chapter 11 petitions against
FCDC Coal Inc., Black Diamond Mining Co., Martin Coal Processing
Corp., Spurlock Energy Corp., Turner Elkhorn Mining Co., Wolverine
Resources, Inc. and Black Diamond Land Co. LLC on Feb. 19, 2008
(Bankr. E.D. Ky. Case Nos. 08-50369 to 08-50372 and 08-70066 to
08-70067).  Robert J. Brown, Esq., at Wyatt, Tarrant & Combs,
L.L.P., represent the petitioners.  According to the petitioners,
the Debtors owe them $150 million.  The Debtors schedules showed
$73,669,934 in total assets and $207,403,591 in total liabilities.

As reported in the Troubled Company Reporter on Feb. 25, 2008, the
petitioning creditors sought the appointment of a Chapter 11
trustee for the Debtors.  The petitioners alleged that the
Debtors' controlling equity owner Harold E. Sergent and other
shareholders are "hopelessly conflicted."  They insisted that the
company has no money since losing $25 million last year and they
had refused to dole out a single cent until a trustee assumes
control of the company and comes up with an appropriate budget.

The Court entered an order for relief on the involuntary petitions
on March 11, 2008.  Alvarez & Marsal North America LLC was
appointed to provide a chief restructuring officer for FCDC Coal
Inc. and Black Diamond Mining Co.

The Company filed a Chapter 11 plan in early 2009.  The Court on
July 23, 2009, entered an order confirming the Debtors' Third
Amended Joint Plan of Liquidation, as Modified.  On the effective
date of the Plan, the Unsecured Creditors Trust was created and
Taft A. McKinstry was appointed.

Harold Sergent filed his own chapter 7 bankruptcy petition (Bankr.
E.D. Ky. Case No. 10-50763) on March 9, 2010.  Phaedra Spradlin
was appointed the Chapter 7 Trustee.


BON-TON STORES: James Berylson Stake at 5.1% as of Feb. 13
----------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Berylson Master Fund, LP, Berylson Capital Partners,
LLC, and James Berylson disclosed that as of Feb. 13, 2014, they
beneficially owned 887,118 shares of common stock of The Bon-Ton
Stores, Inc., representing 5.1 percent of the shares outstanding.
A copy of the regulatory filing is available for free at:

                        http://is.gd/LUKpRn

                        About Bon-Ton Stores

The Bon-Ton Stores, Inc., with corporate headquarters in York,
Pennsylvania and Milwaukee, Wisconsin, operates 273 department
stores, which includes 10 furniture galleries, in 25 states in the
Northeast, Midwest and upper Great Plains under the Bon-Ton,
Bergner's, Boston Store, Carson Pirie Scott, Elder-Beerman,
Herberger's and Younkers nameplates and, in the Detroit, Michigan
area, under the Parisian nameplate.

For the 39 weeks ended Nov. 2, 2013, the Company reported a net
loss of $64.89 million.  The Company incurred a net loss of $21.55
million for the year ended Feb. 2, 2013, following a net loss of
$12.12 million for the year ended Jan. 28, 2012.  The Company's
balance sheet at Nov. 2, 2013, showed $1.80 billion in total
assets, $1.75 billion in total liabilities and $48.87 million in
total shareholders' equity.

                           *     *     *

As reported by the TCR on May 15, 2013, Moody's Investors Service
upgraded The Bon-Ton Stores, Inc.'s Corporate Family Rating to B3
from Caa1 and its Probability of Default Rating to B3-PD from
Caa1-PD.

"The upgrade of Bon-Ton's Corporate Family Rating considers the
company's ability to drive modest same store sales growth as well
as operating margin expansion beginning in the second half of 2012
and that these positive trends have continued, with the company
reporting that its same store were positive, and EBITDA margins
expanded, in the first fiscal quarter of 2013," said Moody's Vice
President Scott Tuhy.

As reported by the TCR on May 17, 2013, Standard & Poor's Ratings
Services affirmed the 'B-' corporate credit rating on The Bon-Ton
Stores Inc.


BONDS.COM GROUP: To Be Acquired by MTS
--------------------------------------
Bonds.com Group, Inc., the parent company of Bonds.com, Inc., has
entered into a merger agreement to be acquired by MTS, part of
London Stock Exchange Group.  The all-cash acquisition will see
MTS Markets International Inc., a wholly-owned U.S. subsidiary of
MTS, acquire 100 percent of Bonds.com Group, Inc. outstanding
shares.

MTS is a leading provider of electronic trading in the European
bond markets, with more than $100 billion executed daily on
average over its existing platform.  Through its new U.S.
subsidiary, MTS Markets International, it offers U.S. buy-side
participants the ability to directly access real-time pricing from
one of the deepest liquidity pools in Europe and to trade
electronically with all the major European dealers via its
BondVision platform.

Bonds.com Inc. offers real-time, executable orders on U.S.
corporate bonds and emerging market debt to over 600 buy and sell-
side institutions.  Currently over 90 per cent of all trades
completed through the platform are conducted electronically, with
customers also able to benefit from a price discovery function.

The transaction meets the growing customer and regulatory demand
for access to transparent, electronic, cost-effective platforms
for the trading of fixed income securities.

George O'Krepkie, president of Bonds.com Inc. said: "We are
delighted to be teaming with MTS as we enter the next phase of
growth and development.  We believe that the trend towards greater
electronic trading for fixed income products will continue as the
customer base becomes increasingly global.  MTS brings a wealth of
experience in providing electronic platforms for fixed income
trading, which will enable us to better serve our customers
through increased product choice."

Jack Jeffery, CEO of MTS Group said: "This transaction enhances
MTS' position as a global provider of fixed income trading
platforms and is a natural extension for both MTS and London Stock
Exchange Group.  The expanded product offering will enable us to
meet the on-going industry and regulatory drive for greater
transparency and efficiency in fixed income markets, through a
competitive and cost-effective platform."

Mark Monahan, chief executive of MTS Markets International Inc.
said: "Bonds.com Inc. has steadily developed its client base in
the U.S. covering both buy and sell-side institutions.  As a
result of this transaction, MTS will be able to offer Bonds.com
Inc. its extensive expertise in the fixed income space, investing
to expand the product offering for U.S. fixed income traders to
meet their domestic and international needs."

MTS Markets International Inc. and Bonds.com Inc. are both FINRA
member broker dealers.

Closing is subject to customary regulatory clearance and
stockholder approval and is expected in Q2 2014.

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

                        http://is.gd/z2v6te

Additional information is available for free at:

                       http://is.gd/lTh6Z0

                      About Bonds.com Group

Based in Boca Raton, Florida, Bonds.com Group, Inc. (OTC BB: BDCG)
-- http://www.bonds.com/-- through its subsidiary Bonds.com,
Inc., serves institutional fixed income investors by providing a
comprehensive zero subscription fee online trading platform.  The
Company designed the BondStation and BondStationPro platforms to
provide liquidity and competitive pricing to the fragmented Over-
The-Counter Fixed Income marketplace.

The Company differentiates itself by offering through Bonds.com,
Inc., an inventory of more than 35,000 fixed income securities
from more than 175 competing sources.  Asset classes currently
offered on BondStation and BondStationPro, the Company's fixed
income trading platforms, include municipal bonds, corporate
bonds, agency bonds, certificates of deposit, emerging market
debt, structured products and U.S. Treasuries.

Bonds.com Group disclosed a net loss of $6.98 million in 2012, as
compared with a net loss of $14.45 million in 2011.  The Company's
balance sheet at Sept. 30, 2013, showed $6.05 million in total
assets, $4.09 million in total liabilities and $1.95 million in
total stockholders' equity.

EisnerAmper LLP, in New york, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012, citing recurring losses and negative
cash flows from operations, and a working capital deficiency and a
stockholders' deficiency that raise substantial doubt about its
ability to continue as a going concern.


C&K MARKET: US Trustee Amends Creditors Panel
---------------------------------------------
Gail Brehm Geiger, the acting U.S. Trustee, amended the list of
members to the official committee of unsecured creditors in the
Chapter 11 case of C&K Market Inc.

The Creditors Committee members are:

      1. Willamette Beverage Company dba Bigfoot Beverages
         c/o Eric Forrest
         Co-President
         P. O. Box 10728
         Eugene, OR 97440
         Tel: (541) 685-2064
         Fax: (541) 687-8754
         E-mail: eforrest@bigfootbeverages.com

      2. J.B. Hunt Transport, Inc.
         c/o Clark W. Woods
         615 J.B. Hunt Corporate Drive
         Lowell, AR 72745
         Tel: (479) 419-3504
         Fax: (479) 820-1717
         E-mail: Clark_Woods@jbhunt.com

      3. Coca-Cola Refreshments, Inc.
         c/o Michelle Higgins
         521 Lake Kathy Drive
         Brandon, FL 33510
         Tel: (813) 569-3189
         Fax: (813) 569-3189
         E-mail: mplunkett@coca-cola.com

      4. Donald N. Bauhofer, Mgr.
         Nolan Town Center, LLC
         250 NW Franklin Ave
         Suite 204
         Bend, OR 97701
         Tel: (541) 419-8707
         Fax: (541) 389-0256

                      About C&K Market

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

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

The Debtor is represented by Albert N. Kennedy, Esq., Timothy J.
Conway, Esq., Michael W. Fletcher, Esq., and Ava L. Schoen, Esq.,
at Tonkon Torp LLP, in Portland, Oregon.  Edward Hostmann has been
tapped as chief restructuring officer, and The Food Partners, LLC,
serves as the Debtor's financial advisor.  Kieckhafer Schiffer &
Company LLP serves as advisors and consultants to communicate with
lenders, brokers, attorneys and other professionals.  Henderson
Bennington Moshofsky, P.C., serves as accountants.  Watkinson
Laird Rubenstein Baldwin & Burgess PC serves as labor counsel.
The Debtor hired Great American Group, LLC, to conduct store
closing sales.  Kurtzman Carson Consultants is the Debtor's
noticing agent.

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

C&K Market has filed a Chapter 11 plan and accompanying disclosure
statement dated Jan. 31, 2014, which provide that each holder of
an allowed general unsecured claim will receive one share of
common stock of the reorganized debtor in exchange for each $10 of
the holder's allowed general unsecured claim and a subscription
right in the event the Debtor elects to consummate a rights
offering.  The Plan provides for the payment in full on the
Effective Date of all Allowed Administrative Expense Claims,
Priority Tax Claims, Other Priority Claims and the Allowed Secured
Claim of U.S. Bank.  The Plan provides for the payment in full
over time, with interest, of all other Secured Claims.  In
general, Secured Creditors with personal property collateral will
be paid in 60 equal amortizing payments, with interest at 5%, and
Secured Creditors with real property collateral will be paid in 84
equal amortizing payments with interest at 5% based on a 25-year
amortization with a balloon payment in seven years.


CAMCO FINANCIAL: Huntington Bancshares Acquires Advantage Bank
--------------------------------------------------------------
Huntington Bancshares Incorporated has completed its merger with
Camco Financial Corp., parent company of Advantage Bank, based in
Cambridge, Ohio.

The simultaneous closing and conversion were completed
successfully with the Advantage banking offices having opened
March 3, 2014, as Huntington branches.

"We are extremely pleased to welcome the more than 55,000
customers of Advantage Bank to Huntington," said Stephen D.
Steinour, chairman, president and CEO of Huntington Bank.  "With
the addition of nine new branches, former Advantage customers and
long-time Huntington customers will enjoy more convenience and
accessibility from Cambridge to Cincinnati.  We are grateful to
our customers for their ongoing commitment to Huntington and we
look forward to continue to invest in products and services that
will make banking easier for them."

Advantage customers are now able to sign up for Huntington's
Asterisk Free Checking an account that has no minimum balance
requirement and comes with 24-Hour Grace overdraft protection,
identity theft protection and platinum debit cards, among other
features.  Advantage small business owners can also begin working
with Huntington's business bankers, who have helped the bank
become the third largest SBA lender in the country as of the most
recent fiscal year.

Customers also will have access to Huntington's entire 1500-ATM
network throughout the Midwest, with no service charge, including
more than 700 traditional and in-store branches.

Shareholders accounting for approximately 88 percent of Camco
shares outstanding elected to receive Huntington common stock in
the transaction.  Because the merger agreement provides that 80
percent of the outstanding Camco shares will be converted into
Huntington common stock (1) shareholders who validly elected the
stock consideration will receive a portion of the merger
consideration in the form of Huntington stock, with the remainder
in cash, (2) shareholders who validly elected the cash
consideration will receive all cash in the merger, and (3) all
shareholders who failed to make a valid election will receive cash
in the merger.

Beginning Monday, March 10, Camco shareholders can call
Computershare's Corporate Actions at 855-396-2084 and reference
"Huntington" for additional information.

                       About Camco Financial

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

Plante & Moran PLLC, in Auburn Hills, Michigan, in their report on
the consolidated financial statements for the year ended Dec. 31,
2012, noted that the Corporation's bank subsidiary is not in
compliance with revised minimum regulatory capital requirements
under a formal regulatory agreement with the banking regulators,
and that failure to comply with the regulatory agreement may
result in additional regulatory enforcement actions.

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

Camco Financial reported net earnings of $7.83 million on $27.91
million of total interest income for the 12 months ended
Dec. 31, 2013, as compared with net earnings of $4.16 million on
$31.62 million of total interest income for the 12 months ended
Dec. 31, 2012.

As of Dec. 31, 2013, the Company had $774.38 million in total
assets, $704.13 million in total liabilities and $70.24 million in
stockholders' equity.


CAMCO FINANCIAL: Stockholders Approve Merger with Huntington
------------------------------------------------------------
At a special meeting held on Feb. 19, 2014, Camco Financial
Corporation's stockholders voted to adopt the Agreement and Plan
of Merger with Huntington Bancshares Incorporated.  As previously
announced on Oct. 10, 2013, there are several conditions that must
be satisfied before the merger may be consummated, including, but
not limited to, regulatory approvals.

The stockholders of the Company also approved at the Special
Meeting, on a non-binding, advisory basis, the compensation to be
paid to the Company's named executive officers that is based on or
otherwise relates to the merger.

James E. Huston, chairman, president, CEO of Camco Financial
Corporation, commented, "We are pleased with the overwhelming
affirmative vote at yesterday's Special Merger Meeting of
Stockholders concerning the Agreement and Plan of Merger with
Huntington Bancshares Incorporated.  We expect a smooth transition
following completion of the merger with our customers gaining
expanded access to some of the most innovative banking products
and services in the industry."

                       About Camco Financial

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

Plante & Moran PLLC, in Auburn Hills, Michigan, in their report on
the consolidated financial statements for the year ended Dec. 31,
2012, noted that the Corporation's bank subsidiary is not in
compliance with revised minimum regulatory capital requirements
under a formal regulatory agreement with the banking regulators,
and that failure to comply with the regulatory agreement may
result in additional regulatory enforcement actions.

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

Camco Financial reported net earnings of $7.83 million on $27.91
million of total interest income for the 12 months ended
Dec. 31, 2013, as compared with net earnings of $4.16 million on
$31.62 million of total interest income for the 12 months ended
Dec. 31, 2012.

As of Dec. 31, 2013, the Company had $774.38 million in total
assets, $704.13 million in total liabilities and $70.24 million in
stockholders' equity.


CANCER GENETICS: Paul Rothman Named to Board of Directors
---------------------------------------------------------
The board of directors of Cancer Genetics, Inc., appointed Paul
Rothman, MD, Dean of the Medical Faculty and CEO of Johns Hopkins
Medicine, to the Company's Board of Directors on Feb. 18, 2014.

As Dean and CEO, Dr. Rothman oversees both the Johns Hopkins
Health System and the School of Medicine.  He joined Johns Hopkins
in July 2012, after having served as the Dean of the Carver
College of Medicine at the University of Iowa and the leader of
its clinical practice plan since 2008.  Previously, he served as
head of internal medicine at the University of Iowa, and prior to
that, was vice chairman for research and founding director of the
Division of Pulmonary, Allergy and Critical Care Medicine at
Columbia University College of Physicians and Surgeons, where he
joined the faculty in 1986.  He is a Phi Beta Kappa graduate of
the Massachusetts Institute of Technology and earned his medical
degree from Yale University.  He trained at Columbia-Presbyterian
Medical Center and accepted a postdoctoral fellowship at Columbia
University prior to joining its school faculty.

Dr. Rothman will participate in the Company's standard
compensation program for non-employee directors, including an
annual retainer of $10,000 and, subject to the adoption of a new
equity plan or amendment to increase the shares available for
issuance under the 2011 Equity Plan, annual awards of options to
purchase 10,000 shares of the Company's common stock and bi-annual
awards of 5,000 shares of restricted stock.

On Feb. 17, 2014, the Dr. Andrew Pecora notified the Company of
his resignation from the Board, effective Feb. 18, 2014.  Dr.
Pecora's decision to resign was not the result of any disagreement
with the Company on any matter relating to the Company's
operations, policies or practices.

On Feb. 19, 2014, the Company entered into a new, three-year
consulting agreement with Dr. Chaganti, pursuant to which Dr.
Chaganti provides the Company with consulting and technical
support services in connection with the Company's technical and
business affairs, including oversight of our clinical diagnostic
laboratory.  In consideration for Dr. Chaganti's services, the
Company will continue to pay Dr. Chaganti $5,000 per month.  In
addition, he will receive, subject to the adoption of a new equity
plan or amendment to increase the shares available for issuance
under the 2011 Equity Plan, an option to purchase 200,000 shares
of the Company's common stock at a purchase price of $19.94 per
share in connection with his execution of the consulting
agreement.  That option vests in 16 quarterly installments of
12,500 shares commencing on April 1, 2014.  Pursuant to his
consulting agreement, the Company has continued the arrangement
where Dr. Chaganti assigned to the Company all rights to any
inventions which he may invent during the course of rendering
consulting services to the Company.  In exchange for this
assignment, if the U.S. Patent and Trademark Office issues a
patent for an invention on which Dr. Raju Chaganti is listed as an
inventor, the Company agreed to pay Dr. Chaganti (i) a one-time
payment of $50,000 and (ii) 1 percent of the net revenues the
Company receives from any licensed sales of the invention for the
life of the patent.

                       About Cancer Genetics

Rutherford, N.J.-based Cancer Genetics, Inc., is an early-stage
diagnostics company focused on developing and commercializing
proprietary genomic tests and services to improve and personalize
the diagnosis, prognosis and response to treatment (theranosis) of
cancer.

"The Company has suffered recurring losses from operations, has
negative working capital and a net capital deficiency that raise
substantial doubt about its ability to continue as a going
concern," according to the Company's quarterly report for the
period ended March 31, 2013.

For the nine months ended Sept. 30, 2013, the Company reported a
net loss of $9.84 million on $4.75 million of revenue as compared
with a net loss of $2.62 million on $3.22 million of revenue for
the same period a year ago.

The Company's balance sheet at Sept. 30, 2013, showed $14.30
million in total assets, $9.42 million in total liabilities and
$4.88 million in total stockholders' equity.


CASH STORE: Special Committee Formed to Review Alternatives
-----------------------------------------------------------
The Cash Store Financial Services Inc.'s Board of Directors has
constituted a special committee of independent directors to review
and respond to recent developments in Ontario.

On Feb. 12, 2014, the Ontario Superior Court of Justice ordered
that the Company's subsidiaries, The Cash Store Inc. and
Instaloans Inc., are prohibited from acting as a loan broker in
respect of its basic line of credit product without a broker's
license under the Payday Loans Act, 2008 (the "Payday Loans Act").
As part of its overall business strategy, and as a result of the
current regulatory environment and the court decision, the Company
has taken all steps necessary to immediately cease offering all
line of credit products offered to its customers in the Ontario
branches.

On Feb. 13, 2014, the Ontario Registrar of Payday Loans issued a
proposal to refuse to issue a lender's license to the Company's
subsidiaries, The Cash Store Inc. and Instaloans Inc., under the
Payday Loans Act, 2008.  Therefore, the Company is not currently
permitted to sell any payday loan products in Ontario.

The Board of Directors believes that in light of these recent
developments, it is prudent to mandate a special committee to
carefully evaluate the strategic alternatives available to the
Company with a view to maximizing value for all of its
stakeholders.  The special committee has engaged Osler, Hoskin &
Harcourt LLP as its independent legal advisor to assist it in its
strategic alternative review process.

The Board has not established a definitive timeline for the
special committee of independent directors to complete its review
and there can be no assurance that this process will result in any
specific strategic or financial or other value-creating
transaction.  The Company does not currently intend to disclose
further developments with respect to this process, unless and
until the Board of Directors approves a specific transaction,
concludes its review of the strategic alternatives or otherwise
determines there is material information to communicate.

                     About Cash Store Financial

Headquartered in Edmonton, Alberta, The Cash Store Financial is
the only lender and broker of short-term advances and provider of
other financial services in Canada that is listed on the Toronto
Stock Exchange (TSX: CSF).  Cash Store Financial also trades on
the New York Stock Exchange (NYSE: CSFS).  Cash Store Financial
operates 512 branches across Canada under the banners "Cash Store
Financial" and "Instaloans".  Cash Store Financial also operates
25 branches in the United Kingdom.

Cash Store Financial is a Canadian corporation that is not
affiliated with Cottonwood Financial Ltd. or the outlets
Cottonwood Financial Ltd. operates in the United States under the
name "Cash Store".  Cash Store Financial does not do business
under the name "Cash Store" in the United States and does not own
or provide any consumer lending services in the United States.

Cash Store Financial employs approximately 1,900 associates.

Cash Store reported a net loss and comprehensive loss of C$35.53
million for the year ended Sept. 30, 2013, as compared with a net
loss and comprehensive loss of C$43.52 million for the year ended
Sept. 30, 2012.  As of Sept. 30, 2013, the Company had C$164.58
million in total assets, C$165.90 million in total liabilities and
a C$1.32 million shareholders' deficit.

                          *     *     *

As reported in the Feb. 18, 2014, edition of the TCR, Standard &
Poor's Ratings Services said it lowered its issuer credit rating
on Edmonton, Alta.-based The Cash Store Financial Services Inc.
(CSF) to 'CCC' from 'CCC+'.  The downgrade follows the Ontario
Superior Court of Justice's order that CSF is prohibited from
acting as a loan broker for its basic line of credit product
without a brokers license under the Payday Loans Act, 2008.

As reported by the TCR on Feb. 21, 2014, Moody's Investors Service
downgraded the Corporate Family of Cash Store Financial Services
Inc to Ca from Caa2.  The downgrade reflects the increased
pressure on Cash Store's near-term liquidity position after the
company was forced to cease offering its Line of Credit product in
Ontario by its regulator, the Ministry of Consumer Services.


CHECKER MOTORS: Interlocutory Appeal on Pension Liability Barred
----------------------------------------------------------------
District Judge Janet T. Neff denied the request of defendants
Checker Acquisition Corporation, Allan R. Tessler, and Christopher
Markin (Case No. 1:13-cv-746), and defendant Mitchell D. Schepps,
as Personal Representative for the estate of David Markin (Case
No. 1:13-cv-869), for leave to file an interlocutory appeal of the
June 10, 2013 Opinion and Order of the Bankruptcy Court overseeing
the Chapter 11 case of Checker Motors Corporation, concerning
whether potential liability for withdrawal from a multi-employer
retirement plan is properly considered in determining insolvency.

For many years prior to and through the Petition Date, Checker
Motors participated in a multi-employer pension plan.  The Debtor
attempted to reorganize in bankruptcy, but was unsuccessful. Thus,
the Debtor moved the Court for permission to sell the majority of
its assets, which permission the Court granted.  Shortly
thereafter, the Debtor withdrew from the Plan, incurring
"withdrawal liability."

Thomas C. Richardson sued, asserting that the Debtor's post-
petition withdrawal liability was a contingent debt prior to the
Petition Date and thus must be considered when determining whether
the Debtor was insolvent at various times pre-petition.  The
Defendants disagree, as they believe that the Sixth Circuit case,
CPT Holdings, Inc. v. Indus. & Allied Employees Union Pension
Plan, Local 73, 162 F.3d 405 (6th Cir. 1998), is binding and
requires a contrary holding.

In its Opinion and Order on June 10, 2013, the Bankruptcy Court
determined that both Plaintiff and Defendants were correct in
part.  The Court agreed with Defendants that CPT Holdings is
binding when considering insolvency with respect to constructive
fraud claims under 11 U.S.C. Sec. 548.  For this purpose, a
debtor's post-petition withdrawal liability is not treated as a
pre-petition contingent claim.  The Bankruptcy Court agreed with
Plaintiff, however, that when considering the identical issue
under the Michigan Uniform Fraudulent Transfer Act, post-petition
withdrawal liability is treated as a pre-petition contingent
claim.

In denying the Defendants' motions for leave to appeal, the Court
said it is not persuaded that this is an "exceptional" case
appropriate for interlocutory appeal.

The case before the District Court is, THOMAS C. RICHARDSON,
Plaintiff/Appellee, v. CHECKER ACQUISITION CORPORATION, ALLAN R.
TESSLER, and CHRISTOPHER MARKIN, Defendants/Appellants; and THOMAS
C. RICHARDSON, Plaintiff/Appellee, v. MITCHELL D. SCHEPPS, as
Personal Representative for the estate of David Markin,
Defendant/Appellant, Case Nos. 1:13-cv-746, 1:13-cv-869 (W.D.
Mich.).  A copy of the District Court's March 20, 2014 Opinion is
available at http://is.gd/bz57Igfrom Leagle.com.

Mitchell D. Schepps, appellant, is represented by Eric D. Carlson,
Esq., Ronald A. Spinner, Esq., and Timothy A. Fusco, Esq., at
Miller Canfield Paddock & Stone PLC.

Thomas C. Richardson, appellee, is represented by Daniel Richard
Olson, Esq., and John T. Piggins, Esq., at Miller Johnson PLC.

Dean Rietberg, interested party, is represented by Dean E.
Rietberg, U.S. Department of Justice, Office of US Trustee.

Daniel M. LaVille, interested party, appeared Pro Se.

                       About Checker Motors

Headquartered in Kalamazoo, Michigan, Checker Motors Corporation
was established by Morris Markin in 1922 through a merger of
Commonwealth Motors and Markin Automobile Body.  The Debtor, once
the manufacturer of the famed Checker automobile (the iconic
American taxi cab), is a Kalamazoo, Michigan-based automotive
parts supplier that makes metal stampings and welded assemblies
for various car and truck lines.

The Company filed for Chapter 11 protection on January 16, 2009
(Bankr. W.D. Mich. Case No. 09-00358).  Christopher A. Grosman,
Esq., at Carson Fischer, P.L.C., represents the Debtor in its
restructuring efforts.  The Debtor proposed Plante & Moran as
financial advisor; Kurtzman Carson Consultants LLC as claims,
noticing and balloting agent; and McCarthy Smith Law Group as
special counsel.  An official committee of unsecured creditors has
been appointed in the case.  As of December 31, 2008, the Debtor
had $22.3 million in assets and $20.1 million in debts.


CHESAPEAKE ENERGY: Sees Possible Spinoff of Oilfield Services
-------------------------------------------------------------
Michael Calia, writing for The Wall Street Journal, reported that
Chesapeake Energy filed for a possible spinoff of its oilfield
services operations, a move the company had been considering.

According to the report, Chesapeake also said it would change the
name of the division to Seventy Seven Energy Inc. from the current
Chesapeake Oilfield Operating LLC.

The company said it intends the spinoff to come as a tax-free
distribution to shareholders, the report said.

Chesapeake last month said it was pursuing strategic alternatives
for the operation, including a potential sale or a spinoff, the
report related.  The division -- which offers drilling, hydraulic
fracturing and rig relocation, among other services -- pulled in
about $2.2 billion in revenue last year, the report further
related.

                      About Chesapeake Energy

Chesapeake Energy Corporation is one of the largest producers of
natural gas and liquids in the United States.  The Oklahoma City-
based Company owns interests in 46,800 natural gas and oil wells,
including liquids-rich resource plays of Eagle Ford Shale in South
Texas and natural gas resource plays in the Haynesville/Bossier
Shales in northwestern Oklahoma.

                           *     *     *

The Troubled Company Reporter, on Feb. 11, 2014, reported that
Standard & Poor's Ratings Services said it revised its rating
outlook on Oklahoma City-based Chesapeake Energy Corp. to positive
from stable.  S&P affirmed its 'BB-' corporate credit rating on
the company.  S&P also affirmed the 'BB-' issue-level rating on
Chesapeake's senior unsecured notes; the recovery rating on these
notes is '3', which indicates S&P's expectation of meaningful (50%
to 70%) recovery in the event of a payment default.


CLEAR CHANNEL: Incurs $606.8 Million Net Loss in 2013
-----------------------------------------------------
Clear Channel Communications, Inc., filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K disclosing
a net loss attributable to the Company of $606.88 million on $6.24
billion of revenue for the year ended Dec. 31, 2013, as compared
with a net loss attributable to the Company of $424.47 million on
$6.24 billion of revenue for the same period in 2012.  The Company
incurred a net loss attributable to the Company of $302.09 million
in 2011.

For the three months ended Dec. 31, 2013, the Company reported a
net loss attributable to the Company of $309.22 million on $1.69
billion of revenue as compared with a net loss attributable to the
Company of $191.26 million on $1.69 billion of revenue for the
same period a year ago.

As of Dec. 31, 2013, the Company had $15.09 billion in total
assets, $23.79 billion in total liabilities and a $8.69 billion
total shareholders' deficit.

"With our unmatched reach and unparalleled assets, we outperformed
the radio market and capitalized on the growing out-of-the-
home consumer trend in 2013," Chairman and chief executive officer
Bob Pittman said.  "Clear Channel continued to create new
businesses based on the strength of our core assets and to provide
customized multi-platform market solutions to advertising partners
that nobody else can.  At Media+Entertainment, we further expanded
our events business - reaching nearly 4 billion social
impressions with December's Jingle Ball national tour, following
up on September's iHeartRadio Music Festival's 2.3 billion social
impressions.  We also partnered with The CW Network to air 7 shows
on broadcast TV, reaching over 50 million TV viewers.  Our
results at Outdoor reflected our sharp focus on rolling out new
digital products in the U.S. and internationally, and on taking
advantage of fast-growing emerging markets in Latin America and
Asia.  As America's leading multi-platform media company as
measured by reach, we look forward to continuing to serve
advertisers and consumers even better in 2014."

                         Bankruptcy Warning

"If our and our subsidiaries' cash flows from operations,
refinancing sources and other liquidity-generating transactions
are insufficient to fund our respective debt service obligations,
we may be forced to reduce or delay capital expenditures, sell
material assets or operations, or seek additional capital.  We may
not be able to take any of these actions, and these actions may
not be successful or permit us or our subsidiaries to meet the
scheduled debt service obligations.  Furthermore, these actions
may not be permitted under the terms of existing or future debt
agreements."

"The ability to refinance the debt will depend on the condition of
the capital markets and our financial condition at such time.  Any
refinancing of the debt could be at higher interest rates and
increase debt service obligations and may require us and our
subsidiaries to comply with more onerous covenants, which could
further restrict our business operations.  The terms of existing
or future debt instruments may restrict us from adopting some of
these alternatives. These alternative measures may not be
successful and may not permit us or our subsidiaries to meet
scheduled debt service obligations. If we or our subsidiaries
cannot make scheduled payments on indebtedness, we or our
subsidiaries, as applicable, will be in default under one or more
of the debt agreements and, as a result we could be forced into
bankruptcy or liquidation."

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

                        http://is.gd/cCVXB6

                About Clear Channel Communications

San Antonio, Texas-based Clear Channel Communications, Inc., an
indirect subsidiary of CC Media Holdings, Inc. (OTCBB: CCMO), is
one of the leading global media and entertainment companies
specializing in radio, digital, outdoor, mobile, live events, and
on-demand entertainment and information services for local
communities and providing premier opportunities for advertisers.

CC Media Holdings Inc. -- http://www.ccmediaholdings.com/-- is a
global media and entertainment company.  Its businesses include
radio and outdoor displays.

                           *     *     *

In May 2013, Moody's Investors Service said that Clear Channel's
upsize of the term loan D to $4 billion from $1.5 billion will not
impact the Caa1 facility rating assigned.  Clear Channel's
Corporate Family Rating is unchanged at Caa2.  The outlook remains
stable.

In May, Standard & Poor's Ratings Services also announced that its
issue-level rating on San Antonio, Texas-based Clear Channel's
senior secured term loan remains unchanged at 'CCC+' following the
company's upsize of the loan to $4 billion from $1.5 billion.  The
rating on parent company CC Media Holdings remains at 'CCC+' with
a negative outlook, which reflects the risks surrounding the long-
term viability of the company's capital structure.


COLONY BEACH: Court Denies Confirmation of Joint Plan
-----------------------------------------------------
The Bankruptcy Court in Tampa, Florida, has before it contested
matters in five bankruptcy cases, including:

     (1) the contested confirmation of the Joint Plan filed by
         Resorts Management, Inc. ("RMI"), Colony Beach and
         Tennis Club, Inc. ("CBTC"), and Colony Beach, Inc.
         ("CBI");

     (2) a "global" Settlement Agreement and Mutual Release
         among these same three Chapter 11 debtors,
         the Chapter 7 trustee for Colony Beach and Tennis Club,
         Ltd. (the "Partnership"), Dr. Murray Klauber, the
         developer of the Resort, his daughter, Katherine
         Moulton, and the Colony Beach and Tennis Club
         Condominium Association (the "Association"); and

     (3) a motion for summary judgment in an adversary proceeding
         ("AP 196") in the Partnership's Chapter 7 case seeking
         to disallow a secured claim acquired in 2010 by Colony
         Lender, LLC ("Colony Lender").

For more than 30 years, the 18-acre Colony Beach & Tennis Club
Resort on Longboat Key was a world famous destination for Gulf
Coast and tennis vacations.  In the last 10 years, however, its
physical condition has deteriorated, while disputes among its
divided owners led to its closing in 2010.

Ordinarily, debtors like RMI, CBTC and CBI would find it
impossible to survive in a Chapter 11, much less achieve
confirmation of a Chapter 11 plan.  They have no active
businesses, no income, no employees, and no equity in the real
property they own -- an undivided 80% interest (CBTC, 45%; CBI,
35%) as tenants-in-common in the 3-acre "Rec. Lease Property".
Their Joint Plan is not supported by the principal secured
creditor, Colony Lender, which is owed nearly $14 million.  The
Joint Plan is premised on either a third-party purchaser coming
forward or funding over five years by the Association, which must
obtain a 75% Unit Owners' vote to authorize special assessments.

The three Chapter 11 debtors, however, are at the center of a
struggle for control of the 18-acre Resort property.  Fifteen
acres are controlled, for the time being, by the Unit Owners and
the Association.  Colony Lender owns outright a 15% undivided
interest in the Rec. Lease Property and is pushing to acquire the
debtors' 80% interest through a foreclosure sale.

The Joint Plan proposed by debtors RMI, CBTC and CBI is dependent
on approval of the Settlement Agreement.  Together, the Joint Plan
and the Settlement Agreement would: cause debtors CBTC and CBI to
convey to the Association their respective 45% and 35% undivided
interests in the "Rec. Lease Property," on which interests Colony
Lender holds a mortgage, and compel Colony Lender to transfer its
own 15% undivided interest in the Rec. Lease Property to the
Association; resolve pending disputes among the Association and
the Partnership, RMI, CBTC and CBI, and Dr. Klauber and Ms.
Moulton; and obligate the Association to pay about $5.3 million to
the Partnership trustee, the Chapter 11 debtors and Dr. Klauber;
and obligate the Association to propose a Plan of Termination of
the condominium, including a judicial valuation of the entire 18
acres, and then pay (or cause a designated third party to pay)
Colony Lender and the other co-owners amounts equal to their
proportionate interests in the Rec. Lease Property.

If Colony Lender can acquire 100% of the Rec. Lease Property, it
can assert, or threaten to assert, rent collection claims, under
Article 4.4 of the Declaration to achieve ownership of the Unit
Owners' interests in the other 15 acres.4 Likewise, if the
Association acquires 100% of the Rec. Lease Property, as is
proposed through the Joint Plan and Settlement Agreement, the
issue of the personal liability of Unit Owners for rents will
likely disappear. Appreciation of this dynamic is essential to
understanding the parties' positions in these cases.

Confirmation of the Joint Plan and approval of the Settlement
Agreement are opposed by Colony Lender and the Field Trust.

In a March 21, 2014 Memorandum Opinion available at
http://is.gd/E2KIQ4from Leagle.com, Bankruptcy Judge K. Rodney
May denies confirmation of the Joint Plan, denies approval of the
Settlement Agreement, and grants partial summary judgment in AP
196 in favor of the Association and Colony Lender.

The case is, COLONY BEACH & TENNIS CLUB ASSOCIATION, INC.,
Plaintiff v. COLONY LENDER, LLC Defendant, Adv. Proc. No 8:13-ap-
196-KRM (Bankr. M.D. Fla.).

           About Colony Beach & Tennis Club Association

Based in Longboat Key, Florida, Colony Beach & Tennis Club
Association, Inc., filed for chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Case No. 08-16972) on Oct. 29, 2008.  The Hon.
K. Rodney May oversees the case.  Adam L. Alpert, Esq., Jeffrey W.
Warren, Esq., and Shane G. Ramsey, Esq., at Bush Ross, P.A., act
as the Debtor's bankruptcy counsel.  When it filed for bankruptcy,
the Association estimated $1 million to $10 million in estimated
assets and $10 million to $50 million in estimated debts.

               About Colony Beach & Tennis Club Ltd.

Also based Longboat Key, Colony Beach & Tennis Club, Ltd., filed
for Chapter 11 bankruptcy (Bankr. M.D. Fla. Case No. 09-22611) on
Oct. 5, 2009.  Judge K. Rodney May presides over the case.
Debtor's Counsel: Roberta A. Colton, Esq. -- racolton@trenam.com
-- at Trenam Kemker, serves as bankruptcy counsel.  When it filed
for bankruptcy, the Club estimated $1 million to $10 million in
estimated assets and $10 million to $50 million in estimated
debts.  The petition was signed by Murray J. Klauber, the Club's
president.

            About Colony Beach and Tennis Club Inc.

Colony Beach and Tennis Club, Inc., filed for Chapter 11
bankruptcy (Bankr. M.D. Fla. Case No. 13-00348) on Jan. 11, 2013,
represented by Michael C. Markham, Esq., at Johnson Pope Bokor
Ruppel & Burns, LLP.  Affiliates that simultaneously filed for
Chapter 11 are Colony Beach, Inc. (Case No. 13-00350), and Resorts
Management, Inc. (Case No. 13-00354).  Murray J. Klauber signed
the petition as president.  Each of the Debtors estimated under
$50,000 in assets and under $10 million in liabilities.


COMMUNITYONE BANCORP: Incurs $1.5 Million Net Loss in 2013
----------------------------------------------------------
CommunityOne Bancorp filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$1.48 million on $74.99 million of total interest income for the
year ended Dec. 31, 2013, as compared with a net loss of $40
million on $77.98 million of total interest income in 2012.  The
Company incurred a $137.31 million net loss in 2011.

The Company's balance sheet at Dec. 31, 2013, showed $1.98 billion
in total assets, $1.90 billion in total liabilities and $80.36
million in total shareholders' equity.

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

                       http://is.gd/YimzCz

                        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.


CONSTAR INTERNATIONAL: Supplemental Asset Sale Order Approved
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware, in a
supplemental order dated Feb. 27, 2014:

   i) approved the asset purchase agreement between Constar
      International Holdings LLC, et al., and Plastipak Packaging,
      Inc.;

  ii) authorized the sale of certain of the Debtor's assets
      outside the ordinary course of business; and

iii) authorized the assumption and assignment of certain
      executory contracts and unexpired leases.

The supplemental order provides that:

   -- each of the Debtors, the Official Committee of Unsecured
      Creditors, the Revolving Agent, DIP Note Agent, the
      requisite lenders under the prepetition roll over documents
      and prepetition shareholder documents, and the Dallas
      County have reached an agreements on the total amount of
      each of the reserves; and

   -- each of the reserves are approved on an individual line
      item basis.

As reported in the Troubled Company Reporter on Feb. 12, 2014,
Plastipak's bid at bankruptcy 11 U.S.C. Sec. 363 auction was
determined to be the highest and best value for certain U.S.
assets of the Debtor.

The transaction is subject to customary closing conditions,
including regulatory approval, and is expected to close in the
first quarter.  Upon closing, Constar sites will be operated under
Plastipak ownership.

                     Objections Overruled

Judge Christopher S. Sontchi approved the APA, after determining
that Plastipak's $102,450,000 offer for the Debtors' U.S. assets
bested the offers from Amcor Rigid Plastics USA, Inc., and Envases
Universales De Mexico S.A.P.I. De C.V. during the Feb. 6 auction.

All objections concerning the sale are resolved in accordance with
the terms of the sale order.  To the extent any objection was not
withdrawn, waived, or settled, it is overruled and denied.

Objections were raised by The J.M. Smucker Company, Pension
Benefit Guaranty Corporation, Dallas County, Integrys Energy
Services-Natural Gas, LLC, Plex Systems, Inc., Microsoft
Corporation and Microsoft Licensing, GP, First Industrial
Financing Partnership L.P., ColorMatrix Corporation, DAK Resinas
Americas Mexico S.A. de C.V., DAK Americas, LLC, StarPet, Inc.,
and The Kroger Co.  Most of the objections took issue on the
proposed cure amounts to be paid in connection with the assumption
of their contracts with the Debtors.

With regards to Dallas County's objection, the Court directed the
Debtors, the Official Committee of Unsecured Creditors, the
Revolving Agent, the DIP Note Agent, other lenders and Dallas
County to reach an agreement on the amount of reserves provided
for in the sale order.

Amcor will be paid a break-up fee and expense reimbursement at
closing.  From the proceeds of the sale of any of the Debtors'
assets located in the state of Texas, the amount of $424,574 will
be set aside as adequate protection for the secured claims of
Dallas County prior to the distribution of any proceeds to any
other creditor.

                    About Constar International

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

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

The 2013 petition listed assets worth less than $100 million
against $123 million on three layers of secured debt.

Judge Christopher S. Sontchi oversees the 2013 case.

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

Attorneys at Brown Rudnick LLP represent the official committee of
unsecured creditors.  The Committee retained Alvarez & Marsal
North America LLC as its financial advisor.

Counsel to Wells Fargo Capital Finance, LLC, the revolving loan
agent, is Andrew M. Kramer, Esq., at Otterbourg P.C.

The Bankruptcy Court on Feb. 10 approved the sale of the Debtors'
U.S. Assets to Plastipak Packaging, Inc.; and the U.K. Assets to
Sherburn Acquisition Limited.  The Court determined that
Plastipak's $102,450,000 offer for the Debtors' U.S. assets bested
the offers from Amcor Rigid Plastics USA, Inc., and Envases
Universales De Mexico S.A.P.I. De C.V. during a Feb. 6 auction.
Separately, the Court authorized Constar to sell a facility in
Havre de Grace, Maryland, to Smucker Natural Foods, Inc., for
$3 million.  There was no other bidder for the Maryland facility.

The Sherburn deal closed on Feb. 14 and the Plastipak deal on
Feb. 27.

The sole director of debtor Constar International U.K. Limited has
appointed Daniel Francis Butters and Nicolas Guy Edwards of
Deloitte LLP as administrators.  The U.K. Administration
Proceeding follows the closing of the sale of the U.K. assets to
Sherburn Acquisition Limited.  The Delaware Bankruptcy Judge
authorized the U.S. Debtors to sell the U.K. Assets to Sherburn
for GBP3,512,727, (or US$7,046,000), less the deposit in the sum
of US$1,250,000.

Secured lender Black Diamond Commercial Finance, LLC, as DIP note
agent, and Wells Fargo Capital Finance, LLC, as DIP revolving
agent and agent under the revolving loan facility, consented to
the administration of Constar U.K. and the appointment of the
Joint Administrators.

Constar International Holdings LLC has proposed to change its name
to Capsule International Holdings LLC.  The other debtors also
will bear the names: Capsule Group Holdings, Inc.; Capsule
Intermediate Holdings, Inc.; Capsule Group, Inc.; Capsule
International LLC; Capsule DE I, Inc.; Capsule DE II, Inc.;
Capsule PA, Inc.; Capsule Foreign Holdings, Inc.; and Capsule
International U.K. Limited (Foreign).


CUE & LOPEZ: Oriental Bank Asks Court to Appoint Examiner
---------------------------------------------------------
Oriental Bank asks the Court to appoint an examiner authorized to
investigate Cue & Lopez Construction Inc. and Cue & Lopez
Contractors Inc. regarding:

   (a) transactions with insiders;
   (b) postpetition payments to suppliers that hold prepetition
       claims; and
   (c) amounts held by third parties for work completed.

William Santiago-Sastre, Esq., at De Diego Law Offices, PSC, in
Puerto Rico, points out that appointment of an examiner is
warranted in the interest of creditors.

Mr. Santiago-Sastre notes that, according to schedules filed with
the Court, Cue & Lopez made over $2.6 million in prepetition
payments to insiders:

   Payee Insider            Payment Amount
   -------------            --------------
   Frank Cue Garcia             $21,535.37
                                 70,719.74
                                 98,896.20
   Jesus O. Lopez Bernal         15,477.52
                                 39,520.57
                                 85,509.48
   Frank Cue Fernandez           81,601.68
   Mario R. Lopez Reinante       72,487.00
                                753,747.00
                                 81,630.60

A large number of the payments, Mr. Santiago-Sastre adds, are made
out to petty cash.

Mr. Santiago-Sastre also tells the Court that $128,517 in
compensation payments was made to insiders over a three-month
period postpetition. There is no creditors committee to help
parties to verify if the large amount paid is reasonable and
necessary for the preservation of the bankruptcy estate, he says.

The actions of Cue & Lopez, Mr. Santiago-Sastre contends, reflect
business-as-usual without any cost-cutting measures even though
institutional creditors are not paid.

Mr. Santiago-Sastre stresses that insiders continue to enjoy large
sum payments that cannot be justified in light of the purported
insolvency or without the investigation of an examiner.

                         About Cue & Lopez

San Juan, Puerto Rico-based Cue & Lopez Construction, Inc., sought
protection under Chapter 11 of the Bankruptcy Code on Oct. 4, 2013
(Case No. 13-08297, Bankr. D.P.R.).  The case is assigned to Judge
Brian K. Tester.

The Debtor is represented by Charles Alfred Cuprill, Esq., at
Charles A Curpill, PSC Law Office, in San Juan, Puerto Rico.  CPA
Luis R. Carrasquillo & Co., P.S.C., serves as its accountant.

Cue & Lopez Construction scheduled $13,334,151 in total assets and
$17,520,089 in total liabilities.  The Chapter 11 petition was
signed by Frank F. Cue Garcia, president.


CUE & LOPEZ: Oriental Bank Wants to Bar Use of Cash Collateral
--------------------------------------------------------------
Oriental Bank asks the Court to prohibit Cue & Lopez Construction
Inc. and Cue & Lopez Contractors Inc. from using cash collateral
without consent. The bank also wants that any funds that Cue &
Lopez receive beginning October 4, 2013 be segregated in a
separate account.

William Santiago-Sastre, Esq., at De Diego Law Offices, PSC, in
Puerto Rico, relates that before filing Chapter 11, Cue & Lopez
provided collateral to assets of Oriental Bank, which includes
accounts receivables for the retention of construction
certifications of Casa Maggiore, Inc.

Mr. Santiago-Sastre tells the Court that it contacted Cue & Lopez
to discuss the use of retention receivables from Casa Maggiore to
which Cue & Lopez replied that it had not received any payments
nor did it expect to receive any soon. Mr. Santiago-Sastre,
however, contends that on September 10, 2013, it did receive
$100,000 from this account.

At the meeting of creditors on November 8, 2013, Cue & Lopez
informed the bank that the Casa Maggiore retention is not part of
its estate based on legal precedent. Cue & Lopez estimated the
value of this asset at $300,000.

Section 362(c)(2) of Bankruptcy Code provides that the Debtor may
not use, sell or lease cash collateral unless:

   (a) each entity that has an interest in such cash
       collateral consents; or

   (b) the court, after notice and hearing, authorizes such
       use, sales, or lease in accordance with the
       provisions of this section.

                         About Cue & Lopez

San Juan, Puerto Rico-based Cue & Lopez Construction, Inc., sought
protection under Chapter 11 of the Bankruptcy Code on Oct. 4, 2013
(Case No. 13-08297, Bankr. D.P.R.).  The case is assigned to Judge
Brian K. Tester.

The Debtor is represented by Charles Alfred Cuprill, Esq., at
Charles A Curpill, PSC Law Office, in San Juan, Puerto Rico.  CPA
Luis R. Carrasquillo & Co., P.S.C., serves as its accountant.

Cue & Lopez Construction scheduled $13,334,151 in total assets and
$17,520,089 in total liabilities.  The Chapter 11 petition was
signed by Frank F. Cue Garcia, president.


CUMULUS MEDIA: Ares Mgt. Owned 7% of Class A Shares at Feb. 20
--------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Ares Management LLC and its affiliates
disclosed that as of Feb. 20, 2014, they beneficially owned
14,274,296 shares of Class A Common Stock of Cumulus Media Inc.
representing 7.1 percent of the shares outstanding.  A copy of the
regulatory filing is available for free at http://is.gd/Vecdbn

                        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.


DELPHI AUTOMOTIVE: May Be Dragged in GM Recall Issue
----------------------------------------------------
Dustin Walsh at Crain's Detroit Business reports that General
Motor's ignition recall may haunt Delphi Automotive plc.  Mr.
Walsh wrote that a faulty part in as many as 1.6 million vehicles
could ignite legal and financial calamity for Delphi if it is held
responsible for the actions of its bankrupt predecessor.  The
supplier of the defective ignition switch at the center of a
massive recall, investigation and public shaming of General Motors
could face mounting scrutiny over the hot-button issue.  However,
the unanswered questions in the inquiry has left legal experts
unsure of Delphi's plight.  The article is available at
http://is.gd/m5MQl6from Crain's.

According to Mr. Walsh, Delphi, as well as GM, is protected under
Chapter 11 bankruptcy code from certain product liability
obligations that occurred before they emerged from bankruptcy, but
it still may not be able to avoid penalties, experts say.  The
issue comes down to whether the product liability discharge for
bankrupt Delphi Corp. is upheld in the face of civil suits and
potential fraud under a criminal investigation.

"This is relatively unprecedented and will make for a great law
school class," said Mark Aiello, partner at Foley & Lardner LLP in
Detroit, according to the Crain's report. "Forget about the
complexity of a component that has failed. Now you have the
complexity of federal investigations, bankruptcy, etc.

"A lot of facts that are going to come out; it's not as simple as
it seems," Aiello said.

Crain's also reported that Judith Elkin, partner at New York City
law firm Haynes and Boone LLP, said "This case is interesting, and
the laws have always been murky in product liability . . .
There's no question that Delphi will argue that they are free of
any liability that happened before or during its bankruptcy
proceeding, but that doesn't necessarily mean they are protected."

Elkin represented Highland Capital Management LP in its
unsuccessful bid to buy Delphi during its Chapter 11 case.

According to Crain's, the belief among attorneys is that if GM
pays out, Delphi will follow suit, either in civil cases or after
GM seeks a payout for the defective part Delphi supplied.  The
report said civil plaintiff attorneys' first line of attack
against GM is to ask U.S. Bankruptcy Judge Robert Gerber to lift
the liability discharge for GM on the grounds that the automaker
knowingly deceived the judge by not informing the court about the
ignition defect.  A proposed class action has been filed in a
federal court in California asking a judge to permit plaintiffs to
sue GM "because of the active concealment by Old GM and GM,"
Reuters reported, according to Crain's.  The lawsuit alleges that
pre-bankruptcy GM knew about the ignition problems as early as
2001, continued to use the defective part until 2007 and that
post-bankruptcy GM continued to deceive the public, Reuters
reported.

Crain's said Delphi's bankruptcy could also be reopened if the
company is found to have deceived its judge about the issue as
well.  Elkin said that is unlikely to happen, but an appeals court
could reopen the cases.

The report said Richard Levin, partner at New York City law firm
Cravath, Swaine & Moore LLP, said the issue could also play out in
the state court system.  "When a claimant tries to pursue a
liability claim, they do it in state court, not bankruptcy court,"
Mr. Levin said. "State courts haven't always been as friendly to
the free and clear ruling of bankruptcy court."

Crain's, citing Bloomberg News, also reported that Clarence
Ditlow, executive director of the Washington, D.C.-based Center
for Auto Safety, has asked GM to set up a fund to resolve claims
over the ignition defect.

If GM pays any claimants, Delphi or its suppliers may come under
target from the same claimants, said Tom Manganello, partner at
Warner Norcross & Judd LP in Southfield.  In this scenario, GM
would likely settle with claimants on the condition they agree not
to sue any of GM's suppliers, including Delphi, Mr. Manganello
said.  In turn, GM may seek to share the costs of the settlement
with Delphi.

                         About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation --
http://www.delphi.com/-- was a global supplier of electronics and
technologies for automotive, commercial vehicle and other market
segments.  Delphi operated major technical centers, manufacturing
sites and customer support facilities in 30 countries.

The Company filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead
Case No. 05-44481) on Oct. 8, 2005.  John Wm. Butler Jr., Esq.,
John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, represented the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represented the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court confirmed Delphi's plan on Jan. 25, 2008.  The Plan
was not consummated after a group led by Appaloosa Management,
L.P., backed out from their proposal to provide US$2,550,000,000
in equity financing to Delphi.  At the end of July 2009, Delphi
obtained confirmation of a revised plan, build upon a sale of the
assets to a entity formed by some of the lenders who provided
$4 billion of debtor-in-possession financing, and General Motors
Company.

On Oct. 6, 2009, Delphi's Chapter 11 plan of reorganization became
effective.  A Master Disposition Agreement executed among Delphi
Corporation, Motors Liquidation Company, General Motors Company,
GM Components Holdings LLC, and DIP Holdco 3, LLC, divides
Delphi's business among three separate parties -- DPH Holdings
LLC, GM Components, and DIP Holdco 3.

Delphi emerged from Chapter 11 as DPH Holdings.  DPH Holdings is
responsible for the post-Effective Date administration and
eventual closing of the Chapter 11 cases as well as the
disposition of certain retained assets and payment of certain
retained liabilities as provided under the Modified Plan.

Delphi Automotive PLC is UK-based company formed in May 2011 as a
holding company for US-based automotive parts manufacturer Delphi
Automotive LLP.  Delphi Automotive LLP is the successor to the
former Delphi Corporation.  At the time of its formation, Delphi
Automotive PLC filed an initial public offering seeking to raise
at least $100 million.


DEMCO INC: Creditors' Panel Taps Amigone Sanchez as Counsel
-----------------------------------------------------------
The Official Committee of Unsecured Creditors of Demco, Inc. seeks
authorization from the U.S. Bankruptcy Court for the Western
District of New York to retain Amigone, Sanchez & Mattrey, LLP as
counsel, nunc pro tunc to Feb. 12, 2014.

The Committee requires Amigone Sanchez to:

   (a) appear at hearings or in court on behalf of the Creditors
       Committee;

   (b) report to the Creditors Committee;

   (c) conduct Committee meetings;

   (d) conduct negotiations with the Debtor, secured creditors and
       unsecured creditors;

   (e) commence and conduct any and all litigation necessary or
       appropriate to asset rights held by the Creditors
       Committee; and

   (f) perform any other necessary or appropriate legal services
       in connection with this Chapter 11 case for or on behalf of
       the Creditors Committee.

Amigone Sanchez will be paid at these hourly rates:

       Arthur G. Baumeister, Jr.        $300
       Associate                        $150
       Lawyers                       $150-$300

Amigone Sanchez will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Arthur G. Baumeister, member of Amigone Sanchez, 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.

Amigone Sanchez can be reached at:

       Arthur G. Baumeister, Jr., Esq.
       AMIGONE, SANCHEZ & MATTREY, LLP
       1300 Main Place Tower
       350 Main Street
       Buffalo, NY 14202
       Tel: (716) 852-1300
       Fax: (716) 852-1344
       E-mail: abaumeister@amigonesanchez.com

                        About Demco Inc.

Demco, Inc., aka Decommissioning & Environmental Management
Company, is a specialty trade contractor based in West Seneca, New
York, which provides demolition services, nuclear work,
environmental clean-up, disaster response and a variety of other
services throughout the United States and, on a project-by-project
basis, internationally.  Some of Demco's better known demolition
projects in the past have included the Rocky Flats Nuclear Power
Plant, Yankee Stadium, the Orange Bowl, Buffalo Memorial
Auditorium, and the Sunflower Army Ammunition Plant.

Demco filed for Chapter 11 protection (Bankr. W.D.N.Y. Case No.
12-12465) on Aug. 6, 2012.  Bankruptcy Judge Michael J. Kaplan
presides over the case.  Daniel F. Brown, Esq., at Andreozzi,
Bluestein, Fickess, Muhlbauer Weber, Brown, LLP, represents the
Debtor in its restructuring effort.  Freed Maxick CPAs, P.C.
serves as its accountants, and Horizons Consulting, LLC, serves as
its tax consultants. The Debtor estimated assets and debts at $10
million to $50 million.  The petition was signed by Michael J.
Morin, controller.

Tracy Hope Davis, the U.S. Trustee for Region 2, appointed three
creditors to serve on the Official Committee of Unsecured
Creditors.

First Niagara Bank, the cash collateral lender, is represented by
William F. Savino, Esq., at Damon Morey.


DENHAM HOMES: Ill. Judge Rules on Appeal Over Case Dismissal
------------------------------------------------------------
DENHAM HOMES, L.L.C., Appellant, v. TECHE FEDERAL BANK, N.A.,
Appellee, No. 13 C 00485 (N.D. Ill.), involves the appeal of an
order issued by the U.S. Bankruptcy Court for the Northern
District of Illinois dismissing the Chapter 11 case of Denham
Homes, L.L.C., and a motion to dismiss Denham's appeal as moot by
its primary creditor, Teche Federal Bank.

Denham Homes was the developer and owner of roughly 103 acres of
real property in Denham Springs, Louisiana.  Denham planned to
develop the Property into a 276-lot planned residential
subdivision called Crystal Lakes.  Unfortunately, Denham did not
fare well in completing the project, despite having obtained
approximately $5.6 million in financing and a line of credit from
Teche Federal Bank, Denham's primary creditor.

On Jan. 28, 2010, Denham initiated a bankruptcy case in the
Northern District of Illinois by filing a voluntary petition for
reorganization under Chapter 11 of the Bankruptcy Code.  Teche and
Denham eventually entered into a settlement agreement concerning
Denham's reorganization.  A Fourth Amended Plan of Reorganization
that incorporated the terms of their settlement agreement was
filed on April 11, 2011, and confirmed by the Bankruptcy Court on
April 21, 2011.  The effective date of the Plan was May 6, 2011.
Denham's motion for final decree was granted and the bankruptcy
case was closed on Nov. 17, 2011.

The Plan provided that Denham's reorganization would be funded
through the sale of the undeveloped home sites on the Property.
The Plan categorized Denham's pre-petition debt into separate
classes of claims, each of which would be treated differently
over the course of Denham's planned reorganization.  Teche held a
Class 2 Claim, which was a fully secured, interest-bearing claim
in the principal amount of $5,451,697.45, plus $150,000 in fees
and costs.  Teche also held a Class 10 Claim in the amount of
$764,086.39 that was to be paid from the proceeds of the sale of
five model homes built on the Property.  Seven creditors with
mechanics lien claims held the Class 3-9 Claims, which totaled
$410,821 in aggregate.  There were no Class 11 Claims, which were
defined by the Plan as any other allowed claim secured by an
interest in the Property.  The Class 12 Claims comprise several
unsecured claims, including one that was then the subject of
active litigation in Louisiana at the time the Plan was filed.
Diversified held an unsecured Class 13 Claim.  Anderson Associates
LP, which is controlled by Denham's principal William Spatz, held
an unsecured Class 14 Claim.

The Plan set out a schedule for how the proceeds would be
distributed to the various classes as sales of home sites
progressed.  Initially, 50% of the proceeds from each lot sold
would be paid to Teche's Class 2 Claim and 50% would be paid pro
rata to the Class 3-9 and Class 11 Claims.  After the Class 3-9
and Class 11 Claims were paid off, 70% of the proceeds from each
subsequent lot sale would be paid to Teche's Class 2 Claim, with
the remaining 30% paid to Teche's Class 10 Claim.  The Plan
provided that Anderson's Class 14 Claim would be paid from home
site proceeds only after all other allowed claims were paid in
full.

The Plan also set a schedule of benchmarks for Denham's planned
lot sales and payments to its creditors.  By the first anniversary
of the Plan's effective date, Denham was to have sold at least
forty home sites and collected proceeds of at least $1,080,000,
and was to have sold 15 undeveloped acres of the Property for at
least $165,000.  By the second anniversary, Denham agreed to have
sold at least 90 home sites for at least $2,680,000.  By the third
anniversary, Denham agreed to have sold at least 140 home sites
for at least $4,380,000.  The benchmarks for the fourth
anniversary were 180 home sites for $6,232,000; by the fifth
anniversary, Denham was to have sold the remaining developed home
sites and collected at least $7,884,400.  If Denham failed to meet
any of the benchmarks, it would be in default under the Plan.
Teche would then have the right to foreclose on its mortgage, and,
according to the Plan, Denham would not to oppose the foreclosure.

Denham proceeded to sell 19 home sites by Dec. 21, 2011, and to
pay Teche 50% of the proceeds of those sales.  Earlier that month,
however, Teche had learned that the Class 3-9 Claims had been paid
in full and canceled from the public records of Livingston Parish,
Louisiana on Aug. 25, 2011, before the first lot in the Crystal
Lakes subdivision had been sold.  Thus began a hard-fought dispute
between Teche and Denham about the effect of this payment and the
cancellation of the liens.

On Dec. 20, 2011, Denham told Teche that Anderson -- not Denham --
had paid the holders of the claims; then, on Dec. 27, 2011, Denham
told Teche that it was Summa Associates, LLC, who purchased those
claims from the original lienholders.  Teche demanded an
accounting of what home site proceeds had been collected and
applied to the Class 3-9 Claims.  After objecting to the first
accounting provided by Denham, Teche again demanded an accounting,
this time requesting that Denham provide proof that the Class 3-9
Claims were paid, the amount paid to each claimant, the name of
the entity that actually paid the claimants, and copies of the
checks used to pay the Class 3-9 Claims.  Denham then represented
that Port Allen Associates, the principal of which is also
Denham's principal, William Spatz, paid the claims and produced
copies of cancelled checks that showed that Port Allen made the
payments.  Further investigation by Teche, however, revealed that
the checks Denham produced never passed through Port Allen's bank
account.  Bank records showed that it was Anderson who paid the
Class 3-9 Claims, as well as a Class 12 Claim, on Aug. 25, 2011.

The dispute between Teche and Denham came to a head as Denham
attempted to complete the home site sales necessary to meet the
first anniversary benchmark.  On April 17, 2012, Teche received a
purchase agreement for the proposed sale of 21 home sites to
Crystal Lakes, LLC.  Teche, believing it was rightfully owed 70%
of the proceeds of these sales because the holders of the Class
3-9 Claims had been paid, agreed to allow the sale of the lots and
receive 50% of the proceeds if an additional 20% was put into
escrow until the disagreement over the correct distribution was
resolved. Denham rejected this proposal.  After Teche and Denham
agreed to extend the deadline for the first anniversary benchmark
by 45 days, Denham then proposed a sale of 26 home sites, offering
to disburse 70% of the proceeds to Teche -- which then countered
by requesting 100% of the proceeds.  In the end, Teche did not
agree to remove its encumbrances on the Property, and Denham did
not complete any additional sales.  Teche provided Denham with a
notice of default on July 18, 2012.

The next day, Denham filed a motion to reopen its Chapter 11 case,
which was granted on Aug. 27, 2012.  Denham additionally moved to
modify the Plan and to enforce payment of the claims provisions of
the Plan; Teche objected to both motions.  The motion to modify
the Plan was eventually withdrawn by Denham and stricken from the
record. The latter motion to enforce the payment provisions of the
Plan was denied by the Bankruptcy Court after an evidentiary
hearing.  The Bankruptcy Court held that (1) Denham did not follow
the terms of its confirmed plan of reorganization with regard to
distributions made to Anderson from various property sales and (2)
Teche properly refused to release its mortgage liens as to
prospective property sale transactions as requested by Denham.
Additionally, the Bankruptcy Court adopted Teche's proposed
findings of fact and conclusions of law and closed Denham's
Chapter 11 case pursuant to 11 U.S.C. Sec. 350(a), stating that
the parties could "address any other or additional issues in the
state courts in Louisiana, where [Denham's] real property is
located."

Denham appealed the Bankruptcy Court's decision.  Denham argues
that the Bankruptcy Court erred in concluding that Denham violated
the terms of the Plan as well as in concluding that Teche was
excused from its duty to release mortgage liens to permit Denham
to close on sales to meet the Plan's benchmarks.

While this dispute played out in the Bankruptcy Court, Denham
failed to meet the first anniversary benchmarks under the Plan.
Teche provided Denham a second notice of default on Nov. 28, 2012,
and instituted foreclosure proceedings on the Property in
Livingston Parish, Louisiana.  A petition for executory process
was filed on behalf of Teche on Dec. 18, 2012, and Denham was
served with notices of seizure and to appoint an appraiser.
Denham did not oppose the seizure and sale of the remaining
Crystal Lakes property, which was sold to a third party at public
auction on March 13, 2013 (while Denham's appeal was pending), for
$3,901,000 in cash.  The Sheriff of Livingston Parish filed a
request for cancellation on March 19, 2013, which was recorded in
the mortgage records and had the effect of canceling all
encumbrances against the Property, including Teche's mortgage.
Teche cites the sale as a basis for its motion to dismiss Denham's
appeal.  It argues that because Denham's reorganization was
premised on its ability to sell home sites on the Property, the
appeal is now moot.

In a March 21, 2014 Memorandum Opinion and Order available at
http://is.gd/s5pW4yfrom Leagle.com, District Judge John J. Tharp,
Jr., the Court grants the motion to dismiss and vacates the
Bankruptcy Court's order.

Denham Homes LLC is represented by Frank P. Venis, Esq., at Venis
& Copp LLP & Jonathan Todd Brand, Lakelaw.

Teche Federal Bank is represented by Francis X. Buckley, Jr.,
Esq., at Thompson Coburn LLP.

Chicago, Illinois-based Denham Homes, LLC, fka Spatz Homes, LLC,
filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case
No. 10-03164) on Jan. 28, 2010.  Daniel A. Zazove, Esq., and
Kathleen A. Stetsko, Esq., at Perkins Coie LLP, assisted the
Company in its restructuring effort.  The Company listed $10
million to $50 million in assets and liabilities.


DETROIT, MI: Area Water Authority Talks Hit Cutoff
--------------------------------------------------
Nolan Finley, writing for Detroit News, reported that Kevyn Orr's
hopes of leasing the Detroit Water and Sewerage Department to a
regional authority are on life support, as both the city and
suburbs are striking much more adversarial stances.

According to the report, the Detroit emergency manager has sent
notices to Wayne, Oakland and Macomb counties that he is ending
negotiations on an authority until the three counties are aligned
in their positions. Oakland and Macomb oppose the authority as
proposed by Orr; Wayne County supports its creation, with
reservations.

"In the meantime, the city is going to explore other options," the
report said, citing Orr's spokesman, Bill Nowling.

The options Orr spelled out include either selling the city-owned
water system or leasing it to a private management firm, the
report related.  Meanwhile, Oakland County is lawyering up to
protect its residents from sharing in the cost of Detroit's
bankruptcy.

                 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.


DETROIT, MI: Asks U.S. Court to Consolidate Bankruptcy Appeals
--------------------------------------------------------------
Reuters reported that Detroit asked a federal appeals court to
consolidate seven cases seeking to overturn a December ruling that
found the city was eligible for Chapter 9 municipal bankruptcy
protection.

According to the report, in a motion, Detroit asked the Sixth
Circuit U.S. Court of Appeals to force the parties, including the
city's two pension funds, labor unions and retiree groups, to file
in one lead case or to jointly file a principal brief accompanied
by short individual briefs.

"Each of the appellants has the same interest - overturning the
bankruptcy court's determination that the city is unconditionally
eligible to proceed under chapter 9," the report related, citing
Detroit's motion.  "Moreover, the appellants raise largely the
same legal challenges to that determination."

The parties that filed the appeals had mixed reactions to
consolidation, according to the city's motion, the report further
related.

If consolidation of the appeals is not granted, the city asked the
appeals court to give it more time to respond to the appeals by
pushing the deadline the court set earlier this month to June 17
from May 27, the report said.

                 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.


DETROIT, MI: Bankruptcy Means Long Waits for Bus Riders
-------------------------------------------------------
Matthew Dolan, writing for The Wall Street Journal, reported that
for legions of carless in the Motor City, the buses are running on
fumes.

The report related that when the Number 53 along one of the city's
busiest thoroughfares wheezily pulled into a crowded stop on a
bitterly cold afternoon recently, a gray-haired woman in a pink
knit cap immediately lodged a complaint.

"We have been waiting almost an hour and a half out here," she
told driver Raymond Muse as she boarded the bus on Woodward
Avenue, the report said.  And then, as if her message hadn't been
heard, the woman, who declined to provide her name, repeated: "An
hour and one half I've been waiting."

Frustration over dysfunctional public transportation in this
bankrupt city is a daily reminder of how often the rubber on
Detroit's public services fails to meet the road, residents and
city officials say, the report further related.

Many Detroiters have little choice in the matter: High
unemployment and expensive auto-insurance rates keep a growing
number of residents from owning their own car, making bus service
a necessity in a city of 139 square miles with no rail system,
save for an elevated, three-mile monorail that loops around
downtown, the report said.

                 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.


DIOCESE OF HELENA: Taps Michael Hogan as Victims Representative
---------------------------------------------------------------
The Roman Catholic Bishop of Helena, Montana, asks the U.S.
Bankruptcy Court for permission to employ Michael R. Hogan as the
legal representative in this case for these persons holding Claims
against the Debtor:

Persons holding Claims against the Debtor resulting or arising, in
whole or in part, from any actual or alleged sexual conduct or
misconduct, sexual abuse or molestation, indecent assault and/or
battery, rape, lascivious behavior, undue familiarity, pedophilia,
ephebophilia, or sexually-related physical, psychological, or
emotional harm, or contacts or interactions of a sexual nature
between a child and an adult, or a nonconsenting adult and another
adult, assault, battery, corporal punishment, or other act of
physical, psychological, or emotional abuse, humiliation, or
intimidation or any other misconduct and seeking monetary damages
or any other relief, under any theory of liability, including
vicarious liability, any negligence-based theory or other theory
based on any acts or failures to act by the Debtor or any other
person who the Debtor is allegedly responsible for, who neither
timely file nor are deemed to have timely filed (e.g., due to
excusable neglect) a proof of claim on or before the Claims Bar
Date or files a proof of claim after the Claims Bar Date; and:

(a) are under 18 years of age before the Claims Bar Date;

(b) neither discovered nor reasonably should have discovered
    Before the Claims Bar Date that his or her injury was caused
    by an act of childhood abuse; or

(c) have a claim that was barred by the applicable statute of
    Limitations as of the Claims Bar Date but is no longer barred
    by the applicable statute of limitations for any reason,
    including for example the passage of legislation that revives
    such claims.

Michael R. Hogan attests that it is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code.

                     About the Diocese of Helena

The Roman Catholic Bishop of Helena, Montana, a Montana Religious
Corporation Sole (a/k/a Diocese of Helena) sought protection
under Chapter 11 of the Bankruptcy Code on Jan. 31, 2014, to
resolve more than 350 sexual-abuse claims.  The Chapter 11 case
(Bankr. D. Mont. Case No. 14-60074) was filed in Butte, Montana.

Attorneys at Elsaesser Jarzabek Anderson Elliott & MacDonald,
Chtd., serve as counsel to the Debtor.

The Diocese estimated assets of $1 million to $10 million and debt
of $10 million to $50 million.

Several Roman Catholic dioceses in the U.S. have filed for
bankruptcy to settle claims from current and former parishioners
who say they were sexually molested by priests.

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

William Driscoll of the law firm Franz & Driscoll PLLP is the
Debtor's special counsel.


DUNE ENERGY: Incurs $46.9 Million Net Loss in 2013
--------------------------------------------------
Dune Energy, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$46.98 million on $55.50 million of total revenues for the year
ended Dec. 31, 2013, following a net loss of $7.85 million on
$52.14 million of total revenues in 2012.  Dune Energy incurred a
net loss of $60.41 million in 2011.

As of Dec. 31, 2013, the Company had $249.50 million in total
assets, $126.65 million in total liabilities and $122.84 million
in total stockholders' equity.

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

                       http://is.gd/qm703B

                        About Dune Energy

Dune Energy, Inc. (NYSE AMEX: DNE) -- http://www.duneenergy.com/
-- is an independent energy company based in Houston, Texas.
Since May 2004, the Company has been engaged in the exploration,
development, acquisition and exploitation of natural gas and crude
oil properties, with interests along the Louisiana/Texas Gulf
Coast.  The Company's properties cover over 90,000 gross acres
across 27 producing oil and natural gas fields.


E3 BIOFUELS: Suit Over Ruinous Blast Found Time-Barred
------------------------------------------------------
Law360 reported that a Nebraska federal judge threw out ethanol
fuel maker E3 Biofuels LLC's breach of contract claims against
contractors the company alleged caused an explosion and an
estimated $60 million in damages at a plant that drove its
predecessor to bankruptcy, ruling the claims were time-barred.

According to the report, in an 18-page opinion, U.S. District
Judge Laurie Smith Camp wrote that E3's lawsuit against
contractors including Biothane Corp. and Perennial Energy Inc. was
filed well after Nebraska's two-year statute of limitations on
claims of professional negligence had run.

The case is E3 Biofuels, LLC v. Biothane Corporation et al., Case
No. 8:11-cv-00044 (D. Neb.).  The case was filed on February 7,
2011.

                         About E3 BioFuels

Headquartered in Shawnee, Kansas E3 BioFuels LLC --
http://www.e3biofuels.com/-- produces ethanol and is a subsidiary
of Earth, Energy & Environment LLC.  It was founded by chief
executive officer Dennis Langley.  E3 BioFuels projects, including
the Genesis plant in Mead, Nebraska, are owned exclusively by E3
BioFuels-Mead LLC, an affiliate.  The Mead plant opened in June,
and was hailed as a model for improving the environment and for
fighting global warming.  It is the first plant to have a "closed-
loop" system, which uses manure from 28,000 head of cattle in a
nearby feedlot to make methane that fueled the plant.  Distillers
grain, a byproduct of ethanol production, was then fed to the
cattle.

E3 BioFuels-Mead LLC and E3 Biofuels Mead Holding LLC filed for
Chapter 11 protection on November 30, 2007 (Bankr. D. Kan. Case
Nos. 07-22733 and 07-22734).  Carl R. Clark, Esq., and Jeffrey A.
Deines, Esq., at Lentz & Clark PA represent the Debtors in their
restructuring efforts.  When the Debtors filed for bankruptcy,
they listed assets and debts between $1 million and $100 million.


EDISON MISSION: Withdraws Motion to Estimate EIX Disputed Claims
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
has authorized Edison Mission Energy, et al., to withdraw the
motion to estimate disputed claims.

As reported by the Troubled Company Reporter on Jan. 17, 2014, the
Debtors asked the Court for a prompt estimation of certain proofs
of claim filed by the Debtors' parent Edison International and its
non-debtor affiliates, including Southern California Edison,
Edison Mission Group, and Mission Energy Holding Company, for the
purposes of limiting the amount the Debtors must allocate in
reserve for these contingent, unliquidated claims, setting the
maximum amount for allowance on account of the claims, for voting
purposes, and for distributions.

Specifically, the Debtors asked the Court to (a) estimate the EIX
Pension Claims, the EIX Other Benefit Plan Claims, and the PBGC
Claims at $0; and (b) order that no amounts will be reserved on
account of these claims.  The Debtors also said related proofs of
claim filed by the Pension Benefit Guaranty Corporation, and the
Internal Revenue Service be estimated at $0.

                      About Edison Mission

Santa Ana, California-based Edison Mission Energy is a holding
company whose subsidiaries and affiliates are engaged in the
business of developing, acquiring, owning or leasing, operating
and selling energy and capacity from independent power production
facilities.  EME also engages in hedging and energy trading
activities in power markets through its subsidiary Edison Mission
Marketing & Trading, Inc.

EME was formed in 1986 and is an indirect subsidiary of Edison
International.  Edison International also owns Southern California
Edison Company, one of the largest electric utilities in the
United States.

EME and its affiliates sought Chapter 11 protection (Bankr. N.D.
Ill. Lead Case No. 12-49219) on Dec. 17, 2012.

EME has reached an agreement with the holders of a majority of
EME's $3.7 billion of outstanding public indebtedness and its
parent company, Edison International EIX, that, pursuant to a plan
of reorganization and pending court approval, would transition
Edison International's equity interest to EME's creditors, retire
existing public debt and enhance EME's access to liquidity.

The Company's balance sheet at Sept. 30, 2012, showed
$8.17 billion in total assets, $6.68 billion in total liabilities
and $1.48 billion in total equity.

In its schedules, Edison Mission Energy disclosed total assets of
assets of $5,721,559,170 and total liabilities of $6,202,215,094
as of the Petition Date.

The Debtors, other than Camino Energy Company, are also
represented by James H.M. Sprayregen, P.C., Sarah Hiltz Seewer,
Esq., and Seth A. Gastwirth, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois; and Joshua A. Sussberg, Esq., at Kirkland &
Ellis LLP, in New York.  Debtor Camino Energy Company is
represented by David A. Agay, Esq., and Joshua Gadharf, Esq., at
McDonald Hopkins LLC, in Chicago, Illinois.

Perella Weinberg Partners is acting as the Debtors' financial
advisor and McKinsey & Company Recovery and Transformation
Services is acting as restructuring advisor.  GCG, Inc., is the
claims and notice agent.

An official committee of unsecured creditors has been appointed in
the case and is represented by Ira S. Dizengoff, Esq., Stephen M.
Baldini, Esq., Arik Preis, Esq., and Robert J. Boller, Esq., at
Akin Gump Strauss Hauer & Feld LLP in New York; James Savin, Esq.,
and Kevin M. Eide, Esq., at Akin Gump Strauss Hauer & Feld LLP in
Washington, DC; and David M. Neff, Esq., and Brian Audette, Esq.,
at Perkins Coie LLP.  The Committee also has tapped Blackstone
Advisory Partners as investment banker and FTI Consulting as
financial advisor.

EME's Joint Plan of Reorganization provides for the sale of all or
substantially all of Debtors MWG, EME, and Midwest Generation EME,
LLC, will be sold to NRG Energy, Inc.  The Plan was confirmed on
March 11, 2014.


EDWIN WATTS GOLF: Seeks Until June 2 to File Exit Plan
------------------------------------------------------
EWGS Intermediary LLC and Edwin Watts Golf Shops ask the Court to
extend its exclusive period to file a reorganization plan to
June 2, 2014, and its exclusive solicitation period to August 1,
2014.

Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg
LLP, in Wilmington, Delaware, says that EWGS needs the extension
because, among other things, the cases are large and complex.

EWGS simultaneously undertook multiple strategies to liquidate its
assets including an on-going store closing sale process, explains
Mr. Yurkewicz.

Mr. Yurkewicz adds that EWGS have worked diligently over the past
few months to maximize the value of its assets and have been in
regular communication with creditors and lenders.

EWGS has exclusive right to submit a plan up to 120 days after it
filed for Chapter 11. A debtor could request for an extension upon
presenting sufficient cause to Court.

                       About EWGS Intermediary

EWGS Intermediary and Edwin Watts Golf Shops, which operate as an
integrated, multi-channel retailer, offering brand name golf
equipment, apparel and accessories, filed for Chapter 11
protection on Nov. 4, 2013 (Bankr. D. Del. Lead Case No.
13-12876).  They are represented by Domenic E. Pacitti, Esq., and
Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg
LLP, in Wilmington, Delaware.  The Debtors tapped Bayshore
Partners LLC as their investment banker, FTI Consulting, LLC, as
their financial advisors, and Epiq Bankruptcy Solutions, LLC, as
claims and noticing agent.

PNC Bank, National Association, the DIP Agent, is represented by
Regina Stango Kelbon, Esq., at Blank Rome LLP, in Wilmington,
Delaware.

Lawrence C. Gottlieb, Esq., Jay R. Indyke, Esq., Brent Weisenberg,
Esq., at Cooley LLP, serve as lead counsel to the Official
Committee of Unsecured Creditors.  Michael J. Merchant, Esq.,
Christopher M. Samis, Esq., and William A. Romanowies, Esq., at
Richards, Layton & Finger, P.A. serve as Delaware counsel.  The
Committee hired PricewaterhouseCoopers LLP as its financial
adviser.

The Debtors said total assets are greater than $100 million.  In
its schedules, EWGS Intermediary disclosed $0 in assets and
$77,801,784 in total liabilities.

Hilco Merchant Resources, a unit of Hilco Global, on Dec. 5, 2013,
disclosed that it has completed a $40 million deal to purchase all
the assets of golf retail brand Edwin Watts, in partnership with
GWNE, Inc., an affiliate of Worldwide Golf Shops.  The transaction
was approved by the bankruptcy court and closed on Dec. 5.


ELBIT IMAGING: Consummates Debt Restructuring
---------------------------------------------
Elbit Imaging Ltd. said that the closing of the the plan of
arrangement with its unsecured financial creditors took place on
Feb. 20, 2014.  As part of the Arrangement, 509,713,459 ordinary
shares were issued to the Company's unsecured financial creditors,
out of which 9,090,122 ordinary shares were issued at the Closing
and deposited in trust for the benefit of Bank Leumi Le Israel
B.M., due to the ongoing dispute between the Company and Bank
Leumi regarding the validity of certain pledges registered in Bank
Leumi's favor.

Immediately following the Closing, as contemplated by the
Arrangement, (i) the closing of the refinancing agreement between
the Company and Bank Hapoalim B.M. as described in the Company's
announcements on Nov. 14, 2013, Nov. 26, 2013, and Dec. 30, 2013,
was held, at which 16,594,036 ordinary shares were issued to Bank
Hapoalim, and (ii) the warrant to purchase ordinary shares of the
Company issued to Eastgate Property LLC, as described in the
Company's announcement on Sept. 25, 2011, and amended as described
in the Company's announcement on April 6, 2012, was exercised for
1,924,215 ordinary shares and terminated.

Following the Closing, the issued and outstanding share capital of
the Company consists of 553,134,519 ordinary shares and the total
corporate level debt (excluding the disputed debt to Bank Leumi)
amounted to NIS835 million ($237 million) and consists of the
following:

   * NIS 448 million (approximately $127 million) aggregate
     principal amount of Series H notes and NIS 218 million
    (approximately $62 million) aggregate principal amount of
     Series I notes (out of which approximately NIS 8 million
     principal amount of Series H notes and approximately NIS 3.9
     million principal amount of Series I notes were issued at the
     Closing and deposited in trust for the benefit of Bank Leumi
     due to the abovementioned dispute); and

   * Approximately $48 million (approximately NIS 169 million)
     principal amount of secured debt to Bank Hapoalim under the
     Refinancing Agreement.

The creation and registration of collateral securing the Series H
and Series I notes is scheduled to be completed within 45 business
days following the Closing.

                     About Elbit Imaging Ltd.

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

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

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

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

The Company's balance sheet at Sept. 30, 2013, showed NIS4.83
billion in total assets, NIS4.96 billion in total liabilities and
a NIS122.24 million shareholders' deficiency.

Since February 2013, Elbit has intensively endeavored to come to
an arrangement with its creditors.  Elbit has said it has been
hanging by a thread for more than five months.  It has encountered
cash flow difficulties and this burdens its day to day activities,
and it certainly cannot make the necessary investments to improve
its assets.  In light of the arrangement proceedings, and
according to the demands of most of the bondholders, as well as an
agreement that was signed on March 19, 2013, between Elbit and the
Trustees of six out of eight series of bonds, Elbit is prohibited,
inter alia, from paying off its debts to the financial creditors -
- and as a result a petition to liquidate Elbit was filed, and
Bank Hapoalim has declared its debts immediately payable,
threatening to realize pledges that were given to the Bank on
material assets of the Company -- and Elbit undertook not to sell
material assets of the Company and not to perform any transaction
that is not during its ordinary course of business without giving
an advance notice to the trustees.

Accountant Rony Elroy has been appointed as expert for examining
the debt arrangement in the Company.

In July 2013, Elbit Imaging's controlling shareholders, Europe-
Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company
that the Tel Aviv District Court has appointed Adv. Giroa Erdinast
as a receiver with regards to the ordinary shares of the Company
held by Europe Israel securing Europe Israel's obligations under
its loan agreement with Bank Hapoalim B.M.  The judgment stated
that the Receiver is not authorized to sell the Company's shares
at this stage.  Following a request of Europe-Israel, the Court
also delayed any action to be taken with regards to the sale of
those shares for a period of 60 days.  Europe Israel and
Mr. Zisser have also notified the Company that they utterly reject
the Bank's claims and intend to appeal the Court's ruling.


ELBIT IMAGING: Court Rejects Liquidation Request
------------------------------------------------
The Tel Aviv District Court rejected the liquidation request of
the trustees of Elbit Imaging Ltd.'s Series B Notes.

                       About Elbit Imaging Ltd.

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

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

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

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

The Company's balance sheet at Sept. 30, 2013, showed NIS4.83
billion in total assets, NIS4.96 billion in total liabilities and
a NIS122.24 million shareholders' deficiency.

Since February 2013, Elbit has intensively endeavored to come to
an arrangement with its creditors.  Elbit has said it has been
hanging by a thread for more than five months.  It has encountered
cash flow difficulties and this burdens its day to day activities,
and it certainly cannot make the necessary investments to improve
its assets.  In light of the arrangement proceedings, and
according to the demands of most of the bondholders, as well as an
agreement that was signed on March 19, 2013, between Elbit and the
Trustees of six out of eight series of bonds, Elbit is prohibited,
inter alia, from paying off its debts to the financial creditors -
- and as a result a petition to liquidate Elbit was filed, and
Bank Hapoalim has declared its debts immediately payable,
threatening to realize pledges that were given to the Bank on
material assets of the Company -- and Elbit undertook not to sell
material assets of the Company and not to perform any transaction
that is not during its ordinary course of business without giving
an advance notice to the trustees.

Accountant Rony Elroy has been appointed as expert for examining
the debt arrangement in the Company.

In July 2013, Elbit Imaging's controlling shareholders, Europe-
Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company
that the Tel Aviv District Court has appointed Adv. Giroa Erdinast
as a receiver with regards to the ordinary shares of the Company
held by Europe Israel securing Europe Israel's obligations under
its loan agreement with Bank Hapoalim B.M.  The judgment stated
that the Receiver is not authorized to sell the Company's shares
at this stage.  Following a request of Europe-Israel, the Court
also delayed any action to be taken with regards to the sale of
those shares for a period of 60 days.  Europe Israel and
Mr. Zisser have also notified the Company that they utterly reject
the Bank's claims and intend to appeal the Court's ruling.


ENNIS COMMERCIAL: Colliers Tingey Okayed as Real Estate Broker
--------------------------------------------------------------
The Bankruptcy Court authorized David Stapleton -- the Plan
Administrator appointed pursuant to the Plan of Liquidation of Ben
Ennis dated Dec. 14, 2012 -- to employ John Hale and Colliers
Tingey International, Inc., as its real estate broker to liquidate
real properties.

Kurt F. Vote, Esq., at Wanger Jones Helsley PC, on behalf of
creditors Daryl Nicholson, etc. et al., and Keith Watkins, etc.,
et al., objected on Feb. 11, 2014, to the application stating that
(i) the counsel has conflict of interest that does not permit him
to act as a "disinterested person", and (ii) and the proposed
terms of compensation are excessive and higher than that which the
Plan Administrator would need to pay to retain an experienced
broker in the area.

On Feb. 26, Rene Lastreto, II, Esq., at Lang, Richert & Patch, on
behalf of the Plan Administrator, appointed pursuant to the Plan
of Liquidation of Ben Ennis dated Dec. 14, 2012, replied to the
opposition to employ real estate broker.  Mr. Lastreto said that
the objection filed by Daryl Nicholson and Keith Watkins was
simply an extension of their efforts in accordance with their long
standing attempts to frustrate the economic and efficient
administration of the Debtor Ben Ennis' bankruptcy estate to the
detriment of legitimate creditors.

Mr. Lastreto added that Colliers does not have a disqualifying
conflict of interest, and the proposed rate of compensation for
Colliers is reasonable under the circumstances.

The Plan Administrator, in his application dated Jan. 29, said
that he needed a real estate broker to sell real properties in
furtherance and discharge of the Plan Administrator's duties.

The compensation will be paid in the form of either a 4% or 5%
commission without cooperating broker or 5% or 6% commission with
a cooperating broker depending on the real property, to be paid
from the purchase price from the sale of each real property
through escrow.

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

                       About Ennis Commercial

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

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

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

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

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

The plan of reorganization proposed by secured creditor Wells
Fargo Bank for Ben Ellis was confirmed on June 27, 2013.
David Stapleton was named plan administrator.


ENNIS COMMERCIAL: Loeb Okayed as Plan Administrator's Tax Counsel
-----------------------------------------------------------------
The Bankruptcy Court authorized David Stapleton -- the Plan
Administrator appointed pursuant to the Plan of Liquidation of Ben
Ennis dated Dec. 14, 2012 -- to employ Loeb & Loeb, LLP as tax
counsel.

Kurt F. Vote, Esq., at Wanger Jones Helsley PC, on behalf of
creditors Daryl Nicholson, etc. et al., and Keith Watkins, etc.,
et al., objected on Feb. 26, 2014, to the application due to
potential and actual conflict arising from Loeb's prior to
representation of creditor Citizens Business Bank.

On March 5, in his response to the objection, the Plan
Administrator said the objection is no more than a continuation of
their repeated attempts to frustrate the efficient administration
of the Plan to the detriment of legitimate creditors.

In an application dated Feb. 12, the Plan Administrator said that
the grounds for his application are:

   1. there is a need fox a tax attorney to assist the Plan
      Administrator in connection with the issues presented and
      arising in the post-confirmation phase of the Chapter 11
      case, and the plan administrator's duties under the Plan;

   2. it is necessary and essential for the Plan administrator
      to employ Tax counsel because of the extensive tax
      implication arising from transactions post-confirmation,
      including in connection with the liquidation of assets;
      and

   3. Loeb has extensive tax experience with the case having
      represented the Citizens Business Bank in the Ben Ennis
      case and the case of Ennis Commercial properties, LLC.

To the best of the Plan Administrator's knowledge, Loeb has no
interest materially adverse to the interest of the estate.

                       About Ennis Commercial

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

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

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

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

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

The plan of reorganization proposed by secured creditor Wells
Fargo Bank for Ben Ellis was confirmed on June 27, 2013.
David Stapleton was named plan administrator.


ENNIS COMMERCIAL: Plan Administrator May Sell Belridge Property
---------------------------------------------------------------
The Bankruptcy Court authorized David Stapleton -- the Plan
Administrator appointed pursuant to the Plan of Liquidation of Ben
Ennis dated Dec. 14, 2012 -- to sell 1277 Belridge Street No. 8B
Oceano, California, to the Paul V. Rossitto Trust and the Barbara
A. Rossitto Trust for $235,000.

The Court also authorized the payment of a (i) 3% commission from
the total purchase price to the Plan Administrator's real estate
agent, Prudential California Realty through Barry Brown, and (ii)
another 3% commission from the total purchase price to the buyer's
real estate agent, Kevin Land, and (iii) customary closing costs.

The sale is authorized free and clear of all liens, claims and
interests, except for the liens of the County of San Luis Obispo
(which will be paid through escrow), HA Devco, Inc. (which has
provided a reconveyance) , and Wilbur D. and Linda Brown (for
which reconveyance has been recorded.)

                       About Ennis Commercial

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

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

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

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

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

The plan of reorganization proposed by secured creditor Wells
Fargo Bank for Ben Ellis was confirmed on June 27, 2013.
David Stapleton was named plan administrator.


ENOVA SYSTEMS: To Sell 7 Million Common Shares to CEO
-----------------------------------------------------
Enova Systems, Inc., and John Micek, the president and chief
executive officer of Enova, orally agreed that Enova will sell to
John Micek, and Mr. Micek agreed to purchase from Enova, on, or
before, March 19, 2014, 7,000,000 shares of Enova's Common Stock
at a purchase price of US $0.01 per share in consideration of
$50,000 in cash and the conversion of $20,000 in debt.

Mr. Micek is an "accredited" investor (as that term is defined
under Regulation D promulgated by the Securities and Exchange
Commission).  The Shares are expected to be sold in a transaction
exempt from the registration requirements under Section 5 of the
Securities Act of 1933, as amended, pursuant to Section 4(2)
thereof and in reliance upon Rule 506 of Regulation D promulgated
by the SEC.

                        About Enova Systems

Torrance, Calif.-based Enova Systems, Inc., engages in the
development, design and production of proprietary, power train
systems and related components for electric and hybrid electric
buses and medium and heavy duty commercial vehicles.

In its report on the consolidated financial statements for the
year ended Dec. 31, 2012, PMB Helin Donovan, LLP, in San
Francisco, California, expressed substantial doubt about Enova
Systems' ability to continue as a going concern, citing the
Company's significant recurring losses and accumulated deficit.

The Company reported a net loss of $8.2 million on $1.1 million of
revenues in 2012, compared with a net loss of $7.0 million on
$6.6 million of revenues in 2011.

As of Sept. 30, 2013, the Company had $2.22 million in total
assets, $5.94 million in total liabilities and a $3.72 million
total stockholders' deficit.

                         Bankruptcy warning

On Dec. 12, 2012, a judgment was entered by the United States
District Court Northern District of Illinois in favor of Arens
Controls Company, L.L.C., in the amount of $2,014,169 regarding
claims for two counts.  In 2008, Arens Controls Company, L.L.C.
filed claims against Enova with the United States District Court
Northern District of Illinois.  A Partial Settlement Agreement, as
amended on Jan. 14, 2011, resolved certain claims made by Arens.
However, the claims were preserved under two remaining counts
concerning (i) anticipatory breach of contract by Enova for
certain purchase orders that resulted in lost profit  to Arens and
(ii) reimbursement for engineering and capital equipment costs
incurred by Arens exclusively for the fulfillment of certain
purchase orders received from Enova.

The Company filed a notice of appeal on Jan. 15, 2013.  The
Company believes the court committed errors leading to the verdict
and judgment, and the Company is evaluating its options on appeal.

"However, there can be no assurance that the appeal will be
successful or a negotiated settlement can be attained or that
Arens will assert its claim in the state of California, and
thereby cause the Company to go into bankruptcy," the Company said
in its quarterly report for the period ended March 31, 2013.


EXPERT GLOBAL: May Need to Modify Loan Deals, Says Moody's
----------------------------------------------------------
Expert Global Solutions Inc. may need to modify loan
covenants, Moody's Investors Service said in the course of
lowering the corporate rating by one step to B3.

Moody's said there is weakness in the accounts-receivable
management segment because credit-card customers' clients are
better managing their debt. Moody's predicts the company will have
negative free cash flow in 2014.

Revenue in 2013 was about $1.4 billion, Moody's said.

The Marietta, Georgia-base company provides information
technology and engineering services. It is a portfolio company
controlled by One Equity Partners LLC, a private-equity
investing arm of JPMorgan Chase & Co.


FAIRMONT GENERAL: Hires Pachulski to Advise on Medicare Claims
--------------------------------------------------------------
Fairmont General Hospital, Inc. and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the Northern
Districe of West Virginia to employ Pachulski Stang Ziehl & Jones
LLP as special counsel, nunc pro tunc to Feb. 5, 2014.

The legal services to be rendered by Pachulski Stang relate
primarily to advising the Debtor with respect to the examination,
negotiation, resolution, and objection to the Medicare and
Medicaid-related claims in the Bankruptcy Case.  The Firm's legal
services will not ordinarily include appearances before any court
or agency, other than the Bankruptcy Court, with respect to
matters which are, in essence, disputes involving issues of non-
bankruptcy law or the provision of substantive legal advice
outside the insolvency area.

Samuel R. Maizel will be the primary attorney participating in the
representation of the Debtor, and his present hourly rate is $795.
The Firm may also use other attorneys and paralegals as necessary
and appropriate to represent the Debtor, and will delegate tasks
among its attorneys in the most cost-efficient manner possible.

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

The Firm has agreed to make these adjustments to compensation:

   (a) the Firm will not seek compensation for services related to
       non-working travel time between Los Angeles, California and
       West Virginia, nor reimbursement for expenses related to
       such travel;

   (b) the Firm's monthly statements for services rendered will
       not exceed the lesser of:

       - the actual charges on such statement based on the Firm's
         hourly rates plus the Firm's expenses; or

       - the total attorney hours reflected on such statement
         multiplied by an hourly rate of $550, plus
         paraprofessional and research assistant fees and the
         Firm's expenses.

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

Pachulski Stang can be reached at:

       Samuel R. Maizel, Esq.
       PACHULSKI STANG ZIEHL & JONES LLP
       10100 Santa Monica Blvd., 13th Flr.
       Los Angeles, CA 90067-4003
       Tel: (310) 772-2306
       E-mail: smaizel@pszjlaw.com

            About Fairmont General Hospital Inc.

Fairmont General Hospital Inc. and Fairmont Physicians, Inc.,
which operate a 207-bed acute-care facility in Fairmont, West
Virginia, sought Chapter 11 bankruptcy protection (Bankr. N.D.
W.Va. Case No. 13-01054) on Sept. 3, 2013.  The fourth-largest
employer in Marion County, West Virginia, filed for bankruptcy as
it looks to partner with another hospital or health system.

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

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

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

The Bankruptcy Court has named Suzanne Koenig at SAK Management
Services, LLC, as patient care ombudsman.  Ms. Koenig has hired
her own firm as medical operations advisor; and Greenberg Traurig,
LLP, as her counsel.

The Debtors are engaged in the process of locating a buyer or
strategic partner for the hospital, through the Debtors'
investment bankers.  The Debtors believe that by the end of
March 2014 that process will be complete and a plan can be filed.

The Debtors have scheduled $48,568,863 in total assets and
$54,774,365 in total liabilities.


FILENE'S BASEMENT: Hartz Mountain Strikes Deal to Purchase HQ
-------------------------------------------------------------
Eliot Brown, writing for DBR Small Cap, reported that more than
two years after discount retailer Syms Corp. filed for bankruptcy,
its former headquarters and store in Secaucus, N.J., is set to be
sold to New Jersey real estate giant Hartz Mountain Industries
Inc., according to several people familiar with the deal.

Syms successor Trinity Place Holdings Inc. and Hartz presented a
plan in U.S. Bankruptcy Court in Wilmington, Del., the report
said.

                     About Filene's Basement

Massachusetts-based Filene's Basement, also called The Basement,
is the oldest off-price retailer in the United States.  The
Basement focuses on high-end goods and is known for its
distinctive, low-technology automatic markdown system.

Filene's Basement first filed for Chapter 11 bankruptcy protection
in August 1999.  Filene's Basement was bought by a predecessor of
Retail Ventures, Inc., the following year.  Retail Ventures in
April 2009 transferred the unit to Buxbaum.

Filene's Basement, Inc. and its affiliates filed for Chapter 22
(Bankr. D. Del. Case No. 09-11525) on May 4, 2009, represented by
lawyers at Pachulski Stang Ziehl & Jones LLP.  Epiq Bankruptcy
Solutions serves as claims and notice agent.  The Debtors
disclosed assets of $236 million, including real estate of $97.7
million, and liabilities of $94 million, including $31.1 million
owing on a revolving credit with Bank of America NA as agent. In
addition, there were $11.1 million in letters of credit
outstanding on the revolver.

The 2009 Debtor was formally renamed FB Liquidating Estate,
following the sale of all of its assets to Syms Corp. in June
2009.

Pursuant to the Liquidating Plan confirmed in January 2010,
secured creditors in the Chapter 11 case have been paid in full,
and holders of priority, administrative and convenience class
claims have received 100% of their allowed claims.  As reported by
the Troubled Company Reporter on Dec. 20, 2010, Alan Cohen,
Chairman of Abacus Advisors LLC and Chief Restructuring Officer
for FB Liquidating Estate disclosed that a second distribution of
dividend checks to Filene's unsecured creditors amounting to 12.5%
of approved claims has been made, bringing the cumulative
distributions on unsecured claims to 62.5%.

On Nov. 2, 2011, Syms Corp. placed itself, Filene's Basement and
two other units in Chapter 11 bankruptcy (Bankr. D. Del. Case Nos.
11-13511 to 11-13514) after a failed bid to sell the business.
The two units are Syms Clothing Inc. and Syms Advertising Inc.

Judge Kevin J. Carey presides over the case.  Lawyers at Skadden
Arps Slate Meagher & Flom LLP serve as the Debtors' counsel.  The
Debtors tapped Rothschild Inc. as investment banker and Cushman
and Wakefield Securities, Inc., as real estate financial advisors.

Syms shuttered its namesake and Filene's Basement outlets upon the
bankruptcy filing and tapped a joint venture of Gordon Brothers
Retail Partners LLC and Hilco Merchant Resources LLC to run the
going-out-of-business sales.  The sale may continue until Jan. 31,
2012.

Filene's Basement estimated $1 million to $10 million in assets
and $50 million to $100 million in debts.  The petitions were
signed by Gary Binkoski, authorized representative of Filene's
Basement.

The official committee of unsecured creditors appointed in the
2011 case has retained Hahn & Hessen LLP as legal counsel.

Holders of equity in Syms Corp. pushed for an official
shareholders' committee and separation of the Syms and Filene's
Basement bankruptcy estates.

Gordon Brothers and Hilco are represented by Goulston & Storrs,
P.C. and Ashby & Geddes, P.A.


FIRST MARINER: Obtains Interim OK for Equity Transfer Procedures
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Maryland
entered an interim order establishing notification and hearing
procedures for transfers of certain equity securities on Feb. 13,
2014.  The Interim Order establishes notice procedures to govern
certain transfers of First Mariner Bancorp's equity securities, as
well as procedures for objecting to those transfers in certain
circumstances, and provides that transfers of First Mariner
Bancorp equity securities in violation of those procedures are
void.  A copy of the Interim Order is available for free at:

                         http://is.gd/D8DsbJ

                    About First Mariner Bancorp

First Mariner Bancorp, the holding company for Maryland community
bank 1st Mariner, filed for Chapter 11 bankruptcy on Feb. 10,
2014, in order to sell its bank subsidiary, 1st Mariner Bank, to a
new bank formed by investors.  The case is In re First Mariner
Bancorp, Case No. 14-11952 (D. Md.) before Judge David E. Rice.

The Debtor's bankruptcy counsel if KRAMER LEVIN NAFTALIS & FRANKEL
LLP.  The Debtor's local counsel is Lawrence Joseph Yumkas, Esq.,
at YUMKAS, VIDMAR & SWEENEY, LLC, in Annapolis, Maryland.  The
Debtor's regulatory and corporate counsel if KILPATRICK TOWNSEND &
STOCKTON LLP.  The Debtor's investment banker and financial
adviser is SANDLER O'NEILL + PARTNERS, L.P.

The Debtor has total assets of $5.45 million and total debts of
$60.52 million.


FREE LANCE-STAR: Panel Hires Hunton & Williams as Counsel
---------------------------------------------------------
The Official Committee of Unsecured Creditors of The Free Lance-
Star Publishing Co. of Fredericksburg, Va., et al., seeks
authorization from the U.S. Bankruptcy Court for the Eastern
District of Virginia to retain Hunton & Williams LLP as counsel to
the Committee, effective Feb. 20, 2014.

The Committee requires Hunton & Williams to:

   (a) assist, advise and represent the Committee in consultations
       with the Debtors regarding the administration of the
       Bankruptcy Case;

   (b) assist, advise and represent the Committee in analyzing the
       Debtors' assets and liabilities, including any mortgages,
       liens and other security interests in the Debtors'
       property, and participating in and reviewing any proposed
       asset sales, any asset dispositions, financing arrangements
       and cash collateral issues in connection with these
       proceedings;

   (c) assist, advise and represent the Committee in any manner
       relevant to reviewing and determining the Debtors' rights
       and obligations under its leases and executory contracts;

   (d) assist, advise and represent the Committee in investigating
       the acts, conduct, assets, liabilities and financial
       condition of the Debtors, the Debtors' operations and the
       desirability of the continuance of any portion of those
       operations, and any other matters relevant to the
       Bankruptcy Case or to the formation of a plan;

   (e) assist, advise and represent the Committee in its
       participation in the negotiation, formulation and drafting
       of a plan of liquidation or reorganization;

   (f) assist, advise and represent the Committee in understanding
       its powers and its duties under the Bankruptcy Code and the
       Bankruptcy Rules and in performing other services in the
       interests of those represented by the Committee;

   (g) assist, advise and represent the Committee in the
       evaluation of claims and on any litigation matters,
       including avoidance actions; and

   (h) provide such other services to the Committee as may be
       necessary or appropriate in the Debtors' Bankruptcy Case.

Hunton & Williams will be paid at these hourly rates:

       Tyler P. Brown, Partner           $695
       Jason W. Harbour, Partner         $585
       Justin F. Paget, Associate        $400
       Shannon E. Daily, Associate       $365
       Matthew A. Lambert, Paralegal     $205

Hunton & Williams will also be reimbursed for reasonable out-of-
pocket expenses incurred.

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

The Court for the Eastern District of Virginia will hold a hearing
on the application on April 9, 2014 at 11:00 a.m.

Hunton & Williams can be reached at:

       Tyler P. Brown, Esq.
       HUNTON & WILLIAMS LLP
       951 East Byrd Street
       Richmond, VA 23219
       Tel: (804) 788-8674
       Fax: (804) 788-8218

                About The Free Lance-Star Publishing

The Free Lance-Star Publishing Co. of Fredericksburg, Va., is a
publishing, newspaper, radio and communications company based in
Fredericksburg, Virginia and owned by the family of Josiah P. Rowe
III.  FLS's single, seven-day a week newspaper, The Free Lance-
Star was first published in 1885 when a group of local
Fredericksburg merchants and businessmen created the paper to
serve the news and advertising needs of the community.  FLS also
owns radio stations WFLS-AM, FLS-FM, and WVBX.  FLS owns the
community and news portal http://www.fredericksburg.com/

FLS filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case
No. 14-30315) in Richmond, Virginia, on Jan. 23, 2014.  William
Douglas Properties, L.L.C., a related entity that owns a portion
of the land pursuant to which FLS operates certain aspects of its
business, also sought bankruptcy protection.

Judge Keith L. Phillips was initially assigned to the cases, but
the cases were reassigned to Judge Kevin R. Huennekens on the
Petition Date.

The Debtors have tapped Tavenner & Beran, PLC, as counsel; and
Protiviti, Inc., as financial advisor.

Judge A. Robbins, U.S. Trustee for Region 4, appointed three
members to the official committee of unsecured creditors.


FREEDOM INDUSTRIES: Pres. Wants Pay for Work Since Filing
---------------------------------------------------------
Jonathan Mattise, writing for The Associated Press, reported that
the president of the company that spilled chemicals into 300,000
West Virginians' water supply wants to get paid for work during
bankruptcy proceedings.

According to the report, in court documents, Freedom Industries
President Gary Southern requested an order to collect paychecks
for work following the company's Jan. 17 bankruptcy filing.

The documents say Southern earns a $230,000 salary, the report
related.  He last received a paycheck covering services through
Jan. 19.

Southern is requesting that his paychecks be negotiated and issued
until Freedom can appoint a chief restructuring officer, the
report further related.  Court papers say he worked 46 straight
days through Feb. 26.

Court records show Freedom paid contractors that employed Southern
about $5 million the year preceding the bankruptcy, the report
said.

                    About Freedom Industries

Freedom Industries Inc., is engaged principally in the business of
producing specialty chemicals for the mining, steel and cement
industries.  The Debtor operates two production facilities located
in (a) Nitro, West Virginia; and (b) Charleston, West Virginia.

The company, connected to a chemical spill that tainted the water
supply in West Virginia, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. W.Va. Case No. 14-bk-20017) on Jan.
17, 2014.  The case is assigned to Judge Ronald G. Pearson.  The
petition was signed by Gary Southern, president.

The Debtor is represented by Mark E Freedlander, Esq., at McGuire
Woods LLP, in Pittsburgh, Pennsylvania; and Stephen L. Thompson,
Esq., at Barth & Thompson, in Charleston, West Virginia.

On Dec. 31, 2013, four companies merged under the umbrella of
Freedom Industries: Freedom Industries Inc., Etowah River Terminal
LLC, Poca Blending LLC and Crete Technologies LLC.

As reported in the Troubled Company Reporter on Feb. 20, 2014,
Kate White, writing for The Charleston Gazette, reported that the
Debtor disclosed $16 million in assets and $6 million in
liabilities when it filed for bankruptcy.

On Feb. 5, 2014, the U.S. Trustee appointed an official committee
of unsecured creditors.


FREEDOM INDUSTRIES: Court Approves Frost Brown as Panel's Counsel
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Freedom
Industries, Inc. sought and obtained authorization from the U.S.
Bankruptcy Court for the Southern District of West Virginia to
retain Frost Brown Todd LLC as counsel, nunc pro tunc to Feb. 13,
2014.

The Committee requires Frost Brown to render legal services,
including, but not limited to:

   (a) advise the Committee with respect to its powers, duties,
       and responsibilities in this case;

   (b) provide assistance in the Committee's investigation of the
       acts, conduct, assets, liabilities and financial condition
       of the Debtors, the operation of the Debtors' business and
       desirability of the continuances of such business, and any
       other matters relevant to the cases or to the negotiation
       and formulation of a plan;

   (c) prepare on behalf of the Committee all necessary pleadings
       and other documentation;

   (d) advise the Committee with respect to the Debtors'
       formulation of a plan, the Debtors' proposed plans with
       respect to the prosecution of claims against various third
       parties and any other matters relevant to the cases or to
       the formulation of a plan in these cases;

   (e) provide assistance, advice and representation, if
       appropriate, with respect to the employment of a Trustee or
       Examiner, should such action become necessary, or any other
       legal decision involving interests represented by the
       Committee;

   (f) represent the Committee in hearings and proceedings
       involving the Committee; and

   (g) perform other legal services as may be necessary and in the
       interest of the creditors and the Committee.

Frost Brown intends to seek compensation based upon hourly billing
rates that have been discounted by 20% from their normal hourly
rates for purposes of this engagement.

Frost Brown will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Ronald E. Gold, member of Frost Brown, 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.

Frost Brown can be reached at:

       Ronald E. Gold, Esq.
       FROST BROWN TODD LLC
       3300 Great American Tower
       301 East Fourth Street
       Cincinnati, OH 45202-4182
       Tel: (513) 651-6800
       Fax: (513) 651-6981
       E-mail: rgold@fbtlaw.com

                      About Freedom Industries

Freedom Industries Inc., the company connected to a chemical spill
that tainted the water supply in West Virginia, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case
No. 14-bk-20017) on Jan. 17, 2014.  The case is assigned to Judge
Ronald G. Pearson.  The petition was signed by Gary Southern,
president.

The Debtor is represented by Mark E Freedlander, Esq., at McGuire
Woods LLP, in Pittsburgh, Pennsylvania; and Stephen L. Thompson,
Esq., at Barth & Thompson, in Charleston, West Virginia.

On Dec. 31, 2013, four companies merged under the umbrella of
Freedom Industries: Freedom Industries Inc., Etowah River Terminal
LLC, Poca Blending LLC and Crete Technologies LLC.

As reported in the Troubled Company Reporter on Feb. 20, 2014,
Kate White, writing for The Charleston Gazette, reported that the
Debtor disclosed $16 million in assets and $6 million in
liabilities when it filed for bankruptcy.

On Feb. 5, 2014, the U.S. Trustee appointed an official committee
of unsecured creditors.

On March 18, 2014, the Bankruptcy Court approved Mark Welch at
MorrisAnderson as CRO for the Debtor.


FREEDOM INDUSTRIES: CRO Says Funds Could Be Down to $3MM by June
----------------------------------------------------------------
A DPost.com reported that Freedom Industries Chief Restructuring
Officer Mark Welch estimated in bankruptcy court on March 18 that
the company could be down to $2.5 million to $3 million in mid-
June.  He said the 51-employee company will cease business
operations by the week's end.

DPost.com said Anthony Majestro, one of the lawyers representing
West Virginia businesses suing Freedom Industries, said that
wouldn't leave much help for citizens hurt by the Jan. 9 spill.

Bankruptcy Judge Ronald G. Pearson, who is overseeing the case,
allowed Freedom to hire Mr. Welch of MorrisAnderson & Associates,
despite concerns about Mr. Welch's pay rate, the report noted.
Mr. Welch would receive over $72,000 a month for six weeks and
$54,000 monthly afterward, and could hire another expert at $375
per hour, court documents state.

The report said Mr. Welch has estimated he could net the Company
$1 million by collecting payments due and finding savings during
environmental cleanup.

                    About Freedom Industries

Freedom Industries Inc., is engaged principally in the business of
producing specialty chemicals for the mining, steel and cement
industries.  The Debtor operates two production facilities located
in (a) Nitro, West Virginia; and (b) Charleston, West Virginia.

The company, connected to a chemical spill that tainted the water
supply in West Virginia, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. W.Va. Case No. 14-bk-20017) on Jan.
17, 2014.  The case is assigned to Judge Ronald G. Pearson.  The
petition was signed by Gary Southern, president.

The Debtor is represented by Mark E Freedlander, Esq., at McGuire
Woods LLP, in Pittsburgh, Pennsylvania; and Stephen L. Thompson,
Esq., at Barth & Thompson, in Charleston, West Virginia.

On Dec. 31, 2013, four companies merged under the umbrella of
Freedom Industries: Freedom Industries Inc., Etowah River Terminal
LLC, Poca Blending LLC and Crete Technologies LLC.

As reported in the Troubled Company Reporter on Feb. 20, 2014,
Kate White, writing for The Charleston Gazette, reported that the
Debtor disclosed $16 million in assets and $6 million in
liabilities when it filed for bankruptcy.

On Feb. 5, 2014, the U.S. Trustee appointed an official committee
of unsecured creditors.


GARLOCK SEALING: Ford Seeks Info to Fight Its Own Asbestos Suits
----------------------------------------------------------------
Daniel Fisher, writing for Forbes, reported that Ford Motor Co.
has filed a motion to unseal the records in the Garlock bankruptcy
case, hoping to obtain evidence it needs to derail asbestos
lawsuits against itself.

According to Forbes, in a motion and accompanying memorandum of
law filed with the federal bankruptcy court in Charlotte, N.C.,
Ford is seeking access to sealed testimony and exhibits that Judge
George R. Hodges relied upon to conclude that plaintiff lawyers
had withheld evidence their clients had made conflicting
statements about their asbestos exposure to different courts and
bankruptcy trusts set up to pay claimants. The health insurer
Aetna filed a similar motion last month, as part of its effort to
determine whether it paid the medical expenses of plaintiffs who
later recovered money for the same illness.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reported that the Chamber of Commerce's Legal Newsline filed
papers early in March asking Judge Hodges to unseal transcripts of
the trial culminating in the January decision. Before the trial,
Judge Hodges ruled that the proceedings would be closed to the
public.

Mr. Rochelle related that Legal Newsline said Judge Hodges's
opinion made "misconduct by asbestos plaintiffs and their lawyers
the focus of national debate."  The official committee of Garlock
asbestos claimants asked Judge Hodges to throw out Legal
Newsline's March filing.  According to the committee, the
publication already has an appeal pending from the judge's
decision to close the trial to the public and that should bar the
publication from seeking the same relief.

Ford, like many manufacturers, has been named in thousands of
lawsuits as plaintiff lawyers mount an aggressive search for
solvent defendants to sue, after most of the companies that made
and sold dangerous asbestos products like pipe insulation have
filed for bankruptcy protection to settle claims, Forbes related.
Plaintiff lawyers target car manufacturers because they sold
vehicles with brake pads containing asbestos. Epidemiological
studies have failed to show that car mechanics have higher levels
of mesothelioma, the cancer most closely associated with asbestos
exposure, so Ford has an interest in showing that plaintiffs suing
it for such cancers have claimed exposure to more dangerous
substances elsewhere.

In his January ruling slashing Garlock's asbestos-related
liabilities to $125 million, Judge Hodges cited the results of an
examination of 15 plaintiff files which found that lawyers had
withheld potentially important evidence of asbestos exposure from
each of them, Forbes further related.  The judge stopped just
short of calling the activity fraudulent, but said the process
"was infected by the manipulation of exposure evidence by
plaintiffs and their lawyers."

Such manipulation is possible because plaintiff lawyers largely
control the trusts asbestos manufacturers set up to pay claims,
and those lawyers have maintained a system of confidentiality that
allows them to tap numerous trusts, often with conflicting stories
about how their clients got sick, without fear of having anybody
match those claims up against each other, Forbes said.  The
secrecy also allows them to file lawsuits against solvent
companies first and negotiate larger settlements than they
otherwise might obtain by failing to acknowledge the more serious
exposures their clients will later allege against the bankruptcy
trusts.

                       About Garlock Sealing

Headquartered in Palmyra, New York, Garlock Sealing Technologies
LLC is a unit of EnPro Industries, Inc. (NYSE: NPO).  For more
than a century, Garlock has been helping customers efficiently
seal the toughest process fluids in the most demanding
applications.

On June 5, 2010, Garlock filed a voluntary Chapter 11 petition
(Bankr. W.D.N.C. Case No. 10-31607) in Charlotte, North Carolina,
to establish a trust to resolve all current and future asbestos
claims against Garlock under Section 524(g) of the U.S. Bankruptcy
Code.  The Debtor estimated $500 million to $1 billion in assets
and up to $500 million in debts as of the Petition Date.

Affiliates The Anchor Packing Company and Garrison Litigation
Management Group, Ltd., also filed for bankruptcy.

Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A.,
represents the Debtor in their Chapter 11 effort.  Garland S.
Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel
for asbestos matters.

The Official Committee of Asbestos Personal Injury Claimants in
the Chapter 11 cases is represented by Travis W. Moon, Esq., at
Hamilton Moon Stephens Steele & Martin, PLLC, in Charlotte, NC,
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, in New
York, and Trevor W. Swett III, Esq., Leslie M. Kelleher, Esq., and
Jeanna Rickards Koski, Esq., in Washington, D.C. 20005.

Joseph W. Grier, III, the Court-appointed legal representative for
future asbestos claimants, has retained A. Cotten Wright, Esq., at
Grier Furr & Crisp, PA, and Richard H. Wyron, Esq., and Jonathan
P. Guy, Esq., at Orrick, Herrington & Sutcliffe LLP, as his co-
counsel.

Judge George Hodges of the United States Bankruptcy Court for the
Western District of North Carolina on Jan. 10, 2014, entered an
order estimating the liability for present and future mesothelioma
claims against EnPro Industries' Garlock Sealing Technologies LLC
subsidiary at $125 million, consistent with the positions GST put
forth at trial.


GENERAL MOTORS: Reports 3 More Recalls, "Redoubles" Safety Efforts
------------------------------------------------------------------
Jeff Green, writing for Bloomberg News, reported that General
Motors Co. is recalling 1.55 million vans, sedans and sport-
utility vehicles, citing concerns over brakes, seat belts and air
bags, adding to 1.6 million cars recalled this year due to faulty
ignition switches.

The automaker also said it expects about $300 million in expenses
in the first quarter to cover the cost of repairs for the more
than 3 million vehicles, according to a statement on March 18, the
report said.  Delphi Automotive Plc, the auto supplier that was
once part of GM, is adding a production line to expedite supply of
replacement parts, Barra said in a video statement.

The new round of recalls follows criticism that GM was slow to act
on earlier concerns over vehicle safety, the report related.  It
took the automaker more than a decade to begin recalls on the
Cobalt and other small cars that were the subject of complaints as
early as 2003. The ignition switch defect threatens to harm GM's
reputation and complicate efforts under Chief Executive Officer
Mary Barra to recover from its 2009 bankruptcy.

"They are trying to be responsive to the general issues that lead
to recalls, however this doesn't really affect the matter at hand,
which is the recall of the Cobalt" and other small cars, Alan
Baum, an analyst at Baum & Associates in West Bloomfield,
Michigan, told Bloomberg. "They can't undo the underlying problem,
and that is the time lag from when this was determined internally,
and when it was acted upon."

GM discovered ignition-switch problems in 2001 while developing
the Saturn Ion small car and thought it had addressed them before
the model went into production, the Detroit-based company told
regulators, the report said.  The Ion, Cobalt and other small cars
were recalled last month after the defective switches had been
linked to at least 12 deaths.

                     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.


GULF FLEET: Trustee May Recoup $166,625 From Candy Fleet
--------------------------------------------------------
Bankruptcy Judge Robert Summerhays ruled in favor of Alan Goodman,
the Trustee of the Gulf Fleet Liquidating Trust, in his lawsuit
against Candy Fleet, LLC (Bankr. W.D. La. Adv. Proc. No. 12-
05010), seeking preference claims under 11 U.S.C. Sec. 547(b) and
avoidance of three payments made by Gulf Fleet to Candy Fleet
totaling $166,625 during the 90-day preference period.  Candy
Fleet owns and operates sea vessels used primarily in the offshore
oil and gas exploration industry.  During the relevant time
period, Candy Fleet leased its vessels through third-party brokers
such as Gulf Fleet.  A copy of the Court's March 21, 2014 Reasons
For Decision is available at http://is.gd/oNtKOOfrom Leagle.com.

                      About Gulf Fleet

Lafayette, Lousiana-based Gulf Fleet Holdings, Inc. -- along with
affiliates Star Marine, LLC; Gulf Wind, LLC; Gulf Service, LLC;
Gulf Worker, LLC; Hercules Marine, LLC; Gulf Fleet, LLC; Gulf
Fleet Marine, Inc.; Gulf Fleet Management, LLC; Gulf Fleet
Offshore, LLC; and Gulf Ocean Marine Services, LLC -- filed for
Chapter 11 bankruptcy protection on May 14, 2010 (Bankr. W.D. La.
Case No. 10-50713).

Gulf Fleet owned and operated a fleet of offshore and fast supply
vessels that supported oil and gas exploration and production
companies and other oilfield service companies.  Gulf Fleet also
operated an independent vessel brokerage business.

Gulf Fleet estimated $100 million to $500 million in assets and
$50 million to $100 million in debts in its Chapter 11 petition.
In their schedules, affiliate Gulf Fleet, LLC, disclosed
$2,088,277 in assets and $83,891,116 in liabilities; Gulf Fleet
Management, LLC, disclosed $943,256 in assets and $45,071,399 in
liabilities; and Gulf Ocean Marine Services, LLC, disclosed
$15,777,138 in assets and $79,513,230 in liabilities.

R. Michael Bolen, U.S. Trustee for Region 5 appointed seven
members to the official committee of unsecured creditors.  The
Committee was represented by Alan H. Goodman, Esq., at Breazeale,
Sachse & Wilson, L.L.P., and Hugh M. Ray, Jr., Esq., at Andrews &
Kurth.


GULF FLEET: May Avoid $117,519 in Transfers to Adriatic Marine
--------------------------------------------------------------
ALAN GOODMAN, TRUSTEE OF THE GULF FLEET LIQUIDATING TRUST,
Plaintiff, v. ADRIATIC MARINE, LLC, Defendant, Adv. Proc. No.
12-5009 (Bankr. W.D. La.), involves preference claims by the Gulf
Fleet Liquidating Trustee against Adriatic Marine.  In a March 21,
2014 Reasons for Decision available at http://is.gd/kdAKbifrom
Leagle.com, Bankruptcy Judge Robert Summerhays finds in favor of
the Trustee on his preference claim and finds that $117,519 of
transfers are subject to avoidance under 11 U.S.C. Sec. 547(b).
This amount excludes preference period transfers totaling $30,986
that are subject to the new value defense under 11 U.S.C. Sec.
547(c)(4). The court finds against Adriatic on its ordinary course
defense.

                      About Gulf Fleet

Lafayette, Lousiana-based Gulf Fleet Holdings, Inc. -- along with
affiliates Star Marine, LLC; Gulf Wind, LLC; Gulf Service, LLC;
Gulf Worker, LLC; Hercules Marine, LLC; Gulf Fleet, LLC; Gulf
Fleet Marine, Inc.; Gulf Fleet Management, LLC; Gulf Fleet
Offshore, LLC; and Gulf Ocean Marine Services, LLC -- filed for
Chapter 11 bankruptcy protection on May 14, 2010 (Bankr. W.D. La.
Case No. 10-50713).

Gulf Fleet owned and operated a fleet of offshore and fast supply
vessels that supported oil and gas exploration and production
companies and other oilfield service companies.  Gulf Fleet also
operated an independent vessel brokerage business.

Gulf Fleet estimated $100 million to $500 million in assets and
$50 million to $100 million in debts in its Chapter 11 petition.
In their schedules, affiliate Gulf Fleet, LLC, disclosed
$2,088,277 in assets and $83,891,116 in liabilities; Gulf Fleet
Management, LLC, disclosed $943,256 in assets and $45,071,399 in
liabilities; and Gulf Ocean Marine Services, LLC, disclosed
$15,777,138 in assets and $79,513,230 in liabilities.

R. Michael Bolen, U.S. Trustee for Region 5 appointed seven
members to the official committee of unsecured creditors.  The
Committee was represented by Alan H. Goodman, Esq., at Breazeale,
Sachse & Wilson, L.L.P., and Hugh M. Ray, Jr., Esq., at Andrews &
Kurth.


GULF FLEET: Trustee May Recoup $64,172 From Reama
-------------------------------------------------
Bankruptcy Judge Robert Summerhays ruled in an adversary
proceeding brought by Alan Goodman, Trustee of the Gulf Fleet
Liquidating Trust against Reama, Inc., d/b/a G & M Welding and
Fabricating.  Mr. Goodman asserts preference claims under
11 U.S.C. Sec. 547(b) and seeks avoidance of payments made by Gulf
Fleet to Reama totaling $85,121.86 during the 90-day preference
period.

Reama provided welding and repair services to Gulf Fleet from 2008
through 2010.

In a March 21, 2014 Reasons For Decision available at
http://is.gd/8OtDktfrom Leagle.com, the Court ruled in favor of
Reama on its ordinary course defense under 11 U.S.C. Sec.
547(c)(2) with respect to $19,886.75 of the preference-period
payments.  Reama is also entitled to a new value defense with
respect to an additional $1,062.50 of preference-period payments.
The Trustee is entitled to judgment in the amount of $64,172.61 as
well as pre-judgment and post-judgment interest.

                      About Gulf Fleet

Lafayette, Lousiana-based Gulf Fleet Holdings, Inc. -- along with
affiliates Star Marine, LLC; Gulf Wind, LLC; Gulf Service, LLC;
Gulf Worker, LLC; Hercules Marine, LLC; Gulf Fleet, LLC; Gulf
Fleet Marine, Inc.; Gulf Fleet Management, LLC; Gulf Fleet
Offshore, LLC; and Gulf Ocean Marine Services, LLC -- filed for
Chapter 11 bankruptcy protection on May 14, 2010 (Bankr. W.D. La.
Case No. 10-50713).

Gulf Fleet owned and operated a fleet of offshore and fast supply
vessels that supported oil and gas exploration and production
companies and other oilfield service companies.  Gulf Fleet also
operated an independent vessel brokerage business.

Gulf Fleet estimated $100 million to $500 million in assets and
$50 million to $100 million in debts in its Chapter 11 petition.
In their schedules, affiliate Gulf Fleet, LLC, disclosed
$2,088,277 in assets and $83,891,116 in liabilities; Gulf Fleet
Management, LLC, disclosed $943,256 in assets and $45,071,399 in
liabilities; and Gulf Ocean Marine Services, LLC, disclosed
$15,777,138 in assets and $79,513,230 in liabilities.

R. Michael Bolen, U.S. Trustee for Region 5 appointed seven
members to the official committee of unsecured creditors.  The
Committee was represented by Alan H. Goodman, Esq., at Breazeale,
Sachse & Wilson, L.L.P., and Hugh M. Ray, Jr., Esq., at Andrews &
Kurth.


HAAS ENVIRONMENTAL: Can Access Cash Collateral Until May 31
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey signed
off on a consent order authorizing Haas Environmental, Inc., to
use cash collateral on an interim basis until May 31, 2014.

The consent order was entered among the Debtor, the Official
Committee of Unsecured Creditors, Peoples United Equipment Finance
Corp.; Commercial Credit Group Inc.; and Sovereign Bank.  The
consent order provides for, among other things:

   a. Peoples holds a first position lien against, inter alia,
      the Debtor's accounts, and cash collateral and several of
      the Debtor's pieces of equipment and vehicles.  The balance
      owed to Peoples as of Jan. 24, is $2,713,307.

   b. CCG holds a second position lien against, inter alia, the
      Debtor's accounts and cash collateral, and a first lien
      position against several of the Debtor's pieces of equipment
      and vehicles.  The balance owed to CCG as of Jan. 24, is
      $2,002,288.

   c. Sovereign holds a third position lien against, inter alia,
      the Debtor's accounts.  The balance owed to Sovereign as
      of the Petition Date is $783,782.

Since December 2013, the parties entered into stipulation and
consent order authorizing the Debtor's use of cash collateral to
meet its ordinary cash needs, and extending the deadline for the
Committee to challenge the validity, enforceability and perfection
of liens and claims Peoples and CCG assert against certain bank
accounts of the Debtor.

As adequate protection from any diminution in value of the
lenders' collateral, the Debtor will grant payments to Peoples
and CCG:

   i) on Feb. 5, the Debtor made a payment of $10,000 to
      Peoples and CCG, respectively, as adequate protection
      for February 2014;

  ii) on March 15, and April 15, the Debtor will make adequate
      protection payments to Peoples in the amounts of $22,889
      and $18,672 for each respective month;

iii) on March 25, and April 25, the Debtor will make an
      adequate protection payment to CCG in the amount of
      $13,348 for each month;

  iv) on May 15, the Debtor will make an adequate protection
      payment to Peoples in the amount of $55,116, which payment
      will also be considered a "Peoples Restructuring Payment"
      under the Plan Agreement between the Debtor on one hand,
      and Peoples and CCG on the other;

   v) on May 25, the Debtor will make an adequate protection
      payment to CCG in the amount of $40,790, which payment
      will also be considered a "CCG Restructuring Payment"
      under the Plan Agreement.

Additionally, the Debtor will grant the lenders replacement lien
in the Debtor's postpetition collateral, and proceeds thereof, and
a superpriority administrative expense claim status, subject to
carve out on certain expenses.  The carve-out will be only for
fees and expenses incurred between the Petition Date and May 31,
2014.

The Debtor on Feb. 27 entered into a Plan Agreement with Peoples
and CCG, which provided for the Debtor's continued use of cash
collateral, and the negotiation of terms of repayment to Peoples
and CCG under a reorganizing Plan.

A copy of the Plan Agreement is available for free at:

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

                   About Haas Environmental, Inc.

Haas Environmental, Inc., filed a Chapter 11 petition (Bankr.
D.N.J. Case No. 13-27297) on Aug. 6, 2013.  Eugene Haas signed the
petition as president.  Judge Kathryn C. Ferguson presides over
the case.  The Debtor disclosed $10,127,069 in assets and
$11,595,611 in liabilities as of the Chapter 11 filing.  Jerrold
N. Poslusny, Jr., Esq., at Cozen O'Connor, in Cherry Hill, New
Jersey, serves as the Debtor's counsel.

Mary E. Seymour, Esq., at Lowenstein Sandler LLP, serves as
counsel for the Official Committee of Unsecured Creditors.
EisnerAmper LLP serves as its financial advisor effective Jan. 1,
2014.


HANGER INC: Has Until September 17 to File Form 10-K with SEC
-------------------------------------------------------------
Hanger, Inc. on March 24 disclosed that it continues to work to
file its Form 10-K for the year ended December 31, 2013 as soon as
possible.  As previously disclosed by the Company in its Form 12b-
25 filed with the Securities and Exchange Commission, the Company
is unable to timely file its Annual Report on Form 10-K because of
the additional time required to complete the testing and
assessment of internal controls, including the testing and
assessment of the updated controls and procedures the Company
implemented in response to the material weakness in the Company's
internal controls over financial reporting reported in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2012.

The Company also disclosed that it has received a notice from the
New York Stock Exchange that the Company is not in compliance with
the NYSE's continued listing requirements under the timely filing
criteria outlined in Section 802.01E of the NYSE Listed Company
Manual as a result of the Company's failure to timely file its
Annual Report on Form 10-K for the fiscal year ended December 31,
2013.

The Exchange has informed the Company that, under the NYSE rules,
the Company will have six months, until September 17, 2014, to
file its Form 10-K with the SEC.  The Company can, and intends to,
regain compliance with the NYSE listing standards prior to such
date by filing the Form 10-K with the SEC.  If the Company fails
to file the Form 10-K prior to such date, then the NYSE may grant,
at its discretion, a further extension of up to six additional
months, depending on the specific circumstances.  The letter from
the NYSE also notes that the NYSE may commence delisting
proceedings at any time if the circumstances warrant.

The Company's common stock continues to be listed on the NYSE
under the symbol "HGR," but, beginning on March 25, 2014, it will
be assigned a "LF" indicator by the NYSE to signify the Company's
late filing status.

                       About Hanger, Inc.

Built on the legacy of James Edward Hanger, the first amputee of
the American Civil War, Hanger, Inc. -- http://www.hanger.com--
delivers orthotic and prosthetic (O&P) patient care, distributes
O&P devices and components, and provides therapeutic solutions to
the broader post-acute market.  Through its Hanger Clinic
business, Hanger is the largest owner and operator of O&P patient
care clinics with in excess of 740 locations nationwide.  Through
its subsidiary Southern Prosthetic Supply, Inc. (SPS), Hanger
distributes branded and private label O&P devices, products, and
components in the United States.  The Company provides therapeutic
solutions through its Innovative Neurotronics and Accelerated Care
Plus businesses.


HECLA MINING: Moody's Lowers CFR to 'B2'; Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family and
Probability of Default Ratings of Hecla Mining Company to B2 and
B2-PD from B1 and B1-PD respectively. At the same time, the senior
unsecured notes rating was downgraded to B3 from B2. The outlook
is negative. The company's Speculative Grade Liquidity rating is
unchanged at SGL-2.

Downgrades:

Issuer: Hecla Mining Company

Probability of Default Rating, Downgraded to B2-PD from B1-PD

Corporate Family Rating, Downgraded to B2 from B1

Senior Unsecured Regular Bond/Debenture May 1, 2021, Downgraded
to B3 from B2

Outlook Actions:

Issuer: Hecla Mining Company

Outlook, Changed To Negative From Stable

Ratings Rationale

The downgrade to a B2 Corporate Family Rating reflects our view
that Hecla's operating and financial performance, debt protection
metrics and liquidity profile could come under pressure and track
meaningfully below our original expectations over the next 12 to
18 months, particularly should silver and gold prices decline from
current levels. The downgrade also reflects the potential for
Hecla's performance to be negatively impacted by a drop in the
prices of lead and zinc, both of which are by-products in the
Greens Creek and Lucky Friday mines and contributed approximately
29% of consolidated revenues (before smelter and refining
charges), due to weakening global demand for base metals and
slowing economic growth in China. Moody's note however that Hecla,
as part of its risk management program, looks to hedge its
exposure to changes in the price of metals produced (precious and
base) during the period of shipment and final settlement and also
hedges its exposure to zinc and lead in its expected future
concentrate shipments

Moody's baseline sensitivity analysis anticipates silver and gold
prices retreating to ranges of $18/oz to $20/oz and $1,100/oz to
$1,200/oz, respectively in 2014 resulting in EBIT margins
(including Moody's standard accounting adjustments) averaging in
the low single digits. Furthermore, Moody's expect that key debt
protection metrics such as debt-to-EBITDA, EBIT-to-interest and
(cash flow from operations less dividends)-to-debt will trend at
or somewhat above 4.5 times, below 1.0 times, and below 10%,
respectively -- levels that Moody's had previously stated would be
indicative of a higher risk profile and a rating below B1.

The B3 rating on the unsecured notes reflects their lower priority
position in the capital structure to the revolving credit facility
and priority accounts payables. Both the revolver and unsecured
notes are guaranteed by certain of the company's U.S.
subsidiaries.

The negative outlook reflects the risk that Hecla's performance
and credit metrics may trend at weaker than expected levels in the
event that silver and gold prices were to fall below our current
sensitivities, and the company experiences delays and cost over-
runs with its ongoing expansion projects. The outlook also
incorporates our view that Hecla may continue to generate negative
free cash flow given capital investment requirements, potentially
leading to a weaker liquidity profile.

Hecla's SGL-2 Speculative Grade Liquidity Rating reflects our view
that the company will maintain good liquidity over the next four
quarters. Given our expectations for weaker silver and gold prices
and ongoing capital investment requirements, Moody's anticipate
that free cash flow will be negative during this period. However,
the company maintains sufficient cash balances of approximately
$212 million at December 31, 2013 and an undrawn $100 million
senior secured revolving credit facility. Furthermore, Moody's
expect that the company will comply with its covenants in the next
four quarters with an adequate cushion.

Hecla's ratings could be downgraded should silver and gold prices
fall sharply, the #4 shaft project at Lucky Friday be
significantly delayed or experience material cost overruns, the
company encounter problems with Casa Berardi's development work
and production ramp-up, or operational issues develop at any of
the producing mines that would negatively impact financial
performance. Quantitatively, the rating could be lowered if credit
metrics were to stay at weaker than expected levels such that
adjusted debt-to-EBITDA were sustained above 5.5 times, EBIT-to-
interest below 1.0 times, or if continuing cash burn results in a
significant weakening of liquidity.

Upward movement in the rating is unlikely over the next 12 to 18
months given our expectations for weaker silver and gold prices,
Hecla's substantial near-term capital spending plans, the need to
complete the new shaft at Lucky Friday to extend the mine's life
and expand production, and ongoing execution risks at Casa
Berardi.

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

Headquartered in Coeur d'Alene, Idaho, Hecla Mining Company
("Hecla") is primarily a silver producer. The company operates two
silver mines - Greens Creek in Alaska and Lucky Friday in Idaho --
which also produce lead and zinc as by-products, and several other
exploration and pre-development properties. The company also owns
Casa Berardi -- a gold mine in Quebec, Canada which the company
acquired in June 2013. For the fiscal year ending December 31,
2013, Hecla produced approximately 8.9 million ounces of silver
and 120,000 ounces of gold and generated revenues of $383 million.


HERCULES OFFSHORE: Board Approves Salary Increase for Executives
----------------------------------------------------------------
The Compensation Committee of the Board of Directors of Hercules
Offshore, Inc., approved an increase to the annual base salaries
for John T. Rynd, chief executive officer and president; Stephen
M. Butz, executive vice president and chief financial officer;
James W. Noe, executive vice president; Terrell L. Carr, senior
vice president, Worldwide Operations; and Troy L. Carson, senior
vice president and chief accounting officer, effective April 6,
2014.  The increase to Mr. Rynd's salary restores his salary to
the level that it was prior to his taking a voluntary salary
reduction in April 2009.  The salary modifications are set forth
in the following table:

  Name of Executive            Previous
      Officer                   Salry        New Salary
  -----------------           ----------     ----------
  John T. Rynd                 $630,000       $700,000
  Stephen M. Butz              $375,000       $400,000
  James W. Noe                 $375,000       $390,000
  Terrell L. Carr              $325,000       $340,000
  Troy L. Carson               $300,000       $312,000

The Committee also approved modifications to the threshold,
target, and maximum bonus percentages for Messrs. Butz, Noe and
Carr under the Company's Annual HERO Performance Bonus Plan,
effective for the 2014 plan year.

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

                        http://is.gd/KuNivX

                       About Hercules Offshore

Hercules Offshore Inc. (NASDAQ: HERO) --
http://www.herculesoffshore.com/-- provides shallow-water
drilling and marine services to the oil and natural gas
exploration and production industry in the United States, Gulf of
Mexico and internationally.  The Company provides these services
to integrated energy companies, independent oil and natural gas
operators and national oil companies.  The Company operates in six
business segments: Domestic Offshore, International Offshore,
Inland, Domestic Liftboats, International Liftboats and Delta
Towing.

Hercules incurred a net loss of $127 million in 2012, a net loss
of $76.12 million in 2011, and a net loss of $134.59 million in
2010.  The Company's balance sheet at Sept. 30, 2013, showed $2.40
billion in total assets, $1.48 billion in total liabilities and
$922.37 million in stockholders' equity.

                           *     *     *

The Troubled Company Reporter said on April 11, 2013, that
Moody's Investors Service upgraded Hercules Offshore, Inc.'s
Corporate Family Rating to B2 from B3.  Hercules' B2 CFR is
supported by its improved cash flow and lower leverage on the back
of increased drilling activity and higher day-rates in the Gulf of
Mexico (GOM)

As reported by the TCR on Nov. 6, 2012, Standard & Poor's Ratings
Services raised its corporate credit rating on Houston-based
Hercules Offshore Inc. to 'B' from 'B-'.  "The upgrade reflects
the improving market conditions in the Gulf of Mexico and our
expectations that Hercules' fleet will continue to benefit," said
Standard & Poor's credit analyst Stephen Scovotti.


HERCULES OFFSHORE: Files Fleet Status Report as of Feb. 19
----------------------------------------------------------
Hercules Offshore, Inc., posted on its Web site at
http://www.herculesoffshore.com/a report entitled "Hercules
Offshore Fleet Status Report".  The Fleet Status Report includes
the Hercules Offshore Rig Fleet Status (as of Feb. 19, 2014),
which contains information for each of the Company's drilling
rigs, including contract dayrate and duration.  The Fleet Status
Report also includes the Hercules Offshore Liftboat Fleet Status
Report, which contains information by liftboat class for January
2014, including revenue per day and operating days.  The Fleet
Status Report is available for free at http://is.gd/RrLHVf

                      About Hercules Offshore

Hercules Offshore Inc. (NASDAQ: HERO) --
http://www.herculesoffshore.com/-- provides shallow-water
drilling and marine services to the oil and natural gas
exploration and production industry in the United States, Gulf of
Mexico and internationally.  The Company provides these services
to integrated energy companies, independent oil and natural gas
operators and national oil companies.  The Company operates in six
business segments: Domestic Offshore, International Offshore,
Inland, Domestic Liftboats, International Liftboats and Delta
Towing.

Hercules Offshore incurred a net loss of $68.11 million on $858.30
million of revenue for the year ended Dec. 31, 2013, as compared
with a net loss of $127 million on $618.22 million of revenue in
2012.  The Company incurred a net loss of $76.12 million in 2011.
As of Dec. 31, 2013, the Company had $2.30 billion in total
assets, $1.47 billion in total liabilities and $823.70 million in
equity.

                           *     *     *

The Troubled Company Reporter said on April 11, 2013, that
Moody's Investors Service upgraded Hercules Offshore, Inc.'s
Corporate Family Rating to B2 from B3.  Hercules' B2 CFR is
supported by its improved cash flow and lower leverage on the back
of increased drilling activity and higher day-rates in the Gulf of
Mexico (GOM)

As reported by the TCR on Nov. 6, 2012, Standard & Poor's Ratings
Services raised its corporate credit rating on Houston-based
Hercules Offshore Inc. to 'B' from 'B-'.  "The upgrade reflects
the improving market conditions in the Gulf of Mexico and our
expectations that Hercules' fleet will continue to benefit," said
Standard & Poor's credit analyst Stephen Scovotti.


HIBU INC: Yellow-Page Publisher Closing U.S. Proceedings
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Hibu Inc., the publisher of "Yellowbook" phone
directories that won U.S. court enforcement last month of its
reorganization in the U.K., has no further need for the Chapter 15
bankruptcy begun Jan. 28 in the U.S. Bankruptcy Court in Central
Islip, New York.

According to the report, the U.S. court recognized the U.K. court
as home to a so-called foreign non-main bankruptcy proceeding.
Consequently, the U.S. court declared that the U.K.
reorganization, known as a scheme, would be enforced in the U.S.

Enforcement of the U.K. scheme includes enforcing releases in the
U.S., the report related.  The purpose of the U.S. bankruptcy
proceeding having been accomplished, Hibu filed papers last week
to close out the Chapter 15 case.

There will be a hearing on March 27 for the judge to consider
closing the Chapter 15 case, the report said.  Hibu reserves the
right to reopen the case is the need arises.

                          About hibu Inc.

hibu is one of the largest multinational providers of print and
digital directories and digital services connecting local
consumers and merchants. While headquartered in Reading, U.K.,
hibu has approximately one million small and medium-sized
business ("SMB") customers located around the world.  hibu's main
operations are located in the U.K., U.S., and Spain, with
operations also in Argentina, Chile, and Peru along with shared
service functions in India and the Philippines.  hibu seeks to
transform itself from being a leading supplier of print and
online advertising for SMBs to becoming a leader in providing a
portfolio of print and digital marketing solutions for SMBs to
reach consumers.

hibu Inc. and related entities commenced restructuring
proceedings under Part 26 of the United Kingdom Companies Act
2006 before the High Court of Justice of England and Wales
(Chancery Division) on Jan. 17, 2014.

hibu Inc. and related entities filed Chapter 15 bankruptcy
petitions (Bankr. S.D.N.Y. Lead Case No. 14-70323) in Central
Islip, New York on Jan. 28, 2014, to seek recognition of
reorganization proceedings in the United Kingdom.

Christian Henry Wells, the foreign representative, is represented
by James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., Adam C.
Paul, Esq., Jeffrey D. Pawlitz, Esq., at Kirkland & Ellis LLP.

hibu estimated at least US$1 billion in assets and liabilities in
its Chapter 15 petition.

U.S. Bankruptcy Judge Robert E. Grossman oversees the U.S. case.


HOVNANIAN ENTERPRISES: Incurs $24.5MM Net Loss in Jan. 31 Qtr.
--------------------------------------------------------------
Hovnanian Enterprises, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing 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, 2013, showed $1.78 billion
in total assets, $2.24 billion in total liabilities and a $456.12
million total deficit.

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

                         http://is.gd/eJm4RL

                     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 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.


HORIZON LINES: Settles Qui Tam Complaint in Florida
---------------------------------------------------
Horizon Lines, LLC, a subsidiary of Horizon Lines, Inc., entered
into a settlement agreement which will resolve the pending
inquiries of the United States Department of Justice on behalf of
the United States Postal Service, the United States Department of
Agriculture and the United States Department of Defense.

The settlement agreement relates to a federal qui tam complaint
filed by the relator, William B. Stallings, in the United States
District Court for the Middle District of Florida, pursuant to the
qui tam provisions of the False Claims Act.  The claims underlying
the qui tam civil complaint were alleged price fixing of certain
ocean transportation contracts between the continental United
States and Puerto Rico during the period from April 2002 through
April 2008 that involved the United States as a customer.  This
qui tam action was unsealed on March 6, 2014.

The settlement agreement provides that the Company will pay to the
United States the total sum of $1,508,750 in six different
installments over a period of 455 days from the date of the
settlement agreement.  The Company is also required to pay the
relator $75,000 for his attorney's fees and costs.  The settlement
agreement further provides that if the Company's financial
statements contain certain material misstatements or omissions,
the United States may be able to collect additional amounts from
the Company depending upon the nature of the misstatement.
Moreover, if the Company is subject to certain proceedings
relating to bankruptcy, insolvency or reorganization prior to 91
days after the last payment made, or required to be made, under
the settlement agreement and the payment obligations under the
settlement agreement are avoided, the United States may rescind
the releases granted to the Company and may assert a claim for
$10,500,000 against the Company in those proceedings.

In exchange for the payment of the settlement amounts, the United
States and the relator agree to release the Company from certain
claims, including from any civil or administrative monetary claim
under the False Claims Act and certain other legal theories for
certain conduct that was at issue in the inquiries and in the qui
tam complaint.  The settlement agreement is not an admission of
liability or wrongdoing by the Company, nor a concession by the
United States or the civil qui tam relator that their claims are
not well founded.

A copy of the Settlement Agreement is available for free at:

                       http://is.gd/oeTVB6

                        About Horizon Lines

Charlotte, N.C.-based Horizon Lines, Inc. (NYSE: HRZ) is the
nation's leading domestic ocean shipping and integrated logistics
company.  The Company owns or leases a fleet of 20 U.S.-flag
containerships and operates five port terminals linking the
continental United States with Alaska, Hawaii, Guam, Micronesia
and Puerto Rico.  The Company provides express trans-Pacific
service between the U.S. West Coast and the ports of Ningbo and
Shanghai in China, manages a domestic and overseas service partner
network and provides integrated, reliable and cost competitive
logistics solutions.

The Company's balance sheet at Sept. 22, 2013, showed $642.85
million in total assets, $675.01 million in total liabilities and
a $32.16 million total stockholders' deficiency.

                           *     *     *

In June 2012, Moody's Investors Service affirmed Horizon Lines,
Inc.'s Corporate Family Rating (CFR) and Probability of Default
Rating ("PDR") at Caa2 and removed the LD ("Limited Default")
designation from the rating in recognition of the conversion to
equity of the $228 million of Series A and Series B Convertible
Senior Secured notes due in October 2017 ("Notes").

Moody's said the affirmation of the Corporate Family and
Probability of Default ratings considers that total debt has been
reduced by the conversion of the Notes, but also recognizes the
significant operating challenges that the company continues to
face.


HUNTER DEFENSE: S&P Lowers CCR to 'CCC' on Debt Maturity Concerns
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Ohio-based Hunter Defense Technologies Inc. to 'CCC'
from 'CCC+'.  The outlook is developing.

At the same time, S&P lowered its issue-level rating on the first-
lien term loan to 'B-' from 'B' and lowered its rating on the
second-lien term loan to 'CC' from 'CCC-'.  S&P's recovery ratings
remain unchanged at '1' on the first-lien debt, indicating
expectations for substantial recovery (90%-100%), and '6' on the
second-lien debt, indicating negligible recovery (0%-10%) in the
event of a payment default.

"The downgrade reflects our concerns that the company may be
unable to successfully refinance its $141 million first-lien term
loan, which matures in less than six months (August 2014), and its
$44 million second-lien term loan, which matures in less than 12
months (February 2015)," said Standard & Poor's credit analyst
Chris Mooney.

Recently announced plans to significantly reduce the size of the
Army over time will likely hurt long-term demand for Hunter's
products and could complicate the company's ability to refinance
upcoming maturities, in S&P's view.

"Our "highly leveraged" financial risk profile incorporates an
aggressive financial policy employed by private-equity sponsor
Metalmark Capital.  We expect debt to EBITDA to remain around 5x
and funds from operations (FFO) to debt to be between 10%-15% over
the next year.  Although earnings will decline due to lower demand
from the U.S. military, we believe the company will continue to
use free cash to reduce debt in an attempt to maintain covenant
compliance, resulting in fairly stable credit ratios.  However,
some volatility may exist around our base forecast due to the
potential for further delays in orders.  We consider the company's
business risk profile "weak" because of its modest revenue base
and somewhat limited product diversity, combined with significant
exposure to reductions in U.S. defense spending, which is
partially offset by efficient operations and dominant market
positions in small, niche markets.  We believe Hunter has a
flexible cost structure that will enable it to maintain its EBITDA
margins in the 15% area despite lower volumes," S&P said.

The rating outlook is developing.  Demand for Hunter's products
remains uncertain because of lower U.S. defense spending and
changing mission requirements.

S&P could lower the rating further in the coming months if it
believes a default or distressed exchange appears inevitable.

S&P could raise the rating if Hunter is able to successfully
extend near-term maturities and loosen its financial covenants,
prompting S&P to revise its liquidity assessment to "less than
adequate" or "adequate".


ICEF-VIEW PARK: S&P Assigns 'BB' Rating to Facility Revenue Bonds
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to
California School Finance Authority's school facility revenue
bonds, series 2014, issued for ICEF - View Park Elementary &
Middle Schools.  The outlook is stable.

"The rating reflects our view of ICEF's ongoing financial recovery
marked by positive total net assets in fiscal 2013, with a
surplus, strong leadership, solid liquidity, and diversification
of 12 schools with good enrollment," said Standard & Poor's credit
analyst Carlotta Mills.

Bond proceeds will reimburse ICEF for the purchase of land and the
construction of a new school.  This rating only applies to the
2014 bonds secured by the two above schools and not to ICEF as a
whole.


ID PERFUMES: Files Copy of License Agreement with Kendall Jenner
----------------------------------------------------------------
ID Perfumes, Inc., filed with the U.S. Securities and Exchange
Commission a copy of its License Agreement with with Kendall
Jenner.

On Sept. 25, 2013, the Company entered into an exclusive license
agreement with Kendall Jenner Inc.  The Company previously
requested confidential treatment for certain portions of the
License Agreement and that information was redacted from the
public filing.  The Company has withdrawn its request for
Confidentiality Treatment.

A copy of the License Agreement with no redacted information is
available for free at http://is.gd/NJZ5e9

                          About ID Perfumes

ID Perfumes, Inc., manufactures, markets, and distributes
fragrances and fragrance related products.  The company produces
and distributes its fragrance products under license agreements
with Selena Gomez and Adam Levine.  ID Perfumes, Inc., sells it
products to department stores, perfumeries, specialty retailers,
mass-market retailers, and the United States and international
wholesalers and distributors.  It primarily has operations in the
United States, Latin America, and Canada.  The company was
formerly known as Adrenalina and changed its name to ID Perfumes,
Inc., in February 2013. ID Perfumes, Inc., was founded in 2004 and
is headquartered in Hallandale Beach, Florida.

The Company reported a net loss of $12.01 million in 2008,
compared with a net loss of $5.26 million in 2007.  For the nine
months ended Sept. 30, 2013, the Company reported a net loss of
$3.72 million on $6.03 million of sales as compared with a net
loss of $3.02 million on $4.19 million of sales for the same
period during the prior year.

The Company's balance sheet at Sept. 30, 2013, showed $2.83
million in total assets, $17.24 million in total liabilities and a
$14.41 million total shareholders' deficiency.

                           Going Concern

The Company said in its quarterly report for the period ended
Sept. 30, 2013, that it has significant operating losses since
inception which raise substantial doubt about the Company's
ability to continue as a going concern.  The Company has incurred
net losses of $3.7 million and $3 million in the first nine months
of 2013 and 2012, respectively.  The Company was involved in
litigation that resulted in the termination of a license.  The
operations of the Company have been funded through loans, related
party borrowings, customer deposits, contributed capital,
factoring and obtaining operating services from vendors.
Management's plans to generate cash flow during 2013 include
expanding the Company's operations through building new
relationships and entering into new license agreements to
introduce new fragrance lines and raising additional capital
through debt or equity offerings and continue to obtain operating
services from vendors in an effort to fund the Company's
anticipated expansion.  There is no assurance additional capital
or debt financing will be available to the Company on acceptable
terms.


INDYMAC BANCORP: 9th Circ. Won't Nix Arguments in $80M D&O Row
--------------------------------------------------------------
Law360 reported that the Ninth Circuit refused to cancel oral
arguments in a dispute involving IndyMac Bancorp Inc.'s bankruptcy
trustee, the Federal Deposit Insurance Corp. and former IndyMac
executives over $80 million in directors and officers coverage for
securities and other suits, despite their recent settlement with
insurers.

According to the report, though the insurers have worked out a
definitive settlement agreement with some parties, a bankruptcy
court still has to clear the way for other settlements to be
finalized, the Ninth Circuit noted.

The case is XL Specialty Insurance Co, et al v. Alfred Siegel, et
al., Case No. 12-56275 (9th Cir.).

                      About Indymac Bancorp

Based in Pasadena, California, IndyMac Bancorp Inc. (NYSE:IMB) --
http://www.indymacbank.com/-- is the holding company for IndyMac
Bank FSB, a hybrid thrift/mortgage bank that originated mortgages
in all 50 states of the United States.  Through its hybrid thrift-
mortgage bank business model, IndyMac designed, manufactured, and
distributing cost-efficient financing for the acquisition,
development, and improvement of single-family homes.  IndyMac also
provided financing secured by single-family homes to facilitate
consumers' personal financial goals and strategically invests in
single-family mortgage-related assets.

On July 11, 2008, the Office of Thrift Supervision closed IndyMac
Bank and appointed FDIC as the bank's receiver.  Thacher Proffitt
& Wood LLP was engaged as counsel to the FDIC.

Indymac Bancorp filed for Chapter 7 bankruptcy protection (Bankr.
C.D. Cal. Case No. 08-21752) on July 31, 2008.  Representing
the Debtor are Dean G. Rallis, Jr., Esq., and John C. Weitnauer,
Esq.  Bloomberg noted that Indymac had about $32.01 billion in
assets as of July 11, 2008.  In court documents, IndyMac disclosed
estimated assets of $50 million to $100 million and estimated
debts of $100 million to $500 million.


INFINITY ENERGY: Extends Maturity of Note to May 11
---------------------------------------------------
Infinity Energy Resources, Inc., on Dec. 27, 2013, borrowed
$1,050,000 under an unsecured credit facility with a private,
third-party lender.  The facility is represented by a promissory
note.  On March 7, 2014, the Company and the lender agreed to
extend the maturity date of the Note from March 12, 2014, to
May 11, 2014.  All other terms of the Note remain the same.  The
Company paid no fees in connection with the extension, but paid
the legal expenses of the lender related to the extension.  The
Note may be prepaid without penalty at any time.  The Note is
subordinated to all existing and future senior indebtedness, as
that terms are defined in the Note.

In connection with its loan, the Company granted the lender a
warrant exercisable to purchase 1,000,000 shares of its common
stock at an exercise price of $1.50 per share.  In connection with
the extension of the maturity date of the Note to the New Maturity
Date, the parties amended the date for exercise of the Warrant to
be a period commencing May 11, 2014, and expiring on the third
anniversary of that date.  The Company issued no additional
warrants to the lender in connection with the extension of the
Note to the New Maturity Date.  If the Company fails to pay the
note on or before its New Maturity Date, the number of shares
issuable under the Warrant increases to 13,333,333 and the
exercise price drops to $0.075 per share.  All other terms of the
Warrant remain the same.

                       About Infinity Energy

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

Infinity Energy disclosed net income of $2.90 million for the year
ended Dec. 31, 2012, as compared with a net loss of $3.52 million
during the prior year.  The Company's balance sheet at Sept. 30,
2013, showed $4.76 million in total assets, $5.74 million in total
liabilities, $15.17 million in redeemable, convertible preferred
stock, and stockholders' deficit of $16.15 million.

EKS&H LLLP, in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.  The independent auditors noted that
the Company has suffered recurring losses, has no on-going
operations, and has a significant working capital deficit, which
raises substantial doubt about its ability to continue as a going
concern.


INFOGROUP INC: Moody's Lowers Corporate Family Rating to B3
-----------------------------------------------------------
Infogroup Inc., a database provider for direct marketers,
got a downgrade from Moody's Investors Service that
matches the action taken in April by Standard & Poor's.

Moody's lowered the corporate rating by one grade to B3 in
view of "significant customer attrition and declining
revenue."

On the plus side, Moody's said that declining revenue
"should begin to stabilize in the intermediate term." The
Moody's downgrade was the second in 13 months.

The Papillion, Nebraska-based company was acquired in April
2010 by private-equity investor CCMP Capital Advisors LLC in a
$636.3 million transaction, according to data compiled by
Bloomberg.


INNOVATIVE COMMS: Plan Trustee's Avoidance Suit Not Time-Barred
---------------------------------------------------------------
Bankruptcy Judge Mary F. Walrath, sitting in the District Court of
Virgin Islands, Bankruptcy Division, Division of St. Thomas/St.
John, granted the motions of James P. Carroll, the Trustee of the
Liquidation Trust for the bankruptcy estates of Innovative
Communications Co., LLC ("ICC-LLC"), Emerging Communications, Inc.
("Emerging"), and Innovative Communication Corp. ("New ICC") for
partial summary judgment on the issue of whether the Trustee's
complaints against various defendants are time-barred by the
applicable statute of limitations.  The Court ruled that the
applicable statute of limitations does not bar the Trustee's
Complaints.

The case is, JAMES P. CARROLL, Liquidation Trustee of the
Liquidation Trust for the Bankruptcy Estates of Innovative
Communications Co., LLC, Emerging Communications, Inc., and
Innovative Communication Corp. Plaintiff, v. ROBERT F. CRAIG P.C.,
JOHN P. RAYNOR, PETER WEISMAN and PETER WEISMAN & ASSOCIATES,
PROSSER & CAMPBELL, P.C. RAYNOR, RENSCH & PFEIFFER BANCO POPULAR
de PUERTO RICO Defendants, Adv. P. No. 09-03070 (MFW)., 09-03012
(MFW), 09-03089 (MFW), 09-03009 (MFW), 09-03010 (MFW), 09-03090
(MFW)(D. Virgin Islands).  The chapter 11 Trustee originally
commenced the adversary proceedings in 2009 by filing complaints
against the Defendants to recover various pre-petition transfers
as preferential under section 547 and as actually or
constructively fraudulent pursuant to section 548, section 544,
and Virgin Islands law.  The Liquidation Trustee succeeded the
chapter 11 Trustee as Plaintiff in the actions following
confirmation of a plan in the cases.  Pursuant to that plan, all
causes of action of the estates were vested in a liquidating
trust.

A copy of the Court's March 19, 2014 Memorandum Opinion is
available at http://is.gd/YlMshEfrom Leagle.com.

             About Prosser & Innovative Communication

Headquartered in St. Thomas, Virgin Islands, Innovative
Communication Company, LLC -- http://www.iccvi.com/-- and
Emerging Communications, Inc., are diversified telecommunications
and media companies operating mainly in the U.S. Virgin Islands.
Jeffrey J. Prosser owns Emerging Communications and Innovative
Communications.  Innovative and Emerging filed for Chapter 11
protection on July 31, 2006 (D.V.I. Case Nos. 06-30007 and
06-30008).  When the Debtors filed for protection from their
creditors, they estimated assets and debts of more than
$100 million.

Mr. Prosser also filed for chapter 11 protection on July 31, 2006
(D.V.I. Case No. 06-10006).  According to The (Virgin Islands)
Source, he was fired in October 2007 for failing to make payments
into the company pension funds.  On Oct. 3, 2007, the Prosser case
was converted to chapter 7 and James P. Carroll was ultimately
appointed the chapter 7 Trustee.

Greenlight Capital Qualified, L.P., Greenlight Capital, L.P., and
Greenlight Capital Offshore, Ltd. -- which holds an $18,780,614
claim against Mr. Prosser -- had filed an involuntary chapter 11
against Innovative Communication, Emerging Communications, and Mr.
Prosser on Feb. 10, 2006 (Bankr. D. Del. Case Nos. 06-10133,
06-10134, and 06-10135).  Mr. Prosser argued that the Greenlight
entities, the former shareholders of Innovative Communications,
and Rural Telephone Finance Cooperative, Mr. Prosser's lender,
conspired to take down his companies into bankruptcy and collect
millions in claims.

The U.S. District Court of the Virgin Islands, Bankruptcy
Division, approved the U.S. Trustee for Region 21's appointment of
Stan Springel of Alvarez & Marsal as Chapter 11 Trustee of
Innovative and Emerging Communications.  Joseph Steinfeld, Jr.,
Esq., of Ask Financial, LLP, act as counsel to the Chapter 11
Trustee.

On Oct. 31, 2012, an Order was entered confirming the joint
liquidating plan of ICC-LLC, Emerging, and New ICC.


INSTRUMENTATION AND CONTROLS: Court Rules in Avoidance Suit
-----------------------------------------------------------
Instrumentation and Controls, Inc. and ICI Green, LLC seek to
recover pre-petition payments totaling $31,950.00 as preferences
pursuant to 11 U.S.C. Sections 547, 550.  Northeast Union, Inc.
asserts the defense that the Plaintiffs' payments constituted a
contemporaneous exchange for new value.  The Defendant raises a
species of this defense commonly referred to as the "indirect
transfer" theory.

The Plaintiffs filed a Motion for Judgment on the Pleadings.  The
Defendant responded.

The Plaintiffs contend that the facts set forth in the Defendant's
Answer to the Complaint do not state a defense under Sec.
547(c)(1) and, based on the admissions in the Answer, the
Plaintiffs are entitled to judgment as a matter of law.

Bankruptcy Judge Eric L. Frank disagreed and denied the
Plaintiffs' Motion in a March 18, 2014 Memorandum available at
http://is.gd/DcSkx8from Leagle.com.

The case is, INSTRUMENTATION AND CONTROLS, INC., ICI GREEN,
L.L.C., Plaintiffs, v. NORTHEAST UNION, INC., Defendant, Adv.
Proc. No. 13-0563 (Bankr. E.D. Pa.).

Instrumentation and Controls, Inc., filed for Chapter 11
bankruptcy (Bankr. E.D. Pa. Case No. 13-17059) on Aug. 12, 2013,
listing under $1 million in both assets and liabilities.  Nella
Moses Bloom, Esq., and Steven D. Usdin, Esq., at Flaster/Greenberg
PC, serve as the Debtor's counsel.  A copy of the petition and the
list of largest unsecured creditors are available at no extra
charge at:

     http://bankrupt.com/misc/paeb13-17059p.pdf
     http://bankrupt.com/misc/paeb13-17059c.pdf

ICI Green, L.L.C. filed for Chapter 11 bankruptcy (Bankr. E.D. Pa.
Case No. 13-17060) on the same date, listing under $1 million in
both assets and liabilities.  Nella Moses Bloom, Esq., and Steven
D. Usdin, Esq., at Flaster/Greenberg PC, also serve as the
Debtor's counsel.  A copy of the ICI Green petition and the list
of largest unsecured creditors are available at no extra charge
at:

     http://bankrupt.com/misc/paeb13-17060p.pdf
     http://bankrupt.com/misc/paeb13-17060c.pdf


INTERNATIONAL TEXTILE: Court Partially OKs Lawsuit Settlement
-------------------------------------------------------------
International Textile Group, Inc., has previously disclosed that
it is a party, as a nominal defendant only, to a consolidated
class action lawsuit and related derivative action, which
consolidated three factually identical lawsuits filed in 2008 and
2009 under the caption In re International Textile Group, Inc.,
Merger Litigation, pending in the Court of Common Pleas,
Greenville County, South Carolina, C.A. No. 2009-CP-23-3346.

The Consolidated Action relates to the combination of the Company,
which at the time was named Safety Components International, Inc.,
and a company formerly known as International Textile Group, Inc.,
which occurred in late 2006.  The Consolidated Action names as
defendants, among others, certain individuals who were officers
and directors, and certain stockholders, of Former ITG or the
Company at the time of, and an entity which was an independent
financial advisor to the Company in connection with, the Merger.
The plaintiffs in the Consolidated Class Action contend that
certain of the Non-Company Defendants breached certain fiduciary
duties, and have also made related claims, in connection with the
Merger.

On Feb. 19, 2014, the Company, as a nominal defendant, the
plaintiffs and the Non-Company Defendants entered into a
Stipulation and Settlement Agreement relating to the Consolidated
Action.  The Settlement Agreement, which was preliminarily
approved by the Court on Feb. 19, 2014, and remains subject to the
final approval of the Court as described below, provides, among
other things, that in settlement of the Consolidated Action:

    (i) certain of the Non-Company Defendants will make an
        aggregate $36 million cash payment thereunder, which
        includes a $16 million cash payment from the independent
        financial advisor and its insurers and a $20 million cash
        payment from other Non-Company Defendants and their
        insurers;

   (ii) $21.9 million in principal and accrued interest of the
        Company's senior subordinated notes, will be cancelled,
        together with all additional interest that accrues on
        those notes from Dec. 31, 2013, through the effective date
        of the Settlement Agreement; and

  (iii) 10,315,727 shares of the Company's Series A convertible
        preferred stock, having a liquidation value of $257.9
        million as of Dec. 31, 2013, and 11,488 shares of the
        Company's Series C preferred stock, having a liquidation
        value of $11.5 million as of Dec. 31, 2013, in each case
        together with any additional shares of Series A Preferred
        Stock and Series C Preferred Stock that accrue with
        respect to those shares through the effective date of the
        Settlement Agreement, all of which are held by the
        Affiliates, will be cancelled on the effective date of the
        Settlement Agreement.

As of Dec. 31, 2013, the Company had a total of $163.5 million in
aggregate principal and accrued interest of senior subordinated
notes outstanding, and had outstanding shares of Series A
Preferred Stock with an aggregate liquidation value of
approximately $337 million, and of Series C Preferred Stock with
an aggregate liquidation value of approximately $126 million.

If the Settlement Agreement receives final approval by the Court,
the Cancelled Notes and the Cancelled Preferred Stock will be
cancelled, and the Company's respective obligations, and the
Affiliates' respective rights, thereunder will be terminated,
effective as of Dec. 31, 2013.  The Company expects that when
those cancellations take effect following final approval of the
Settlement Agreement, they will not have an impact on the
Company's consolidated statements of operations but will have an
impact on its consolidated balance sheet by reducing the Company's
long-term debt and stockholders' deficit, by the amount of the
Cancelled Notes, and by reducing the aggregate liquidation value
of the Series A Preferred Stock and the Series C Preferred Stock
by the respective values of the Cancelled Preferred Stock.  The
Company cannot determine the amount of cash, if any, from the Cash
Settlement that may be available for use by the Company after
those funds are applied in accordance with the Settlement
Agreement to pay fees and expenses of various legal and other
advisors in connection with the Consolidated Action.

In accordance with the terms of the Settlement Agreement, the
Company expects that the claims administrator will soon commence
distribution of the required notices relating to the proposed
settlement of the Consolidated Action.  The Court has scheduled a
hearing to consider final approval of the Settlement Agreement on
June 23, 2014, and the Company anticipates that, if approved, the
Settlement Agreement would take effect in the third quarter of
2014.

                    About International Textile

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

International Textile incurred a net loss of $67.33 million in
2012, as compared with a net loss of $69.64 million in 2011.

The Company's balance sheet at Sept. 30, 2013, showed $362 million
in total assets, $490.17 million in total liabilities and a
$128.16 million total stockholders' deficit.


INTEGRATED HEALTHCARE: Silver Point Stake at 27.3% as of Feb. 19
----------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Silver Point Capital, L.P., and its
affiliates disclosed that as of Feb. 19, 2014, they beneficially
owned 96,000,000 shares of common stock of Integrated Healthcare
Holdings, Inc., representing 27.3 percent of the shares
outstanding.  The percentage was calculated based upon 255,307,262
shares outstanding as of Nov. 7, 2013, as reported in the
Company's Form 10-Q filed on Nov. 14, 2013.  A copy of the
regulatory filing is available for free at http://is.gd/ZwgGTB

                   About Integrated Healthcare

Santa Ana, Calif.-based Integrated Healthcare Holdings, Inc., owns
and operates four community-based hospitals located in southern
California.

Integrated Healthcare incurred a net loss of $15.86 million on
$383.50 million of net patient service revenues for the year ended
March 31, 2013, as compared with net income of $7.94 million on
$362.19 million of net patient service revenues for the year ended
March 31, 2012.  The Company's balance sheet at Sept. 30, 2013,
showed $218.88 million in total assets, $224.65 million in total
liabilities and a $5.76 million total stockholders' deficiency.


ISTAR FINANCIAL: Incurs $57.9 Million Net Loss in 4th Quarter
-------------------------------------------------------------
iStar Financial Inc. reported a net loss allocable to common
shareholders of $57.93 million on $101.07 million of total
revenues for the three months ended Dec. 31, 2013, as compared
with a net loss allocable to common shareholders of $87.42 million
on $96.42 million of total revenues for the same period during the
prior year.

iStar Financial incurred a net loss allocable to common
shareholders of $155.76 million on $390.79 million of total
revenues for the year ended Dec. 31, 2013, as compared with a net
loss allocable to common shareholders of $272.99 million on
$397.53 million of total revenues in 2012.  The Company incurred a
net loss allocable to common shareholders of $62.38 million in
2011.

As of Dec. 31, 2013, the Company had $5.64 billion in total
assets, $4.32 billion in total liabilities, $11.59 million in
redeemable noncontrollling interests, and $1.30 billion in total
equity.

"Over the past year, we have made meaningful progress across all
of our business segments which has enhanced shareholder value,"
said Jay Sugarman, iStar's Chairman and chief executive officer.
"We began originating new deals in our real estate finance and net
lease segments, significantly reduced the balance of NPLs,
continued harvesting condominium gains within our operating
properties and advanced a number of our land projects by obtaining
entitlements, furthering development, and pursuing strategic
partnerships.  We are well positioned to build on this positive
momentum in 2014."

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

                        http://is.gd/gA9DWa

                        About iStar Financial

New York-based iStar Financial Inc. (NYSE: SFI) provides custom-
tailored investment capital to high-end private and corporate
owners of real estate, including senior and mezzanine real estate
debt, senior and mezzanine corporate capital, as well as corporate
net lease financing and equity.  The Company, which is taxed as a
real estate investment trust, provides innovative and value added
financing solutions to its customers.

                            *     *     *

In March 2013, Fitch Ratings affirmed iStar's 'B-' issuer default
rating and revised the outlook to "positive" from "stable."  The
revision of the outlook to positive is based on the company's
demonstrated access to the unsecured debt market, which, combined
with certain secured debt refinancings, have significantly
improved SFI's near-term debt maturity profile.

As reported by the TCR on Oct. 5, 2012, Standard & Poor's Ratings
Services affirmed its 'B+' long-term issuer credit rating on iStar
Financial.

In October 2012, Moody's Investors Service upgraded the corporate
family rating to B2 from B3.  The current rating reflects the
REIT's success in extending near term debt maturities and
improving fundamentals in commercial real estate.  The ratings on
the October 2012 senior secured credit facility takes into account
the asset coverage, the size and quality of the collateral pool,
and the term of facility.


ISTAR FINANCIAL: BlackRock Stake at 10.9% as of Dec. 31
-------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, BlackRock, Inc., disclosed that as of
Feb. 28, 2014, it beneficially owned 9,550,819 shares of common
stock of Istar Financial representing 10.9 percent of the shares
outstanding.  BlackRock previously owned 8,406,073 shares at
Dec. 31, 2013.  A copy of the regulatory filing is available for
free at http://is.gd/PRGrf2

                       About iStar Financial

New York-based iStar Financial Inc. (NYSE: SFI) provides custom-
tailored investment capital to high-end private and corporate
owners of real estate, including senior and mezzanine real estate
debt, senior and mezzanine corporate capital, as well as corporate
net lease financing and equity.  The Company, which is taxed as a
real estate investment trust, provides innovative and value added
financing solutions to its customers.

iStar Financial incurred a net loss of $241.43 million in 2012,
following a net loss of $25.69 million in 2011.  The Company's
balance sheet at Sept. 30, 2013, showed $5.77 billion in total
assets, $4.37 billion in total liabilities, $12.39 million in
redeemable noncontrolling interests, and $1.38 billion in total
equity.

                            *     *     *

In March 2013, Fitch Ratings affirmed iStar's 'B-' issuer default
rating and revised the outlook to "positive" from "stable."  The
revision of the outlook to positive is based on the company's
demonstrated access to the unsecured debt market, which, combined
with certain secured debt refinancings, have significantly
improved SFI's near-term debt maturity profile.

As reported by the TCR on Oct. 5, 2012, Standard & Poor's Ratings
Services affirmed its 'B+' long-term issuer credit rating on iStar
Financial.

In October 2012, Moody's Investors Service upgraded the corporate
family rating to B2 from B3.  The current rating reflects the
REIT's success in extending near term debt maturities and
improving fundamentals in commercial real estate.  The ratings on
the October 2012 senior secured credit facility takes into account
the asset coverage, the size and quality of the collateral pool,
and the term of facility.


JACKSON HEWITT: New Jersey Court Narrows FasTax Suit
----------------------------------------------------
District Judge William J. Martini granted, in part, and denied, in
part, the motion of Jackson Hewitt, Inc. to dismiss FasTax, Inc.'s
complaint.  Judge Martini denied FasTax's motion seeking a
declaration that a release agreement is not valid.

FasTax and Jackson Hewitt have a longstanding relationship as
franchisee and franchisor, respectively.  FasTax has operated
Jackson Hewitt income tax return preparation business franchises
in Oregon, Idaho, and California.

Jackson Hewitt's franchisees enter into agreements that give the
franchisees license to operate Jackson Hewitt locations within a
particular geographical area.  These areas are designated as
"territories."  This case arises out of a dispute over FasTax and
Jackson Hewitt's franchise rights and responsibilities regarding
several "territories" in Idaho.  The dispute began in 2009.  In
short, FasTax alleges that Jackson Hewitt owes FasTax over $1.1
million for acts relating to the Idaho Territories.

In the midst of the dispute over the Idaho Territories that began
in 2009, Jackson Hewitt filed for bankruptcy in the United States
Bankruptcy Court for the District of Delaware on May 24, 2011.
FasTax appeared as a creditor on the Consolidated List of
Creditors. Its address was correctly displayed on that list.
Jackson Hewitt sent FasTax proper notices about the filing of the
Chapter 11 Bankruptcy.  The notices informed Plaintiff that the
Bankruptcy Plan would not give unsecured creditors a right to
recovery.  Jackson Hewitt served Plaintiff with actual notice of
the Effective Date of the Confirmed Plan.  Plaintiff did not
object to the confirmation of the Plan or appear at the hearing.

Jackson Hewitt and its secured lenders agreed to modify the
Bankruptcy Confirmation Plan to create a trust to hold a certain
amount of cash and estate causes of action for the benefit of the
unsecured creditors.

The Bankruptcy Plan became effective on August 16, 2011.  The Plan
Confirmation Order precluded all claims arising before the
effective date of the Bankruptcy Plan. All of FasTax's claims
arose before the effective date of the Plan.

Meanwhile, in August 2011, Jackson Hewitt presented FasTax with a
new franchise agreement to replace one that had expired in 2009.
Jackson Hewitt asked Plaintiff to execute certain release
agreements.  The Release would extinguish any claims Plaintiff had
against Jackson Hewitt independently of the bankruptcy
proceedings.  Plaintiff placed hand-written notes on the Release,
stating that it "ONLY PERTAINS TO OREGON BASED TERRITORIES."  On
Oct. 6, 2011, five individual FasTax owners and guarantors sent
this modified Release back to Jackson Hewitt.

Thereafter, the Complaint alleges, Jackson Hewitt fraudulently
removed FasTax's handwritten notes on the Release so that the
Release would pertain to all FasTax's territories.  Jackson Hewitt
admits that it told FasTax via e-mail that the handwritten notes
limiting the Release to the Oregon Territories were unacceptable.
It is undisputed that Jackson Hewitt sought FasTax's authorization
via e-mail to remove the hand-written notes.  Fastax's only reply
to this request was an e-mail from a FasTax representative that
said, "So just say ok? Or are you going to fax me something to
sign?"

Jackson Hewitt responded via e-mail, "Your consent via e-mail is
sufficient, as we already have the signature pages you previously
submitted."  Jackson Hewitt received no further communication from
FasTax.  Apparently, Jackson Hewitt replaced the pages containing
handwritten notes with "clean" copies and sent an executed copy of
an unmarked Release back to FasTax.  FasTax alleges that it
promptly contacted Jackson Hewitt officials to dispute Jackson
Hewitt's actions.

On Dec. 21, 2011, the Trust filed a motion to establish a bar date
for filing proofs of claim.  On Jan. 18, 2012, the Bankruptcy
Court entered an order, establishing a Feb. 26, 2012 bar date for
filing proofs of claim.  The Bar Date Order required Jackson
Hewitt to notify all Trust Creditors of the bar date.

On Feb. 6, 2012, 20 days before the bar date, FasTax's counsel
sent a letter via certified mail accusing Jackson Hewitt of
illegally taking FasTax's business assets in the Idaho Territories
as of summer 2010.  In spite of the Bar Date Order and the Feb. 6,
2012 letter, Jackson Hewitt sent FasTax no Notice of Bar Date.
FasTax filed no notice of claim.

On May 14, 2013, Plaintiff filed a nine-count Complaint. Count 9
sought a declaration that the Release is invalid. Count 5
contained a cause of action under the New Jersey Franchise Act.
The other seven Counts contained common law causes of action
seeking damages.

Jackson Hewitt argues that its bankruptcy discharged FasTax's
claim.  In opposition, FasTax argues that the failure to send a
Notice of Bar Date was a due process violation that permits its
claims to survive the bankruptcy discharge.  Because FasTax was a
known creditor which did not receive actual notice of the bar
date, the discharge is not applicable to FasTax's claim.

Judge Martini ruled that Jackson Hewitt's motion is granted with
respect to Count 5 only.  Jackson Hewitt's motion to dismiss is
otherwise denied.  FasTax's motion to declare the Release invalid
with respect to FasTax's claims against Jackson Hewitt pertaining
to the Idaho Territories is denied.

The case is, FASTAX, INC., Plaintiff, v. JACKSON HEWITT, INC., et
al. Defendants, No. 13-3078 (WJM) (D. N.J.).  A copy of the
District Court's March 20, 2014 Opinion is available at
http://is.gd/5EmwwYfrom Leagle.com.

FASTAX, INC., Plaintiff, is represented by ERIC P. BLAHA, LAROCCA
HORNIK ROSEN GREENBERG & BLAHA LLP.

JACKSON HEWITT, INC., Defendant, is represented by JAMES SIMON
COONS, ANSA ASSUNCAO, LLP.  Counsel also represented defendants
SONDI & ASSOCIATES, LLC, and GERALD D. BREUNIG.

                       About Jackson Hewitt

Parsippany, New York-based Jackson Hewitt Tax Service Inc., aka
JHTS Inc., provides computerized preparation services for federal,
state and local individual income tax returns in the United States
through a nationwide network of franchised and company-owned
offices operating under the brand name Jackson Hewitt Tax Service.
The Company has 700 franchisees that collectively operated a total
of 4,846 offices.  The Company also operates 1,110 company-owned
offices.

Jackson Hewitt and its affiliates filed for Chapter 11 bankruptcy
(Bankr. D. Del. Lead Case No. 11-11587) on May 24, 2011.  Judge
Mary F. Walrath presided over the bankruptcy case.  Skadden, Arps,
Slate, Meagher & Flom LLP, served as the Debtors' bankruptcy
counsel. Alvarez & Marsal North America, LLC, served as their
financial advisor.  Moelis & Company LLC acted as investment
banker.  The Garden City Group, Inc., served as the Debtors'
Claims and Noticing Agent.  The Debtors also tapped Deloitte &
Touche to serve as tax advisors and Kekst & Company to serve as
communications advisors.

BDO Financial served as financial advisors to the Official
Committee of Unsecured Creditors.

As of June 30, 2011, Jackson Hewitt's balance sheet showed $390.3
million in total assets, $432.9 million in total liabilities, and
a stockholders' deficit of $42.6 million.

Jackson Hewitt on Aug. 8, 2011, received confirmation of its
"pre-packaged" Plan of Reorganization.  Under the Plan, Jackson
Hewitt emerged as a private company with Bayside Capital becoming
the majority owner.  Bayside is an affiliate of Miami, Florida-
based H.I.G. Capital, and the largest holder of Jackson Hewitt's
secured debt prior to its restructuring.


JAMES C. SCHLEHUBER: 8th Cir. Affirms Conversion to Chapter 11
--------------------------------------------------------------
After James Schlehuber filed a voluntary Chapter 7 bankruptcy
petition, one of his creditors moved under 11 U.S.C. Sec. 706(b)
to convert the petition to one under Chapter 11.  After a hearing,
the Hon. Thomas L. Saladino, Chief Judge, United States Bankruptcy
Court for the District of Nebraska, granted the motion, and the
Bankruptcy Appellate Panel affirmed.  Mr. Schlehuber appeals to
the United States Court of Appeals, Eighth Circuit, arguing that
the bankruptcy court applied an improper legal standard, and
abused its discretion, in granting the motion to convert. He also
renews his constitutional challenge to certain bankruptcy
statutes.

In a March 19, 2014 per curiam decision available at
http://is.gd/G2yXNFfrom Leagle.com, a three-judge panel of the
Eighth Circuit declined to address the constitutional challenges,
because Mr. Schlehuber abandoned them in his appeal to the BAP.
"We find no basis to conclude that the court applied an improper
legal standard or abused its discretion in granting the motion to
convert," the Appeals Court said.

The bankruptcy case is, In re: James C. Schlehuber, also known as
Jim Schlehuber, Formerly doing business as J.R.G., L.L.C.,
Formerly doing business as The Radar & Riley Limited Partnership,
Formerly doing business as March Plan Investments, L.L.C.,
Formerly doing business as Rockford Omaha, L.L.C., Formerly doing
business as January Real Group, L.L.C., Debtor.

The appellate case is, James C. Schlehuber, Appellant, v. Fremont
National Bank & Trust Company; Nancy J. Gargula, U.S. Trustee,
Appellees, No. 13-2070 (8th Cir.).


JAMES RIVER: Gets NASDAQ Listing Non-Compliance Notice
------------------------------------------------------
James River Coal Company on March 24 disclosed that it has
received notice on March 18, 2014 from the Nasdaq Stock Market
notifying the Company that it is not in compliance with Nasdaq
Marketplace Rule 5450(a)(1) because the bid price of the Company's
common stock closed below the required minimum $1.00 per share for
the previous thirty consecutive business days.

The March 18 Notice indicated that, in accordance with Nasdaq
Marketplace Rule 5810(c)(3)(A), the Company has a period of 180
calendar days, until September 15, 2014, to regain compliance with
Rule 5450(a)(1).  If at any time before September 15, 2014 the bid
price of the Company's common stock closes at $1.00 per share or
more for a minimum of ten consecutive business days, Nasdaq will
notify the Company that it has regained compliance with Rule
5450(a)(1).  In the event the Company does not regain compliance
with Rule 5450(a)(1) prior to the expiration of the 180-day period
(or such later date as Nasdaq may provide by extension), Nasdaq
will notify the Company that its common stock is subject to
delisting.

On March 20, 2014, the Company received a notice from Nasdaq
stating that the Company is not in compliance with the continued
listing requirements of Nasdaq Marketplace Rule 5250(c)(1) because
its Annual Report on Form 10-K for its fiscal year ended
December 31, 2013 was not timely filed with the Securities and
Exchange Commission.

In a Form 12b-25 Notification of Late Filing and a Current Report
on Form 8-K, both filed with the SEC on March 17, 2014, the
Company disclosed that it was unable to timely file its 2013 10-K
without unreasonable effort and expense because of (i) the
strategic review process announced on February 7, 2014, and (ii)
the Company's inability to complete the financial statements and
other disclosures to be included in its 2013 10-K because of the
time requirements of the strategic review process and the
significant accounting and reporting issues related to both the
strategic review process and the previously announced adjustments
to the Company's mining operations.

The Company has sixty calendar days from the date thereof (i.e.,
May 19, 2014) to file the 2013 10-K or to submit to Nasdaq a plan
to otherwise regain compliance with the Nasdaq Marketplace Rules.
If the Company submits a plan that is acceptable to Nasdaq, then
Nasdaq may grant the Company an extension of up to 180 days from
the prescribed due date for filing the 2013 10-K (i.e., until
September 15, 2014).

James River Coal Company -- http://www.jamesrivercoal.com-- is
one of the leading coal producers in Central Appalachia and the
Illinois Basin.  The company sells metallurgical, bituminous steam
and industrial-grade coal to electric utility companies and
industrial customers both domestically and internationally. The
Company's operations are managed through operating subsidiaries
located throughout eastern Kentucky, southern West Virginia and
southern Indiana.


JONES ENERGY: Moody's Assigns 'B2' CFR & Rates $300MM Notes 'B3'
----------------------------------------------------------------
Moody's Investors Service assigned a first-time B2 Corporate
Family Rating to Jones Energy Holdings, LLC (JEH). Moody's also
assigned a B3 rating to $300 million of senior unsecured notes
issued jointly by Jones Energy Holdings, LLC and Jones Energy
Finance Corp -- the proceeds will be used to retire a $160 million
second lien term loan and to reduce debt under the company's $1
billion revolving credit facility. Moody's also assigned a SGL-2
Speculative Grade Liquidity Rating to reflect JEH's good liquidity
position subsequent to the note offering. The outlook is stable.

"Jones Energy fits squarely into our B2 CFR universe of
exploration and production companies," said Stuart Miller, Moody's
Vice President and Senior Credit Officer. "The company appears to
be well-positioned to grow its production and reserve base, with
the capacity to fund future capital expenditures mostly from
internally generated cash flow."

Ratings assigned:

  Corporate Family Rating of B2

  Probability of Default Rating of B2-PD

  Senior Unsecured Note Rating of B3, 77-LGD5

  Speculative Grade Liquidity Rating of SGL-2

  Outlook is Stable

Ratings Rationale

With production around 20,000 boe per day and proved developed
reserves approaching 50 million boe, JEH is comparable in scale to
numerous B2 rated peer companies, including Carrizo Oil and Gas,
Comstock Resources, Rex Energy, Templar Energy, and WildHorse
Resources. The company is focused squarely on the Anadarko and
Arkoma Basins where it has built a reputation as a low-cost
driller and operator. While leverage, with debt to average daily
production of $33,000 and debt to proved developed reserves around
$13.50 is comparable to higher rated B1 companies, JEH's rating is
limited by its smaller scale. JEH has identified nearly 2,500
drilling locations on its leases. Moody's rating assumes the pace
of drilling these locations will allow the vast majority of the
capital expenditures to be funded with internally generated cash
flow. In so doing, based on historical operating efficiency and
previous well results, Moody's expects to see leverage fall over
the next two to three years. The growth in reserves and production
while working down leverage could provide the impetus for a rating
upgrade sometime after 2015.

JEH has good liquidity -- Moody's has assigned a Speculative Grade
Liquidity Rating of SGL-2. The company will likely modestly
outspend its cash flow over the next 12 to 18 months to expand its
asset base. Moody's has assumed that the company could cut back
its capital expenditures to $90 million annually to maintain its
production and reserves which would result in substantial free
cash flow. The expected outspend of cash flow can easily be
financed under the company's committed revolving credit facility.
Following the December 2013 Sabine acquisition, the borrowing base
was increased to $575 million. Pro forma for the inaugural bond
offering, Moody's expects availability to be about $250 million,
well in excess of the forecast outspend of internally generated
cash flow over the next two years. The revolving credit contains
two financial maintenance covenants: Debt/EBITDAX must remain less
than 4.0x, and the Current Ratio must be greater than 1.0x. It
appears that JEH would need to double its debt to be at risk of
tripping either of these covenants. Alternate sources of liquidity
are somewhat limited as its assets are pledged as collateral under
the revolving credit facility.

The size of JEH's senior unsecured debt is small relative to its
senior secured credit facility, which under Moody's Loss Given
Default Methodology, would suggest that the unsecured bonds should
be double-notched below the CFR. Moody's believes a single notch
is more appropriate given the expectation that the company will
continue to issue senior notes from time to time to fund its
future growth while using the revolving credit agreement as a
funding bridge between subsequent bond offerings.

The rating outlook is stable -- the company is solidly positioned
in its current rating. JEH could be upgraded as its scale
increases and comes more in line with our B1 rated E&P companies
over the next few years. To be considered for an upgrade, average
daily production should be approaching 35,000 boe per day, proved
developed reserves should be about 100 million barrels, and the
leveraged full-cycle ratio should be around 2.0x. A downgrade
becomes likely if JEH's leverage as measured by debt to average
daily production climbs above $40,000 per boe for an extended
period or if debt to proved developed reserves exceeds $15 per
boe.

The principal methodology used in this rating was the Global
Independent Exploration and Production Industry 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.

Jones Energy Holdings, LLC is the wholly-owned subsidiary of Jones
Energy, Inc., an Austin, TX based publicly-owned independent
exploration and production company formed in 1988. JEH operates
107,000 net acres in the Anadarko and Arkoma Basins, focusing on
the Cleveland and Woodford formations.


JONES ENERGY: S&P Assigns 'B' CCR & Rates $300MM Sr. Notes 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Service said it assigned its 'B'
corporate credit rating to Jones Energy Inc.  The outlook is
stable.

At the same time, S&P assigned its 'B-' issue-level rating (one
notch lower than the corporate credit rating) to the company's
proposed $300 million of senior unsecured notes due 2022 with a
recovery rating of '5', indicating S&P's expectation of modest
(10% to 30%) recovery for lenders in the event of default.

"The stable outlook reflects our expectation that the company will
maintain adequate liquidity while increasing capital spending to
develop its Mid-continent assets," said Standard & Poor's credit
analyst Ben Tsocanos.

S&P would consider an upgrade if the company were to increase its
reserves and production to a level commensurate with higher-rated
peers, while maintaining leverage below 3x debt to EBITDA.

S&P would consider a downgrade if leverage were to rise above 5x,
likely related to production growth being lower than expected,
meaningfully higher capital spending or debt-financed acquisition,
or if liquidity deteriorates below adequate levels.  Declining
prices for oil, natural gas, and NGLs could also potentially lead
constrained cash flows and leverage in excess of 5x.


KCG HOLDINGS: Moody's Affirms 'B1' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family Rating
(CFR) of KCG Holdings, Inc. and placed the B2 rating on KCG's
second-lien Secured Notes on review for upgrade. The Ba3 rating on
KCG's first-lien Senior Secured Facility was also affirmed. The
rating outlook on the CFR and first lien senior secured facility
remains stable.

Ratings Rationale

These rating actions follow the substantial reduction in the
first-lien facility. Since July 2013, KCG has repaid $485 million
of its first-lien debt, leaving $50 million outstanding. The
rating affirmation of the B1 CFR reflects KCG's solid market-
making and wholesale execution platforms as well as its liquid
balance sheet. The affirmation also reflects merger progress to
date in terms of consolidating subsidiaries, disposing of non-core
assets and reducing expenses which has freed up cash for debt
reduction. The corporate family rating also incorporates important
long-term challenges facing KCG including maintaining the speed
and reliability of its trading platforms, the strength of its risk
controls and its ability to adapt to future regulatory change that
may affect high-frequency trading.

As a result of the debt reduction since the merger, the
subordination of the second-lien Secured Notes has been reduced.
If this reduced level of subordination is sustained, Moody's
believes there is the potential for a one-notch upgrade of the
second-lien notes due to the likelihood that in the event of
default, the second-line notes would benefit from a lower severity
of loss. The review will focus on KCG's future financial policy
and capital structure.


KIDSPEACE CORP: Lease Decision Period Extended Thru April
---------------------------------------------------------
The Bankruptcy Court, in a bridge order dated March 11, 2014,
ordered that KidsPeace Corporation, et al.'s time to assume or
reject certain non-residential real property leases is extended
for one week after the date of the hearing of the motion.

A hearing on the motion is scheduled for April 3, at 11:00 a.m.

In their March 7 application, the Debtors related that they are
parties to 31 non-residential real property leases in various
locations throughout the country.  The properties subject to such
leases have been utilized by the Debtors for the purposes of the
Debtors' daily operations.

The Debtors requested for permission to assume the unexpired
leases listed on Exhibit A; and reject the leases listed on
Exhibit B.  See:

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

                       About KidsPeace Corp.

KidsPeace Corp., a provider of behavioral services for children,
filed a petition for Chapter 11 reorganization (Bankr. E.D. Pa.
Case No. 13-14508) on May 21, 2013, in Reading, Pennsylvania.

KidsPeace operates a 96-bed pediatric psychiatric hospital in
Orefield, Pennsylvania.  Assets are $86.7 million, and debt on the
books is $158.6 million, according to a court filing.

The Debtor, which sought bankruptcy protection with eight
affiliates, tapped Norris McLaughlin & Marcus, P.A. as counsel;
EisnerAmper LLP as financial advisor, and Rust Omni as claims and
notice agent.

Assets total $158,587,999 at the end of 2012.  The Debtors owe
approximately $56,206,821 in bond debt, and they have been told
that their pension liability is allegedly about $100,000,000 of
which the Debtors currently reflect $83,049,412 on their books.

KidsPeace sought Chapter 11 (i) as a means to implement a
negotiated restructuring of bond debt currently aggregating
approximately $51,310,000 plus accrued interest to a reduced
amount of approximately $24 million in new 30-year bonds with
interest at 7.5 percent, and (ii) to continue on-going
negotiations with the Pension Benefit Guaranty Corporation in
hopes of reducing the PBGC asserted obligation of $100+ million to
an amount that the Debtors can reasonably expect to satisfy.

The Debtor disclosed $157,930,467 in assets and $168,768,207 in
liabilities as of the Chapter 11 filing.

Since March 2012, MK has been exploring possible affiliation or
acquisition opportunities; however, no offer of an affiliation or
acquisition has been presented to the Debtors.

Gemino Healthcare Finance, LLC, the prepetition revolving lender,
is represented by James S. Rankin, Jr., Esq., at Parker, Hudson,
Rainer & Dobbs LLP; and Weir & Partners LLP's Walter Weir, Jr.,
Esq.

UMB Bank, N.A., on behalf of bondholders, Performance Food Group
d/b/a AFI, W.B. Mason Co., Inc., Pension Benefit Guaranty
Corporation, and Teresa Laudenslager were appointed to an official
committee of unsecured creditors in the Debtors' cases.  The
Official Committee of Unsecured Creditors is represented by
Fitzpatrcik Lentz & Bubba, P.C., and Lowenstein Sandler LLP as
counsel.  FTI Consulting, Inc. serves as the panel's financial
advisor.

The bankruptcy court will convene a hearing on April 3, 2014, at
11:00 a.m., to consider confirmation of the Debtors' First
Modified Joint Plan of Reorganization.


KOO YUEN LIFE: Case Summary and 3 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Koo Yuen Life Insurance Trust
        C/O Koo Yuen, Trustee
        9221 Mayfield Dr.
        Bethesda, MD 20817

Case No.: 14-14571

Chapter 11 Petition Date: March 24, 2014

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

Debtor's Counsel: Thomas F. DeCaro, Jr., Esq.
                  Marla L. Howell, Esq.
                  DECARO & HOWELL, P.C.
                  14406 Old Mill Road, Ste. 201
                  Upper Marlboro, MD 20772
                  Tel: (301) 464-1400
                  Email: tfd@erols.com
                         mlhowe1@juno.com

Total Assets: $1.88 million

Total Liabilities: $2.93 million

The petition was signed by Koo L. Yuen, Trustee.

A list of the Debtor's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/mdb14-14571.pdf


LANTHEUS MEDICAL: Moody's Affirms 'Caa2' CFR; Outlook Positive
--------------------------------------------------------------
Moody's Investors Service changed the outlook of Lantheus Medical
Imaging, Inc. to positive from negative and upgraded the
Speculative Grade Liquidity Rating to SGL-3 from SGL-4. At the
same time, Moody's affirmed the company's Caa2 Corporate Family
Rating, Caa2-PD Probability of Default Rating and Caa2 senior
unsecured rating.

Ratings Affirmed:

Corporate Family Rating at Caa2

Probability of Default Rating at Caa2-PD

$400 million senior unsecured notes at Caa2 (LGD4, 56%)

Rating upgraded:

Speculative Grade Liquidity Rating to SGL-3 from SGL-4

"The combination of rising DEFINITY sales and the impact of
ongoing cost reductions have improved Lantheus's liquidity
position, reversing downward rating momentum," said Michael
Levesque, Senior Vice President.

Ratings Rationale

Lantheus's Caa2 Corporate Family Rating reflects Moody's
expectations of very high leverage in 2014, weak cash flow, and
headwinds on several of its franchises stemming from pricing
pressure. The rating also considers the risk associated with its
high reliance on Molybdenum supply, critical for the manufacturing
of its key nuclear products, TechneLite, Cardiolite and Neurolite,
its small size, and high concentration with large customers. At
the same time, quarterly revenue and earnings performance
continues to improve sequentially, albeit from negative
profitability. These trends are supported by growth in DEFINITY,
Lantheus's ultrasound contrast imaging agent. While new
manufacturing partners and stockpile inventories are positive,
Lantheus's supply chain is reliant on third parties, and any
unforeseen challenges at these suppliers could impact Lantheus's
ability to meet customer demand.

A combination of internal liquidity and availability under the
asset-backed revolver appear sufficient for Lantheus to make
interest payments on its senior notes, contributing to the upgrade
in the Speculative-Grade Liquidity Rating to SGL-3 from SGL-4.

The positive outlook reflects an improving financial position
based on underlying earnings trends and liquidity. The ratings
could be upgraded if positive sales trends in Definity continue
and if the company remains on a solid path to generating
sustainable positive free cash flow and sustainable debt/EBITDA
below 7.0 times. Conversely, the ratings could be downgraded if
supply issues or other sales disruptions cause liquidity to
substantially weaken and jeopardize the company's ability to meet
its interest payments.

Headquartered in Billerica, Massachusetts, Lantheus Medical
Imaging, Inc. ("Lantheus") is a leading global manufacturer of
medical imaging products and a wholly-owned subsidiary of Lantheus
MI Intermediate, Inc. (the audited entity), which in turn is the
wholly-owned subsidiary of Lantheus MI Holdings, Inc. (the
"parent"). The company manufactures and distributes products
primarily for cardiovascular diagnostic imaging. Lantheus, which
was previously a subsidiary of Bristol-Myers Squibb, was acquired
by Avista Capital Partners in January 2008.

The principal methodology used in this rating was the Global
Pharmaceutical Industry published in December 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.


LCI HOLDING: 'Gift' Settlement Can Bypass Claim Priority Rules
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the practice in Delaware of allowing buyers to make
"gifts" to some creditors of bankrupt companies while bypassing
higher-ranking creditors is safe, at least for now.

According to the report, in the Chapter 11 reorganization of
former hospital owner LifeCare Holdings Inc., the U.S. Justice
Department on behalf of the Internal Revenue Service appealed from
the bankruptcy court's approval of a $360 million sale of
LifeCare's business in exchange for debt owing to secured
creditors.

In a March 10 opinion, U.S. District Judge Sue L. Robinson denied
the government a stay pending appeal and dismissed the appeal,
concluding that Judge Gross didn't make a clearly erroneous
finding of fact when he decided that the money in question
belonged to the buyer and wasn't property of the bankrupt estate,
the report related.

In December, Gross ruled that LifeCare's Chapter 11 case will be
dismissed once the appeal challenging approval of sale is fully
resolved, the report further related.

The appeal was In re LCI Holding Co., 13-cv-00924, U.S. District
Court, District of Delaware (Wilmington).


                          About LifeCare

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

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

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

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

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

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


LIGHTSQUARED INC: Director Says Exit Plan Is Fair To Dish Chair
---------------------------------------------------------------
Law360, New York (March 19, 2014, 4:06 PM ET) -- An independent
director of LightSquared Inc. charged with overseeing the
company's efforts to exit bankruptcy said Wednesday that the
proposed reorganization plan was not designed to "punish" Dish
Network Corp. Chairman Charlie Ergen, who holds about $1 billion
of the LightSquared's debt.

During questioning before U.S. Bankruptcy Judge Shelley C. Chapman
at the start of a trial over the confirmation of LightSquared's
bankruptcy exit plan, Christopher Rogers, a telecommunications
consultant and member of the special committee appointed to guide
LightSquared through its Chapter 11 case, told...

                      About LightSquared Inc.

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

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

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

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


LIME ENERGY: To Hold "Say-on-Pay" Votes Every Three Years
---------------------------------------------------------
At the 2013 annual meeting of stockholders of Lime Energy Co., the
Company's stockholders voted on, among other matters, an advisory
proposal on the frequency of holding future advisory votes on
executive compensation.  The Company's stockholders determined, on
an advisory basis, that the preferred frequency of an advisory
vote on the Company's executive compensation is every three years.

Consistent with the stated preference of the Company's
stockholders, the Board of Directors of the Company determined
that the Company will include an advisory vote on executive
compensation in the Company's proxy materials once every three
years until the next required vote on the frequency of shareholder
votes on the compensation of executives.

                          About Lime Energy

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

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

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

For the nine months ended Sept. 30, 2013, the Company reported a
net loss of $12.58 million.  The Company incurred a net loss of
$31.81 million in 2012 as compared with a net loss of $18.93
million in 2011.

BDO USA, LLP, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2012.  The independent auditors noted that the Company has
suffered recurring losses and negative cash flow from operations
that raise substantial doubt about its ability to continue as a
going concern.


LONESTAR RESOURCES: S&P Gives 'B-' CCR & Rates $200MM Notes 'CCC+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-'
corporate credit rating to Fort Worth, Texas-based Lonestar
Resources America Inc.  The outlook is stable.

At the same time, S&P assigned its 'CCC+' issue rating (one notch
below the corporate credit rating) to Lonestar's proposed $200
million unsecured notes due 2019.  The recovery rating is '5',
indicating S&P's expectation of modest (10% to 30%) recovery if
the company defaults on a payment.

The company plans to use proceeds from the proposed offering
primarily to repay its existing debt.

The ratings on Lonestar reflect S&P's assessment of the company's
"vulnerable" business risk , its "highly leveraged" financial risk
profile, and its "adequate" liquidity profile.  Ratings reflect
its very small reserve and production profile, its lack of
geographic diversity, its limited operating track record, and its
aggressive capital spending plans.

"Partially buffering these weaknesses are its exposure to crude
oil prices and thus its above-average profitability relative to
rated peers," said Standard & Poor's credit analyst Marc Bromberg.


LOS ANGELES DODGERS: Are Dismissed from Bankruptcy Court
--------------------------------------------------------
Bill Shaikin, writing for Los Angeles Times, reported that the
greatest stain on the history of a proud franchise was officially
dissolved, when U.S. Bankruptcy Judge Kevin Gross signed a final
decree ending the Dodgers' time in his court.

According to the report, the bankruptcy cases of the Dodgers and
related entities "are hereby closed," Judge Gross wrote in an
order that ended the team's stay in bankruptcy court at 995 days.

Judge Gross signed the order as the Dodgers flew over the Pacific
Ocean en route to Australia for the season opener against the
Arizona Diamondbacks, the report related.

Frank McCourt, the Dodgers' former owner, took the team into
bankruptcy on June 27, 2011, after Commissioner Bud Selig rejected
a proposed television contract that would have served as McCourt's
financial lifeline, the report further related.

After Judge Gross ruled that he would not allow McCourt to turn
the bankruptcy proceedings "into a trial on the commissioner,"
McCourt agreed to sell the team -- with the court, not Selig,
having final authority to approve the sale, the report added.

                   About Los Angeles Dodgers

Los Angeles Dodgers LLC operates the Los Angeles Dodgers, a
professional Major League Baseball club in the Los Angeles
metropolitan area.  Frank McCourt, a Boston real-estate developer
who unsuccessfully bid for the Boston Red Sox, bought the Dodgers
from Rupert Murdoch's Fox Entertainment Group Inc. in 2004 for
$330 million.  Mr. McCourt also bought the Dodgers Stadium from
Fox for $100 million.

Los Angeles Dodgers LLC filed for bankruptcy protection (Bankr.
D. Del. Lead Case No. 11-12010) on June 27, 2011, after MLB
Commissioner Bud Selig rejected a television deal with News
Corp.'s Fox Sports, leaving Mr. McCourt unable to make payroll for
June 30 and July 1.  Fox Sports has exclusive cable television
rights for Dodgers games until the end of 2013 baseball season.

Chapter 11 filings were also made for LA Real Estate LLC, an
affiliated entity which owns Dodger Stadium, and three other
related holding companies.

According to Forbes, the Dodgers is worth about $800 million,
making it the third most valuable baseball team after the New York
Yankees and the Boston Red Sox.

Judge Kevin Gross presides over the case.  Lawyers at Young,
Conaway, Stargatt & Taylor and Dewey & LeBoeuf LLP serve as the
Debtors' bankruptcy counsel.  Epiq Bankruptcy Solutions LLC is the
claims and notice agent.  Public relations specialist Kekst and
Company has been hired for crisis support.  Covington & Burling
LLP serves as special counsel.

An official committee of unsecured creditors has been appointed in
the case.  The panel has tapped Lazard Freres & Co. as financial
adviser and investment banker, and Morrison & Foerster LLP and
Pinckney, Harris & Weidinger, LLC as counsel.

The LA Dodgers is the 12th sports team in North America to have
sought bankruptcy protection.

The reorganization is being financed with a $150 million unsecured
loan from the Commissioner of Major League Baseball.  The loan
gives the Commissioner few of the controls lenders often demanded
from bankrupt companies.

The Dodgers emerged from bankruptcy on April 30, 2012.  The plan
is based on a $2.15 billion sale of the baseball club and Dodger
Stadium to Guggenheim Baseball Management.  The plan pays all
creditors in full, with the excess going to Mr. McCourt.


MCC FUNDING: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: MCC Funding LLC
        c/o WEREGP LLC
        606 Post Road East, 614
        Westport, CT 06880

Case No.: 14-10782

Chapter 11 Petition Date: March 24, 2014

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Debtor's Counsel: Scott A. Steinberg, Esq.
                  LAW OFFICES OF SCOTT A. STEINBERG
                  626 RXR Plaza
                  Uniondale, NY 11556
                  Tel: (516) 522-2566
                  Fax: (516) 522-2530
                  Email: ssteinberg@saslawfirm.net

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Joshua Rizack, authorized signatory.

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


MCCLATCHY CO: Posts $18.8 Million Fiscal 2013 Net Income
--------------------------------------------------------
The McClatchy Company filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing net income of
$18.80 million on $1.24 billion of net revenues for the year ended
Dec. 29, 2013, as compared with a net loss of $144,000 on $1.30
billion of net revenues for the year ended Dec. 30, 2012.

As of Dec. 29, 2013, the Company had $2.61 billion in total
assets, $2.37 billion in total liabilities, and $240.38 million in
stockholders' equity.

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

                         http://is.gd/IPKGp0

                     About The McClatchy Company

Sacramento, Cal.-based The McClatchy Company (NYSE: MNI)
-- http://www.mcclatchy.com/-- is the third largest newspaper
company in the United States, publishing 30 daily newspapers, 43
non-dailies, and direct marketing and direct mail operations.
McClatchy also operates leading local Web sites in each of its
markets which extend its audience reach.  The Web sites offer
users comprehensive news and information, advertising, e-commerce
and other services.  Together with its newspapers and direct
marketing products, these interactive operations make McClatchy
the leading local media company in each of its premium high growth
markets.  McClatchy-owned newspapers include The Miami Herald, The
Sacramento Bee, the Fort Worth Star-Telegram, The Kansas City
Star, The Charlotte Observer, and The News & Observer (Raleigh).

                           *     *     *

McClatchy carries a 'Caa1' corporate family rating from Moody's
Investors Service.  In May 2011, Moody's changed the rating
outlook from stable to positive following the company's
announcement that it closed on the sale of land in Miami for
$236 million.  The outlook change reflects Moody's expectation
that McClatchy will utilize the net proceeds to reduce debt,
including its underfunded pension position, which will reduce
leverage by approximately half a turn and lower required
contributions to the pension plan over the next few years.

McClatchy Co. carries a 'B-' Corporate Credit Rating from
Standard & Poor's Ratings Services.


MEDIA GENERAL: Reports $4.3 Million 2013 Net Income
---------------------------------------------------
Media General, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing net income of
$4.35 million on $269.91 million of net operating revenue for the
year ended Dec. 31, 2013, as compared with net income of $35.96
million on $228.18 million of net operating revenue for the year
ended Dec. 31, 2012.

The Company's balance sheet at Dec. 31, 2013, showed $1.92 billion
in total assets, $1.18 billion in total liabilities and $735.23
million in total stockholders' equity.

"The Company's ability to make payments on, or repay or refinance,
its indebtedness and fund planned capital expenditures will depend
largely upon the Company's future operating performance.  The
Company's future performance, to a certain extent, is subject to
general economic, financial, competitive, legislative, regulatory
and other factors that are beyond its control.  The Company cannot
be certain it will generate sufficient cash flow from operations
or that future borrowings will be available in amounts sufficient
to enable the Company to pay its current indebtedness or to fund
other liquidity needs," the Company said in the Annual Report.

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

                         http://is.gd/bfrcU9

                         About Media General

Richmond, Virginia-based Media General Inc. (NYSE: MEG) --
http://www.mediageneral.com/-- is an independent communications
company with interests in newspapers, television stations and
interactive media in the United States.

Media General, Inc., closed on its business combination with New
Young Broadcasting Holding Co., Inc., on Nov. 12, 2013.

                           *     *     *

As reported by the Troubled Company Report on July 10, 2013,
Moody's Investors Service upgraded Media General, Inc.'s Corporate
Family Rating to B1 from Caa1 reflecting the marked improvement in
credit metrics pro forma for the pending stock merger with New
Young Broadcasting Holding Co., Inc.

In the July 12, 2013, edition of the TCR, Standard & Poor's
Ratings Services raised its corporate credit rating on Richmond,
Va.-based local TV broadcaster Media General Inc. to 'B+' from
'B'.  "The rating action reflects the improvement in discretionary
cash flow from the refinancing and our expectation that trailing-
eight-quarter leverage will remain at 6x or below over the
intermediate term," said Standard & Poor's credit analyst Daniel
Haines.


METRO AFFILIATES: Claims Bar Date Set for April 21
--------------------------------------------------
Creditors of Metro Affiliates, Inc. et al must file their proofs
of debt not later than April 21, 2014.

Staten Island, New York-based Metro Affiliates, Inc., and its
subsidiaries sought protection under Chapter 11 of the Bankruptcy
Code on Nov. 4, 2013 (Bankr. S.D.N.Y. Case No. 13-13591).  The
case is assigned to Judge Sean Lane.

Lisa G. Beckerman, Esq., and Rachel Ehrlich Albanese, Esq., at
Akin Gump Strauss Hauer & Feld LLP, in New York; and Scott L.
Alberino, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Washington, D.C., represent the Debtors.  Silverman Shin & Byrne
PLLC serves as special counsel.  Rothschild Inc. serves as the
Debtors' investment banker, while Kurtzman Carson Consultants LLC
serves as their claims and noticing agent.

Wells Fargo Bank, National Association, as agent for a consortium
of DIP lenders, is represented by Jonathan N. Helfat, Esq., at
Otterbourg, Steindler, Houston & Rosen, P.C., in New York.

The Bank of New York Mellon as indenture trustee and collateral
agent for prepetition noteholders, is represented by James
Gadsden, Esq., at Carter, Ledyard & Milburn LLP, in New York.
Certain Noteholders are represented by Kristopher M. Hansen, Esq.,
at Stroock & Stroock & Lavan LLP, in New York.

The U.S. has appointed a three-member official committee of
unsecured creditors represented by Farrell Fritz, P.C.
PricewaterhouseCoopers LLP serves as the Committee's financial
advisors.

This is Metro Affiliates' third trip to Chapter 11.  The Company,
together with its subsidiaries, previously sought protection under
Chapter 11 of the Bankruptcy Code on Aug. 16, 2002 (In re Metro
Affiliates, Inc., Case No. 02-42560 (PCB), Bankr. S.D.N.Y.).  A
plan in the second Chapter 11 case was confirmed in September
2003.  The first bankruptcy was in 1994.


MF GLOBAL: SIPA Trustee Must Disclose Non-Attorney Fees & Costs
---------------------------------------------------------------
Bankruptcy Judge Martin Glenn, who oversees the SIPA liquidation
proceedings involving MF Global Inc., has granted, in part, and
denied, in part, Knighthead Capital Management LLC's "Motion for
Order Requiring Costs and Expenses of Persons Hired by SIPA
Trustee Pursuant to Section 78fff-1 (a)(1) of SIPA to be Disclosed
and Subject to Court Approval".

Knighthead seeks an order requiring disclosure and court approval
of the fees and expenses incurred by the non-attorney
professionals hired by James W. Giddens, who serves as the SIPA
trustee for MFGI. under the Securities Investor Protection Act of
1970, as amended, 15 U.S.C. Sec. 78aaa et seq.

Knighthead is a large indirect creditor of MF Global Holdings,
Ltd., a debtor in a chapter 11 proceeding.  On Jan. 15, 2014,
Knighthead purchased a $75,000 portion of an allowed claim against
MFGI, and two weeks later, Knighthead filed the Motion.

The SIPA Trustee and the Securities Investor Protection
Corporation opposed.

According to Judge Glenn, this is the first time in the 43-year
history of SIPA that a creditor of a failed broker-dealer has
asked for this relief.  Judge Glenn says SIPA does not require
court approval of payments to a SIPA trustee's non-attorney
professionals. Only SIPC need authorize those payments. But the
Court, in assessing the reasonableness of the Trustee's own fees
and expenses, must consider the Trustee's oversight of his non-
attorney professionals.  In that context, the Trustee is required
to disclose the fees and expenses of his non-attorney
professionals in this case, with sufficient detail to enable the
Court to assess the reasonableness of the Trustee's fee
applications.

A copy of the Court's March 21, 2014 Memorandum Opinion and Order
is available at http://is.gd/GSenfsfrom Leagle.com.

Quinn Emanuel Urquhart & Sullivan LLP's Susheel Kirpalani, Esq.,
represents Knighthead.

                         About MF Global

New York-based MF Global -- http://www.mfglobal.com/-- was one of
the world's leading brokers of commodities and listed derivatives.
MF Global provides access to more than 70 exchanges around the
world.  The firm also was one of 22 primary dealers authorized to
trade U.S. government securities with the Federal Reserve Bank of
New York.  MF Global's roots go back nearly 230 years to a sugar
brokerage on the banks of the Thames River in London.

On Oct. 31, 2011, MF Global Holdings Ltd. and MF Global Finance
USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y.
Case Nos. 11-15059 and 11-5058), after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41,046,594,000 in total assets and $39,683,915,000 in
total liabilities.

On Nov. 7, 2011, the United States Trustee appointed the statutory
creditors' committee in the Debtors' cases.  At the behest of the
Statutory Creditor's Committee, the Court directed the U.S.
Trustee to appoint a chapter 11 trustee.  On Nov. 28, 2011, the
Bankruptcy Court entered an order approving the appointment of
Louis J. Freeh, Esq., of Freeh Group International Solutions, LLC,
as Chapter 11 trustee.

On Dec. 19, 2011, MF Global Capital LLC, MF Global Market Services
LLC and MF Global FX Clear LLC filed voluntary Chapter 11
petitions (Bankr. S.D.N.Y. Case Nos. 11-15808, 11-15809 and
11-15810).  On Dec. 27, the Court entered an order installing Mr.
Freeh as Chapter 11 Trustee of the New Debtors.

On March 2, 2012, MF Global Holdings USA Inc. filed a voluntary
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-10863), and Mr.
Freeh also was installed as its Chapter 11 Trustee.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of MF
Global Finance USA Inc.

The Chapter 11 Trustee has tapped (i) Freeh Sporkin & Sullivan
LLP, as investigative counsel; (ii) FTI Consulting Inc., as
restructuring advisors; (iii) Morrison & Foerster LLP, as
bankruptcy counsel; and (iv) Pepper Hamilton as special counsel.

The Official Committee of Unsecured Creditors has retained
Capstone Advisory Group LLC as financial advisor, while lawyers at
Proskauer Rose LLP serve as counsel.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at Hughes
Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.

In April 2013, the Bankruptcy Court approved MF Global Holdings'
plan to liquidate its assets.  Bloomberg News reported that the
court-approved disclosure statement initially told
creditors with $1.134 billion in unsecured claims against the
parent holding company why they could expect a recovery of 13.4%
to 39.1% from the plan.  As a consequence of a settlement with
JPMorgan, supplemental materials informed unsecured creditors
their recovery was reduced to the range of 11.4% to 34.4%.  Bank
lenders will have the same recovery on their $1.174 billion claim
against the holding company.  As a consequence of the settlement,
the predicted recovery became 18% to 41.5% for holders of $1.19
billion in unsecured claims against the finance subsidiary,
one of the companies under the umbrella of the holding company
trustee.  Previously, the predicted recovery was 14.7% to 34% on
bank lenders' claims against the finance subsidiary.


MF GLOBAL: Customers One Step Closer to Getting Paid in Full
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that MF Global Inc.'s customers moved a step closer to
getting paid in full when a U.S. district judge in New York gave
formal approval on March 14 to settle part of a class action.

According to the report, the most recent settlement was part of a
settlement process generating funds and creating a mechanism for
covering losses in accounts that occurred when the defunct
commodities broker mishandled $1.6 billion in customers' funds.

U.S. District Judge Victor Marrero has approved three settlements
this year, including with the U.S. Commodity Futures Trading
Commission and JPMorgan Chase & Co., the report noted.

The MF Global brokerage trustee, James Giddens, and lawyers for
customers cobbled together the arrangement, the report related.
Paying customers in full was nevertheless complicated because the
bankruptcy court had ruled that proceeds from the settlements
didn't represent mishandled customer funds and thus wouldn't be
applied automatically to cover the shortfall on their claims.

Combined, the settlements provide that the bankrupt estate of the
MF Global brokerage will advance the funds to customers to pay
their claims in full, the report further related.  In return,
customers will allow the trustee to continue their suits against
MF Global's former chief executive officer, John Corzine, and
other executives.

The settlement was in DeAngelis v. Corzine (In re MF Global
Holdings Ltd. Investment Litigation), 11-bk-07866, U.S. District
Court, Southern District of New York (Manhattan).

                        About MF Global

New York-based MF Global -- http://www.mfglobal.com/-- was one of
the world's leading brokers of commodities and listed derivatives.
MF Global provides access to more than 70 exchanges around the
world.  The firm also was one of 22 primary dealers authorized to
trade U.S. government securities with the Federal Reserve Bank of
New York.  MF Global's roots go back nearly 230 years to a sugar
brokerage on the banks of the Thames River in London.

On Oct. 31, 2011, MF Global Holdings Ltd. and MF Global Finance
USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y.
Case Nos. 11-15059 and 11-5058), after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41,046,594,000 in total assets and $39,683,915,000 in
total liabilities.

On Nov. 7, 2011, the United States Trustee appointed the statutory
creditors' committee in the Debtors' cases.  At the behest of the
Statutory Creditor's Committee, the Court directed the U.S.
Trustee to appoint a chapter 11 trustee.  On Nov. 28, 2011, the
Bankruptcy Court entered an order approving the appointment of
Louis J. Freeh, Esq., of Freeh Group International Solutions, LLC,
as Chapter 11 trustee.

On Dec. 19, 2011, MF Global Capital LLC, MF Global Market Services
LLC and MF Global FX Clear LLC filed voluntary Chapter 11
petitions (Bankr. S.D.N.Y. Case Nos. 11-15808, 11-15809 and
11-15810).  On Dec. 27, the Court entered an order installing Mr.
Freeh as Chapter 11 Trustee of the New Debtors.

On March 2, 2012, MF Global Holdings USA Inc. filed a voluntary
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-10863), and Mr.
Freeh also was installed as its Chapter 11 Trustee.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of MF
Global Finance USA Inc.

The Chapter 11 Trustee has tapped (i) Freeh Sporkin & Sullivan
LLP, as investigative counsel; (ii) FTI Consulting Inc., as
restructuring advisors; (iii) Morrison & Foerster LLP, as
bankruptcy counsel; and (iv) Pepper Hamilton as special counsel.

The Official Committee of Unsecured Creditors has retained
Capstone Advisory Group LLC as financial advisor, while lawyers at
Proskauer Rose LLP serve as counsel.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at Hughes
Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.

In April 2013, the Bankruptcy Court approved MF Global Holdings'
plan to liquidate its assets.  Bloomberg News reported that the
court-approved disclosure statement initially told
creditors with $1.134 billion in unsecured claims against the
parent holding company why they could expect a recovery of 13.4%
to 39.1% from the plan.  As a consequence of a settlement with
JPMorgan, supplemental materials informed unsecured creditors
their recovery was reduced to the range of 11.4% to 34.4%.  Bank
lenders will have the same recovery on their $1.174 billion claim
against the holding company.  As a consequence of the settlement,
the predicted recovery became 18% to 41.5% for holders of $1.19
billion in unsecured claims against the finance subsidiary,
one of the companies under the umbrella of the holding company
trustee.  Previously, the predicted recovery was 14.7% to 34% on
bank lenders' claims against the finance subsidiary.


MI PUEBLO: Can Hire Perkins Coie to Advise on Financing Matters
---------------------------------------------------------------
Mi Pueblo San Jose, Inc., sought and obtained permission from the
U.S. Bankruptcy Court for the Northern District of California to
expand the scope of employment of Perkins Coie LLP as special
counsel to include transactional representation in connection with
the Debtor's financing transactions with potential investors and
lenders, including but not limited to Victory Park Capital
Advisors, LLC and Victory Park Management, LLC.

The Debtor previously obtained bankruptcy court approval to employ
Perkins Coie as special counsel to provide advice on intellectual
property matters.  As reported in the Troubled Company Reporter on
Sept. 18, 2013, the firm's services included:

   a. provide advice and representation in various intellectual
      property and intellectual property litigation matters,
      including but not limited to THF Equities, LP and Bay
      Valley Foods, LLC v. Mi Pueblo San Jose, Inc., United
      States Patent and Trademark Office, Trademark Trial and
      Appeal Board Proceeding Nos. 91202185, 91202569, and
      92054486; Mi Pueblo San Jose, Inc. v. THF Equities, LP and
      Bay Valley Foods, LLC, United States Patent and Trademark
      Office, Trademark Trial and Appeal Board Proceeding Nos.
      92052561 and 92055015; and

   b. provide legal services, advice, representation and
      related services in connection with such other matters as
      the Debtor may from time to time request.

Perkins Coie was to be employed on these terms:

   a. Approval of attorneys' fees and costs to be paid to Special
      Counsel by Mi Pueblo will be subject to one or more duly
      noticed fee applications to be approved by the Court.

   b. It is anticipated that these attorneys and paralegals
      will be primarily utilized by Special Counsel in rendering
      services to Mi Pueblo at the following hourly rates:

      Attorney Name         Attorney Hourly Rate
      -------------         --------------------
      Christopher Kao               $710.00
      Jeffrey A. Nelson             $455.00

                     About Mi Pueblo San Jose

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

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

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

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


MMRGLOBAL INC: Unit Inks Settlement Agreement with Walgreens
------------------------------------------------------------
MMRGlobal, Inc., through its wholly owned subsidiary
MyMedicalRecords, Inc., and Walgreen Co. have entered into a
settlement and licensing agreement to resolve two patent
infringement lawsuits brought by MMR.  Pursuant to the terms of
the Agreement, Walgreens purchased a Non-Exclusive License to the
MMR family of patents.  The settlement arises from litigation
involving MMR's U.S. Patent No. 8,301,466 and U.S. Patent No.
8,498,883.  MMR's patent portfolio also includes U.S. Patent Nos.
8,121,855; 8,117,045; 8,117,646; 8,301,466; 8,321,240; 8,352,287;
8,352,288; 8,498,883; 8,626,532 and 8,645,161 as well as numerous
pending applications.  Pursuant to the terms of the Agreement,
Walgreens has also agreed to sell MMR's MyMedicalRecords Personal
Health Record on drugstore.com.  The remaining terms of the
Agreement are confidential.

                           About MMRGlobal

Los Angeles, Calif.-based MMR Global, Inc. (OTC BB: MMRF)
-- http://www.mmrglobal.com/-- through its wholly-owned operating
subsidiary, MyMedicalRecords, Inc., provides secure and easy-to-
use online Personal Health Records (PHRs) and electronic safe
deposit box storage solutions, serving consumers, healthcare
professionals, employers, insurance companies, financial
institutions, and professional organizations and affinity groups.

MMRGlobal incurred a net loss of $5.90 million in 2012, as
compared with a net loss of $8.88 million in 2011.  The Company's
balance sheet at Sept. 30, 2013, showed $2.69 million in total
assets, $9.80 million in total liabilities and a $7.11 million
total stockholders' deficit.

Rose, Snyder & Jacobs LLP, in Encino, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company has incurred significant operating losses and
negative cash flows from operations during the years ended
Dec. 31, 2012, and 2011, that raise substantial doubt about the
Company's ability to continue as a going concern.


MOBIVITY HOLDINGS: Amends Letter of Intent with Smart Receipt
-------------------------------------------------------------
Mobivity Holdings Corp. entered into an amendment to its non-
binding letter of intent dated Jan. 15, 2014, with Smart Receipt,
Inc., to extend the Company's right of exclusive dealing with
Smart Receipt under the letter of intent from Feb. 14, 2014, to
Feb. 28, 2014.  The terms of the letter of intent are otherwise
unchanged.

                     About Mobivity Holdings

Mobivity Holdings Corp. was incorporated as Ares Ventures
Corporation in Nevada in 2008.  On Nov. 2, 2010, the Company
acquired CommerceTel, Inc., which was wholly-owned by CommerceTel
Canada Corporation, in a reverse merger.  Pursuant to the Merger,
all of the issued and outstanding shares of CommerceTel, Inc.,
common stock were converted, at an exchange ratio of 0.7268-for-1,
into an aggregate of 10,000,000 shares of the Company's common
stock, and CommerceTel, Inc., became a wholly owned subsidiary of
the Company.  In connection with the Merger, the Company changed
its corporate name to CommerceTel Corporation on Oct. 5, 2010.
In connection with the Company's acquisition of assets from
Mobivity, LLC, the Company changed its corporate name to Mobivity
Holdings Corp. and its operating company to Mobivity, Inc, on
Aug. 23, 2012.

Mobivity Holdings disclosed a net loss of $7.33 million in 2012,
as compared with a net loss of $16.31 million in 2011.  The
Company's balance sheet at Sept. 30, 2013, showed $9.96 million in
total assets, $1.51 million in total liabilities and $8.45 million
in total stockholders' equity.

M&K CPAS, PLLC, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012, citing recurring operating losses and
negative cash flows from operations and dependence on additional
financing to fund operations which raise substantial doubt about
the Company's ability to continue as a going concern.

                         Bankruptcy Warning

"[A]ll of our assets are currently subject to a first priority
lien in favor of the holders of our outstanding convertible notes
payable in the current aggregate principal amount of $4,521,378.
The notes are due on October 15, 2013, if we are unable to repay
or refinance our obligations under those notes by October 15,
2013, the holders of the notes will have the right to foreclose on
their security interests and seize our assets.  To avoid such an
event, we may be forced to seek bankruptcy protection, however a
bankruptcy filing would, in all likelihood, materially adversely
affect our ability to continue our current level of operations.
In the event we are not able to refinance or repay the notes, but
negotiate for a further extension of the maturity date of the
notes, we may be required to pay significant extension fees in
cash or shares of our equity securities or otherwise make other
forms of concessions that may adversely impact the interests of
our common stockholders," the Company said in its annual report
for the year ended Dec. 31, 2012.


MONTREAL MAINE: Wrongful-Death Lawyers Barred from Case
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that lawyers for the 47 people killed in the July railway
disaster in Lac-Megantic, Quebec, were barred for the time being
from participating in the bankruptcy of Montreal Maine & Atlantic
Railway Ltd.

According to the report, the railroad's Chapter 11 trustee, Robert
J. Keach, filed papers in February to bar lawyers for the 47
victims from participating because they failed to file details
about whom they represent and on what terms.

U.S. Bankruptcy Judge Louis H. Kornreich held a hearing, agreed
with the trustee and barred the lawyers from appearing until they
file papers that comply with bankruptcy rules by explaining their
retention agreements, the report related.

On March 17, those lawyers filed papers with more details and
asked Judge Kornreich to hold a hearing tomorrow and authorize
them to continue representing their clients in the bankruptcy, the
report further related.

Assuming the lawyers are found in compliance with disclosure
requirements, there's an April 8 hearing on the bankruptcy court's
calendar to consider approval of disclosure materials explaining
the ad hoc committee's plan, the report said.

                       About Montreal Maine

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

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., has been named as chapter 11 trustee.  His firm serves as
his chapter 11 bankruptcy counsel, led by Michael A. Fagone, Esq.,
and D. Sam Anderson, Esq.  Development Specialists, Inc., serves
as the Chapter 11 trustee's financial advisor.  Gordian Group,
LLC, serves as the Chapter 11 Trustee's investment banker.

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

Justice Martin Castonguay oversees the case in Canada.

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

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

In the Canadian case, Andrew Adessky at Richter Consulting has
been appointed CCAA monitor.  The CCAA Monitor is represented by
Sylvain Vauclair at Woods LLP.

MM&A Canada is represented by Patrice Benoit, Esq., at Gowling
LaFleur Henderson LLP.

The U.S. Trustee appointed a four-member official committee of
derailment victims.  The Official Committee is represented by:
Richard P. Olson, Esq., at Perkins Olson; and Luc A. Despins,
Esq., at Paul Hastings LLP.

There's also an unofficial committee of wrongful death claimants
consisting of representatives of the estates of the 46 victims.
This group is represented by George W. Kurr, Jr., Esq., at Gross,
Minsky & Mogul, P.A.; Daniel C. Cohn, Esq., at Murtha Cullina LLP;
Peter J. Flowers, Esq., at Meyers & Flowers, LLC; Jason C.
Webster, Esq., at The Webster Law Firm; and Mitchell A. Toups,
Esq., at Weller, Green Toups & Terrell LLP.

After the U.S. Trustee formed the Official Committee, the ad hoc
committee filed papers asking the U.S. Court to have the official
committee disbanded.  The ad hoc group said it represents 46
victims of the disaster.

On Jan. 23, 2014, the Debtors won authorization to sell
substantially all of their assets to Railroad Acquisition Holdings
LLC, an affiliate of New York-based Fortress Investment Group, for
$15.7 million.  The Bankruptcy Courts in the U.S. and Canada
approved the sale.

The Fortress unit is represented by Terence M. Hynes, Esq., and
Jeffrey C. Steen, Esq., at Sidley Austin LLP.

On Jan. 29, 2014, an ad hoc group of wrongful-death claimants
submitted a plan, which would give 75 percent of the $25 million
in available insurance to the families of those who died after an
unattended train derailed in Lac-Megantic, Quebec, in July.  The
other 25 percent would be earmarked for claimants seeking
compensation for property that was damaged when much of the town
burned.  Former U.S. Senator George Mitchell, a Democrat who
represented Maine in the U.S. Senate from 1980 to 1995 and who is
now chairman emeritus of law firm DLA Piper LLP, would administer
the plan and lead the effort to wrap up MM&A's Chapter 11
bankruptcy.


MORGANS HOTEL: Ronald Burkle Stake at 27.2% as of Feb. 28
---------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Ronald W. Burkle and his affiliates disclosed
that as of Feb. 28, 2014, they beneficially owned 12,522,367
shares of common stock of Morgans Hotel Group Co. representing
27.2 percent of the shares outstanding.  A copy of the regulatory
filing is available at http://is.gd/5ffUGV

                     About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

The Company incurred a net loss attributable to common
stockholders of $66.81 million in 2012, a net loss attributable to
common stockholders of $95.34 million in 2011, and a net loss
attributable to common stockholders of $89.96 million in 2010.

The Company's balance sheet at Sept. 30, 2013, showed $572.83
million in total assets, $745.70 million in total liabilities,
$6.31 million in redeemable noncontrolling interest and
$179.18 million total deficit.


MT. GOX: Allows Customers to View Account Balances
--------------------------------------------------
Reuters reported that Mt. Gox, a leading bitcoin exchange that
late last month filed for bankruptcy protection, updated its
website to allow customers to log in and verify their wallet, or
account, balance.

According to the report, the website, which went blank weeks ago,
had previously posted occasional updates on Mt. Gox's civil
rehabilitation process -- a legal procedure that may allow Mt. Gox
to rebuild and pay back some of its creditors -- as well as a
warning that some spam or phishing emails purporting to be from
the exchange were in circulation.

A spokesperson reached via a helpline for Mt. Gox creditors
confirmed that Mt. Gox set up the log-in, based on the last
available data from the exchange's servers before they shut down,
the report related.

Leaked information from various hacking attacks on Mt. Gox servers
and CEO Mark Karpeles' personal blog and Reddit account have been
released in recent weeks, and one file purporting to be the
company's internal database contained malware that could steal
bitcoins once downloaded, the report further related.

                         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: BNY Mellon No Longer Owns Pref. Shares
--------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, The Bank of New York Mellon Corporation
and BNY Mellon, National Association, disclosed that as of
Feb. 28, 2014, they ceased to be the beneficial owner shares of
preferred stock of Navistar International Corporation.  The
reporting persons previously disclosed beneficial ownership of
45,000 preferred shares at Dec. 31, 2013.  A copy of the
regulatory filing is available for free at http://is.gd/mkzn1m

                    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.

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

                          *     *     *

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.


NELSON CHATELAIN: Judgment Against Huntsville Golf Affirmed
-----------------------------------------------------------
HUNTSVILLE GOLF DEVELOPMENT, INC., Appellant, v. WHITNEY BANK,
Appellee, Case No. 5:13-CV-671-VEH (N.D. Ala.), is an appeal from
an adverse final judgment entered by the United States Bankruptcy
Court for the Northern District of Alabama. Huntsville Golf has
filed a brief outlining its arguments for reversal.  Whitney Bank
and Stuart Maples, Trustee of the Bankruptcy Estate of Nelson and
Charlene Chatelain, responded.

The Chatelains are debtors in a Chapter 11 case filed May 20, 1992
with the U.S. Bankruptcy Court for the Northern District of
Alabama.  That case was styled in In re Nelson J. Chatelain and
Charlene L. Chatelain, Case No. 92-81161.  The Chatelains are the
sole shareholders of Huntsville Golf.

Before the Chatelains filed their Chapter 11 petition, Huntsville
Golf filed an arbitration demand against Brindley Construction
Company, Inc.  Huntsville Golf asserted various claims against
Brindley arising from a construction contract formed between the
two parties on Dec. 18, 1989.  On Aug. 16, 1992, Huntsville Golf
secured an arbitration award in its favor against Brindley in the
amount of $376,316.75.  The U.S. District Court for the Northern
District of Alabama confirmed the arbitration award and entered a
judgment finalizing it on Dec. 24, 1992.

During the course of the Chatelains' bankruptcy case, Whitney
timely filed a proof of claim, asserting an unsecured claim in the
amount of $1,144,263.06 and a secured claim in the amount of
$1,876,062.29. On Nov. 23, 1993, the bankruptcy court issued an
Order confirming the Chatelains' Second Amended Plan of
Reorganization.

The Confirmation Order provides that: "Whitney National Bank
raised the issued [sic] that the plan does not reflect that one of
the debtor's corporations, Huntsville Golf Company, of which they
are the sole shareholders, has a judgment against Brindley
Construction Company in the approximate amount of $350,000. It
should be noted that the debtor, Nelson Chatelain, has an account
receivable against this corporation in the approximate amount of
$300,000. The testimony given at the hearing indicated that this
judgment cannot be collected because Brindley Construction Company
does not have any funds. It is the opinion of this Court that the
debtors should attempt to collect this judgment, and that any
funds which are collected shall be subject to the jurisdiction of
this Court and made available for distribution to unsecured
creditors."

The Order concluded with the following statement: "
It is therefore ORDERED, ADJUDGED AND DECREED that the debtors'
Second Amended Plan of Reorganization be and hereby is confirmed
conditioned upon the debtors pursuing the collection of the
judgment against Brindley Construction Company and providing for
the payment of the debt owed to National Union if determined to be
nondischargeable."

On December 29, 1993, the bankruptcy court closed the Chatelains'
case and entered a final decree.

Huntsville Golf continued its efforts to enforce and collect its
judgment against Brindley. To this end, the corporation instituted
a proceeding against Brindley in the U.S. District Court for the
Middle District of Tennessee.  Huntsville Golf alleged, among
other counts, claims seeking to pierce the corporate veil with
respect to Brindley; Brindley Construction, LLC (f/k/a The
Brindley Company, LLC); Brindley Construction Group, LLC; The
Brindley Company (f/k/a Brindley Development Corporation);
Brindley & Associates, Inc.; Brindley Development Company, LLC;
Brindley Holdings, LP; Brindley Homes Corporation; The Brindley
Company, LP; the Estate of Robert Brindley, Sr.; and Ronald
Brindley.

On Nov. 28, 2011, Huntsville Golf and the Brindley Group entered
into a Mutual Settlement Agreement and Release.  Under this
agreement, the Brindley Group agreed to pay Huntsville Golf the
amount of $985,000.  A portion of this payment covered the legal
fees and expenses Huntsville Golf incurred in enforcing the
arbitration judgment.  After payment of such fees and expenses,
Huntsville Golf maintained in its possession roughly $510,000 of
the settlement payment.

On Dec. 2, 2011, Whitney moved to reopen the Chatelains' case.  On
Jan. 11, 2012, the bankruptcy court entered an order re-opening
the case.  Under this order, the court instructed Huntsville Golf
to escrow $510,000 into its attorney's trust account subject to
the court's further orders.  On Feb. 20, 2013, the court granted
Whitney's "Motion for Payment of Claims and Appointing a
Disbursing Agent."  The court sua sponte appointed a Chapter 11
Trustee to determine the unsecured creditors' claims. It also
ordered Huntsville Golf's counsel to transfer the escrow funds to
this Trustee.  On Feb. 25, 2013, the bankruptcy court denied
Huntsville Golf's Motion for Reconsideration.  On March 29, 2013,
Huntsville Golf petitioned the bankruptcy court for a stay pending
appeal.  On April 1, 2013, the court denied Huntsville Golf's
request.

Huntsville Golf filed a Notice of Appeal with the District Court
on April 11, 2013.  On June 7, 2013, Huntsville Golf filed a
Motion for Stay Pending Appeal.  The court denied this motion on
Sept. 6, 2013.

In a March 19 Memorandum Opinion available at http://is.gd/295RfR
from Leagle.com, District Judge Virginia Emerson Hopkins finds
that the Confirmation Order was res judicata and that it precludes
the collateral attacks Huntsville Golf attempts to make upon it in
the present appeal.  Because the corporation could have introduced
these objections at the time of the original judgment, it may not
make them now before the District court.  Huntsville Golf also
tries to undermine Whitney's efforts to complete administration of
the Chatelain bankruptcy estate on other grounds.  These arguments
fail on their merits.  Accordingly, the District Court affirms the
bankruptcy court's opinion.

Huntsville Golf Development, Inc., is represented by Kevin D
Heard, Esq., at HEARD ARY LLC.

Whitney Bank is represented by Kevin C Gray, Esq., at MAYNARD
COOPER & GALE PC.

Stuart M Maples, Trustee, is represented by Stuart M Maples, Esq.,
at MAPLES & RAY PC.


NEW LEAF BRANDS: H J & Assoc. Replaces EisnerAmper as Accountants
-----------------------------------------------------------------
New Leaf Brands, Inc., terminated its relationship with
EisnerAmper LLP, as the Company's independent registered public
accounting firm on Feb. 18, 2014.  The dismissal was not a result
of any disagreement with the accounting firm.

EisnerAmper LLP advised the Company's Audit Committee that during
its performance of audit procedures for 2011 and 2010, EisnerAmper
LLP had identified material weaknesses as defined in Public
Company Accounting Oversight Board Standards No. 5 in the
Company's internal control over financial reporting.

On Jan. 17, 2014, the Company engaged H J & Associates, LLC, as
its independent registered public accounting firm.  During the
Company's two most recent fiscal years and the subsequent interim
period prior to retaining H J & Associates, LLC:

    (1) neither the Company nor anyone on its behalf consulted H J
        & Associates, LLC, regarding (a) either the application of
        accounting principles to a specified transaction, either
        completed or proposed, or the type of audit opinion that
        might be rendered on the Company's financial statements or
       (b) any matter that was the subject of a disagreement or a
        reportable event as set forth in Item 304(a)(1)(iv) and
       (v), respectively, of Regulation S-K, and (2) H J &
        Associates, LLC, did not provide the Company with a
        written report or oral advice that they concluded was an
        important factor considered by the Company in reaching a
        decision as to accounting, auditing or financial reporting
        issue.

In a letter dated Feb. 18, 2014, from EisnerAmper LLP to the
Securities and Exchange Commission, the accouting firm stated
that:


   "We have read Item 4.01 of Form 8-K dated February 18, 2014 of
    New Leaf Brands, Inc. and agree with the statements concerning
    our firm contained therein.  We have no basis to agree or
    disagree with other statements of the registrant contained
    therein," EisnerAmper LLP said in a letter.

                           About New Leaf

Old Tappan, N.J.-based New Leaf Brands, Inc., is a diversified
beverage holding company acquiring brands, distributors and
manufacturers within the beverage industry.

EisnerAmper LLP, in New York City, expressed substantial doubt
about New Leaf's ability to continue as a going concern following
the 2011 financial results.  The independent auditors noted that
the Company has suffered recurring losses from operations, has a
working capital deficiency, was not in compliance with certain
financial covenants related to debt agreements, and has a
significant amount of debt maturing in 2012.

The Company reported a net loss of $6.68 million on $2.27 million
of net sales for 2011, compared with a net loss of $9.13 million
on $4.26 million of net sales for 2010.

As of Sept. 30, 2012, the Company had $761,958 in total assets,
$4.06 million in total liabilities and a $3.30 million in total
stockholders' deficit.


NEWLEAD HOLDINGS: Perian Salviola Stake at 18.3% as of Feb. 28
--------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Perian Salviola beneficial ownership of 8,853,038
shares of common stock of Newlead Holdings, Ltd., representing
18.32 percent based on 48,317,536 shares of the Company's Common
Stock issued and outstanding as disclosed by the Company's in a
Form 6-K dated Feb. 28, 2014.  A copy of the regulatory filing is
available at http://is.gd/TRYDI1

                      About NewLead Holdings

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

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

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

                        Going Concern Doubt

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


NEWLEAD HOLDINGS: Mantangi Irrevocable Stake at 9.2% as of Dec. 31
------------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Mantangi Irrevocable Trust disclosed that as of
Dec. 31, 2013, it beneficially owned 4,426,519 shares of common
stock of Newlead Holdings, Ltd., representing 9.16 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/Ue2JoJ

                      About NewLead Holdings

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

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

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

                        Going Concern Doubt

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


NORTHERN MARIANA CPA: Fitch Keeps $13MM Airport Bonds' B- Rating
----------------------------------------------------------------
Fitch Ratings has affirmed the 'B-' rating on approximately
$13 million of outstanding Commonwealth Ports Authority (CPA),
Commonwealth of the Northern Mariana Islands (CNMI), senior series
1998A airport revenue bonds.  The Rating Outlook remains Positive.

Key Rating Drivers:

   -- Highly Volatile Enplanement Base: The airport system is an
      essential enterprise, serving as the gateway to and within
      the Mariana Islands.  The enplanement base of 545,504
      passengers is relatively small taking into account the
      overall population base and the island's more limited,
      weaker economy.  Traffic performance is potentially
      vulnerable to underlying economic stresses given the
      significant component of traffic tied to the tourism
      industry. Revenue Risk-Resilience: Weaker.

   -- Limited Cost Recovery: Rate setting practices with airlines
      are not clearly established and have been observed to be
      more reactive, based on financial pressures, than proactive.
      In Fitch's view, the airports' limited pricing power could
      constrain financial flexibility under an adverse operating
      environment.  Recent approval by the Federal Aviation
      Administration (FAA) to allow the airport to utilize 100% of
      passenger facility charge (PFC) collections for debt service
      provides enhanced cushion to manage revenue levels to
      support financial obligations while keeping airline costs
      stable.  Revenue Risk-Price: Weaker.

   -- Moderate Capital Plan: The authority's capital improvement
      plan is modest at $44 million through fiscal 2015 and
      predominantly funded through FAA grants with no future
      anticipated debt issuances.  To the extent that a
      significant portion of PFC revenue is needed for debt
      service, it could hamper the airport's ability to provide
      required matching funds and thus limit grant receipts.
      Infrastructure Development: Mid-range.

   -- Conservative Capital Structure: The authority maintains 100%
      fixed-rate, fully amortizing debt.  Annual debt service
      payments are essentially level and final maturity on the
      bonds is in 2028. Debt Structure: Stronger.

   -- Improving yet Volatile Financial Metrics: CPA generated a
      robust coverage ratio of 4.2 times (x) (2.8x without 100%
      PFCs as gross revenues) for fiscal 2013 (unaudited figures).
      Still, coverage levels have greatly fluctuated over time and
      failed to meet the financial rate covenant test (1.25x) as
      recently as fiscal 2008.  Partially mitigating this
      volatility is the very low leverage of 0.1x net debt-to-cash
      flow available for debt service (CFADS), supported in part
      by treating all PFCs collected as pledged revenues and
      improving balance sheet liquidity.  Days Cash on Hand (DCOH)
      has grown significantly over the past four years to 352 days
      in fiscal 2013.

Rating Sensitivities:

   -- Continued improvements in the underlying service area
      economy and the airports' ability to maintain or grow its
      current traffic base;

   -- Sustained favorable trends in balance sheet liquidity and
      strong financial ratios over the next year would strengthen
      CPA's credit quality.

   -- Material declines in enplanement volume or in coverage,
      resulting from increased operating expenses and/or the CPA
      Board's failure to sufficiently apply the full collection of
      PFCs as gross revenues, could pressure the current rating.

   -- Identified longer-term capital projects that would rely on
      debt issuances for funding could lead to rating pressure.

SECURITY:

The series 1998A bonds are secured by a pledge of gross airport
revenues generated by the operations of the airport, including
Passenger Facility Charges eligible for payment of debt service.
Fitch notes that CPA Board Resolution No. 2011-01 now designates
all PFC Revenues as gross airport revenues.

CREDIT UPDATE:

The CPA airports are heavily reliant on tourism and leisure
travelers, creating an elevated degree of vulnerability to
economic recessions both within its narrow local market as well as
to the larger, neighboring Asian markets.  Enplanements tend to
show elevated fluctuations over time.  In fiscal 2013,
enplanements decreased approximately 5%, mainly due to reduced
interisland enplanements at Tinian and Rota Airports.  Saipan
airport, the authority's strongest and busiest airport retained
demand from international passengers and increased utilization.
Collectively, Delta Airlines and Asiana Airlines maintain their
dominance with a combined market share of approximately 58% of
total traffic.  However, Delta's market share fell an estimated 7%
in 2013, while Asiana's increased by nearly 8%.  Overall, service
remains essential to this island economy and management indicated
that multiple airlines are looking to begin or increase service
levels.

The airports set rates under a residual methodology with its
carriers.  However, the CPA has shown a history of reluctance to
consistently pass through the full cost requirements given the
fragile economy and nature of the airline industry, negatively
impacting financial flexibility and resulting in past covenant
violations.  Management's actions in fiscal 2009 to increase
airline rates have resulted in improved net revenues with coverage
increasing well above the 1.25x requirement.  Unaudited fiscal
2013 coverage is expected to be close to 4.17x following 3.33x
coverage in the prior year, based on pledged revenues inclusive of
all PFC collections.  Providing somewhat of a consistent revenue
stream to help service debt, non-airline revenues have been
relatively stable over time and management continues to try to
expand those sources.

Cost per enplanement (CPE) is estimated at around $16.10 for
fiscal 2013 and is expected to remain in that range barring any
wide swings in enplanements or changes to airline rates. Fitch
notes that this level is similar to the new baseline CPE
established when airline rates went up in fiscal 2009.
CPA's overall leverage is relatively high given the operational
profile of the airports; however its net debt-to-CFADS is very low
at 0.1x taking into account its growing liquidity (352 days cash
on hand), reserves, and ability to use all of its PFCs as cash
flow.  As a result of the airport's improved operations,
conservative capital structure, and flat debt service profile,
Fitch projects coverage to remain at or above covenant through a
five-year forecast period, even when only the eligible portion of
PFCs for debt service are applied.

CPA's capital improvement plan through 2015 is modest at $44
million and 95% of the funding comes from FAA grants.  The largest
project is a $17 million Regional ARFF Training Facility that
should be a revenue-generating project for the airports. Other
projects include: rehabilitating the 30 year old runway,
installation of new generators for the terminals, Tower and
Airport Fire Station, and various renovations to the international
and commuter terminal.  These are in addition to several future
anticipated projects.  Management indicated that no future debt
issuances are currently planned although the authority does not
detail a longer range capital improvement plan so some uncertainty
remains over facility needs and funding.


NORTHERN MARIANA CPA: Fitch Keeps $30MM Seaport Bonds' BB- Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' rating on approximately $30.4
million of outstanding Commonwealth Ports Authority (CPA),
Commonwealth of the Northern Mariana Islands (CNMI), senior series
1998A & 2005A seaport revenue bonds.  The Rating Outlook is
Stable.

Key Rating Drivers:

   -- Concentrated but Vital Cargo Base: The seaports remain
      essential for the import of goods to an island economy;
      however, there is potential for stagnant operational trends
      due to CNMI's exposure to macroeconomic factors and its
      elevated dependence on a limited tourist base.  Volume
      stability is expected given that food and fuel related
      cargos account for approximately 70% of import dependent
      revenue tonnage.  Revenue Risk: Volume - Weaker

   -- Limited Pricing Power: CNMI's narrow economy and the overall
      recession limit management's economic flexibility to raise
      rates on seaport system tenants and users.  Following the
      last increase in 2009, the authority's focus has instead
      been on effective containment of operating expenses. Revenue
      Risk: Price - Weaker

   -- Modest Capital Plan: The authority's capital improvement
      plan is manageable in scope and is predominantly grant
      funded.  The remaining dollars are expected to come from
      internally generated funds with no future debt issuances
      currently anticipated. Infrastructure and development -
      Midrange

   -- Conservative Capital Structure: The authority maintains 100%
      fixed-rate, fully amortizing debt. Debt Structure - Stronger

   -- Moderate Leverage and Strong Liquidity: CPA currently
      maintains favorable leverage and liquidity metrics offset by
      modest coverage ratios. Leverage of 3.5x net debt-to-cash
      flow available for debt service (CFADS), and balance sheet
      cash and reserves available for operating expenses equating
      to over 2,000 days cash on hand (DCOH) provides the CPA with
      some degree of flexibility to meet financial commitments in
      weak performing periods.  Further, coverage levels appear to
      have stabilized in the 1.3x-1.4x range with estimated
      fiscal 2013 coverage of 1.33x.

Rating sensitivities:

   -- Continued changes in the underlying service area economy and
      the seaport's ability to maintain base cargo levels at or
      near current levels;

   -- Depressed debt service coverage levels resulting from
      declining operating revenues despite growth in revenue
      tonnage;

   -- A shift in the seaport's short-term liquidity and financial
      flexibility resulting from changes in operating expense
      management or pricing power.

Security:

The seaport bonds are secured solely by gross seaport revenues and
certain accounts established pursuant to the bond indenture.

Credit Update:

CNMI's limited economy is subject to macroeconomic factors and a
diminished tourist base.  Its ports' revenue tonnage is now nearly
100% from imports and concentrated in two main commodities (fuel
and food), following the loss of the garment industry.

Collectively, fuel and food represent nearly 70% of all revenue
tonnage, possibly indicating that a shift in the operational
profile may be nearing completion and demonstrating the
essentiality of the ports to the islands' survival.  The islands
rely on the ports for all of their necessities, which should make
demand relatively stable given that imports should never decline
to a critical point.

Due to a decrease in imports, total tonnage fell off by 13.1% to
355,572 metric tons.  This figure is comparable to tonnage in
2011, which was 378,800 metric tons, and Fitch believes this will
be near to the new baseline for CNMI.

Fiscal 2013 unaudited operating revenues were down 2.9% as a
result of lower seaport fees and concession-based receipts.
Operating expenses decreased by 11.6% due to a decrease in
contractual services and employee benefits.  Together, this
resulted in estimated 2013 debt service coverage of 1.33x, which
was flat compared to last year's 1.32x coverage.  Debt service
coverage has stayed largely stable in the 1.3x - 1.4x range since
fiscal 2009's rate increase.

In the past, management was reluctant to raise rates, which led to
rate covenant violations in 2007 and 2008.  Following that period,
actions on rates appear to have reversed the coverage deficit when
combined with the austerity measures on the expense side.  Fitch
notes, however, that should coverage levels decline as a result of
diminished operating revenues, especially in times when volume
levels are stable or improving, negative rating action could be
warranted.

Following fiscal 2013, Fitch believes that cash flows should
continue to be sufficient to cover debt service through its five-
year forecast period and takes comfort in the CPA's strong
liquidity and fixed-rate, flat debt service profile.
CPA maintains fund balances of over $13 million related to the
bond indenture and has increased DCOH (including reserves
available for operating expenses) to 2,264 days. This liquidity
provides some degree of financial flexibility and translates to a
moderate net debt-to-CFADS of 3.5x. Further, management does not
anticipate any future debt issuances at this time.
The authority's capital improvement plan is modest and primarily
grant funded with a 25% match required from the CPA. Current
grants include a $950,000 grant from the Department of Homeland
Security to improve security at the ports and another from
CNMI/DOI for repair work.  Fitch notes that a more forward-looking
capital plan would be helpful in monitoring new projects and
ensuring that any necessary maintenance and/or projects are not
being deferred.


NUVILEX INC: Fully Pays Licensing Obligations to Austrianova
------------------------------------------------------------
Effective June 25, 2013, Nuvilex Inc. entered into a Licensing
Agreement with Austrianova Singapore Pte. Ltd. pursuant to which
the Company acquired the exclusive, worldwide license to use:

   (i) the cellulose-based live-cell encapsulation technology of
       Austrianova, known as "Cell-in-a-Box," for the treatment of
       diabetes; and

  (ii) the "Cell-In-A-Box" trademark of Austrianova.

Pursuant to the Licensing Agreement, the Company was required to
pay $1 million to Austrianova Singapore on Oct. 31, 2013.  That
payment was made on Oct. 30, 2013.

A second payment of $1 million is required to be paid to
Austrianova by April 30, 2014, in order to retain Nuvilex's
exclusive worldwide license to use the "Cell-in-a-Box" technology
for the development of treatments for diabetes.  On Feb. 25, 2014,
the Company made the second required payment to Austrianova,
thereby fulfilling all financial obligations required to be met by
the Company under the Licensing Agreement.

                         About Nuvilex Inc.

Silver Spring, Md.-based Nuvilex, Inc.'s current strategy is to
focus on developing and marketing products designed to improve the
health and well-being of those who use them.

Nuvilex incurred a net loss of $1.59 million on $12,160 of product
sales for the 12 months ended April 30, 2013, as compared with a
net loss of $1.89 million on $66,558 of total revenue during the
prior year.

The Company's balance sheet at Oct. 31, 2013, showed $4.59 million
in total assets, $990,967 in total liabilities and $3.60 million
in total stockholders' equity.

Robison, Hill & Co., in Salt Lake City, Utah, issued a "going
concern" qualification on the consolidated financial statements
for the year ended April 30, 2013.  The independent auditors noted
that the Company has suffered recurring losses from operations
which raises substantial doubt about its ability to continue as a
going concern.


ORCKIT COMMUNICATIONS: Court Denies Request to Stay Proceedings
---------------------------------------------------------------
The District Court of Tel Aviv declined to grant the petition
filed with the Court on Feb. 18, 2014, by the trustees of the
Company's Series A and Series B note holders for a stay of
proceedings and the appointment of a trustee over the Company.
Instead, the Court directed the parties to finalize their
negotiations of the terms of an arrangement under Section 350 of
the Israeli Companies Law with the assistance of a mediator.  The
Court also issued an order prohibiting the filing of any claims
against the Company until further notice.  Another Court hearing
was scheduled for March 5, 2014.

                            About Orckit

Tel-Aviv, Israel-based Orckit Communications Ltd. (TASE: ORCT)
engages in the design, development, manufacture and marketing of
advanced telecom equipment to telecommunication service providers
in metropolitan areas.  The Company's products are transport
telecommunication equipment targeting high capacity packetized
metropolitan networks.

Orckit disclosed a net loss of $6.46 million on $11.19 million of
revenues for the year ended Dec. 31, 2012, as compared with a net
loss of $17.38 million on $15.58 million of revenues for the year
ended Dec. 31, 2011.  The Company's balance sheet at Sept. 30,
2013, showed $12.44 million in total assets, $24.03 million in
total liabilities and a $11.59 million total capital deficiency.

Kesselman & Kesselman, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012.  The independent auditors noted that the Company has a
capital deficiency, recurring losses, negative cash flows from
operating activities and has significant future commitments to
repay its convertible subordinated notes.  These facts raise
substantial doubt as to the Company's ability to continue as a
going concern.


PACIFIC GOLD: Amends Option and Asset Sale Pact with Pilot Metals
-----------------------------------------------------------------
Pacific Gold Corp., completed an amendment to its Option and Asset
Sale Agreement with Pilot Metals Inc.  As amended, instead of
$850,000 to be paid on March 31, 2014, and $1,000,000 on the
commencement of commercial mining, the Company received $200,000
on Feb. 18, 2014, and will receive $400,000 on March 31st and
$1,500,000 on the commencement of commercial mining.  Pilot Metals
has an option that is good until Sept. 30, 2014, to purchase
$500,000 of the final $1,500,000 payment for $250,000.  All
payments are subject to a 15 percent royalty to be paid to Platoro
West.

All of the immediate proceeds receivable in February and March
from the sale have been used or will be used for the payment of
outstanding vendor obligations, debt reduction on obligations that
are or will be due, and, to the extent of any remaining amounts,
working capital of the Company.  The Company does not expect that
there will be, if at all, any significant amount of funds
available for working capital at this time.

The Company said it will require additional capital to restart
operations at the Black Rock Canyon Mine and to meet the
objectives of its business plan.

There are issued and outstanding 395,366,031 shares of common
stock as of Feb. 20, 2013.

                         About Pacific Gold

Las Vegas, Nev.-based Pacific Gold Corp. is engaged in the
identification, acquisition, and development of prospects believed
to have gold mineralization.  Pacific Gold through its
subsidiaries currently owns claims, property and leases in Nevada
and Colorado.

Pacific Gold disclosed a net loss of $16.62 million in 2012, as
compared with a net loss of $1.38 million in 2011.  The Company's
balance sheet at Sept. 30, 2013, showed $2.02 million in total
assets, $4.07 million in total liabilities, and stockholders'
deficit of $2.05 million.

Silberstein Ungar, PLLC, in Bingham Farms, Michigan, 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 losses from
operations, has negative working capital and is in need of
additional capital to grow its operations so that it can become
profitable.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.


PAUL CAPITAL: Is Winding Down After Sale Collapses
--------------------------------------------------
Hillary Canada, Alec Macfarlane and Michael Wursthorn, writing for
The Wall Street Journal, reported that Paul Capital is winding
down its portfolio and shuttering all but one of its offices
following the collapse of a planned sale to Hamilton Lane, said
several people familiar with the sales process.

The firm, which buys stakes in private-equity funds, told
investors it will no longer make any additional investments
related to its latest fund, Paul Capital Partners X LP, the
Journal said, citing these people. As much as $300 million of open
commitments will be returned to investors, one of the people said.

Paul Capital will instead wind down its remaining portfolio,
including capital already invested through Paul Capital Partners
X, and close its offices with the exception of its headquarters in
San Francisco, the report related, further citing these people.
Since its founding in 1991, the firm has opened offices in New
York, London, Paris, Hong Kong and S?o Paulo.

The collapse of a potential sale underscores the difficulty that
surrounds consolidation in the private-equity industry, where
complicated economics and legacy holdings can make for complex
negotiations, the report further related.

Some deals have managed to make it past the finish line, the
report said.  Last year, StepStone Group agreed to buy Greenpark
Capital, which had struggled to find its footing while out raising
a secondaries fund. Meanwhile, Credit Suisse Group was able to
unload two of its private-equity businesses in 2013, selling its
Customized Fund Investment Group to Chicago-based Grosvenor
Capital Management and shedding its secondary business, CS
Strategic Partners, in a sale to Blackstone Group.


PLUG POWER: Offering $22.4 Million Common Shares
------------------------------------------------
Plug Power Inc. has priced an underwritten registered offering of
3,902,440 shares of its common stock.  The shares will be sold at
a price to the public of $5.74 per share for gross proceeds of
approximately $22.4 million.  The shares were placed with a single
institutional investor.

Cowen and Company, LLC, is acting as the sole underwriter for the
offering.

Net proceeds, after underwriting discounts and commissions and
other estimated fees and expenses payable by Plug Power, will be
approximately $21.5 million.

Plug Power intends to use the net proceeds of the offering for
working capital and other general corporate purposes including,
capital expenditures.

                          About Plug Power

Plug Power Inc. is a provider of alternative energy technology
focused on the design, development, commercialization and
manufacture of fuel cell systems for the industrial off-road
(forklift or material handling) market.

KPMG LLP, in Albany, New York, expressed substantial doubt about
Plug Power's ability to continue as a going concern, following
their audit of the Company's financial statements for the year
ended Dec. 31, 2012, citing the Company's recurring losses from
operations and substantial decline in working capital.

As of Sept. 30, 2013, the Company had $40.03 million in total
assets, $35.36 million in total liabilities, $2.45 million in
series C redeemable convertible preferred stock, and $2.21 million
in total stockholders' equity.

                         Bankruptcy Warning

"Our cash requirements relate primarily to working capital needed
to operate and grow our business, including funding operating
expenses, growth in inventory to support both shipments of new
units and servicing the installed base, and continued development
and expansion of our products.  Our ability to meet our future
liquidity needs, capital requirements, and to achieve
profitability will depend upon numerous factors, including the
timing and quantity of product orders and shipments; the timing
and amount of our operating expenses; the timing and costs of
working capital needs; the timing and costs of building a sales
base; the timing and costs of developing marketing and
distribution channels; the timing and costs of product service
requirements; the timing and costs of hiring and training product
staff; the extent to which our products gain market acceptance;
the timing and costs of product development and introductions; the
extent of our ongoing and any new research and development
programs; and changes in our strategy or our planned activities.
If we are unable to fund our operations without additional
external financing and therefore cannot sustain future operations,
we may be required to delay, reduce and/or cease our operations
and/or seek bankruptcy protection," the Company said in its
quarterly report for the period ended Sept. 30, 2013.


PRESSURE BIOSCIENCES: Obtains $630,380 From Private Placement
-------------------------------------------------------------
Pressure BioSciences, Inc., entered into a securities purchase
agreement with various accredited investors pursuant to which the
Company sold an aggregate of 1,854 units for a purchase price of
$340.00 per unit, or an aggregate Purchase Price of $630,360.
This is the third tranche of a $1.5 million private placement
previously disclosed by the Company in its Current Report on Form
8-K filed with the Securities and Exchange Commission on Dec. 12,
2013.  The Purchasers in the third tranche of the Private
Placement consisted of certain existing and new investors in the
Company.

The Private Placement was originally expected to raise $1.5
million and close on or before Jan. 31, 2014.  On Jan. 29, 2014,
the Company's Board of Directors voted to increase the
subscription amount of the Private Placement by $718,750.  The
Board of Directors also voted to extend the Private Placement
until Feb. 28, 2014.  On Feb. 28, 2014, the Company's Board of
Directors voted to increase the subscription amount once again to
a total of $3.5 million and extended the closing to April 4, 2014.
Together with the initial tranche of $1,000,000 that closed on
Dec. 12, 2013, and the second tranche of $1,218,750 that closed
Jan. 29, 2014, the total consideration received by the Company in
the Private Placement is $2,849,110, which is comprised of
$2,028,404 in cash and $820,706 from the conversion of outstanding
indebtedness and Board of Director fees.  One or more additional
tranches in the Private Placement may close on or before April 4,
2014.

Each unit purchased in the third tranche consists of (i) one share
of Series K Convertible Preferred Stock, par value $0.01 per
share, convertible into 1,000 shares of the Company's common
stock, par value $0.01 per share and (ii) a warrant to purchase
500 shares of Common Stock at an exercise price equal to $0.425
per share, with a term expiring on Feb. 28, 2017.

Additional information is available for free at:

                         http://is.gd/aM5J6O

                    About Pressure Biosciences

Pressure BioSciences, Inc., headquartered in South Easton,
Massachusetts, holds 14 United States and 10 foreign patents
covering multiple applications of pressure cycling technology in
the life sciences field.

Pressure Biosciences disclosed a net loss applicable to common
shareholders of $4.40 million on $1.23 million of total revenue
for the year ended Dec. 31, 2012, as compared with a net loss
applicable to common shareholders of $5.10 million on $987,729 of
total revenue for the year ended Dec. 31, 2011.

The Company's balance sheet at Sept. 30, 2013, showed $1.29
million in total assets, $2.96 million in total liabilities and a
$1.67 million total stockholders' deficit.

Marcum LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.  The independent auditors noted that
the Company has had recurring net losses and continues to
experience negative cash flows from operations.  These conditions
raise substantial doubt about its ability to continue as a going
concern.


PRICHARD, AL: Bankruptcy-Exit Plan Heads to Retirees for Vote
-------------------------------------------------------------
Katy Stech, writing for Daily Bankruptcy Review, reported that
lawyers for Prichard, Ala., got approval from a judge to send
copies of the city's bankruptcy-exit plan to workers and retirees
who have the power to reject it by vote.

Bill Rochelle, the bankruptcy columnist for Bloomberg News, said
Prichard, a suburb of Mobile, scheduled a confirmation hearing on
June 3 for its municipal debt-adjustment plan after the bankruptcy
court approved the explanatory disclosure statement.

As previously reported by The Troubled Company Reporter, citing
Mr. Rochelle, said the Chapter 9 proceeding, which began in
October 2009, took more than four years because the bankruptcy
court dismissed the case, saying the city didn't have outstanding
bonds required by state law. On appeal, a federal district judge
asked the Alabama Supreme Court to decide whether the city had the
right type of debt to be eligible under Chapter 9 of the U.S.
Bankruptcy Code.  The state high court ruled in April 2012 that
the city's debt qualified for Chapter 9.

Prichard, a community of 25,000 people, laid the foundation for
the newly filed plan by working out a settlement with city workers
regarding their pensions, the Bloomberg report said.  That
settlement is incorporated into the plan.

                    About Prichard, Alabama

The city of Prichard, Alabama, a suburb of Mobile, filed for
municipal reorganization on Oct. 27, 2009, its second time in
eight years.  The Chapter 9 petition in Mobile says that assets
and debt both exceed $10 million.

In September 2010, the Bankruptcy Court dismissed Prichard's
petition after finding that the city lacked the capacity, under
Alabama law, to file the petition.

The city filed for bankruptcy after retirees stopped receiving
pension checks.  Prichard said it was having a "substantial under-
funded pension obligation."  Prichard has a population of 25,000.


PROLOGIS INC: S&P Raises Preferred Stock Rating From 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on San Francisco-based Prologis Inc., Prologis L.P., and
Prologis (collectively Prologis) to 'BBB+' from 'BBB'.  The
outlook is stable.  At the same time, S&P raised its senior
unsecured ratings on the company's debt to 'BBB+' from 'BBB' and
its ratings on the company's preferred stock to 'BBB-' from 'BB+'.

The upgrade reflects S&P's view that Prologis has strengthened its
financial risk profile to "intermediate" from "significant".
"Following early completion of the company's post-merger
integration, portfolio repositioning, and de-leveraging plan in
mid-2013, Prologis emerged with a tighter business strategy with a
focus on select global and regional markets, a streamlined
investment management business that has fewer and longer-duration
funds, and lower financial risk," said Standard & Poor's credit
analyst James Sung.  Prologis has been very active in both capital
market and asset recycling activities that have had the net effect
of reducing debt, lowering borrowing costs, extending average debt
maturities, and reducing currency exchange risk.  As a result, the
company's key credit measures are stronger.

The upgrade also takes into account continued improvements in the
company's business risk profile, which S&P assess as "strong"
overall, and its more favorable view of the company's management
and governance, which S&P now assess as "strong" from
"satisfactory".  From a business perspective, Prologis' global
size, scale, and diversity are unmatched in the industrial
subsector, and its real estate portfolio is very high quality.  In
S&P's view, these competitive strengths put Prologis in a good
position to take advantage of the recovery in rental growth that
S&P expects over the next several years.  S&P believes positive
rent growth coupled with further occupancy gains, which were
already high at 95.1% at year-end 2013, will likely help the
company achieve mid-single-digit same-store net operating income
(NOI) growth in 2014-2015.

Moreover, the investment management and development businesses
will generate additional revenue and value-creation activities.
Although S&P continues to view the development business as a
competitive strength and profitable venture, it also notes the
associated business and financial risks relating to its cyclical
nature.  Prologis' development activities are ramping up toward a
stated long-term run-rate of $2.5 billion in starts per year,
which is elevated on an absolute basis but still significantly
lower on a relative basis compared with the legacy Prologis/AMB
companies.  In addition, at year-end 2013, the development
portfolio was geographically diversified and contained a healthy
level of build-to-suits (30%) and pre-leasing (45%).  S&P expects
Prologis to maintain its development/land portfolio within its
target level of 10% to 15% of total assets (it was 10% at year-end
2013).

"Our assessment of Prologis' management and governance is based on
the company's high level of execution, as exemplified by the early
completion of its post-merger integration, portfolio
repositioning, and de-leveraging plan; a highly experienced and
deep-benched management team; and good corporate governance
practices.  Moreover, Prologis has put in place a more
conservative risk management program, which we consider important
given that the business platform is among the most complex in the
REIT sector.  Overall our "strong" management and governance
assessment is higher than other industrial peers and consistent
with other subsector leading REITs," S&P added.

"The stable outlook reflects our view that Prologis is well
positioned to execute its three-year plan given favorable
industrial subsector conditions, strong management capabilities,
and more supportive financial policies.  The company has
successfully completed the substantial business and financial
reconfiguration aspects of its post-merger transformation.  We
think the company's large, global platform should support
increasing competitive differentiation versus other industrial
peers.  Moreover, the improvement in the company's credit measures
appears sustainable," S&P noted.

S&P would consider an upgrade to 'A-' over the next 12 to 24
months if the company's business risk profile strengthens toward
the "excellent" category or its financial risk profile continues
to improve toward S&P's "modest" category.  The company has a
relatively short track record as a merged company and S&P would
like to see the company demonstrate stronger and more stable
EBITDA margins versus peers, as well as greater operating
efficiency.  In addition, from a financial perspective, S&P would
consider an upgrade if debt to EBITDA approaches the low end of
our 4.5x to 7.5x "intermediate" range and fixed-charge coverage
approaches the high end of S&P's 2.1x to 3.1x "intermediate"
range, along with improvement in other key credit measures.

S&P views a downgrade as unlikely in the near term, based on its
assumptions supporting the upgrade.  However, S&P would consider
lowering the rating if business fundamentals deteriorate abruptly,
leading to material operating and leasing difficulties, or if the
company were to pursue more aggressive development and financing
strategies, such that key credit measures were to start to
deteriorate toward the weaker end of our "intermediate" range.


QUANTUM FUEL: Obtains $15.3 Million From Securities Offering
------------------------------------------------------------
Quantum Fuel Systems Technologies Worldwide, Inc., has closed its
previously-announced underwritten public offering of 2,357,500
common shares at a price to the public of $7.05 per share.  The
number of shares sold in the offering includes the underwriter's
full exercise of the over-allotment option to purchase an
additional 307,500 common shares.  Quantum estimates net proceeds
from the offering to be approximately $15.3 million, after
deducting underwriting discounts and commissions and estimated
offering expenses.  Quantum intends to use the proceeds from the
offering for general corporate and working capital purposes.

Craig-Hallum Capital Group LLC acted as sole book-running manager
of the offering.  Ascendiant Capital Markets, LLC, acted as
financial advisor to the Company in connection with the offering.

                          About Quantum Fuel

Lake Forest, Cal.-based Quantum Fuel Systems Technologies
Worldwide, Inc. (Nasdaq: QTWW) develops and produces advanced
vehicle propulsion systems, fuel storage technologies, and
alternative fuel vehicles.  Quantum's portfolio of technologies
includes electronic and software controls, hybrid electric drive
systems, natural gas and hydrogen storage and metering systems and
other alternative fuel technologies and solutions that enable fuel
efficient, low emission, natural gas, hybrid, plug-in hybrid
electric and fuel cell vehicles.

Quantum Fuel disclosed a net loss attributable to stockholders of
$30.91 million in 2012 and a net loss attributable to common
stockholders of $38.49 million in 2011.  The Company's balance
sheet at Sept. 30, 2013, showed $60.64 million in total assets,
$50.27 million in total liabilities and $10.36 million in total
stockholders' equity.

Haskell & White LLP, in Irvine, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company does not have sufficient existing sources of
liquidity to operate its business and service its debt obligations
for a period of at least twelve months.  These conditions, along
with the Company's working capital deficit and recurring operating
losses, raise substantial doubt about the Company's ability to
continue as a going concern.


QUIZNOS CORP: Joint Plan & Disclosures Hearing Set for April 25
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will
convene a combined hearing on April 25, 2014, commencing at 9:30
a.m., to consider the adequacy of the disclosure statement
explaining QCE Finance LLC, et al.'s Joint Chapter 11 Prepackaged
Plan of Reorganization and confirmation of the Plan.

Any objections to the Disclosure Statement or confirmation of the
Plan must be filed so as to be actually received by April 16.  The
Reply Deadline is set for April 22.

A copy of the Debtors' Prepackaged Chapter 11 Plan of
Reorganization is available for free at:

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

A copy of the Disclosure Statement explaining the terms of the
Chapter 11 Plan is available for free at:

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

A copy of Prime Clerk's declaration regarding the solicitation of
votes and tabulation of ballots cast on the Plan is available for
free at:

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

                          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.

QCE Finance LLC and its affiliates sought protection under Chapter
11 of the Bankruptcy Code on March 14, 2014.  The lead case is QCE
Finance LLC (Case No. 14-10543, Bankr. D.Del.).  The case is
assigned to Judge Peter J. Walsh.

The Debtors' lead counsel are Ira S. Dizengoff, Esq., Philip C.
Dublin, Esq., Jason P. Rubin, Esq., and Kristine G. Manoukian,
Esq., at AKIN GUMP STRAUSS HAUER & FELD LLP, in New York.  The
Debtors' local counsel is Mark D. Collins, Esq., and Amanda
Steele, Esq., at RICHARDS, LAYTON & FINGER, P.A., in Wilmington,
Delaware.  The Debtors' investment banker and financial advisor is
Matthew J. Hart of LAZARD FRERES & CO. LLC.  Paul Ruh, Mark A.
Roberts, and Jonathan Tibus of Alvarez & Marsal serves as the
Debtors' restructuring advisors.  Prime Clerk LLC serves as the
Debtors' claims and noticing agent.


QUIZNOS CORP: Seeks to Assume Restructuring Support Agreement
-------------------------------------------------------------
QCE Finance LLC, et al., ask authority from the U.S. Bankruptcy
Court for the District of Delaware to assume a restructuring
support agreement entered into prior to the Petition Date with
certain consenting parties.  A hearing to consider approval of the
motion will be on April 9, 2014, at 3:00 p.m. (prevailing ET).
Objections are due April 2.

The RSA is the product of extensive, arm's-length negotiations
between the Debtors and the Consenting Parties, who collectively
hold approximately 61% in amount of claims under the First Lien
Credit Agreement, approximately 99% in amount of claims under the
Second Lien Credit Agreement and approximately 90% of the equity
interests of Holdco.  The RSA allows the Debtors to reduce their
total principal amount of senior secured indebtedness by more than
$400 million and begin the process of turning around their
business.  Importantly, the RDA also commits the Consenting First
Lien Lenders to provide the Debtors with a $15 million
postpetition priming, superpriority senior secured credit
facility, which will act as a bridge loan for the Debtors to
implement and consummate the restructuring transactions
contemplated by the Plan and support the Debtors' operations
during the Chapter 11 cases.

The Debtors state that the support of the Consenting Parties was
essential in allowing the Debtors to obtain the requisite votes
accepting the Joint Prepackaged Chapter 11 Plan of Reorganization,
and will continue to be critical in allowing the Debtors to
achieve an expedient and successful reorganization.  The voting
deadline was March 14 and Vectra Bank Colorado, National
Association, as lender under the marketing fund trust credit
agreement, and 100% of the holders of first lien lenders claims
that voted on the Plan voted to accept the Plan.  The Plan was
accepted by approximately 87% of the holders of First Lien Lender
Claims, representing over 88% of the total amount of debt
outstanding under the First Lien Credit Agreement, excluding
insiders.

The RSA requires the Debtors to have obtained confirmation of the
Plan no later than 80 days after the Petition Date.  As part of
the exchange for the Consenting Parties? agreement to enter into
the RSA, the Debtors have agreed to pay the reasonable and
documented fees and expenses of the Consenting Parties? legal and
financial advisors.  The amount to be paid by the Debtors was not
disclosed.

                          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.

QCE Finance LLC and its affiliates sought protection under Chapter
11 of the Bankruptcy Code on March 14, 2014.  The lead case is QCE
Finance LLC (Case No. 14-10543, Bankr. D.Del.).  The case is
assigned to Judge Peter J. Walsh.

The Debtors' lead counsel are Ira S. Dizengoff, Esq., Philip C.
Dublin, Esq., Jason P. Rubin, Esq., and Kristine G. Manoukian,
Esq., at AKIN GUMP STRAUSS HAUER & FELD LLP, in New York.  The
Debtors' local counsel is Mark D. Collins, Esq., and Amanda
Steele, Esq., at RICHARDS, LAYTON & FINGER, P.A., in Wilmington,
Delaware.  The Debtors' investment banker and financial advisor is
Matthew J. Hart of LAZARD FRERES & CO. LLC.  Paul Ruh, Mark A.
Roberts, and Jonathan Tibus of Alvarez & Marsal serves as the
Debtors' restructuring advisors.  Prime Clerk LLC serves as the
Debtors' claims and noticing agent.


QUIZNOS CORP: Has Interim Authority to Tap $10MM in DIP Loans
-------------------------------------------------------------
QCE Financial LLC, et al., obtained interim authority from the
U.S. Bankruptcy Court for the District of Delaware to obtain
secured postpetition financing on a superpriority basis up to $10
million from Wilmington Trust, National Association, as
administrative agent for a consortium of lenders.

The Debtors also obtained interim authority to use the cash
collateral of the Prepetition First Lien Lenders and Vectra Bank
Colorado, National Association, and provide them adequate
protection for any diminution in value of their interests in the
prepetition collateral.

The final hearing to consider approval of the financing requests
is scheduled for April 9, 2014, at 3:00 p.m.  Objections are due
April 2.

A copy of the DIP Financing Motion is available for free at:

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

                          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.

QCE Finance LLC and its affiliates sought protection under Chapter
11 of the Bankruptcy Code on March 14, 2014.  The lead case is QCE
Finance LLC (Case No. 14-10543, Bankr. D.Del.).  The case is
assigned to Judge Peter J. Walsh.

The Debtors' lead counsel are Ira S. Dizengoff, Esq., Philip C.
Dublin, Esq., Jason P. Rubin, Esq., and Kristine G. Manoukian,
Esq., at AKIN GUMP STRAUSS HAUER & FELD LLP, in New York.  The
Debtors' local counsel is Mark D. Collins, Esq., and Amanda
Steele, Esq., at RICHARDS, LAYTON & FINGER, P.A., in Wilmington,
Delaware.  The Debtors' investment banker and financial advisor is
Matthew J. Hart of LAZARD FRERES & CO. LLC.  Paul Ruh, Mark A.
Roberts, and Jonathan Tibus of Alvarez & Marsal serves as the
Debtors' restructuring advisors.  Prime Clerk LLC serves as the
Debtors' claims and noticing agent.


QUIZNOS CORP: To Honor Gift Cards and Groupons
----------------------------------------------
Patrick Fitzgerald, writing for The Wall Street Journal, reported
that Quiznos may have filed for bankruptcy, but the sandwich chain
will continue to honor gift cards and Groupons.

According to the report, 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.

Gift cards, gift certificates and coupons can pose a thorny
problem in bankruptcy, the report noted.  Not only can companies
choose whether or not to continue honoring outstanding cards after
they file for bankruptcy, but the Bankruptcy Code also caps claims
for unredeemed gift cards.

There is more than $67,000 worth of unredeemed gift cards, plus
another whopping $350,670 in Groupons in Quiznos, the report
related.

                          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.

QCE Finance LLC and its affiliates sought protection under Chapter
11 of the Bankruptcy Code on March 14, 2014.  The lead case is QCE
Finance LLC (Case No. 14-10543, Bankr. D.Del.).  The case is
assigned to Judge Peter J. Walsh.

The Debtors' lead counsel are Ira S. Dizengoff, Esq., Philip C.
Dublin, Esq., Jason P. Rubin, Esq., and Kristine G. Manoukian,
Esq., at AKIN GUMP STRAUSS HAUER & FELD LLP, in New York.  The
Debtors' local counsel is Mark D. Collins, Esq., and Amanda
Steele, Esq., at RICHARDS, LAYTON & FINGER, P.A., in Wilmington,
Delaware.  The Debtors' investment banker and financial advisor is
Matthew J. Hart of LAZARD FRERES & CO. LLC.  Paul Ruh, Mark A.
Roberts, and Jonathan Tibus of Alvarez & Marsal serves as the
Debtors' restructuring advisors.  Prime Clerk LLC serves as the
Debtors' claims and noticing agent.


REEVES DEVELOPMENT: IberiaBank & Reeves Differ on Use of Funds
--------------------------------------------------------------
IberiaBank, a secured creditor of Reeves Development Company, LLC,
and Reeves Commercial Properties, LLC, asserts a lien on cash,
accounts receivable, and substantially all other assets.

After filing for Chapter 11, Reeves has developed real estate that
serves as collateral of IberiaBank and has generated postpetition
accounts receivable which it needs to use to further develop an
industrial property in Calcasieu Parish, Louisiana.

In that regard, Reeves seeks the Court's authority to determine
that the cash and accounts receivable generated postpetition are
not the cash collateral of IberiaBank.  In the alternative, Reeves
wants to use cash that is a portion of the funds represented by
cash generated by postpetition efforts.

Arthur A. Vingiello, Esq., at Steffes, Vingiello & Mckenzie, LLC,
in Baton Rouge, Louisiana, tells the Court that Reeves' debt to
IberiaBank is about $7.5 million and IberiaBank has filed a proof
of claim for more than $11 million. The value of the collateral
allegedly securing the debt to IberiaBank exceeds $17.5 million.
Thus, Mr. Vingiello notes, no adequate protection is needed since
IberiaBank maintains a large equity cushion.

Even if IberiaBank disputes the value, expenditure of the alleged
cash collateral will provide IberiaBank with adequate protection
by enhancing or at least maintaining the value of its collateral,
adds Mr. Vingiello.

In its response, IberiaBank stresses that Reeves has been
authorized to use $422,668 of the bank's prepetition cash
collateral but has exceeded beyond the amounts set forth in its
budgets, all without obtaining Court approval for excess amounts.

IberiaBank considers all postpetition accounts of Reeves to be the
bank's cash collateral and opposes Reeves' use of that cash.

If the Court should allow Reeves to continue to use the cash
collateral, IberiaBank says there should be regular status
hearings to insure that Reeves is operating within its budget.
IberiaBank further wants Reeves to file a Motion with the Court if
it cannot operate within the budget.

                  About Reeves Development

Reeves Development Company, LLC, a commercial and residential real
estate developer, filed a Chapter 11 petition (Bankr. W.D. La.
Case No. 12-21008) in Lake Charles, Louisiana, on Oct. 30, 2012.
The closely held developer was founded in 1998 by Charles Reeves
Jr., its sole owner.  Reeves Development has about 80 employees
and generates about $40 million in annual revenue, according to
its Web site.

Bankruptcy Judge Robert Summerhays oversees the case.  Arthur A.
Vingiello, Esq., at Steffes, Vingiello & McKenzie, LLC, in Baton
Rogue, Louisiana, represents the Debtor as counsel.

Reeves Development scheduled assets of $15,454,626 and liabilities
of $20,156,597 as of the Petition Date.

Affiliate Reeves Commercial Properties, LLC (Bankr. W.D. La. Case
No. 12-21009) also sought court protection.

The Bankruptcy Court approved on Feb. 21 the adequacy of
information in the Amended Disclosure Statement explaining the
Debtor's Plan of Reorganization dated Dec. 31, 2013.  The Court
has not set a confirmation hearing.  Instead, the Court set a
status conference for March 20, 2014.

A full-text copy of the Dec. 31 version of the Amended Disclosure
Statement is available for free at:

        http://bankrupt.com/misc/REEVESDEV_AmdDSDec31.PDF


RENAISSANCE LEARNING: S&P Lowers Rating to 'B-'; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said it downgraded Wisconsin
Rapids, Wisc.-based Renaissance Learning Inc. to 'B-' from 'B'.
The outlook is stable.

S&P also assigned its 'B-' issue-level rating to the company's
$515 million senior secured credit facilities, which consist of a
$40 million revolving credit facility due 2019 and a $475 million
first-lien term loan facility due 2021.  The recovery rating on
this debt is '3' and indicates S&P's expectations of meaningful
(50% to 70%) recovery in the event of payment default.

Additionally, S&P assigned its 'CCC' issue-level rating to the
company's $230 million senior secured second-lien term loan
facility due 2022.  The recovery rating on the debt is '6' and
indicates S&P's expectations of negligible (0% to 10%) recovery in
the event of a payment default.

"The ratings on Renaissance Learning Inc. reflect its aggressive
financial policy, evidenced by its increased debt leverage to
about 10x at transaction close, up from the high-6x at Dec. 31,
2013, a modest position in a highly fragmented and niche overall
instruction materials market, and federal and state government
budget headwinds," said Standard & Poor's credit analyst David
Tsui.

S&P views the company's business risk profile as "fair" and
financial risk profile as "highly leveraged."  The company's high
school penetration rate, highly recurring subscription revenue
base, and above average profitability are partly offsetting
factors.  S&P views the industry risk as "intermediate," country
risk as "very low," and the company's management and governance as
"fair".

The stable outlook reflects Renaissance Learning's strong order
and revenue growth above the industry's average growth rate,
continued highly recurring revenue base, and stable profitability,
and our expectation that the firm will generate sufficient FOCF to
meet the higher debt service payments.

S&P could lower the rating if the education software industry
landscape evolves and the company is unable to maintain its
current market position, leading to customer attrition, reduced
operating cash flow, and less than adequate liquidity.

Although unlikely at this time, S&P could consider an upgrade if
the company is able to continue its growth trajectory while
maintaining its current profitability profile, leading to a higher
EBITDA base and leverage declining to the mid-6x area.


RENTAL SYSTEMS: Court Rejects Neal Wolf Employment
--------------------------------------------------
Bankruptcy Judge Thomas M. Lynch denied the request of Rental
Systems, L.L.C., to employ Neal Wolf & Associates, LLC as counsel
for the Debtor, saying there are serious concerns that Neal L.
Wolf, Esq., and NW&A appear to be subject and may continue to be
subject to divided loyalties towards certain affiliated entities
because of past or current representations and the sources of the
firm's compensation.  When such potential conflicts of interest
are combined with the serious delays in disclosing the connections
between NW&A and those entities, denial of the application is
necessary, Judge Lynch said in a March 17, 2014 Memorandum Opinion
available at http://is.gd/xVwPNqfrom Leagle.com.

Rental Systems, L.L.C., dba Rental Systems Construction, in
Huntley, Illinois, filed for Chapter 11 bankruptcy (Bankr. N.D.
Ill. Case No. 13-81734) on May 9, 2013.  Judge Thomas M. Lynch
presides over the case.  In its petition, the Debtor estimated
$500,001 to $1 million in assets and $10 million to $50 million in
liabilities. The petition was signed by Raymond E. Plote, manager
and as trustee of the sole member.


ROBERT J PETILLO: Case Summary and 12 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Robert J Petillo
        2 Laredo Dr
        Colts Neck, NJ 07722

Case No.: 14-15501

Chapter 11 Petition Date: March 24, 2014

Court: United States Bankruptcy Court
       District of New Jersey (Trenton)

Judge: Hon. Christine M. Gravelle

Debtor's Counsel: Richard J. Kwasny, Esq.
                  KWASNY & REILLY
                  53 South Main St.
                  Yardley, PA 19067
                  TEL: (215) 321-0300
                  Fax: (215) 321-9336
                  Email: kwasnylaw@aol.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

A list of the Debtor's 12 largest unsecured creditors is available
for free at http://bankrupt.com/misc/njb14-15501.pdf

The petition indicates that the Debtor is not an individual but a
single asset real estate.


ROYCE HOMES: Jury Deadlocks In Fraud Suit Against CEO
-----------------------------------------------------
Law360 reported that a Texas federal jury was unable to come to a
decision in a Chapter 7 trustee's suit against the former head of
a defunct homebuilder who allegedly bilked the company out of tens
of millions of dollars before it spiraled into bankruptcy.

According to the report, at the conclusion of about two and a half
days of deliberations, the jury notified U.S. District Judge Lee
H. Rosenthal that it was unable to reach a consensus on
allegations on former Royce Homes LP CEO John H. Speer.

The case is Tow v. Amegy Bank N.A. et al., Case No. 4:11-cv-03700
(S.D. Tex.).  The case was filed October 13, 2011.


SAINT VINCENTS CATHOLIC: Claimant's Lawyer Facing Sanctions
-----------------------------------------------------------
The Law Office of Sheryl R. Menkes, Esq., which represents Elaine
Garvey, Administratrix for the Estate of Ronald Brophy, Deceased,
will have to pay $83,515 to the liquidating trustee in the Chapter
11 cases of Saint Vincents Catholic Medical Centers of New York,
et al., after Bankruptcy Judge Cecelia G. Morris imposed sanctions
on the claimant's counsel's "deliberate, bad faith, vexatious
conduct directly resulted in the Liquidating Trustee incurring
substantial attorneys' fees that must now be paid."

The Brophy estate failed to file a proof of claim despite
receiving adequate notice of the bar date for filing such claims.
The estate brought suit against certain debtors in state court
purportedly to recover against the debtors' insurance policies.
Despite having evidence that no insurance coverage existed and
notice that the continuation of the state court action violated
the injunction contained in the debtors' confirmed chapter 11
plan, the creditor's attorney sought and obtained an order from
the state court directing the liquidating trustee to appear and
show cause why the plan injunction should not be lifted to allow
the suit to proceed.

After the attorney refused to dismiss the state court action, the
liquidating trustee sought relief in Bankruptcy Court by way of an
order enforcing the plan injunction.  After a hearing, the Court
granted the trustee's motion, directed the attorney to dismiss the
state court action, and stated that it would award the liquidating
trustee certain costs and attorneys' fees incurred in connection
with the actions of the creditor and her attorney. The Court
requested additional submissions on the exact amount of fees to be
awarded and set a further hearing. After receiving the
submissions, the Court cancelled the further hearing and took the
matter under advisement on the submissions.

Judge Morris explains that, "Although the Court is aware that
$83,515.00 represents a substantial sanctions award, the Court
believes that such a sanction is appropriate here.  The ultimate
burden of the more than $80,000.00 in "excess fees and costs" that
were reasonably and necessarily incurred by the Liquidating
Trustee as a result of Ms. Menkes' vexatious conduct will be borne
not by the Liquidating Trustee or his attorneys, but by unsecured
creditors in this case, who are expected to receive a distribution
somewhere in the range of 2.3 to 7.5%. . . .  The Court believes
that it is not appropriate to permit Ms. Menkes to shield herself
from responsibility for the payment of those fees by hiding behind
her unsupported contention that she is a sole practitioner who is
unable to pay; the simple fact is that her deliberate, bad faith,
vexatious conduct directly resulted in the Liquidating Trustee
incurring substantial attorneys' fees that must now be paid."

The Court held that the effectiveness of the Sanctions Order will
be stayed for a period of 14 days from the date of its entry to
allow Ms. Menkes to seek a stay pending appeal should she so
desire.

A copy of Judge Morris, March 21, 2014 Memorandum Decision
Imposing Sanctions is availale at http://is.gd/GpgsYIfrom
Leagle.com.

                       About Saint Vincents

Saint Vincents Catholic Medical Centers of New York, doing
business as St. Vincent Catholic Medical Centers --
http://www.svcmc.org/-- was anchored by St. Vincent's Hospital
Manhattan, an academic medical center located in Greenwich Village
and the only emergency room on the Westside of Manhattan from
Midtown to Tribeca, St. Vincent's Westchester, a behavioral health
hospital in Westchester County, and continuing care services that
include two skilled nursing facilities in Brooklyn, another on
Staten Island, a hospice, and a home health agency serving the
Metropolitan New York area.

Saint Vincent Catholic Medical Centers of New York and six of its
affiliates first filed for Chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case Nos. 05-14945 through 05-14951).

St. Vincents Catholic Medical Centers returned to bankruptcy by
filing another Chapter 11 petition (Bankr. S.D.N.Y. Case No.
10-11963) on April 14, 2010.  The Debtor estimated assets of
$348 million against debts totaling $1.09 billion in the new
petition.

Although the hospitals emerged from the prior reorganization in
July 2007 with a Chapter 11 plan said to have "a realistic chance"
of paying all creditors in full, the bankruptcy left the medical
center with more than $1 billion in debt.  The new filing occurred
after a $64 million operating loss in 2009 and the last potential
buyer terminated discussions for taking over the flagship
hospital.

On June 29, 2012, the Bankruptcy Court entered an order confirming
Saint Vincents' Second Amended Chapter 11 Plan.  The plan was
declared effective on the same day.  Saint Vincents shed off
assets during the bankruptcy.


SALANDER-O'REILLY: Dispute Over Madonna and Child Goes to Trial
---------------------------------------------------------------
Chief Bankruptcy Judge Cecelia G. Morris denied cross-motions for
summary judgment filed by Alan M. Jacobs, the Liquidation Trustee
of the SOG Liquidation Trust, which was established in the Chapter
11 case of Salander-O'Reilly Galleries, LLC; and filed by Kraken
Investments Limited to determine the validity, extent and priority
of interests asserted in the painting Madonna and Child by Sandro
Botticelli.  The sole issues before the Court are (i) whether a
perfected blanket lien in the debtor's inventory attached to the
Botticelli while it was on consignment to the Debtor's art
gallery, and (ii) if so, whether that lien has priority over the
consignor's interest in the return of the painting.

In a March 21, 2014 Memorandum Decision available at
http://is.gd/ujqsdvfrom Leagle.com, the Court concludes that
material issues of fact preclude summary judgment for the either
party at this time. Both motions are denied.

The case is styled, ALAN M. JACOBS, as Liquidation Trustee of the
SOG Liquidation Trust, Plaintiff v. KRAKEN INVESTMENTS LIMITED,
Defendant, Adv. Proc. No. 13-09004 (Bankr. S.D.N.Y.).

Mr. Jacobs is represented by:

     Robert J. Feinstein, Esq.
     John A. Morris, Esq.
     Ilan D. Scharf, Esq.,
     PACHULSKI STANG ZIEHL & JONES LLP
     780 Third Avenue, 36th Floor
     New York, New York 10017
     Telephone: (212) 561-7700
     Telecopy: (212) 561-777
     E-mail: rfeinstein@pszjlaw.com
             jmorris@pszjlaw.com
             ischarf@pszjlaw.com

Kraken Investments Limited New York is represented by:

     FAUST OPPENHEIM LLP
     David I. Faust, Esq.
     Petra v.Z. Davenport, Esq.
     488 Madison Ave
     New York, NY 10022
     Tel: 212-751-7700
     E-mail: davidfaust@frolaw.com
             petradavenport@frolaw.com

                      About Salander-O'Reilly

Established in 1976, New York-based Salander-O'Reilly Galleries
LLC -- http://www.salander.com/-- exhibits and manages fine art
from renaissance to contemporary.  On Nov. 1, 2007, three
creditors filed an involuntary chapter 7 petition against the
gallery (Bankr. S.D.N.Y. Case Number 07-13476).  The petitioners,
Carol F. Cohen of Two Swans Farm, Cavallon Family LP, and Richard
Ellenberg, disclosed total claims of more than $5 million.  Amos
Alter, Esq., at Troutman Sanders LLP and John Koegel, Esq., at The
Koegel Group LLP represent the petitioners.

On Nov. 9, 2007, the Debtor's case was converted to a chapter 11
proceeding (Bankr. S.D.N.Y. Case No. 07-30005).  Alan D. Halperin,
Esq., at Halperin Battaglia Raicht, LLP, represents the gallery.

Salander-O'Reilly Galleries is owned by Lawrence B. Salander and
his wife, Julie D. Salander, of Millbrook, New York.  The couple
also has membership interests in galleries including non-debtor
entities, Renaissance Art Investors and Salander Decorative Arts
LLC.  The couple filed for chapter 11 protection on Nov. 2, 2007
(Bankr. S.D.N.Y. Case No. 07-36735).  Douglas E. Spelfogel, Esq.
and Richard J. Bernard, Esq. at Baker & Hostetler LLP and Susan P.
Persichilli, Esq. at Buchanan Ingersoll PC represent the Debtors
in their restructuring efforts.  When they filed for bankruptcy,
Mr. and Mrs. Salander listed assets and debts between $50 million
and $100 million.

Prior to bankruptcy, Mr. Salander resigned as Salander-O'Reilly
Galleries' manager and turned over the control to Triax Capital
Advisors LLC, an independent turnaround firm.

In April 2008, Bankruptcy Judge Cecelia Morris ordered the couple
to surrender control of their finances to an independent trustee
and approved the conversion of the couple's chapter 11 case to a
chapter 7 liquidation at the behest of the U.S. Trustee.


SEANERGY MARITIME: Reports $17.1 Million Net Income in Q3 2013
--------------------------------------------------------------
Seanergy Maritime Holdings Corp. reported net income of $17.13
million on $4.29 million of net vessel revenue for the three
months ended Sept. 30, 2013, as compared with a net loss of $42.01
million on $11.55 million of net vessel revenue for the same
period in 2012.

For the nine months ended Sept. 30, 2013, the Company net income
of $3.43 million on $16.74 million of net vessel revenue as
compared with a net loss of $76.73 million on $47.11 million of
net vessel revenue for the same period during the prior year.

As of Sept. 30, 2013, the Company had $56.78 million in total
assets, $154.95 million in total liabilities and a $98.17 million
total shareholders' deficit.

Stamatis Tsantanis, the Company's chairman and chief executive
officer, stated: "I am pleased to announce a number of notable
developments for Seanergy:

"In the third quarter of 2013, our operational performance and the
implementation of our restructuring plan lead to positive
financial results.

"As regards to the successful completion of our financial
restructuring plan, on February 12, 2014 we entered into a
definitive agreement with our remaining lender to unwind our final
credit facility. Under the terms of this agreement, Seanergy will
sell the underlying four vessels to a nominee of the bank with
full satisfaction of the outstanding indebtedness of approximately
$145 million, along with the extinguishment of the corporate
guarantee."

"Finally, market conditions in the third quarter of 2013 were
better than what they were in the same period last year.  As a
result, the time charter equivalent earnings for our fleet rose by
42% compared to the third quarter of 2012."

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

                         http://is.gd/h0Kfd8

                           About Seanergy

Athens, Greece-based Seanergy Maritime Holdings Corp. is an
international company providing worldwide seaborne transportation
of dry bulk commodities.  The Company owns and operates a fleet
of seven dry bulk vessels that consists of three Handysize, two
Supramax and two Panamax vessels.  Its fleet carries a variety of
dry bulk commodities, including coal, iron ore, and grains, as
well as bauxite, phosphate, fertilizer and steel products.

In its audit report on the consolidated financial statements for
the year ended Dec. 31, 2012, Ernst & Young (Hellas) Certified
Auditors Accountants S.A., in Athens, Greece, expressed
substantial doubt about Seanergy Maritime's ability to continue
as a going concern.  The independent auditors noted that the
Company has not complied with the principal and interest
repayment schedule and with certain covenants of its loan
agreements, which in turn gives the lenders the right to call the
debt.  "In addition, the Company has a working capital deficit,
recurring losses from operations, accumulated deficit and
inability to generate sufficient cash flow to meet its
obligations and sustain its operations."

The Company reported a net loss of US$193.8 million on US$55.6
million of net vessel revenue in 2012, compared with a net loss
of US$197.8 million on US$104.1 million of net vessel revenue in
2011.

SEARS HOLDINGS: S&P Affirms 'CCC+' CCR & Removes From CreditWatch
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
Hoffman Estate, Ill.-based Sears Holdings Corp., including the
'CCC+' corporate credit rating.  S&P removed the ratings from
CreditWatch negative, where it placed them on Jan. 13, 2014.  The
outlook is negative.

The rating affirmation reflects S&P's view that we do not envision
a specific default scenario in the next 12 months despite its
expectations for continued negative operating trends and
significant cash burn because we believe Sears has the ability to
complete asset sales and has access to its revolving credit
facility.

"Sears continued to perform poorly, and the operating performance
decline accelerated in 2013," said Standard & Poor's credit
analyst Ana Lai.  "Domestic comparable-store sales declined 3.8%,
with Kmart stores declining 3.6% and Sears stores declining 4.1%.
This reflects weakness in most categories, including home
appliances, which is Sears' core product category," added Ms. Lai.

Gross margin eroded more than 200 basis points (bps) from costs of
carrying both traditional promotional market discounts and Shop
Your way points.  Negative EBITDA and the need to fund capital
expenditures (capex) and pension contribution resulted in cash
burn of $1.2 billion in 2013.

S&P expects negative performance to persist in 2014 absent a sharp
reduction in the costs of parallel promotion costs.  While Sears
has reported improvement in member engagement metrics, the success
of its current strategy is uncertain.  S&P do not expect this to
help stabilize operating performance in 2014.  As such, S&P
expects Sears to continue generating operating losses and S&P
views its capital structure as unsustainable at this level of
earnings and cash flow.


SEQUENOM INC: Board Approves Salary Increases for Executives
------------------------------------------------------------
Sequenom, Inc., filed a current report on Form 8-K to report
certain organizational changes within the Company.  The Company
filed an amendment to the initial Form 8-K to provide additional
disclosures.

On March 5, 2014, upon a recommendation from the Compensation
Committee of the Board of Directors of the Company, the Board
approved an increase in the annual base salaries of:

   (a) Harry F. Hixson, Jr., the Company's chief executive
       officer, from $520,000 to $535,600;

   (b) William Welch, the Company's president and chief operating
       officer, from $400,000 to $412,000;

   (c) Dirk van den Boom, the Company's executive vice president,
       research & development, from $375,000 to $386,250;

   (d) Carolyn Beaver, the Company's vice president and chief
       accounting officer, to $336,423; and

   (e) Paul Maier, the Company's chief financial officer, to
       $368,471.

In connection with Mr. Welch's appointment as the Company's chief
executive officer, effective on June 10, 2014, the Board approved
an increase in the annual base salary of Mr. Welch from $412,000
to $450,000.

The salary increases are effective Jan. 1, 2014.

Additionally, executives are eligible to a bonus payment pursuant
to the Company's 2014 management bonus plan.

A full-text copy of the Form 8-K report is available at:

                        http://is.gd/OsT4TN

                           About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

Sequenom incurred a net loss of $107.40 million on $162.42 million
of total revenues for the year ended Dec. 31, 2013, as compared
with a net loss of $117.02 million on $89.69 million of total
revenues in 2012.  The Company incurred a net loss of $74.13
million in 2011.

As of Dec. 31, 2013, the Company had $144.70 million in total
assets, $191.20 million in total liabilities and a $46.50 million
total stockholders' deficit.


SHOTWELL LANDFILL: U.S. Trustee Appoints 6-Member Creditors Panel
-----------------------------------------------------------------
The U.S. Trustee for Region appointed six members to the official
committee of unsecured creditors in the Chapter 11 case of
Shotwell Landfill, Inc.

The Creditors Committee members are:

      1. Holding Oil Company, Inc.
         c/o James Holding
         P.O. Box 648
         Wake Forest, North Carolina
         Tel: 278588-0648

      2. Double "J" Enterprises, Inc.
         c/o Byron L. Saintsing
         P.O. Box 26268
         Raleigh, North Carolina
         Tel: 27611

      3. Capital Properties of Raleigh VI
         c/o David Stallings
         3818 Bland Road
         Raleigh, North Carolina
         Tel: 27609

      4. Grant D. Kiser
         6636 Latigo Lane
         Wendell, North Carolina
         Tel: 28591

      5. John Brown
         Brown Investments
         1632 Heritage Garden Street
         Wake Forest, North Carolina
         Tel: 27587

                     About Shotwell Landfill, Inc.

Raleigh, North Carolina-based Shotwell Landfill, Inc., filed a
Chapter 11 petition (Bankr. E.D.N.C. Case No. 13-02590) in
Wilson on April 19, 2013.  The Debtor disclosed $23,027,736 in
assets and $10,039,308 in liabilities as of the Chapter 11 filing.
Blake P. Barnard, Esq., William P. Janvier, Esq., and Samantha Y.
Moore, Esq., at the Janvier Law Firm, PLLC, in Raleigh, N.C.,
represent the Debtor as counsel.  William W. Pollock, Esq., at
Ragsdale Liggett PLLC, in Raleigh, N.C., represents the Debtor as
special counsel.

The Bankruptcy Administrator was unable to appoint an official
committee of unsecured creditors in the Debtor's case.

The Debtor, in its amended schedules disclosed $23,043,736 in
assets and $10,048,364 in liabilities as of the Chapter 11 filing.

The Court will convene a hearing on March 25, 2014, at 10:00 a.m.,
to consider confirmation of the Debtors' consolidated Plan of
Reorganization dated Feb. 3, 2014.  The Debtors' plan proposes to
pay all Allowed Claims in full.


SPENDSMART PAYMENTS: Alex Minicucci Stake at 24.8% as of Feb. 11
----------------------------------------------------------------
In a Schedule 13D filed with the U.S. Securities and Exchange
Commission, Alex Minicucci disclosed that as of Feb. 11, 2014, he
beneficially owned 3,882,500 shares of common stock of The
Spendsmart Payments Company representing 24.8 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/PhdjFe

                          About SpendSmart

San Diego, Cal.-based The SpendSmart Payments Company is a
Colorado corporation.  Through the Company's subsidiary
incorporated in the state of California, The SpendSmart Payments
Company, the Company issues and services prepaid cards marketed to
young people and their parents.  The Company is a publicly traded
company trading on the OTC Bulletin Board under the symbol "SSPC."

The Spendsmart Payments incurred a net loss and comprehensive loss
of $12.58 million on $1.02 million of revenues for the year ended
Sept. 30, 2013, as compared with a net loss and comprehensive loss
of $21.09 million on $1 million of revenues during the prior year.

As of Sept. 30, 2013, the Company had $1.27 million in total
assets, $1.39 million in total liabilities, all current, and a
$123,174 total stockholders' deficit.

EisnerAmper LLP, in Iselin, New Jersey, 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 net losses since inception and has an
accumulated deficit at Sept. 30, 2013.  These factors among others
raise substantial doubt about the ability of the Company to
continue as a going concern.


STANADYNE HOLDINGS: Has $6MM Term Loan Agreement with Kohlberg
--------------------------------------------------------------
Stanadyne Holdings, Inc., and funds managed by Kohlberg Management
IV, L.L.C., entered into a Convertible Subordinated Note agreement
providing for a term loan in an aggregate principal amount of $6
million.

The Notes carry a five-year term with an interest rate of
12 percent per annum, with interest payable in semi-annual
installments in arrears commencing in August 2014 and principal
due at maturity.  At the option of Holdings, the interest payments
may be made utilizing payment-in-kind notes.  The Notes include
repayment provisions upon change of control or refinancing of
Holdings' 12 percent Senior Discount Notes due 2015.  The Notes
are subordinated to Holdings' 12 percent Senior Discount Notes due
2015 and are convertible to common stock at fair market value at
Kohlberg's discretion.  A majority of Holdings' outstanding common
stock is held by funds managed by Kohlberg.

                     About Stanadyne Holdings

Stanadyne Corporation, headquartered in Windsor, Connecticut,
is a designer and manufacturer of highly-engineered precision-
manufactured engine components, including fuel injection equipment
for diesel engines.  Stanadyne sells engine components to original
equipment manufacturers and the aftermarket in a variety of
applications, including agricultural and construction vehicles and
equipment, industrial products, automobiles, light duty trucks and
marine equipment.  Revenues for LTM ended Sept. 30, 2010 were
$240 million.

Stanadyne Holdings disclosed a net loss of $11.50 million on
$251.45 million of net sales for the year ended Dec. 31, 2012, as
compared with a net loss of $32.50 million on $245.76 million of
net sales in 2011.  The Company incurred a net loss of $9.98
million in 2010.

The Company's balance sheet at Sept. 30, 2013, showed $377.53
million in total assets, $456.05 million in total liabilities,
$537,000 in redeemable non-controlling interest and a $79.05
million total stockholders' deficit.

                           *     *     *

As reported by the TCR on June 27, 2013, Moody's Investors Service
downgraded Stanadyne Holdings Inc.'s Corporate Family Rating to
Caa2 from Caa1 to reflect Moody's view that a debt restructuring
is likely in the near-term.

In March 2012, Standard & Poor's Ratings Services revised its
long-term outlook to negative from stable on Windsor, Conn.-based
Stanadyne Corp. At the same time, Standard & Poor's affirmed its
ratings, including the 'CCC+' corporate credit rating, on
Stanadyne.

"The outlook revision reflects the risk that Stanadyne may not be
able to service debt obligations of its parent, Stanadyne Holdings
Inc. as early as August 2012," said Standard & Poor's credit
analyst Dan Picciotto.


SUMMIT III: Avoidance Suit v. Craig Duet Survives Dismissal Bid
---------------------------------------------------------------
Bankruptcy Judge Patrick M. Flatley denied, without prejudice,
Craig Duet's request to dismiss the Complaint filed against him by
Thomas H. Fluharty, the Chapter 7 Trustee, appointed to administer
Summit III LLC's bankruptcy estate complaint that seeks to avoid
and recover transfers made by the Debtor to Mr. Duet according to
the terms of a negotiated litigation settlement agreement,
executed by the Debtor, Mr. Duet, Mountaintop, LLC, Anthony J.
Skattell, III, and Thomas Tretheway.

The Chapter 7 Trustee seeks to recover $66,000 based on claims of
actual and constructive fraud and transfers to an insider under
the West Virginia Uniform Fraudulent Transfers Act pursuant to his
powers under 11 U.S.C. Sec. 544(b); to avoid and recover $282,000
as fraudulent transfers under 11 U.S.C. Sec. 548(a)(1), and to
recover $132,000 as preferential transfers under 11 U.S.C. Sec.
547(b).

The case is, THOMAS H. FLUARTY, TRUSTEE, Plaintiff, v. CRAIG M.
DUET, Defendant, Adv. Proc. No. 13-ap-00045 (Bankr. N.D. W.Va.).
A copy of the Court's March 24, 2014 Memorandum Opinion is
available at http://is.gd/E8uFEXfrom Leagle.com.

                        About Summit III

Summit III LLC, based in Snowshoe, West Virginia, filed for
bankruptcy (Bankr. N.D. W.Va. Case No. 11-01448) on Aug. 11, 2011.
Judge Patrick M. Flatley presides over the case.  Steven L.
Thomas, Esq., at Kay, Casto & Chaney, serves as the Debtor's
bankruptcy counsel.  The Debtor disclosed $12,655,700 in assets
and $13,050,884 in liabilities as of the Chapter 11 case.  The
petition was signed by Samuel M. Levin, Summit III's manager.

The case was converted to a case under chapter 7 on June 25, 2013.
On the same date, the United States Trustee designated Thomas
Fluharty as Chapter 7 trustee.


SUNTECH POWER: Solyndra Fights Bid for Ch. 15 Protection
--------------------------------------------------------
Law360 reported that Solyndra Residual Trust objected to Suntech
Power Holdings Co. Ltd.'s petition for Chapter 15 protection,
claiming Suntech is trying to avoid liability in litigation with
American noteholders and for destroying the American solar panel
industry.

According to the report, Suntech, formerly one of the world's
largest makers of photovoltaic cells, filed for Chapter 15
protection in New York bankruptcy court in February in an attempt
to stop a group of creditors from forcing the company into an
involuntary Chapter 7 liquidation.

                           About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are
represented by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP,
in White Plains, New York.

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.

In February 2014, Suntech Power disclosed that the joint
provisional liquidators of the Company appointed by the Grand
Court of the Cayman Islands to oversee the restructuring of the
Company have commenced a Chapter 15 proceeding under the U.S.
Bankruptcy Code in a federal court in the Southern District of New
York.  Under such a proceeding, the Company is seeking to have
recognized in the United States the Company's overseas provisional
liquidation which has previously been granted in the Cayman
Islands.


TEAM NATION: Seeks to Cancel Unauthorized Certificates
------------------------------------------------------
Team Nation Holdings, Corp., on Jan. 8, 2014, delivered
certificates representing 60 preferred shares and one billion
common shares to its Transfer Agent with instructions to cancel
because the certificates were issued without corporate authority.
The Transfer Agent failed to follow the Company's instructions and
the certificates have been deposited into the registry of a court
in Tampa, Florida, as a result of a lawsuit claiming ownership of
the certificates.

There is no record of a designation of the Preferred A shares
filed with the Nevada Secretary of State.

The Company intended for these unauthorized certificates to be
canceled and the resolution for cancellation was to be forwarded
to the DTC in an effort to have the "chill" lifted from the
Company's stock.  The Company continues to pursue all legal
options to have the court determine that the unauthorized
certificates be canceled and declared void.

                        About Team Nation

Newport Beach, Calif.-based Team Nation Holdings Corporation is a
management and services company specializing in management
solutions for title companies and providing title production
services.

The Company reported net income of $323,051 on $1.08 million
of total revenue for the nine months ended Sept. 30, 2011,
compared with net income of $375,694 on $1.25 million of total
revenue for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2011, showed
$3.04 million in total assets, $5.57 million in total liabilities,
and a $2.52 million total shareholders' deficit.

As reported by the TCR on April 13, 2011, Kelly & Company, in
Costa Mesa, Calif., said in its report that the Company's
significant debt servicing requirements, its ongoing operating
losses and negative cash flows along with the depressed value of
its common stock gives raise to substantial doubt about the
Company's ability to continue as a going concern.  The Company
has sustained recurring losses and negative cash flows from
operations, at Dec. 31, 2010 it had negative working capital of
$4.2 million, total liabilities of $6.9 million, and a
stockholders' deficit of $3.9 million.  The Company's only
significant source of revenue, and its sole customer, is a related
party.  The Company expects that it will need to raise substantial
additional capital to accomplish its business plan over the next
several years and plans to generate the additional cash needed
through the sale of its common stock that currently has a
depressed value.  The Company's most significant asset is a group
of eight non-current notes receivable - related party issued by
the Company's directors, amounting to $2.2 million at Dec. 31,
2010 (representing 73% of total assets).


TLC HEALTH: Can Employ Cash Realty & Auctions as Appraisers
-----------------------------------------------------------
TLC Health Network sought and obtained authorization from the U.S.
Bankruptcy Court for the Western District of New York to employ
Cash Realty & Auctions, LLC as the Debtor's furniture, fixture,
and equipment appraisers.

The retention of Cash Realty is vital to the Debtor as there has
been no recent valuation of the Debtor's furniture, fixture, and
equipment.  The Debtor's secured creditors have requested an
appraisal and a valuation of the Debtor's furniture, fixture, and
equipment will be critical in the Debtor's analysis as sale
transactions are being pursued.

Cash Realty has proposed a fee of $3,500 for the preparation and
delivery of an appraisal report of the Debtor's furniture,
fixture, and equipment.  Cash Realty has requested payment of the
fee upon delivery of the appraisal report.

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

                     About TLC Health Network

TLC Health Network filed a Chapter 11 petition (Bankr. W.D.N.Y.
Case No. 13-13294) on Dec. 16, 2013.  The petition was signed by
Timothy Cooper as Chairman of the Board.  The Debtor estimated
assets of at least $10 million and debts of at least $1 million.
Jeffrey A. Dove, Esq., at Menter, Rudin & Trivelpiece, P.C.,
serves as the Debtor's counsel.  Damon & Morey LLP is the Debtor's
Special Health Care Law and Corporate Counsel.  The Bonadio Group
is the Debtor's accountants.

The case is assigned to the Hon. Carl L. Bucki.

A three-member panel composed of Cannon Design, Chautauqua
Opportunities, Inc., and Jamestown Rehab Services has been
appointed as the official unsecured creditors committee.  Bond,
Schoeneck & King, PLLC is the counsel to the Committee.

Gleichenhaus, Marchese & Weishaar, PC is the general counsel for
Linda Scharf, the Patient Care Ombudsman of TLC Health.

Howard P. Schultz & Associates, LLC is appraiser.


TRANSGENOMIC INC: Randal Kirk Stake at 37.2% as of March 5
----------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Randal J. Kirk and his affiliates disclosed
that as of March 5, 2014, they beneficially owned 3,901,561 shares
of common stock of Transgenomic, Inc., representing 37.2 percent
of the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/BTDwqk

                         About Transgenomic

Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global
biotechnology company advancing personalized medicine in
cardiology, oncology, and inherited diseases through its
proprietary molecular technologies and world-class clinical and
research services.  The Company is a global leader in cardiac
genetic testing with a family of innovative products, including
its C-GAAP test, designed to detect gene mutations which indicate
cardiac disorders, or which can lead to serious adverse events.
Transgenomic has three complementary business divisions:
Transgenomic Clinical Laboratories, which specializes in molecular
diagnostics for cardiology, oncology, neurology, and mitochondrial
disorders; Transgenomic Pharmacogenomic Services, a contract
research laboratory that specializes in supporting all phases of
pre-clinical and clinical trials for oncology drugs in
development; and Transgenomic Diagnostic Tools, which produces
equipment, reagents, and other consumables that empower clinical
and research applications in molecular testing and cytogenetics.
Transgenomic believes there is significant opportunity for
continued growth across all three businesses by leveraging their
synergistic capabilities, technologies, and expertise.  The
Company actively develops and acquires new technology and other
intellectual property that strengthens its leadership in
personalized medicine.

Transgenomic incurred a net loss of $8.32 million in 2012, a net
loss of $9.78 million in 2011 and a net loss of $3.13 million in
2010.  The Company's balance sheet at Sept. 30, 2013, showed
$33.18 million in total assets, $17.78 million in total
liabilities and $15.39 million in total stockholders' equity.

As reported by the TCR on Feb. 13, 2013, Transgenomic entered into
a forbearance agreement with Dogwood Pharmaceuticals, Inc., a
wholly owned subsidiary of Forest Laboratories, Inc., and
successor-in-interest to PGxHealth, LLC, with an effective date of
Dec. 31, 2012.


UNITED AIRLINES: Fitch Assigns 'B' Rating to 2014-1 Class A Certs
-----------------------------------------------------------------
Fitch Ratings assigns the following expected ratings to United
Airline's (UAL, rated 'B', Outlook Positive) proposed Pass Through
Trusts Series 2014-1:

   -- $736,647,000 Class A certificates due in April 2026
      'A(EXP)';

   -- $212,812,000 Class B certificates due in April 2022
      'BB+(EXP)'.

The A-tranche rating is primarily driven by a high level of
overcollateralization and a high quality collateral pool which
support Fitch's expectations that A tranche holders should receive
full principal recovery prior to maturity even in a harsh stress
scenario.  The ratings are also supported by the inclusion of an
18 month liquidity facility, cross-collateralization/cross-default
features, and the legal protection afforded by Section 1110 of the
U.S. bankruptcy code.  The structural features increase the
likelihood that the class A certificates could avoid default even
if United were to file bankruptcy and subsequently reject the
aircraft.

The initial A-tranche LTV, as cited in the prospectus, is 55.1%,
and Fitch's maximum stress case LTV (the primary driver for the A-
tranche rating) through the life of the transaction is 92.6%. This
level of overcollateralization provides a significant amount of
protection for the A-tranche holders.

The 'BB+' rating for the B-tranche represents a four-notch uplift
(maximum is five per Fitch's EETC criteria) from United's Issuer
Default Rating (IDR) of 'B'.  The four-notch uplift primarily
reflects Fitch's view of the affirmation factor for this
collateral pool (the likelihood that United would choose to affirm
the aircraft in a potential default scenario).  Secondary factors
for the B tranche rating include the presence of an 18 month
liquidity facility and Fitch's view of recovery prospects in a
stress scenario.  Fitch considers the affirmation factor for the
aircraft in this portfolio to be high as the 737-900ER, 787-8 and
-9, and ERJ-175LR are considered key strategic elements of UAL's
fleet.  The affirmation factor is also a supporting consideration
for the A-tranche rating.

Transaction Overview:

UAL plans to raise $949,459,000 in an EETC transaction to fund 25
new aircraft that are expected to be delivered between March and
December of 2014.  The proceeds of the certificates will be used
to acquire class A and class B equipment notes, i.e. the aircraft
mortgage obligations issued by United.

The A-tranche will be sized at $736,647,000 with a 12.0 year
tenor, a weighted average life of 8.8 years and an initial LTV of
55.1% (per the prospectus).  Fitch calculates the initial LTV at
58.8% using values provided by an independent appraiser.
The subordinate B-tranche will be sized at $212,812,000 with an
8.0 year tenor and a weighted average life of 5.9 years.  The
initial prospectus LTV for the B-tranche is 71%. Fitch calculates
the initial LTV at 75.8%.

Collateral Pool: The transaction will be secured by a perfected
first priority security interest in 16 new Boeing aircraft
including 13 737-900ERs, 2 787-8s, 1 787-9, and 9 Embraer 175LRs.
Fitch classifies both variants of the 787 as Tier 1 collateral
while the 737-900ERs and ERJ-175LRs are considered low Tier 1/high
Tier 2 collateral. All three types are considered strategically
important to UAL's fleet.

ERJ-175LRs to be leased: A distinction between UAL 2014-1 and
other recently issued EETCs is that the Embraer 175LRs in this
fleet will be leased to a regional partner from the inception of
the transaction rather than being operated directly by United.
EETCs generally incorporate the legal flexibility to lease the
collateral aircraft during the life of the transaction, but most
recent transactions have not included leases from the inception.
The leases will be with Mesa Airlines, Inc.

Importantly, according to the transaction documents the leases to
Mesa will be subject and subordinated to the note indentures.
This means that if United were to default, creditors should be
able to repossess the aircraft despite the fact that they are
being operated by a third party.  For this reason, Fitch does not
believe that the leases materially affect the credit profile of
the transaction.

Liquidity Facility: The Class A and Class B certificates benefit
from a dedicated 18-month liquidity facility which will be
provided by Credit Agricole Corporate and Investment Bank, acting
via its New York Branch (rated 'A'/'F1' with a Stable Outlook).
Cross-default & cross-collateralization provisions: Each note will
be fully cross-collateralized and all indentures will be fully
cross-defaulted from day one, which Fitch believes will limit
UAL's ability to 'cherry-pick' aircraft in a potential
restructuring.

Pre-funded deal: Proceeds from the transaction will be used to
pre-fund deliveries expected between March and December of 2014.
Accordingly, proceeds will initially be held in escrow by Credit
Agricole, the designated depositary, until the aircraft are
delivered.

Key Rating Drivers

Stress Case: The ratings for the class A certificates are
primarily based on collateral coverage in a stress scenario.  The
analysis utilizes a top-down approach assuming a rejection of the
entire pool in a severe global aviation downturn.  The analysis
incorporates a full draw on the liquidity facility, and an assumed
repossession/remarketing cost of 5% of the total portfolio value.
Fitch then applies immediate haircuts to the collateral value.
The 787-8s and -9s in this pool receive a 20% haircut representing
the low end of Fitch's Tier 1 stress range (20-30%) reflecting
Fitch's view of the 787 as a top quality aircraft.  The 737-900ERs
receive a more severe haircut of 30%, which incorporates the 737-
900ER's limited user base, which could translate into a more
difficult remarketing process if the aircraft had to be
repossessed and sold.  The Embraer 175LRs also receive a 30%
haircut consistent with Fitch's view of the aircraft as a low Tier
1/high Tier 2 model.

These assumptions produce a maximum stress LTV of 92.6%,
suggesting full recovery for the A-tranche holders. The highest
stress LTVs are experienced early in the life of the transaction
and are expected to decline gradually as the deal amortizes.

Fitch also completed its analysis using an alternate Tier 2 stress
level of 35% for the E-175LRs, reflecting its view of the plane as
being on the border between Tiers 1 and 2. The higher stress
levels did not materially change the maximum LTV.

High Collateral Quality: The quality of the collateral pool
underlying the transaction is considered solid.

737-900ER (51% of the collateral pool): Fitch views the 900ER as a
low Tier 1/high Tier 2 aircraft due to its attractive operating
economics which make it an ideal replacement for older narrow
bodies.  However, the aircraft has a somewhat limited user base
concentrated among a few large carriers.  In particular, Lion Air
and United together operate more than 70% of the current fleet.
The 900ER has a sizeable backlog of 295 aircraft, but its user
base remains small, with orders from only 15 airlines and two
leasing companies.  This compares to nearly 70 users for the
competing Airbus A321-200. In addition, new orders may be
pressured in the coming years if potential customers hold off to
place orders for Boeing's re-engined 737-9 Max, the first of which
is expected to enter into service in 2019. For these reasons Fitch
applies the top end of its Tier 1 value stress range (20-30%) in
its analysis.

787-8 (19%): Fitch views the 787-8 as a top quality Tier 1
aircraft despite the technical problems that the -8 has
experienced since its entry into service.  The 787-8 fleet was
grounded for several months in early 2013 with battery problems.
Various maintenance/production issues have continued to crop up
since that time including the recent finding of hairline cracks in
the wing ribs of currently in-production aircraft.  However, the
fact that the airlines have not cancelled orders for the 787
series as these issues have surfaced is a testament to the plane's
desirability and unique capabilities.  Boeing has a significant
backlog of 373 787-8s with nearly 50 customers through February
2014.  Available delivery slots are hard to come by, supporting
values for the 787-8 if any were to become available in the
secondary market.

787-9 (11%) Fitch also considers the larger 787-9 a high-quality
Tier 1 aircraft.  The -9 has a backlog of 404 aircraft with orders
from more than 25 customers. Fitch believes that the superior
operating economics and lack of available near-term delivery slots
for the 787 series will support market values for the foreseeable
future.

Fitch does not believe that the delivery timing for the 787s in
this collateral pool will be affected by the manufacturing issues
indicated several weeks ago by Boeing.  The issue arose from a
change in manufacturing technique at one of Boeing's suppliers
leading to the possibility of hairline cracks in one wing rib.
Boeing is in the process of inspecting up to 40 787s that are
currently in production, and repairing them as needed.  At this
time, Fitch expects the issues to be addressed in a timely manner
and does not expect these potential problems to have a negative
impact on the delivery schedule of the aircraft in this
transaction.  However, Fitch will monitor the situation going
forward.

Embraer 175LR (19%): Fitch considers the E-175LR to be a low Tier
1/high Tier 2 aircraft, reflecting the plane's highly successful
production run over the past decade, offset by its relatively
limited user base.  Fleet numbers for the 175LR are similar to
those of the 737-900ER with a current in-service fleet of 375
aircraft and a backlog of 188.  This represents a sizeable fleet
but does not compare with higher quality Tier 1 aircraft such as
the 737-800 and A320-200 with fleet sizes in the thousands.

Orders for the 175LR have come from 19 customers including four
leasing companies.  Although the total number of airlines
operating the 175LR is limited, it has proven to be the popular
choice for its size class compared to its direct competitor, the
Bombardier CRJ 700.  The 175LR has continued to receive sizeable
orders over the past year compared to the CRJ 700.  In addition,
the 175 has a high level of commonality with its larger cousin the
E-190.  The 190's larger user base could provide a natural base of
buyers for 175LRs in the secondary market.

Affirmation Factor: Fitch considers each aircraft type in this
pool to be strategically important to United, which supports a
high affirmation factor.  The 737-900ER is the narrow body of
choice for UAL and is becoming a major part of its domestic narrow
body fleet, replacing the aging 757-200. The 737-900ER is expected
to constitute around 17% of United's narrow body fleet by the end
of 2014 (by plane count as opposed to capacity).  The range of the
737-900ER makes it an ideal plane for longer distance domestic
routes, while incorporating significantly lower trip costs than
the less fuel efficient 757-200.

The 787s are expected to revamp UAL's international fleet,
allowing UAL to serve city pairs that were not previously
accessible with older 767s.  For example United now flies directly
from Denver to Tokyo on a 787-8 and will soon begin service from
San Francisco to Chengdu, China making United the first U.S.
carrier to serve that city directly.  United's first 787-9 will
fly directly from Los Angeles to Melbourne, Australia, a service
that previously required a stop in Sydney.  In addition the 787s
features significantly lower estimated costs than the aircraft
they replace, including some 20% lower fuel consumption, and 30%
lower airframe maintenance costs, compared to similarly sized
aircraft.

The E-175LRs play a significant role in United's publicly stated
goal to reduce its cost base by $2 billion over the next two
years.  Out of the $2 billion stated goal, $1 billion is expected
to result from reduced fuel burn, and a major portion of that will
come from the replacement of inefficient 50 seat regional jets
with larger planes like the 175LRs featured in this transaction.
The advantages of these planes over the 50 seat RJs that United
currently operates make the likelihood of rejection in a
bankruptcy scenario relatively low.

B-Tranche: The 'BB+' rating for the subordinate B-tranche is
assigned by notching up from UAL's IDR of 'B'.  Fitch notches
subordinated tranche ratings from the airline IDR based on three
primary variables; 1) the affirmation factor (0-3 notches), 2) the
presence of a liquidity facility, (0-1 notch), and 3) recovery
prospects.  In this case, Fitch has assigned a three-notch uplift
(the maximum) based on a high affirmation factor (as discussed
above) and a one-notch uplift reflecting the liquidity facility.
Fitch generally only assigns an additional one notch of uplift for
recovery prospects in situations where recovery is expected to be
significantly better than for comparable existing B-tranches.  In
this case, recovery is roughly in-line with many recently issued
B-tranches (in the 'RR1-RR2' range in a stress analysis), thus no
additional uplift has been assigned.

Rating Sensitivities:

Senior tranche ratings are primarily based on a top-down analysis
based on the value of the collateral. Therefore, a negative rating
action could be driven by an unexpected decline in collateral
values.  For the 737-900ERs in the deal, values could be impacted
by the entrance of the 737-9 MAX, or by an unexpected bankruptcy
by one of its major operators.  Likewise the Embraer 175LRs could
also affected by the entrance of the 175LR E-2.  Concerns for the
787 values largely revolve around the potential for future
maintenance or production issues on a scale above and beyond what
has already been experienced.  Fitch does not expect to upgrade
the senior tranche ratings above the 'A' level.

Subordinated tranche ratings are based off of the underlying
airline IDR.  As such, Fitch would likely upgrade the B tranche to
'BBB-' if United's IDR were upgraded to 'B+'. Fitch's ratings for
United currently have a Rating Outlook Positive. Likewise, if
Fitch were to downgrade United's IDR, the B tranche ratings would
likely be downgraded commensurately.

Fitch has assigned the following ratings:

United Airlines 2014-1 pass through trust:

   -- Series 2014-1 class A certificates 'A (EXP)';
   -- Series 2014-1 class B certificates 'BB+ (EXP)'.

Fitch currently rates United as follows:

United Continental Holdings, Inc.

   -- IDR 'B';
   -- Senior unsecured convertibles 'CCC+/RR6';
   -- Senior unsecured notes 'B-/RR5'.

United Airlines, Inc.

   -- IDR 'B';
   -- Secured bank credit facility 'BB/RR1';
   -- Senior secured notes 'BB/RR1';
   -- Senior unsecured rating 'B-/RR5';
   -- Junior subordinated convertible debentures 'CCC+/RR6'.

The Rating Outlook is Positive.


U.S. RENAL: Moody's Rates $225MM First Lien Term Debt 'Ba3'
-----------------------------------------------------------
Moody's investors Service affirmed U.S. Renal Care, Inc.'s ("U.S.
Renal") B2 Corporate Family Rating and B2-PD Probability of
Default Rating. Concurrently, Moody's rated U.S. Renal's proposed
$225 million incremental first lien term loan rating at Ba3. In
addition, U.S. Renal's second lien term loan rating is lowered to
Caa1 from B3 and the company's proposed $25 million add-on second
lien term loan is rated Caa1. The outlook is negative.

Moody's understands that the proceeds along with $10 million of
cash will be used to pay a $250 million dividend to shareholders
and cover transaction fees and expenses.

The lowering of the company's second lien term loan rating
reflects the increase in the first lien term loan claim in the
capital structure and the corresponding decline in expected
recovery as determined in the application of Moody's Loss Given
Default Methodology.

U.S. Renal Care, Inc.

Ratings assigned:

$225 million incremental first lien term loan at Ba3 (LGD 3, 31%)

$25 million incremental second lien term loan at Caa1 (LGD 5, 81%)

Ratings lowered:

$120 million senior secured second lien term loan to Caa1 (LGD 5,
81%) from B3 (LGD 5, 77%)

$160 million senior secured second lien term loan to Caa1 (LGD 5,
81%) from B3 (LGD 5, 77%)

Ratings affirmed:

$636 million senior secured first lien term loan at Ba3 (LGD 3,
31%) from (LGD 2, 28%)

$60 million senior secured revolving credit facility at Ba3 (LGD
3, 31%) from (LGD 2, 28%)

Ratings affirmed:

Corporate Family Rating at B2

Probability of Default Rating at B2-PD

Ratings Rationale

The B2 Corporate Family Rating reflects weak credit metrics due to
the company's considerable increase in debt associated with its
2013 acquisition of Ambulatory Services of America and subsequent
debt-financed dividend. Pro forma leverage is estimated to be 7.2
times as of December 31, 2013, which is very high and even high
for the B2 rating category -- leaving only a modest equity cushion
for the company. Moody's expects leverage to be around 6.5 times
by the end of fiscal 2014. The rating is also constrained by our
expectation of modest free cash flow after considering higher
interest expense and capital spending related to investments in
newly established facilities as opposed to material debt
repayment. Furthermore, the company's revenue scale is relatively
small compared to the larger players in the sector, and a high
concentration of revenues from government based programs.

Moody's notes that the ASA acquisition doubles U.S. Renal's
patient scale and provides a modest level of geographic
diversification. Ratings benefit from a stable industry profile
characterized by the increasing incidence of end stage renal
disease ("ESRD") and the medical necessity of the service
provided.

U.S. Renal's negative outlook considers the company's heightened
debt leverage resulting from its aggressive financial policy and
the increased likelihood of a downgrade if financial metrics do
not improve in the near-term. To stabilize the outlook, Moody's
will be looking for U.S. Renal to show improving leverage metrics,
with debt to EBITDA around 6.5 times by the end of fiscal 2014 and
about 6 times within 18 months.

The ratings could be downgraded if retained cash flow-to-debt
declines below 5% and debt to EBITDA is sustained above 6 times.
Further, if U.S. Renal pursues additional acquisitions that are
not de-leveraging or shareholder friendly initiatives, the ratings
could be downgraded.

Although an upgrade is unlikely in the near-term, the ratings
could be upgraded should the company reduce and sustain adjusted
debt/EBITDA below 5.0 times. Additionally, for us to consider an
upgrade, US Renal would need greater top line revenues along with
free cash flow to debt around 10%.

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

U.S. Renal Care, Inc. ("U.S. Renal") provides dialysis services to
patients who suffer from chronic kidney failure. U.S. Renal
provides dialysis services through 179 outpatient facilities in 18
states and the Territory of Guam, along with acute dialysis
services through contractual relationships with hospitals and
dialysis centers to patients in their homes.


VERMILLION INC: Reports $1.8 Million Fourth Quarter Net Loss
------------------------------------------------------------
Vermillion, Inc., reported a net loss of $1.81 million on $1.58
million of total revenue for the three months ended Dec. 31, 2013,
as compared with a net loss of $1.37 million on $1.14 million of
total revenue for the same period during the prior year.

For the year ended Dec. 31, 2013, the Company reported a net loss
of $8.81 million on $2.56 million of total revenue as compared
with a net loss of $7.14 million on $2.09 million of total revenue
in 2012.

The Company's balance sheet at Dec. 31, 2013, showed $30.64
million in total assets, $3.87 million in total liabilities and
$26.76 million in total stockholders' equity.

"Our revenue growth in 2013 demonstrates the value of Vermillion's
increased efforts in directly promoting the use of OVA1 in the
U.S. market," said Thomas McLain, Vermillion's president and CEO.
"With the knowledge and experience gained during the year, we plan
to significantly expand our sales efforts in 2014.  While we will
continue to partner with Quest Diagnostics to make OVA1 available
in the U.S., we expect that our direct efforts will lead to a
higher volume of tests and increased revenue per test.  We plan to
apply the proceeds from the warrant exercise in December to
support this expanded direct commercialization effort, as well as
advance our next-generation ovarian cancer diagnostic."

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

                         http://is.gd/d2gQje

                          About Vermillion

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

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

BDO USA, LLP, in Austin, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012, citing recurring losses and negative
cash flows from operations and an accumulated deficit, all of
which raise substantial doubt about the Company's ability to
continue as a going concern.


VHGI HOLDINGS: Chief Financial Officer Resigned
-----------------------------------------------
Michael E. Fasci, Sr., resigned as CFO of VHGI Holdings, Inc.,
effective Feb. 20, 2014.  Mr. Fasci's resignation was not the
result of any disagreement with the Company on any matter relating
to the Company's operations, policies or practices.

                         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.


VIGGLE INC: Maturity of Deutsche Bank Facility Moved to Dec. 31
---------------------------------------------------------------
Viggle Inc. entered into an amendment to the Company's Term Loan
Agreement with Deutsche Bank Trust Company Americas on Feb. 13,
2014.

The Term Loan Facility with Deutsche Bank currently has
$30,000,000 in principal amount outstanding, provides for a
maturity date of April 30, 2014, and includes a mandatory
prepayment provision requiring that Viggle prepay all amounts
outstanding under the Term Loan Facility upon receipt by Viggle of
proceeds from the incurrence of additional indebtedness or from
the proceeds of an equity offering.

Pursuant to the Amendment, the maturity date of the Term Loan
Facility was extended to Dec. 31, 2014, and the mandatory
prepayment provision was amended to provide that only the first
$10,000,000 in net cash proceeds from an equity offering will be
required to prepay amounts outstanding under the Term Loan
Facility.  Repayment of the Term Loan Facility is guaranteed by
Robert F.X. Sillerman, Viggle's executive chairman and chief
executive officer, and the guaranty continues in place following
the Amendment.

                            About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle incurred a net loss of $91.40 million on $13.90 million of
revenues for the year ended June 30, 2013, as compared with a net
loss of $96.51 million on $1.73 million of revenues during the
prior year.  As of Dec. 31, 2013, the Company had $60.63 million
in total assets, $53.94 million in total liabilities, $37.71
million in series A convertible redeemable preferred stock, and a
$31.02 million total stockholders' deficit.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2013.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2013, has deficiencies in working capital and equity that raise
substantial doubt about its ability to continue as a going
concern.


VISCOUNT SYSTEMS: Appoints New President, CEO, and Chairman
-----------------------------------------------------------
Mr. Stephen Pineau resigned as the president, chief executive
officer, chief financial officer and corporate secretary of
Viscount Systems, Inc., on Feb. 17, 2014.

Mr. Dennis Raefield was appointed as the president, chief
executive officer, Chairman, and corporate secretary of Viscount
Systems, Inc.  Mr. Raefield entered into an employment agreement
with the Company pursuant to which he will receive an initial
annual salary of $175,000, an annual bonus of up to 50 percent of
his base salary, and stock options equal to 3.99 percent of the
Company's issued and outstanding on a fully diluted basis.

Mr. Raefield has been a director of Viscount Systems, Inc., since
November 2011.  Mr. Raefield has acted as the chief executive
officer of Mace Security International Inc., president of
Honeywell Access Systems, and president of Pinkerton Systems
Integration.

                       About Viscount Systems

Burnaby, Canada-based Viscount Systems, Inc., is a manufacturer,
developer and service provider of access control security
products.

The Company's bank credit facility was suspended on December 30,
2011 due to the bank's assessment of the Company's financial
position.  Management has determined that the Company will need to
raise a minimum of C$500,000 by way of new debt or equity
financing to continue normal operations for the next twelve
months.  Management has been actively seeking new investors and
developing customer relationships, however a financing arrangement
has not yet completed.  Short-term loan financing is anticipated
from related parties, however there is no certainty that loans
will be available when required.  These factors raise substantial
doubt about the ability of the Company to continue operations as a
going concern.

Dale Matheson Carr-Hilton Labonte LLP, in Vancouver, Canada,
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 an
accumulated deficit of $8,590,355 and reported a loss of
$2,679,186 for the year ended Dec. 31, 2012, raising substantial
doubt about the Company's ability to continue as a going concern.

Viscount Systems incurred a net loss and comprehensive loss of
C$2.67 million in 2012, as compared with a net loss and
comprehensive loss of C$2.95 million in 2011.  The Company's
balance sheet at Sept. 30, 2013, showed C$1.28 million in total
assets, C$3.94 million in total liabilities and a C$2.65 million
total stockholders' deficit.


VUZIX CORP: Receives $1.1 Million From Warrants Exercise
--------------------------------------------------------
Vuzix Corporation received warrant exercise notices for 200,000
shares of the Company's common stock.  All of those warrants were
exercised for cash.  Since Dec. 30, 2013, holders of the Company's
warrants issued in its public offering which closed on Aug. 5,
2013, have exercised an aggregate of 533,300 warrants, of which
511,600 were exercised for cash.  The Company received proceeds of
$1,151,100 from the cash exercises.

                      About Vuzix Corporation

Vuzix -- http://www.vuzix.com-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field.  Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

As of Sept. 30, 2013, the Company had $4.53 million in total
assets, $12.52 million in total liabilities and a $7.99 million
total stockholders' deficit.

"During the three and nine months ended September 30, 2013 and the
years ended December 31, 2012 and 2011, we have has been unable to
generate cash flows other than our recent asset sales, sufficient
to support our operations and have been dependent on equity
financings, term debt financings, revolving credit financing and
the June 2012 asset sale.  We will remain dependent on outside
sources of funding until our results of operations provide
positive cash flows.  There can be no assurance that we will be
able to generate cash from those sources in the future.  Our
independent auditors issued a going concern paragraph in their
reports for the years ended December 31, 2012 and 2011.  The
accompanying financial statements have been prepared assuming that
we will continue as a going concern," the Company said in the
quarterly report for the period ended Sept. 30, 2013.


VERITY CORP: Incurs $461,000 Net Loss in Dec. 31 Quarter
--------------------------------------------------------
Verity Corp. 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 $461,259 on $324,299 of total
revenues for the three months ended Dec. 31, 2013, as compared
with a net loss attributable to the Company of $6.01 million on
$96,121 of total revenues for the same period in 2012.

As of Dec. 31, 2013, the Company had $4.38 million in total
assets, $7.84 million in total liabilities and a $3.46 million
total stockholders' deficit.

"As of December 31, 2013, we did not have and continues to not
have sufficient cash on hand to pay present obligations as they
become due.  In addition, there is no assurance that we will be
able to raise additional capital on acceptable terms, if at all,
to meet our current obligation over the next 12 months.  Because
of the foregoing, our auditors expressed substantial doubt about
our ability to continue as a going concern in the September 30,
2013 Audit report," the Company said in the Quarterly Report.

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

                        http://is.gd/FnSEQ1

                           About Verity

Sioux Falls, South Dakota-based Verity Corp., formerly AquaLiv
Technologies, Inc., is the parent of Verity Farms II, Inc.,
Aistiva Corporation (formerly AquaLiv, Inc.).  Verity Farms II is
dedicated to providing consumers with safe, high-quality and
nutritious food sources through sustainable crop and livestock
production.  Aistiva's technology alters the behavior of
organisms, including plants and humans, without chemical
interaction.  Aistiva's platform technology influences biological
processes naturally and without chemical interaction.  To date,
Aistiva has released products in the industries of water
treatment, skincare, and agriculture.

Verity Corp. reported a net loss attributable to the Company of
$7.59 million on $2.41 million of total revenues for the year
ended Sept. 30, 2013, as compared with a net loss attributable to
the Company of $623,079 on $449,626 of total revenues during the
prior fiscal year.

Bongiovanni & Associates, CPA's, in Cornelius, North Carolina,
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 suffered recurring
losses, has negative working capital, and has yet to generate an
internal net cash flow that raises substantial doubt about its
ability to continue as a going concern.


WEST CORP: Reports $143.2 Million Net Income in 2013
----------------------------------------------------
West Corporation filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing net income of
$143.20 million on $2.68 billion of revenue for the year ended
Dec. 31, 2013, as compared with net income of $125.54 million on
$2.63 billion of revenue for the year ended Dec. 31, 2012.

As of Dec. 31, 2013, the Company had $3.48 billion in total
assets, $4.22 billion in total liabilities and a $740.17 million
total stockholders' deficit.

                         Bankruptcy Warning

"If our cash flows and capital resources are insufficient to fund
our debt service obligations and to fund our other liquidity
needs, we may be forced to reduce or delay capital expenditures or
declared dividends, sell assets or operations, seek additional
capital or restructure or refinance our indebtedness.  We cannot
make assurances that we would be able to take any of these
actions, that these actions would be successful and permit us to
meet our scheduled debt service obligations or that these actions
would be permitted under the terms of our existing or future debt
agreements, including our senior secured credit facilities or the
indentures that govern our outstanding notes.  Our senior secured
credit facilities documentation and the indentures that govern the
notes restrict our ability to dispose of assets and use the
proceeds from the disposition.  As a result, we may not be able to
consummate those dispositions or use the proceeds to meet our debt
service or other obligations, and any proceeds that are available
may not be adequate to meet any debt service or other obligations
then due.

If we cannot make scheduled payments on our debt, we will be in
default of such debt and, as a result:

   * our debt holders could declare all outstanding principal and
     interest to be due and payable;

   * our debt holders under other debt subject to cross default
     provisions could declare all outstanding principal and
     interest on such other debt to be due and payable;

   * the lenders under our senior secured credit facilities could
     terminate their commitments to lend us money and foreclose
     against the assets securing our borrowings; and

   * we could be forced into bankruptcy or liquidation," the
     Company said in the Report.

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

                        http://is.gd/Mp0M3f

                       About West Corporation

Founded in 1986 and headquartered in Omaha, Nebraska, West
Corporation -- http://www.west.com/-- provides outsourced
communication solutions to many of the world's largest companies,
organizations and government agencies.  West Corporation has a
team of 41,000 employees based in North America, Europe and Asia.

                           *    *     *

As reported by the TCR on June 21, 2013, Standard & Poor's Ratings
Services raised its corporate credit rating on Omaha, Neb.-based
business process outsourcer West Corp. to 'BB-' from 'B+'.  The
upgrade reflects Standard & Poor's view that lower debt leverage
and a less aggressive financial policy will strengthen the
company's financial profile.

In the April 4, 2013, edition of the TCR, Moody's Investor Service
upgraded West Corporation's Corporate Family Rating to B1 from B2.
"The CFR upgrade to B1 reflects West's shift to a more
conservative capital structure and financial policies as a
publicly owned company," stated Moody's analyst Suzanne Wingo.


WEST TEXAS GUAR: Objects to Bid for Trustee Appointment
-------------------------------------------------------
West Texas Guar, Inc., objects to the Petitioning Creditors'
motion for appointment of a trustee in its involuntary Chapter 11
case and WTG's existing management be release.  WTG also objects
to the Petitioning Creditors' request that the company be at least
temporarily restrained from selling, disposing or transferring any
of its guar crop or any income collected from those crops.

WTG asserts that no cause exists to appoint a trustee under the
facts of the case.  Appointing a trustee is an extraordinary
remedy and there is a strong presumption in favor of allowing the
alleged debtor to remain in possession, Samuel M. Stricklin, Esq.
-- sam.stricklin@bgllp.com -- at Bracewell & Giuliani LLP, in
Dallas, Texas, contends.  The Petitioning Creditors have a hefty
burden to prove by clear and convincing evidence that WTG needs a
trustee.

The Petitioning Creditors, all of whom are farmers, assert that
the need for Court intervention is necessary in this case where
the Debtor is disposing of assets to the detriment of parties with
claimed and competing interests in those assets.  In this case, in
order to preserve the property of the estate, and specifically the
guar crop harvested by the Petitioning Creditors and sold to WTG,
and to prevent loss, it is imperative that a Trustee be appointed
and existing management released, the Petitioning Creditors tell
the Court.

WTG is also represented by Tricia R. DeLeon, Esq. --
tricia.deleon@bgllp.com -- and Lauren C. Kessler, Esq. --
lauren.kessler@bgllp.com -- at Bracewell & Giuliani LLP, in
Dallas, Texas.

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.


WHEATLAND MARKETPLACE: Wants Extension of Plan Filing Period
------------------------------------------------------------
Wheatland Marketplace, LLC's exclusive period to file a plan of
reorganization will expire on April 2, 2014. The owner of a
shopping center wants more time and is asking the Court for an
extension.

Specifically, Wheatland seeks leave to file a reorganization plan
until June 30, 2014, and solicit acceptances of that plan until
August 31, 2014.

Thomas W. Toolis, Esq., at Jahnke Sullivan & Toolis, LLC, in
Frankfort, Illinois, tells the Court that the extension will allow
Wheatland to focus its energy on successfully navigating its
Chapter 11 case.

Since the commencement of its Chapter 11 case, Wheatland has
devoted substantial time and resources to the pursuit of potential
refinance of its debt, notes Mr. Toolis.

                   About Wheatland Marketplace

Wheatland Marketplace, LLC, owner of a commercial retail center in
Naperville, Illinois, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Ill. Case No. 13-46492) in Chicago on Dec. 3, 2013.
In its schedules, Wheatland Marketplace disclosed $10,999,006 in
total assets and $7,052,778 in total liabilities.

Judge Pamela S. Hollis oversees the case.  The Debtor has tapped
Christopher M. Jahnke, Esq., and Thomas W. Toolis, Esq., at
Jahnke, Sullivan & Toolis, LLC, in Frankfurt, Illinois, as
counsel.  The Debtor employed Edgemark Asset Management LLC as
property manager.

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


WORLD PROPERTIES: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: World Properties, LLC
        14 Burnwood Drive
        Bloomfield, CT 06002

Case No.: 14-20535

Chapter 11 Petition Date: March 24, 2014

Court: United States Bankruptcy Court
       District of Connecticut (Hartford)

Judge: Hon. Albert S. Dabrowski

Debtor's Counsel: Kevin L. Mason, Esq.
                  LAW OFFICES OF KEVIN L. MASON
                  47 East Cedar Street
                  Newington, CT 06111
                  Tel: (860) 666-6022
                  Fax: 860-666-6710
                  Email: kevin_mason_atty@sbcglobal.net

Total Assets: $3 million

Total Liabilities: $4.08 million

The petition was signed by Antonio Reale, authorized individual.

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


ZALE CORP: Earns $50.7 Million in January 31 Quarter
----------------------------------------------------
Zale Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting net
earnings of $50.78 million on $656.44 million of revenues for the
three months ended Jan. 31, 2014, as compared with net earnings of
$41.20 million on $670.75 million of revenues for the same period
in 2013.

For the six months ended Jan. 31, 2014, the Company reported net
earnings of $23.48 million on $1.01 billion of revenues as
compared with net earnings of $12.94 million on $1.02 billion of
revenues for the same period during the prior year.

The Company's balance sheet at Jan. 31, 2014, showed $1.28 billion
in total assets, $1.08 billion in total liabilities and $192.07
million in total stockholders' investment.

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

                      http://is.gd/8xXLVZ

                     About Zale Corporation

Based in Dallas, Texas, Zale Corporation (NYSE: ZLC) --
http://www.zalecorp.com/-- is a specialty retailer of diamonds
and other jewelry products in North America, operating
approximately 1,695 retail locations throughout the United States,
Canada and Puerto Rico, as well as online.  Zale Corporation's
brands include Zales Jewelers, Zales Outlet, Gordon's Jewelers,
Peoples Jewellers, Mappins Jewellers and Piercing Pagoda.  Zale
also operates online at http://www.zales.com/,
http://www.zalesoutlet.com/,
http://www.gordonsjewelers.com/and http://www.pagoda.com/

Zale Corp reported a net loss of $27.30 million for the three
months ended Oct. 31, 2013.  Zale Corp disclosed net earnings of
$10.01 million for the year ended July 31, 2013, as compared with
a net loss of $27.31 million for the year ended July 31, 2012.
The Company incurred a net loss of $112.30 million for the year
ended July 31, 2011 and a net loss of $93.67 million for the year
ended July 31, 2010.


ZOGENIX INC: Reports $80.8 Million 2013 Net Loss
------------------------------------------------
Zogenix, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$80.85 million on $33.01 million of total revenue for the year
ended Dec. 31, 2013, as compared with a net loss of $47.38 million
on $44.32 million of total revenue for the year ended Dec. 31,
2012.

The Company's balance sheet at Dec. 31, 2013, showed $112.50
million in total assets, $94.07 million in total liabilities and
$18.42 million in total stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company's recurring losses from operations and lack of
sufficient working capital raise substantial doubt about its
ability to continue as a going concern.

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

                         http://is.gd/6LCsGZ

                          Executive Bonuses

The Board of Directors of Zogenix approved the cash bonus payment
for the 2013 fiscal year to be paid to the Company's chief
executive officer and other named executive officers as follows:

Name                     Title                    Bonus
---------------------    -----------------------  --------
Roger L. Hawley          Chief Executive Officer  $210,000

Stephen J. Farr, Ph.D.   President                $160,000

Ann D. Rhoads            EVP, Chief Financial     $137,213
                          Officer, Treasurer
                          and Secretary

Richard S. Shively       EVP, Chief Commercial    $137,183
                          Officer

Cynthia Y. Robinson      Former Chief Development
                          Officer                   $75,000

                        About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.


* IRS Rips Bankrupt Atty's 'Illegal' Request to Discharge Interest
------------------------------------------------------------------
Law360 reported that a bankrupt attorney who says he should not
have to pay interest on his tax debts is asking a federal judge in
Arizona to illegally treat his tax debt interest like student loan
interest, the Internal Revenue Service argued.

According to the report, the IRS is asking the judge to reverse a
2009 decision of the bankruptcy court, which ruled that the agency
violated a discharge injunction for Arizona attorney Logan
Johnston when it tried to collect interest on his tax debt that
incurred during the four-year period.


* Lady Gaga Admits Filing for Bankruptcy During Early Career
------------------------------------------------------------
Bang Showbiz reported that Lady Gaga admits she suffered financial
difficulty after she invested her entire $3 million dollar fortune
into staging at her concerts in a bid to launch her pop career.

According to the report, Lady Gaga has revealed she was bankrupt
during her 'Monster's Ball' tour.

The 'Applause' singer admits she suffered financial difficulty
after she invested her entire $3 million dollar fortune into
staging at her concerts in a bid to launch her pop career back in
2009, the report related.

Gaga revealed: "I had $3 million dollars in the bank to my name
and I threw it all in to make my stage. So I was bankrupt during
the show. So I was bankrupt during the show," the report further
related.

The comments come as part of a trailer for documentary, 'Who The
F**k Is Arthur Fogel?', a film which follows the Live Nation
executive who Gaga was keen to help take her career to the next
level, the report added.


* IMG in No Hurry to Buy Out Brazil's Eike Batista
--------------------------------------------------
Matthew Cowley, writing for Daily Bankruptcy Review, reported that
sports and entertainment firm IMG Worldwide Inc., a Forstmann
Little & Co. portfolio company that is in the process of being
sold, is keen to continue working with Brazilian entrepreneur Eike
Batista on their local sports and entertainment joint venture,
despite the latter's fall from grace.

According to the report, Mr. Batista's commodities and logistics
empire plunged into financial trouble in late 2012 and 2013 after
production at his flagship oil company failed to live up to
expectations. It was a major blow to the flamboyant entrepreneur,
who at the height of his fame and fortune boasted of becoming the
richest man in the world, the report said.  Mr. Batista has since
sold some of his stakes in a number of companies, while two have
filed for bankruptcy protection, the report related.


* Financial Firms Are Pressuring Lawmakers over Proposed Bank Tax
-----------------------------------------------------------------
Stephanie Armour and Ryan Tracy, writing for The Wall Street
Journal, reported that Wall Street is mobilizing to beat back an
unexpected threat: a bank tax championed by a Republican lawmaker.

According to the report, Bank of America Corp., Citigroup Inc.,
Goldman Sachs Group Inc., J.P. Morgan Chase & Co. and other big
banks are marshaling opposition on Capitol Hill to kill a proposal
by House Ways and Means Committee Chairman Dave Camp (R., Mich.)
to tax the nation's largest financial firms, according to people
familiar with the efforts. The companies are curtailing financing
for GOP lawmakers and warning of an economic hit, these people
say.

Goldman Sachs, which was in discussions to hold a fundraiser for
the National Republican Congressional Committee, recently opted
not to move forward because of concerns about Mr. Camp's bank-tax
proposal, according to people familiar with the plans, the report
related.

The bank continues to make contributions from its political-action
committee to both Democrats and Republicans and plans to host
fundraisers for both parties in coming months, according to a
person at the bank, the report further related.

Behind the scenes, banks are pressing lawmakers to publicly
denounce the plan, according to interviews with industry officials
and congressional aides, the report said.  Fifty-four Republicans
signed a letter to Mr. Camp conveying "deep concerns" about the
bank tax, saying it threatens economic vitality by reducing access
to credit and curbing economic growth.


* Wells Fargo Foreclosure Manual Under Fire
-------------------------------------------
Danielle Douglas, writing for The Washington Post, reported that
Wells Fargo created an elaborate guide for how to produce missing
documents to foreclose on homeowners, according to a lawsuit that
has caught the attention of state and federal regulators.

According to the report, the bank denies wrongdoing, but the
allegations rekindle claims that lenders, including Wells Fargo,
used forged and shoddy paperwork during the recession to quickly
foreclose on struggling homeowners, a practice known as "robo-
signing." Those charges led to a $25 billion national mortgage
settlement that was supposed to put an end to such abusive
practices, but bankruptcy lawyer Linda Tirelli says nothing has
changed.

In the course of defending a New York homeowner facing
foreclosure, Tirelli said she found a 150-page manual instructing
Wells Fargo lawyers how to process foreclosures when a key
document, known as an endorsement, is missing, the report related.
Lenders need endorsements to prove that they own the mortgage,
before they can foreclose on a homeowner.

The manual, reviewed by The Washington Post, outlines steps for
obtaining the missing document after the bank has initiated
foreclosure proceedings. It also lays out what lawyers must do in
the event of a lost affidavit or if there is no documentation
showing the history of who owned the loan, paperwork the bank
should already have.

"This is a blueprint for fraud," Tirelli, who attached a copy of
the manual as evidence in the lawsuit filed in U.S. District Court
in White Plains, N.Y., told the news agency.  "The idea that this
bank is instructing people how to produce these documents is
appalling."


* Costly Loans Are Drawing Attention from States
------------------------------------------------
Jessica Silver-Greenberg and Rachel Abrams, writing for The New
York Times' DealBook, reported that Loralty Harden, a 62-year-old
retiree, was distressed when the balance on a short-term loan she
had obtained to supplement her Social Security income did not
budge even though she diligently followed the payment plan that
came with it.

According to the report, only after she went back to the branch of
All Credit Lenders in Machesney Park, Ill., where she originally
received the loan in 2011, did she learn why. Her minimum payments
were being devoured by a monthly "account protection fee" -- a
mandatory $15 payment on every $50 she borrowed -- that Ms. Harden
says she never knew about. That pushed the interest rate,
advertised at 18 percent, above 350 percent, according to loan
documents reviewed by The New York Times.

Ms. Harden is at the front lines of a battle playing out state by
state, where the authorities are redoubling efforts to shield
vulnerable Americans from short-term loans with interest rates
that can exceed 300 percent, the report related.

The crackdown gained momentum when the Illinois attorney general,
Lisa Madigan, accused All Credit Lenders of misleading borrowers
into taking out expensive loans that come with insurance products
that they do not need or cannot use, the report further related.

In a lawsuit against All Credit Lenders, Ms. Madigan contends the
company, which has storefronts in Illinois, South Carolina and
Wisconsin, deceived borrowers into buying a product pitched as a
way to protect them from falling behind on payments in the event
of a job loss, the report said.  But those protections never
materialize, the lawsuit said. In fact, the fee is actually a way
to raise interest rates that circumvent the state's usury cap of
36 percent.


* Moody's Says No Increase in Number of Low-Rated Junk Companies
----------------------------------------------------------------
There will be no increase in the number of companies
needing bankruptcy protection, according to two measures from
Moody's Investors Service.

Moody's issued a report saying there are 159 companies with
credit ratings of B3 or lower with a negative outlook, or about
half of the approximately 300 companies on the list when Moody's
first counted in 2009.

The 159 low-rated companies represent 10.4 percent of all
junk-rated companies, Moody's said in its March 21 report.
Moody's said that seven companies have been on the low-rated
list since inception in 2009.

Moody's still predicts that the current junk-default rate
of 1.6 percent will decline to 1.4 percent in June before rising
to 2.8 percent one year from now.

Defaults will be few and far between because the companies'
ability to refinance at low rates has moved the so-called
maturity wall out to 2018.


* Federal Reserve Officials Weighing How to Retool Rate Guidance
----------------------------------------------------------------
Pedro Nicolaci Da Costa, writing for The Wall Street Journal,
reported that Federal Reserve officials are discussing ways to
revise their guidance about the likely future path of interest
rates, but it takes some detective work to pin down how they might
do it.

According to the report, the Fed has said in its recent policy
statements it won't start raising short-term interest rates from
near zero until well past the time the unemployment rate falls
below 6.5%. That position hasn't changed. But with joblessness at
6.7% in February, several officials have indicated in recent
speeches and interviews they might want to scrap the threshold
entirely or revamp their message in other ways.

Fed policy makers will debate the matter at their meeting, though
reaching agreement on a new approach could be a challenge, the
report related.

The options some officials have mentioned include offering broad
assurances, not a numerical threshold, for considering when to
raise rates; citing a wider array of measures to consider when
assessing when to raise rates; and providing more information
about how much they would raise rates after they start the
process, the report further related.

"This is probably a reasonable time to revamp the statement to
take out that 61/2 % threshold because it's not really providing
any great value," New York Fed President William Dudley said in an
interview earlier this month, the report added.  The 6.5%
threshold is "a little bit obsolete."


* Arkansas Bankruptcy Judge James Mixon Dies at 72
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that James G. Mixon, a U.S. bankruptcy judge in Arkansas
for 30 years, died last week at his home. He was 72.

Judge Mixon served as a so-called panel trustee until his
elevation to the bench in 1984, according to the report.  He
retired in 2006 to continue carrying a full case load on what's
known as recall status.

Judge Mixon graduated from the University of Arkansas School of
Law, the report related.  He was a law clerk for a justice on the
Arkansas state Supreme Court and was an assistant U.S. attorney.




                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com by e-mail.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to the nation's bankruptcy courts.  The
list includes links to freely downloadable of these small-dollar
petitions in Acrobat PDF documents.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez,
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Copyright 2014.  All rights reserved.  ISSN: 1520-9474.

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                  *** End of Transmission ***